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.