What is the primary purpose of the 2009 Incentive Bonus Plan?

The primary purpose of the 2009 Incentive Bonus Plan is to incentivize and reward corporate and operating unit executive officers and key management employees of Quanta Services, Inc. by linking a portion of their compensation to the achievement of specific company performance goals.

How will bonuses be paid under the new plan?

Bonuses under the 2009 Incentive Bonus Plan will be payable in a combination of cash and/or restricted stock, with any restricted stock awards made pursuant to the Quanta Services, Inc. 2007 Stock Incentive Plan.

What performance metrics will be used to determine bonus awards for 2009?

For operating unit executives, performance metrics include achievement of operating income targets, modified return on asset targets, and various safety statistics at the operating unit level. For corporate management, the performance goals are based on achieving operating income targets and return on equity targets.

Is there any flexibility in the bonus awards beyond the set performance targets?

Yes, the Incentive Plan also provides for additional discretionary awards in cash and/or restricted stock. These discretionary awards can be given to both corporate and operating unit executive officers and key management employees, and are established based on recommendations from management and approval by the Compensation Committee.

PWR 8-K: Leadership Changes

Summary

Quanta Services, Inc. (PWR) announced the adoption of its 2009 Incentive Bonus Plan by its Compensation Committee on March 12, 2009. This plan is designed to incentivize corporate and operating unit executive officers and key management employees through annual bonus awards payable in cash and restricted stock. The structure of these awards is directly tied to the achievement of specific performance metrics, aligning employee compensation with the company's financial and operational objectives for the year 2009.

Key Highlights

1Adoption of the Quanta Services, Inc. 2009 Incentive Bonus Plan on March 12, 2009.
2The plan offers annual bonus awards to eligible executive officers and key management employees.
3Awards can be paid in cash and/or 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 include operating income targets and return on equity targets.
6The plan allows for discretionary awards based on the Compensation Committee's discretion.
7All future awards under the plan require Compensation Committee approval.

QUANTA SERVICES, INC. 8-K Report, Executive Changes (Mar 17, 2009)

Summary

Key Highlights

Frequently Asked Questions