Summary
This 8-K filing by Edison International (EIX) on December 22, 2004, primarily details compensation arrangements for its executive officers and board members for the upcoming fiscal year 2005. Key decisions made by the Compensation and Executive Personnel Committee and the Board of Directors include the structure of long-term incentive awards, which will consist of 75% nonqualified stock options and 25% performance shares. The company also approved target annual incentives for 2005, tied to company, organizational, and individual performance against defined corporate goals. These goals are subject to potential revision in February 2005.
Key Highlights
- 1Edison International approved long-term incentive awards for executive officers for 2005.
- 2Awards will be split between 75% nonqualified stock options and 25% performance shares.
- 3Target annual incentives for 2005 for executive officers were approved under the Executive Incentive Compensation Plan.
- 4Annual incentives are performance-based, linked to company, organizational, and individual metrics.
- 52005 corporate goals for the incentive plan are attached as an exhibit and are subject to review.
- 6The annual director match for the company's matching gifts program was increased to $10,000 per calendar year.
- 7The increased director match is effective retroactively from November 18, 2004.
Frequently Asked Questions
The 2005 long-term incentive awards for executive officers will be comprised of 75% Edison International nonqualified stock options and 25% Edison International performance shares.
Annual incentive compensation for 2005 will be determined based on company, organizational, and individual performance relative to corporate goals set under the Edison International Executive Incentive Compensation Plan.
The 2005 goals have been approved, but they are subject to review and potential revision at the Edison International Board meeting scheduled for February 2005.
The annual director match under Edison International's matching gifts program was increased to up to $10,000 per calendar year for qualified institutions, effective November 18, 2004.