Summary
Dominion Energy, Inc. (D) filed an 8-K on February 1, 2023, detailing its 2023 executive compensation plans. The company's Compensation and Talent Development Committee approved both an Annual Incentive Plan and a Long-Term Incentive Program. The Annual Incentive Plan provides officers with performance-based cash awards tied to specific goals, with payout percentages ranging from 0% to 200% of target. The Long-Term Incentive Program combines restricted stock (40%) with a performance grant (60%), the latter contingent on total shareholder return relative to peers and other metrics. These programs are designed to incentivize executive performance and align executive interests with those of shareholders.
Key Highlights
- 1Dominion Energy approved its 2023 Annual Incentive Plan for officers, offering performance-based cash awards with potential payouts from 0% to 200% of target.
- 2The 2023 Long-Term Incentive Program was also approved, comprising 40% restricted stock and 60% performance grant.
- 3The performance grant in the Long-Term Incentive Program is linked to total shareholder return (TSR) relative to peer companies (50% weighting) and other performance metrics.
- 4There's an opportunity to earn part of the long-term award based on Dominion Energy's relative price-earnings ratio, independent of TSR.
- 5Restricted stock under the long-term program has a three-year cliff vesting period.
- 6The performance grant has a three-year performance period ending December 31, 2025, with payments expected by March 15, 2026.