Sterling Infrastructure, Inc. has amended its employment agreement with Chief Executive Officer (CEO) Joseph A. Cutillo, extending his term of employment through December 31, 2027. In connection with the extension, the company granted Mr. Cutillo a special award of restricted stock units intended to facilitate a smooth leadership transition.
Key Details
- Agreement Amendment: The first amendment to the CEO's employment agreement extends his employment from the previous end date of January 1, 2027, to December 31, 2027.
- Special RSU Grant: Mr. Cutillo was granted 40,000 restricted stock units (RSUs).
- Vesting Conditions: The RSUs vest upon the earlier of the successful onboarding of a successor CEO or his continued employment through December 31, 2027. Vesting is accelerated upon a change of control or certain termination events.