Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On July 18, 2022, the Organization and Compensation Committee of the Board of
Directors of Public Service Enterprise Group Incorporated (PSEG) approved an
amendment to PSEG's Key Executive Severance Plan (KESP), effective as of
July 18, 2022. The KESP amendment provides, among other things, that in the case
of an involuntary termination other than for cause or termination in other
specified circumstances (other than following a change in control), effective
September 1, 2022, the President and CEO and, effective January 1, 2023, the
Chair of the Board, President and CEO, will receive under the Cash payment
provision of the KESP two (2.0) times the sum of the annual base salary and
target bonus, in addition to the base salary through the date of termination to
the extent not already paid. This KESP amendment amends Ralph LaRossa's
compensation and benefits that were previously reported on PSEG's Form 8-K filed
on April 19, 2022.
The foregoing description of the KESP amendment does not purport to be complete
and is qualified in its entirety by reference to the amended KESP, a copy of
which is attached hereto as Exhibit 10.1 and the terms of which are incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.1 Key Executive Severance Plan of Public Service Enterprise Group
Incorporated
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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