8-KLeadership ChangesExhibits & Filings

QUANTA SERVICES, INC. 8-K Report, Executive Changes (Mar 7, 2011)

Filed March 7, 2011For Securities:PWR

Summary

Quanta Services, Inc. (PWR) filed an 8-K on March 7, 2011, to announce the adoption of its 2011 Incentive Bonus Plan. 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 restricted stock. The structure of these awards is directly tied to the achievement of specific performance metrics for the 2011 fiscal year. The performance goals are tailored to different employee groups. For operating unit executives, targets include operating income, modified return on assets, individual strategic goals, and safety statistics. Corporate management employees will be assessed on operating income, return on equity, and individual strategic goals. The Compensation Committee retains the authority to approve award targets and discretionary awards, ensuring alignment with company objectives and potential for additional incentives.

Key Highlights

  • 1Adoption of the Quanta Services, Inc. 2011 Incentive Bonus Plan.
  • 2Plan targets corporate and operating unit executive officers and key management employees.
  • 3Awards can be paid in cash and restricted stock.
  • 42011 performance metrics for operating unit executives include operating income, modified return on assets, strategic goals, and safety.
  • 52011 performance metrics for corporate management include operating income, return on equity, and strategic goals.
  • 6The Compensation Committee approves award targets and discretionary awards.
  • 7Awards are subject to Compensation Committee approval before granting.

Frequently Asked Questions

The primary purpose of the 2011 Incentive Bonus Plan is to incentivize Quanta Services' corporate and operating unit executive officers and key management employees by offering annual bonus awards. These awards are designed to align employee performance with company financial and strategic objectives.

Employees eligible under the plan can receive annual bonus awards payable in both cash and restricted stock. Any restricted stock awards will be made in accordance with the Quanta Services, Inc. 2007 Stock Incentive Plan or other approved plans.

For operating unit executives, performance is based on achievement of operating income targets, modified return on asset targets, individual strategic goals, and various safety statistics. For corporate management employees, goals include operating income targets, return on equity targets, and individual strategic goals for 2011.

The Compensation Committee of the Board of Directors, based on recommendations from management, establishes specific target amounts for participants. All future awards under the plan require approval by the Compensation Committee prior to being granted.