Summary
Quanta Services, Inc. (PWR) announced on March 4, 2008, the adoption of its 2008 Incentive Bonus Plan by the Compensation Committee of its Board of Directors. This plan is designed to incentivize corporate and operating unit executive officers and key management employees through annual bonus awards, payable in a combination of cash and restricted stock. This initiative aims to align executive compensation with key performance indicators and the company's financial and operational success.
Key Highlights
- 1Adoption of the Quanta Services, Inc. 2008 Incentive Bonus Plan.
- 2Plan targets corporate and operating unit executive officers and key management employees.
- 3Annual bonus awards will be payable in cash and restricted stock.
- 4Performance goals for operating unit executives include operating income targets, modified return on asset targets, and safety statistics.
- 5Performance goals for corporate management employees include operating income and return on equity targets.
- 6Plan allows for discretionary awards in cash and/or restricted stock.
- 7All future awards are subject to Compensation Committee approval.
Frequently Asked Questions
The main purpose of the 2008 Incentive Bonus Plan is to incentivize and reward executive officers and key management employees by linking a portion of their compensation to the achievement of specific company performance goals, including financial metrics and safety statistics.
Eligible employees can receive annual bonus awards payable in cash and restricted stock. Some awards are performance-based, while others may be discretionary.
For operating unit executives, performance goals are based on operating income targets, modified return on asset targets, and safety statistics. For corporate management, goals are based on operating income and return on equity targets.
Yes, all future awards granted under the Incentive Plan are subject to approval by the Compensation Committee prior to their issuance.