QUANTA SERVICES, INC. (NYSE:PWR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
(e)On February27, 2018, the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of Quanta Services, Inc. (the “Company”) adopted the 2018 annual incentive plan for all corporate employees, the 2018 long-term incentive plan for senior leadership and the 2018 discretionary plan for all employees (collectively, the “Incentive Plan”).Under the Incentive Plan, certain employees of the Company, including all executive officers, are eligible to receive incentive compensation awards payable in cash, restricted stock units and/or performance units, and the Compensation Committee, based on recommendations of management, established specific target incentive amounts for the executive officers. All equity-based awards under the Incentive Plan will be made to the Quanta Services, Inc. 2011 Omnibus Equity Incentive Plan (the “Omnibus Plan”) or other plans that may be approved from time to time by the Board or by stockholders as required.
Certain awards under the Incentive Plan are based on the achievement of annual or long-term performance metrics. The annual performance metrics for 2018 include EBITDA, EBITDA margin and safety. The long-term incentive performance metrics for the January1, 2018 through December31, 2020 performance period include return on invested capital, total shareholder return and capital efficiency.
The foregoing description of the Incentive Plan is qualified in its entirety by reference to the Incentive Plan and the Omnibus Plan, copies of which are included as Exhibits 10.1, 10.2, 10.3 and 10.4 hereto and incorporated herein by reference.
| Item 5.02 | Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit No. |
Exhibit |
| 10.1* | Quanta Services, Inc. Term Sheet for 2018 Annual Incentive Plan – Corporate Employees, Quanta Services, Inc. Term Sheet for 2018 Senior Leadership Long-Term Incentive Plan and Quanta Services, Inc. Term Sheet for 2018 Discretionary Plan – All Employees |
| 10.2* | Quanta Services, Inc. 2011 Omnibus Equity Incentive Plan (previously filed as Exhibit 4.5 to the Company’s Form S-8 (No. 333-174374) filed May20, 2011 and incorporated herein by reference) |
| 10.3* | Amendment No. 1 to the Quanta Services, Inc. 2011 Omnibus Equity Incentive Plan (previously filed as Exhibit 10.4 to the Company’s Form 10-Q for the quarter ended June 30, 2013 (No. 001-13831) filed August9, 2013 and incorporated herein by reference) |
| 10.4* | Amendment No. 2 to the Quanta Services, Inc. 2011 Omnibus Equity Incentive Plan (previously filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended June 30, 2016 (No. 001-13831) filed August8, 2016 and incorporated herein by reference) |
| * | Management contract or compensatory plan or arrangement |
QUANTA SERVICES INC ExhibitEX-10.1 2 d737892dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Quanta Services,…To view the full exhibit click here
About QUANTA SERVICES, INC. (NYSE:PWR)
Quanta Services, Inc. is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products. The services it provides include the design, installation, upgrade, repair and maintenance of infrastructure within each of the industries it serves, such as electric power transmission and distribution networks, substation facilities, renewable energy facilities, pipeline transmission and distribution systems and facilities, and infrastructure services for the offshore and inland water energy markets.