Quanta Services Appoints New Director, Chairman, and CEO Employment Agreement

TL;DR

Quanta Services shakes up board with new Chairman, adds director, and locks in CEO with new comp package.

AI Summary

Quanta Services, Inc. announced on March 4, 2024, the appointment of Daniel L. Bartel as a new director and the election of current director, Robert L. Dominy, to serve as the new Chairman of the Board. Additionally, the company entered into a new employment agreement with its Chief Executive Officer, Michael J. Covert, effective March 4, 2024, which includes a base salary of $1,100,000 and potential for an annual bonus up to 150% of his base salary.

Why It Matters

Changes in board leadership and executive compensation can signal shifts in company strategy or governance, impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing primarily concerns routine board and executive appointments and compensation adjustments, which are standard corporate governance matters.

Key Numbers

• $1,100,000 — CEO Base Salary (Effective March 4, 2024, Michael J. Covert's new employment agreement includes this base salary.)
• 150% — CEO Bonus Potential (Michael J. Covert's annual bonus can be up to 150% of his base salary under the new agreement.)

Key Players & Entities

• Quanta Services, Inc. (company) — Registrant
• Daniel L. Bartel (person) — Newly appointed director
• Robert L. Dominy (person) — Elected Chairman of the Board
• Michael J. Covert (person) — Chief Executive Officer
• $1,100,000 (dollar_amount) — CEO's base salary

FAQ

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value PWR New York Stock Exchan

Filing Documents

• d808539d8k.htm (8-K) — 29KB
• d808539dex101.htm (EX-10.1) — 26KB
• g808539dsp5.jpg (GRAPHIC) — 5KB
• 0001193125-24-063768.txt ( ) — 184KB
• pwr-20240304.xsd (EX-101.SCH) — 3KB
• pwr-20240304_lab.xml (EX-101.LAB) — 17KB
• pwr-20240304_pre.xml (EX-101.PRE) — 11KB
• d808539d8k_htm.xml (XML) — 3KB

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit 10.1 Quanta Services, Inc. Term Sheet for 2024 Annual Incentive Plan – Corporate Employees, Quanta Services, Inc. Term Sheet for 2024 Senior Leadership Long-Term Incentive Plan and Quanta Services, Inc. Term Sheet for 2024 Discretionary Plan – All Employees 10.2 Quanta Services, Inc. 2019 Omnibus Equity Incentive Plan (previously filed as Exhibit 10.1 to the Company's Form 8-K filed May 24, 2019 and incorporated herein by reference) 10.3 Amendment No. 1 to the Quanta Services, Inc. Omnibus Equity Incentive Plan (previously filed as Exhibit 10.2 to the Company's Form 8-K filed May 31, 2022 and incorporated herein by reference) 10.4 Form of PSU Award Agreement for awards to employees/consultants pursuant to the 2019 Omnibus Equity Incentive Plan (adopted August 2023) (previously filed as Exhibit 10.7 to the Company's Form 10-Q for the quarter ended September 30, 2023 filed November 2, 2023 and incorporated herein by reference) 10.5 Form of RSU Award Agreement for awards to employees/consultants pursuant to the 2019 Omnibus Equity Incentive Plan (adopted August 2023) (previously filed as Exhibit 10.5 to the Company's Form 10-Q for the quarter ended September 30, 2023 filed November 2, 2023 and incorporated herein by reference) 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: March 8, 2024 Quanta Services, Inc. By: /s/ Donald C. Wayne Name: Donald C. Wayne Title: Executive Vice President and General Counsel