Summary
NextEra Energy, Inc. (NEE) filed an 8-K on October 12, 2012, primarily to disclose updates to its executive compensation plans. The Compensation Committee approved revised forms of performance share and restricted stock award agreements for executive officers under the existing 2011 Long Term Incentive Plan. These revisions are standard practice for governing long-term equity incentives provided to key management personnel. Furthermore, the Board of Directors approved the 2013 Executive Annual Incentive Plan, which is intended to replace the current plan expiring at year-end 2012. This new plan requires shareholder approval for certain compensation elements related to Section 162(m) of the Internal Revenue Code. Investors should note that these filings pertain to the mechanisms and structure of executive compensation and do not represent a change in the company's operational or financial performance at this time. The specific award agreements and the 2013 Annual Incentive Plan are detailed in the accompanying exhibits.
Key Highlights
- 1Revised forms of performance share and restricted stock award agreements approved for executive officers under the 2011 Long Term Incentive Plan.
- 2These revised agreements govern future long-term equity awards to certain executive officers.
- 3The 2013 Executive Annual Incentive Plan was approved by the Board of Directors.
- 4The 2013 Annual Incentive Plan is designed to replace the existing plan set to expire on December 31, 2012.
- 5Shareholder approval is required for certain cash compensation elements of the 2013 Annual Incentive Plan under IRC Section 162(m).
- 6The filing includes the forms of the award agreements and the 2013 Annual Incentive Plan as exhibits.