Summary
Quanta Services, Inc. (PWR) filed an 8-K on March 13, 2023, detailing the adoption of its 2023 incentive plans by the Compensation Committee. These plans include annual and long-term incentive programs for corporate employees and senior leadership, with compensation potentially payable in cash, restricted stock units (RSUs), and performance stock units (PSUs). The incentive plans are designed to align employee compensation with company performance. Annual incentives for 2023 will be based on metrics such as EBITDA, EBITDA margin, and safety. Long-term incentives, covering the period from January 1, 2023, to December 31, 2025, will be tied to return on invested capital, total stockholder return, capital efficiency, and operational performance metrics. Equity awards will be granted under the existing 2019 Omnibus Equity Incentive Plan.
Key Highlights
- 1Adoption of 2023 Annual Incentive Plan for corporate employees.
- 2Adoption of 2023 Long-Term Incentive Plan for senior leadership.
- 3Adoption of 2023 Discretionary Plan for all employees.
- 4Incentive compensation can be paid in cash, RSUs, and PSUs.
- 52023 annual performance metrics include EBITDA, EBITDA margin, and safety.
- 6Long-term incentive metrics (2023-2025) include ROIC, TSR, capital efficiency, and operational performance.
- 7All equity awards are governed by the 2019 Omnibus Equity Incentive Plan.