Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 13, 2021, Avangrid Management Company, LLC ("AMC"), a wholly-owned
subsidiary of Avangrid, Inc. (the "Corporation"), entered into an amended
employment agreement (the "Employment Agreement") with R. Scott Mahoney in
connection with his continued service as Senior Vice President - General Counsel
and Corporate Secretary of the Corporation, which amends, supersedes and
replaces the employment agreement, dated March 1, 2008, and the employee
invention and confidentiality agreement, dated on or about June 20, 2002, that
Mr. Mahoney entered into with Energy East Management Corporation, a predecessor
of a wholly-owned indirect subsidiary of the Corporation.
Pursuant to the terms of the Employment Agreement, Mr. Mahoney will receive an
annual base salary of $517,000, 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 55% of his annual base salary and
a maximum incentive opportunity of 110% of his annual base salary. Mr. Mahoney
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 that Mr. Mahoney's employment is terminated by AMC without Cause or
by Mr. Mahoney for Good Reason (as such terms are defined in the Employment
Agreement), Mr. Mahoney would receive a severance payment equal to one times the
sum of his base salary and the EVP Plan (or other similar incentive plan) award
paid with respect to the prior calendar year. 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 June 1 3 , 2021, between
Avangrid Management Company, LLC . and R Scott Maho ney .
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