Avista Corporation 2006 NEO Performance Share Awards Table
This document details the performance share awards paid to Avista Corporation's executive officers under the company's Long-Term Incentive Compensation Plan. The awards, confirmed by the Compensation & Organization Committee, were based on Avista's three-year shareholder return compared to the S&P 400 MidCap Utilities Index. Executives received a payout equal to 120% of the performance shares granted, reflecting the company's 67th percentile performance. Cash dividend equivalent rights were also paid. The table lists each executive, the number of shares paid, and the total value received.
Exhibit 10.4
Avista Corporation
2006 NEO Performance Share Awards Table
| Name and Principal Position | Total Number of Performance Shares Paid | Total Value of Performance Shares Paid | Cash Dividend Equivalent Rights | |||||
| Gary G. Ely | 77,280 | $ | 1,375,584 | $ | 119,784 | |||
| Chairman of the Board, President and Chief Executive Officer | ||||||||
| Malyn K. Malquist | 18,600 | $ | 331,080 | $ | 28,830 | |||
| Senior Vice President and Chief Financial Officer | ||||||||
| Scott L. Morris | 18,600 | $ | 331,080 | $ | 28,830 | |||
| Senior Vice President | ||||||||
| David J. Meyer | 18,600 | $ | 331,080 | $ | 28,830 | |||
| Vice President and Chief Counsel for Regulatory and Governmental Affairs | ||||||||
| Karen S. Feltes | 6,360 | $ | 113,208 | $ | 9,858 | |||
| Senior Vice President of Human Resources and Corporate Secretary | ||||||||
The table above shows information regarding performance shares paid out under the Company’s Long-Term Incentive Compensation Plan as confirmed by the Compensation & Organization Committee of the Board of Directors on February 9, 2006 to each executive officer who is expected to be a NEO in the 2006 Proxy Statement. The payout was based on the Company’s three-year total shareholder return compared to the returns reported in the S&P 400 MidCap Utilities Index. To receive 100 percent of the award, the Company had to perform at the 55th percentile among the S&P 400 MidCap Utilities Index. To receive 150 percent of the award, the Company had to perform at or above the 85th percentile ranking. Awards were pro-rated for performance between the 55th and 85th percentile rankings.
The payout equaled 120 percent of the performance shares granted because the Company performed at the 67th percentile among the S&P 400 MidCap Utilities Index during the three-year period ended December 31, 2005. Dividend Equivalent Rights were calculated and paid out in cash to the extent the performance shares were paid.
The total value of performance shares paid is based on the average of the low and high price of the Company’s Common Stock on January 3, 2006 of $17.80 per share.
