Summary
Duke Energy Corporation (DUK) filed an 8-K on June 29, 2015, reporting an amendment to the employment agreement of CEO Lynn J. Good, effective June 25, 2015. The amendment significantly increases her base salary, short-term incentive opportunity, and long-term incentive opportunity, reflecting her role and performance. Investors should note the substantial upward adjustment in Ms. Good's compensation package. The base salary increased from $1,200,000 to $1,250,000, while her short-term incentive opportunity was raised to a minimum of 140% (from 125%) and her long-term incentive opportunity to a minimum of 600% (from 450%) of her annual salary. This filing primarily addresses executive compensation adjustments.
Key Highlights
- 1Amendment to CEO Lynn J. Good's Employment Agreement approved by the Board of Directors on June 25, 2015.
- 2Effective date of the amendment is June 25, 2015.
- 3Annual base salary for Ms. Good increased from $1,200,000 to $1,250,000.
- 4Short-term incentive opportunity increased to no less than 140% of annual salary (previously 125%).
- 5Long-term incentive opportunity increased to no less than 600% of annual salary (previously 450%).
- 6The filing is classified under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
- 7An amendment to the employment agreement is filed as an exhibit (Exhibit 10.1).