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TUTOR PERINI CORP·4

Mar 16, 8:16 PM ET

SOROKA RYAN JOSEPH 4

Research Summary

AI-generated summary

Updated

Tutor Perini (TPC) CFO Ryan Soroka Settles & Sells Vested Units

What Happened
Ryan Soroka, Executive Vice President & Chief Financial Officer of Tutor Perini Corporation (TPC), had cash‑settled phantom stock units vest on March 12 and March 13, 2026 and those vested units were settled for cash back to the issuer. Specifically, 5,831 units vested and were settled on March 12 at $69.20 per unit (proceeds $403,505) and 4,779 units vested and were settled on March 13 at $67.76 per unit (proceeds $323,825). The total cash settlement was approximately $727,330. Although the Form 4 shows both an “acquisition/conversion” (M) and a “disposition to issuer” (D) for these units, no company shares were purchased or sold in the open market — these were cash settlements of phantom units.

Key Details

  • Transaction dates and amounts:
    • Mar 12, 2026: 5,831 phantom units settled at $69.20 → $403,505 (reported as M and D)
    • Mar 13, 2026: 4,779 phantom units settled at $67.76 → $323,825 (reported as M and D)
  • Total cash received by Soroka: ≈ $727,330
  • Shares owned after transaction: Not disclosed in the filing
  • Notable footnotes:
    • F1: Grant on Mar 12, 2025 of 17,495 cash‑settled phantom units; 5,831 vested on Mar 12, 2026 (remaining vest in 2027–2028 if employment continues).
    • F2: Grant on Mar 13, 2024 of 14,337 cash‑settled phantom units; 4,779 vested on Mar 13, 2026 (remaining vest in 2027 if employment continues).
    • The footnotes explain these were cash‑settled phantom stock units and were paid in cash equal to units × closing share price on the vesting date; the reporting shows acquisition and disposition back to the issuer per SEC reporting rules.
  • Filing timeliness: Report filed Mar 16, 2026; filing appears timely relative to the Mar 12–13 transactions.

Context
These transactions reflect routine vesting and cash settlement of deferred compensation (phantom stock units), not an open‑market sale of shares or a purchase. For retail investors, cash settlements of phantom units are a compensation event and do not directly signal the insider buying or holding additional company stock.