8-KLeadership ChangesExhibits & Filings

ENTERGY CORP /DE/ 8-K Report, Executive Changes (Nov 29, 2022)

Filed November 29, 2022For Securities:ETR

Summary

Entergy Corporation (ETR) filed an 8-K on November 29, 2022, primarily disclosing an amendment to the employment agreement for its Executive Vice President and General Counsel, Marcus V. Brown. Effective December 1, 2022, Mr. Brown will cease participation in the Company's Pension Equalization Plan (PEP). The amendment also modifies the System Executive Retirement Plan (SERP) to stipulate specific benefit payouts for Mr. Brown upon separation from service after November 30, 2022. These payouts are contingent on certain conditions and will be either a lump-sum amount calculated as if he retired on November 30, 2022, or the lesser of the otherwise applicable SERP/PEP benefit or this calculated lump sum, depending on the circumstances of his separation. The death benefit payable to his surviving spouse is also subject to these contingencies.

Key Highlights

  • 1Amendment to Executive Vice President and General Counsel Marcus V. Brown's pension and retirement plans.
  • 2Cessation of Mr. Brown's participation in the Pension Equalization Plan (PEP) effective December 1, 2022.
  • 3Modified System Executive Retirement Plan (SERP) to define benefit payout upon separation from service after November 30, 2022.
  • 4Benefit payout is contingent on specific conditions being met.
  • 5Payout will be a lump-sum amount based on retirement on November 30, 2022, or a lesser calculated amount depending on separation circumstances.
  • 6Death benefit for surviving spouse is also contingent on specific events.
  • 7Filing includes a Cover Page Interactive Data File as an exhibit.

Frequently Asked Questions

The main purpose of this filing is to disclose an amendment to the employment and retirement benefit arrangements for Entergy's Executive Vice President and General Counsel, Marcus V. Brown.

Mr. Brown will cease participating in the Pension Equalization Plan (PEP) from December 1, 2022. His benefits under the System Executive Retirement Plan (SERP) will be determined based on specific payout calculations if he separates from service after November 30, 2022, with the exact amount contingent on certain conditions.

The filing details the calculation methodology for potential future payouts to Mr. Brown under modified plans. The exact financial implication will depend on the timing and nature of his eventual separation from the Company and whether the specified contingencies are met.

While the filing details changes to an executive's benefit plans, it does not explicitly state or imply any immediate departure or change in leadership for Mr. Brown or any other executive. The changes are structured to take effect upon a future separation from service.