Summary
Quanta Services, Inc. (PWR) announced the adoption of its 2006 Incentive Bonus Plan, effective March 2, 2006. This plan is designed to incentivize executive officers and key management employees by offering annual bonus awards payable in cash and restricted stock. The awards are tied to the achievement of specific performance goals, tailored for both corporate and operating unit management. For operating unit executives, targets include operating income, modified return on assets, and safety statistics. Corporate management performance is measured against operating income and return on equity targets. The Compensation Committee retains oversight, establishing specific award amounts and approving all future grants.
Key Highlights
- 1Adoption of the Quanta Services, Inc. 2006 Incentive Bonus Plan on March 2, 2006.
- 2Plan targets executive officers and key management employees.
- 3Annual bonus awards will be paid in cash and restricted stock.
- 4Restricted stock awards will be made under the existing 2001 Stock Incentive Plan.
- 5Performance goals are established for both corporate and operating unit management.
- 6Operating unit goals include operating income, modified return on assets, and safety statistics.
- 7Corporate management goals focus on operating income and return on equity.
- 8The Compensation Committee has the authority to set award targets and approve future grants.