ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
As previously disclosed, Frederick D. Kuester, Senior Executive Vice President
of WEC Energy Group, Inc. (the "Company"), retired from the Company effective
July 1, 2020.
In light of Mr. Kuester's significant contributions to the success of the
Company since his return to service, on June 29, 2020, the Compensation
Committee of the Company's Board of Directors accelerated the vesting of all
unvested shares of restricted stock awarded to Mr. Kuester, consisting of
approximately 20,931 shares, effective July 1, 2020.
At the same time, effective July 1, 2020, the Compensation Committee approved
additional long-term incentive awards for Scott J. Lauber, Senior Executive Vice
President and Chief Operating Officer of the Company, in connection with his
June 1, 2020 appointment as Chief Operating Officer. The long-term awards
consist of 406 shares of restricted stock, 1,760 performance units and 5,750
stock options, and all have the same respective terms and conditions as previous
long-term awards to Mr. Lauber.
In addition, on June 29, 2020, the Company entered into a Consulting Agreement
with Mr. Kuester, which is effective July 2, 2020 (the "Consulting Agreement").
Pursuant to the Consulting Agreement, Mr. Kuester will consult for the Company
on capital project planning and execution and enterprise risk management matters
(the "Services") for an initial term of 12 months (the "Initial Term"), unless
earlier terminated by either party. After the Initial Term, the Consulting
Agreement will renew on a month to month basis until terminated by either party.
The Company will pay Mr. Kuester a monthly fee of $15,000 for the Services, plus
reasonable travel expenses. A copy of the Consulting Agreement is attached
hereto as Exhibit 10.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Consulting Agreement between WEC Energy Group, Inc. and Frederick D.
10.1 Kuester, effective July 2, 2020.
Cover Page Interactive Data File (embedded within the Inline XBRL
104 document).
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