Summary of Executive Chairman Compensation Arrangements for Milton Carroll at CenterPoint Energy, Inc.
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Summary
This document outlines the compensation arrangements for Milton Carroll, Executive Chairman of CenterPoint Energy, Inc. His annual base salary is set at $870,000 effective April 1, 2021, with eligibility for a short-term incentive plan targeting 75% of his base salary and a cash bonus of $881,475. His long-term incentive target is 365% of base salary. Additionally, he received a $1.5 million equity award, paid in thirds over two years, with accelerated payment if he leaves the company. No other restricted stock units were granted in 2020.
EX-10.H 5 cnp_exhibit10hx12312020.htm EX-10.H Document
Exhibit 10(h)
CenterPoint Energy, Inc.
Summary of Certain Compensation Arrangements
of the Executive Chairman of the Board
The following is a summary of certain compensation arrangements payable to Milton Carroll, the Executive Chairman of the Board of Directors (the “Board”) of CenterPoint Energy, Inc. (the “Company”):
•Mr. Carroll’s annual base salary is increased from $820,000 to $870,000 effective as of April 1, 2021 and continuing thereafter until the termination of Mr. Carroll’s service as Executive Chairman of the Board or as otherwise modified by the Board;
•Mr. Carroll will be eligible to participate in the Company’s Short-term Incentive Plan in 2021, and his short-term incentive compensation target is 75% of base salary;
•Mr. Carroll will receive a cash bonus of $881,475; and
•Mr. Carroll’s long-term incentive compensation target is increased from a target equal to 325% of base salary to a target equal to 365% of base salary.
On July 1, 2020, Mr. Carroll received a fully-vested equity award with a value at grant equal to $1,500,000, which was granted upon the appointment of the Company’s new President and Chief Executive Officer of CenterPoint Energy, with one-third of the underlying shares paid upon the grant date, and one-third to be paid upon the first anniversary of the grant date, and the remaining one-third to be paid on the second anniversary of the grant date; provided, however, if Mr. Carroll earlier separates from CenterPoint Energy such that he is neither an employee nor director, any remaining unpaid shares under the award will be payable upon his separation. Mr. Carroll was not granted any additional awards of restricted stock units in 2020, other than in connection with the aforementioned appointment and his long-term incentive award noted above.