Summary
This 8-K filing from Entergy Corporation (ETR), dated August 3, 2005, reports a change in policy regarding the personal use of corporate aircraft by its Chief Executive Officer, J. Wayne Leonard. Effective July 28, 2005, the Company will permit Mr. Leonard to use corporate aircraft for personal travel at the Company's expense. This policy change is significant as it represents a new benefit being extended to the CEO.
Key Highlights
- 1Entergy Corporation has updated its policy on the personal use of corporate aircraft.
- 2The change, effective July 28, 2005, specifically allows the CEO, J. Wayne Leonard, personal use of company aircraft.
- 3The personal use of corporate aircraft by the CEO will be at the Company's expense.
- 4The Company will also provide a 'gross-up' payment to the CEO to cover any taxes incurred on the imputed income from personal aircraft use.
- 5This is a material definitive agreement regarding executive compensation and benefits.
Frequently Asked Questions
The main change is Entergy Corporation's decision to allow its CEO, J. Wayne Leonard, to use corporate aircraft for personal travel at the company's expense, including covering any associated taxes.
The policy change became effective on July 28, 2005.
A 'gross-up' payment is an additional amount paid by the company to an employee to cover the taxes that employee would owe on certain benefits or compensation, ensuring the employee receives the intended net benefit.
No, the filing specifically states that this change in policy applies to the Chief Executive Officer, J. Wayne Leonard.