Summary
Dominion Energy, Inc. (D) filed an 8-K on April 4, 2007, detailing the approval of its 2007 Long-Term Compensation Program by the Compensation, Governance and Nominating (CGN) Committee on March 30, 2007. This program is designed for officers and includes two components of equal value: a restricted stock grant with a three-year cliff vesting period and a cash-based performance grant tied to total shareholder return and return on invested capital. Payout for the performance portion is expected by March 15, 2009, with the amount contingent on meeting specific performance targets. Additionally, a separate Long-Term Compensation Program was approved for the President and CEO of Dominion Exploration & Production, Inc. (E&P). This E&P program features a one-year vesting period for the restricted stock and a cash-based performance grant linked to funding and payout goals for the E&P segment under the 2007 Annual Incentive Plan. Payout for the E&P performance grant is expected by March 15, 2008, also dependent on achieving set metrics. The filing also lists the associated grant forms as exhibits.
Key Highlights
- 1Dominion approved its 2007 Long-Term Compensation Program for officers on March 30, 2007.
- 2The program comprises two equal-value components: restricted stock and a cash performance grant.
- 3Restricted stock for the general officer program has a three-year cliff vesting period.
- 4The general officer performance grant is based on total shareholder return and return on invested capital, with payouts by March 15, 2009.
- 5A separate 2007 Long-Term Compensation Program was established for the President and CEO of Dominion Exploration & Production (E&P).
- 6The E&P program features a one-year vesting for restricted stock and performance grants tied to E&P segment goals, with payouts by March 15, 2008.
- 7All compensation plans are awarded under Dominion's 2005 Incentive Compensation Plan.