01—Abstract
Summary
Summary of the 8-K filed March 27, 2025. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. (EVRG), together with its subsidiaries Evergy Kansas Central, Inc. and Evergy Metro, Inc., filed this combined Current Report on Form 8-K on March 27, 2025.
The filing is limited to executive compensation and officer appointment matters under Item 5.02 and the filing of one exhibit under Item 9.01. It does not report financial results, earnings, or guidance. The central disclosure is the promotion of Matt Gummig, previously Interim Controller and Chief Accounting Officer since December 1, 2024, to Vice President, Chief Accounting Officer and principal accounting officer of Evergy, effective April 2, 2025.
The Evergy Board of Directors approved the election on March 24, 2025. He will hold the same positions at Evergy Kansas Central, Evergy Metro and the other main utilities in the Evergy group, without separate compensation for his subsidiary roles.
His compensation package, set out in an offer letter dated March 21, 2025, includes an annual base salary of $240,000,a an initial annual incentive target of 40% of base salary, an initial long-term incentive target grant date award of 50% of base salary, and time-based restricted stock units with a grant date fair market value of $100,000 that vest on the third anniversary of the grant date. He is also eligible for Evergy's change-in-control severance agreement and Executive Severance Plan, and has an existing indemnification agreement.
02—Key points
Key Highlights
- Matt Gummig was elected Vice President, Chief Accounting Officer and principal accounting officer of Evergy, effective April 2, 2025, after serving as Interim Controller and Chief Accounting Officer since December 1, 2024.
- The Evergy Board of Directors made the election on March 24, 2025.
- Base salary is $240,000 per year.
- Initial annual incentive target is 40% of base salary, and initial long-term incentive target grant date award is 50% of base salary.
- A one-time time-based RSU grant with a grant date fair market value of $100,000 vests on the third anniversary of the grant date.
- He will hold the same officer positions at Evergy Kansas Central, Evergy Metro and the other main utilities in the Evergy group, without separate compensation for subsidiary service.
- Exhibit 10.1 is the offer letter dated March 21, 2025; the filing also incorporates the change-in-control and severance terms by reference to earlier filings.
03—Questions
Frequently Asked Questions
Who is Matt Gummig and what role is he taking at Evergy?
Matt Gummig has served as Interim Controller and Chief Accounting Officer, assuming principal accounting officer responsibilities of the Evergy Companies, since December 1, 2024. Effective April 2, 2025, the Evergy Board elected him Vice President, Chief Accounting Officer and principal accounting officer of Evergy. The filing incorporates his background from the Company's Form 8-K filed November 8, 2024.
What is Gummig's compensation under the new role?
The offer letter provides an annual base salary of $240,000, an initial annual incentive target of 40% of base salary, an initial long-term incentive target grant date award of 50% of base salary, and time-based RSUs with a grant date fair market value of $100,000 that vest on the third anniversary of the grant date.
Does the appointment cover the other Evergy utilities?
Yes. Gummig will hold the same positions with Evergy Kansas Central and Evergy Metro, as well as with the other main utilities in the Evergy group. He will not receive separate compensation for his services at Evergy's subsidiaries.
What severance and indemnification protections apply to him?
Gummig is eligible to enter into Evergy's standard change-in-control severance agreement and to receive benefits under the Executive Severance Plan, subject to their terms. He also has an indemnification agreement in the same form used for other officers, which provides indemnification to the extent allowed under Missouri law.
Does this filing report any financial results?
No. The filing addresses only an officer appointment and compensatory arrangements under Item 5.02 and the filing of the offer letter as Exhibit 10.1. It contains no financial statements, earnings results, or guidance.
04—Continue