Summary
This 8-K filing from American Electric Power Company, Inc. (AEP), dated August 9, 2010, reports on the granting of restricted stock units to four key executives, Nicholas K. Akins, Venita McCellon-Allen, Robert P. Powers, and Brian X. Tierney, on August 3, 2010. Each executive received 41,380 restricted stock units. The primary purpose of this award is to ensure the retention of these individuals, who are identified as CEO succession candidates. The restricted stock units are subject to a three-year vesting schedule, with equal installments vesting on August 3, 2013, August 3, 2014, and August 3, 2015, contingent upon their continued employment with the company. These awards are issued under AEP's Amended and Restated Long-Term Incentive Plan.
Key Highlights
- 1AEP granted restricted stock units to four key executives on August 3, 2010.
- 2Each of the four executives (Nicholas K. Akins, Venita McCellon-Allen, Robert P. Powers, and Brian X. Tierney) received 41,380 restricted stock units.
- 3The primary stated purpose for these grants is executive retention.
- 4The executives are identified as CEO succession candidates, indicating their importance to future leadership.
- 5The restricted stock units have a staggered vesting schedule over three years, vesting in equal installments on August 3, 2013, 2014, and 2015.
- 6Vesting is contingent upon continued employment.
- 7The grants are made under the company's Amended and Restated Long-Term Incentive Plan.