Summary
Quanta Services, Inc. (PWR) filed a Form 8-K on January 30, 2012, reporting on a material definitive agreement. Specifically, on January 26, 2012, the company entered into Amended and Restated Indemnity Agreements with each of its directors and executive officers. These new agreements supersede all prior indemnity agreements and are designed to provide comprehensive protection to these individuals. The core of these agreements is Quanta's commitment to indemnify and hold harmless its directors and officers against a wide range of expenses, judgments, fines, penalties, and settlement amounts that may be incurred as a result of their service to the company. This includes proceedings brought by third parties, as well as those brought by or in the right of Quanta itself. Furthermore, the agreements stipulate the advancement of expenses and waive any right of contribution the company might have against these indemnified individuals, ensuring robust support for its leadership.
Key Highlights
- 1Quanta Services entered into new Amended and Restated Indemnity Agreements with directors and executive officers on January 26, 2012.
- 2These agreements replace all previous indemnity agreements.
- 3The new agreements offer broad indemnification for expenses, judgments, fines, penalties, and settlement amounts.
- 4Indemnification covers civil, criminal, administrative, and investigative proceedings.
- 5The company will advance expenses incurred by directors and officers in covered proceedings.
- 6Quanta waives any right of contribution it may have against indemnified individuals.
- 7The Indemnity Agreements provide rights in addition to those available under law, company charter, or bylaws.