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Deferred Compensation Agreements
 12 Months Ended
Dec. 31, 2012
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 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, 2012 and 2011 was $4,298 and $4,281, respectively.

 

Participants in the long term incentive plan may elect to purchase Company common stock at a discounted amount.  For bonuses earned in 2012 and 2011, the participants could purchase up to one sixth of their bonus amount, calculated as 75% of the average market closing prices in December 2012 and 2011, respectively.

 

JCG Stakeholder Incentive Plan — In December 2012 and 2011, JCG maintained 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 at December 31, 2012 and 2011 was $1,615 and $1,600, respectively.