QUANTA SERVICES, INC. 2011 OMNIBUS EQUITY INCENTIVE PLAN FORM OF RESTRICTED STOCK AGREEMENT
Exhibit 99.2
QUANTA SERVICES, INC. 2011 OMNIBUS EQUITY INCENTIVE PLAN
FORM OF
RESTRICTED STOCK AGREEMENT
RESTRICTED STOCK AGREEMENT
Participant:
Address:
Number of Awarded Shares:
Date of Grant:
| Vesting of Awarded Shares: | Vesting Date | Vested % | ||||||
| 331/3 | % | |||||||
| 331/3 | % | |||||||
| 331/3 | % | |||||||
Total |
100 | % | ||||||
Quanta Services, Inc., a Delaware corporation (the “Company”), hereby grants to the
Participant, pursuant to the provisions of the Quanta Services, Inc. 2011 Omnibus Equity
Incentive Plan, as amended from time to time in accordance with its terms (the “Plan”), a
restricted stock award (this “Award”) of shares (the “Awarded Shares”) of its
Common Shares, effective as of the “Date of Grant” as set forth above, upon and subject to the
terms and conditions set forth in this Restricted Stock Agreement (this “Agreement”) and in
the Plan, which are incorporated herein by reference. Unless otherwise defined in this Agreement,
capitalized terms used in this Agreement shall have the meanings assigned to them in the Plan.
1. EFFECT OF THE PLAN. The Awarded Shares granted to Participant are subject to all
of the provisions of the Plan and of this Agreement, together with all rules and determinations
from time to time issued by the Committee and by the Board pursuant to the Plan. The Company
hereby reserves the right to amend, modify, restate, supplement or terminate the Plan without the
consent of Participant, so long as such amendment, modification, restatement or supplement shall
not materially reduce the rights and benefits available to Participant hereunder, and this Award
shall be subject, without further action by the Company or Participant, to such amendment,
modification, restatement or supplement unless provided otherwise therein.
2. GRANT. This Award shall evidence Participant’s ownership of the Awarded Shares,
and Participant acknowledges that he or she will not receive a stock certificate or stock in book
entry form representing the Awarded Shares unless and until the Awarded Shares vest as provided in
this Award and all Required Withholding (as defined in Section 9(a) below) obligations applicable
to the Vested Awarded Shares (as defined in Section 3 below) have been satisfied. The Awarded
Shares will be held in custody for Participant, in a book entry account with the Company’s transfer
agent, until the Awarded Shares have vested in accordance with
Section 3 of this Award. Participant agrees that the Awarded Shares shall be subject to all
of the terms and conditions set forth in this Agreement and the Plan, including, but not limited
to, the forfeiture conditions set forth in Section 4 of this Agreement, the restrictions on
transfer set forth in Section 5 of this Agreement and the satisfaction of the Required Withholding
as set forth in Section 9(a) of this Award.
3. VESTING SCHEDULE; SERVICE REQUIREMENT. Except as provided otherwise in Section 4
of this Agreement, a portion of the Awarded Shares shall vest during Participant’s continued
service with the Company or an Affiliate (“Continuous Service”) on each “Vesting Date” set forth
above (each, a “Vesting Date”), in each case, as set forth on the first page of this
Agreement under the heading “Vesting of Awarded Shares,” as follows:
(a) thirty-three and one-third percent (33 1/3%) of the Awarded Shares will vest on the first
Vesting Date;
(b) an additional thirty-three and one-third percent (33 1/3%) of the Awarded Shares will vest
on the second Vesting Date; and
(c) the remaining thirty-three and one-third percent (33 1/3%) of the Awarded Shares will vest
on the third Vesting Date.
Awarded Shares that have vested pursuant to this Agreement are referred to herein as “Vested
Awarded Shares” and Awarded Shares that have not yet vested pursuant to this Agreement are
referred to herein as “Unvested Awarded Shares.” If an installment of the vesting would
result in a fractional Vested Awarded Share, such installment will be rounded to a whole
Awarded Share, and the final installment will be for the balance of the Awarded Shares.
Upon vesting of the Awarded Shares, the Company shall, unless otherwise paid by Participant as
described in Section 9(a) of this Award, withhold that number of Vested Awarded Shares necessary to
satisfy any Required Withholding obligation of Participant in accordance with the provisions of
Section 9(a) of this Award, and thereafter instruct its transfer agent to deliver to Participant
all remaining Vested Awarded Shares in a stock certificate or in book entry form.
4. CONDITIONS OF FORFEITURE.
(a) Subject to Section 15(g) of the Plan, upon any termination of Participant’s Continuous
Service (the “Termination Date”) for any or no reason (other than due to Participant’s
death), including but not limited to Participant’s voluntary resignation or termination by the
Company with or without cause, before all of the Awarded Shares become Vested Awarded Shares, all
Unvested Awarded Shares as of the Termination Date shall, without further action of any kind by the
Company or Participant, be forfeited. Unvested Awarded Shares that are forfeited shall be deemed
to be immediately transferred to the Company without any payment by the Company or action by
Participant, and the Company shall have the full right to cancel any evidence of Participant’s
ownership of such forfeited Unvested Awarded Shares and to take any other action necessary to
demonstrate that Participant no longer owns such forfeited Unvested Awarded Shares automatically
upon such forfeiture. Following such forfeiture, Participant shall have no further rights with
respect to such forfeited Unvested
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Awarded Shares. Participant, by his acceptance of this Award granted pursuant to this
Agreement, irrevocably grants to the Company a power of attorney to transfer Unvested Awarded
Shares that are forfeited to the Company and agrees to execute any documents requested by the
Company in connection with such forfeiture and transfer. The provisions of this Agreement
regarding transfers of Unvested Awarded Shares that are forfeited shall be specifically performable
by the Company in a court of equity or law.
(b) Notwithstanding anything to the contrary in this Agreement, the Unvested Awarded Shares
shall become vested (i) on the death of Participant during Participant’s Continuous Service or (ii)
upon the occurrence of a Change in Control.
5. NON-TRANSFERABILITY. Participant may not sell, transfer, pledge, exchange,
hypothecate, or otherwise encumber or dispose of any of the Unvested Awarded Shares, or any right
or interest therein, by operation of law or otherwise, except only with respect to a transfer of
title effected pursuant to Participant’s will or the laws of descent and distribution following
Participant’s death. References to Participant, to the extent relevant in the context, shall
include references to authorized transferees. Any transfer in violation of this Section 5 shall be
void and of no force or effect, and shall result in the immediate forfeiture of all Unvested
Awarded Shares.
6. DIVIDEND AND VOTING RIGHTS. Subject to the restrictions contained in this
Agreement, Participant shall have the rights of a stockholder with respect to the Awarded Shares,
including the right to vote all such Awarded Shares, including Unvested Awarded Shares, and to
receive all dividends, cash or stock, paid or delivered thereon, from and after the date hereof
(“Award Dividends”). In the event of forfeiture of Unvested Awarded Shares, Participant shall have
no further rights with respect to such Unvested Awarded Shares. However, the forfeiture of the
Unvested Awarded Shares pursuant to Section 4 hereof shall not create any obligation to repay cash
dividends received as to such Unvested Awarded Shares, nor shall such forfeiture invalidate any
votes given by Participant with respect to such Unvested Awarded Shares prior to forfeiture. In
the event any federal, state and local income and/or employment tax withholding requirements apply
to the payment of (i) an Award Dividend payable in Common Shares, the provisions of Section 9(a)
shall be applied to the Award Dividend in the same manner as would have applied to the delivery of
Awarded Shares or (ii) an Award Dividend payable in cash, the applicable withholding requirements
shall be satisfied by reducing the amount of the payment due to the Participant in respect of the
Award Dividend.
7. CAPITAL ADJUSTMENTS AND CORPORATE EVENTS. If, from time to time during the term of
this Agreement, there is any capital adjustment affecting the outstanding Common Shares as a class
without the Company’s receipt of consideration, the Unvested Awarded Shares shall be adjusted in
accordance with the provisions of Section 12(a) of the Plan. Any and all new, substituted or
additional securities to which Participant may be entitled by reason of Participant’s ownership of
the Unvested Awarded Shares hereunder because of a capital adjustment shall be immediately subject
to the forfeiture provisions of this Agreement and included thereafter as “Unvested Awarded Shares”
for purposes of this Agreement.
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8. REFUSAL TO TRANSFER. The Company shall not be required (i) to transfer on its
books any Unvested Awarded Shares that have been sold or otherwise transferred in violation of any
of the provisions of this Agreement or the Plan, or (ii) to treat as owner of such Unvested Awarded
Shares, or accord the right to vote or pay or deliver dividends or other distributions to, any
purchaser or other transferee to whom or which such Unvested Awarded Shares shall have been so
transferred.
9. TAX MATTERS.
(a) The Company’s obligation to deliver Awarded Shares to Participant upon the vesting of such
shares shall be subject to the satisfaction of any and all applicable federal, state and local
income and/or employment tax withholding requirements (the “Required Withholding”). If the
Company has not received from Participant a certified check or money order for the full amount of
the Required Withholding by 5:00 P.M. Central Standard Time on the date Awarded Shares become
Vested Awarded Shares or Participant has not made a valid 83(b) Election (as defined below), the
Company shall withhold from the Vested Awarded Shares that otherwise would have been delivered to
Participant a whole number of Vested Awarded Shares necessary to satisfy Participant’s Required
Withholding, and deliver the remaining Vested Awarded Shares to Participant. The amount of the
Required Withholding and the number of Vested Awarded Shares to be withheld by the Company, if
applicable, to satisfy Participant’s Required Withholding, as well as the amount reflected on tax
reports filed by the Company, shall be based on the value of the Vested Awarded Shares as of 12:01
A.M. Central Standard Time on the applicable Vesting Date. The obligations of the Company under
this Award will be conditioned on such satisfaction of the Required Withholding.
(b) Participant acknowledges that the tax consequences associated with this Award are complex
and that the Company has urged Participant to review with Participant’s own tax advisors the
federal, state, and local tax consequences of this Award. Participant is relying solely on such
advisors and not on any statements or representations of the Company or any of its agents.
Participant understands that Participant (and not the Company) shall be responsible for
Participant’s own tax liability that may arise as a result of the Award. Participant understands
further that Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”),
taxes as ordinary income the fair market value of the Awarded Shares as of the Vesting Date.
Participant also understands that Participant may elect to be taxed at Grant Date rather than at
the time the Awarded Shares vest by filing an election under Section 83(b) of the Code with the
Internal Revenue Service and by providing a copy of the election to the Company (an “83(b)
Election”). PARTICIPANT ACKNOWLEDGES THAT HE OR SHE HAS BEEN INFORMED OF THE AVAILABILITY OF
MAKING AN 83(b) ELECTION IN ACCORDANCE WITH SECTION 83(b) OF THE CODE; THAT SUCH 83(b) ELECTION
MUST BE FILED WITH THE INTERNAL REVENUE SERVICE (AND A COPY OF THE 83(b) ELECTION GIVEN TO THE
COMPANY) WITHIN 30 DAYS OF THE GRANT OF AWARDED SHARES TO PARTICIPANT; AND THAT PARTICIPANT IS
SOLELY RESPONSIBLE FOR MAKING SUCH 83(b) ELECTION.
10. ENTIRE AGREEMENT; GOVERNING LAW. The Plan and this Agreement constitute the
entire agreement of the Company and Participant (collectively, the “Parties”) with
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respect to the subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Parties with respect to the subject matter hereof. If there is any
inconsistency between the provisions of this Agreement and of the Plan, the provisions of the Plan
shall govern. Nothing in the Plan and this Agreement (except as expressly provided therein or
herein) is intended to confer any rights or remedies on any person other than the Parties. The
Plan and this Agreement are to be construed in accordance with and governed by the internal laws of
the State of Delaware, without giving effect to any choice-of-law rule that would cause the
application of the laws of any jurisdiction other than the internal laws of the State of Delaware
to the rights and duties of the Parties. Should any provision of the Plan or this Agreement
relating to the subject matter hereof be determined by a court of law to be illegal or
unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other
provisions shall nevertheless remain effective and shall remain enforceable.
11. INTERPRETIVE MATTERS. Whenever required by the context, pronouns and any
variation thereof shall be deemed to refer to the masculine, feminine, or neuter, and the singular
shall include the plural, and vice versa. The term “include” or “including” does not denote or
imply any limitation. The captions and headings used in this Agreement are inserted for
convenience and shall not be deemed a part of this Award or this Agreement for construction or
interpretation.
12. DISPUTE RESOLUTION. The provisions of this Section 12 shall be the exclusive
means of resolving disputes of the Parties (including any other persons claiming any rights or
having any obligations through the Company or Participant) arising out of or relating to the Plan
and this Agreement. The Parties shall attempt in good faith to resolve any disputes arising out of
or relating to the Plan and this Agreement by negotiation between individuals who have authority to
settle the controversy. Negotiations shall be commenced by either Party by a written statement of
the Party’s position and the name and title of the individual who will represent the Party. Within
thirty (30) days of the written notification, the Parties shall meet at a mutually acceptable time
and place, and thereafter as often as both parties reasonably deem necessary, to resolve the
dispute. If the dispute has not been resolved by negotiation within ninety (90) days of the
written notification of the dispute, either Party may file suit and each Party agrees that any
suit, action, or proceeding arising out of or relating to the Plan or this Agreement shall be
brought in the United States District Court for the Southern District of Texas, Houston Division
(or should such court lack jurisdiction to hear such action, suit or proceeding, in a Texas state
court in Xxxxxx County, Texas) and that the Parties shall submit to the jurisdiction of such court.
The Parties irrevocably waive, to the fullest extent permitted by law, any objection a Party may
have to the laying of venue for any such suit, action or proceeding brought in such court. THE
PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT,
ACTION OR PROCEEDING. If any one or more provisions of this Section 12 shall for any reason be
held invalid or unenforceable, it is the specific intent of the Parties that such provisions shall
be modified to the minimum extent necessary to make it or its application valid and enforceable.
13. NATURE OF PAYMENTS. Any and all grants or deliveries of Awarded Shares hereunder
shall constitute special incentive payments to Participant and shall not be taken into account in
computing the amount of salary or compensation of Participant for the purpose of
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determining any retirement, death or other benefits under (a) any retirement, bonus, life
insurance or other employee benefit plan of the Company, or (b) any agreement between the Company
and Participant, except as such plan or agreement shall otherwise expressly provide.
14. NON-SOLICITATION. In consideration for the grant of this Award, Participant
hereby agrees that during Participant’s Continuous Service and for one year thereafter, Participant
shall not solicit any person who is an employee of the Company or any Affiliate for the purpose or
with the intent of enticing such employee away from or out of the employ of the Company or any
Affiliate.
15. CREDITING PAR VALUE. In connection with the issuance of the Awarded Shares
pursuant to this Agreement and as a result of the Parties’ expectations of Participant’s
performance of future services for the Company or an Affiliate, the Company will transfer from
surplus to stated capital the aggregate par value of the Awarded Shares.
16. AMENDMENT; WAIVER. This Agreement may be amended or modified only by means of a
written document or documents signed by the Company and Participant. Any provision for the benefit
of the Company contained in this Agreement may be waived, either generally or in any particular
instance, by the Board or by the Committee. A waiver on one occasion shall not be deemed to be a
waiver of the same or any other breach on a future occasion.
17. NOTICE. Any notice or other communication required or permitted hereunder shall
be given in writing and shall be deemed given, effective, and received upon prepaid delivery in
person or by courier or upon the earlier of delivery or the third business day after deposit in the
United States mail if sent by certified mail, with postage and fees prepaid, addressed to the other
Party at its address as shown beneath its signature in this Agreement, or to such other address as
such Party may designate in writing from time to time by notice to the other Party in accordance
with this Section 17.
| QUANTA SERVICES, INC. |
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| By: | ||||
| Title: | ||||
| Address: |
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PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE SHARES SUBJECT TO THIS AWARD SHALL VEST AND THE
FORFEITURE RESTRICTIONS SHALL LAPSE, IF AT ALL, ONLY DURING THE PERIOD OF PARTICIPANT’S CONTINUOUS
SERVICE OR AS OTHERWISE PROVIDED IN THIS AGREEMENT (NOT THROUGH THE ACT OF BEING GRANTED THIS
AWARD). PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT OR THE PLAN
SHALL CONFER UPON PARTICIPANT ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF
PARTICIPANT’S CONTINUOUS SERVICE. Participant acknowledges receipt of a copy of the Plan,
represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
this Award subject to all of the terms and provisions hereof and thereof. Participant has
reviewed this Agreement and the Plan in their entirety, has had an opportunity to obtain the advice
of tax and legal counsel prior to executing this Agreement, and fully understands all provisions of
this Agreement and the Plan. Participant hereby agrees that all disputes arising out of or
relating to this Agreement and the Plan shall be resolved in accordance with Section 12 of this
Agreement. Participant further agrees to notify the Company upon any change in the address for
notice indicated in this Agreement.
| DATED: | SIGNED: | |||
| PARTICIPANT | ||||
| Address: |
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