Gary G. Smalley - Nov 11, 2023 Form 4 Insider Report for TUTOR PERINI CORP (TPC)

Role: Executive VP and CFO
Signature: /s/ Anthony C. Fiore, Attorney-in-Fact
Stock symbol: TPC
Transactions as of: Nov 11, 2023
Transactions value $: -$1,132,289
Form type: 4
Date filed: 11/14/2023, 05:03 PM
Previous filing: Nov 15, 2022
Next filing: Nov 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TPC	Common Stock	Options Exercise		+34.9K	+19.68%		212K	Nov 11, 2023	Direct	F1
transaction	TPC	Common Stock	Tax liability	-$232K	-31.6K	-14.88%	$7.35^*	181K	Nov 11, 2023	Direct
transaction	TPC	Common Stock	Options Exercise		+45K	+24.89%		226K	Nov 11, 2023	Direct	F2
transaction	TPC	Common Stock	Disposed to Issuer	-$900K	-45K	-19.93%	$20.00^*	181K	Nov 11, 2023	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TPC	Restricted Stock Units	Options Exercise	$0	-34.9K	-50%	$0.00	34.9K	Nov 11, 2023	Common Stock	34.9K		Direct	F1, F3
transaction	TPC	Restricted Stock Units	Options Exercise	$0	-45K	-100%	$0.00^*	0	Nov 11, 2023	Common Stock	45K		Direct	F2, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The restricted stock units (RSUs) convert into common stock of Tutor Perini Corporation on a 1-for-1 basis.
F2	Each RSU entitles the holder to one share of common stock of Tutor Perini Corporation (payable either in cash or shares) and, if the stock price is less than $20.00 per share on the settlement date, a payment in cash or shares, at the option of Tutor Perini Corporation, of the difference between the stock price and $20.00. Because the stock price was less than $20.00 per share on the settlement date, the RSUs were settled in cash at a value equal to the number of units vested multiplied by $20.00.
F3	On November 11, 2021, the reporting person was granted 104,796 RSUs, of which 34,932 vest on each of November 11, 2022, 2023 and 2024, contingent upon the reporting person's continued employment through these dates.
F4	On November 11, 2020, the reporting person was granted 45,000 RSUs that vested on November 11, 2023, contingent upon the reporting person's continued employment through this date.