AVANGRID, INC.

(AGR)
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Delayed Nyse  -  04:00 2022-08-17 pm EDT
51.51 USD   -0.23%
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AVANGRID, INC. Change in Directors or Principal Officers (form 8-K/A)

07/05/2022 | 04:19pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

(c) On February 16, 2022, the Board of Directors (the "Board") of Avangrid, Inc. (the "Corporation"), upon the recommendation of its Compensation, Nominating and Corporate Governance Committee (the "Committee"), appointed Patricia Cosgel as Interim Chief Financial Officer of the Corporation, effective February 24, 2022. Ms. Cosgel will succeed Douglas Stuver, who will resign as the Corporation's Senior Vice President - Chief Financial Officer on February 23, 2022. On June 2, 2022, the Board, upon the recommendation of the Committee, promoted Ms. Cosgel from Interim Chief Financial Officer to Senior Vice President - Chief Financial Officer.

Ms. Cosgel, age 56, has served as Vice President of Investor and Shareholder Relations of the Corporation since December 2015. Previously, Ms. Cosgel served as Vice President and Treasurer of UIL Holdings Corporation from May 2011 until its acquisition by the Corporation in December 2015. Prior to joining UIL Holdings Corporation, Ms. Cosgel served as Director of Enterprise Risk Management, Assistant Treasurer and Manager-Corporate Finance of Eversource Energy. Ms. Cosgel earned a Bachelor of Arts in Economics from Dickinson College and a Master of Arts in Economics from University of Iowa.

On June 29, 2022, Avangrid Management Company, LLC ("AMC"), a wholly-owned subsidiary of the Corporation, entered into an employment agreement (the "Employment Agreement") with Ms. Cosgel in connection with her service as Senior Vice President - Chief Financial Officer of the Corporation. Pursuant to the terms of the Employment Agreement, Ms. Cosgel will receive an annual base salary of $400,000.00, subject to annual review. Ms. Cosgel will be eligible to participate in the Corporation's Executive Variable Pay ("EVP") Plan with an annual incentive target equal to 50% of her annual base salary and a maximum incentive opportunity of 100% of her annual base salary. Ms. Cosgel will continue to be eligible to participate in the Corporation's 2020 - 2022 Long-Term Incentive Plan and will receive a grant of 8,433 performance share units with respect to the 2020 - 2022 performance period. She will also be eligible to participate in 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 Ms. Cosgel's employment is terminated by the Corporation without Cause or by Ms. Cosgel for Good Reason (as such terms are defined in the Employment Agreement), Ms. Cosgel would receive a severance payment equal to her annual salary and target EVP Plan award. 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 will be filed by the Corporation as an exhibit to its quarterly report on Form 10-Q for the quarterly period ending June 30, 2022.

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Stocks mentioned in the article
ChangeLast1st jan.
AVANGRID, INC. -0.23% 51.51 Delayed Quote.3.27%
IBERDROLA, S.A. -0.46% 10.9 Delayed Quote.5.19%
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