What is the primary purpose of the 2010 Incentive Bonus Plan?

The primary purpose of the 2010 Incentive Bonus Plan is to incentivize Quanta Services' corporate and operating unit executive officers and key management employees. It aims to align their compensation with the achievement of specific financial and operational performance targets, as well as strategic and safety goals.

How will employees be compensated under the new plan?

Eligible employees can receive annual bonus awards payable in cash and/or restricted stock. The actual award amount and its form (cash or stock) will be based on their performance against pre-defined metrics.

What kind of performance metrics will be used to determine bonus awards?

Performance metrics vary by role. For operating unit executives, goals include achieving operating income targets, modified return on asset targets, individual strategic goals, and safety statistics. For corporate management, goals focus on operating income targets, return on equity targets, and individual strategic goals.

Does the Compensation Committee have control over these incentive awards?

Yes, the Compensation Committee of the Board of Directors adopted the plan and retains oversight. They establish specific target amounts and all future awards are subject to their approval prior to being granted.

PWR 8-K: Leadership Changes

Summary

Quanta Services, Inc. (PWR) announced the adoption of its 2010 Incentive Bonus Plan by its Compensation Committee on March 4, 2010. This plan is designed to incentivize corporate and operating unit executive officers and key management employees through annual bonus awards, which can be paid in cash and/or restricted stock. The structure of these awards is tied to the achievement of specific performance goals, aiming to align executive compensation with company and operational performance. This initiative reflects a strategic approach to executive compensation designed to drive performance and shareholder value.

Key Highlights

1Adoption of the Quanta Services, Inc. 2010 Incentive Bonus Plan.
2Plan targets corporate and operating unit executive officers and key management employees.
3Bonuses are payable in cash and/or restricted stock.
4Awards are contingent on achieving specific performance goals.
5Performance goals for 2010 include operating income, modified return on assets, return on equity, individual strategic goals, and safety statistics.
6The Compensation Committee has oversight and approval authority over all future awards.
7Restricted stock awards, if any, will be made under the 2007 Stock Incentive Plan.

QUANTA SERVICES, INC. 8-K Report, Executive Changes (Mar 9, 2010)

Summary

Key Highlights

Frequently Asked Questions