What is the 2025 Annual Incentive Plan (AIP)?

The 2025 Annual Incentive Plan (AIP) is a program approved by Dominion Energy's Compensation and Talent Development Committee that allows eligible officers to receive performance-based cash awards. The payouts can range from 0% to 200% of the officer's target incentive, which is determined as a percentage of their base salary.

What are the key changes to Edward H. Baine's compensation?

Effective January 1, 2025, following his title change to President – Utility Operations and Dominion Energy Virginia, Mr. Baine's annual base salary is now $643,537. He also has an AIP target of 80% of his base salary and a long-term incentive award target of $1,250,000. Additionally, he received a special award of $150,000 in cash and $150,000 in restricted stock.

Are there any special awards for other executives mentioned?

Yes, Carlos M. Brown and Steven D. Ridge also received special awards on January 23, 2025, in recognition of their key contributions for 2025. Each was granted a cash award of $150,000 and a restricted stock award valued at $350,000. These awards are subject to specific vesting and clawback provisions.

What are the vesting and clawback provisions for these awards?

The restricted stock awards have a three-year cliff vesting period. All cash and restricted stock awards are subject to clawback provisions, including in cases of fraud, intentional misconduct, and breach of confidentiality. Additionally, cash awards must be repaid if the recipient voluntarily resigns from Dominion Energy within one year of payment.

D 8-K: Leadership Changes

Summary

Dominion Energy, Inc. (D) has filed an 8-K report detailing the approval of its 2025 Annual Incentive Plan (AIP) by its Compensation and Talent Development Committee (CTD Committee). This plan provides eligible officers with performance-based cash awards, with potential payouts ranging from 0% to 200% of their target incentive, which is set as a percentage of base salary. The specific performance goals for the AIP will be determined by the CTD Committee from measures outlined in the 2024 Incentive Compensation Plan. The report also outlines compensation adjustments for key executives, notably Edward H. Baine, whose role was expanded to President – Utility Operations and Dominion Energy Virginia. Effective January 1, 2025, Mr. Baine's annual base salary was set at $643,537, with an 80% AIP target and a long-term incentive target of $1,250,000. Additionally, the CTD Committee approved special cash and restricted stock awards for Mr. Baine, Carlos M. Brown (President – Dominion Energy Services and Executive Vice President, Chief Legal Officer and Corporate Secretary), and Steven D. Ridge (Executive Vice President and Chief Financial Officer) as recognition for their key contributions in 2025. These awards include clawback provisions and, for cash awards, repayment requirements upon voluntary resignation within one year.

Key Highlights

1Approval of the 2025 Annual Incentive Plan (AIP) by the CTD Committee.
2AIP allows for performance-based cash awards for officers, with potential payouts from 0% to 200% of target.
3Target incentive awards under the AIP are based on a percentage of each officer's base salary.
4Edward H. Baine's compensation was adjusted due to his expanded role as President – Utility Operations and Dominion Energy Virginia.
5Mr. Baine's new base salary is $643,537, with an 80% AIP target and a $1,250,000 long-term incentive target.
6Special cash and restricted stock awards granted to Messrs. Baine, Brown, and Ridge for their 2025 contributions.
7Restricted stock awards are subject to a three-year cliff vesting period and all awards have clawback provisions.

DOMINION ENERGY, INC 8-K Report, Executive Changes (Jan 27, 2025)

Summary

Key Highlights

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