UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
(Mark One)
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE |
| ACT OF 1934 |
For the fiscal year ended December 31, 2017
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-08106
| A. | Full title of the plan and the address of the plan, if different from that of the issuer Named below: |
The MasTec, Inc. 401(k) Retirement Plan
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
MasTec, Inc.
800 S. Douglas Road, 12th Floor
Coral Gables, FL 33134
| Page | ||||
| Report of Independent Registered Public Accounting Firm – BDO USA, LLP |
3 | |||
| Financial Statements |
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| Statements of Net Assets Available for Benefits as of December 31, 2017 and 2016 |
4 | |||
| Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2017 |
5 | |||
| 6 | ||||
| Supplemental Schedules |
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| Schedule H, line 4a – Delinquent Deposits of Participant Contributions |
14 | |||
| Schedule H, line 4i – Schedule of Assets (Held at End of Year) |
15 | |||
| 16 | ||||
| Exhibit Index: |
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| Ex-23.1 Consent of Independent Registered Public Accounting Firm – BDO USA, LLP |
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2
Report of Independent Registered Public Accounting Firm
Plan Administrator and Participants
The MasTec, Inc. 401(k) Retirement Plan
Miami, Florida
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the The MasTec, Inc. 401(k) Retirement Plan (the “Plan”) as of December 31, 2017 and 2016, the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying schedules of Schedule H, line 4a – Delinquent Deposits of Participant Contributions for the year ended December 31, 2017 and Schedule H, line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2017 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
| /s/ BDO USA, LLP | ||
| We have served as the Plan’s auditor since 2004. | ||
| Miami, Florida |
| |
| May 22, 2018 | ||
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The MasTec, Inc. 401(k)
Retirement Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| Investments, at fair value |
$ | 174,212,689 | $ | 135,653,127 | ||||
| Receivables: |
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| Contributions from employer |
3,120,273 | 2,937,028 | ||||||
| Contributions from plan participants |
516,251 | 464,452 | ||||||
| Notes receivable from plan participants |
5,891,118 | 4,546,671 | ||||||
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| Total net assets available for benefits |
$ | 183,740,331 | $ | 143,601,278 | ||||
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See accompanying notes to the financial statements
4
The MasTec, Inc. 401(k)
Retirement Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
for the Year Ended December 31, 2017
Additions to net assets available for benefits attributed to:
| Investment income: |
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| Net appreciation in fair value of investments |
$ | 20,950,568 | ||
| Dividend and interest income |
3,536,959 | |||
| Other investment income |
334,263 | |||
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| Total investment income |
24,821,790 | |||
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| Interest income on notes receivable from plan participants |
208,071 | |||
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| Contributions: |
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| Participants |
20,851,612 | |||
| Employer |
11,950,653 | |||
| Rollovers |
1,574,408 | |||
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| Total contributions |
34,376,673 | |||
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| Total additions |
59,406,534 | |||
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| Deductions to net assets available for benefits attributed to: |
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| Benefits paid to participants |
19,018,965 | |||
| Administrative expenses |
248,516 | |||
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| Total deductions |
19,267,481 | |||
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| Net increase in net assets available for benefits |
40,139,053 | |||
| Net assets available for benefits at beginning of year |
143,601,278 | |||
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| Net assets available for benefits at end of year |
$ | 183,740,331 | ||
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See accompanying notes to the financial statements
5
Description of the Plan
The following description of The MasTec, Inc. 401(k) Retirement Savings Plan (the “Plan”), as amended, provides only general information. Effective January 1, 2017, July 1, 2017 and October 1, 2017, Three Phase Construction, Inc., Sefnco Communications, Inc. and Cash Construction Company, Inc. became participating employers in the Plan.
Participants should refer to the Summary Plan Description for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan covering all eligible employees of MasTec, Inc. and its subsidiaries (the “Company”) who have completed at least thirty days of service (“eligibility period”). Employees enter the Plan on the first day of the month coinciding with or the next month following the date on which they meet the eligibility requirements. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. The Plan’s trustee, custodian and record keeper is Bank of America Merrill Lynch (“Merrill Lynch”).
Contributions
The Plan is a Safe Harbor match, which provides for a match of 100% of the first 3% and 50% of the next 2% of the contribution made to the plan up to a maximum 4% employer match. The match is credited on a quarterly basis, in the months of April, July, October, and January of the following year. The Company’s matching contribution is funded 50% in the form of the Company’s common stock, and 50% in cash, which is invested in accordance with each participant’s investment directive. Company’s matching contributions are vested immediately and participants can change their investment options with respect to the matching contributions made in the form of the Company’s common stock as soon the matching contribution is funded, subject to the terms of the Plan.
Contributions from participants are recorded when payroll deductions are made. The Plan is required to return contributions received during the Plan year in excess of the Internal Revenue Service (“IRS”) limits. Participants’ contribution limit is $18,000 for 2017 and 2016. Participants who have attained age 50 during the calendar year are eligible to make catch-up contributions to the Plan. The IRS limit for the catch-up contribution amount is $6,000 for 2017 and 2016. Upon enrollment, a participant may direct employee contributions, in 1% increments, to any of the Plan’s fund options. Participants may change their investment options daily.
Participants’ Accounts
Each participant’s account is credited with the participant’s contributions and allocations of the Company’s contribution and the Plan’s investment results. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. Upon distribution of the account to a participant who separates from service before vesting, the portion of the account attributable to the Company’s contributions is forfeited. Forfeited balances of participants’ non-vested accounts are used to reduce future Company contributions or pay administrative expenses of the Plan.
Vesting
Participants vest immediately in their contributions and amounts rolled over into the Plan. In accordance with all Safe Harbor provisions, participants vest immediately in all Safe Harbor Company contributions made after January 1, 2013.
6
Forfeitures
Forfeitures of participant account balances are allocated to the general funds of the Plan and can be used to pay administrative expenses of the Plan and to reduce contributions otherwise required of the employer. Any remaining forfeitures shall be allocated to participants. At December 31, 2017 and 2016, unallocated forfeited accounts totaled $83,275 and $117,968, respectively. The Company has elected to use the forfeitures to pay certain plan expenses. During the year ended December 31, 2017, no forfeitures were used to pay administrative fees.
Notes Receivable from Participants
Notes receivable from participants consist of participant loans that are secured by the balance in the participant account. Each participant may have only one loan outstanding at any given time. The Plan’s loan feature allows participants to borrow up to a maximum equal to the lesser of $50,000 or 50% of their accrued vested benefit. The loans bear interest at the published prime rate in the Wall Street Journal plus 1%, at the date of the loan. The annual interest rate charged on employee loans outstanding during the year ended December 31, 2017 ranged from 4.00% to 5.25%. Loan terms range from 1 to 5 years or may exceed 5 years for the purchase of a primary residence. Loans provide level amortization for repayments to be made not less frequently than on a quarterly basis. Repayment generally is made by payroll deduction. Participants pay certain administrative expenses associated with the loan. If any scheduled loan repayments remain outstanding for greater than 90 days, the participant loan will be placed in default and reported as deemed distribution. Notes receivable from participants are stated at cost, plus accrued interest, which approximates fair value.
Payments of Benefits
Upon termination of service due to death, disability, or retirement, a participant is entitled to receive payment of the vested accrued benefit in a single lump sum or the payment can be deferred until a later retirement age upon election by the participant. For termination of service due to other reasons, a participant is entitled to receive only the vested percentage of his account balance.
NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements of the Plan are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and present the net assets available for Plan benefits as of December 31, 2017 and 2016 and changes in net assets available for Plan benefits as of December 31, 2017.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan provides for various investment options and combinations from which participants may choose, including the Company stock fund, mutual funds and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that these risks in the near term would materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.
7
Administrative Expenses
All administrative expenses of the Plan are chargeable to the Plan and as allowed under ERISA. The Company may, at its sole discretion, pay any such expenses, in whole or in part.
Benefit Payments
Benefits are recorded when paid. At December 31, 2017 and 2016, there were $410,681 and $125,884, respectively, allocated to accounts of persons who had elected to withdraw from the Plan, but had not been paid.
Investment Valuation and Income Recognition
Plan investments are stated at estimated fair values. MasTec, Inc. stock is valued at its quoted price on the last business day of the Plan year. As described in Accounting Standard Codification (“ASC”) 946, Subtopic 210, investment contracts held by a defined contribution plan are required to be reported at fair value. Contract value, which represents net contributions plus interest at the contract rate, approximates fair value. The contracts are fully benefit-responsive, as defined in ASC 946, Subtopic 210.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
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NOTE C — FAIR VALUE MEASUREMENT
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy under ASU 2015-07, Fair Value Measurements (Topic 820) are described as follows:
| Level 1: | Inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Plan can access at the measurement date. | |
| Level 2: | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as: | |
| a. | Quoted prices for similar assets or liabilities in active markets |
| b. | Quoted prices for identical or similar assets or liabilities in inactive markets |
| c. | Inputs other than quoted prices that are observable for the asset or liability |
| d. | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the assets or liability.
Level 3: Inputs that are unobservable inputs for the asset or liability.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Asset Valuation Techniques
Valuation technologies maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value.
Common Stocks — Valued at the closing price reported on the active market on which the individual securities are traded.
Mutual Funds — Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Stable Value Fund — Composed primarily of fully benefit-responsive investment contracts and is reported at fair value using net asset value (NAV) as a practical expedient. The stable value fund calculates NAV per share in a manner consistent with the measurement principles in FASB Accounting Standards Codification Topic 946 Financial Services — Investment Companies. Those measurement principles indicate that, in the determination of a stable value fund’s NAV, the relevant measurement is net assets which include the fully benefit investment contracts held by the fund at contract value. This NAV represents the Plan’s fair value since this is the NAV at which the Plan transacts with the fund. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value. Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months’ notification in order to ensure that securities liquidations will be carried out in an orderly business manner.
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The following tables set forth by level within the fair value hierarchy individual investments that represent the Plan’s net assets as of December 31, 2017 and 2016 as follows:
Investments in the fair value hierarchy: (a)
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| Mutual funds |
$ | 123,485,107 | $ | 94,995,088 | ||||
| MasTec, Inc. common stock |
$ | 36,592,179 | $ | 27,834,921 | ||||
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| $ | 160,077,286 | $ | 122,830,009 | |||||
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Investments measured at net asset value: (b)
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| Stable funds |
$ | 13,747,261 | $ | 12,685,691 | ||||
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| (a) | Mutual funds and MasTec, Inc. common stock have been classified within Level 1 of the fair value hierarchy. |
| (b) | In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of the net assets available for benefits. |
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Investments Measured Using the Net Asset Value per Share Practical Expedient
The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2017 and 2016, respectively.
December 31, 2017
| Fair Value | Unfunded Commitments |
Redemption Frequency (If Currently Eligible) |
Redemption Notice Period |
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| Stable Value |
$ | 13,747,261 | N/A | Daily | N/A | |||||||||||
December 31, 2016
| Fair Value | Unfunded Commitments |
Redemption Frequency (If Currently Eligible) |
Redemption Notice Period |
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| Stable Value |
$ | 12,685,691 | N/A | Daily | N/A | |||||||||||
Transfer between Levels
The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value to another. In such instances, the transfer is reported at the end of the reporting period.
We evaluate the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the year ended December 31, 2017, there were no transfers between levels.
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NOTE D — NONPARTICIPANT-DIRECTED INVESTMENTS
Information about the net assets and significant components of changes in net assets related to the investment that includes non-participant-directed amounts is as follows:
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| MasTec, Inc. common stock |
$ | 33,049,646 | $ | 25,002,649 | ||||
| Changes in Net Assets |
Year Ended December 31, 2017 |
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| Contributions |
$ | 5,886,930 | ||
| Net appreciation in fair value of investments |
7,309,720 | |||
| Benefits paid to participants |
(3,232,803 | ) | ||
| Transfers |
(1,544,748 | ) | ||
| Other |
(372,102 | ) | ||
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| $ | 8,046,997 | |||
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NOTE E — TAX STATUS
The IRS has determined and informed the Company by a letter dated March 31, 2008, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan’s tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan is qualified, and the related trust is tax-exempt.
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
NOTE F — RELATED-PARTY TRANSACTIONS AND PARTY IN INTEREST TRANSACTIONS
The Plan invests in the Common Stock of MasTec, Inc., the plan sponsor. The fair market value of the MasTec, Inc. Common Stock at December 31, 2017 and 2016 was $36,592,179 and $27,834,921, respectively. In addition, there are $5,891,118 and $4,546,671 in outstanding participant loans as of December 31, 2017 and 2016, respectively.
NOTE G — PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.
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NOTE H — NON-EXEMPT TRANSACTIONS
During the Plan years ended December 31, 2017 and 2016, employee withholdings in the amounts of $6,495, and $1,134, respectively, were not remitted within the appropriate time period by the Company. These transactions constitute prohibited transactions as defined by ERISA. The Company is aware of the occurrence and has taken the appropriate steps to correct the situation. Estimated interest assessed on these amounts were $358 and $61, for the years ended December 31, 2017 and 2016, respectively. The Company has chosen to correct this without use of the Voluntary Fiduciary Contribution Program. Furthermore, the Company does not believe that these prohibited transactions will have a material impact on the accompanying financial statements and supplemental schedules.
NOTE I — SUBSEQUENT EVENTS
The Plan evaluated subsequent events thru May 22, 2018, the date the financial statements were available to be issued.
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The MasTec Inc.
401(k) Retirement Plan
Employer Identification Number 65-0829355
Plan # 002
SCHEDULE H, LINE 4a-
SCHEDULE OF DELINQUENT DEPOSITS PARTICIPANT CONTRIBUTIONS
Year ended December 31, 2017
| Participant Contributions Transferred Late to Plan |
Total that Constitute Nonexempt Prohibited Transactions | Total Fully Corrected Under VFCP and PTE 2002-51 | ||||||
| Check here if Late Participant Loan Repayments are included: ☐ |
Contributions Not Corrected |
Contributions Corrected Outside VFCP |
Contributions Pending Correction in VFCP |
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| $6,495 |
$358 | — | $358 | $6,853 | ||||
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The MasTec Inc.
401(k) Retirement Plan
Employer Identification Number 65-0829355
Plan # 002
SCHEDULE H, LINE 4i-
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2017
| (a) | (b) | (c) | (d) | (e) | ||||||||
| Identity of Issuer, Borrower, Lessor or Similar Party |
Description of Investment Including |
Cost | Current Value | |||||||||
| Investment Contract #610145 with Bank of America Merrill Lynch: |
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| MFS Growth Fund Class A |
Mutual Fund | ** | $ | 19,229,795 | ||||||||
| Pioneer Short Term Income Fund Class Y |
Mutual Fund | ** | 13,768,684 | |||||||||
| Columbia Trust Stable Government Fund I-5 Fund |
Stable Value | ** | 13,747,261 | |||||||||
| Delaware Value Fund Class I |
Mutual Fund | ** | 13,185,757 | |||||||||
| BlackRock Total Return Fund Class I |
Mutual Fund | ** | 10,115,165 | |||||||||
| iShares S&P 500 Index Fund Class I |
Mutual Fund | ** | 9,834,508 | |||||||||
| Lazard International Strategic Equity Portfolio Fund Open Class |
Mutual Fund | ** | 9,318,553 | |||||||||
| Janus Enterprise Fund Class I |
Mutual Fund | ** | 7,787,105 | |||||||||
| JP Morgan Mid Cap Value Fund Class L |
Mutual Fund | ** | 7,118,286 | |||||||||
| JP Morgan Small Cap Value Fund Class A |
Mutual Fund | ** | 6,997,274 | |||||||||
| Voya Small Cap Opportunities Fund Class A |
Mutual Fund | ** | 3,378,070 | |||||||||
| BlackRock Inflation Protected Bond Fund Class I |
Mutual Fund | ** | 3,350,967 | |||||||||
| Oppenheimer Developing Markets Fund Class Y |
Mutual Fund | ** | 2,765,162 | |||||||||
| Prudential High Yield Fund Class Z |
Mutual Fund | ** | 2,654,949 | |||||||||
| American Beacon International Equity Fund Class I |
Mutual Fund | ** | 2,602,410 | |||||||||
| Oppenheimer International Growth Fund Class Y |
Mutual Fund | ** | 2,516,460 | |||||||||
| T Rowe Price Real Estate Fund |
Mutual Fund | ** | 2,414,869 | |||||||||
| T Rowe Price Dividend Growth Fund |
Mutual Fund | ** | 1,920,123 | |||||||||
| Vanguard Total International Stock Index Fund Admiral Class |
Mutual Fund | ** | 1,769,677 | |||||||||
| PIMCO Commodity Real Return Strategy Fund Class I |
Mutual Fund | ** | 1,310,467 | |||||||||
| PIMCO Foreign Bond Fund (US Dollar-Hedged) Institutional Class |
Mutual Fund | ** | 844,597 | |||||||||
| Vanguard Total Bond Market Index Fund Admiral Class |
Mutual Fund | ** | 602,229 | |||||||||
| PPB Contribution Fund |
Money Market | ** | 34 | |||||||||
| * | MasTec, Inc. Stock | Common stock | $ | 18,447,264 | 36,592,179 | |||||||
| * | Notes Receivable from plan participants | Interest rates range from 4.00% to 5.25% maturing at various dates through 2027, collateralized by vested participant balances | $ | 0 | 5,891,118 | |||||||
| * | Represents a party-in-interest |
| ** | Not applicable as the investment is participant-directed |
15
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| The MasTec, Inc. 401(k) Retirement Plan | ||||
| /s/ Jose R. Mas | ||||
| Chairman, Benefits Committee of MasTec, Inc. | ||||
| Date: May 22, 2018 | /s/ George Pita | |||
| Chief Financial Officer of MasTec, Inc. | ||||
16