01—Abstract
Summary
Summary of the 8-K filed March 15, 2024. Cited figures are marked; the original filing is the authoritative source.
NiSource Inc. filed this Form 8-K on March 15, 2024 to report a leadership departure.
Under Item 5.02, Donald Brown, Executive Vice President and Chief Innovation Officer, will leave the Company effective on or before May 1, 2024 (the Separation Date), with his last day of employment expected to be April 1, 2024. As previously reported on February 19, 2024, Mr. Brown informed the Company of his departure. Mr. Brown entered into a Separation Agreement dated March 15, 2024.
Under its terms, he will receive a lump sum payment equal to his annual salary plus 130%a of the cost of 52 weeks of COBRA coverage, conditioned on signing a release of claims in favor of the Company. The filing states these terms are consistent with the NiSource Inc. Executive Severance Policy, described in the Company's proxy statement filed April 12, 2023. For investors, this filing is an executive transition disclosure rather than a financial report.
It contains no financial results or dollar amounts for the Company's operations. The full Separation Agreement is filed as Exhibit 10.1, which governs the complete terms.
02—Key points
Key Highlights
- Donald Brown, EVP and Chief Innovation Officer, is departing NiSource Inc.
- Brown's last day of employment is expected to be April 1, 2024, with a Separation Date on or before May 1, 2024.
- The departure was previously reported on February 19, 2024.
- Brown signed a Separation Agreement dated March 15, 2024, filed as Exhibit 10.1.
- Severance is a lump sum equal to annual salary plus 130% of the cost of 52 weeks of COBRA coverage, subject to signing a release of claims.
- The severance terms are stated to be consistent with the NiSource Inc. Executive Severance Policy.
03—Questions
Frequently Asked Questions
Who is leaving NiSource and what is their role?
Donald Brown, Executive Vice President and Chief Innovation Officer, is leaving the Company. The filing states his last day of employment is expected to be April 1, 2024, with a Separation Date on or before May 1, 2024.
What severance will the departing executive receive?
Mr. Brown will receive a lump sum payment equal to his annual salary plus 130% of the cost of 52 weeks of COBRA coverage. Payment is subject to his signing a release of claims in favor of the Company.
Are the severance terms standard for NiSource executives?
The filing states these terms are consistent with the NiSource Inc. Executive Severance Policy, which the Company's proxy statement filed April 12, 2023 describes more fully.
Was this departure announced before this filing?
Yes. The filing states that the departure was previously reported on February 19, 2024, and this 8-K provides the separation agreement details.
Where can investors find the full terms of the separation?
The complete Separation Agreement is attached as Exhibit 10.1 and incorporated by reference. The filing states that the summary in the 8-K is qualified in its entirety by the full agreement.
04—Continue