Tutor Perini (NYSE: TPC) CFO logs cash-settled phantom unit awards
Rhea-AI Filing Summary
Tutor Perini Corporation Executive VP & CFO Ryan Joseph Soroka reported vesting of cash-settled phantom stock units, not open-market stock trades. On March 12, 2026, 5,831 phantom stock units converted into 5,831 shares of common stock and were simultaneously reported as a disposition back to the issuer at $69.20 per share for cash settlement.
On March 13, 2026, an additional 4,779 phantom stock units converted into 4,779 common shares and were likewise reported as disposed back to the issuer at $67.76 per share, also settled in cash. The footnotes state Soroka did not actually purchase or sell common stock in these settlements. Following these transactions, he directly holds 42,883 shares of Tutor Perini common stock.
Positive
- None.
Negative
- None.
Insider Trade Summary
10,610 shares exercised/converted
Exercise
6 txns
Insider
SOROKA RYAN JOSEPH
Role
Executive VP & CFO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Phantom Stock Units | 4,779 | $0.00 | $0.00 |
| Exercise | Common Stock | 4,779 | $0.00 | $0.00 |
| Disposition | Common Stock | 4,779 | $67.76 | $324K |
| Exercise | Phantom Stock Units | 5,831 | $0.00 | $0.00 |
| Exercise | Common Stock | 5,831 | $0.00 | $0.00 |
| Disposition | Common Stock | 5,831 | $69.20 | $404K |
Holdings After Transaction:
Phantom Stock Units — 16,443 shares (Direct);
Common Stock — 42,883 shares (Direct)
Footnotes (2)
- F1. On March 12, 2025, the reporting person was granted 17,495 cash-settled phantom stock units, of which 5,831 vested on March 12, 2026 and 5,832 vest on each of March 12, 2027 and 2028, contingent upon the reporting person's continued employment through each applicable vesting date. The 5,831 phantom stock units that vested on March 12, 2026 were settled in cash at a value equal to the number of units vested multiplied by the closing price per share of common stock of Tutor Perini Corporation (Issuer) on the vesting date. The reporting person did not purchase or sell any shares of common stock in the settlement of this award, however, the transaction is required to be reported as an acquisition and disposition of shares back to the Issuer under SEC reporting principles.
- F2. On March 13, 2024, the reporting person was granted 14,337 cash-settled phantom stock units, of which 4,779 vested on each of March 13, 2025 and 2026 and 4,779 vest on March 13, 2027, contingent upon the reporting person's continued employment through each applicable vesting date. The 4,779 phantom stock units that vested on March 13, 2026 were settled in cash at a value equal to the number of units vested multiplied by the closing price per share of common stock of Tutor Perini Corporation (Issuer) on the vesting date. The reporting person did not purchase or sell any shares of common stock in the settlement of this award, however, the transaction is required to be reported as an acquisition and disposition of shares back to the Issuer under SEC reporting principles.
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FAQ
What did Tutor Perini (TPC) CFO Ryan Soroka report on this Form 4?
CFO Ryan Soroka reported vesting of cash-settled phantom stock units that converted into common stock and were immediately settled in cash. These are compensation-related entries, recorded as acquisitions and dispositions under SEC rules, rather than traditional open-market share purchases or sales.
Did the TPC CFO buy or sell Tutor Perini common stock in this filing?
No, the CFO did not buy or sell Tutor Perini common stock. Footnotes clarify that vested phantom stock units were settled entirely in cash, even though SEC rules require reporting them as acquisitions and dispositions of shares back to the issuer for disclosure purposes.
How many phantom stock units vested for Tutor Perini (TPC) CFO in March 2026?
A total of 10,610 cash-settled phantom stock units vested in March 2026, split into 5,831 units on March 12 and 4,779 units on March 13. Each tranche converted into common stock equivalents, then was settled in cash based on Tutor Perini’s closing share price on the vesting dates.
What prices were used to settle the TPC CFO’s phantom stock units in cash?
The 5,831 phantom stock units vesting March 12, 2026 were settled using Tutor Perini’s closing share price of $69.20. The 4,779 units vesting March 13, 2026 were settled using a closing share price of $67.76, as reflected in the reported disposition transactions.
What do the phantom stock unit awards mean for TPC CFO compensation?
The phantom stock unit awards represent equity-linked, cash-settled compensation for the CFO, vesting over multiple years contingent on continued employment. When units vest, they convert based on common stock value and are paid in cash, aligning part of his compensation with Tutor Perini’s share price performance.