Offer Letter, dated July 18, 2023, between Justin Lagasse and Avangrid Management Company, LLC
Exhibit 10.1
July 18, 2023
Dear Justin,
Job Title: Controller - Avangrid
Company: Avangrid Management Company
Work Location: Maine, CT
Work Type: Office
Start Date: July 7th, 2023
Congratulations, subject to approval by the Avangrid Board of Directors, I am delighted to offer you this position based on your successful career at Avangrid to date
This is an important stage in the growth of our company and you will play a pivotal role in our journey as part of Avangrid and the Iberdrola family. Please review the details of the employment offer below:
| Salary and Benefits |
| Compensation: USD $355,000.00 YEARLY paid in bi-weekly installments. |
| Annual Incentive Plan: You will continue to to participate in the Executive Variable Pay Plan (EVP), per the plan terms, with a target opportunity of 40% of your base salary (maximum of 80%) prorated from your month of hire. |
| LTIP: You are eligible to participate in the Avangrid Long Term Incentive Plan (LTIP) and will receive 20,000 shares for the 2023-25 performance period.
|
AVANGRID and its affiliates (the “Company”) follow the “Employment-at-Will” principle of employment, which provides you and your employer each the opportunity to end the employment relationship at any time, except for unlawful reasons.
I look forward toworking with you as part of the Avangrid Management Committee and Senior Leadership Team.
Sincerely,
Pedro Azagra
CEO Avangrid
By signing below I acknowledge that I accept this offer of employment.
| Print name: | Signature: | Date: | ||
| Justin B. Lagasse | .  | July 20, 2023 | ||
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