What is the main purpose of the 2012 Incentive Bonus Plan?

The main purpose of the plan is to provide annual bonus awards in cash and restricted stock to key employees, including corporate and operating unit executive officers and management. These awards are intended to incentivize performance and align employee interests with the company's financial and strategic objectives.

Who oversees the Incentive Plan and the awarding of bonuses?

The Compensation Committee of the Board of Directors oversees the Incentive Plan. They have the authority to establish specific target amounts for participants, grant discretionary awards, and approve all future awards under the plan.

Will restricted stock awards be issued under a new plan?

No, any restricted stock awards earned under the 2012 Incentive Bonus Plan will be made pursuant to Quanta Services, Inc.'s 2011 Omnibus Equity Incentive Plan or other plans that may be approved by the Board or stockholders.

PWR 8-K: Leadership Changes

Q: What are the key performance metrics for employees under the new plan?

Performance metrics vary by employee level. For operating unit executives, they include operating income targets, modified return on asset targets, individual strategic goals, and safety statistics. For corporate management, the metrics are operating income targets, return on equity targets, and individual strategic goals for 2012.

Summary

This 8-K filing from Quanta Services, Inc. (PWR), dated March 7, 2012, primarily announces the adoption of the Quanta Services, Inc. 2012 Incentive Bonus Plan. 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 Incentive Plan outlines specific performance-based metrics for 2012. For operating unit executives, these include operating income targets, modified return on asset targets, individual strategic goals, and safety statistics. Corporate management employees will be measured against operating income targets, return on equity targets, and individual strategic goals. The Compensation Committee retains discretion for additional awards and has oversight over all future award grants.

Key Highlights

1Adoption of the Quanta Services, Inc. 2012 Incentive Bonus Plan.
2Plan targets corporate and operating unit executive officers and key management employees.
3Annual bonus awards will be paid in cash and restricted stock.
4Restricted stock awards will be made under the 2011 Omnibus Equity Incentive Plan or other approved plans.
5Performance goals for 2012 include operating income, modified return on assets, return on equity, strategic goals, and safety statistics.
6The Compensation Committee has the authority to grant discretionary awards.
7All future awards are subject to Compensation Committee approval.

QUANTA SERVICES, INC. 8-K Report, Executive Changes (Mar 7, 2012)

Summary

Key Highlights

Frequently Asked Questions