8-KLeadership ChangesExhibits & Filings

ATMOS ENERGY CORP 8-K Report, Executive Changes (Sep 25, 2008)

Filed September 25, 2008For Securities:ATO

Summary

This Form 8-K filing by Atmos Energy Corporation (ATO) on September 25, 2008, announces a significant leadership change within the company. Kim R. Cocklin has been appointed as the new President and Chief Operating Officer, effective October 1, 2008. He will transition into this role from his current position as Senior Vice President, Regulated Operations. This move is part of a planned succession, as Robert W. Best will continue to hold the positions of Chairman and Chief Executive Officer. The appointment of Mr. Cocklin, who joined Atmos Energy in 2006, comes with a compensatory package including a salary increase to $541,080 annually, continued participation in existing incentive and benefit plans, and a one-time grant of 50,000 restricted shares of common stock. The restricted stock award is intended to incentivize long-term performance, with vesting scheduled over two years. Investors should note that Mr. Cocklin, like other executive officers, is an at-will employee without a formal employment agreement.

Key Highlights

  • 1Kim R. Cocklin appointed President and Chief Operating Officer, effective October 1, 2008.
  • 2Robert W. Best remains Chairman and CEO, with Mr. Cocklin taking on expanded operational responsibilities.
  • 3Mr. Cocklin's annual salary will increase to $541,080.
  • 4A one-time grant of 50,000 restricted shares of Atmos Energy common stock awarded to Mr. Cocklin.
  • 5Restricted shares will vest in two tranches: 25,000 shares on October 1, 2009, and 25,000 shares on October 1, 2010.
  • 6Mr. Cocklin is an at-will employee and does not have a formal employment agreement.
  • 7The announcement was made via a news release filed as an exhibit.

Frequently Asked Questions

This Form 8-K filing announces a key executive leadership change at Atmos Energy Corporation, specifically the appointment of Kim R. Cocklin as President and Chief Operating Officer.

Robert W. Best will continue in his roles as Chairman and Chief Executive Officer. The appointment of Mr. Cocklin as President and COO indicates a division of responsibilities, with Mr. Best focusing on overall strategy and governance while Mr. Cocklin oversees day-to-day operations.

For Mr. Cocklin, his annual salary will increase to $541,080 starting October 1, 2008, and he will receive a one-time grant of 50,000 restricted shares, which will vest over two years. For the company, this represents an investment in its leadership team and a move towards a dual leadership structure.

No, Mr. Cocklin is an 'at will' employee, which is consistent with other executive officers at Atmos Energy. This means he does not have a fixed-term employment agreement.