Summary
Sempra Energy (SRE) has filed an 8-K report on February 26, 2018, detailing the adoption of a new Sempra Energy Annual Incentive Plan (the "Plan"), effective February 22, 2018. This plan is designed to attract, retain, motivate, and reward highly qualified employees, including officers, by offering a bonus program tied to performance. The plan aims to foster a culture of performance, promote accountability, and align employee interests with those of the company and its shareholders.
Key Highlights
- 1Sempra Energy adopted a new "Sempra Energy Annual Incentive Plan" (the "Plan") effective February 22, 2018.
- 2The primary purpose of the Plan is to attract, retain, motivate, and reward highly qualified employees.
- 3The Plan is administered by the Compensation Committee of the Board of Directors.
- 4Eligible participants include salaried employees and "officers" as defined by SEC rules, unless otherwise determined by the Compensation Committee.
- 5Bonus opportunities will be based on a percentage of base salary (target bonus) with a maximum opportunity of 200% of the target.
- 6Bonus calculations will incorporate financial, strategic, individual, and operational performance measures.
- 7The Compensation Committee has broad discretion to adjust bonus amounts, waive conditions, and consider other factors in bonus payments.