HOUSTON, March 2, 2011 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that certain of its executive officers have filed Form 4 reports with the Securities and Exchange Commission pursuant to Section 16 of the Securities Exchange Act of 1934.
Under Quanta's 2007 Stock Incentive Plan, certain of its employees, including certain executive officers, previously received restricted stock awards, a portion of which vested on February 28, 2011. These awards for Quanta's executive officers were previously reported on Form 4 filings. Pursuant to the Plan, employees may elect to satisfy their tax withholding obligations upon vesting by having Quanta make the tax payments and withhold a number of vested shares having a value on the date of vesting equal to the employee's tax withholding obligation. As a result of employee elections, Quanta withheld shares of stock from certain of its executive officers to satisfy their tax obligations. The Form 4 filings report as "dispositions" the number of shares withheld by Quanta and reflect that the dispositions are exempt transactions in accordance with Rule 16b-3 under the Exchange Act.
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, natural gas and pipeline and telecommunications industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. Additionally, Quanta provides point-to-point fiber optic telecommunications infrastructure in select markets and offers related design, procurement, construction and maintenance services. With operations throughout North America, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.
James Haddox, CFO
Quanta Services Inc.
SOURCE Quanta Services, Inc.