Avangrid Management Company Employment Offer Letter to Justin B. Lagasse for Controller Position
This letter is an employment offer from Avangrid Management Company to Justin B. Lagasse for the position of Controller, effective July 7, 2023, pending board approval. The offer includes a yearly salary of $355,000, eligibility for an annual incentive plan with a target of 40% of base salary, and participation in a long-term incentive plan with 20,000 shares for the 2023-25 period. Employment is at-will, meaning either party can end the relationship at any time for any lawful reason.
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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