01—Abstract
Summary
Summary of the 8-K filed April 18, 2024. Cited figures are marked; the original filing is the authoritative source.
Public Service Enterprise Group Incorporated (PSEG) filed this Form 8-K on April 18, 2024 under Item 5.02 (Compensatory Arrangements of Certain Officers).
The filing reports that on April 16, 2024, the Organization and Compensation Committee of the Board of Directors adopted an amendment to PSEG's Key Executive Severance Plan (KESP), effective the same day. The amendment updates benefits eligibility language and specifies situations in which employees are or are not eligible for benefits. It also provides that, under specified circumstances, employees are eligible for severance benefits under a voluntary exit incentive program.
In addition, it removes references to PSEG Energy Resources and Trade LLC (ER&T), because the separate incentive plan for ER&T employees has closed, and it makes certain other administrative amendments and clarifications. The filing is a governance and compensation housekeeping disclosure. It does not report financial results or quantified cost figures, and the full terms of the amended plan are contained in Exhibit 10.1, the Key Executive Severance Plan, which the filing incorporates by reference.
02—Key points
Key Highlights
- On April 16, 2024, the Organization and Compensation Committee adopted an amendment to the Key Executive Severance Plan, effective that day.
- The amendment updates benefits eligibility language and specifies when employees are or are not eligible for severance benefits.
- Employees may be eligible for severance benefits under a voluntary exit incentive program under specified circumstances.
- References to PSEG Energy Resources and Trade LLC (ER&T) were removed because the separate incentive plan for ER&T employees has closed.
- Other administrative amendments and clarifications were made to the plan.
- The amended Key Executive Severance Plan is filed as Exhibit 10.1 and incorporated by reference.
- The filing discloses no financial results or quantified cost impacts.
03—Questions
Frequently Asked Questions
What did PSEG change in its Key Executive Severance Plan?
The amendment updated benefits eligibility language, clarified when employees are or are not eligible for benefits, and allowed eligibility for severance under a voluntary exit incentive program in specified circumstances. It also removed references to PSEG Energy Resources and Trade LLC and made other administrative clarifications.
Why were references to PSEG Energy Resources and Trade LLC (ER&T) removed?
The filing states that the separate incentive plan for ER&T employees has closed, so the references were no longer needed.
When did the amendment take effect?
The Organization and Compensation Committee adopted the amendment on April 16, 2024, and it was effective as of that same date.
Where can investors find the full terms of the amended plan?
The complete amended Key Executive Severance Plan is attached to the filing as Exhibit 10.1, and the 8-K incorporates its terms by reference.
Does this filing disclose any financial impact?
The filing does not state any financial results, costs, or quantified impact from the amendment.
04—Continue