8-KLeadership ChangesExhibits & Filings

EVERSOURCE ENERGY 8-K Report, Executive Changes (May 26, 2023)

Filed May 26, 2023For Securities:ES

Summary

Eversource Energy (ES) announced a change in its Board of Trustees through an 8-K filing on May 26, 2023. The key event is the election of Daniel J. Nova to the Board, effective June 1, 2023. Mr. Nova's appointment is significant as it brings a seasoned executive with extensive experience in venture capital and public company directorships to Eversource's governance. His expertise, particularly in finance and compensation matters, is expected to contribute to the company's strategic direction and oversight. Mr. Nova's compensation for his role as a Trustee includes an annual cash retainer of $120,000 and a Restricted Stock Unit (RSU) grant valued at $165,000, prorated from his effective start date. These arrangements align with typical executive compensation structures for board members and underscore the company's commitment to attracting experienced talent. The filing also confirms that Mr. Nova has no disclosable related-party transactions, ensuring a clean slate for his board tenure.

Key Highlights

  • 1Daniel J. Nova elected to the Board of Trustees, effective June 1, 2023.
  • 2Mr. Nova appointed to serve on the Compensation and Finance Committees of the Board.
  • 3Mr. Nova's initial term as Trustee extends until the 2024 Annual Meeting of Shareholders.
  • 4Annual cash retainer for Mr. Nova's board service is $120,000, prorated from June 1, 2023.
  • 5Mr. Nova will receive a Restricted Stock Unit (RSU) grant valued at $165,000, prorated, on July 1, 2023.
  • 6Mr. Nova brings extensive experience as a General Partner at Highland Capital Partners and as a director for multiple public and private companies.
  • 7No disclosable related-party transactions or arrangements exist between Mr. Nova and the Company.

Frequently Asked Questions

Daniel J. Nova is a 61-year-old executive with significant experience in venture capital and corporate governance. He has been a General Partner at Highland Capital Partners since 1996 and has held positions such as Chief Investment Officer for a special purpose acquisition company. He currently serves on the boards of directors for Rent the Runway, Inc., ThredUp Inc., and several privately held companies, bringing a wealth of financial and operational insight.

Mr. Nova will receive an annual cash retainer of $120,000 for his service as a Trustee. Additionally, he is entitled to a Restricted Stock Unit (RSU) grant valued at $165,000, to be granted on July 1, 2023. Both compensation components will be prorated to reflect his effective start date of June 1, 2023.

The filing explicitly states that there are no arrangements or understandings between Mr. Nova and any other person concerning his election, and he has no transactions with related persons in which the Company is a participant that would require disclosure under SEC regulations. This indicates a clean start for his tenure on the Board.

Mr. Nova's appointment to both the Compensation and Finance Committees is particularly relevant for investors. His extensive background in venture capital and investment management, as well as his experience on similar committees at other public companies, suggests he will play a key role in overseeing executive compensation strategies and the company's financial planning and investments.