Summary
Quanta Services, Inc. (PWR) filed a Form 8-K on November 26, 2007, reporting the adoption of a new pre-arranged stock trading plan by a board member, David Helwig. This "New Trading Plan" authorizes UBS Financial Services Inc. to exercise Mr. Helwig's stock options and sell up to 173,414 shares of Quanta's common stock. The transactions under this plan are scheduled to commence no earlier than November 29, 2007, and will adhere to specific trade dates, limit prices, and quantities, all designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934. The filing also provides context on Mr. Helwig's previous trading plans related to his former company, Infrasource Services, Inc., and its acquisition by Quanta. These prior plans, including one with Lehman Brothers and subsequent plans with UBS, were either terminated or concluded prior to this new arrangement, with no sales executed under the initial Lehman plan. The adoption of the New Trading Plan is also in addition to previously disclosed forward sale agreements for the DRHCLH Partnership, of which Mr. Helwig is the general partner.
Key Highlights
- 1David Helwig, a Quanta Services Director, adopted a new pre-arranged stock trading plan (Rule 10b5-1 compliant).
- 2The plan allows for the exercise of stock options and sale of up to 173,414 shares of Quanta common stock.
- 3Transactions are to begin no earlier than November 29, 2007, with sales executed at predetermined prices and quantities.
- 4This new plan follows the termination of Mr. Helwig's previous trading plans related to Infrasource Services, Inc.
- 5No sales were made under Mr. Helwig's initial Infrasource-related trading plan with Lehman Brothers.
- 6The New Trading Plan is separate from and in addition to previously announced forward sale agreements for the DRHCLH Partnership.
- 7Transactions under the plan will be publicly disclosed via Form 4 filings.