Summary
Dominion Energy, Inc. (D) filed an 8-K on January 26, 2017, detailing its executive compensation plans for 2017. The company's Compensation, Governance and Nominating Committee approved the 2017 Annual Incentive Plan and the 2017 Long-Term Incentive Program. The annual plan offers performance-based cash awards tied to consolidated financial operating earnings goals, with payouts also contingent on achieving various business unit and operational objectives for most officers. The long-term program includes restricted stock with a three-year cliff vesting period and cash-based performance grants. These performance grants are based on total shareholder return relative to peers and return on invested capital over a three-year performance period.
Key Highlights
- 1Approval of the 2017 Annual Incentive Plan (Plan) for officers, providing performance-based cash awards.
- 2Target incentive awards under the 2017 Plan range from 90% to 125% of base salary for named executive officers.
- 3Plan funding is based on consolidated financial operating earnings goals, with potential payouts from 0% to 200% of target.
- 4Approval of the 2017 Long-Term Incentive Program (Program) for officers, comprising restricted stock and cash-based performance grants.
- 5Restricted stock under the Program has a three-year cliff vesting period.
- 6Cash-based performance grants are tied to relative total shareholder return (50%) and return on invested capital (50%) over a three-year performance period.
- 7A one-time transition performance grant was approved to bridge the gap created by extending the performance period for long-term grants from two to three years.