UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 10, 2008
(Commission File Number) | Exact names of registrants as specified in their charters, address of principal executive offices, telephone number and state of incorporation | (IRS Employer Identification No.) |
| | | |
| 1-15929 | PROGRESS ENERGY, INC. | 56-2155481 |
| | 410 S. Wilmington Street | |
| | Raleigh, North Carolina 27601-1748 | |
| | Telephone: (919) 546-6111 | |
| | State of Incorporation: North Carolina | |
| None |
| (Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 5 - Corporate Governance and Management
| Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 10, 2008, the Board of Directors of Progress Energy, Inc. (the “Company”) amended the Company’s Supplemental Senior Executive Retirement Plan (the “Plan”), a supplemental, unfunded pension benefit plan in which officers participate who would be considered “named executive officers” of the Company for Securities and Exchange Commission reporting purposes.
The Plan was amended to reduce the target benefit percentage for participants who enter the Plan on and after January 1, 2009. Monthly payments under the Plan currently are calculated using a formula that equates to 4 percent (4%) per year of service (capped at 62 percent (62%)) multiplied by the average monthly eligible pay for the participant’s highest completed 36 months of eligible pay. The amendment reduces the target benefit percentage from 4 percent (4%) per year of service to 2.25 percent (2.25%) for new Plan participants.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | PROGRESS ENERGY, INC., |
| | | | Registrant |
| | | | |
| | | | |
| | | | |
| | | By: | /s/ Jeffrey M. Stone |
| | | | Jeffrey M. Stone |
| | | | Chief Accounting Officer |
| | | | |
Date: December 11, 2008
