Avangrid, Inc. (NYSE:AGR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February16, 2017, the Board of Directors (the Board) of
Avangrid, Inc. (the Corporation), upon the recommendation of the
Compensation, Nominating and Corporate Governance Committee (the
Committee) of the Board, adopted an annual cash incentive plan,
entitled the Executive Annual Incentive Plan (the Plan), to the
2016 Omnibus Incentive Plan approved by the shareholders of the
Corporation.
The Plan provides executive officers (including the named
executive officers as defined in Item402 of Regulation S-K under
the Securities Act of 1933, as amended) and certain other key
employees of the Corporation with the opportunity to earn annual
incentive compensation through superior management performance
and is intended to promote the future growth and success of the
company and its affiliates, and enhance the linkage between
employee, customer and shareholder interests.
to the Plan, each year the Committee will establish, subject to
Board approval, a target annual incentive opportunity expressed
as a percentage of annual base salary for each Plan participant,
which is dependent on the participants position and the scope of
responsibilities. Performance under the Plan is measured based on
corporate, business level and individual metrics, which are
weighted differently for participants based on their respective
roles to reflect the areas where each participant has the most
significant impact on the Corporations results. The various
threshold, target and maximum levels for each performance metric
are determined on the basis of key business objectives and
expected levels of achievement.
The level of achievement of the corporate metric is the same for
each participant under the Plan, including the named executive
officers. For 2017, the corporate metrics are net profit, net
operating expenses/gross margin, total shareholder return and
health and safety incidents. Business and individual metrics are
approved at the beginning of each year by the Committee, specific
to the participants business area objectives and personal
functions and responsibilities. Levels of achievement of the
business and individual metrics are measured against these
pre-established goals and objectives. Threshold performance is
obtained by achieving 80% of the target performance goal and
results in 50% payout of the target award for each named
executive officer. Maximum performance is obtained by achieving
120% of the target performance goal and results in 150% payout
for James P Torgerson and Richard J. Nicholas, 200% payout for
Robert D. Kump and Sara J. Burns and Mark S. Lynch.
The foregoing summary of the Plan is qualified in its entirety by
reference to the complete text of the Plan, a copy of which is
filed with this current report on Form 8-K as Exhibit 10.1 and is
incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
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ExhibitNo. |
Description |
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| 10.1 | Executive Annual Incentive Plan. |
About Avangrid, Inc. (NYSE:AGR)
Avangrid, Inc. is a diversified energy and utility company with more than $30 billion in assets and operations in 25 states. The company operates regulated utilities and electricity generation through two primary lines of business. Avangrid Networks includes eight electric and natural gas utilities, serving approximately 3.1 million customers in New York and New England. Avangrid Renewables operates 6.3 gigawatts of electricity capacity, primarily through wind power, in states across the United States. Iberdrola S.A. (Madrid: IBE), a worldwide leader in the energy industry, owns 81.5% of AVANGRID. Avangrid, Inc. (NYSE:AGR) Recent Trading Information
Avangrid, Inc. (NYSE:AGR) closed its last trading session down -0.12 at 42.99 with 2,413,870 shares trading hands.