| Dear Fellow Shareholders: On behalf of the Board of Trustees and employees of Eversource Energy, it is my pleasure to invite you to attend the | | | |
| DATE: | | | Wednesday, May | |
| TIME: | | | 10:30 a.m. Eastern Time | |
| PLACE: | | | Ropes & Gray LLP, 800 Boylston Street, Boston, Massachusetts 02199 | |
| | Important Notice Regarding the Availability of Proxy Statement Materials for the Annual Meeting of Shareholders to be held on May | | |
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| Item 4: Shareholder Proposal titled “Simple Majority Vote” | | | | | | | |
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| Questions and Answers About the Annual Meeting and Voting | | | | | | |
| | Annual Meeting of Shareholders | | | |||
| | Time and Date: | | | 10:30 a.m., Eastern Time, on Wednesday, May | | |
| | Location: | | | Ropes & Gray LLP, 800 Boylston Street, Boston, MA 02199 | | |
| | Record Date: | | | March | | |
Financial • 2023 earnings per share equaled negative $1.26, and non-GAAP earnings per share equaled $4.34, which excludes charges relating to our offshore wind investment and to the sale of certain property. Please see Exhibit A to the Compensation Discussion and Analysis. • Our Board of Trustees increased the annual dividend rate by 5.9 percent for 2023 to $2.70 per share, exceeding the Edison Electric Institute (EEI) Index companies’ median dividend growth rate of 5.4 percent. • Eversource completed the strategic review regarding the sale of our offshore wind investments in a very challenging market, having determined that full divesture was in the best long term interest of the Company and our shareholders. We completed the sale of our 50 percent share of the uncontracted lease area to our joint venture partner, Ørsted, for $625 million, and entered into an agreement with Ørsted to potentially sell them our interest in the Sunrise Wind project. We also entered into a finance tax equity agreement relating to the South Fork Wind project for $530 million. The tax equity investment enables us to maximize the economics of this project, including tax incentives earned by South Fork Wind in the 12-18 months following the projects’ commercial operations dates. In addition, in February 2024 the Company executed an agreement with Global Infrastructure Partners to sell its interest in South Fork Wind and Revolution Wind. Divesture will significantly lower our risk profile and enhance our balance sheet strength. • Eversource achieved many constructive regulatory outcomes in 2023, including our Massachusetts PBR/Kbar filing approval, which provided for a $105 million base distribution revenue increase and recovery of $16 million in exogenous property taxes; successful storm cost recovery in Massachusetts and New Hampshire, with no disallowances, of $135 million and $45 million, respectively; acceptance in Massachusetts of our comprehensive Grid Modernization regulatory filing and testimony, providing for recovery of our investments; and successful execution of the Massachusetts electric vehicle (EV) infrastructure program, which led the Massachusetts Department of Public Utilities (DPU) to approve the next phase of the program, allowing us to move forward with additional investment to expand EV charging capabilities for over 24,000 stations. Operational • On average, 2023 customer power interruptions were 22.3 months apart, and average service restoration time was 58.6 minutes; this performance ranks us in the top decile of the industry and represents our best performance on record. • Our on-time response to gas customer emergency calls was 98.0 percent, which continues to exceed mandated emergency response requirements. • We achieved success in several operational and customer focused areas relating to automatic metering, emergency communications, billing, and SCADA. • Our South Fork Wind Project was the first commercial-scale project in the U.S. to bring wind power to customers. • We implemented an updated monitoring protocol for those storm-related electric outages that might negatively impact the operation of our natural gas system, designed and launched customer education programs regarding the impact of supply costs on customers’ bills, and hosted and promoted webinars on energy costs and programs for small business customers. |
| | | | | | | | | | | | | | | | | | | Board Committees | | | | | | | | | | | | | | | | | | | | Board Committees | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trustee | | Age | | Trustee Since | | Independent | | Audit | | Compensation | | Governance, Environmental and Social Responsibility | | Executive | | Finance | | Trustee | | Age | | Trustee Since | | Independent | | Audit | | Compensation | | Governance, Environmental and Social Responsibility | | Executive | | Finance | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cotton M. Cleveland | | | | 70 | | | | | 1992 | | | | | Y | | | | | | | | | | | | | | | C | | | | | M | | | | | M | | | Cotton M. Cleveland | | | | 71 | | | | | 1992 | | | | | Y | | | | | | | | | | | | | | | C | | | | | M | | | | | M | | | ||||||||||||||||
| Francis A. Doyle | | | | 74 | | | | | 2012 | | | | | Y | | | | | C | | | | | M | | | | | | | | | | M | | | | | | | | Linda Dorcena Forry | | | | 50 | | | | | 2018 | | | | | Y | | | | | | | | | | | | | | | M | | | | | | | | | | M | | | ||||||||||||||||
| Linda Dorcena Forry | | | | 49 | | | | | 2018 | | | | | Y | | | | | | | | | | | | | | | M | | | | | | | | | | M | | | Gregory M. Jones | | | | 66 | | | | | 2020 | | | | | Y | | | | | M | | | | | | | | | | M | | | | | | | | | | | | | ||||||||||||||||
| Gregory M. Jones | | | | 65 | | | | | 2020 | | | | | Y | | | | | M | | | | | | | | | | | | | | | | | | | | M | | | Loretta D. Keane | | | | 65 | | | | | 2023 | | | | | Y | | | | | V | | | | | | | | | | | | | | | | | | | | M | | | ||||||||||||||||
| Loretta D. Keane | | | | 64 | | | | | 2023 | | | | | Y | | | | | V | | | | | | | | | | | | | | | | | | | | M | | | John Y. Kim | | | | 63 | | | | | 2018 | | | | | Y | | | | | | | | | | M | | | | | | | | | | M | | | | | C | | | ||||||||||||||||
| John Y. Kim | | | | 62 | | | | | 2018 | | | | | Y | | | | | | | | | | M | | | | | | | | | | | | | | | V | | | David H. Long | | | | 63 | | | | | 2019 | | | | | Y | | | | | | | | | | M | | | | | M | | | | | | | | | | | | | ||||||||||||||||
| Kenneth R. Leibler | | | | 74 | | | | | 2006 | | | | | Y | | | | | M | | | | | | | | | | | | | | | | | | | | M | | | Joseph R. Nolan, Jr. | | | | 60 | | | | | 2021 | | | | | N | | | | | | | | | | | | | | | | | | | | C | | | | | | | | ||||||||||||||||
| David H. Long | | | | 62 | | | | | 2019 | | | | | Y | | | | | | | | | | M | | | | | M | | | | | | | | | | | | | Daniel J. Nova | | | | 62 | | | | | 2023 | | | | | Y | | | | | | | | | | M | | | | | | | | | | | | | | | M | | | ||||||||||||||||
| Joseph R. Nolan, Jr. | | | | 59 | | | | | 2021 | | | | | N | | | | | | | | | | | | | | | | | | | | C | | | | | | | | Frederica M. Williams | | | | 65 | | | | | 2012 | | | | | Y | | | | | M | | | | | M | | | | | | | | | | | | | | | | | | ||||||||||||||||
| William C. Van Faasen | | | | 74 | | | | | 2012 | | | | | Y | | | | | | | | | | C | | | | | M | | | | | M | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Frederica M. Williams | | | | 64 | | | | | 2012 | | | | | Y | | | | | M | | | | | | | | | | M | | | | | | | | | | | | |
| | The Board of Trustees recommends that shareholders vote FOR Items 1, 2 | | |
| | The Board of Trustees makes no recommendation regarding Item 4. | | |
| | The Board of Trustees recommends that shareholders vote FOR the election of the nominees listed below. | | |
| | Trustees should possess the highest personal and professional ethics, integrity and values, and be committed to representing the long-term interests of our shareholders. They must also have an inquisitive and objective perspective, practical wisdom and mature judgment. The Board should represent diverse experience at policy-making levels in business, government, education, community and charitable organizations, as well as areas that are relevant to our business activities. The Governance, Environmental and Social Responsibility Committee also seeks diversity in gender, ethnicity and personal background when considering Trustee candidates. | | |
| | Members: Francis A. Doyle, Chair Loretta D. Keane, Vice Chair Gregory M. Jones Kenneth R. Leibler Frederica M. Williams | | | | The Audit Committee is responsible for oversight of the Company’s financial statements, the internal audit function, and compliance by the Company with legal and regulatory requirements. The Committee also oversees: • The appointment, compensation, retention and oversight of our independent registered public accounting firm. • The independent registered public accounting firm’s qualifications, performance and independence, as well as the performance of our internal audit function. • The review of guidelines and policies that govern management’s processes in assessing, monitoring and mitigating major financial risk exposures. • Financial reporting and review of accounting standards and systems of internal control. • Significant accounting policies, management judgments and accounting estimates, and earnings releases. • All matters that may have a material impact on the financial statements or the Company’s compliance policies and practices. The Audit Committee has sole authority to appoint or replace the independent registered public accounting firm (for which it seeks shareholder ratification), and to approve all audit engagement fees and terms. The Committee meets independently with the internal audit staff, the independent registered public accounting firm, management, and then solely as a Committee, at least quarterly. Following each Committee meeting, the Audit Committee reports to the full Board. The Audit Committee met six times during Additional information regarding the Audit Committee is contained in Item Financial Expertise: Each member of the Audit Committee meets the financial literacy requirements of the SEC, the New York Stock Exchange (NYSE) and our Corporate Governance Guidelines. The Board has affirmatively determined that Mr. Doyle is an “audit committee financial expert,” as defined by the SEC. Independence: The Board has determined that each member of the Audit Committee meets the independence requirements of the SEC, the NYSE and our Corporate Governance Guidelines. | | |
| | Members: William C. Van Faasen, Chair John Y. Kim David H. Long Daniel J. Nova Frederica M. Williams | | | | The Compensation Committee is responsible for the compensation and benefit programs for all executive officers of Eversource Energy and has overall authority to establish and interpret our executive compensation programs. The Compensation Committee also: • Reviews our executive compensation strategy, evaluates components of total compensation, assesses performance against goals, market competitive data and other appropriate factors, and makes compensation-related decisions based upon Company and executive performance. • Reviews and recommends to the Board of Trustees the compensation of the non-employee members of the Board. • Reviews and approves corporate goals and objectives relevant to the Chief Executive Officer’s compensation and subject to the further review and approval of the independent Trustees, evaluates the performance of the Chief Executive Officer in light of those goals and objectives. • In collaboration with the Chief Executive Officer, oversees the evaluation of executive officers and engages in the succession planning process for the Chief Executive Officer and other executives. • Has the sole authority to select and retain experts and consultants in the field of executive compensation to provide advice to the Committee with respect to market data, competitive information, and executive compensation trends; retains an independent compensation consulting firm to provide compensation consulting services solely to the Compensation Committee. Following each Committee meeting, the Compensation Committee reports to the full Board. The Compensation Committee met For additional information regarding the Compensation Committee, including the Committee’s processes for determining executive compensation, see the Compensation, Discussion and Analysis beginning on page Independence: The Board has affirmatively determined that each member of the Compensation Committee meets the independence requirements of the SEC, the NYSE and our Corporate Governance Guidelines. | | |
| | Members: Joseph R. Nolan, Jr., Chair Francis A. Doyle John Y. Kim William C. Van Faasen | | | | The Executive Committee is empowered to exercise all the authority of the Board, subject to certain limitations set forth in our Declaration of Trust, during the intervals between meetings of the Board. Following each Committee meeting, the Executive Committee reports to the full Board. The Executive Committee Independence: Except for Mr. Nolan, who is the Company’s Chairman of the Board, President and Chief Executive Officer, each member of the Executive Committee is independent. | | |
| | Members: Cotton M. Cleveland Linda Dorcena Forry Kenneth R. Leibler Daniel J. Nova | | | | The Finance Committee assists the Board in fulfilling its oversight responsibilities relating to financial plans, policies and programs for Eversource Energy and its subsidiaries. The Finance Committee also: • Reviews the Company’s plans and actions to assure liquidity; its financial goals and proposed financing programs modifying the Company’s capital structure; its financing programs, including but not limited to the issuance and repurchase of common and preferred shares, long-term and short-term debt securities and the issuance of guarantees; and its operating plans, budgets and capital expenditure forecasts. • Reviews the Company’s Enterprise Risk Management (ERM) program and in conjunction with other Committees of the Board, practices to monitor and mitigate cyber, physical security and other risk exposures. • Reviews and recommends the Company’s dividend policy, as well as new business ventures and initiatives which may result in substantial expenditures, commitments and exposures. • Conducts an annual review of counter-party credit policy, insurance coverages and pension plan performance. Following each Committee meeting, the Finance Committee reports to the full Board. The Finance Committee met four times during Independence: While the Committee is not subject to the same independence requirements of the Audit, Compensation and Governance, Environmental and Social Responsibility Committees, the Board has affirmatively determined that each member of the Finance Committee is independent. | | |
| | Members: Cotton M. Cleveland, Chair Linda Dorcena Forry Gregory M. Jones David H. Long William C. Van Faasen Frederica M. Williams | | | | The Governance, Environmental and Social Responsibility Committee is responsible for developing, overseeing and regularly reviewing our Corporate Governance Guidelines and related policies. The Governance, Environmental and Social Responsibility Committee also: • Serves as a nominating committee, establishing criteria for new Trustees and identifying and recommending prospective Board candidates and the appointment of Trustees to Board Committees. • Annually reviews the independence and qualifications of the Trustees and recommends to the Board appointments of the Committee members, the Lead Independent Trustee, and the Executive Chairman of the Board and the election of officers of the Company. • Annually evaluates the performance of the Board and its Committees. • Annually reviews the charters of the Board Committees. • Oversees the Company’s climate, environmental, human capital management and social responsibility strategy, programs, policies, risks, targets and performance, as well as related public reporting, in coordination with other Committees or the Board as necessary or appropriate. Following each Committee meeting, the Governance, Environmental and Social Responsibility Committee reports to the full Board. The Governance, Environmental and Social Responsibility Committee met Independence: The Board has affirmatively determined that each member of the Governance, Environmental and Social Responsibility Committee meets the independence requirements of the SEC, the NYSE and our Corporate Governance Guidelines. | | |
| Name and Address of Beneficial Owner | | | Amount and Nature of Beneficial Ownership | | | Percent of Class | | ||||||
| The Vanguard Group, Inc. 100 Vanguard Blvd. Malvern, Pennsylvania 19355 | | | | | | | | | | | | ||
| BlackRock, Inc. 55 East New York, New York 10055 | | | | | | | | | | | | ||
| State Street Corporation State Street Financial Center One Lincoln Street Boston, Massachusetts 02111 | | | | | | | | | | | |
| Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1)(2) | | |||
| Gregory B. Butler | | | | | | | |
| Christine M. Carmody | | | | | | | |
| Cotton M. Cleveland | | | | | |||
| | |||||||
| Francis A. Doyle | | | | | | | |
| Linda Dorcena Forry | | | | | | | |
| James. W. Hunt, III | | | | | 30,304(3) | | |
| Gregory M. Jones | | | | | |||
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| Loretta D. Keane | | | | | | | |
| John Y. Kim | | | | | | | |
| Kenneth R. Leibler | | | | | |||
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| David H. Long | | | | | | | |
| John M. Moreira | | | | | | | |
| Joseph R. Nolan, Jr. | | | | | | | |
| Daniel J. Nova | | | | | 4,106 | | |
| Werner J. Schweiger | | | | | | | |
| William C. Van Faasen | | | | | | | |
| Frederica M. Williams | | | | | | | |
| All Trustees and Executive Officers as a group (21 persons) | | | | | | |
| Compensation Element | | | Amount | |
| Annual Cash Retainer | | | $120,000 | |
| Annual Stock Retainer | | | $165,000 | |
| Board and Committee Attendance Fees | | | None | |
| Annual Lead Trustee Retainer | | | $35,000 | |
| Annual Committee Chair and Vice Chair Retainer | | | $25,000 Audit Committee $20,000 Compensation Committee $15,000 Governance, Environmental and Social Responsibility Committee $15,000 Finance Committee $7,500 Audit Committee Vice Chair $7,500 Finance Committee Vice Chair* | |
| Trustee | | Fees Earned Or Paid in Cash ($)(1) | | Stock Awards ($)(2) | | Total ($) | | Trustee | | Fees Earned Or Paid in Cash ($)(1) | | Stock Awards ($)(2) | | Total ($) | | ||||||||||||||||||||||||
| Cotton M. Cleveland | | | $ | 135,000.00 | | | | $ | 162,439.42 | | | | $ | 297,439.42 | | | Cotton M. Cleveland | | | $ | 135,000.00 | | | | $ | 162,687.39 | | | | $ | 297,687.39 | | | ||||||
| James S. DiStasio | | | | 135,000.00 | | | | | 162,439.42 | | | | | 297,439.42 | | | James S. DiStasio(3) | | | | 67,500.00 | | | | | 162,687.39 | | | | | 230,187.39 | | | ||||||
| Francis A. Doyle | | | | 145,000.00 | | | | | 162,439.42 | | | | | 307,439.42 | | | Francis A. Doyle | | | | 145,000.00 | | | | | 162,687.39 | | | | | 307,687.39 | | | ||||||
| Linda Dorcena Forry | | | | 120,000.00 | | | | | 162,439.42 | | | | | 282,439.42 | | | Linda Dorcena Forry | | | | 120,000.00 | | | | | 162,687.39 | | | | | 282,687.39 | | | ||||||
| Gregory M. Jones | | | | 120,000.00 | | | | | 162,439.42 | | | | | 282,439.42 | | | Gregory M. Jones | | | | 120,000.00 | | | | | 162,687.39 | | | | | 282,687.39 | | | ||||||
| John Y. Kim | | | | 120,000.00 | | | | | 162,439.42 | | | | | 282,439.42 | | | Loretta D. Keane | | | | 127,500.00 | | | | | 162,687.39 | | | | | 290,187.39 | | | ||||||
| Kenneth R. Leibler | | | | 120,000.00 | | | | | 162,439.42 | | | | | 282,439.42 | | | John Y. Kim | | | | 133,750.00 | | | | | 162,687.39 | | | | | 296,437.38 | | | ||||||
| David H. Long | | | | 120,000.00 | | | | | 162,439.42 | | | | | 282,439.42 | | | Kenneth R. Leibler | | | | 120,000.00 | | | | | 162,687.39 | | | | | 282,687.39 | | | ||||||
| William C. Van Faasen | | | | 175,000.00 | | | | | 162,439.42 | | | | | 337,439.42 | | | David H. Long | | | | 120,000.00 | | | | | 162,687.39 | | | | | 282,687.39 | | | ||||||
| Frederica M. Williams | | | | 120,000.00 | | | | | 162,439.42 | | | | | 282,439.42 | | | Daniel J. Nova | | | | 70,000.00 | | | | | 97,573.68 | | | | | 167,573.68 | | | ||||||
| William C. Van Faasen | | | | 175,000.00 | | | | | 162,687.39 | | | | | 337,687.39 | | | |||||||||||||||||||||||
| Frederica M. Williams | | | | 120,000.00 | | | | | 162,687.39 | | | | | 282,687.39 | | |
| ➢ Summary of ➢ Pay for Performance Philosophy ➢ Executive Compensation Governance ➢ Named Executive Officers ➢ Overview of Our Compensation Program ➢ Market Analysis ➢ Mix of Compensation Elements ➢ Results of ➢ Elements of ➢ Risk Analysis of Executive Compensation Program | | | ➢ ➢ Long-Term Incentive Program ➢ Clawback, No Hedging and No Pledging Policies ➢ Share Ownership Guidelines and Retention Requirements ➢ Other Benefits ➢ Contractual Agreements ➢ Tax and Accounting Considerations ➢ Equity Grant Practices ➢ Compensation Committee Report | |
| What we DO: | |
| What we DON’T do: | |
| | Alliant Energy Corporation | | | | | Pinnacle West Capital Corporation | | | |
| | Ameren Corporation | | | | | PPL Corporation | | | |
| | American Electric Power Co., Inc. | | | | | Public Service Enterprise Group, Inc. | | | |
| | CenterPoint Energy, Inc. | | | | | Sempra | | | |
| | CMS Energy Corp. | | | FirstEnergy Corp. | | | WEC Energy Group, Inc. | | |
| | Consolidated Edison, Inc. | | | NiSource, Inc. | | | Xcel Energy Inc. | | |
| | Dominion Energy, Inc. | | | PG&E Corporation | | | | | |
| | | | Percentage of TDC at Target | | | | | | | | | | | Percentage of TDC at Target | | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | Long-Term Incentive Program | | | | | | | | | | | | | | | | | | | | | Long-Term Incentive Program | | | | | | | | ||||||||||||||||||||||
| Named Executive Officer (NEO) | | Base Salary | | Annual Incentive(1) | | Performance Shares(1) | | RSUs(2) | | TDC | | Named Executive Officer (NEO) | | Base Salary | | Annual Incentive(1) | | Performance Shares(1) | | RSUs(2) | | TDC | | ||||||||||||||||||||||||||||||||||||||||
| Joseph R. Nolan, Jr. | | | | 15% | | | | | 17% | | | | | 51% | | | | | 17% | | | | | 100% | | | Joseph R. Nolan, Jr. | | | | 13% | | | | | 16% | | | | | 53% | | | | | 18% | | | | | 100% | | | ||||||||||
| John M. Moreira | | | | 25% | | | | | 20% | | | | | 41% | | | | | 14% | | | | | 100% | | | John M. Moreira | | | | 24% | | | | | 19% | | | | | 43% | | | | | 14% | | | | | 100% | | | ||||||||||
| Werner J. Schweiger | | | | 25% | | | | | 20% | | | | | 41% | | | | | 14% | | | | | 100% | | | Gregory B. Butler | | | | 28% | | | | | 20% | | | | | 39% | | | | | 13% | | | | | 100% | | | ||||||||||
| Gregory B. Butler | | | | 28% | | | | | 20% | | | | | 39% | | | | | 13% | | | | | 100% | | | Christine M. Carmody | | | | 28% | | | | | 20% | | | | | 39% | | | | | 13% | | | | | 100% | | | ||||||||||
| Christine M. Carmody | | | | 28% | | | | | 20% | | | | | 39% | | | | | 13% | | | | | 100% | | | James W. Hunt, III | | | | 33% | | | | | 20% | | | | | 35% | | | | | 12% | | | | | 100% | | | ||||||||||
| James J. Judge | | | | 15% | | | | | 0% | | | | | 64% | | | | | 21% | | | | | 100% | | | Werner J. Schweiger | | | | 24% | | | | | 19% | | | | | 43% | | | | | 14% | | | | | 100% | | | ||||||||||
| Philip J. Lembo | | | | 31% | | | | | 0% | | | | | 52% | | | | | 17% | | | | | 100% | | | NEO average, excluding CEO and retired NEO | | | | 27% | | | | | 20% | | | | | 40% | | | | | 13% | | | | | 100% | | | ||||||||||
| NEO average, excluding CEO and retired Executive Chairman | | | | 27% | | | | | 16% | | | | | 42% | | | | | 14% | | | | | 100% | | | |||||||||||||||||||||||||||||||||||||
| NEO Average, excluding CEO retired Executive Chairman and retired CFO | | | | 27% | | | | | 20% | | | | | 40% | | | | | 14% | | | | | 100% | | |
| Total Direct Compensation - CEO | | | Total Direct Compensation All other NEOs | |
| | | |
| | | Operational (30%) | | |
| | | |
| Category | | | | | Company Performance | | | Assessment | | |
| Earnings Per Share | | | $ | | | | | | ||
| Dividend Growth | | | Increase dividend beyond industry average | | | Achieved: Increased dividend to | | | 160% | |
| Strategic | | | Advancement of | | | Achieved: 52 of this proxy statement. | | | | |
| Weightings = Earnings Per Share – 60%; Dividend Growth – 10%; Strategic Growth Initiatives – 30% | |
| Category | | | 2023 Goal | | | Company Performance | | | Assessment | |
| Reliability | | | | | Exceeded: MBI = | | | | ||
| Average Restoration Duration (SAIDI) | | | minutes | | | | | | ||
| Safety Rate (Days Away Restricted Time (DART)) | | | | | | | | |||
| Gas Service Response | | | | | | | 175% | | ||
| Category | | | 2023 Goal | | | Company Performance | | | Assessment | |
| Diverse Leadership | | | 40.5% – 45.5% diverse hires or promotions of leadership level | | | Exceeded: 48.1% – 191 out of 397 of our promotions and hires were women and/or people of color. Please see page 53 of this proxy statement for additional information. | | | 175% | |
| Sustainability Ranking | | | 83rd – 95th percentile vs. US peer companies | | | Achieved: At the 92.1st percentile, Eversource performance was first quartile; the Company also received numerous recognitions and awards acknowledging sustainability excellence in 2023. Please see page 53 of this proxy statement for additional information. | | | 150% | |
| Enhance the Customer Experience | | | Success in advancing important customer initiatives | | | Achieved. This goal consisted of seven initiatives: 1) Execution of the Emergency & Outage Response Plan and Stakeholder Communications Plans; 2) Replacement of the Customer Call Center Technology and achievement of milestones established for OMNI-MA Phase II; 3) Replacement of corporate-wide Electric T & D SCADA System 4) Further education of stakeholders regarding the impact of clean energy; 5) Initiation of the implementation of MA AMI Plan, including Meter Data Management System and communications network coordinated with OMNI; 6) Ensuring T & D System and Communication Plans support potential for resource adequacy issues and impacts; and 7) Educating customers regarding impact of energy supply on customer bills. A full description of the goal and its results are set forth on pages 53 and 54 of this proxy statement. | | | 150% | |
| Clean Energy Execution | | | | | | | 150% | | ||
| Weightings = Reliability – 25%; Restoration – 25%; Safety, Gas Response, Diversity, Sustainability and Key Initiatives – 50% | |
| Financial Performance at | | | | | | | |
| Operational Performance at | | | | | | | |
| Overall Performance | | | | | | |
| Named Executive Officer | | 2022 Award | | 2021 Award | | Named Executive Officer | | 2023 Award | | 2022 Award | | Year-over-Year Change | | Year Over Year Change (%) | | ||||||||||||||||||||||||
| Joseph R. Nolan, Jr. | | | $ | 2,688,000 | | | | $ | 2,250,000 | | | Joseph R. Nolan, Jr. | | | $ | 1,630,000 | | | | $ | 2,688,000 | | | | $ | -1,058,000 | | | | | -39.4% | | | ||||||
| John M. Moreira(1) | | | | 900,000 | | | | | — | | | John M. Moreira | | | | 564,000 | | | | | 900,000 | | | | | -336,000 | | | | | -37.3% | | | ||||||
| Werner J. Schweiger | | | | 1,050,000 | | | | | 1,000,000 | | | Gregory B. Butler | | | | 468,000 | | | | | 720,000 | | | | | -252,000 | | | | | -35.0% | | | ||||||
| Gregory B. Butler | | | | 720,000 | | | | | 700,000 | | | Christine M. Carmody | | | | 378,000 | | | | | 720,000 | | | | | -342,000 | | | | | -47.5% | | | ||||||
| Christine M. Carmody | | | | 720,000 | | | | | 650,000 | | | James W. Hunt, III(1) | | | | 368,000 | | | | | — | | | | | — | | | | | — | | | ||||||
| James J. Judge(2) | | | | — | | | | | 2,246,000 | | | Werner J. Schweiger(2) | | | | — | | | | | 1,050,000 | | | | | — | | | | | — | | | ||||||
| Philip J. Lembo(3) | | | | — | | | | | 1,050,000 | | |
EPS Growth | ||||
| | Three-Year Relative Total Shareholder Return Percentiles | | | |||||||||||||||||||||||||||
| | Below 10th | | | 20th | | | 30th | | | 40th | | | 50th | | | 60th | | | 70th | | | 80th | | | 90th | | | Above 90th | | |
| | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | | 170% | | | 180% | | | 190% | | | 200% | | |
| | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | | 170% | | | 180% | | | 190% | | |
| | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | | 170% | | | 180% | | |
| | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | | 170% | | |
| | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | |
| | 60% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | |
| | 40% | | | 50% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | |
| | 20% | | | 40% | | | 60% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | |
| | — | | | 10% | | | 40% | | | 60% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | |
| | — | | | — | | | 20% | | | 30% | | | 50% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | |
| | — | | | — | | | — | | | 10% | | | 20% | | | 30% | | | 40% | | | 50% | | | 70% | | | 70% | | |
| | — | | | — | | | — | | | — | | | 10% | | | 20% | | | 30% | | | 40% | | | 50% | | | 60% | | |
| | Three-Year Average EPS Growth | | |
| | 10.0% | | |
| | 9.0% | | |
| | 8.0% | | |
| | 7.0% | | |
| | 6.0% | | |
| | 5.0% | | |
| | 4.0% | | |
| | 3.0% | | |
| | 2.0% | | |
| | 1.0% | | |
| | 0.0% | | |
| | Below 0% | | |
| | Three-Year Relative Total Shareholder Return Percentiles | | | |||||||||||||||||||||||||||
| | Below 10th | | | 20th | | | 30th | | | 40th | | | 50th | | | 60th | | | 70th | | | 80th | | | 90th | | | Above 90th | | |
| | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | | 170% | | | 180% | | | 190% | | | 200% | | |
| | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | | 170% | | | 180% | | | 190% | | |
| | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | | 170% | | | 180% | | |
| | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | | 170% | | |
| | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | | 160% | | |
| | 60% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | | 150% | | |
| | 40% | | | 50% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | | 140% | | |
| | 20% | | | 40% | | | 60% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | | 130% | | |
| | — | | | 10% | | | 40% | | | 60% | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | |
| | — | | | — | | | 20% | | | 30% | | | 50% | | | 60% | | | 80% | | | 80% | | | 100% | | | 110% | | |
| | — | | | — | | | — | | | 10% | | | 20% | | | 30% | | | 40% | | | 50% | | | 60% | | | 70% | | |
| | — | | | — | | | — | | | — | | | 10% | | | 20% | | | 30% | | | 40% | | | 50% | | | 60% | | |
| Named Executive Officer | | | Performance Share Grant | | |||
| Joseph R. Nolan, Jr. | | | | | | | |
| John M. Moreira | | | | | | | |
| Gregory B. Butler | | | | | 11,918 | | |
| Christine M. Carmody | | | | | 9,618 | | |
| James W. Hunt, III | | | | | 6,974 | | |
| Werner J. Schweiger | | | | | |||
| |
| Performance Share Awards | | ||||||
| Named Executive Officer | | | Performance Share Award | | |||
| Joseph R. Nolan, Jr. | | | | | | | |
| John M. Moreira | | | | | | | |
| Gregory B. Butler | | | | | 7,897 | | |
| Christine M. Carmody | | | | | 6,378 | | |
| James W. Hunt, III | | | | | 2,064 | | |
| Werner J. Schweiger | | | | | |||
| |
| | | | RSU Grants | | | | | RSU Grants | | ||||||||||||||||||||||||||||||
| Named Executive Officer | | 2020 | | 2021(1) | | 2022 | | Named Executive Officer | | 2021 | | 2022 | | 2023 | | ||||||||||||||||||||||||
| Joseph R. Nolan, Jr. | | | | 7,616 | | | | | 3,944 | | | | | 18,290 | | | Joseph R. Nolan, Jr. | | | | 3,944 | | | | | 18,290 | | | | | 23,392 | | | ||||||
| John M. Moreira(2) | | | | — | | | | | — | | | | | 970 | | | John M. Moreira(1) | | | | — | | | | | 970 | | | | | 5,587 | | | ||||||
| Werner J. Schweiger | | | | 9,235 | | | | | 4,782 | | | | | 5,030 | | | Gregory B. Butler | | | | 3,404 | | | | | 3,580 | | | | | 3,973 | | | ||||||
| Gregory B. Butler | | | | 6,575 | | | | | 3,404 | | | | | 3,580 | | | Christine M. Carmody | | | | 2,749 | | | | | 2,891 | | | | | 3,206 | | | ||||||
| Christine M. Carmody(3) | | | | — | | | | | 2,749 | | | | | 2,891 | | | James W. Hunt, III(2) | | | | — | | | | | — | | | | | 2,325 | | | ||||||
| James J. Judge | | | | 35,849 | | | | | 18,566 | | | | | 15,852 | | | Werner J. Schweiger | | | | 4,782 | | | | | 5,030 | | | | | 6,086 | | | ||||||
| Philip J. Lembo | | | | 8,635 | | | | | 4,472 | | | | | 4,704 | | |
| Executive Officer | | | Base Salary Multiple | | |||
| Chief Executive Officer | | | | | 6 | | |
| Executive Vice Presidents | | | | | 3 | | |
| Operating Company Presidents/ Senior Vice Presidents | | | | | 2 | | |
| Vice Presidents | | | | | 1-1.5 | | |
Name and Principal Position | | Year | | Salary | | Stock Awards(7) | | Non-Equity Incentive Plan(8) | | Change in Pension Value and Non-Qualified Deferred Earnings(9) | | All Other Compensation(10) | | SEC Total | | Adjusted SEC Total(11) | | | Year | | Salary | | Stock Awards(5) | | Non-Equity Incentive Plan(6) | | Change in Pension Value and Non-Qualified Deferred Earnings(7) | | All Other Compensation(8) | | SEC Total | | Adjusted SEC Total(9) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joseph R. Nolan, Jr. (1) Chairman, President and Chief Executive Officer | | | | | 2022 | | | | | 1,273,078 | | | | | 6,825,923 | | | | | 2,688,000 | | | | | 2,143,443 | | | | | 28,690 | | | | | 12,959,134 | | | | | 10,815,691 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 1,004,424 | | | | | 1,441,650 | | | | | 2,250,000 | | | | | 1,705,782 | | | | | 65,222 | | | | | 6,467,078 | | | | | 4,761,292 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 630,962 | | | | | 1,419,699 | | | | | 850,000 | | | | | 2,134,658 | | | | | 18,921 | | | | | 5,054,240 | | | | | 2,919,582 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
John M. Moreira (2) Executive Vice President, Chief Financial Officer and Treasurer | | | | | 2022 | | | | | 543,056 | | | | | 362,099 | | | | | 900,000 | | | | | 419,646 | | | | | 12,200 | | | | | 2,237,001 | | | | | 1,817,355 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Werner J. Schweiger (3) Executive Vice President and Chief Operating Officer | | | | | 2022 | | | | | 787,693 | | | | | 1,877,101 | | | | | 1,050,000 | | | | | — | | | | | 20,589 | | | | | 3,735,383 | | | | | 3,735,383 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 770,001 | | | | | 1,748,151 | | | | | 1,000,000 | | | | | 852,718 | | | | | 19,989 | | | | | 4,390,859 | | | | | 3,538,141 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 765,885 | | | | | 1,721,496 | | | | | 950,000 | | | | | 2,698,083 | | | | | 20,657 | | | | | 6,156,121 | | | | | 3,458,038 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joseph R. Nolan, Jr. Chairman, President and Chief Executive Officer | | | | | 2023 | | | | | 1,325,001 | | | | | 8,018,396 | | | | | 1,630,000 | | | | | 7,832,472 | | | | | 79,708 | | | | | 18,885,577 | | | | | 11,053,105 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 1,273,078 | | | | | 6,825,923 | | | | | 2,688,000 | | | | | 2,143,443 | | | | | 28,690 | | | | | 12,959,134 | | | | | 10,815,691 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 1,004,424 | | | | | 1,441,650 | | | | | 2,250,000 | | | | | 1,705,782 | | | | | 65,222 | | | | | 6,467,078 | | | | | 4,761,296 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
John M. Moreira (1) Executive Vice President, Chief Financial Officer and Treasurer | | | | | 2023 | | | | | 721,156 | | | | | 1,915,025 | | | | | 564,000 | | | | | 981,136 | | | | | 27,436 | | | | | 4,208,753 | | | | | 3,227,617 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 543,056 | | | | | 362,099 | | | | | 900,000 | | | | | 419,646 | | | | | 12,200 | | | | | 2,237,001 | | | | | 1,817,355 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gregory B. Butler Executive Vice President and General Counsel | | | | | 2022 | | | | | 685,387 | | | | | 1,335,961 | | | | | 720,000 | | | | | — | | | | | 12,106 | | | | | 2,753,454 | | | | | 2,753,454 | | | | | | | 2023 | | | | | 703,421 | | | | | 1,361,778 | | | | | 468,000 | | | | | 55,219 | | | | | 13,652 | | | | | 2,602,071 | | | | | 2,546,852 | | | ||||||||||||||
| | | 2021 | | | | | 670,002 | | | | | 1,244,544 | | | | | 700,000 | | | | | 2,611,448 | | | | | 11,656 | | | | | 5,327,650 | | | | | 2,626,202 | | | | | | 2022 | | | | | 685,387 | | | | | 1,335,961 | | | | | 720,000 | | | | | — | | | | | 12,106 | | | | | 2,753,454 | | | | | 2,753,454 | | | |||||||||||||||||
| | | 2020 | | | | | 670,292 | | | | | 1,225,646 | | | | | 700,000 | | | | | 1,637,907 | | | | | 15,839 | | | | | 4,249,684 | | | | | 2,611,777 | | | | | | 2021 | | | | | 670,002 | | | | | 1,244,544 | | | | | 700,000 | | | | | 2,611,448 | | | | | 11,656 | | | | | 5,327,650 | | | | | 2,626,202 | | | |||||||||||||||||
Christine M. Carmody(4 ) Executive Vice President-Human Resources and Info Technology | | | | | 2022 | | | | | 553,808 | | | | | 1,078,826 | | | | | 720,000 | | | | | — | | | | | 20,583 | | | | | 2,373,218 | | | | | 2,373,218 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 541,001 | | | | | 1,005,122 | | | | | 650,000 | | | | | 645,323 | | | | | 19,983 | | | | | 2,861,492 | | | | | 2,216,106 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
James J. Judge(5 ) Retired Executive Chairman | | | | | 2022 | | | | | 1,000,000 | | | | | 5,915,966 | | | | | — | | | | | — | | | | | 26,215 | | | | | 6,942,182 | | | | | 6,942,182 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 1,128,078 | | | | | 6,786,337 | | | | | 2,246,000 | | | | | — | | | | | 60,526 | | | | | 10,220,941 | | | | | 10,220,941 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 1,371,615 | | | | | 6,682,612 | | | | | 2,750,000 | | | | | 3,742,215 | | | | | 28,834 | | | | | 14,575,276 | | | | | 10,833,061 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Philip J. Lembo(6 ) Retired Chief Financial Officer | | | | | 2022 | | | | | 642,497 | | | | | 1,755,438 | | | | | — | | | | | — | | | | | 26,285 | | | | | 2,424,220 | | | | | 2,424,220 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 720,001 | | | | | 1,634,650 | | | | | 1,050,000 | | | | | 713,766 | | | | | 20,685 | | | | | 4,139,102 | | | | | 3,425,336 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 718,846 | | | | | 1,609,650 | | | | | 950,000 | | | | | 1,248,852 | | | | | 21,985 | | | | | 4,549,333 | | | | | 3,300,481 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christine M. Carmody (2) Executive Vice President-Human Resources and Information Technology | | | | | 2023 | | | | | 570,578 | | | | | 1,098,953 | | | | | 378,000 | | | | | 1,127,123 | | | | | 22,192 | | | | | 3,196,846 | | | | | 2,069,723 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 553,808 | | | | | 1,078,826 | | | | | 720,000 | | | | | — | | | | | 20,583 | | | | | 2,373,218 | | | | | 2,373,218 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 541,001 | | | | | 1,005,122 | | | | | 650,000 | | | | | 645,323 | | | | | 19,983 | | | 2,861,429 | | | | 2,216,106 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
James W. Hunt, III (3) Executive Vice President-Corporate Relations and Sustainability and Secretary | | | | 2023 | | | | | 636,462 | | | | | 796,877 | | | | | 368,000 | | | | | 230,842 | | | | | 25,250 | | | | | 2,057,432 | | | | | 1,826,590 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Werner J. Schweiger (4) Retired Executive Vice President and Chief Operating Officer | | | | | 2023 | | | | | 506,658 | | | | | 2,086,246 | | | | | — | | | | | — | | | | | 20,700 | | | | | 2,613,604 | | | | | 2,613,604 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 787,693 | | | | | 1,877,101 | | | | | 1,050,000 | | | | | — | | | | | 20,589 | | | | | 3,735,383 | | | | | 3,735,383 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 770,001 | | | | | 1,748,151 | | | | | 1,000,000 | | | | | 852,718 | | | | | 19,989 | | | | | 4,390,859 | | | | | 3,538,141 | | |
| | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards(1) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(2) | | Grant Date Fair Value of Stock and Option Awards ($)(3) | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards(1) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(2) | | Grant Date Fair Value of Stock and Option Awards ($)(3) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Grant Date | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | | Grant Date | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joseph R. Nolan, Jr. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Annual Incentive(4) | | | | 02/02/22 | | | | $ | 809,500 | | | | $ | 1,619,000 | | | | $ | 3,238,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 02/01/23 | | | | $ | 867,000 | | | | $ | 1,734,000 | | | | $ | 3,468,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Long-Term Incentive(5) | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 54,871 | | | | | 109,742 | | | | | 18,290 | | | | $ | 6,825,923 | | | | | | 02/01/23 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 70,177 | | | | | 140,354 | | | | | 23,392 | | | | $ | 8,018,396 | | | ||||||||||||||||||
John M. Moreira | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Annual Incentive(4) | | | | 02/02/22 | | | | | 250,000 | | | | | 500,000 | | | | | 1,000,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 02/01/23 | | | | | 300,000 | | | | | 600,000 | | | | | 1,200,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Long-Term Incentive(5) | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,911 | | | | | 5,822 | | | | | 970 | | | | | 362,099 | | | | | | 02/01/23 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 16,760 | | | | | 33,520 | | | | | 5,587 | | | | | 1,915,025 | | | ||||||||||||||||||
Werner J. Schweiger | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Incentive(4) | | | | 02/02/22 | | | | | 317,000 | | | | | 634,000 | | | | | 1,268,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Incentive(5) | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 15,089 | | | | | 30,178 | | | | | 5,030 | | | | | 1,877,101 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gregory B. Butler | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Annual Incentive(4) | | | | 02/02/22 | | | | | 241,500 | | | | | 483,000 | | | | | 966,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 02/01/23 | | | | | 249,000 | | | | | 498,000 | | | | | 996,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Long-Term Incentive(5) | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 10,739 | | | | | 21,478 | | | | | 3,580 | | | | | 1,335,961 | | | | | | 02/01/23 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 11,918 | | | | | 23,836 | | | | | 3,973 | | | | | 1,361,778 | | | ||||||||||||||||||
Christine M. Carmody | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Annual Incentive(4) | | | | 02/02/22 | | | | | 195,000 | | | | | 390,000 | | | | | 780,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 02/01/23 | | | | | 201,000 | | | | | 402,000 | | | | | 804,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Long-Term Incentive(5) | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 8,672 | | | | | 17,344 | | | | | 2,891 | | | | | 1,078,826 | | | | | | 02/01/23 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 9,618 | | | | | 19,236 | | | | | 3,206 | | | | | 1,098,953 | | | ||||||||||||||||||
James J. Judge | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
James W. Hunt, III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Incentive(4) | | | | 02/01/23 | | | | | 160,000 | | | | | 321,000 | | | | | 642,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Incentive(5) | | | | 02/21/23 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,974 | | | | | 13,948 | | | | | 2,325 | | | | | 796,877 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Werner J. Schweiger | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Incentive | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 02/01/23 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Long-Term Incentive(5) | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 47,556 | | | | | 98,112 | | | | | 15,852 | | | | | 5,915,966 | | | | | | 02/01/23 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 18,259 | | | | | 36,518 | | | | | 6,086 | | | | | 2,086,246 | | | ||||||||||||||||||
Philip J. Lembo | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Incentive | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Incentive(5) | | | | 02/02/22 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 14,111 | | | | | 28,222 | | | | | 4,704 | | | | | 1,755,438 | | |
| | | | Stock Awards(1) | | | | | Stock Awards(1) | | ||||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Shares or Units of Stock That Have Not Vested (#)(2) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(3) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(4) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(5) | | Name | | Number of Shares or Units of Stock That Have Not Vested (#)(2) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(3) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(4) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(5) | | ||||||||||||||||||||||||||||||||
| Joseph R. Nolan, Jr. | | | | 24,228 | | | | | 2,031,254 | | | | | 76,832 | | | | | 6,441,623 | | | Joseph R. Nolan, Jr. | | | | 38,480 | | | | | 2,374,981 | | | | | 143,477 | | | | | 8,855,431 | | | ||||||||
| John M. Moreira | | | | 2,264 | | | | | 189,806 | | | | | 7,762 | | | | | 650,778 | | | John M. Moreira | | | | 6,778 | | | | | 418,361 | | | | | 23,377 | | | | | 1,442,854 | | | ||||||||
| Werner J. Schweiger | | | | 11,833 | | | | | 992,038 | | | | | 40,530 | | | | | 3,398,016 | | | Gregory B. Butler | | | | 7,867 | | | | | 485,550 | | | | | 34,839 | | | | | 2,150,247 | | | ||||||||
| Gregory B. Butler | | | | 8,423 | | | | | 706,205 | | | | | 28,852 | | | | | 2,418,915 | | | Christine M. Carmody | | | | 6,351 | | | | | 392,007 | | | | | 28,128 | | | | | 1,736,067 | | | ||||||||
| Christine M. Carmody | | | | 6,802 | | | | | 570,267 | | | | | 23,300 | | | | | 1,953,481 | | | James W. Hunt, III | | | | 4,056 | | | | | 250,349 | | | | | 16,114 | | | | | 994,540 | | | ||||||||
| James J. Judge | | | | 42,174 | | | | | 3,535,847 | | | | | 146,059 | | | | | 12,245,569 | | | Werner J. Schweiger | | | | — | | | | | — | | | | | 40,530 | | | | | 2,501,497 | | | ||||||||
| Philip J. Lembo | | | | 0 | | | | | 860,506 | | | | | 36,696 | | | | | 3,076,595 | | |
| | | | Stock Awards | | | | | Stock Awards | | ||||||||||||||||||
| Name | | Number of Shares Acquired on Vesting (#)(1) | | Value Realized on Vesting(2) | | Name | | Number of Shares Acquired on Vesting (#)(1) | | Value Realized on Vesting(2) | | ||||||||||||||||
| Joseph R. Nolan, Jr. | | | | 19,714 | | | | $ | 1,588,275 | | | Joseph R. Nolan, Jr. | | | | 19,412 | | | | $ | 1,543,748 | | | ||||
| John M. Moreira | | | | 5,519 | | | | | 444,229 | | | John M. Moreira | | | | 3,324 | | | | | 265,035 | | | ||||
| Werner J. Schweiger | | | | 25,673 | | | | | 2,067,601 | | | Gregory B. Butler | | | | 12,562 | | | | | 1,001,734 | | | ||||
| Gregory B. Butler | | | | 20,612 | | | | | 1,659,093 | | | Christine M. Carmody | | | | 10,144 | | | | | 808,891 | | | ||||
| Christine M. Carmody | | | | 16,650 | | | | | 1,340,151 | | | James W. Hunt, III | | | | 3,641 | | | | | 290,062 | | | ||||
| James J. Judge | | | | 114,120 | | | | | 9,185,060 | | | Werner J. Schweiger | | | | 17,645 | | | | | 1,407,030 | | | ||||
| Philip J. Lembo | | | | 25,354 | | | | | 2,041,421 | | |
| Name | | 2019 Program | | 2020 Program | | 2021 Program | | Name | | 2020 Program | | 2021 Program | | 2022 Program | | ||||||||||||||||||||||||
| Joseph R. Nolan, Jr. | | | | 15,678 | | | | | 2,684 | | | | | 1,352 | | | Joseph R. Nolan, Jr. | | | | 11,732 | | | | | 1,395 | | | | | 6,284 | | | ||||||
| John M. Moreira | | | | 4,593 | | | | | 610 | | | | | 316 | | | John M. Moreira | | | | 2,665 | | | | | 326 | | | | | 333 | | | ||||||
| Werner J. Schweiger | | | | 20,779 | | | | | 3,254 | | | | | 1,640 | | | Gregory B. Butler | | | | 10,129 | | | | | 1,204 | | | | | 1,230 | | | ||||||
| Gregory B. Butler | | | | 17,128 | | | | | 2,318 | | | | | 1,167 | | | Christine M. Carmody | | | | 8,180 | | | | | 971 | | | | | 993 | | | ||||||
| Christine M. Carmody | | | | 13,836 | | | | | 1,871 | | | | | 942 | | | James W. Hunt, III | | | | 2,649 | | | | | 324 | | | | | 668 | | | ||||||
| James J. Judge | | | | 95,119 | | | | | 12,634 | | | | | 6,366 | | | Werner J. Schweiger | | | | 14,227 | | | | | 1,691 | | | | | 1,728 | | | ||||||
| Philip J. Lembo | | | | 20,779 | | | | | 3,043 | | | | | 1,533 | | |
Name | | Plan Name | | Number of Years Credited Service (#) | | Present Value of Accumulated Benefits | | During Last Fiscal Year | | | Plan Name | | Number of Years Credited Service (#) | | Present Value of Accumulated Benefits | | During Last Fiscal Year | | ||||||||||||||||||||||||||
Joseph R. Nolan, Jr. | | Retirement Plan (QP) | | | | 37.42 | | | | $ | 1,110,849 | | | | $ | — | | | | Retirement Plan (QP) | | | | 38.42 | | | | $ | 1,218,146 | | | | $ | — | | | ||||||||
| | Supplemental Plan (Excess) | | | | 37.42 | | | | | 7,730,512 | | | | | — | | | | Supplemental Plan (Excess) | | | | 38.42 | | | | | 11,446,635 | | | | | — | | | ||||||||
| | Supplemental Plan (SERP) | | | | 20.00 | | | | | 7,111,910 | | | | | — | | | | Supplemental Plan (SERP) | | | | 20.00 | | | | | 11,120,961 | | | | | — | | | ||||||||
John M. Moreira | | Retirement Plan (QP) | | | | 22.67 | | | | | 773,402 | | | | | — | | | | Retirement Plan (QP) | | | | 23.67 | | | | | 859,201 | | | | | — | | | ||||||||
| | Supplemental Plan (Excess) | | | | 22.67 | | | | | 1,340,447 | | | | | — | | | ||||||||||||||||||||||||||
Werner J. Schweiger | | Retirement Plan (QP) | | | | 20.83 | | | | | 770,967 | | | | | — | | | ||||||||||||||||||||||||||
| | Supplemental Plan (Excess) | | | | 20.83 | | | | | 3,901,275 | | | | | — | | | ||||||||||||||||||||||||||
| | Supplemental Plan (SERP) | | | | 20.00 | | | | | 8,258,175 | | | | | — | | | | Supplemental Plan (Excess) | | | | 23.67 | | | | | 2,235,784 | | | | | — | | | ||||||||
Gregory B. Butler | | Retirement Plan (QP) | | | | 26.00 | | | | | 1,436,573 | | | | | — | | | | Retirement Plan (QP) | | | | 27.00 | | | | | 1,535,252 | | | | | — | | | ||||||||
| | Supplemental Plan (Excess) | | | | 26.00 | | | | | 6,296,128 | | | | | — | | | | Supplemental Plan (Excess) | | | | 27.00 | | | | | 6,534,287 | | | | | — | | | ||||||||
| | Supplemental Plan (Excess) | | | | 26.00 | | | | | 4,260,121 | | | | | — | | ��� | | Supplemental Plan (SERP) | | | | 27.00 | | | | | 3,978,502 | | | | | — | | | ||||||||
Christine M. Carmody | | Retirement Plan (QP) | | | | 19.25 | | | | | 650,082 | | | | | — | | | | Retirement Plan (QP) | | | | 20.25 | | | | | 732,014 | | | | | — | | | ||||||||
| | Supplemental Plan (Excess) | | | | 19.25 | | | | | 1,990,139 | | | | | — | | | | Supplemental Plan (Excess) | | | | 20.25 | | | | | 2,169,929 | | | | | — | | | ||||||||
| | Supplemental Plan (SERP) | | | | 16.00 | | | | | 3,964,751 | | | | | — | | | | Supplemental Plan (Excess) | | | | 17.00 | | | | | 4,830,152 | | | | | — | | | ||||||||
James J. Judge | | Retirement Plan (QP) | | | | 45.33 | | | | | 3,258,612 | | | | | — | | | ||||||||||||||||||||||||||
James W. Hunt, III | | Retirement Plan (QP) | | | | 11.25 | | | | | 354,757 | | | | | — | | | ||||||||||||||||||||||||||
| | Supplemental Plan (Excess) | | | | 11.25 | | | | | 672,313 | | | | | — | | | ||||||||||||||||||||||||||
Werner J. Schweiger | | Retirement Plan (QP) | | | | 21.33 | | | | | — | | | | | 882,127 | | | ||||||||||||||||||||||||||
| | Supplemental Plan (Excess) | | | | 45.33 | | | | | 21,000,504 | | | | | — | | | | Supplemental Plan (Excess) | | | | 21.33 | | | | | 4,490,764 | | | | | — | | | ||||||||
| | Supplemental Plan (SERP) | | | | 20.00 | | | | | 5,106,343 | | | | | — | | | | Supplemental Plan (SERP) | | | | 20.00 | | | | | 7,820,848 | | | | | — | | | ||||||||
Philip J. Lembo | | Retirement Plan (QP) | | | | 39.08 | | | | | 1,979,805 | | | | | — | | | ||||||||||||||||||||||||||
| | Supplemental Plan (Excess) | | | | 39.08 | | | | | 21,906 | | | | | — | | | ||||||||||||||||||||||||||
| | Supplemental Plan (Excess) | | | | 39.08 | | | | | 8,863,836 | | | | | — | | |
| Name | | Executive Contributions in Last FY | | Registrant Contributions in Last FY | | Aggregate Earnings in in Last FY | | Aggregate Withdrawals/ Distributions | | Aggregate Balance at Last FYE(1) | | Name | | Executive Contributions in Last FY | | Registrant Contributions in Last FY | | Aggregate Earnings in in Last FY | | Aggregate Withdrawals/ Distributions | | Aggregate Balance at Last FYE(1) | | ||||||||||||||||||||||||||||||||||||||||
| Joseph R. Nolan, Jr. | | | $ | — | | | | $ | — | | | | $ | -738,565 | | | | $ | — | | | | $ | 7,466,727 | | | Joseph R. Nolan, Jr. | | | $ | — | | | | $ | — | | | | $ | -731,453 | | | | $ | — | | | | $ | 6,735,275 | | | ||||||||||
| John M. Moreira | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | John M. Moreira | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Werner J. Schweiger | | | | — | | | | | — | | | | | -5,041,612 | | | | | — | | | | | 21,263,902 | | | Gregory B. Butler | | | | — | | | | | — | | | | | -4,150 | | | | | — | | | | | 25,160 | | | ||||||||||
| Gregory B. Butler | | | | — | | | | | — | | | | | -2,567 | | | | | — | | | | | 29,310 | | | Christine M. Carmody | | | | — | | | | | — | | | | | 145,490 | | | | | — | | | | | 1,699,951 | | | ||||||||||
| Christine M. Carmody | | | | — | | | | | — | | | | | -134,743 | | | | | — | | | | | 1,554,461 | | | James W. Hunt, III | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| James J. Judge | | | | — | | | | | — | | | | | -489,911 | | | | | — | | | | | 8,736,410 | | | Werner J. Schweiger | | | | — | | | | | — | | | | | 740,758 | | | | | 3,589,001 | | | | | 22,004,660 | | | ||||||||||
| Philip J. Lembo | | | | — | | | | | — | | | | | -350,036 | | | | | — | | | | | 1,736,907 | | |
| | Type of Payments | | Voluntary Termination | | Involuntary Termination Not for Cause | | Termination Upon Death or Disability | | Termination Following a Change in Control | | | Type of Payments | | Voluntary Termination | | Involuntary Termination Not for Cause | | Termination Upon Death or Disability | | Termination Following a Change in Control | | ||||||||||||||||||||||||||||||||||
Joseph R. Nolan, Jr. | | | Annual Incentives(1) | | | $ | ― | | | | $ | ― | | | | $ | ― | | | | $ | 1,619,000 | | | | | Cash Severance(1) | | | $ | ― | | | | $ | ― | | | | $ | ― | | | | $ | 12,066,000 | | | ||||||||
| Performance Shares(2) | | | | 2,943,513 | | | | | 2,943,513 | | | | | 2,943,513 | | | | | 6,441,624 | | | | Annual Incentives(2) | | | | ― | | | | | ― | | | | | ― | | | | | 1,734,000 | | | |||||||||||
| RSUs(3) | | | | 799,681 | | | | | 799,681 | | | | | 799,681 | | | | | 2,031,254 | | | | Performance Shares(3) | | | | 4,679,506 | | | | | 4,679,506 | | | | | 4,679,506 | | | | | 8,855,431 | | | |||||||||||
| Special Retirement Benefit(4) | | | | ― | | | | | ― | | | | | ― | | | | | 16,580,742 | | | | RSUs(4) | | | | 905,230 | | | | | 905,230 | | | | | 905,230 | | | | | 2,374,981 | | | |||||||||||
| Health and Welfare Benefits(5) | | | | ― | | | | | ― | | | | | ― | | | | | 109,680 | | | | Special Retirement Benefit(5) | | | | ― | | | | | ― | | | | | ― | | | | | 4,678,302 | | | |||||||||||
| Perquisites(6) | | | | ― | | | | | ― | | | | | ― | | | | | 30,000 | | | | Health and Welfare Benefits(6) | | | | ― | | | | | ― | | | | | ― | | | | | 112,514 | | | |||||||||||
| Excise Tax and Gross-ups(7) | | | | ― | | | | | ― | | | | | ― | | | | | 10,872,687 | | | | Perquisites(7) | | | | ― | | | | | ― | | | | | ― | | | | | 36,000 | | | |||||||||||
| Separation Payment for Liquidated Damages(8) | | | | ― | | | | | ― | | | | | ― | | | | | 10,635,000 | | | | Excise Tax and Gross-ups(8) | | | | ― | | | | | ― | | | | | ― | | | | | 5,963,667 | | | |||||||||||
| Total | | | $ | 3,743,195 | | | | $ | 3,743,195 | | | | $ | 3,743,195 | | | | $ | 48,319,986 | | | | Total | | | $ | 5,584,736 | | | | $ | 5,584,736 | | | | $ | 5,584,736 | | | | $ | 35,820,895 | | | |||||||||||
John M Moreira | | | Annual Incentives(1) | | | $ | ― | | | | $ | ― | | | | $ | ― | | | | $ | 500,000 | | | ||||||||||||||||||||||||||||||||
| Performance Shares(2) | | | | 402,897 | | | | | 402,897 | | | | | 402,897 | | | | | 650,777 | | | ||||||||||||||||||||||||||||||||||
| RSUs(3) | | | | 98,557 | | | | | 98,557 | | | | | 98,557 | | | | | 189,806 | | | ||||||||||||||||||||||||||||||||||
| Total | | | $ | 501,454 | | | | $ | 501,454 | | | | $ | 501,454 | | | | $ | 1,340,583 | | | ||||||||||||||||||||||||||||||||||
John M. Moreira | | | Cash Severance(1) | | | $ | ― | | | | $ | 1,350,000 | | | | $ | ― | | | | $ | 2,700,000 | | | ||||||||||||||||||||||||||||||||
| Annual Incentives(2) | | | | ― | | | | | ― | | | | | ― | | | | | 600,000 | | | ||||||||||||||||||||||||||||||||||
| Performance Shares(3) | | | | 666,006 | | | | | 666,006 | | | | | 666,006 | | | | | 1,442,854 | | | ||||||||||||||||||||||||||||||||||
| RSUs(4) | | | | 147,487 | | | | | 147,487 | | | | | 147,487 | | | | | 418,361 | | | ||||||||||||||||||||||||||||||||||
| Health and Welfare Benefits(6) | | | | ― | | | | | 23,771 | | | | | ― | | | | | 47,542 | | | ||||||||||||||||||||||||||||||||||
| Total | | | $ | 813,493 | | | | $ | 2,187,264 | | | | $ | 813,493 | | | | $ | 5,208,756 | | | ||||||||||||||||||||||||||||||||||
Gregory B. Butler | | | Annual Incentives(1) | | | $ | ― | | | | $ | ― | | | | $ | ― | | | | $ | 483,000 | | | | | Cash Severance(1) | | | $ | ― | | | | $ | 1,209,000 | | | | $ | ― | | | | $ | 1,209,000 | | | ||||||||
| Performance Shares(2) | | | | 2,418,915 | | | | | 2,418,951 | | | | | 2,418,915 | | | | | 2,418,915 | | | | Annual Incentives(2) | | | | ― | | | | | ― | | | | | ― | | | | | 498,000 | | | |||||||||||
| RSUs(3) | | | | 681,637 | | | | | 681,637 | | | | | 681,637 | | | | | 706,204 | | | | Performance Shares(3) | | | | 2,150,247 | | | | | 2,150,247 | | | | | 2,150,247 | | | | | 2,150,247 | | | |||||||||||
| Health and Welfare Benefits(5) | | | | ― | | | | | 47,287 | | | | | ― | | | | | 70,931 | | | | RSUs(4) | | | | 465,344 | | | | | 465,344 | | | | | 465,344 | | | | | 485,550 | | | |||||||||||
| Perquisites(6) | | | | ― | | | | | 11,000 | | | | | ― | | | | | 16,500 | | | | Health and Welfare Benefits(6) | | | | ― | | | | | 48,002 | | | | | ― | | | | | 72,004 | | | |||||||||||
| Separation Payments for Liquidated Damages(8) | | | | ― | | | | | 1,173,000 | | | | | ― | | | | | 1,173,000 | | | | Perquisites(7) | | | | 10,000 | | | | | 11,000 | | | | | ― | | | | | 15,000 | | | |||||||||||
| Separation for Non-Compete Agreement(9) | | | | ― | | | | | 1,173,000 | | | | | ― | | | | | 2,346,000 | | | | Separation for Non-Compete Agreement(9) | | | | ― | | | | | 1,209,000 | | | | | ― | | | | | 2,418,000 | | | |||||||||||
| Total | | | $ | 3,100,552 | | | | $ | 5,504,840 | | | | $ | 3,100,552 | | | | $ | 7,214,551 | | | | Total | | | $ | 2,615,590 | | | | $ | 5,091,593 | | | | $ | 2,615,590 | | | | $ | 6,847,800 | | | |||||||||||
Christine M. Carmody | | | Annual Incentives(1) | | | $ | ― | | | | $ | ― | | | | $ | ― | | | | $ | 390,000 | | | | | Cash Severance(1) | | | $ | ― | | | | $ | ― | | | | $ | ― | | | | $ | 3,869,060 | | | ||||||||
| Performance Shares(2) | | | | 1,214,833 | | | | | 1,214,833 | | | | | 1,214,833 | | | | | 1,953,481 | | | | Annual Incentives(2) | | | | ― | | | | | ― | | | | | ― | | | | | 402,000 | | | |||||||||||
| RSUs(3) | | | | 298,046 | | | | | 298,046 | | | | | 298,046 | | | | | 570,267 | | | | Performance Shares(3) | | | | 1,138,832 | | | | | 1,138,832 | | | | | 1,138,832 | | | | | 1,736,067 | | | |||||||||||
| Health and Welfare Benefits(5) | | | | ― | | | | | ― | | | | | ― | | | | | 11,737 | | | | RSUs(4) | | | | 177,473 | | | | | 177,473 | | | | | 177,473 | | | | | 392,007 | | | |||||||||||
| Perquisites(6) | | | | ― | | | | | ― | | | | | ― | | | | | 16,500 | | | | Health and Welfare Benefits(6) | | | | ― | | | | | ― | | | | | ― | | | | | 11,782 | | | |||||||||||
| Separation Payments for Liquidated Damages(8) | | | | ― | | | | | ― | | | | | ― | | | | | 3,608,930 | | | | Perquisites(7) | | | | ― | | | | | ― | | | | | ― | | | | | 15,000 | | | |||||||||||
| Total | | | $ | 1,512,879 | | | | $ | 1,512,879 | | | | $ | 1,512,879 | | | | $ | 6,550,916 | | | | Total | | | $ | 1,316,305 | | | | $ | 1,316,305 | | | | $ | 1,316,305 | | | | $ | 6,425,916 | | | |||||||||||
James W. Hunt, III | | | Cash Severance(1) | | | $ | ― | | | | $ | 856,000 | | | | $ | ― | | | | $ | 1,712,000 | | | ||||||||||||||||||||||||||||||||
| Annual Incentives(2) | | | | ― | | | | | ― | | | | | ― | | | | | 321,000 | | | ||||||||||||||||||||||||||||||||||
| Performance Shares(3) | | | | | | | | | | | | | | | | | | | 994,540 | | | ||||||||||||||||||||||||||||||||||
| RSUs(4) | | | | ― | | | | | ― | | | | | ― | | | | | 250,349 | | | ||||||||||||||||||||||||||||||||||
| Health and Welfare Benefits(6) | | | | ― | | | | | 31,393 | | | | | ― | | | | | 62,765 | | | ||||||||||||||||||||||||||||||||||
| Total | | | $ | ― | | | | $ | 887,393 | | | | $ | — | | | | $ | 3,340,655 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based on | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based on | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||
| Fiscal Year | | SCT Total PEO #1(1) | | CAP PEO #1(1) | | SCT Total PEO #2(1) | | CAP PEO #2(1) | | Average SCT Non-PEO NEOs(2) | | CAP Non-PEO NEOs(2) | | Company TSR(3) | | Peer Group TSR(3) | | Net Income | | Company Selected Measure (EPS Non-GAAP)(4) | | Fiscal Year | | SCT Total PEO #1(1) | | CAP PEO #1(1) | | SCT Total PEO #2(1) | | CAP PEO #2(1) | | Average SCT Non-PEO NEOs(2) | | CAP Non-PEO NEOs(2) | | Company TSR(3) | | Peer Group TSR(3) | | Net Income | | Company Selected Measure (EPS Non-GAAP)(4) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| a | | b | | c | | d | | e | | f | | g | | h | | i | | j | | k | | a | | b | | c | | d | | e | | f | | g | | h | | i | | j | | k | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (2022) | | | | 12,959,134 | | | | | 10,858,066 | | | | | | | | | | | | | | | 3,410,910 | | | | | 2,951,647 | | | | | 107 | | | | | 117 | | | | | 1,404.9 | | | | | 4.09 | | | 1 (2023) | | | | 18,885,577 | | | | | 7,429,247 | | | | | | | | | | | | | | | 2,936,041 | | | | | 1,135,182 | | | | | 82 | | | | | 107 | | | | | -442.2 | | | | | 4.34 | | | ||||||||||||||||||||
| (2021) | | | | 6,467,078 | | | | | 5,120,192 | | | | | 10,220,941 | | | | | 10,910,465 | | | | | 4,157,260 | | | | | 3,471,045 | | | | | 113 | | | | | 116 | | | | | 1,220.5 | | | | | 3.86 | | | 2 (2022) | | | | 12,959,134 | | | | | 10,858,066 | | | | | | | | | | | | | | | 3,410,910 | | | | | 2,951,647 | | | | | 107 | | | | | 117 | | | | | 1,404.9 | | | | | 4.09 | | | ||||||||||||||||||||
| (2020) | | | | | | | | | | | | | | 14,575,276 | | | | | 14,062,876 | | | | | 5,002,344 | | | | | 3,960,432 | | | | | 105 | | | | | 99 | | | | | 1,205.2 | | | | | 3.64 | | | 3 (2021) | | | | 6,467,078 | | | | | 5,120,192 | | | | | 10,220,941 | | | | | 10,910,465 | | | | | 4,157,260 | | | | | 3,471,045 | | | | | 113 | | | | | 116 | | | | | 1,220.5 | | | | | 3.86 | | | ||||||||||||||||||||
| 4 (2020) | | | | | | | | | | | | | | 14,575,276 | | | | | 14,062,876 | | | | | 5,002,344 | | | | | 3,960,432 | | | | | 105 | | | | | 99 | | | | | 1,205.2 | | | | | 3.64 | | |
| Fiscal Year | | | SCT Total PEO #1 | | | Pension Deducted from SCT | | | Pension Service Value Added to SCT | | | Stock Awards Deducted from SCT | | | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End | | | Change in Fair Value of Unvested Equity Awards that Vested During the Year | | | Change in Fair Value of Unvested Equity Grants | | | CAP PEO #1 | | ||||||||||||||||||||||||
| a | | | b | | | c | | | d | | | e | | | f | | | g | | | h | | | i | | ||||||||||||||||||||||||
| (2022) | | | | | 12,959,134 | | | | | | -2,143,443 | | | | | | 429,463 | | | | | | -6,825,923 | | | | | | 6,749,195 | | | | | | -235,802 | | | | | | -74,557 | | | | | | 10,858,066 | | |
| (2021) | | | | | 6,467,078 | | | | | | -1,705,782 | | | | | | 336,850 | | | | | | -1,441,650 | | | | | | 1,546,319 | | | | | | -201,335 | | | | | | 118,712 | | | | | | 5,120,192 | | |
| Fiscal Year | | | SCT Total PEO #2 | | | Pension Deducted from SCT | | | Pension Service Value Added to SCT | | | Stock Awards Deducted from SCT | | | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End | | | Change in Fair Value of Unvested Equity Awards that Vested During the Year | | | Change in Fair Value of Unvested Equity Grants | | | CAP PEO #2 | | ||||||||||||||||||||||||
| a | | | b | | | c | | | d | | | e | | | f | | | g | | | h | | | i | | ||||||||||||||||||||||||
| (2021) | | | | | 10,220,941 | | | | | | 0 | | | | | | 845,242 | | | | | | -6,786,337 | | | | | | 7,279,051 | | | | | | -1,266,246 | | | | | | 617,814 | | | | | | 10,910,465 | | |
| (2020) | | | | | 14,575,276 | | | | | | -3,742,215 | | | | | | 111,326 | | | | | | -6,682,612 | | | | | | 6,707,152 | | | | | | 2,047,648 | | | | | | 1,046,301 | | | | | | 14,062,876 | | |
| Fiscal Year | | | Average SCT Non-PEO NEOs | | | Pension Deducted from SCT | | | Pension Service Value Added to SCT | | | Stock Awards Deducted from SCT | | | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End | | | Change in Fair Value of Unvested Equity Awards that Vested During the Year | | | Change in Fair Value of Unvested Equity Grants | | | Average CAP Non-PEO NEOs | | ||||||||||||||||||||||||
| a | | | b | | | c | | | d | | | e | | | f | | | g | | | h | | | i | | ||||||||||||||||||||||||
| (2022) | | | | | 3,410,910 | | | | | | -69,941 | | | | | | 162,780 | | | | | | -2,054,232 | | | | | | 2,031,140 | | | | | | -419,104 | | | | | | -109,907 | | | | | | 2,951,647 | | |
| (2021) | | | | | 4,157,260 | | | | | | -1,205,814 | | | | | | 530,849 | | | | | | -1,408,117 | | | | | | 1,510,350 | | | | | | -238,540 | | | | | | 125,057 | | | | | | 3,471,045 | | |
| (2020) | | | | | 5,002,344 | | | | | | -1,929,875 | | | | | | 257,161 | | | | | | -1,494,123 | | | | | | 1,499,609 | | | | | | 422,302 | | | | | | 203,013 | | | | | | 3,960,432 | | |
| Fiscal Year | | | SCT Total PEO #1 | | | Pension Deducted from SCT | | | Pension Service Value Added to SCT | | | Stock Awards Deducted from SCT | | | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End | | | Change in Fair Value of Unvested Equity Awards that Vested During the Year | | | Change in Fair Value of Unvested Equity Grants | | | CAP PEO #1 | | ||||||||||||||||||||||||
| a | | | b | | | c | | | d | | | e | | | f | | | g | | | h | | | i | | ||||||||||||||||||||||||
| 1 (2023) | | | | | 18,885,577 | | | | | | -7,832,472 | | | | | | 689,828 | | | | | | -8,018,396 | | | | | | 6,023,948 | | | | | | -182,331 | | | | | | -2,136,906 | | | | | | 7,429,247 | | |
| 2 (2022) | | | | | 12,959,134 | | | | | | -2,143,443 | | | | | | 429,463 | | | | | | -6,825,923 | | | | | | 6,749,195 | | | | | | -235,802 | | | | | | -74,557 | | | | | | 10,858,066 | | |
| 3 (2021) | | | | | 6,467,078 | | | | | | -1,705,782 | | | | | | 336,850 | | | | | | -1,441,650 | | | | | | 1,546,319 | | | | | | -201,335 | | | | | | 118,712 | | | | | | 5,120,192 | | |
| Fiscal Year | | | SCT Total PEO #2 | | | Pension Deducted from SCT | | | Pension Service Value Added to SCT | | | Stock Awards Deducted from SCT | | | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End | | | Change in Fair Value of Unvested Equity Awards that Vested During the Year | | | Change in Fair Value of Unvested Equity Grants | | | CAP PEO #2 | | ||||||||||||||||||||||||
| a | | | b | | | c | | | d | | | e | | | f | | | g | | | h | | | i | | ||||||||||||||||||||||||
| (2021) | | | | | 10,220,941 | | | | | | 0 | | | | | | 845,242 | | | | | | -6,786,337 | | | | | | 7,279,051 | | | | | | -1,266,246 | | | | | | 617,814 | | | | | | 10,910,465 | | |
| (2020) | | | | | 14,575,276 | | | | | | -3,742,215 | | | | | | 111,326 | | | | | | -6,682,612 | | | | | | 6,707,152 | | | | | | 2,047,648 | | | | | | 1,046,301 | | | | | | 14,062,876 | | |
| Fiscal Year | | | Average SCT Non-PEO NEOs | | | Pension Deducted from SCT | | | Pension Service Value Added to SCT | | | Stock Awards Deducted from SCT | | | Fair Value of Equity Awards Granted during the Year and Remained Unvested at Year-End | | | Change in Fair Value of Unvested Equity Awards that Vested During the Year | | | Change in Fair Value of Unvested Equity Grants | | | Average CAP Non-PEO NEOs | | ||||||||||||||||||||||||
| a | | | b | | | c | | | d | | | e | | | f | | | g | | | h | | | i | | ||||||||||||||||||||||||
| 1 (2023) | | | | | 2,936,041 | | | | | | -478,864 | | | | | | 84,416 | | | | | | -1,451,776 | | | | | | 827,273 | | | | | | -102,269 | | | | | | -679,639 | | | | | | 1,135,182 | | |
| 2 (2022) | | | | | 3,410,910 | | | | | | -69,941 | | | | | | 162,780 | | | | | | -2,054,232 | | | | | | 2,031,140 | | | | | | -419,104 | | | | | | -109,907 | | | | | | 2,951,647 | | |
| 3 (2021) | | | | | 4,157,260 | | | | | | -1,205,814 | | | | | | 530,849 | | | | | | -1,408,117 | | | | | | 1,510,350 | | | | | | -238,540 | | | | | | 125,057 | | | | | | 3,471,045 | | |
| 4 (2020) | | | | | 5,002,344 | | | | | | -1,929,875 | | | | | | 257,161 | | | | | | -1,494,123 | | | | | | 1,499,609 | | | | | | 422,302 | | | | | | 203,013 | | | | | | 3,960,432 | | |
| Fiscal Year | | Service Cost | | Prior Service Cost | | Total Pension Benefit Adjustments | | Fiscal Year | | Service Cost | | Prior Service Cost | | Total Pension Benefit Adjustments | | ||||||||||||||||||||||||
| a | | b | | c | | d | | a | | b | | c | | d | | ||||||||||||||||||||||||
| PEO#1 (2022) | | | | 429,463 | | | | | 0 | | | | | 429,463 | | | PEO#1 (2023) | | | | 689,828 | | | | | 0 | | | | | 689,828 | | | ||||||
| PEO#1 (2021) | | | | 336,850 | | | | | 0 | | | | | 336,850 | | | PEO#1 (2022) | | | | 429,463 | | | | | 0 | | | | | 429,463 | | | ||||||
| PEO#2 (2021) | | | | 845,242 | | | | | 0 | | | | | 845,242 | | | PEO#1 (2021) | | | | 336,850 | | | | | 0 | | | | | 336,850 | | | ||||||
| PEO#2 (2020) | | | | 111,326 | | | | | 0 | | | | | 111,326 | | | PEO#2 (2021) | | | | 845,242 | | | | | 0 | | | | | 845,242 | | | ||||||
| Average Non-PEO NEO (2022) | | | | 162,780 | | | | | 0 | | | | | 162,780 | | | PEO#2 (2020) | | | | 111,326 | | | | | 0 | | | | | 111,326 | | | ||||||
| Average Non-PEO NEO (2021) | | | | 530,849 | | | | | 0 | | | | | 530,849 | | | Average Non-PEO NEO (2023) | | | | 84,416 | | | | | 0 | | | | | 84,416 | | | ||||||
| Average Non-PEO NEO (2020) | | | | 257,161 | | | | | 0 | | | | | 257,161 | | | Average Non-PEO NEO (2022) | | | | 162,780 | | | | | 0 | | | | | 162,780 | | | ||||||
| Average Non-PEO NEO (2021) | | | | 530,849 | | | | | 0 | | | | | 530,849 | | | |||||||||||||||||||||||
| Average Non-PEO NEO (2020) | | | | 257,161 | | | | | 0 | | | | | 257,161 | | |
| | | | Most Important Performance Measures | | | | |
| | | | Earnings | | | ||
| | | | Dividend Growth | | | ||
| | | | Total Shareholder Return | | | ||
| | | | Reliability | | | ||
| | | | Restoration | | | ||
| | | | Strategic Growth Initiatives | | |
| Adjusted Earnings and EPS Reconciliation | | ||||||||||||||||||||||||||||||||||||
| | | | For the Years Ended December 31, | | |||||||||||||||||||||||||||||||||
| | | | 2023 | | | 2022 | | | 2021 | | |||||||||||||||||||||||||||
| (Millions of Dollars, Except Per Share Amounts) | | | Amount | | | Per Share | | | Amount | | | Per Share | | | Amount | | | Per Share | | ||||||||||||||||||
| Net (Loss)/Income Attributable to Common Shareholders (GAAP) | | | | $ | (442.2) | | | | | $ | (1.26) | | | | | $ | 1,404.9 | | | | | $ | 4.05 | | | | | $ | 1,220.5 | | | | | $ | 3.54 | | |
| Adjustments (after-tax) to reconcile to Adjusted Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Impairments of Offshore Wind Investments | | | | | 1,953.0 | | | | | | 5.58 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Land Abandonment Loss | | | | | 4.8 | | | | | | 0.02 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Acquisition, Transition and Strategic Review Costs | | | | | 2.1 | | | | | | — | | | | | | 15.0 | | | | | | 0.04 | | | | | | 23.6 | | | | | | 0.07 | | |
| CL&P Settlement Impacts | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 86.1 | | | | | | 0.25 | | |
| Adjusted Earnings (Non-GAAP) | | | | $ | 1,517.7 | | | | | $ | 4.34 | | | | | $ | 1,419.9 | | | | | $ | 4.09 | | | | | $ | 1,330.2 | | | | | $ | 3.86 | | |
|
| Adjusted Earnings and EPS Reconciliation | | ||||||||||||||||||||||||||||||||||||
| | | | For the Years Ended December 31, | | |||||||||||||||||||||||||||||||||
| | | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||
| (Millions of Dollars, Except Per Share Amounts) | | | Amount | | | Per Share | | | Amount | | | Per Share | | | Amount | | | Per Share | | ||||||||||||||||||
| Net Income Attributable to Common Shareholders (GAAP) | | | | $ | 1,404.9 | | | | | $ | 4.05 | | | | | $ | 1,220.5 | | | | | $ | 3.54 | | | | | $ | 1,205.2 | | | | | $ | 3.55 | | |
| Adjustments (after-tax) to reconcile to Adjusted Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CL&P Settlement Impacts | | | | | | | | | | | | | | | | | 86.1 | | | | | | 0.25 | | | | | | — | | | | | | — | | |
| Acquisition, Transition and Strategic Review Costs | | | | | 15.0 | | | | | | 0.04 | | | | | | 23.6 | | | | | | 0.07 | | | | | | 32.1 | | | | | | 0.09 | | |
| Adjusted Earnings (Non-GAAP) | | | | $ | 1,419.9 | | | | | $ | 4.09 | | | | | $ | 1,330.2 | | | | | $ | 3.86 | | | | | $ | 1,237.3 | | | | | $ | 3.64 | | |
|
| | The Board of Trustees recommends that Shareholders vote FOR this Item. | | |
| | | | Number of Shares (as of 2/28/23) | | | As a Percentage of Shares Outstanding (348,670,501, shares as of 3/2/23) | | ||||||
| Number of Stock Options Outstanding | | | | | 0 | | | | | | 0 | | |
| Weighted Average Exercise Price | | | | | 0 | | | | | | 0 | | |
| Weighted Average Remaining Term (in years) | | | | | 0 | | | | | | 0 | | |
| Number of Shares Subject to Other Outstanding Awards (with performance share awards measured at target performance) | | | | | 1,266,127 | | | | | | 0.36% | | |
| Shares Remaining Available for Future Awards under the 2018 Plan | | | | | 565,737 | | | | | | 0.16% | | |
| Proposed Shares Available for Future Awards under Amended Plan | | | | | 4,200,000 | | | | | | 1.20% | | |
| Total Shares Outstanding Under Existing Equity Awards and Proposed to be Reserved for Issuance under 2018 Plan | | | | | 4,765,737 | | | | | | 1.37% | | |
| Shares Outstanding | | | | | 348,670,501 | | | | | | | | |
| | The Board of Trustees recommends that Shareholders vote FOR this Item. | | |
Audit and Non-Audit Fees | | 2022 | | 2021 | | | 2023 | | 2022 | | ||||||||||||||||
Audit Fees(1) | | | $ | 5,323,600 | | | | $ | 4,883,791 | | | | | $ | 5,310,000 | | | | $ | 5,323,600 | | | ||||
Audit Related Fees(2) | | | $ | 1,542,000 | | | | $ | 918,500 | | | | | $ | 1,759,000 | | | | $ | 1,542,000 | | | ||||
Tax Fees(3) | | | | — | | | | $ | 20,000 | | | | | | — | | | | | — | | | ||||
All Other Fees(4) | | | $ | 163,822 | | | | $ | 190,914 | | | | | $ | 1,914 | | | | $ | 163,822 | | | ||||
TOTAL | | | $ | 7,029,422 | | | | $ | 6,013,205 | | | | | $ | 7,070,914 | | | | $ | 7,029,422 | | |
| | The Board of Trustees makes no recommendation regarding Item 4. | | |
| Item | | | Board Recommendation | | | Vote Required | | | Effect of Abstentions | | | Effect of Broker Non-Votes | | | Discussion Beginning on Page | |
| Election of Trustees | | | FOR All Nominees | | | Majority of all common shares issued and outstanding | | | Against | | | Against | | | | |
| Advisory vote on executive compensation (Item 2) | | | FOR | | | Majority of votes cast | | | No effect | | | No effect | | | ||
(Item 3) | |||||||||||||||||
(Item 4) | |||||||||||||||||
(Item 5) | shares issued and outstanding | | |||||||||||||||
| Ratify Deloitte & Touche LLP as Independent Registered Public Accounting Firm | | | FOR | | | Majority of votes cast | | | No effect | | | Not applicable | | | | |
| Shareholder Proposal Regarding Majority Vote for Certain Actions (Item 4) | | | NONE | | | Majority of votes cast | | | No effect | | | No effect | | | |