UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE
OF REPORT (Date of earliest event reported): March 7, 2008 (March 4, 2008)
QUANTA SERVICES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
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1-13831
(Commission File No.)
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74-2851603
(IRS Employer Identification No.) |
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1360 Post Oak Boulevard, Suite 2100
Houston, Texas 77056
(Address of principal executive offices, including ZIP code) |
(713) 629-7600
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule13e-4(c) under the
Exchange Act (17 CFR240.13e-4(c))
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| Item 5.02 |
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Departure of Directors or Principal Officers; Election of
Directors;
Appointment of
Principal Officers; Compensatory Arrangements of Certain Officers. |
On March 4, 2008, the Compensation Committee of the Board of Directors of Quanta Services,
Inc. (Quanta) adopted the Quanta Services, Inc. 2008 Incentive Bonus Plan (the Incentive Plan).
Under the Incentive Plan, Quanta’s corporate and operating unit executive officers and/or key
management employees are eligible to receive annual bonus awards payable in cash and restricted
stock. All restricted stock awards earned under the Incentive Plan, if any, will be made pursuant
to the Quanta Services, Inc. 2007 Stock Incentive Plan. Certain of the awards under the Incentive
Plan are based on the achievement of certain performance goals. For 2008, performance goals for
operating unit executives are based on achievement of operating income targets, modified return on
asset targets, and various safety statistics at the operating unit level. Performance goals under
the Incentive Plan for corporate management employees are based on achievement of operating income
targets and return on equity targets in 2008. The Incentive Plan also provides for additional
discretionary awards in cash and/or restricted stock to award both corporate and operating unit
executive officers and key management employees. The Compensation Committee, based on
recommendations of management, establishes specific target amounts for the participants under the
Incentive Plan. In addition, all future awards under the Incentive Plan are subject to approval by
the Compensation Committee prior to the date any such awards are granted.