Summary
This 8-K filing from Northeast Utilities (now Eversource Energy) on March 29, 2010, announces the approval of the 2010 Annual Incentive Program by the Compensation Committee. This program is designed to provide cash-based incentive compensation to the company's Named Executive Officers (NEOs) based on both corporate and individual performance throughout 2010. The program's corporate goal is tied to achieving a specific adjusted net income target, excluding certain non-recurring items. Individual goals encompass a range of financial, operational, customer experience, leadership, workforce effectiveness, and strategic metrics that are deemed critical for overall corporate success. The filing clarifies that actual incentive payments, if any, will be made in cash during the first quarter of 2011, with the potential to reach up to two times the target award for exceptional performance.
Key Highlights
- 1Northeast Utilities (ES) Compensation Committee approved the 2010 Annual Incentive Program.
- 2The program is designed to award cash incentives to Named Executive Officers (NEOs).
- 3Incentives are contingent upon achieving corporate and individual performance goals for fiscal year 2010.
- 4The primary corporate performance goal is to meet an adjusted net income target.
- 5Individual goals include financial, operational, customer, leadership, and strategic metrics.
- 6Actual incentive payouts, if any, are expected in Q1 2011.
- 7Awards can be up to double the target amount for superior performance.