Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On May 18, 2021, Avangrid Renewables, LLC ("Avangrid Renewables"), a
wholly-owned subsidiary of Avangrid, Inc. (the "Corporation"), entered into an
employment agreement (the "Employment Agreement") with Alejandro de Hoz Garcia
Bellido in connection with his continued service as President and Chief
Executive Officer of Avangrid Renewables.
Pursuant to the terms of the Employment Agreement, Mr. de Hoz will receive an
annual base salary of $400,000, subject to annual review and will continue to be
eligible to participate in the Corporation's Executive Variable Pay ("EVP") Plan
with an annual incentive target equal to 65% of his annual base salary and a
maximum incentive opportunity of 130% of his annual base salary. Mr. de Hoz will
receive a special one-time retention bonus equal to 50% of his EVP Plan award
for the 2021 performance period payable on the first payroll pay date following
March 31, 2022, subject to his continued employment through such payment date.
In addition, Mr. de Hoz will continue to be eligible to participate in the
Corporation's 2020 - 2022 Long-Term Incentive Plan and the Corporation's other
employee benefit and welfare plans and arrangements on the same terms as the
Corporation's other executive officers.
In the event Mr. de Hoz's employment is terminated by Avangrid Renewables
without Cause or by Mr. de Hoz for Good Reason (as such terms are defined in the
Employment Agreement), Mr. de Hoz would receive a severance payment equal to one
times his annual salary and annual EVP Plan award based on the Corporation's
actual performance as measured during the ordinary annual performance for all
executives participating in the EVP Plan and continued vesting of certain equity
awards.
In the event Mr. de Hoz's employment is terminated by Mr. de Hoz without Good
Reason (as such term is defined in the Employment Agreement) or by reason of Mr.
de Hoz's retirement, Mr. de Hoz would receive his prorated EVP Plan award for
the year of termination based on the Corporation's actual performance as
measured during the ordinary annual performance for all executives participating
in the EVP Plan and continued vesting of certain equity awards.
The agreement also includes customary confidentiality, non-competition, and
non-solicitation provisions.
The foregoing description is only a summary of the material provisions of the
Employment Agreement and is qualified in its entirety by reference to the full
text of such agreement, copy of which is attached hereto as Exhibit 10.1 and
incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit
No. Description
10.1 Emp loyment Agreement, dated May 18, 2021, between Avangrid, Inc.
and Alejandro de Hoz Garcia Bellido .
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