Summary
Dominion Energy, Inc. (D) filed an 8-K report on December 30, 2004, detailing two primary events. First, the company amended its Security Option Plan to comply with new deferred compensation requirements introduced by the American Jobs Creation Act of 2004, specifically Section 885 and Section 409A of the Internal Revenue Code. A key change resulting from this amendment is the removal of the provision related to funding upon a Change of Control. Second, the company announced the resignation of Director Robert H. Spilman, effective January 1, 2005. This filing provides updates on corporate governance and compensation plan adjustments relevant to the company's operational and executive structure as of the end of 2004.
Key Highlights
- 1Amendment to Dominion Security Option Plan effective December 31, 2004, to comply with the American Jobs Creation Act of 2004.
- 2Removal of Change of Control funding provision from the Security Option Plan.
- 3Director Robert H. Spilman's resignation effective January 1, 2005.
- 4The amendment to the Security Option Plan addresses deferred compensation requirements under Section 885 of the Act and Section 409A of the Internal Revenue Code.
- 5The filing is in response to new federal legislation impacting executive compensation plans.
- 6The departure of a long-standing director (age 77) is disclosed.