Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 31, 2021, the Company entered into a general severance, stock award and release of all claims agreement with Brian X. Tierney pursuant to which the Company will provide a lump sum cash severance benefit of $619,000 due to the elimination of his position and separation from service, effective July 1, 2021. This is the maximum severance benefit allowed under the AEP General Severance Plan for 2021. In addition, the Company agreed to deliver a number of shares determined by dividing $640,000 by the closing price of our shares on NASDAQ on July 1, 2021. These shares will be granted under AEP's Long-Term Incentive Plan and will be subject to a one year holding requirement. These discretionary awards are in recognition of Mr. Tierney's performance during his employment with the Company . The agreement also releases the Company from all claims that Mr. Tierney may lawfully release and affirms certain non-solicitation, confidentiality and cooperation stipulations with Mr. Tierney.

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