Shareholder Engagement Highlights | |||||||||
Structure and Operation of Our Board and Committees | |||||||||
Preliminary Proxy Statement | |||||||||
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |||||||||
Definitive Proxy Statement | |||||||||
Definitive Additional Materials | |||||||||
Soliciting Material |
No fee required. | ||||||||||||
Fee computed on table |
March | ||||||
Dear | ||||||
Our annual letter to stakeholders is included in both our 2023 Annual Report and our 2023 Performance Report (formerly Integrated Report) and discusses Entergy’s 2023 performance, strategy and outlook for the future. At the Annual Meeting, I plan to share some of our 2023 highlights in addition to conducting the official business of the meeting. I look forward to discussing our results and the opportunities we see in front of us today, as we continue to execute on our business strategy with decisions and investments that will serve all of our stakeholders well into the future. The Compensation Discussion and Analysis that begins on page 46 describes our compensation programs and discusses how our executives’ compensation remains linked to performance and supports our long-term strategy. Starting on page 10, you will also find discussions of the qualifications of our director nominees and why we believe they are the right people to represent you. Whether or not you participate in the Annual Meeting, it is important that your shares be represented and voted. We urge you to promptly vote and submit your proxy (1) via the Internet, (2) by phone or (3) if you received your proxy materials by mail, by signing, dating and returning the enclosed proxy card or voting instruction form in the envelope provided for your convenience. Instructions on how to vote can be found beginning on page 100. This year’s Q&A session will include questions submitted both during the meeting and in advance. You may submit questions prior to the meeting at www.proxyvote.com after logging in with the control number found next to the label for postal mail recipients or within the body of the email sending your proxy materials. Questions during the meeting may be submitted online beginning shortly before the start of the Annual Meeting through the webcast link. We will post questions and answers, as long as such questions are applicable to our business and otherwise in compliance with the rules of conduct for the meeting, on our Investor Relations website shortly after the meeting. I look forward to welcoming you to the Annual Meeting and thank you for your support of Entergy. |
Entergy 2024 Proxy Statement | | A |
A Message from Our Lead Director |
March | |||||
Dear Fellow Shareholders: | |||||
On behalf of the Entergy Board of Directors, I am privileged to share some of the ways the Board worked to provide strong governance and independent oversight of Entergy during Throughout 2023, the | |||||
Our Board's strategic oversight role includes engaging in robust discussions with the management team about overall strategy, priorities, mitigating risk, and capturing growth opportunities while balancing sustainability, reliability, and affordability for our customers.In 2023, we maintained our focus on the clean energy transition, including our net zero by 2050 climate commitment and two interim climate goals, as well as the opportunity to help our customers meet their sustainability goals through increased renewable energy resources and emerging technologies, such as carbon capture and sequestration and hydrogen co-firing. We also focused on other efforts at long-term value creation for our stakeholders, including continued development of the Company’s resilience, stakeholder engagement and talent and culture strategies.We are proud of the progress the management team made toward our short-term and long-term strategic objectives during 2023, which is described further in this Proxy Statement and in our 2023 Performance Report available on our website. Our Board values the feedback and insights gained through the Company's shareholder engagement program, which we believe is an essential component of sound corporate governance. The perspectives provided by the Company's stakeholders, including its owners, have informed the Company's strategy and helped guide our actions. Additionally, in continuing our commitment to best practices in corporate governance, our Board engaged an independent third-party firm to facilitate the 2024 annual Board, committee and individual director evaluations. We gained valuable insights from this process that will help make us a better board. On a final note, on behalf of the Board, I would like to thank our colleague, Pat Condon, who will be retiring from our Board at the Annual Meeting after reaching our mandatory retirement age. During his tenure with the Board, he has provided invaluable insights, dedicated financial and accounting expertise and wise counsel, and we are extraordinarily grateful to him for his service to Entergy. I am pleased to provide this window into some of the Board’s activities in 2023 and express our commitment to the continued creation of sustainable long-term value for all of the Company’s stakeholders. Thank you for your support and for your investment in Entergy. |
B | | Entergy 2024 Proxy Statement |
Entergy Corporation 639 Loyola Avenue New Orleans, LA 70113 www.entergy.com |
Date and Time: | Friday, May 3, 2024 | 10:00 a.m. Central Time Log-in will begin at 9:45 a.m. | ||||||||||||
Location: | This year’s meeting will be conducted virtually via a live audio webcast at www.virtualshareholdermeeting.com/ETR2024 | |||||||||||||
Record Date: | You can vote if you were a shareholder of record on March 7, 2024. | |||||||||||||
Items of Business: | To vote on the following proposals: | |||||||||||||
1. | Election of 11 | |||||||||||||
2. | Ratification of the appointment of Deloitte & Touche LLP as Independent Registered Public Accountants for | |||||||||||||
3. | An advisory vote to approve the compensation paid to our Named Executive Officers. | |||||||||||||
4.Such other business as may properly come before the meeting. | ||||||||||||||
Asking Questions: | Questions for the meeting may be submitted in advance at www.proxyvote.com | Questions may be submitted live during the meeting at | ||||||||||||
Entergy 2024 Proxy Statement | | C |
Shareholder Engagement Highlights | |||||||||
Structure and Operation of Our Board and Committees | |||||||||
Independent Auditor Fees and Services | |||||||||
D |
Date and Time | |||||||||||||
10:00 a.m. Central Time, Friday, May 3, 2024 | |||||||||||||
This year’s meeting will be conducted virtually via a live audio webcast at www.virtualshareholdermeeting.com/ETR2024 | |||||||||||||
Questions | Questions for the meeting may be submitted in advance at www.proxyvote.com Questions may be submitted live during the meeting at |
Item to be voted on: | Board’s Recommendation | Page | ||||||||||||||||||
Proposal 1 | Election of 11 Directors named in this Proxy Statement, each for a one-year term expiring in | FOR EACH NOMINEE | 9 | |||||||||||||||||
Proposal 2 | Ratification of the appointment of Deloitte & Touche LLP as Independent Registered Public Accountants for 2024 | 42 | ||||||||||||||||||
Proposal 3 | Advisory Vote to Approve Named Executive Officer Compensation |
Entergy 2024 Proxy Statement | | 1 |
1. |
Use the Internet at www.proxyvote.com | ||||||||||||
Call 1-800-690-6903 if in the United States and Canada | ||||||||||||
Scan the QR Code on your proxy card, notice or voting instruction form | ||||||||||||
Mail your signed and dated proxy card or voting instruction form | ||||||||||||
During the meeting at |
2 | | Entergy 2024 Proxy Statement |
Entergy 2024 Proxy Statement | | 3 |
Name, Age, Independence, Primary Occupation | Committees | |||||||||||||||
Retired Audit Partner, Deloitte & Touche LLP | A, N | |||||||||||||||
John R. Burbank, 60, Independent | ||||||||||||||||
Kirkland H. Donald Chairman, Huntington Ingalls Industries, Inc. | F, N* | |||||||||||||||
Brian W. Ellis, Senior Vice President and General Counsel, Danaher Corporation | CG, | |||||||||||||||
Philip L. Frederickson Former Executive Vice President, ConocoPhillips | A, E, F* | |||||||||||||||
M. Elise Hyland Former Senior Vice President, EQT Corporation and Senior Vice President and Chief Operating Officer, EQT Midstream Services, LLC |
4 | | Entergy 2024 Proxy Statement |
Name, Age, Independence, Primary Occupation | ||||||||||||||
Stuart L. Levenick Lead Director Former Group President and Executive Office Member, Caterpillar Inc. | CG*, E, N | |||||||||||||
Blanche L. Lincoln Founder and Principal, Lincoln Policy Group | ||||||||||||||
Andrew S. Marsh, 52 Chair and Chief Executive Officer, Entergy Corporation | 2022 | E* | ||||||||||||
Karen A. Puckett Former President and Chief Executive Officer, Harte Hanks, Inc. |
A – Audit | E – Executive | ||||||||||
F – Finance | TC – Talent and Compensation |
Board Highlights | ||||||||||||||||||||||||||||||||
Board Diversity | 45% Gender and Ethnic Diversity | 4 Female Directors | 2 Ethnically or Racially Diverse | |||||||||||||||||||||||||||||
Commitment to Board Refreshment | 4 New Directors Since 2020 | 5 Directors 0-5 years | 3 Directors 6-10 years | 3 Directors 11+ years | Average Tenure 7.3 years | |||||||||||||||||||||||||||
Balanced Mix of Ages | Average Age 63 | 2 Directors 50-60 | 7 Directors 61-69 | 2 Director 70+ years | ||||||||||||||||||||||||||||
Independence | 10 of 11 Directors |
Board Skills, Qualifications and Experience | Technology & Transformation | Government / Legal / Public Policy | ||||||||||||
Executive Leadership | Human Capital Management | |||||||||||||
Operational Excellence | Regulated Utility / Nuclear | |||||||||||||
Risk Management | Finance & Accounting | |||||||||||||
Other Public Boards | Sustainability |
Board Structure and Independence | •Regular refreshment, with | |||||||||||||
•Strong Lead Independent Director with clearly defined duties and responsibilities | ||||||||||||||
•Diverse and highly skilled Board that provides a range of viewpoints, with skills and backgrounds aligned with business strategy | ||||||||||||||
•All directors are independent, except the | ||||||||||||||
•Executive sessions led by the Lead Director at each regular Board meeting without management present | ||||||||||||||
•Executive sessions at committee meetings led by independent committee chairs without management present | ||||||||||||||
Board Oversight | •Oversight of the Company’s annual business plan and corporate strategy, succession planning and risk management | |||||||||||||
•Proactive and strategic ongoing Board and management succession planning | ||||||||||||||
•Annual multi-day Board retreat focused on long-term Company strategy | ||||||||||||||
•Key management and rising talent reviewed at an annual talent review | ||||||||||||||
•Regular briefings on key enterprise risks | ||||||||||||||
•Corporate Governance Committee oversees | ||||||||||||||
•Robust annual risk assessment of executive compensation programs, policies, and practices | ||||||||||||||
•Director access to experts and advisors, both internal and external | ||||||||||||||
Strong Corporate Governance Practices | •Prohibit short selling, hedging, pledging and margin transactions involving Entergy securities | |||||||||||||
•Sound policy on public company board service | ||||||||||||||
•Responsive, active and ongoing shareholder engagement | ||||||||||||||
•Robust Code of Conduct for members of the Board | ||||||||||||||
•Clawback policy for senior executive officers, which goes beyond the minimum Dodd-Frank requirements | ||||||||||||||
•Robust share ownership requirements for directors and executive officers | ||||||||||||||
•Mandatory director retirement at age 74, unless Corporate Governance Committee recommends and Board approves exception | ||||||||||||||
•Strong commitment to | ||||||||||||||
•Disclosure of corporate political contributions and oversight of lobbying and political activity | ||||||||||||||
•Annual Board and committee self-evaluations and individual director assessments, which were facilitated by an independent third party in 2024 | ||||||||||||||
•Director orientation and support for continuing education | ||||||||||||||
Shareholder Rights | •Proxy access right | |||||||||||||
•Majority voting for directors with resignation policy for directors in uncontested elections | ||||||||||||||
•Annual election of directors | ||||||||||||||
•No supermajority voting provisions in our | ||||||||||||||
•No poison pill; Board policy requires shareholder approval for adoption |
6 | | Entergy 2024 Proxy Statement |
Entergy 2024 Proxy Statement | | 7 |
Annual Incentive Performance Goals1 | 2023 Percentage of EAM | Target | 2023 Results | Level of Achievement | ||||||||||
ETR Tax Adjusted EPS ($) | 60% | 6.70 | 8.83 | 200% | ||||||||||
Safety (SIF Rate)2 | 10% | 0.04 | 0.03 | 150% | ||||||||||
Customer NPS3 | 10% | Residential: 5 Business: 28 | Residential: -4.5 Business: 17 | —% | ||||||||||
DIB | 10% | Qualitative4 | 110% | |||||||||||
Environmental Stewardship | 10% | Qualitative4 | 105% | |||||||||||
EAM (as a percentage of target, per annual incentive program) | 100% | 157% | ||||||||||||
EAM (as a percentage of target following discretionary adjustment)5 | 100% | 138% |
| STI Performance Goals(1) | | | 2021 Percentage of EAM | | | Target | | | 2021 Results | | | Level of Achievement | |
| ETR Tax Adjusted EPS ($) | | | 60% | | | 5.95 | | | 6.22 | | | 144% | |
| Safety (as measured by SIF rate) | | | 10% | | | 0.03 | | | —(2) | | | 0% | |
| Diversity, Inclusion and Belonging | | | 10% | | | Qualitative | | | 110% | | |||
| Environmental Stewardship | | | 10% | | | Qualitative | | | 140% | | |||
| Customer NPS | | | 10% | | | 9 | | | 11.2 | | | 131% | |
| | | | | | | | | | |||||
| EAM as a percentage of target | | | | | 100% | | | | | 125% | |
8 | | Entergy 2024 Proxy Statement |
| Long-Term Performance Unit Program Results | | | 2019 – 2021 PUP Target | | | 2019 – 2021 PUP Result | |
| Relative TSR | | | Median | | | 2nd Quartile | |
| Cumulative ETR Adjusted EPS ($) | | | 16.60 | | | 17.44 | |
| Payout (as a percentage of target) | | | 100% | | | 120% | |
Long-Term PUP Measures | Weighting | 2021 – 2023 PUP Target | 2021 – 2023 PUP Result | Level of Achievement | ||||||||||
Relative TSR1 | 80% | Median | 2nd Quartile2 | 115% | ||||||||||
Adjusted FFO/Debt Ratio2 | 20% | 15.50% | 2021: 10.74% 2022: 14.30% 2023: 16.95% | 66% | ||||||||||
Payout (as a percentage of target) | 100% | 105% |
Entergy 2024 Proxy Statement | |
Andrew S. Marsh | |||||||||
New Orleans, Louisiana Age 52 Director | Board Committee: Executive (Chair) Professional Highlights •Chair of the Board, Entergy Corporation (since February 2023) •Chief Executive Officer, Entergy Corporation (since November 2022) •Executive Vice President and Chief Financial Officer, Entergy Corporation (2013-2022) •Director, Nuclear Electric Insurance Limited (NEIL) (since 2020) | ||||||||
Key Qualifications and Experience: As our Chair and Chief Executive Officer and former Executive Vice President and Chief Financial Officer, Mr. Marsh brings to the Board his leadership skills, his deep knowledge of the Company, and his extensive senior executive experience in the utility industry. |
10 | | Entergy 2024 Proxy Statement |
Gina F. Adams | ||||||||
Age 65 Washington, DC Director since 2023 | Board Committees: Corporate Governance, Talent and Compensation Professional Highlights •Corporate Vice President, Government and Regulatory Affairs, FedEx Corporation (since 2001) •Staff Vice President, International Regulatory Affairs, FedEx Corporation (1999-2001) •Staff Director, International Regulatory Affairs, FedEx Corporation (1998-1999) •Managing Attorney, International Regulatory Affairs, FedEx Corporation (1992-1998) •Attorney, Office of General Counsel, U.S. Department of Transportation (1983-1992) •Director, American Funds (a division of a privately owned wealth management firm) (since 2019) •Chair, American University (since 2023; Trustee since 2007) | |||||||
Key Qualifications and Experience: Ms. Adams brings to the Board her extensive experience in international federal, state and local government relations, lobbying, and stakeholder engagement, including with regard to legislative, policy, regulatory, operational, sustainability and economic issues, acquired over the course of her career, including her service as Corporate Vice President, Government and Regulatory Affairs at FedEx Corporation. Ms. Adams also brings valuable experience in human capital management acquired through her significant roles in senior management for a large enterprise and in risk management through her legal and business experience and her outside board service. | ||||||||
John H. Black | ||||||||
Age 64 Atlanta, Georgia Director since 2023 | Board Committees: Audit, Nuclear Professional Highlights •Audit Partner, Deloitte & Touche LLP (2002-2021) •Audit Partner, Arthur Andersen & Co. (1992-2002) | |||||||
Key Qualifications and Experience: As a retired audit partner of a “Big Four” accounting firm, Mr. Black brings to the Board deep experience in accounting and auditing matters and extensive utility industry auditing experience, including serving as the Company’s lead audit partner from 2011 to 2015 and in a similar role with other large and complex utility industry clients. Mr. Black’s lead audit partner experience also includes advising clients with fully competitive, customer-driven businesses, which have been impacted by transformational and technological changes, as well as advising on environmental, social and governance (ESG) programs and reporting practices and internal controls relating to ESG data. |
Entergy 2024 Proxy Statement | | 11 |
John R. Burbank | |||||||||
Age 60 Groton, Connecticut Director since 2018 | Board Committees: Finance, Talent and Compensation Professional Highlights •Independent Strategic Advisor and Entrepreneur • (2017-2019) • (2011-2017) • Other Current Public Company Boards •Director, Vizio Holding Corp. (since 2020) | ||||||||
Key Qualifications and Experience: Mr. Burbank brings to the Board his extensive management experience in consumer-facing businesses that have been disrupted by technological change. Accordingly, he brings valuable insights and perspective on the potential impact of technological change on our industry and our Company. Mr. Burbank also brings the benefit of his extensive senior management and risk management experience leading strategic investments, |
Admiral Kirkland H. Donald, USN (Ret.) | |||||||||||
Age 70 Mount Pleasant, South Carolina Director | Professional Highlights • (2014-2015) • (2013-2014) •Admiral U.S. Navy (Retired) • (2004-2012) • Other Current Public Company Boards •Chairman of the Board, Huntington Ingalls Industries, Inc. (director since 2017; Chairman of the Board since 2020) •Director, Centrus Energy Corporation (since 2021) | ||||||||||
Key Qualifications and Experience: Mr. Donald brings to the Board deep nuclear expertise and valuable leadership and risk-management experience gained through his distinguished military career in the United States Navy’s nuclear program and through his business and senior management experience since retiring from the Navy. He also brings expertise in technology, cybersecurity and corporate governance acquired through his public company board service noted above and private company board service for a private nonprofit applied science and technology development company and for a leading provider of secure supply chain management and cyber solutions. |
12 | | Entergy 2024 Proxy Statement |
Brian W. Ellis | |||||||||||
Age 58 Bethesda, Maryland Director | Compensation Professional Highlights •Senior Vice President and General Counsel, Danaher Corporation (a global science and technology innovation company) (since 2016) •Vice President and Group Counsel, Medtronic, Inc. (2012-2015) | ||||||||||
Key Qualifications and Experience: Mr. Ellis brings to the Board his extensive experience setting and executing business and legal strategies for innovation-oriented companies as well as deep knowledge gained from his experience overseeing legal and compliance matters, corporate governance, regulatory affairs, sustainability, intellectual property, environmental, safety and health matters, and risk management for a large, complex organization. |
Philip L. Frederickson | |||||||||||
Age 67 Arden, North Carolina Director | Professional Highlights • (2006-2008) • (2002-2006) •Former Director, Sunoco Logistics Partners L.P. •Former Director, Rosetta Resources Inc. •Former Director, Williams Partners LP (former public company acquired by The Williams Companies, Inc.) | ||||||||||
Key Qualifications and Experience: Mr. Frederickson brings to the Board his extensive senior management, talent development, operating and leadership experience gained through his business career at ConocoPhillips and its predecessor, Conoco Inc., where he held a variety of senior management positions in operations, strategy and business development. Additionally, Mr. Frederickson has significant experience evaluating financial statements acquired through his service on public company audit committees and during his career at ConocoPhillips, where his roles involved extensive evaluation and analysis of financial statements. In addition to his diverse senior-level management and financial analysis experience, Mr. Frederickson brings his experience leading strategic change both at ConocoPhillips and on the other public company boards on which he has served. His strong ties to the State of Texas also enable him to provide insight into the issues and concerns of our Texas service |
Entergy 2024 Proxy Statement | |
M. Elise Hyland | |||||||||
Age 64 Pittsburgh, Pennsylvania Director since 2019 | Board Committees: Audit, Finance Professional Highlights • (2017-2018) • (2013-2017) • (2010-2013) • (2007-2010) • (former public company) •Former Director, Washington Gas Light Company (former public company) Other Current Public Company Boards •Director, Marathon Oil Corporation (since 2018) | ||||||||
Key Qualifications and Experience: Ms. Hyland brings to the Board her extensive senior executive and operations experience in a capital-intensive industry, gained through her career at EQT Corporation and EQT Midstream Services, LLC. This experience, combined with her experience in finance and strategic planning, enables her to contribute valuable insights as we grow our utility business and execute on our capital plan. |
Stuart L. Levenick | |||||||||||
Age 71 Naples, Florida Director since 2005 | Lead Director (Chair), Executive, Nuclear Professional Highlights • | 2016) •Former Group President and Executive Office Member, Caterpillar Inc. (a manufacturer of construction and mining equipment) (2004-2015) • •Former Executive Director and Past Chairman, Association of Equipment Manufacturers, Washington, D.C. Other Current Public Company Boards •Lead Independent Director, W. W. Grainger, Inc. (director since 2005; Lead Director since 2014) •Director, Finning International, Inc. (since 2016) | |||||||||
Key Qualifications and Experience: Mr. Levenick brings to the Board his extensive senior executive experience at a major manufacturing company, as well as his experience as a public company director, including as Lead Independent Director of another public company. This experience enables him to contribute valuable operational, financial and |
14 |
Blanche L. Lincoln | ||||||||
Little Rock, Arkansas Director | Talent and Compensation Professional Highlights • | 2013) • (2011-2013) • (1999-2011) • (1993-1997) •Former Chair, U.S. Senate Committee on Agriculture, Nutrition and Forestry •Former Member, U.S. Senate •Former Member, •Director, Hope Enterprise Corporation (private company) •Trustee, The Center for the Study of the Presidency and Congress •Former Director, Rayonier Inc. (public company) | ||||||||
Key Qualifications and Experience: As a former member of the U.S. Senate and House of Representatives, Ms. Lincoln brings to the Board her extensive background and experience in governmental, public policy and legislative affairs, providing her with a unique and valuable perspective on many of the critical issues and opportunities facing the Company. Her strong ties to the State of Arkansas also provide |
Karen A. Puckett | |||||||||
Age 63 Houston, Texas Director | Compensation (Chair) Professional Highlights • (2015-2018) • (2014-2015) • (2009-2014) • (2000-2009) •Former Director, Harte Hanks, Inc. (public company) •Director, Non-Executive Chair, Lumos Fiber (private company) •Director, Cypress Creek Renewables, LLC (private company) •Director, Ensono Ltd. •Director, Osmose Utilities Service, Inc. (private company) | ||||||||
Key Qualifications and Experience:Ms. Puckett brings to the Board |
ü The Board of Directors unanimously recommends that the shareholders vote FOR the election of each nominee. |
Entergy 2024 Proxy Statement | | 15 |
16 | | Entergy 2024 Proxy Statement |
Skills and Attributes | |||||||||||||||||||||||||||||||||||
Technology & Transformation Our industry is undergoing transformational change as a result of advances in technology and changing customer expectations about the products and services they want and need to power their lives. This creates opportunities for companies whose leadership is able to understand those changes and what they mean for their customers and other stakeholders. Directors with experience managing or advising customer-facing businesses and operations that have been impacted by transformational change can provide the Board with critical insights and perspective on these issues and challenges. | ● | ● | ● | ● | ● | ● | ● | ● | ● | ||||||||||||||||||||||||||
Executive Leadership Experience Directors who hold or have held significant executive or leadership positions within large organizations provide the Company with unique insights. These individuals generally possess extraordinary leadership qualities as well as the ability to identify and develop those qualities in others. Their experiences developing talent and solving problems in large, complex organizations prepare them well for the responsibilities of Board service. | ● | ● | ● | ● | ● | ● | ● | ● | ● | ||||||||||||||||||||||||||
Finance & Accounting An understanding of finance and financial reporting processes is important for our directors to enable and assess our strategic performance and to ensure accurate financial reporting and robust controls. We seek directors with knowledge and experience in corporate finance, accounting, and financial reporting as well as directors with “accounting or related financial management expertise” as defined in the New York Stock Exchange (NYSE) listing standards. | « | ● | ● | « | ● | ● | ● | ● | ● | ||||||||||||||||||||||||||
Government / Legal / Public Policy Our businesses are heavily regulated and are directly affected by governmental actions. As such, we seek to have directors with experience in government, law, and public policy to provide insight and understanding of effective strategies in these areas. | ● | ● | ● | ● | ● | ● | ● | ||||||||||||||||||||||||||||
Operational Excellence As a capital–intensive company, we seek to have directors with deep experience in a significant operations role with other large, capital-intensive businesses to help us develop, implement, and assess our capital plan and our business strategy and continuously improve the way we do business. | ● | ● | ● | ● | |||||||||||||||||||||||||||||||
« Audit Committee Financial Expert |
Entergy 2024 Proxy Statement | | 17 |
Skills and Attributes | |||||||||||||||||||||||||||||||||||
Regulated Utility/Nuclear Due to the highly regulated nature of our business, we believe it is important to have directors with experience working in highly regulated industries such as the utility industry or nuclear power operations. | ● | ● | ● | ● | ● | ||||||||||||||||||||||||||||||
Risk Management Managing risk in a rapidly changing environment is critical to our success. Thus, we seek directors with experience managing or overseeing the management of business, financial and other risks of a significance or complexity similar to those faced by Entergy. | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | |||||||||||||||||||||||||
Human Capital Management Building and maintaining a talented, engaged and diverse workforce is a critical part of our business strategy. Thus, we seek directors who understand key drivers of our culture, employee health and safety, organizational health, and talent management and have the knowledge and skills necessary to oversee our workforce development and diversity, inclusion and belonging programs and strategies. | ● | ● | ● | ● | ● | ● | ● | ● | ● | ||||||||||||||||||||||||||
Sustainability Directors with experience overseeing or advising on environmental, including climate, and social, including corporate social responsibility and community relations strategies and practices will help to ensure that we understand and manage the related risks and opportunities effectively as we seek to create long-term sustainable value for all of our key stakeholders. | ● | ● | ● | ● | ● | ● | ● | ● | |||||||||||||||||||||||||||
Other Public Boards Directors who have served on other public company boards are able to draw on lessons learned on their other boards, as they seek to develop and oversee our business strategies and best practices for the Company. | ● | ● | ● | ● | ● | ● | ● | ||||||||||||||||||||||||||||
Demographic Information | |||||||||||||||||||||||||||||||||||
Board Tenure (years) | 1 | 1 | 6 | 11 | 4 | 9 | 5 | 19 | 13 | 2 | 9 | ||||||||||||||||||||||||
Age (years) | 65 | 64 | 60 | 70 | 58 | 67 | 64 | 71 | 63 | 52 | 63 | ||||||||||||||||||||||||
Gender (Male/Female) | F | M | M | M | M | M | F | M | F | M | F | ||||||||||||||||||||||||
Black/African American | ● | ● | |||||||||||||||||||||||||||||||||
White | ● | ● | ● | ● | ● | ● | ● | ● | ● |
18 | | Entergy 2024 Proxy Statement |
•Independent Search Firm •Shareholders •Directors •Management 2.Holistic Candidate Review The experience and qualifications of potential candidates are comprehensively reviewed and are the subject of rigorous discussion during Corporate Governance Committee and Board meetings. The candidates that emerge from this process are interviewed by members of the Corporate Governance Committee and other Board members, including the Chair and Lead Director. During these meetings, directors assess candidates based on, among other things: •Skills and Experience •Qualifications •Diversity •Independence and Potential Conflicts 3.Recommendation to the Board The Corporate Governance Committee presents qualified candidates to the Board for review and approval. 4.New Directors Added Through this process and as part of the Board’s ongoing, strategic approach to board refreshment, four new Directors have joined the Board since 2020, including Gina F. Adams and John H. Black, who were elected to the Board, effective March 1, 2023. Collectively, these four directors have been outstanding additions to the Board and have brought the following: •Ethnic and Gender Diversity •Relevant Industry and Business Experience •Legal and Governance Expertise •Finance and Accounting Expertise •Government, Public Policy and Stakeholder Engagement Experience | ||||||||||||||
20 |
Strong Independent Board Leadership | All | ||||||||||
Independent Lead Director | The independent directors appoint | ||||||||||
Annual Review of Board Leadership Structure | The Corporate Governance Committee conducts an annual review of the Board leadership structure to ensure it remains effective. | ||||||||||
Executive Sessions of Independent Directors | Independent directors meet in executive session without management present at each Board meeting. |
Annual Board Evaluations | The Board, its committees and individual directors are evaluated on an annual basis. | ||||||||||
Regular Board Refreshment | The Board’s approach to refreshment has resulted in a balanced mix of experienced and new directors. | ||||||||||
Director Retirement Policy | A director may not be nominated for re-election to the Board if he or she has reached the age of 74 on or before January 1 of the year in which such person would be elected or re-elected unless specifically recommended to serve beyond the age of 74 by the Corporate Governance Committee and approved by the Board. | ||||||||||
Commitment to Diversity | The Board is committed to reflecting a broad diversity of backgrounds and experiences, including race, gender, age, geography, and specialized experience, and potential Board nominees are assessed to determine whether they contribute to that diversity. | ||||||||||
Mandatory Resignation Upon Change in Circumstances | Our Corporate Governance Guidelines provide that non-employee directors should offer their resignations when either their employment or the major responsibilities they held when they joined the Board change. The Corporate Governance Committee then reviews the change in circumstances and makes a recommendation to the Board as to whether it is appropriate for the director to continue to serve on the Board and be nominated for re-election. |
Entergy 2024 Proxy Statement | | 21 |
Majority Voting in Director Elections | In an election of directors where the number of directors nominated does not exceed the total number of directors to be elected, director nominees must receive the affirmative vote of a majority of votes cast to be elected. If a director receives more votes “Against” his or her election than votes “For” his or her election, the director must promptly tender his or her resignation. | ||||||||||
Annual Election of Directors | All of our directors are elected annually at our annual meeting of shareholders. | ||||||||||
Director Time Commitment | Non-employee directors may not serve on more than 4 other public-company boards, and directors who are either an executive of the Company or an executive of another company may not serve on more than 2 other public-company boards. No director may serve as a member of the Audit Committee if that director serves on the audit committee of more than 2 other public companies unless the Board determines that such simultaneous service would not impair the ability of that director to serve effectively on the Audit Committee. | ||||||||||
Proxy Access | Any shareholder or any group of up to 20 shareholders owning at least | ||||||||||
No Shareholder Rights Plan | Entergy does not have a shareholder rights plan, otherwise known as a “Poison Pill.” Our Board policy requires shareholder approval for the adoption of any Poison Pill. | ||||||||||
No Supermajority Voting Provisions | Our Restated Certificate of Incorporation and Bylaws contain majority vote standards for all actions requiring shareholder approval. |
Anti-Hedging Policy | We have adopted an anti-hedging policy that prohibits officers, directors and employees from entering into hedging or monetization transactions involving our common stock. Prohibited transactions include, without limitation, zero-cost collars, forward sale contracts, purchase or sale of options, puts, calls, straddles or equity swaps or other derivatives that are directly linked to the Company’s stock, and transactions involving “short-sales” of the Company’s stock. | ||||||||||
Director Stock Ownership | Within |
22 | | Entergy 2024 Proxy Statement |
23 |
Stuart L. Levenick Lead Director | Lead Director Duties: | ||||||||
• | Calls meetings of the independent directors | ||||||||
• | Leads Board meetings when the | ||||||||
• | Presides at executive sessions of the independent directors and all meetings of the Board at which the | ||||||||
• | Serves as a member of the Executive Committee of the Board | ||||||||
• | Serves as a liaison between the independent directors and the | ||||||||
• | Serves as the point of contact for shareholders and others to communicate with the Board | ||||||||
• | Meets individually with each director to discuss the performance of the individual director, the Board and its committees | ||||||||
• | Reviews and advises on Board meeting agendas and consults with the | ||||||||
• | Provides feedback from the Board to the | ||||||||
• | Assists with recruitment of director candidates and, along with the |
24 | | Entergy 2024 Proxy Statement |
Audit | ||||||||||||||||||||
John Black | ||||||||||||||||||||
John Burbank | ||||||||||||||||||||
Patrick Condon1 | ||||||||||||||||||||
Kirkland Donald | ||||||||||||||||||||
Brian Ellis | ||||||||||||||||||||
Philip Frederickson | ||||||||||||||||||||
M. Elise Hyland | ||||||||||||||||||||
Stuart Levenick | ||||||||||||||||||||
Blanche Lincoln | ||||||||||||||||||||
Andrew Marsh | ||||||||||||||||||||
Karen Puckett |
Chair of the Board and CEO | Lead Independent Director | Committee Chair | Committee Member |
Entergy 2024 Proxy Statement | | 25 |
Audit Committee | |||||||||||||||
Chair: Patrick J. Condon* Other Members: John H. Black, Philip L. Frederickson, M. Elise Hyland and Karen A. Puckett 9 meetings in 2023 All members satisfy the heightened independence standards and qualification criteria of the NYSE and SEC and are financially literate. Mr. Black, Mr. Condon and Mr. Frederickson qualify as “Audit Committee Financial Experts.” | Key Responsibilities • | Oversees our accounting and financial reporting processes and the audits of our financial statements; | |||||||||||||
• | Assist the Board in fulfilling its oversight responsibilities with respect to our compliance with legal and regulatory requirements, including our disclosure controls and procedures; | ||||||||||||||
• | Decides whether to appoint, retain or terminate our independent auditors; | ||||||||||||||
• | Pre-approves all audit, audit-related, tax and other services, if any, provided by the independent auditors; | ||||||||||||||
• | Appoints and oversees the work of our Vice President, Internal Audit and assesses the performance our Internal Audit Department; and | ||||||||||||||
• | Prepares the Audit Committee Report. |
* Mr. Condon will be retiring at the Annual Meeting and it is anticipated that John Black, should he be re-elected at the Annual Meeting, will succeed Mr. Condon as Chair of the Audit Committee. | |||||||||||||||
Corporate Governance Committee | |||||||||||||||
Chair: Stuart L. Levenick Other Members: Gina F. Adams, Brian W. Ellis Lincoln | Key Responsibilities • | Recommends the director nominees for approval by the Board and shareholders; | |||||||||||||
• | Establishes and implements self-evaluation procedures for the Board and its committees, including individual director evaluations; | ||||||||||||||
• | Reviews annually and makes recommendations to the Board on the form and amount of non-employee director compensation; and | ||||||||||||||
• | Provides oversight of the Company’s sustainability strategies, policies and practices, including those relating to climate change and corporate social responsibility. | ||||||||||||||
26 |
Finance Committee | ||||||||||||||||
Chair: Philip L. Frederickson Other Members: John R. Burbank, Kirkland H. Donald and M. Elise Hyland | Key Responsibilities • | Oversees corporate capital structure and budgets and recommends approval of capital projects; | ||||||||||||||
• | Oversees financial plans and key financial risks; | |||||||||||||||
• | Reviews and makes recommendations to the Board regarding our financial policies, strategies, and decisions, including our dividend policy; | |||||||||||||||
• | Reviews our investing activities; and | |||||||||||||||
• | Reviews and makes recommendations to the Board with respect to significant investments. |
Nuclear Committee | |||||||||||||||
Chair: Kirkland H. Donald Other Members: John H. Black, Patrick J. Condon and Stuart L. Levenick 5 meetings in 2023 The number of Nuclear Committee meetings in | Key Responsibilities • | Provides non-management oversight and review of matters relating to the operation of the Company’s nuclear generating plants; | |||||||||||||
• | Focuses on safety, operating performance, operating costs, staffing and training; and | ||||||||||||||
• | Consults with management concerning internal and external nuclear-related issues. |
Entergy 2024 Proxy Statement | | 27 |
Talent and Compensation Committee | |||||||||||||||
Chair: Karen A. Puckett Other Members: Gina F. Adams, John R. Burbank, Brian W. Ellis 9 meetings in 2023 All members satisfy the heightened independence standards and qualification criteria in the NYSE and SEC rules. | Key Responsibilities • | Determines and approves the compensation of our Chief Executive Officer and other senior executive officers; | |||||||||||||
• | Approves or makes recommendations to the Board to approve incentive, equity-based and other compensation plans; | ||||||||||||||
• | Develops and implements compensation policies; | ||||||||||||||
• | Evaluates the performance of our | ||||||||||||||
• | Reports at least annually to the Board on succession planning, including succession planning for the Chief Executive Officer; and | ||||||||||||||
• | Provides oversight of the Company’s organizational health and diversity and inclusion strategies. | ||||||||||||||
28 |
Questionnaires A comprehensive questionnaire is circulated to all independent directors asking each to assign ratings and comment on a wide range of issues relating to Board effectiveness. | Our Board self-evaluation covers the following areas, among others: •Board effectiveness; •Satisfaction with the performance of the Lead Director; •Board and committee structure and composition; •Satisfaction with the performance of the Chair; •Access to the CEO and other members of senior management; •Individual performance; •Director growth and development opportunities; •Quality of the Board discussions and balance between presentations and discussion; •Quality of materials presented to directors; •Board and committee information needs; •Satisfaction with Board agendas and the frequency of meetings and time allocation; •Whether the Board is focusing on the most important issues; •Oversight of key risks and risk management; •Board dynamics, culture and dialogue; •Board and committee succession planning; •Director access to experts and advisors; and •Satisfaction with the evaluation format. | |||||||
The Lead Director and Chair of the Board meet individually with each director to discuss the director’s individual performance and to obtain any additional feedback on the performance of the Board and its committees. In 2024, an independent facilitator conducted detailed interviews with each director and provided feedback to the Lead Director and Chair of the Board. | ||||||||
Full Board Discussion The collective ratings and comments from the questionnaires and interviews are compiled (on an anonymous basis), summarized and presented to the Corporate Governance Committee and full Board for discussion in executive session held in connection with the annual Board Retreat. | ||||||||
Follow-Through The Board will consider results of these evaluations in making decisions on Board agendas, structure, responsibilities, policies and practices, as appropriate. |
Entergy 2024 Proxy Statement | | 29 |
30 | | Entergy 2024 Proxy Statement |
Board Oversight | ||||||||||||||
Each committee oversees management of risks, including, but not limited to, the areas of risk summarized below, and periodically reports to the Board on those areas of risk. | ||||||||||||||||||||||||
Corporate Governance | ||||||||||||||||||||||||
Accounting and financial matters, including financial reporting processes and internal control systems, compliance with legal and regulatory requirements, enterprise risk management, ethics and cybersecurity. | Corporate governance, including Board structure, environmental | Financial affairs of the Company, including dividend policy, capital structure, major transactions and capital investments. | Nuclear operations, regulations and safety. |
Role of Management | |||||||||||||||
While the Board and the committees oversee risk management, the Company’s management is charged with managing risk. The Company has robust internal processes and an effective internal control environment that facilitate the identification and management of risk and regular communication with the Board. These include an enterprise risk management program, regular internal management |
31 |
32 | | Entergy 2024 Proxy Statement |
Board Committee | Primary Sustainability Oversight Responsibility | ||||||||
Corporate Governance | Overall corporate sustainability strategy and policies, including with respect to climate change and corporate social responsibility; corporate governance issues; governmental, regulatory, public policy and public relations matters; public advocacy activities; stakeholder engagement; and shareholder concerns | ||||||||
Executive compensation policy and incentive plan design; employee and human resources issues; employee training and development; talent management; employee and contractor safety; organizational health; | |||||||||
Environmental compliance and auditing; ethics and compliance; market and credit risks; cybersecurity risks; vendor and supply chain risks; financial reporting processes and risks; other strategic risks and general risk oversight | |||||||||
Financial stability; major capital investments | |||||||||
Safety risks unique to the nuclear fleet; sustainability of our nuclear plants |
Entergy 2024 Proxy Statement | | 33 |
34 | | Entergy 2024 Proxy Statement |
Entergy 2024 Proxy Statement | | 35 |
•Shareholders appreciated the opportunity to meet with our team for open discussion and to directly ask questions; |
•Investors |
•Investors continued to |
•Other environmental topics of interest included |
•Investors |
•Investors continue to be interested in Board refreshment and the process we use to select new directors; |
•Investors also continue to be interested in oversight and disclosure of contributions to political organizations and trade associations; and | |||||
•We received valuable feedback on our |
36 | | Entergy 2024 Proxy Statement |
•Incorporation of |
•Announcement of our commitment to achieve net zero carbon emissions by 2050; |
•Announcement of a 2030 interim climate goal to achieve 50% carbon free energy capacity by 2030; | ||
•Publication of |
•Resuming participation in the CDP in 2020; |
•Mapping our disclosures to the SASB standards; |
•Addition of a one-on-one individual assessment component to our Board self-evaluation process; |
•Amendments to our Corporate Governance Guidelines and director orientation policy to |
•Enhancements to our proxy disclosure, including in the areas of risk oversight (including cyber risk and human capital management oversight), climate strategy and human capital management oversight director backgrounds and qualifications, and incentive plan target setting; |
•Enhancements to our |
•Other enhancements to the environmental and sustainability disclosures on our website and in our Integrated Report. |
Entergy 2024 Proxy Statement | | 37 |
38 |
Compensation | Amount | ||||||||
Quarterly Cash Retainer | |||||||||
Annual Lead Director Retainer | |||||||||
Annual Audit Committee Chair Retainer | |||||||||
Annual Nuclear and | |||||||||
Annual Finance | $ | 15,000 | |||||||
Annual Corporate Governance Committee Chair Retainer | |||||||||
Annual Nuclear Committee Member Retainer |
Entergy 2024 Proxy Statement | | 39 |
| Name | | | Fees Earned or Paid in Cash ($)(1) | | | Stock Awards ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | |
| John R. Burbank | | | $112,500 | | | $157,731 | | | $11,211 | | | $281,442 | |
| Patrick J. Condon | | | $160,000 | | | $157,731 | | | $24,741 | | | $342,472 | |
| Kirkland H. Donald | | | $152,000 | | | $157,731 | | | $25,420 | | | $335,151 | |
| Brian W. Ellis | | | $112,500 | | | $124,668 | | | $880 | | | $238,048 | |
| Philip L. Frederickson | | | $127,500 | | | $157,731 | | | $18,306 | | | $303,537 | |
| Alexis M. Herman | | | $112,500 | | | $157,731 | | | $56,724 | | | $326,955 | |
| M. Elise Hyland | | | $112,500 | | | $157,731 | | | $5,298 | | | $275,529 | |
| Stuart L. Levenick | | | $160,500 | | | $157,731 | | | $49,896 | | | $368,127 | |
| Blanche L. Lincoln | | | $127,500 | | | $157,731 | | | $32,792 | | | $318,023 | |
| Karen A. Puckett | | | $132,500 | | | $157,731 | | | $22,801 | | | $313,032 | |
Name1 | Fees Earned or Paid in Cash ($)2 | Stock Awards ($)3 | All Other Compensation ($)4 | Total ($) | ||||||||||
Gina F. Adams | $ | 84,375 | $ | 85,940 | $ | — | $ | 170,315 | ||||||
John H. Black | $ | 87,630 | $ | 85,940 | $ | 2,066 | $ | 175,636 | ||||||
John R. Burbank | $ | 112,500 | $ | 167,655 | $ | 13,850 | $ | 294,005 | ||||||
Patrick J. Condon | $ | 155,500 | $ | 167,655 | $ | 28,068 | $ | 351,223 | ||||||
Kirkland H. Donald | $ | 150,500 | $ | 167,655 | $ | 32,186 | $ | 350,341 | ||||||
Brian W. Ellis | $ | 112,500 | $ | 167,655 | $ | 4,701 | $ | 284,856 | ||||||
Philip L. Frederickson | $ | 127,500 | $ | 167,655 | $ | 24,408 | $ | 319,563 | ||||||
Alexis M. Herman | $ | 48,302 | $ | 111,961 | $ | 66,411 | $ | 226,673 | ||||||
M. Elise Hyland | $ | 112,500 | $ | 167,655 | $ | 10,187 | $ | 290,342 | ||||||
Stuart L. Levenick | $ | 185,500 | $ | 167,655 | $ | 61,764 | $ | 414,919 | ||||||
Blanche L. Lincoln | $ | 112,500 | $ | 167,655 | $ | 40,246 | $ | 320,401 | ||||||
Karen A. Puckett | $ | 132,500 | $ | 167,655 | $ | 33,260 | $ | 333,415 |
40 |
ü | The Board of Directors and the Audit Committee unanimously recommend that the shareholders vote FOR the ratification of the appointment of Deloitte & Touche. |
42 | | Entergy 2024 Proxy Statement |
| | | 2021 | | | 2020 | | |
| Audit Fees | | | $9,918,175 | | | $9,323,550 | |
| Audit-Related Fees(a) | | | 746,000 | | | 786,000 | |
| | | | | | |||
| Total audit and audit-related fees | | | $10,664,175 | | | $10,109,550 | |
| Tax Fees | | | | | | ||
| All Other Fees(b) | | | 392,895 | | | 183,060 | |
| | | | | | |||
| Total Fees(c) | | | $11,057,070 | | | $10,292,610 | |
2023 | 2022 | |||||||
Audit Fees | $ | 9,725,000 | $ | 9,335,000 | ||||
Audit-Related Fees1 | $ | 2,235,668 | $ | 3,018,228 | ||||
Total audit and audit-related fees | $ | 11,960,668 | $ | 12,353,228 | ||||
Tax Fees | — | — | ||||||
All Other Fees2 | $ | 1,895 | $ | 1,895 | ||||
Total Fees3 | $ | 11,962,563 | $ | 12,355,123 |
1.Includes fees for employee benefit plan audits, consultation on financial accounting and reporting, storm examination services in 2022, accounting due diligence services related to the gas business in 2023, agreed upon procedures for storm securitizations in 2023 and 2022, and other attestation services. 2.Includes the license fee for the accounting research tool. 3.100% of fees paid in 2023 and 2022 were pre-approved by the Audit Committee. |
44 |
ü | The Board of Directors unanimously recommends that the shareholders vote FOR the advisory resolution approving |
Entergy 2024 Proxy Statement | | 45 |
Andrew S. Marsh and Chief Executive Officer | Kimberly A. Fontan Executive Vice President and Chief Financial Officer | Marcus V. Brown Executive Vice President and General Counsel |
Peter S. Norgeot, Jr. Executive Vice President and Chief Operating Officer | Roderick K. West Group President, Utility Operations |
Page | ||||||||||||
What We Pay and Why | ||||||||||||
46 | | Entergy 2024 Proxy Statement |
47 |
48 | | Entergy 2024 Proxy Statement |
Practice | Description | ||||||||||
Pay for Performance | Our executive compensation programs yield pay outcomes that are highly correlated with performance and | ||||||||||
Performance measures for our • Customers– NPS. • Employees • Communities– Environmental Stewardship and DIB. • Owners– Adjusted EPS, | |||||||||||
Double Trigger Change-in-Control | We require both a change-in-control and an involuntary termination without cause or voluntary termination with good reason for cash severance payments and accelerated vesting of unvested equity awards. |
Entergy 2024 Proxy Statement | |
Practice | Description | ||||||||||
Long-Term Incentives Paid in Stock | All long-term incentives are denominated and settled in shares of Entergy | ||||||||||
Robust Stock Ownership Guidelines | We require executive officers to own a significant amount of Entergy stock. | ||||||||||
Cap on Incentive Awards for OCE Members | The maximum payout for members of our OCE is capped at 200% of the target opportunity for our | ||||||||||
Rigorous Goals | We set financial goals based on externally disclosed annual and multi-year guidance and outlooks, and non-financial goals based on a rigorous internal review. | ||||||||||
No Hedging of | Our directors, executive officers and employees may not directly or indirectly engage in transactions intended to hedge or offset the market value of | ||||||||||
No Pledging of | |||||||||||
We have a recoupment policy that complies with and, in certain respects, goes beyond, the requirements of the new SEC rules and NYSE Listing Standards for our officers as defined under Section 16 for the recovery of any erroneously awarded performance-based incentive compensation. In 2024, we also adopted a discretionary recoupment policy applicable to all of our officers, including the NEOs, that allows for recovery of incentive compensation, including time-based awards, from an officer who engages in certain detrimental conduct. See section of this CD&A discussing “Recoupment of Compensation (Clawback Provisions)” for additional information about these policies. | |||||||||||
No Excessive Perquisites | Executive officers receive limited ongoing perquisites that make up a small portion of total compensation. | ||||||||||
No Tax Gross-Ups | We do not provide tax | ||||||||||
No Dividends on Unearned Performance Awards | We do not pay dividends on unearned performance awards. | ||||||||||
No Repricing or Exchange of Underwater Stock Options | Our equity incentive plan does not permit repricing or the exchange of underwater stock options without shareholder approval. | ||||||||||
No Employment Agreements | We do not have employment | ||||||||||
Independent Compensation Consultant | The |
Annual Say-on-Pay | We value our shareholders’ input on our executive compensation | ||||||||||
Annual Compensation Risk Assessment | A risk assessment of our compensation programs is performed on an annual basis to |
50 | | Entergy 2024 Proxy Statement |
Entergy 2024 Proxy Statement | | 51 |
| STI Performance Goals(1) | | | 2021 Percentage of EAM | | | Target | | | 2021 Results | | | Level of Achievement | |
| ETR Tax Adjusted EPS ($) | | | 60% | | | 5.95 | | | 6.22 | | | 144% | |
| Safety (SIF Rate) | | | 10% | | | 0.03 | | | —(2) | | | 0% | |
| DIB | | | 10% | | | Qualitative | | | 110% | | |||
| Environmental Stewardship | | | 10% | | | Qualitative | | | 140% | | |||
| Customer NPS | | | 10% | | | 9 | | | 11.2 | | | 131% | |
| | | | | | | | | | |||||
| EAM as a percentage of target | | | 100% | | | | | | | 125% | |
Annual Incentive Performance Goals1 | 2023 Percentage of EAM | Target | 2023 Results | Level of Achievement | ||||||||||
ETR Tax Adjusted EPS ($)2 | 60% | 6.70 | 8.83 | 200% | ||||||||||
Safety (SIF Rate)3 | 10% | 0.04 | 0.03 | 150% | ||||||||||
Customer NPS4 | 10% | Residential: 5 Business: 28 | Residential: -4.5 Business: 17 | —% | ||||||||||
DIB | 10% | Qualitative5 | 110% | |||||||||||
Environmental Stewardship | 10% | Qualitative5 | 105% | |||||||||||
EAM (as a percentage of target, per annual incentive program) | 100% | 157% | ||||||||||||
EAM (as a percentage of target following discretionary adjustment)6 | 100% | 138% |
52 |
| Long-Term PUP Results | | | 2019 – 2021 PUP Target | | | 2019 – 2021 PUP Result | |
| Relative TSR | | | Median | | | 2nd Quartile | |
| Cumulative ETR Adjusted EPS($) | | | 16.60 | | | 17.44 | |
| Payout (as a percentage of target) | | | 100% | | | 120% | |
Long-Term PUP Measures | Weighting | 2021 – 2023 PUP Target | 2021 – 2023 PUP Result | Level of Achievement | ||||||||||
Relative TSR1 | 80% | Median | 2nd Quartile | 115% | ||||||||||
Adjusted FFO/Debt Ratio2 | 20% | 15.50% | 2021: 10.74% 2022: 14.30% 2023: 16.95% | 66% | ||||||||||
Payout (as a percentage of target) | 100% | 105% |
Entergy 2024 Proxy Statement | |
1.Market Data for Compensation Comparison |
2. How the |
3. Proxy Peer Group |
54 | | Entergy 2024 Proxy Statement |
AES Corporation | Edison International | ||||||||||||||||
Ameren Corporation | Eversource Energy | ||||||||||||||||
American Electric Power Co. Inc. | Exelon Corporation | ||||||||||||||||
American Water Works Company, Inc. | FirstEnergy Corporation | ||||||||||||||||
CenterPoint Energy Inc. | NextEra Energy, Inc. | ||||||||||||||||
Consolidated Edison Inc. | Pinnacle West Capital Corporation | ||||||||||||||||
Constellation Energy Corporation | Public Service Enterprise Group Inc. | ||||||||||||||||
Dominion Energy, Inc. | Southern Company | ||||||||||||||||
DTE Energy Company | WEC Energy Group, Inc. | ||||||||||||||||
Duke Energy Corporation | Xcel Energy Inc. | ||||||||||||||||
Compensation Element | Form | Objective | |||||||||||||||||||||||||||
Base Salary | Cash | Provides a base level of competitive cash compensation for executive talent. | N/A | ||||||||||||||||||||||||||
Cash | Motivates and rewards executives for performance on both key financial and | •ETR Tax Adjusted EPS •Safety • Customer NPS •DIB •Environmental Stewardship Measured over a one-year performance period | |||||||||||||||||||||||||||
Equity | •Relative TSR •Adjusted FFO/Debt Ratio Measured over a 3-year performance period |
Entergy 2024 Proxy Statement | |
Compensation Element | Form | Objective | ||||||||||||||||||||||||||||
Stock Options | Equity | |||||||||||||||||||||||||||||
Restricted Stock | Equity | Service-based with 3-year pro rata vesting |
| NEO | | | Base Salary as of April 1, 2020 | | | Base Salary as of April 1, 2021 | |
| Leo P. Denault | | | $1,260,000 | | | $1,300,000 | |
| Andrew S. Marsh | | | $690,000 | | | $710,700 | |
| Marcus V. Brown | | | $690,000 | | | $710,700 | |
| Paul D. Hinnenkamp | | | $627,900 | | | $649,877 | |
| Roderick K. West | | | $731,863 | | | $753,819 | |
NEO | 2022 Base Salary | 2023 Base Salary | |||||||||
Andrew S. Marsh | $ | 1,100,000 | $ | 1,100,000 | |||||||
Kimberly A. Fontan | $ | 625,000 | $ | 625,000 | |||||||
Marcus V. Brown | $ | 732,021 | $ | 761,302 | |||||||
Peter S. Norgeot, Jr. | $ | 575,000 | $ | 598,000 | |||||||
Roderick K. West | $ | 776,434 | $ | 807,491 |
56 |
Entergy 2024 Proxy Statement | | 57 |
Measure | Metrics and Targets | Rationale | |||||||||||||||||||
• | |||||||||||||||||||||
Customer NPS | Residential: minimum performance = Business: minimum performance = 21; target = 28; and maximum performance = 35. | • | Incentivizes actions that drive positive customer outcomes (as measured through customer feedback) including impacts on reliability improvements, responsiveness, continuous improvement and innovation. | ||||||||||||||||||
• | Signals overall health and loyalty of our customer relationship. |
58 | | Entergy 2024 Proxy Statement |
Measure | Metrics and Targets | Rationale | ||||||||||||
Diversity Inclusion and Belonging (DIB) | Overall qualitative assessment of quantitative and qualitative DIB key performance indicators assessed in areas of diversity, culture and commerce, informed by quantitative measures in the areas of female, racially and ethnically diverse representation in the employee population and in director and above placements, inclusive climate survey scores, and diverse supplier managed spend; progress on DIB initiatives; and responsiveness to emergent issues. | •Reinforces our commitment to be a fair and equitable work environment that is welcoming to all and allows us to attract and retain superb talent allowing us to execute on our strategy. •Rewards progress toward meeting our commitment to develop and retain a workforce that reflects the rich diversity of the communities we serve, while maintaining our commitment to hiring the most qualified candidates. •Drives an engaged workforce; customer-centric service and solutions; enhancement of owner value; and community partnerships. | ||||||||||||
Environmental Stewardship | Assessment of progress toward environmental commitments through quantitative and qualitative performance on publicly announced goals and other key initiatives. Goals set for 2023 included carbon dioxide emission rate and carbon-free energy capacity targets, advancement of our resilience strategy as demonstrated by regulatory filings made, approved and implemented, and customer engagement, electrification and emission reductions. | •Reinforces our commitment to long-term sustainability and a reduced impact on the environment, in particular by advancing our climate goals and commitments. •Provides accountability for accelerating completion of our resilience investments and advancing our customer electrification initiatives. |
Entergy 2024 Proxy Statement | | 59 |
Performance Measure | Targets and Results | |||||||||||||||||||
Weighting | Minimum | Target | Maximum | 2023 Results | Level of Achievement | |||||||||||||||
ETR Tax Adjusted EPS ($) | 60% | 6.35 | 6.70 | 7.05 | 8.831 | 200% | ||||||||||||||
Safety (SIF rate) | 10% | 0.09 | 0.04 | 0.02 | 0.032 | 150% | ||||||||||||||
Customer NPS | 10% | Residential: 0.5 Business: 21 | Residential: 5 Business: 28 | Residential: 10 Business: 35 | Residential: -4.5 Business: 17 | —% | ||||||||||||||
DIB | 10% | Qualitative assessment3 | 110% | |||||||||||||||||
Environmental Stewardship | 10% | Qualitative assessment3 | 105% | |||||||||||||||||
Calculated EAM4 | 100% | 25% | 100% | 200% | 157% |
| Performance Measure | | | Targets and Results | | |||||||||||||||
| | | Weighting | | | Minimum | | | Target | | | Maximum | | | 2021 Results | | | Level of Achievement | | |
| ETR Tax Adjusted EPS ($) | | | 60% | | | 5.35 | | | 5.95 | | | 6.55 | | | 6.22(1) | | | 144% | |
| Safety (SIF rate) | | | 10% | | | 0.07 | | | 0.03 | | | 0.00 | | | —(2) | | | 0% | |
| DIB | | | 10% | | | Qualitative assessment (see below) | | | 110% | | |||||||||
| Environmental Stewardship | | | 10% | | | Qualitative assessment (see below) | | | 140% | | |||||||||
| Customer NPS | | | 10% | | | 2 | | | 9 | | | 16 | | | 11.2 | | | 131% | |
| EAM | | | 100% | | | 25% | | | 100% | | | 200% | | | | | 125% | |
60 |
Performance Measure | ||||||||||||
DIB Level of Achievement | • | Increased representation of women and underrepresented racial and ethnic groups in the employee population and at the director level and above in management from | ||||||||||
• | ||||||||||||
•Inclusive climate score increased from third quartile in 2022 to second quartile, with increases in all outcomes and | ||||||||||||
•Launched an enterprise-wide historically black colleges and | ||||||||||||
• | •Received Top Workplace Awards from Times-Picayune and •Received for the sixth consecutive year the U.S. Department of Labor Platinum Vets Medallion Award for veteran talent pipeline | |||||||||||
•Named on Forbes' Best Employers for Diversity List for 2023; Newsweek's America's Greatest Workplaces for 2023; Time's World's Best Companies for 2023; and Black Enterprise's Best Companies for DEI | ||||||||||||
Environmental Stewardship Level of Achievement | • | |||||||||||
•23% carbon-free energy capacity, which is maximum performance | ||||||||||||
•Entergy New Orleans filed its definitive accelerated resilience plan •Entergy Louisiana filed its accelerated resilience plan with the Louisiana Public Service Commission for approval •Developed implementation plan for Entergy’s 2023 commercial and •Executed on continued outreach to customers and commercial plan development for customer growth objectives •Demonstrated significant progress toward serving expected customer growth, such as through execution of various agreements with key customers and partners |
NEO | Year-End Base Salary | Target as Percentage of Year-End Base Salary | 2023 Target Award | Payout as Percentage of Target | 2023 Annual Incentive Award | ||||||||||||
Andrew S. Marsh | $ | 1,100,000 | 120% | $ | 1,320,000 | 138% | $ | 1,821,600 | |||||||||
Kimberly A. Fontan | $ | 625,000 | 75% | $ | 468,750 | 138% | $ | 646,875 | |||||||||
Marcus V. Brown | $ | 761,302 | 80% | $ | 609,041 | 156% | $ | 950,104 | |||||||||
Peter S. Norgeot, Jr. | $ | 598,000 | 75% | $ | 448,500 | 138% | $ | 618,930 | |||||||||
Roderick K. West | $ | 807,491 | 80% | $ | 645,993 | 120% | $ | 775,192 |
| NEO | | | Base Salary | | | Target as Percentage of Base Salary | | | Payout as Percentage of Target | | | 2021 STI Award | |
| Leo P. Denault | | | $1,300,000 | | | 140% | | | 135% | | | $2,457,000 | |
| Andrew S. Marsh | | | $710,700 | | | 85% | | | 150% | | | $906,143 | |
| Marcus V. Brown | | | $710,700 | | | 80% | | | 150% | | | $852,840 | |
| Paul D. Hinnenkamp | | | $649,877 | | | 75% | | | 150% | | | $731,112 | |
| Roderick K. West | | | $753,819 | | | 80% | | | 140% | | | $844,277 | |
NEO | Long-Term Incentive Grant Date Value (as of January 26, 2023) | 2023 – 2025 Target PUP Performance Units | Stock Options | Shares of Restricted Stock | ||||||||||||||||||||||
Andrew S. Marsh | $ | 6,379,927 | 30,895 | 60,815 | 11,616 | |||||||||||||||||||||
Kimberly A. Fontan | $ | 1,440,733 | 6,977 | 13,733 | 2,623 | |||||||||||||||||||||
Marcus V. Brown | $ | 1,516,828 | 7,345 | 14,459 | 2,762 | |||||||||||||||||||||
Peter S. Norgeot, Jr. | $ | 1,497,306 | 7,251 | 14,272 | 2,726 | |||||||||||||||||||||
Roderick K. West | $ | 1,913,023 | 9,264 | 18,235 | 3,483 |
Performance Measures | PUP Measure Weight | Goals | |||||||||||||||||
Relative TSR | 80% | Minimum (25%) – Bottom of 3rdQuartile Target (100%) – Median Percentile Maximum (200%) – Top Quartile | |||||||||||||||||
Adjusted FFO/Debt Ratio | 20% | Minimum (25%) – 14.0% Target (100%) – 2023: 14.5%; 2024: 15.0%; 2025: 15.0% Maximum (200%) – |
Entergy 2024 Proxy Statement | |
•To further underscore the importance of this measure, the calculated PUP result will be adjusted as described above for a change in Entergy Corporation’s corporate credit outlook and corporate credit rating. |
64 | | Entergy 2024 Proxy Statement |
| NEO | | | 2021 – 2023 Target PUP Performance Units | | | Stock Options | | | Shares of Restricted Stock | |
| Leo P. Denault | | | 52,365 | | | 130,600 | | | 18,154 | |
| Andrew S. Marsh | | | 11,706 | | | 29,196 | | | 4,059 | |
| Marcus V. Brown | | | 8,784 | | | 21,906 | | | 3,045 | |
| Paul D. Hinnenkamp | | | 11,209 | | | 27,955 | | | 3,886 | |
| Roderick K. West | | | 10,727 | | | 26,752 | | | 3,719 | |
2021 – 2023 PUP Performance Period: Measure and Goals
1Payouts for performance between achievement levels are calculated using straight-line interpolation. There is no payout for performance below the minimum achievement level and payouts are capped for at 200% performance at or above the maximum achievement level. 2There is no payout if the TSR falls within the lowest quartile of the peer companies in the Philadelphia Utility Index and the FFO/Debt Ratio is below the minimum achievement level. 3The Adjusted FFO/Debt Ratio, a non-GAAP financial measure, is the ratio of: (i) adjusted funds from operations calculated as consolidated operating cash flow adjusted for allowance for funds used during construction, working capital and the effects of securitization revenue, and the Pre-Determined Exclusions to (ii) total consolidated debt, excluding outstanding or pending securitization debt. The Adjusted FFO/Debt Ratio is evaluated on an annual basis against the target set for each year. The annual results are converted into payout percentages based on the annual minimum, target and maximum targets, and those percentages are then averaged to determine the Adjusted FFO/Debt Ratio payout percentage. In January
Executive Officer Compensation As recommended by the Finance Committee, the
4Mr. Marsh, Ms. Fontan and Mr. Norgeot each experienced a change in officer status in 2022, and accordingly, their target award opportunity was increased in 2022 for the 2021 – 2023 performance period. The targeted PUP units for Mr. Marsh, Ms. Fontan and Mr. Norgeot for the 2021 – 2023 performance period were increased from 11,706 to 20,866, from 2,184 to 4,179, and from 4,765 to 6,479, respectively, in connection with their promotions. Health, Welfare, Retirement and Other Benefit Elements Entergy’s NEOs are eligible to participate in or receive the following benefits:
Executive Officer Compensation
Executive Officer Compensation We provide these benefits to our NEOs as part of our effort to provide competitive executive compensation programs and because we believe these benefits are important retention and recruitment tools since many of the companies with which we compete for executive talent provide similar arrangements to their senior executive officers. Severance and Retention Arrangements The To achieve these objectives, we have established a System Executive Continuity Plan (Continuity Plan) under which each of Risk Mitigation and Other Pay Practices We strive to ensure that our compensation philosophy and practices are in line with the best practices of companies in our industry as well as other companies in the S&P 500. Some of these practices include the following: Recoupment of Compensation (Clawback Provisions) In October 2023, the Talent and Compensation Committee approved and recommended that the Board adopt an amended and restated clawback policy to comply with the final rules required by the SEC and the NYSE (the "new clawback rules"). On October 27, 2023, the Board adopted the amended and restated policy regarding the recoupment of certain compensation (the "Clawback Policy"), with an effective date of October 2, 2023. Any incentive compensation award granted or paid on or after this effective date is subject to the terms of the Clawback The Clawback Policy updates the Company's prior clawback policy to comply with the new clawback rules and incorporate the terminology of the new clawback rules, but retains the provisions of the prior clawback policy that were more stringent than the new clawback rules, including: •Mandatory recoupment of incentive compensation for a material miscalculation of a performance measure, regardless of whether it results in a financial restatement; •Recoupment of incentive compensation received by an executive officer in respect of the 3-year lookback period, regardless of whether the recipient was an executive officer at the time of receipt of the incentive compensation or during the performance period to which it relates; •A broader definition of incentive compensation that includes compensation based on attainment of market performance metrics, as well as financial reporting measures; and •Discretionary recoupment of some or all incentive compensation if an executive officer engages in fraud resulting in a financial restatement or material miscalculation of a performance measure. Under our amended and restated clawback policy,
Executive Officer Compensation •the Company is required to •there is a material miscalculation of a performance measure related to incentive compensation, regardless of whether the In addition, the Our clawback policy applies to incentive compensation, including cash or miscalculation. The amount required to be reimbursed is equal to the excess of the gross incentive payment In addition to the above-described recoupment policy, in January 2024,the Board adopted an additional discretionary recoupment policy applicable to all officers of Entergy System companies officers, including the NEOs, that allows recoupment of incentive compensation from an officer who engages in certain detrimental conduct, including (i) commission of a felony or other crime that affects the officer’s ability to perform their duties, (ii) fraud in contravention of the officer’s duties to the enterprise, (iii) unauthorized disclosure of confidential or proprietary information of an Entergy System company or material violation of a material written Entergy System company policy or material agreement between the officer and an Entergy System company in either case that results in, or could have resulted in, termination for cause as defined in the 2019 OIPor that results in significant financial or operational loss, or significant reputational harm to the Company; and (iv) other conduct that the officer knew or should have known could result in termination for cause as defined in the 2019 OIP (regardless whether it does) and that results in significant financial or operational loss or significant reputational harm to the Company. The new discretionary recoupment policy for detrimental conduct applies to all incentive compensation, including time-based awards, and allows for the claw back of compensation received after the detrimental conduct and within the three-year period preceding the detrimental conduct, provided the recoupment efforts are commenced within five years after the detrimental conduct and before a change in control. Theadditional discretionary recoupment policy applies to detrimental conduct committed on or after January 26, 2024, the effective date of the additional discretionary recoupment policy. Stock Ownership Guidelines and Share Retention Requirements We require our NEOs to own our stock to further align their interests with our shareholders’ interests. Stock ownership levels are achieved through ownership of any Entergy shares held by the officer, including shares held in the 401(k) plan, restricted stock, and dividends earned on restricted shares during the period of restriction. Performance units held under the PUP and stock options, whether vested or unvested, do not count toward achievement of stock ownership levels. Annually, the
Executive Officer Compensation
Further, to facilitate compliance with the guidelines, until an executive officer satisfies the stock ownership guidelines, the officer must retain: •all net after-tax shares paid out under our PUP; •all net after-tax shares of our restricted stock and all net after-tax shares received upon the vesting of restricted stock units; and •at least 75% of the after-tax net shares received upon the exercise of Company stock options. Trading Controls Executive officers, including the NEOs, are required to receive permission from the Company’s General Counsel or his designee prior to entering into any transaction involving Company securities, including gifts, other than an exercise of employee stock options that is not funded through a sale in the market. Trading is generally permitted only during specified open trading windows beginning shortly after the release of earnings. Employees who are subject to trading restrictions, including the NEOs, may enter into trading plans under Rule 10b5-1 of the Exchange Act, but these trading plans or any amendment to an existing plan may be entered into only during an open trading window and must be approved by the Company. No Pledging / Hedging We also prohibit our directors and executive officers, including the NEOs, from pledging any Entergy securities or entering into margin accounts involving Entergy securities. We prohibit these transactions because of the potential that sales of Entergy securities could occur outside trading periods and without the required approval of the General Counsel. In addition, Compensation Consultant Independence Annually, the •Pay Governance has policies in place to prevent conflicts of interest; •No member of Pay Governance’s consulting team serving the Corporate Governance or •Neither Pay Governance nor any of its principals own any shares of our common stock; and •The amount of fees paid to Pay Governance is less than 1% of Pay Governance’s total consulting income. Based on these factors, the
Executive Officer Compensation In addition, Pay Governance has agreed that it will not accept any engagement with management without prior approval from the We monitor the risks associated with our executive compensation programs, as well as the components of our programs and individual compensation decisions, on an ongoing basis. In February Talent and Compensation Committee Report The The
|
Entergy 2024 Proxy Statement | |
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | |||||||||||||||||||||||
Name and Principal Position1 | Year | Salary2 | Stock Awards3 | Option Awards4 | Non-Equity Incentive Plan Compen-sation5 | Change in Pension Value and Non-qualified Deferred Compen-sation Earnings6 | All Other Compen-sation7 | Total | Total Without Change in Pension Value8 | |||||||||||||||||||||||
Andrew S. Marsh Chair of the Board and Chief Executive Officer | 2023 | $ | 1,100,000 | $ | 5,159,370 | $ | 1,220,557 | $ | 1,821,600 | $ | 982,400 | $ | 89,281 | $ | 10,373,208 | $ | 9,390,808 | |||||||||||||||
2022 | $ | 781,560 | $ | 4,598,890 | $ | 414,050 | $ | 960,700 | $ | — | $ | 106,560 | $ | 6,861,760 | $ | 6,861,760 | ||||||||||||||||
2021 | $ | 705,286 | $ | 1,650,645 | $ | 358,235 | $ | 906,143 | $ | 213,000 | $ | 56,018 | $ | 3,889,327 | $ | 3,676,327 | ||||||||||||||||
Kimberly A. Fontan Executive Vice President and Chief Financial Officer | 2023 | $ | 625,000 | $ | 1,165,112 | $ | 275,621 | $ | 646,875 | $ | 409,600 | $ | 31,860 | $ | 3,154,068 | $ | 2,744,468 | |||||||||||||||
2022 | $ | 404,809 | $ | 1,034,293 | $ | 80,519 | $ | 379,688 | $ | — | $ | 29,720 | $ | 1,929,029 | $ | 1,929,029 | ||||||||||||||||
Marcus V. Brown Executive Vice President and General Counsel | 2023 | $ | 753,419 | $ | 1,226,636 | $ | 290,192 | $ | 950,104 | $ | 731,700 | $ | 77,328 | $ | 4,029,379 | $ | 3,297,679 | |||||||||||||||
2022 | $ | 726,363 | $ | 1,144,238 | $ | 273,358 | $ | 761,302 | $ | 976,700 | $ | 93,793 | $ | 3,975,754 | $ | 2,999,054 | ||||||||||||||||
2021 | $ | 705,286 | $ | 2,738,613 | $ | 268,787 | $ | 852,840 | $ | 491,400 | $ | 60,135 | $ | 5,117,061 | $ | 4,625,661 | ||||||||||||||||
Peter S. Norgeot, Jr. Executive Vice President and Chief Operating Officer | 2023 | $ | 591,808 | $ | 1,210,867 | $ | 286,439 | $ | 618,930 | $ | 117,600 | $ | 222,462 | $ | 3,048,106 | $ | 2,930,506 | |||||||||||||||
Roderick K. West Group President, Utility Operations | 2023 | $ | 799,130 | $ | 1,547,047 | $ | 365,976 | $ | 775,192 | $ | 204,800 | $ | 112,338 | $ | 3,804,483 | $ | 3,599,683 | |||||||||||||||
2022 | $ | 770,432 | $ | 3,682,723 | $ | 402,025 | $ | 776,434 | $ | — | $ | 101,107 | $ | 5,732,721 | $ | 5,732,721 | ||||||||||||||||
2021 | $ | 748,087 | $ | 1,512,547 | $ | 328,247 | $ | 844,277 | $ | 77,500 | $ | 75,048 | $ | 3,585,706 | $ | 3,508,206 |
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | | (j) | | | (k) | |
| Name and Principal Position | | | Year | | | Salary(1) | | | Bonus | | | Stock Awards(2) | | | Option Awards(3) | | | Non-Equity Incentive Plan Compensation(4) | | | Change in Pension Value and Non-qualified Deferred Compensation Earnings(5) | | | All Other Compensation(6) | | | Total | | | Total Without Change in Pension Value(7) | |
| Leo P. Denault Chairman of the Board and Chief Executive Officer | | | 2021 | | | $1,289,538 | | | $— | | | $7,383,591 | | | $1,602,462 | | | $2,457,000 | | | $4,178,300 | | | $134,853 | | | $17,045,744 | | | $12,867,444 | |
| 2020 | | | $1,308,462 | | | $— | | | $6,716,017 | | | $1,350,986 | | | $2,116,800 | | | $4,416,700 | | | $289,632 | | | $16,198,597 | | | $11,781,897 | | |||
| 2019 | | | $1,260,000 | | | $— | | | $5,391,253 | | | $1,282,994 | | | $2,416,680 | | | $3,704,500 | | | $208,822 | | | $14,264,249 | | | $10,559,749 | | |||
| | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Andrew S. Marsh Executive Vice President and Chief Financial Officer | | | 2021 | | | $705,286 | | | $— | | | $1,650,645 | | | $358,235 | | | $906,143 | | | $213,000 | | | $56,018 | | | $3,889,327 | | | $3,676,327 | |
| 2020 | | | $704,692 | | | $— | | | $2,053,717 | | | $413,105 | | | $703,800 | | | $2,054,000 | | | $77,741 | | | $6,007,055 | | | $3,953,055 | | |||
| 2019 | | | $641,923 | | | $— | | | $1,579,663 | | | $375,914 | | | $712,400 | | | $1,554,300 | | | $69,863 | | | $4,934,063 | | | $3,379,763 | | |||
| | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Marcus V. Brown Executive Vice President and General Counsel | | | 2021 | | | $705,286 | | | $— | | | $2,738,613 | | | $268,787 | | | $852,840 | | | $491,400 | | | $60,135 | | | $5,117,061 | | | $4,625,661 | |
| 2020 | | | $709,688 | | | $— | | | $1,626,512 | | | $327,172 | | | $662,400 | | | $1,746,000 | | | $78,631 | | | $5,150,403 | | | $3,404,403 | | |||
| 2019 | | | $661,563 | | | $— | | | $1,248,839 | | | $297,182 | | | $684,573 | | | $1,455,300 | | | $69,955 | | | $4,417,412 | | | $2,962,112 | | |||
| | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Paul D. Hinnenkamp Executive Vice President and Chief Operating Officer | | | 2021 | | | $644,013 | | | $— | | | $1,580,500 | | | $343,008 | | | $731,112 | | | $855,200 | | | $138,586 | | | $4,292,419 | | | $3,437,219 | |
| 2020 | | | $643,483 | | | $— | | | $1,781,803 | | | $358,396 | | | $565,110 | | | $1,706,600 | | | $49,062 | | | $5,104,454 | | | $3,397,854 | | |||
| 2019 | | | $591,410 | | | $— | | | $1,175,178 | | | $279,668 | | | $565,110 | | | $1,301,900 | | | $32,597 | | | $3,945,863 | | | $2,643,963 | | |||
| | | | | | | | | | | | | | | | | | | | | | |||||||||||
| Roderick K. West Group President, Utility Operations | | | 2021 | | | $748,087 | | | $— | | | $1,512,547 | | | $328,247 | | | $844,277 | | | $77,500 | | | $75,048 | | | $3,585,706 | | | $3,508,206 | |
| 2020 | | | $754,742 | | | $— | | | $1,804,816 | | | $363,022 | | | $673,314 | | | $1,976,400 | | | $59,730 | | | $5,632,024 | | | $3,655,624 | | |||
| 2019 | | | $709,023 | | | $— | | | $1,340,679 | | | $319,039 | | | $674,742 | | | $1,604,100 | | | $67,191 | | | $4,714,774 | | | $3,110,674 | |
72 |
5The amounts in column (g) represent annual incentive award cash payments made pursuant to the Executive Annual Incentive Program under the 2019 OIP. 6The amounts in column (h) include the annual actuarial change in the present value of the NEOs’ benefits under all pension plans established by the Company using interest rate and mortality rate assumptions consistent with those used in the Company’s financial statements and include amounts which the NEOs may not currently be entitled to receive because such amounts are not vested. None of the increases for any of the NEOs are attributable to above-market or preferential earnings on non-qualified deferred compensation. See the 2023 Pension Benefits Table of this Proxy Statement. 7The amounts set forth in column (i) for 2023 include (a) matching contributions by the Company under the Savings Plan to each of the NEOs; (b) dividends paid on restricted stock and performance units when vested; (c) life insurance premiums; (d) tax reimbursements on relocation expenses; and (e) perquisites and other compensation as described below. The amounts are listed in the following table:
8The Total Without Change in Pension Value represents total compensation, as determined under applicable SEC rules, minus the change in pension value reported in the Change in Pension Value and Nonqualified Deferred Compensation Earnings column for the applicable year. The amounts reported in the Total Without Change in Pension Value column may differ substantially from the amounts reported in the Total column required under SEC rules and are not a substitute for total compensation. The change in pension value is subject to many external variables, such as interest rates, assumptions about life expectancy and changes in the discount rate determined at each year end, which are functions of economic factors and actuarial calculations that are not related to the Company’s performance and are outside the control of the Talent and Compensation Committee. |
| | | Leo P. Denault | | | Andrew S. Marsh | | | Marcus V. Brown | | | Paul D. Hinnenkamp | | | Roderick K. West | | |
| Company Contribution – Savings Plan | | | $12,180 | | | $12,180 | | | $12,180 | | | $12,180 | | | $12,180 | |
| Dividends Paid on Vested Restricted Stock | | | $107,961 | | | $33,989 | | | $30,184 | | | $30,374 | | | $31,895 | |
| Life Insurance Premiums | | | $11,484 | | | $9,849 | | | $11,484 | | | $4,708 | | | $3,997 | |
| Perquisites and Other Compensation | | | $3,228 | | | $— | | | $6,287 | | | $91,324 | | | $26,976 | |
| Total | | | $134,853 | | | $56,018 | | | $60,135 | | | $138,586 | | | $75,048 | |
NEO | Personal Use of Corporate Aircraft | Executive Physical Exams | ||||||||||||||
Andrew S. Marsh | ||||||||||||||||
X | ||||||||||||||||
Marcus V. Brown | ||||||||||||||||
Peter S. Norgeot, Jr. | X | X | ||||||||||||||
Roderick K. West |
Entergy 2024 Proxy Statement | |
| | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts under Equity Incentive Plan Awards(2) | | | | | | | | | | ||||||||||||||||||
| Name | | | Grant Date | | | Threshold ($) | | | Target ($) | | | Maximum ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | | All Other Option Awards: Number of Securities Under- lying Options (#)(4) | | | Exercise or Base Price of Option Awards ($/Sh) | | | Grant Date Fair Value of Stock and Option Awards(5) | |
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | | (j) | | | (k) | | | (l) | |
| Leo P. Denault | | | 1/28/21 | | | $— | | | $1,820,000 | | | $3,640,000 | | | | | | | | | | | | | | | | |||||||
| 1/28/21 | | | | | | | | | 13,091 | | | 52,365 | | | 104,730 | | | | | | | | | $5,643,167 | | |||||||||
| 1/28/21 | | | | | | | | | | | | | | | 18,154 | | | | | | | $1,740,424 | | |||||||||||
| 1/28/21 | | | | | | | | | | | | | | | | | 130,600 | | | $95.87 | | | $1,602,462 | | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
| Andrew S. Marsh | | | 1/28/21 | | | $— | | | $604,095 | | | $1,208,190 | | | | | | | | | | | | | | | | |||||||
| 1/28/21 | | | | | | | | | 2,927 | | | 11,706 | | | 23,412 | | | | | | | | | $1,261,509 | | |||||||||
| 1/28/21 | | | | | | | | | | | | | | | 4,059 | | | | | | | $389,136 | | |||||||||||
| 1/28/21 | | | | | | | | | | | | | | | | | 29,196 | | | $95.87 | | | $358,235 | | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
| Marcus V. Brown | | | 1/28/21 | | | $— | | | $568,560 | | | $1,137,120 | | | | | | | | | | | | | | | | |||||||
| 1/28/21 | | | | | | | | | 2,196 | | | 8,784 | | | 17,568 | | | | | | | | | $946,617 | | |||||||||
| 1/28/21 | | | | | | | | | | | | | | | 3,045 | | | | | | | $291,924 | | |||||||||||
| 5/17/21 | | | | | | | | | | | | | | | 14,216(6) | | | | | | | $1,500,072 | | |||||||||||
| 1/28/21 | | | | | | | | | | | | | | | | | 21,906 | | | $95.87 | | | $268,787 | | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
| Paul D. Hinnenkamp | | | 1/28/21 | | | $— | | | $487,408 | | | $974,816 | | | | | | | | | | | | | | | | |||||||
| 1/28/21 | | | | | | | | | 2,802 | | | 11,209 | | | 22,418 | | | | | | | | | $1,207,949 | | |||||||||
| 1/28/21 | | | | | | | | | | | | | | | 3,886 | | | | | | | $372,551 | | |||||||||||
| 1/28/21 | | | | | | | | | | | | | | | | | 27,955 | | | $95.87 | | | $343,008 | | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
| Roderick K. West | | | 1/28/21 | | | $— | | | $603,055 | | | $1,206,110 | | | | | | | | | | | | | | | | |||||||
| 1/28/21 | | | | | | | | | 2,682 | | | 10,727 | | | 21,454 | | | | | | | | | $1,156,006 | | |||||||||
| 1/28/21 | | | | | | | | | | | | | | | 3,719 | | | | | | | $356,541 | | |||||||||||
| 1/28/21 | | | | | | | | | | | | | | | | | 26,752 | | | $95.87 | | | $328,247 | |
Estimated Possible Payouts Under Non-Equity Incentive Plan Awards (1) | Estimated Future Payouts under Equity Incentive Plan Awards (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Thresh-old ($) | Target ($) | Maximum ($) | Thresh-old (#) | Target (#) | Maximum (#) | All Other Stock Awards: Number of Shares of Stock or Units (#)3 | All Other Option Awards: Number of Securities Under- lying Options (#)4 | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards5 | |||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | (l) | ||||||||||||||||||||||||||||||||||||||||||||||
Andrew S. Marsh | 1/26/23 | $ | — | $ | 1,320,000 | $ | 2,640,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 7,724 | 30,895 | 61,790 | $ | 3,899,382 | |||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 11,616 | $ | 1,259,988 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 60,815 | $ | 108.47 | $ | 1,220,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Kimberly A. Fontan | 1/26/23 | $ | — | $ | 468,750 | $ | 937,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 1,744 | 6,977 | 13,954 | $ | 880,595 | |||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 2,623 | $ | 284,517 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 13,733 | $ | 108.47 | $ | 275,621 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Marcus V. Brown | 1/26/23 | $ | — | $ | 609,041 | $ | 1,218,082 | |||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 1,836 | 7,345 | 14,690 | $ | 927,042 | |||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 2,762 | $ | 299,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 14,459 | $ | 108.47 | $ | 290,192 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Peter S. Norgeot, Jr. | 1/26/23 | $ | — | $ | 448,500 | $ | 897,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 1,813 | 7,251 | 14,502 | $ | 915,178 | |||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 2,726 | $ | 295,689 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 14,272 | $ | 108.47 | $ | 286,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Roderick K. West | 1/26/23 | $ | — | $ | 645,993 | $ | 1,291,986 | |||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 2,316 | 9,264 | 18,528 | $ | 1,169,246 | |||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 3,483 | $ | 377,801 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1/26/23 | 18,235 | $ | 108.47 | $ | 365,976 |
74 |
| Option Awards | | | Stock Awards | | ||||||||||||||||||||||||
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | | (j) | |
| Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | |
| Leo P. Denault | | | — | | | 130,600(1) | | | | | $95.87 | | | 1/28/2031 | | | | | | | | | | |||||
| | | 39,330 | | | 78,660(2) | | | | | $131.72 | | | 1/30/2030 | | | | | | | | | | ||||||
| | | 102,804 | | | 51,402(3) | | | | | $89.19 | | | 1/31/2029 | | | | | | | | | | ||||||
| | | 167,100 | | | — | | | | | $78.08 | | | 1/25/2028 | | | | | | | | | | ||||||
| | | 179,400 | | | — | | | | | $70.53 | | | 1/26/2027 | | | | | | | | | | ||||||
| | | 167,000 | | | — | | | | | $70.56 | | | 1/28/2026 | | | | | | | | | | ||||||
| | | 88,000 | | | — | | | | | $89.90 | | | 1/29/2025 | | | | | | | | | | ||||||
| | | 106,000 | | | — | | | | | $63.17 | | | 1/30/2024 | | | | | | | | | | ||||||
| | | 50,000 | | | — | | | | | $64.60 | | | 1/31/2023 | | | | | | | | | | ||||||
| | | | | | | | | | | | | | | | | 52,365(4) | | | $5,898,917 | | ||||||||
| | | | | | | | | | | | | | | | | 7,816(5) | | | $880,444 | | ||||||||
| | | | | | | | | | | | | 18,154(6) | | | $2,045,048 | | | | | | ||||||||
| | | | | | | | | | | | | 8,337(7) | | | $939,163 | | | | | | ||||||||
| | | | | | | | | | | | | 5,087(8) | | | $573,051 | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
| Andrew S. Marsh | | | — | | | 29,196(1) | | | | | $95.87 | | | 1/28/2031 | | | | | | | | | | |||||
| | | 12,026 | | | 24,053(2) | | | | | $131.72 | | | 1/30/2030 | | | | | | | | | | ||||||
| | | 30,121 | | | 15,061(3) | | | | | $89.19 | | | 1/31/2029 | | | | | | | | | | ||||||
| | | 49,000 | | | — | | | | | $78.08 | | | 1/25/2028 | | | | | | | | | | ||||||
| | | 44,000 | | | — | | | | | $70.53 | | | 1/26/2027 | | | | | | | | | | ||||||
| | | 45,000 | | | — | | | | | $70.56 | | | 1/28/2026 | | | | | | | | | | ||||||
| | | 24,000 | | | — | | | | | $89.90 | | | 1/29/2025 | | | | | | | | | | ||||||
| | | 35,000 | | | — | | | | | $63.17 | | | 1/30/2024 | | | | | | | | | | ||||||
| | | 32,000 | | | — | | | | | $64.60 | | | 1/31/2023 | | | | | | | | | | ||||||
| | | 10,000 | | | — | | | | | $71.30 | | | 1/26/2022 | | | | | | | | | | ||||||
| | | | | | | | | | | | | | | | | 11,706(4) | | | $1,318,681 | | ||||||||
| | | | | | | | | | | | | | | | | 2,390(5) | | | $269,234 | | ||||||||
| | | | | | | | | | | | | 4,059(6) | | | $457,246 | | | | ||||||||||
| | | | | | | | | | | | | 2,550(7) | | | $287,258 | | | | | | ||||||||
| | | | | | | | | | | | | 1,491(8) | | | $167,961 | | | | ||||||||||
| | | | | | | | | | | | | | | | | | | |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | |||||||||||||||||||||||||||||||||||||||||||||||
Andrew S. Marsh | — | 60,815 | 1 | $ | 108.47 | 1/26/2033 | ||||||||||||||||||||||||||||||||||||||||||||||||||
8,493 | 16,987 | 2 | $ | 109.59 | 1/27/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||
19,464 | 9,732 | 3 | $ | 95.87 | 1/28/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||
36,079 | — | $ | 131.72 | 1/30/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
45,182 | — | $ | 89.19 | 1/31/2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
49,000 | — | $ | 78.08 | 1/25/2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
44,000 | — | $ | 70.53 | 1/26/2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
45,000 | — | $ | 70.56 | 1/28/2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
24,000 | — | $ | 89.90 | 1/29/2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
61,790 | 4 | $ | 6,252,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
23,118 | 5 | $ | 2,339,310 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
11,616 | 6 | $ | 1,175,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2,599 | 7 | $ | 262,993 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1,353 | 8 | $ | 136,910 |
Entergy 2024 Proxy Statement | |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | |||||||||||||||||||||||||||||||||||||||||||||||
Kimberly A. Fontan | — | 13,733 | 1 | $ | 108.47 | 1/26/2033 | ||||||||||||||||||||||||||||||||||||||||||||||||||
1,651 | 3,304 | 2 | $ | 109.59 | 1/27/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||
3,630 | 1,815 | 3 | $ | 95.87 | 1/28/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||
6,400 | — | $ | 131.72 | 1/30/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6,000 | — | $ | 89.19 | 1/31/2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2,500 | — | $ | 78.08 | 1/25/2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
13,954 | 4 | $ | 1,412,005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
5,302 | 5 | $ | 536,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2,623 | 6 | $ | 265,421 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
506 | 7 | $ | 51,202 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
253 | 8 | $ | 25,601 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Marcus V. Brown | — | 14,459 | 1 | $ | 108.47 | 1/26/2033 | ||||||||||||||||||||||||||||||||||||||||||||||||||
5,607 | 11,215 | 2 | $ | 109.59 | 1/27/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||
— | 7,302 | 3 | $ | 95.87 | 1/28/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||
28,574 | — | $ | 131.72 | 1/30/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
14,690 | 4 | $ | 1,486,481 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
6,477 | 5 | $ | 655,408 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2,762 | 6 | $ | 279,487 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1,716 | 7 | $ | 173,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1,015 | 8 | $ | 102,708 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
14,216 | 9 | $ | 1,438,517 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter S. Norgeot, Jr. | — | 14,272 | 1 | $ | 108.47 | 1/26/2033 | ||||||||||||||||||||||||||||||||||||||||||||||||||
3,222 | 6,446 | 2 | $ | 109.59 | 1/27/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||
7,922 | 3,962 | 3 | $ | 95.87 | 1/28/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||
12,586 | — | $ | 131.72 | 1/30/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
15,101 | — | $ | 89.19 | 1/31/2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10,000 | — | $ | 78.08 | 1/25/2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
14,502 | 4 | $ | 1,467,457 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
6,093 | 5 | $ | 616,551 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2,726 | 6 | $ | 275,844 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
986 | 7 | $ | 99,773 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
551 | 8 | $ | 55,756 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Roderick K. West | — | 18,235 | 1 | $ | 108.47 | 1/26/2033 | ||||||||||||||||||||||||||||||||||||||||||||||||||
8,246 | 16,494 | 2 | $ | 109.59 | 1/27/2032 | |||||||||||||||||||||||||||||||||||||||||||||||||||
17,834 | 8,918 | 3 | $ | 95.87 | 1/28/2031 | |||||||||||||||||||||||||||||||||||||||||||||||||||
31,705 | — | $ | 131.72 | 1/30/2030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
25,564 | — | $ | 89.19 | 1/31/2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
14,167 | — | $ | 78.08 | 1/25/2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
18,528 | 4 | $ | 1,874,848 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9,525 | 5 | $ | 963,835 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
3,483 | 6 | $ | 352,445 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2,524 | 7 | $ | 255,404 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1,240 | 8 | $ | 125,476 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
18,012 | 10 | $ | 1,822,634 |
| Option Awards | | | Stock Awards | | |||||||||||||||||||||||||||
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | | (j) | | |||
| Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | | |||
| Marcus V. Brown | | | — | | | 21,906(1) | | | | | $95.87 | | | 1/28/2031 | | | | | | | | | | ||||||||
| | | 9,524 | | | 19,050(2) | | | | | $131.72 | | | 1/30/2030 | | | | | | | | | | |||||||||
| | | 11,906 | | | 11,907(3) | | | | | $89.19 | | | 1/31/2029 | | | | | | | | | | |||||||||
| | | 13,500 | | | — | | | | | $78.08 | | | 1/25/2028 | | | | | | | | | | |||||||||
| | | | | | | | | | | | | | | | | 8,784(4) | | | $989,518 | | |||||||||||
| | | | | | | | | | | | | | | | | 1,893(5) | | | $213,218 | | |||||||||||
| | | | | | | | | | | | | 3,045(6) | | | $343,019 | | | | | | |||||||||||
| | | | | | | | | | | | �� | 2,020(7) | | | $227,553 | | | | | | |||||||||||
| | | | | | | | | | | | | 1,179(8) | | | $132,814 | | | | | | |||||||||||
| | | | | | | | | | | | | 14,216(9) | | | $1,519,294 | | | | | | |||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
| Paul D. Hinnenkamp | | | — | | | 27,955(1) | | | | | $95.87 | | | 1/28/2031 | | | | | | | | | | ||||||||
| | | 10,433 | | | 20,868(2) | | | | | $131.72 | | | 1/30/2030 | | | | | | | | | | |||||||||
| | | 22,409 | | | 11,205(3) | | | | | $89.19 | | | 1/31/2029 | | | | | | | | | | |||||||||
| | | 41,500 | | | — | | | | | $78.08 | | | 1/25/2028 | | | | | | | | | | |||||||||
| | | 6,500 | | | — | | | | | $70.53 | | | 1/26/2027 | | | | | | | | | | |||||||||
| | | 8,600 | | | — | | | | | $89.90 | | | 1/29/2025 | | | | | | | | | | |||||||||
| | | | | | | | | | | | | | | | | 11,209(4) | | | $1,262,694 | | |||||||||||
| | | | | | | | | | | | | | | | | 2,074(5) | | | $233,580 | | |||||||||||
| | | | | | | | | | | | | 3,886(6) | | | $437,758 | | | | | | |||||||||||
| | | | | | | | | | | | | 2,212(7) | | | $249,182 | | | | | | |||||||||||
| | | | | | | | | | | | | 1,109(8) | | | $124,929 | | | | | | |||||||||||
| | | | | | | | | | | | | | | | | | | | |||||||||||||
| Roderick K. West | | | — | | | 26,752(1) | | | | | $95.87 | | | 1/28/2031 | | | | | | | | | | ||||||||
| | | 10,568 | | | 21,137(2) | | | | | $131.72 | | | 1/30/2030 | | | | | | | | | | |||||||||
| | | 12,782 | | | 12,782(3) | | | | | $89.19 | | | 1/31/2029 | | | | | | | | | | |||||||||
| | | 14,167 | | | — | | | | | $78.08 | | | 1/25/2028 | | | | | | | | | | |||||||||
| | | | | | | | | | | | | | | | | 10,727(4) | | | $1,208,397 | | | | |||||||||
| | | | | | | | | | | | | | | | | 2,100(5) | | | $236,593 | | |||||||||||
| | | | | | | | | | | | | 3,719(6) | | | $418,945 | | | | | | |||||||||||
| | | | | | | | | | | | | 2,241(7) | | | $252,449 | | | | | | |||||||||||
| | | | | | | | | | | | | 1,265(8) | | | $142,502 | | | | | |
76 |
4Consists of performance units granted under the 2019 OIP that will vest on December 31, 2025 based on two performance measures—the Company’s relative TSR performance and the Company’s Adjusted FFO/Debt Ratio over the 2023 – 2025 performance period with relative TSR weighted 80% and Adjusted FFO/Debt Ratio weighted 20%, as described under “What We Pay and Why – Long-Term Incentive Compensation – 2023 Long-Term Incentive Award Mix – Long-Term Performance Units” in the CD&A. 5Consists of performance units granted under the 2019 OIP that will vest on December 31, 2024 based on two performance measures—the Company’s relative TSR and the Company’s Adjusted FFO/Debt Ratio over the 2022 – 2024 performance period with relative TSR weighted 80% and Adjusted FFO/Debt Ratio weighted 20%. 6Consists of shares of restricted stock granted under the 2019 OIP; 1/3 of the shares of restricted stock vested on January 26, 2024 and one-half of the remaining shares will vest on each of January 26, 2025, and January 26, 2026. 7Consists of shares of restricted stock granted under the 2019 OIP; 1/2 of the shares of restricted stock vested on January 27, 2024 and the remaining shares of restricted stock will vest on January 27, 2025. 8Consists of shares of restricted stock granted under the 2019 OIP that vested on January 28, 2024. 9Consists of restricted stock units granted under the 2019 OIP which will vest on May 17, 2024. 10Consists of restricted stock units granted under the 2019 OIP which will vest in three equal installments on June 1, 2024, June 1, 2025 and June 1, 2026. 2023 |
| | | Options Awards | | | Stock Awards | | |||||||
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | |
| Name | | | Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise ($) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting ($)(1) | |
| Leo P. Denault | | | — | | | $— | | | 69,093 | | | $7,385,433 | |
| Andrew S. Marsh | | | 4,000 | | | $86,118 | | | 20,522 | | | $2,190,324 | |
| Marcus V. Brown | | | — | | | $— | | | 16,557 | | | $1,763,143 | |
| Paul D. Hinnenkamp | | | — | | | $— | | | 15,890 | | | $1,688,549 | |
| Roderick K. West | | | — | | | $— | | | 17,751 | | | $1,890,564 | |
Options Awards | Stock Awards | |||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)1 | ||||||||||||||||||||||
Andrew S. Marsh | — | $ | — | 28,140 | $ | 2,822,123 | ||||||||||||||||||||
Kimberly A. Fontan | — | $ | — | 5,682 | $ | 570,316 | ||||||||||||||||||||
Marcus V. Brown | 51,917 | $ | 610,505 | 13,450 | $ | 1,359,144 | ||||||||||||||||||||
Peter S. Norgeot, Jr. | — | $ | — | 9,106 | $ | 915,496 | ||||||||||||||||||||
Roderick K. West | — | $ | — | 16,522 | $ | 1,670,452 |
Entergy 2024 Proxy Statement | | 77 |
| Name | | | Plan Name | | | Number of Years Credited Service | | | Present Value of Accumulated Benefit | | | Payments During 2021 | |
| Leo P. Denault(1)(2) | | | System Executive Retirement Plan | | | 30.00 | | | $34,861,100 | | | $— | |
| | | Entergy Retirement Plan | | | 22.83 | | | $1,295,500 | | | $— | | |
| Andrew S. Marsh | | | System Executive Retirement Plan | | | 23.37 | | | $6,742,300 | | | $— | |
| | | Entergy Retirement Plan | | | 23.37 | | | $958,100 | | | $— | | |
| Marcus V. Brown(1) | | | System Executive Retirement Plan | | | 26.74 | | | $8,325,300 | | | $— | |
| | | Entergy Retirement Plan | | | 26.74 | | | $1,440,500 | | | $— | |
Name | Plan Name | Number of Years Credited Service | Present Value of Accumulated Benefit | Payments During 2023 | |||||||||||||||||||
Andrew S. Marsh | System Executive Retirement Plan | 25.37 | $ | 6,186,700 | $ | — | |||||||||||||||||
Entergy Retirement Plan | 25.37 | $ | 754,800 | $ | — | ||||||||||||||||||
Kimberly A. Fontan | Pension Equalization Plan | 27.56 | $ | 1,019,800 | $ | — | |||||||||||||||||
Entergy Retirement Plan | 27.56 | $ | 808,600 | $ | — | ||||||||||||||||||
Marcus V. Brown1,2 | System Executive Retirement Plan | 28.74 | $ | 10,108,100 | $ | — | |||||||||||||||||
Entergy Retirement Plan | 28.74 | $ | 1,366,100 | $ | — | ||||||||||||||||||
Peter S. Norgeot, Jr. | Cash Balance Equalization Plan | 9.37 | $ | 278,100 | $ | — | |||||||||||||||||
Cash Balance Plan | 9.37 | $ | 181,700 | $ | — | ||||||||||||||||||
Roderick K. West1 | System Executive Retirement Plan | 24.75 | $ | 5,794,600 | $ | — | |||||||||||||||||
Entergy Retirement Plan | 24.75 | $ | 855,700 | $ | — |
| Name | | | Plan Name | | | Number of Years Credited Service | | | Present Value of Accumulated Benefit | | | Payments During 2021 | |
| Paul D. Hinnenkamp(1)(3) | | | System Executive Retirement Plan | | | 20.90 | | | $6,544,000 | | | $— | |
| | | Entergy Retirement Plan | | | 20.90 | | | $1,138,800 | | | $— | | |
| Roderick K. West | | | System Executive Retirement Plan | | | 22.75 | | | $7,718,800 | | | $— | |
| | | Entergy Retirement Plan | | | 22.75 | | | $1,020,200 | | | $— | |
Entergy Retirement Plan | Cash Balance Plan | ||||||||||
Eligible NEOs | • Marcus V. Brown • Kimberly A. Fontan • Roderick K. West | • Peter S. Norgeot, Jr. | |||||||||
Eligibility | Non-bargaining employees hired before July 1, 2014. | ||||||||||
A participant becomes vested in the Entergy Retirement Plan upon attainment of at least 5 years of vesting service or upon attainment of age 65 while actively employed by an Entergy system company. | |||||||||||
Form of Payment Upon Retirement | Benefits are payable as an annuity or as a single lump sum distribution. |
78 | | Entergy 2024 Proxy Statement |
Entergy Retirement Plan | Cash Balance Plan | ||||||||||
Retirement Benefit Formula | Benefits are calculated as a single life annuity payable at age 65 and generally are equal to 1.5% of a participant’s Final Average Monthly Earnings (FAME) multiplied by years of service (not to exceed 40). Earnings for the purpose of calculating FAME generally includes the employee’s base salary and eligible FAME is calculated using the employee’s average monthly Earnings for the 60 consecutive months in which the employee’s earnings were highest during the 120-month period immediately preceding the employee’s retirement and includes up to 5 eligible | Pay credits ranging from 4-8% of an employee’s eligible Earnings are allocated annually to a notional account for the employee based on an employee’s age and years of service. Earnings for purposes of calculating an employee’s pay credit include the employee’s base salary and annual incentive awards, subject to Code limitations, and exclude all other bonuses. Executive annual incentive program awards are eligible for inclusion in Earnings under this plan. Interest credits are calculated based upon the annual rate of interest on 30-year U.S. Treasury securities, as specified by the Internal Revenue Service, for the month of August preceding the first day of the applicable calendar year subject to a minimum rate of 2.6% and a maximum rate of 9%. | |||||||||
Benefit Timing1 | Normal retirement age under the plan is 65. A reduced terminated vested benefit may be commenced as early as age 55. The amount of this benefit is determined by reducing the normal retirement benefit by 7% per year for the first 5 years commencement precedes age 65, and 6% per year for each additional year commencement precedes age 65. A subsidized early retirement benefit may be commenced by employees who are at least age 55 with 10 years of service at the time they separate from service. The amount of this benefit is determined by reducing the normal retirement benefit by 2% per year for each year that early retirement precedes age 65. | A vested cash balance benefit may be commenced as early as the first day of the month following separation from service. The amount of the benefit is determined in the same manner as the normal retirement benefit described above in the “Retirement Benefit Formula” section. |
79 |
Pension Equalization Plan | System Executive Retirement Plan | Cash Balance Equalization Plan | |||||||||||||||||||||
Eligible NEOs | • Andrew S. Marsh • Marcus V. Brown • Kimberly A. Fontan • Roderick K. West | • Andrew S. Marsh • Marcus V. Brown • Roderick K. West | • Peter S. Norgeot, Jr. | ||||||||||||||||||||
Eligibility1 | Management or highly compensated employees who participate in the Entergy Retirement Plan. | Certain individuals who became executive officers before July 1, 2014. | Management or highly compensated employees who participate in the Cash Balance Plan. | ||||||||||||||||||||
Form of Payment Upon Retirement | Single lump sum distribution. | Single lump sum distribution. | Single lump sum distribution. | ||||||||||||||||||||
Retirement Benefit Formula | Benefits generally are equal to the actuarial present value of the difference between (1) the amount that would have been payable as an annuity under the Entergy Retirement Plan, including executive | Benefits generally are equal to the actuarial present value of a specified percentage, based on the participant’s years of service (including supplemental service granted under the plan) and management level, of the participant’s Final Average Monthly Compensation (which is generally 1/36th of the sum of the participant’s base salary and | Benefits generally are equal to the difference between the amount that would have been payable as a lump sum under the Cash Balance Plan, but for Code limitations on pension benefits and earnings that may be considered in calculating tax-qualified cash balance plan benefits, and the amount actually payable as a lump sum under the Cash Balance Plan. |
80 | | Entergy 2024 Proxy Statement |
Pension Equalization Plan | System Executive Retirement Plan | Cash Balance Equalization Plan | ||||||||||||||||||
Benefit Timing2 | Payable at age 65. Benefits payable prior to age 65 are subject to the same reduced terminated vested or early retirement reduction factors as benefits payable under the Entergy Retirement Plan as described above. Payable upon separation from service subject to | Payable at age 65. Prior to age 65, vesting is conditioned on the prior written consent of the officer’s Entergy employer. Benefits payable prior to age 65 are subject to the same reduced terminated vested or subsidized early retirement reduction factors as benefits payable under the Entergy Retirement Plan as described above. Payable upon separation from service subject to |
Entergy 2024 Proxy Statement | |
Compensation Element | Payment | ||||||||||
A lump sum severance payment equal to a multiple of the sum of: (a) the participant’s annual base salary as in effect at any time within one year prior to the commencement of a change in control period or, if higher, immediately prior to a circumstance constituting good reason, plus (b) the participant’s | |||||||||||
For outstanding performance units, participants would receive a number of shares of Entergy | |||||||||||
Equity Awards | All unvested stock options |
82 |
Compensation Element | Payment and/or Benefit | ||||||||||
Retirement Benefits | Benefits already accrued under our SERP, PEP and | ||||||||||
Welfare Benefits | Participants who are not retirement-eligible would be eligible to receive Entergy-subsidized COBRA benefits for a period |
Entergy 2024 Proxy Statement | | 83 |
Termination Event | Severance | Annual Incentive | Stock Options | Performance Units | ||||||||||||||||||||||||||||||||||||||||||
Voluntary Resignation | None | Forfeited1 | Unvested options are forfeited. Vested options expire on the earlier of (i) 90 days from the last day of active employment and (ii) the option’s normal expiration date. | Forfeited | Forfeited3 | |||||||||||||||||||||||||||||||||||||||||
Termination for Cause | None | Forfeited | Forfeited | Forfeited | Forfeited |
None | Pro-rated based on number of days employed during the performance period | Unvested stock options | Forfeited | Officers with a minimum of 12 months of participation are eligible for a pro-rated award based on actual performance and full months of service during the performance period | |||||||||||||||||||||||||||||||||||||
None | Pro-rated based on number of days employed during the performance period | Unvested stock options vest on the termination date and expire the earlier of (i) five years from the termination date and (ii) the option’s normal expiration date | Fully Vest | Officers are eligible for a pro-rated award based on actual performance and full months of service during the performance period |
84 | | Entergy 2024 Proxy Statement |
| Aggregate Terminations Payments | | |||||||||||||||||||||
| Benefits and Payments Upon Termination | | | Voluntary Resignation | | | For Cause | | | Termination for Good Reason or Not for Cause | | | Retirement | | | Disability | | | Death | | | Termination Related to a Change in Control | |
| Leo P. Denault(1) | | | | | | | | | | | | | | | | |||||||
| Severance Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | $10,216,232 | |
| Performance Units(3)(4) | | | — | | | — | | | $5,148,105 | | | $4,314,157 | | | $5,148,105 | | | $5,148,105 | | | $5,148,105 | |
| Stock Options | | | — | | | — | | | $3,397,359 | | | $3,397,359 | | | $3,397,359 | | | $3,397,359 | | | $3,397,359 | |
| Restricted Stock | | | — | | | — | | | $638,199 | | | — | | | $638,199 | | | $638,199 | | | $638,199 | |
| Welfare Benefits(5) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Andrew S. Marsh(2) | | | | | | | | | | | | | | | | |||||||
| Severance Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | $3,891,083 | |
| Performance Units(4) | | | — | | | — | | | — | | | — | | | $1,157,591 | | | $1,157,591 | | | $1,157,591 | |
| Stock Options | | | — | | | — | | | — | | | — | | | $843,240 | | | $843,240 | | | $843,240 | |
| Restricted Stock | | | — | | | — | | | — | | | — | | | $187,056 | | | $187,056 | | | $187,056 | |
| Welfare Benefits(6) | | | — | | | — | | | — | | | — | | | — | | | — | | | $31,923 | |
| Marcus V. Brown(1) | | | | | | | | | | | | | | | | |||||||
| Severance Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | $3,784,478 | |
| Performance Units(4) | | | — | | | — | | | — | | | $898,496 | | | $898,496 | | | $898,496 | | | $898,496 | |
| Stock Options | | | — | | | — | | | — | | | $279,338 | | | $646,921 | | | $646,921 | | | $646,921 | |
| Restricted Stock | | | — | | | — | | | — | | | — | | | $147,914 | | | $147,914 | | | $147,914 | |
| Welfare Benefits(5) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Unvested Restricted Stock Units(7) | | | — | | | — | | | $333,106 | | | — | | | $333,106 | | | $333,106 | | | $1,601,432 | |
| Paul D. Hinnenkamp(1) | | | | | | | | | | | | | | | | |||||||
| Severance Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | $3,363,113 | |
| Performance Units(4) | | | — | | | — | | | — | | | $1,043,928 | | | $1,043,928 | | | $1,043,928 | | | $1,043,928 | |
| Stock Options | | | — | | | — | | | — | | | $262,869 | | | $731,954 | | | $731,954 | | | $731,954 | |
| Restricted Stock | | | — | | | — | | | — | | | — | | | $139,132 | | | $139,132 | | | $139,132 | |
| Welfare Benefits(5) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Roderick K. West(2) | | | | | | | | | | | | | | | | |||||||
| Severance Payment | | | — | | | — | | | — | | | — | | | — | | | — | | | $3,957,550 | |
| Performance Units(4) | | | — | | | — | | | — | | | — | | | $1,033,789 | | | $1,033,789 | | | $1,033,789 | |
| Stock Options | | | — | | | — | | | — | | | — | | | $748,765 | | | $748,765 | | | $748,765 | |
| Restricted Stock | | | — | | | — | | | — | | | — | | | $158,703 | | | $158,703 | | | $158,703 | |
| Welfare Benefits(6) | | | — | | | — | | | — | | | — | | | — | | | — | | | $23,787 | |
Benefits and Payments Upon Termination | Voluntary Resignation | For Cause | Termination for Good Reason or Not for Cause | Retirement | Disability | Death | Termination Related to a Change in Control | ||||||||||||||||
Andrew S. Marsh1 | |||||||||||||||||||||||
Severance Payment | — | — | $ | — | $ | — | $ | — | $ | — | $ | 6,660,225 | |||||||||||
Performance Units3 | — | — | $ | — | $ | — | $ | 2,601,696 | $ | 2,601,696 | $ | 2,601,696 | |||||||||||
Stock Options | — | — | $ | — | $ | — | $ | 155,323 | $ | 155,323 | $ | 155,323 | |||||||||||
Restricted Stock | — | — | $ | — | $ | — | $ | 1,666,722 | $ | 1,666,722 | $ | 1,666,722 | |||||||||||
Welfare Benefits5 | — | — | $ | — | $ | — | $ | — | $ | — | $ | 33,129 | |||||||||||
Kimberly A. Fontan1 | |||||||||||||||||||||||
Severance Payment | — | — | $ | — | $ | — | $ | — | $ | — | $ | 3,130,156 | |||||||||||
Performance Units3 | — | — | $ | — | $ | — | $ | 593,075 | $ | 593,075 | $ | 593,075 | |||||||||||
Stock Options | — | — | $ | — | $ | — | $ | 28,967 | $ | 28,967 | $ | 28,967 | |||||||||||
Restricted Stock | — | — | $ | — | $ | — | $ | 361,522 | $ | 361,522 | $ | 361,522 | |||||||||||
Welfare Benefits5 | — | — | $ | — | $ | — | $ | — | $ | — | $ | 33,129 | |||||||||||
Marcus V. Brown2 | |||||||||||||||||||||||
Severance Payment | — | — | $ | — | $ | — | $ | — | $ | — | $ | 4,111,030 | |||||||||||
Performance Units3 | — | — | $ | — | $ | 684,752 | $ | 684,752 | $ | 684,752 | $ | 684,752 | |||||||||||
Stock Options | — | — | $ | — | $ | — | $ | 38,847 | $ | 38,847 | $ | 38,847 | |||||||||||
Restricted Stock | — | — | $ | — | $ | — | $ | 595,530 | $ | 595,530 | $ | 595,530 | |||||||||||
Welfare Benefits4 | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Unvested Restricted Stock Units6 | — | — | $ | 1,257,387 | $ | — | $ | 1,257,387 | $ | 1,257,387 | $ | 1,438,517 | |||||||||||
Peter S. Norgeot, Jr.1 | |||||||||||||||||||||||
Severance Payment | — | — | $ | — | $ | — | $ | — | $ | — | $ | 3,094,650 | |||||||||||
Performance Units3 | — | — | $ | — | $ | — | $ | 655,610 | $ | 655,610 | $ | 655,610 | |||||||||||
Stock Options | — | — | $ | — | $ | — | $ | 63,223 | $ | 63,223 | $ | 63,223 | |||||||||||
Restricted Stock | — | — | $ | — | $ | — | $ | 458,923 | $ | 458,923 | $ | 458,923 | |||||||||||
Welfare Benefits5 | — | — | $ | — | $ | — | $ | — | $ | — | $ | 24,696 | |||||||||||
Roderick K. West2 | |||||||||||||||||||||||
Severance Payment | — | — | $ | — | $ | — | $ | — | $ | — | $ | 4,360,453 | |||||||||||
Performance Units4 | — | — | $ | — | $ | 955,032 | $ | 955,032 | $ | 955,032 | $ | 955,032 | |||||||||||
Stock Options | — | — | $ | — | $ | — | $ | 142,321 | $ | 142,321 | $ | 142,321 | |||||||||||
Restricted Stock | — | — | $ | — | $ | — | $ | 785,888 | $ | 785,888 | $ | 785,888 | |||||||||||
Welfare Benefits4 | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Unvested Restricted Stock Units7 | — | — | $ | — | $ | — | $ | — | $ | — | $ | 1,822,634 |
Entergy 2024 Proxy Statement | |
86 | | Entergy 2024 Proxy Statement |
Entergy 2024 Proxy Statement | |
88 |
Value of Initial Fixed $100 Investment Based on: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year | SCT Total 1st PEO1 | SCT Total 2nd PEO2 | CAP 1st PEO3 | CAP 2nd PEO4 | Avg SCT Total NEOs5 | Avg CAP Non-PEO NEOs6 | TSR7 | Peer Group TSR8 | Net Income9 (In Thousands) | ETR Tax Adjusted EPS10 | |||||||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (b) | (c) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | N/A | $ | 10,373,208 | N/A | $ | 7,048,261 | $ | 3,509,009 | $ | 2,103,157 | $ | 98.28 | $ | 111.05 | $ | 2,356,536 | $ | 8.83 | |||||||||||||||||||||||||||||||||||||||||
2022 | $ | 13,207,355 | $ | 6,861,760 | $ | 17,642,076 | $ | 8,580,147 | $ | 3,751,745 | $ | 4,877,536 | $ | 104.64 | $ | 122.25 | $ | 1,103,166 | $ | 6.58 | |||||||||||||||||||||||||||||||||||||||
2021 | $ | 17,045,744 | N/A | $ | 26,597,239 | N/A | $ | 4,221,128 | $ | 5,009,362 | $ | 101.07 | $ | 121.46 | $ | 1,118,492 | $ | 6.22 | |||||||||||||||||||||||||||||||||||||||||
2020 | $ | 16,198,597 | N/A | $ | 10,573,045 | N/A | $ | 5,115,873 | $ | 2,828,875 | $ | 86.29 | $ | 102.72 | $ | 1,388,334 | $ | 6.90 |
Adjustments to Determine CAP for Mr. Denault | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||
Summary Compensation Table Total | N/A | $ | 13,207,355 | $ | 17,045,744 | $ | 16,198,597 | ||||||||||||||||
Deduction for Change in Actuarial Present Value reported under the “Change in Pension Value and Non-qualified Deferred Compensation Earnings” Column of the SCT | N/A | $ | — | ($4,178,300) | ($4,416,700) | ||||||||||||||||||
Increase for “Service Cost” for Pension Plans | N/A | $ | 38,700 | $ | 13,600 | $ | 16,500 | ||||||||||||||||
Increase for “Prior Service Cost” for Pension Plans (Due to Plan Amendment/Modification) | N/A | $ | — | $ | 8,858,200 | $ | — | ||||||||||||||||
Deduction for the Equity Awards Grant Date Fair Value reported under the “Stock Awards” and “Option Awards” Column in the SCT | N/A | ($9,164,589) | ($8,986,053) | ($8,067,003) | |||||||||||||||||||
Increase for Year End Fair Value of Equity Awards Granted During Year That are Outstanding and Unvested at Year End | N/A | $ | 10,171,229 | $ | 12,040,411 | $ | 4,710,314 | ||||||||||||||||
Increase/Deduction for Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | N/A | $ | 1,965,462 | $ | 696,285 | ($7,838,641) | |||||||||||||||||
Increase/Deduction for Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | N/A | — | — | — | |||||||||||||||||||
Increase/Deduction for Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | N/A | $ | 1,423,919 | $ | 1,107,352 | $ | 9,969,978 | ||||||||||||||||
Deduction for Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | N/A | — | — | — | |||||||||||||||||||
Calculated CAP | N/A | $ | 17,642,076 | $ | 26,597,239 | $ | 10,573,045 |
Entergy 2024 Proxy Statement | | 89 |
Adjustments to Determine CAP for Mr. Marsh | 2023 | 2022 | |||||||||
Summary Compensation Table Total | $ | 10,373,208 | $ | 6,861,760 | |||||||
Deduction for Change in Actuarial Present Value reported under the “Change in Pension Value and Non-qualified Deferred Compensation Earnings” Column of the SCT | $ | (982,400) | $ | — | |||||||
Increase for “Service Cost” for Pension Plans | $ | 221,800 | $ | 174,000 | |||||||
Increase for “Prior Service Cost” for Pension Plans | $ | — | $ | — | |||||||
Deduction for the Equity Awards Grant Date Fair Value reported under the “Stock Awards” and “Option Awards” Column in the SCT | $ | (6,379,927) | $ | (5,012,940) | |||||||
Increase for Year End Fair Value of Equity Awards Granted During Year That are Outstanding and Unvested at Year End | $ | 6,009,529 | $ | 4,233,694 | |||||||
Increase/Deduction for Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | $ | (1,309,580) | $ | 1,906,258 | |||||||
Increase/Deduction for Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | — | — | |||||||||
Increase/Deduction for Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | $ | (884,369) | $ | 417,375 | |||||||
Deduction for Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | — | — | |||||||||
Calculated CAP | $ | 7,048,261 | $ | 8,580,147 |
2023 | 2022 | 2021 | 2020 | ||||||||
Kimberly A. Fontan | Kimberly A. Fontan | Andrew S. Marsh | Andrew S. Marsh | ||||||||
Marcus V. Brown | A. Christopher Bakken, III | Marcus V. Brown | A. Christopher Bakken, III | ||||||||
Peter S. Norgeot, Sr. | Marcus V. Brown | Paul D. Hinnenkamp | Marcus V. Brown | ||||||||
Roderick K. West | Roderick K. West | Roderick K. West | Roderick K. West |
90 | | Entergy 2024 Proxy Statement |
Adjustments to Determine the Average CAP for Non-PEO NEOs | 2023 | 2022 | 2021 | 2020 | |||||||||||||||||||
Summary Compensation Table Total | $ | 3,509,009 | $ | 3,751,745 | $ | 4,221,128 | $ | 5,115,873 | |||||||||||||||
Deduction for Change in Actuarial Present Value reported under the “Change in Pension Value and Non-qualified Deferred Compensation Earnings” Column of the SCT | $ | (365,925) | $ | (266,225) | $ | (409,275) | $ | (1,472,875) | |||||||||||||||
Increase for “Service Cost” for Pension Plans | $ | 100,950 | $ | 130,125 | $ | 186,625 | $ | 130,750 | |||||||||||||||
Increase for “Prior Service Cost” for Pension Plans (Due to Plan Amendment/Modification) | $ | — | $ | 466,725 | $ | — | $ | — | |||||||||||||||
Deduction for the Equity Awards Grant Date Fair Value reported under the “Stock Awards” and “Option Awards” Column in the SCT | $ | (1,591,972) | $ | (2,044,130) | $ | (2,198,699) | $ | (2,147,575) | |||||||||||||||
Increase for Year End Fair Value of Equity Awards Granted During Year That are Outstanding and Unvested at Year End | $ | 1,499,549 | $ | 2,144,852 | $ | 2,839,140 | $ | 1,253,979 | |||||||||||||||
Increase/Deduction for Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | $ | (590,466) | $ | 393,775 | $ | 185,876 | $ | (1,850,528) | |||||||||||||||
Increase/Deduction for Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | — | — | — | — | |||||||||||||||||||
Increase/Deduction for Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | $ | (457,988) | $ | 300,669 | $ | 184,567 | $ | 1,799,251 | |||||||||||||||
Deduction for Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | — | — | — | — | |||||||||||||||||||
Calculated CAP | $ | 2,103,157 | $ | 4,877,536 | $ | 5,009,362 | $ | 2,828,875 |
Entergy 2024 Proxy Statement | | 91 |
92 | | Entergy 2024 Proxy Statement |
Entergy 2024 Proxy Statement | | 93 |
| Name(1) | | | Shares(2) | | | Options Exercisable Within 60 Days | | | Stock Units(3) | |
| Entergy Corporation | | | | | | | | |||
| Marcus V. Brown | | | 18,767 | | | 63,664 | | | — | |
| John R. Burbank | | | 4,118 | | | — | | | 1,524 | |
| Patrick J. Condon | | | 11,059 | | | — | | | — | |
| Leo P. Denault | | | 362,925 | | | 1,033,899 | | | — | |
| Kirkland H. Donald | | | 9,461 | | | — | | | 4,629 | |
| Brian W. Ellis | | | 1,474 | | | — | | | — | |
| Philip L. Frederickson | | | 9,806 | | | — | | | 805 | |
| Alexis M. Herman | | | 15,753 | | | — | | | — | |
| Paul D. Hinnenkamp | | | 26,103 | | | — | | | 120,399 | |
| M. Elise Hyland | | | 3,212 | | | — | | | 784 | |
| Stuart L. Levenick | | | 24,646 | | | — | | | — | |
| Blanche L. Lincoln | | | 18,630 | | | — | | | — | |
| Andrew S. Marsh | | | 105,480 | | | 307,966 | | | — | |
| Karen A. Puckett | | | 11,059 | | | — | | | — | |
| Roderick K. West | | | 43,932 | | | 69,784 | | | — | |
| All directors and executive officers as a group (20) persons) | | | 754,086 | | | 1,748,674 | | | 7,742 | |
Name1 | Shares2 | Options Exercisable Within 60 Days | Stock Units3 | |||||||||||||||||
Entergy Corporation | ||||||||||||||||||||
Gina F. Adams | 1,091 | — | — | |||||||||||||||||
John H. Black | 1,250 | — | — | |||||||||||||||||
Marcus V. Brown | 19,126 | 51,909 | — | |||||||||||||||||
John R. Burbank | 7,236 | — | 1,524 | |||||||||||||||||
Patrick J. Condon | 14,177 | — | — | |||||||||||||||||
Kirkland H. Donald | 11,155 | — | 6,267 | |||||||||||||||||
Brian W. Ellis | 4,592 | — | — | |||||||||||||||||
Kimberly A. Fontan | 17,147 | 28,225 | — | |||||||||||||||||
Philip L. Frederickson | 13,380 | — | 805 | |||||||||||||||||
M. Elise Hyland | 6,513 | — | 784 | |||||||||||||||||
Stuart L. Levenick | 27,764 | — | — | |||||||||||||||||
Blanche L. Lincoln | 21,809 | — | — | |||||||||||||||||
Andrew S. Marsh | 151,607 | 309,714 | — | |||||||||||||||||
Peter S. Norgeot, Jr. | 37,832 | 62,245 | — | |||||||||||||||||
Karen A. Puckett | 14,177 | — | — | |||||||||||||||||
Roderick K. West | 59,079 | 120,759 | — | |||||||||||||||||
All directors and executive officers as a group (21 persons) | 467,473 | 665,495 | 9,380 |
94 |
| Name and Address of Beneficial Owner | | | Amount and Nature of Beneficial Ownership | | | Percent of Class | |
| BlackRock, Inc.(1) 55 East 52nd Street New York, NY 10055 | | | 16,965,355 | | | 8.4% | |
| | | | | | |||
| Capital International Investors(2) 333 South Hope Street 55th Floor Los Angeles, CA 90071 | | | 12,118,286 | | | 6.0% | |
| | | | | | |||
| State Street Corporation(3) State Street Financial Center 1 Lincoln Street Boston, MA 02111 | | | 11,222,996 | | | 5.58% | |
| | | | | | |||
| The Vanguard Group(4) 100 Vanguard Boulevard Malvern, Pennsylvania 19355 | | | 23,012,965 | | | 11.45% | |
Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class | ||||||||||||||||||
The Vanguard Group1 100 Vanguard Boulevard Malvern, Pennsylvania 19355 | 25,983,204 | 12.18% | ||||||||||||||||||
BlackRock, Inc.2 55 East 52nd Street New York, NY 10055 | 17,688,102 | 8.29% | ||||||||||||||||||
State Street Corporation3 State Street Financial Center 1 Lincoln Street Boston, MA 02111 | 12,522,282 | 5.87% |
| Institutional Shareholder | | | Schedule 13G/13GA Filing Date | | | Sole Voting Power | | | Shared Voting Power | | | Sole Power To Dispose or To Direct the Disposition | | | Shared Power To Dispose or To Direct The Disposition | |
| BlackRock, Inc.(1) | | | 2/1/2022 | | | 14,660,280 | | | 0 | | | 16,965,355 | | | 0 | |
| Capital International Investors(2) | | | 2/11/2022 | | | 12,116,299 | | | 0 | | | 12,118,286 | | | 0 | |
| State Street Corporation(3) | | | 2/11/2022 | | | 0 | | | 9,500,304 | | | 0 | | | 11,213,664 | |
| The Vanguard Group(4) | | | 2/9/2022 | | | 0 | | | 393,775 | | | 22,127,866 | | | 885,099 | |
Institutional Shareholder | Schedule 13G/13GA Filing Date | Sole Voting Power | Shared Voting Power | Sole Power To Dispose or To Direct the Disposition | Shared Power To Dispose or To Direct The Disposition | ||||||||||||||||||||||||
1 The Vanguard Group | 2/13/2024 | 0 | 363,407 | 24,980,198 | 1,003,006 | ||||||||||||||||||||||||
2 BlackRock, Inc. | 1/25/2024 | 16,448,439 | 0 | 17,688,102 | 0 | ||||||||||||||||||||||||
3 State Street Corporation | 1/29/2024 | 0 | 7,701,730 | 0 | 12,487,962 |
95 |
• | Charters of our Audit, Corporate Governance and | |||||||||
• | Corporate Governance Guidelines | |||||||||
• | Bylaws | |||||||||
• | Restated Certificate of Incorporation | |||||||||
• | Information regarding the current members of our Board | |||||||||
• | ||||||||||
• | Information related to our political contributions and lobbying activities |
96 |
97 |
10:00 a.m. Central Time | |||||||
Virtual Meeting Site: | |||||||
www.virtualshareholdermeeting.com/ETR2024 |
98 | | Entergy 2024 Proxy Statement |
Entergy 2024 Proxy Statement | | 99 |
100 | | Entergy 2024 Proxy Statement |
Entergy 2024 Proxy Statement | | 101 |
•Election of Directors. In the election of directors, each director will be elected by the vote of the majority of votes cast with respect to that director nominee. A majority of votes cast means that the number of votes cast “For” a nominee’s election must exceed the number of votes cast “Against” such nominee’s election. A director who fails to receive a majority “For” vote will be required to tender his or her resignation to the Board of Directors for consideration. For additional information, see the section titled “Corporate Governance – Key Corporate Governance Features – Responsive and Accountable to Shareholders – Majority Voting in Director Elections” in this Proxy Statement. •All Other Proposals. To approve the other proposals discussed in this Proxy Statement, we must receive the affirmative vote of a majority of the shares entitled to vote on the matter and present in person at the Annual Meeting or represented by proxy. |
102 | | Entergy 2024 Proxy Statement |
103 |
| GAAP to Non-GAAP Reconciliation – 2021 ETR Adjusted and ETR Tax Adjusted Results | | ||||||
| | | Earnings | | | EPS | | |
| 2021 | | | ($ in millions) | | | (after-tax, $ per share) | |
| Net income (loss) attributable to ETR Corp. | | | 1,118 | | | 5.54 | |
| Less adjustments: | | | | | | ||
| Utility: Gain on sale of Veribus pipeline, net of income tax effect | | | 11 | | | 0.05 | |
| Utility: Income tax items, including state tax rate change | | | 16 | | | 0.08 | |
| Parent & Other: Income tax items, including state tax rate change | | | (1) | | | 0.00 | |
| EWC | | | (123) | | | (0.61) | |
| ETR Adjusted Earnings | | | 1,215 | | | 6.02 | |
| Add: | | | | | | ||
| Tax adjustments related to tax strategy (Utility, EWC, Parent & Other) | | | | | (0.06) | | |
| Pre-Determined Exclusions – effect of major storms | | | | | 0.26 | | |
| ETR Tax Adjusted EPS | | | | | 6.22 | |
Entergy 2024 Proxy Statement | |
| GAAP to Non-GAAP Reconciliation – 2020 ETR Adjusted and ETR Tax Adjusted Results | | ||||||
| | | Earnings | | | EPS | | |
| 2020 | | | ($ in millions) | | | (after-tax, $ per share) | |
| Net income (loss) attributable to ETR Corp. | | | 1,388 | | | 6.90 | |
| Less adjustments: | | | | | | ||
| Utility: SERI regulatory liability for potential refund for rate base reduction retroactive to 2015, net of income tax effect | | | (20) | | | (0.09) | |
| Utility: 2014 / 2015 IRS settlement – E-LA business combination | | | 396 | | | 1.96 | |
| Parent & Other: 2014 / 2015 IRS settlement – E-LA business combination | | | (61) | | | (0.31) | |
| EWC | | | (65) | | | (0.32) | |
| ETR Adjusted Earnings | | | 1,138 | | | 5.66 | |
| Add: | | | | | | ||
| Tax adjustments related to tax strategy (Utility, EWC, Parent & Other) | | | | | 1.14 | | |
| Pre-Determined Exclusions – effect of major storms | | | | | 0.10 | | |
| ETR Tax Adjusted EPS | | | | | 6.90 | |
2023 | 2022 | 2021 | |||||||||
Net income (loss) attributable to ETR Corp. | 2,357 | 1,103 | 1,118 | ||||||||
Less adjustments: | |||||||||||
Utility | |||||||||||
Customer sharing of tax benefits as a result of the 2016–2018 IRS audit resolution | (98) | - | - | ||||||||
E-AR write-off of assets related to the ANO stator incident | (78) | - | - | ||||||||
Impacts from storm cost approvals and securitizations, including customer sharing (excluding income tax items below) | (87) | (215) | - | ||||||||
SERI regulatory charge resulting from partial settlement and offer of settlement for pending litigation | - | (551) | - | ||||||||
Impacts from FERC’s December 2022 SERI order on the sale-leaseback complaint | - | 20 | - | ||||||||
Gain on sale | - | - | 15 | ||||||||
Income tax effect on Utility adjustments above | 73 | 183 | (4) | ||||||||
2016–2018 IRS audit resolution | 568 | - | - | ||||||||
E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the TCJA | 106 | - | - | ||||||||
E-LA income tax benefit resulting from securitization | 129 | 283 | - | ||||||||
Income tax valuation allowance | - | - | (8) | ||||||||
Provision for uncertain tax position | - | - | (5) | ||||||||
State corporate income tax rate change | - | - | 29 | ||||||||
Total Utility | 611 | (280) | 27 | ||||||||
Parent & Other | |||||||||||
EWC (a) | |||||||||||
Income before income taxes | - | 119 | (146) | ||||||||
Income taxes | - | (54) | 25 | ||||||||
Preferred dividend requirement | - | (2) | (2) | ||||||||
Total 2022 EWC | - | 63 | (123) | ||||||||
All Other | |||||||||||
2016–2018 IRS audit resolution | 275 | - | - | ||||||||
DOE spent nuclear fuel litigation settlement (IPEC) | 40 | - | - | ||||||||
Income tax effect on adjustments above | (9) | - | - | ||||||||
State corporate income tax rate change | - | - | (1) | ||||||||
Total Parent & Other | 307 | 63 | (124) | ||||||||
Total adjustments | 919 | (217) | (97) | ||||||||
ETR adjusted earnings | 1,438 | 1,320 | 1,215 | ||||||||
Diluted average number of common shares outstanding (in millions) | 212 | 206 | 202 | ||||||||
A-2 | | Entergy 2024 Proxy Statement |
2023 | 2022 | 2021 | |||||||||
Net income (loss attributable to ETR Corp | 11.10 | 5.37 | 5.54 | ||||||||
Less adjustments: | |||||||||||
Utility | |||||||||||
Customer sharing of tax benefits as a result of the 2016–2018 IRS audit resolution | (0.34) | - | - | ||||||||
E-AR write-off of assets related to the ANO stator incident | (0.28) | - | - | ||||||||
Impacts from storm cost approvals and securitizations, including customer sharing (excluding income tax items below) | (0.29) | (0.79) | - | ||||||||
SERI regulatory charge resulting from partial settlement and offer of settlement for pending litigation | - | (2.01) | - | ||||||||
Impacts from FERC’s December 2022 SERI order on the sale-leaseback complaint | - | 0.06 | - | ||||||||
2016–2018 IRS audit resolution | 2.67 | - | - | ||||||||
E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the TCJA | 0.50 | - | - | ||||||||
E-LA income tax benefit resulting from securitization | 0.61 | 1.38 | - | ||||||||
Gain on sale | - | - | 0.05 | ||||||||
Income tax valuation allowance | - | - | (0.04) | ||||||||
Provision for uncertain tax position | - | - | (0.02) | ||||||||
State corporate income tax rate change | - | - | 0.14 | ||||||||
Total Utility | 2.88 | (1.36) | 0.13 | ||||||||
Parent & Other | |||||||||||
Total EWC (c) | - | 0.31 | (0.61) | ||||||||
2016–2018 IRS audit resolution | 1.30 | - | - | ||||||||
DOE spent nuclear fuel litigation settlement (IPEC) | 0.15 | - | - | ||||||||
State corporate income tax rate change | - | - | - | ||||||||
Total Parent & Other | 1.45 | 0.31 | (0.61) | ||||||||
Total adjustments | 4.33 | (1.05) | (0.48) | ||||||||
ETR adjusted earnings | 6.77 | 6.42 | 6.02 | ||||||||
Entergy 2024 Proxy Statement | | A-3 |
GAAP to Non-GAAP Reconciliation – | ||||||||||||||||
($ in | ||||||||||||||||
2023 | ||||||||||||||||
Total debt | (A) | 26,335 | ||||||||||||||
Less securitization debt | (B) | 263 | ||||||||||||||
Total debt, excluding securitization debt | (C=A-B) | 26,072 | ||||||||||||||
Net cash flow provided by operating activities | ||||||||||||||||
102 | ||||||||||||||||
(45) | ||||||||||||||||
Accounts payable | (135) | |||||||||||||||
Taxes accrued | 10 | |||||||||||||||
Interest accrued | 19 | |||||||||||||||
Deferred fuel costs | 759 | |||||||||||||||
Other working capital accounts | (210) | |||||||||||||||
Securitization regulatory charges | 31 | |||||||||||||||
Total | (F) | 531 | ||||||||||||||
FFO (non-GAAP) | (G)=(D+E-F) | 3,724 | ||||||||||||||
FFO/Debt (excluding securitization debt) (non-GAAP) | (G/C) | 14.3% | ||||||||||||||
A-4 |