Summary
This Form 8-K filing from Exelon Corporation on January 27, 2006, primarily details executive compensation actions for 2006, including the approval of the Annual Incentive Plan and the Long Term Performance Share Award Program. The incentive plan for senior executives is tied to 1.5% of estimated 2006 operating income and includes performance metrics such as earnings per share, customer satisfaction, and operational key performance indicators. The long-term program is based on Exelon's total shareholder return (TSR) relative to the Dow Jones Utility Index and the S&P 500 over a three-year period.
Key Highlights
- 1Exelon's Compensation Committee and Board of Directors approved the 2006 Annual Incentive Plan for senior executives.
- 2The 2006 Annual Incentive Plan is based on 1.5% of estimated 2006 operating income.
- 3Performance metrics for the annual incentive plan include EPS, customer satisfaction, and various operational KPIs.
- 4The 2006 Long Term Performance Share Award Program was established to reward key strategic personnel.
- 5Awards under the long-term program are contingent on Exelon's Total Shareholder Return (TSR) compared to the Dow Jones Utility Index and the S&P 500 over a three-year period ending December 31, 2006.
- 6Commonwealth Edison Company (ComEd) amended and restated its By-Laws on January 23, 2006, to enhance corporate governance practices.
- 7Key amendments to ComEd's By-Laws include changes to proxy provisions, director transactions, committee composition, and indemnification rights.