MASTEC, INC.
DEFERRED BONUS AGREEMENT FOR AUSTIN
SHANFELTER
THIS AGREEMENT,
made and entered into as of this 1 st day of November, 2002, by and between MASTEC,
INC., a Florida corporation, with principal offices and place of
business in the State of Florida (the “Corporation”),
and Austin Shanfelter, an individual residing in the State of
Florida (the “Employee”),
WHEREAS, the
Employee is employed by the Corporation; and
WHEREAS, the
Corporation recognizes the value of the services performed by the
Employee and wishes to encourage his continued employment;
and
WHEREAS, the
Employee wishes to be assured that he will be entitled to a certain
retirement benefit; and
WHEREAS, the
parties hereto wish to provide the terms and conditions upon which
the Corporation shall pay such retirement benefit to the Employee;
and
NOW, THEREFORE, in
consideration of the premises and of the mutual promises herein
contained, the parties hereto agree as follows:
a.
Eligibility for Benefit . As of the 1
st day of November, 2002, the Corporation and the
Employee entered into a Split-Dollar Agreement (the
“Split-Dollar Agreement”). The Employee shall be
entitled to receive the Deferred Bonus provided hereunder from the
Corporation in the event of the termination of the Split-Dollar
Agreement, for any reason other than the Employee’s
death.
b.
Amount of Deferred Bonus . The amount of the Deferred
Bonus to be provided by the Corporation to the Employee under this
Section 1 shall be an amount equal to the sum of the total
amount of the premium payments made by the Corporation under the
terms of the Split-Dollar Agreement, plus 4%, compounded
annually.
c.
Payment of Deferred Bonus . Within 60 days of
the date upon which the Employee becomes entitled to the Deferred
Bonus, as provided above, the Corporation shall pay to the Employee
an amount equal to the Deferred Bonus.
d.
No Trust Created . Notwithstanding anything in this
Section 1, no action taken pursuant to its provisions by
either the Corporation or the Employee shall create, or be
construed to create, a trust of any kind, or a fiduciary
relationship between the Corporation and the Employee, his
beneficiary or beneficiaries, or any other person.
e.
Deferred Bonus Unfunded . Until the occurrence of any
event which entitles the Employee to receive the Deferred Bonus
provided under this Section 1, such benefit
