01—Abstract
Summary
Summary of the 8-K filed January 24, 2025. Cited figures are marked; the original filing is the authoritative source.
NiSource Inc. filed this Form 8-K on January 24, 2025 to disclose a one-time equity award to Michael Luhrs, Executive Vice President, Strategy Risk and Chief Commercial Officer.
The Compensation and Human Capital Committee of the Board granted the award on January 22, 2025. The award is valued at $2 milliona on the grant date and consists of 52,938 restricted stock units. The restricted stock units vest in installments: 33% on January 22, 2026, 33% on January 22, 2027, and 34% on January 22, 2028.
The award also vests upon certain separations from service. The filing states that the form of award agreement is attached as Exhibit 10.1, which is incorporated by reference from the company's Form 8-K filed on January 26, 2024.
The filing reports no financial results, operating metrics, or guidance. For investors, the filing is a compensation disclosure tied to retention of a senior commercial executive through staggered multi-year vesting.
02—Key points
Key Highlights
- One-time equity award to Michael Luhrs, Executive Vice President, Strategy Risk and Chief Commercial Officer, granted January 22, 2025
- Aggregate award valued at $2 million on the date of grant
- Award consists of 52,938 restricted stock units
- Vesting schedule: 33% on January 22, 2026, 33% on January 22, 2027, and 34% on January 22, 2028
- Award also vests in connection with certain separations from service
- Form of RSU award agreement filed as Exhibit 10.1, incorporated by reference from the January 26, 2024 Form 8-K
- Filing contains no financial results or guidance
03—Questions
Frequently Asked Questions
What compensation did NiSource grant to Michael Luhrs?
The Compensation and Human Capital Committee granted Mr. Luhrs a one-time aggregate equity award valued at $2 million on the grant date, consisting of 52,938 restricted stock units.
When do the restricted stock units vest?
The award vests 33% on January 22, 2026, 33% on January 22, 2027, and 34% on January 22, 2028. It also vests in connection with certain separations from service.
Who is the recipient of the award?
The recipient is Michael Luhrs, Executive Vice President, Strategy Risk and Chief Commercial Officer.
Where can the terms of the award agreement be found?
The form of RSU award agreement is filed as Exhibit 10.1. It is incorporated by reference from Exhibit 10.3 of the company's Form 8-K filed on January 26, 2024.
04—Continue