8-KLeadership ChangesExhibits & Filings

ATMOS ENERGY CORP 8-K Report, Executive Changes (Dec 1, 2009)

Filed December 1, 2009For Securities:ATO

Summary

This 8-K filing from Atmos Energy Corporation (ATO) on December 1, 2009, primarily reports on the formalization of a separation agreement with Mark H. Johnson, former Senior Vice President of nonregulated operations. The agreement, dated November 24, 2009, outlines the terms of Mr. Johnson's departure, which was previously indicated to occur on October 31, 2009. Investors should note the details of his compensation and benefits during his transition period, as well as the mutual release of claims and non-compete clauses included in the agreement. The executive changes detailed here are standard for executive departures and do not appear to indicate any significant operational or financial distress for Atmos Energy. The filing serves to provide transparency regarding the terms of executive separation and ensures compliance with disclosure requirements.

Key Highlights

  • 1Formalization of separation agreement with Mark H. Johnson, former Senior Vice President of nonregulated operations.
  • 2Mr. Johnson's departure date as an officer was October 31, 2009.
  • 3Under the agreement, Mr. Johnson will receive the present value of his Supplemental Executive Retirement Plan benefits, with the company covering any penalty tax from early distribution.
  • 4Mr. Johnson will continue to receive his regular salary until October 31, 2010.
  • 5The company will provide subsidized medical coverage and financial planning benefits to Mr. Johnson until October 31, 2010.
  • 6The agreement includes a mutual release of all employment-related claims between Mr. Johnson and the company.
  • 7Mr. Johnson has agreed to restrictions on soliciting company employees and providing services to company clients.

Frequently Asked Questions

The main purpose of this 8-K filing is to report the formal execution of a Separation Agreement and General Release between Atmos Energy Corporation and its former Senior Vice President of nonregulated operations, Mark H. Johnson, detailing the terms and conditions of his departure.

As part of the separation agreement, Mr. Johnson will receive the present value of his Supplemental Executive Retirement Plan benefits, plus an amount to cover any penalty tax associated with the accelerated distribution. He will also continue to receive his regular salary until October 31, 2010, along with subsidized medical coverage and financial planning benefits for the same period.

Yes, the agreement includes restrictions on Mr. Johnson's ability to provide services to clients of Atmos Energy and to solicit current employees of the company for employment. These restrictions are part of the mutual release and agreement.

This filing specifically addresses the terms of an executive's departure and separation agreement. It does not contain information that suggests any immediate issues with the company's overall financial health or operational performance. Such agreements are common when executives leave their positions.