Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On June 24, 2022, Avangrid Management Company, LLC, a wholly owned subsidiary of
Avangrid, Inc. (the "Corporation"), entered into a separation and release
agreement (the "Separation Agreement") with Robert D. Kump in connection with
his previously announced retirement as Deputy Chief Executive Officer and
President of the Corporation. In addition to the separation payments and
benefits that Mr. Kump is entitled to under his previously filed employment
agreement in respect of a retirement, the Separation Agreement provides that in
recognition of Mr. Kump's many years of service to the Corporation and its
subsidiaries Mr. Kump will receive a payment of $900,000 and reimbursement of up
to $20,000 in legal fees related to or arising out of his retirement, subject to
customary confidentiality and restrictive covenant provisions, including
non-disparagement, non-competition and non-solicitation.
The foregoing summary of the Separation Agreement is qualified in its entirety
by reference to the full text of such agreement, a copy of which is filed by the
Corporation as Exhibit 10.1 to this current report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
No. Description
10.1 Confidential Separation Agreement and Release, dated June 24, 2022,
between Robert D. Kump and Avangrid Management Company, LLC.
104 Cover page Interactive Data File (embedded within the Inline XBRL
document)
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