Summary
CMS Energy Corporation and its subsidiary Consumers Energy Company announced an Officer Separation Agreement (OS Agreement) with Garrick J. Rochow, who previously served as president and chief executive officer. This agreement, effective December 14, 2020, outlines the terms of his departure and replaces any prior separation agreements. Key provisions of the OS Agreement include a separation payment calculated as 1.75 times Mr. Rochow's then-current annual base salary. The agreement also addresses the vesting of restricted stock, allowing for pro-rata vesting at target levels for time-based shares and pro-rata vesting for performance-based shares, contingent upon meeting applicable performance requirements. Existing rights to other benefits, such as pension and accrued compensation, are generally preserved.
Key Highlights
- 1CMS Energy and Consumers Energy entered into an Officer Separation Agreement (OS Agreement) with former CEO Garrick J. Rochow on December 14, 2020.
- 2The OS Agreement replaces any previous separation agreements with Mr. Rochow.
- 3Mr. Rochow will receive a separation payment equivalent to 1.75 times his annual base salary.
- 4The agreement provides for pro-rata vesting of time-based restricted stock at target levels.
- 5Performance-based shares will also vest on a pro-rata basis, subject to meeting performance conditions.
- 6Existing rights to other benefits, including pension and accrued compensation, are generally maintained for Mr. Rochow.
- 7The filing does not provide the exact separation payment amount but outlines the calculation methodology.