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Deferred Compensation Agreements
 12 Months Ended
Dec. 31, 2011
Deferred Compensation Agreements  
Deferred Compensation Agreements

Note 19—Deferred Compensation Agreements

 

Primoris Long-Term Retention Plan—The Company adopted a long-term incentive plan for certain senior managers and executives.  The voluntary plan, if elected by the participant, provides for the deferral of one half of the participant’s annual earned bonus for one year.  Except in the case of death, disability or involuntary separation from service, the deferred compensation is vested to the participant only if actively employed by the Company on the payment date of bonus amounts the following year.  The amount of compensation deferred under this plan is calculated each year.  Total deferred compensation liability under this plan as of December 31, 2011 and 2010 was $4,281 and $2,585.

 

Participants in the long term incentive plan can also participate, on an elective basis, in a stock purchase plan.  In 2012 and 2011, the participants were provided the opportunity to purchase Company common stock at a 25% discount to the market price for up to one sixth of the participant’s prior year earned bonus amount.  For 2012, the market price will be determined as the average closing price of the Company common stock during December 2011.

 

JCG Stakeholder Incentive Plan — In 2011 and 2010, JCG had a deferred compensation plan for senior management employees.  The plan provided for annual vesting over a five-year period.  Once vested and upon a triggering event, such as termination, death or disability, the deferred benefit amount plus interest is paid in equal monthly installments over three years.  The amount of compensation deferred under the plan is calculated each year.  Total deferred compensation liability under this plan as of December 31, 2011 and 2010 was $1,600 and $1,562.