Mas Jorge SC 13D/A MASTEC / MAS JORGE ownership change

SECURITIES & EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Act of 1934

(Amendment No. 8)*

MasTec, Inc.

(Name of Issuer)

Common Stock, Par Value $.10 Per Share

(Title of Class of Securities)

576323109

(CUSIP Number)

Jorge Mas

MasTec, Inc.

800 S. Douglas Road, 12th Floor

Miami, Florida 33134

(305) 599-1800

(Name, address and telephone number of person authorized to receive notices and communications)

September 9, 2024

(Date of event which requires filing of this statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☐

NOTE: Schedules filed in paper format shall include a signed original and five copies of the Schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes)

1	NAME OF REPORTING PERSONS  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS  Jorge Mas
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (a) ☒  (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS  00
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)  ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION  United States

NUMBER OF SHARES  BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER  10,185,262
	8	SHARED VOTING POWER  1,649,941
	9	SOLE DISPOSITIVE POWER  10,185,262
	10	SHARED DISPOSITIVE POWER  1,649,941

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  11,835,203
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES **  ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  14.9%
14	TYPE OF REPORTING PERSON  IN

1	NAME OF REPORTING PERSONS  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS  Jorge Mas Holdings I, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (a) ☒  (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS  00
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)  ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION  Florida

NUMBER OF SHARES  BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER  5,665,484
	8	SHARED VOTING POWER
	9	SOLE DISPOSITIVE POWER  5,665,484
	10	SHARED DISPOSITIVE POWER

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  5,665,484
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES **  ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  7.2%
14	TYPE OF REPORTING PERSON  CO

1	NAME OF REPORTING PERSONS  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS  Jorge Mas Holdings, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (a) ☒  (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS  00
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)  ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION  Florida

NUMBER OF SHARES  BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER  5,665,484
	8	SHARED VOTING POWER
	9	SOLE DISPOSITIVE POWER  5,665,484
	10	SHARED DISPOSITIVE POWER

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  5,665,484
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES **  ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  7.2%
14	TYPE OF REPORTING PERSON  CO

1	NAME OF REPORTING PERSONS  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS  Jorge Mas Irrevocable Family Trust
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (a) ☒  (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS  00
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)  ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION  Florida

NUMBER OF SHARES  BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER
	8	SHARED VOTING POWER  848,941
	9	SOLE DISPOSITIVE POWER
	10	SHARED DISPOSITIVE POWER  848,941

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  848,941
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES **  ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  1.1%
14	TYPE OF REPORTING PERSON  OO

1	NAME OF REPORTING PERSONS  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS  Jose Ramon Mas Irrevocable Family Trust
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (a) ☒  (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS  00
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)  ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION  Florida

NUMBER OF SHARES  BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER
	8	SHARED VOTING POWER  425,000
	9	SOLE DISPOSITIVE POWER
	10	SHARED DISPOSITIVE POWER  425,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  425,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES **  ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  0.5%
14	TYPE OF REPORTING PERSON  OO

1	NAME OF REPORTING PERSONS  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS  Mas Equity Partners III, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (a) ☒  (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS  00
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)  ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION  Delaware

NUMBER OF SHARES  BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER
	8	SHARED VOTING POWER  276,000
	9	SOLE DISPOSITIVE POWER
	10	SHARED DISPOSITIVE POWER  276,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  276,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES **  ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  0.3%
14	TYPE OF REPORTING PERSON  CO

1	NAME OF REPORTING PERSONS  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS  Mas Equity Partners, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (a) ☒  (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS  00
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)  ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION  Delaware

NUMBER OF SHARES  BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER
	8	SHARED VOTING POWER  276,000
	9	SOLE DISPOSITIVE POWER
	10	SHARED DISPOSITIVE POWER  276,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  276,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES **  ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  0.3%
14	TYPE OF REPORTING PERSON  CO

1	NAME OF REPORTING PERSONS  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS  Mas Family Foundation Inc.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (a) ☒  (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS  00
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)  ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION  Florida

NUMBER OF SHARES  BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER
	8	SHARED VOTING POWER  100,000
	9	SOLE DISPOSITIVE POWER
	10	SHARED DISPOSITIVE POWER  100,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  100,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES **  ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  0.1%
14	TYPE OF REPORTING PERSON  CO

AMENDMENT NO. 8 TO SCHEDULE 13D

This Amendment No. 8 to Schedule 13D is filed jointly on behalf of Jorge Mas, Jorge Mas Holdings I, LLC (“JM Holdings I”), Jorge Mas Holdings, LLC (“JM Holdings”), Jorge Mas Irrevocable Family Trust (“JM Trust”), Jose Ramon Mas Irrevocable Family Trust (“JR Trust”), Mas Equity Partners III, LLC (“Mas Partners III”), Mas Equity Partners, LLC (“Mas Partners”), and Mas Family Foundation Inc. (“Family Foundation”) (collectively, the “Reporting Person”). This Amendment No. 8 to Schedule 13D amends and updates the statements on Schedule 13D previously filed on November 14, 2004, as amended by seven amendments thereto, the last of which was filed on January 13, 2023, with respect to the Common Stock, $.10 par value (the “Shares” or “Common Stock”) of MasTec, Inc., a Florida corporation (the “Issuer”).

ITEM 3. Source and Amount of Funds or Other Consideration.

Share ownership by each of the persons reporting on this Schedule 13D reflect transfers among certain of the reporting persons as well as grants of equity compensation to Mr. Mas since January 13, 2023, all as previously reported on Forms 4 filed by Mr. Mas.

ITEM 4. Purpose of Transaction.

The purpose of this filing to is report the entry by JM Holdings I on August 16, 2024 into an amendment (the “Second Amendment”) to the previously reported prepaid variable forward sale contract entered into by JM Holdings I with an unaffiliated party (the “2019 Prepaid Forward Contract,” and, as amended to date, the “Prepaid Forward Contract”). The Second Amendment amends the Floor Price (as defined below) and Cap Price (as defined below) for each Tranche 1 Component (as defined below), which were determined based on the volume weighted average price (the “VWAP”) of MasTec, Inc.’s common stock for a specified period ended on September 9, 2024, and appropriately adjusts the number of Shares to be delivered on the respective valuation date for each Tranche 1 Component, with such adjustment resulting in a reduction in the number of Shares pledged under the Prepaid Forward Contract to 1,176,933 Shares.

The Prepaid Forward Contract provides for the settlement of the transaction, at the option of JM Holdings I, in cash or in Shares. At settlement JM Holdings I will be obligated to deliver to the buyer, on the applicable date in August or September 2025 or 2026 for the applicable component (each, a “Valuation Date”) in the first (“Tranche 1”) or second (“Tranche 2”) tranche, as applicable, of 15 components each (“Tranche 1 Components” or “Tranche 2 Components”), at JM Holdings I’s option, up to 100% of the number of Shares pledged for such component or an equivalent amount of cash. JM Holdings I entered into the 2019 Prepaid Forward Contract to provide funds for investment in the Miami Major League Soccer franchise. For more information on the terms of the Prepaid Forward Contract, please see Item 6 below.

ITEM 5. Interest in Securities of the Issuer.

Name and Title of Beneficial Owner	Number of Outstanding Shares Beneficially Owned			Percentage of Outstanding Shares of Common Stock(1)
Jorge Mas		11,835,203	(2)		14.9	%
JM Holdings I		5,665,484	(3)		7.2	%
JM Holdings		5,665,484	(3)		7.2	%
JM Trust		848,941			1.1	%
JR Trust		425,000			0.5	%
Mas Partners III		276,000			0.3	%
Mas Partners		276,000			0.30.4	%
Family Foundation		100,000			0.1	%

(1) The percentage of beneficial ownership is based upon 79,220,966 Shares of Common Stock outstanding as of July 29, 2024.

(2) The Shares beneficially owned by Jorge Mas include: 5,665,484 Shares owned by JM Holdings I, which is controlled by JM Holdings, of which Jorge Mas is the sole member; 848,941 Shares owned by the JM Trust, one of the trustees of which is Jorge Mas’s spouse; 425,000 Shares owned by the JR Trust of which Jorge Mas is a trustee, 276,000 Shares owned by Mas Partners III, in which Mas Partners is a member and of which Jorge Mas is the sole member; 100,000 Shares owned by the Family Foundation, a Florida not-for-profit corporation, of which Jorge Mas is the president and member of the Board of Directors; and 4,519,778 Shares owned individually by Jorge Mas. Jorge Mas disclaims beneficial ownership of all Shares held by the JR Trust, JM Trust, Mas Partners III and the Family Foundation, except, in each case, to the extent of his pecuniary interest therein, if any.

(3) 1,176,933 Shares of Common Stock owned by JM Holdings I are subject to the Prepaid Forward Contract and are pledged as collateral to secure JM Holdings I’s obligations under the Prepaid Forward Contract.

The Reporting Person’s responses to cover page Items 7 through 10 of this 13D/A are hereby incorporated by reference in this Item 5.

ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

1,176,933 Shares owned by JM Holdings I are covered by the Prepaid Forward Contract. The Prepaid Forward Contract obligates JM Holdings I to deliver to the buyer under the Prepaid Forward Contract, on each Valuation Date, at JM Holdings I’s option, up to 100% of the number of Shares pledged for the applicable component or an equivalent amount of cash. JM Holdings I pledged an aggregate of 1,176,933 Shares the (“Pledged Shares”) to secure its obligations under the Prepaid Forward Contract, and currently retains ownership and voting rights in the Pledged Shares during the term of the pledge. The number of Shares to be potentially delivered to the buyer on each Valuation Date (or on which to base the amount of cash to be delivered to the buyer on such Valuation Date) is to be determined as follows: (a) if the VWAP of Shares on the Valuation Date for the applicable Tranche 1 Component or Tranche 2 Component (each, a “Valuation Price”) is less than or equal to $97.3535 (the “Tranche 1 Floor Price”) or $78.5147 (the “Tranche 2 Floor Price,” and each of the Tranche 1 Floor Price and Tranche 2 Floor Price, a “Floor Price”), respectively, then JM Holdings I will deliver to the buyer all of the Pledged Shares for the applicable component; (b) if such Valuation Price for the Tranche 1 Component or Tranche 2 Component is greater than the Tranche 1 Floor Price or Tranche 2 Floor Price, respectively, but less than or equal to $127.6413 (the “Tranche 1 Cap Price”) or $136.9646 (the “Tranche 2 Cap Price,” and each of the Tranche 1 Cap Price and Tranche 2 Cap Price, a “Cap Price”), respectively, then JM Holdings I will deliver to the buyer the number of shares equal to 100% of the Pledged Shares for the applicable component multiplied by the quotient of the applicable Floor Price divided by such Valuation Price and (c) if such Valuation Price for the Tranche 1 Component or Tranche 2 Component exceeds the Tranche 1 Cap or Tranche 2 Cap Price, respectively, then JM Holdings I will deliver to the buyer the number of Shares equal to 100% of Pledged Shares for the applicable component multiplied by the quotient of (x) the applicable Floor Price plus such excess divided by (y) such Valuation Price. Except as set forth above, JM Holdings I retains beneficial ownership of the Pledged Shares and rights related thereto, including voting power with respect thereto.

ITEM 7. Material to be Filed as Exhibits

Exhibit Number	Description
99.1	Variable Share Forward Transaction Amendment No. 2 Agreement dated August 16, 2024 by and between Jorge Mas Holdings I, LLC and Bank of America, N.A.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

EXECUTED as of this 10th day of September, 2024.

/s/ Jorge Mas
Name:	Jorge Mas
JORGE MAS HOLDINGS I, LLC
By:	Jorge Mas Holdings, LLC, its Manager
By:	/s/ Jorge Mas
Name:	Jorge Mas
Title:	Manager
JORGE MAS HOLDINGS, LLC
By:	/s/ Jorge Mas
Name:	Jorge Mas
Title:	Manager
JOSE RAMON MAS IRREVOCABLE FAMILY TRUST
By:	/s/ Jorge Mas
Name:	Jorge Mas
Title:	Trustee
MAS EQUITY PARTNERS III, LLC
By:	/s/ Jose Mas
Name:	Jose Mas
Title:	Member
MAS EQUITY PARTNERS, LLC
By:	/s/ Jorge Mas
Name:	Jorge Mas
Title:	Member
MAS FAMILY FOUNDATION INC.
By:	/s/ Jorge Mas
Name:	Jorge Mas
Title:	President
JORGE MAS IRREVOCABLE FAMILY TRUST
By:	/s/ Jose Mas
Name:	Jose Mas
Title:	Trustee

EXHIBIT INDEX

Exhibit Number	Description
99.1	Variable Share Forward Transaction Amendment No. 2 Agreement dated August 16, 2024 by and between Jorge Mas Holdings I, LLC and Bank of America, N.A.