Tutor Perini extends CEO Ron Tutor's contract to 2026 with enhanced comp and transition bonuses

TUTOR PERINI CORP

CEO Ron Tutor's employment extended through Dec 31, 2026; CEO period ends Dec 31, 2024, then Executive Chairman.
Base salary increased to $1.9M/yr (CEO period) then $1.85M/yr; target bonus 175% of salary through 2024.
Up to $3M in transition bonuses: $1.5M upon Board approval of successor CEO by June 2024, $1.5M after mentoring.
Annual equity grants: $8M target value (RSUs + performance units) for 2021-2024; $4M time-based RSUs for 2025-2026.
Severance benefits enhanced for change-in-control termination, including cash value of future RSU grants.

item 5.02 item 9.01

Executive movements

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Role change

Ronald N. Tutor

Executive Chairman

TPC · TUTOR PERINI CORP

Effective: 2025-01-01
Filed: August 30, 2021, 7:59 PM ET

Mr. Tutor will serve as CEO of the Company through December 31, 2024 (the "CEO Period"), and as Executive Chairman of the Board from January 1, 2025 through December 31, 2026

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ronald N. Tutor changed role as Executive Chairman at TUTOR PERINI CORP.

Action: will serve as Executive Chairman
Role: Executive Chairman

Exact text from the filing

Mr. Tutor will serve as CEO of the Company through December 31, 2024 (the "CEO Period"), and as Executive Chairman of the Board from January 1, 2025 through December 31, 2026

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TUTOR PERINI CORP filing history →

Source: SEC EDGAR

accession 0000077543-21-000078

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