Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On February 23, 2021, Avangrid, Inc. (the "Corporation"), entered into a
separation and release agreement (the "Separation Agreement") with Anthony
Marone III in connection with his previously announced retirement as President
and Chief Executive Officer of Avangrid Networks, Inc., a wholly-owned
subsidiary of Avangrid, Inc. ("Networks"). The Separation Agreement provides
that Mr. Marone will receive those separation payments and benefits that he is
entitled to under his previously filed employment agreement in respect of a
termination without cause and will be 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 will be filed
by the Corporation as an exhibit to its quarterly report on Form 10-Q for the
quarterly period ending March 31, 2021.
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