Summary
This 8-K filing from NextEra Energy Inc. (formerly FPL Group, Inc.) on January 5, 2006, details the approval and grant of performance share awards to the company's executive officers. These awards, effective January 1, 2006, are for a three-year performance period concluding on December 31, 2008. The primary focus is on incentivizing executive performance tied to the company's financial results over this period, with payouts determined by the achievement of targeted awards under the Annual Incentive Plans.
Key Highlights
- 1Approval of performance share awards for executive officers effective January 1, 2006.
- 2Performance period for these awards is from January 1, 2006, to December 31, 2008.
- 3Payouts are contingent on achieving targets under the Annual Incentive Plans, with a maximum payout potential of 160% of targeted awards.
- 4Key executives, including Lewis Hay, III, James L. Robo, and others, received specific target and maximum share award amounts.
- 5Aggregate performance share awards were also granted to six other executive officers.
- 6The filing references a previous 8-K (December 21, 2005) for details on the 2006 Annual Incentive Plan performance indicators.
Frequently Asked Questions
The main purpose is to report the entry into a material definitive agreement concerning the grant of performance share awards to NextEra Energy's executive officers, aimed at incentivizing long-term company performance.
The payout is determined by multiplying a participant's target number of shares by their average level of attainment (expressed as a percentage) of targeted awards under the Annual Incentive Plans for each year within the award period. This attainment level cannot exceed 160%.
The performance period for these awards is three years, running from January 1, 2006, to December 31, 2008.
Investors can find a description of the 2006 Annual Incentive Plan performance indicators in NextEra Energy's (then FPL Group, Inc.) Current Report on Form 8-K filed on December 21, 2005.