MASTEC INC

Note 8 –Stock-Based Compensation and Other Employee Benefit Plans

The Company has stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance. Under all stock-based compensation plans in effect as of March 31, 2025, there were approximately 4,043,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled approximately $6.9 million and $9.7 million for the three month periods ended March 31, 2025 and 2024, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $1.6 million and $1.9 million for the three month periods ended March 31, 2025 and 2024, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $0.4 million and net tax shortfalls totaling $0.1 million for the respective periods.

Restricted Shares

MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of March 31, 2025, total unearned compensation related to restricted shares was approximately $70.6 million, which amount is expected to be recognized over a weighted average period of approximately 2.4 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled approximately $20.8 million and $13.3 million for the three month periods ended March 31, 2025 and 2024, respectively.

(a) Includes 1,000 restricted stock units as of both March 31, 2025 and December 31, 2024.