Centrus Energy Corp. (NYSEMKT:LEU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed in the Centrus Energy Corp. (the “Company”) Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission (“SEC”) on April 29, 2020 (the “Proxy Statement”), under the Company’s 2019 Equity Incentive Plan (“2019 EIP”), each named executive officer was eligible to receive an Annual Award for 2019, payable in cash, if certain Company-wide goals selected by the Compensation, Nominating and Governance Committee (“CN&G Committee”) were met for 2019. The material terms of the 2019 EIP, including the Annual Award, were previously summarized under the section titled “2019 Executive Incentive Plan” in the Proxy Statement.
At the time of filing the Proxy Statement, the CN&G Committee determined that the Company should withhold 25% of each named executive officer’s 2019 Annual Award. On October 23, 2020, based on the CN&G Committee’s continued evaluation of the Company’s 2019 performance against the 2019 corporate goals, the CN&G Committee approved the release of the withheld portion of the 2019 Annual Awards to each named executive officer. The withheld payments to Messrs. Poneman, Dyke and Greene were in the amounts of $187,500, $70,000, and $70,000, respectively. Those amounts were included in the Summary Compensation Table of the Proxy Statement in the column titled “Non-Equity Incentive Plan Compensation” as noted in footnote 3 to that table. Payment of the withheld amounts will occur on or about October 30, 2020.
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