First Amendment to DTE Energy Company Executive Performance Plan
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Summary
DTE Energy Company has amended its Executive Performance Plan, which governs incentive awards for executives and management. Effective for plan years after 2015, the amendment limits the maximum annual award any individual participant can receive to the lesser of 50% of the total award pool or $10 million. This change was approved by the Organization and Compensation Committee and is intended to set clear limits on executive compensation under the plan.
EX-10.97 3 a20151231ex1097.htm FIRST AMENDMENT TO THE DTE ENERGY COMPANY EXECUTIVE PERFORMANCE PLAN Exhibit
Exhibit 10.97
First Amendment
to the
DTE Energy Company Executive Performance Plan
Recitals
A. On May 7, 2015, the shareholders of DTE Energy Company (the “Company”) approved the DTE Energy Company Executive Performance Plan (the “Plan”), to enable the Company to attract and retain executives and management personnel.
B. Section 9.1 of the Plan authorizes the Organization and Compensation Committee of the Company’s Board of Directors (the “Committee”) to amend the Plan, subject to approval by the shareholders of the Company when required by applicable law.
C. By a resolution properly adopted on February 4, 2016, the Committee amends the Plan to limit annual maximum award payable to any individual to a specified dollar amount.
Plan Amendment
Effective for Plan Years after 2015, the DTE Energy Company Executive Performance Plan is amended by replacing Section 5.3 with the following:
5.3 Individual Maximum Awards. For any given Plan Year, no one Participant is permitted to receive an Award of more than the lesser of:
(a) 50% of the Award Pool; or
(b) $10,000,000.
DTE Energy Company has caused this First Amendment to be executed on the 3rd day of February, 2016.
DTE Energy Company
/S/ Larry E. Steward
____________________________________
Larry E. Steward
Senior Vice President, Human Resources
First Amendment to DTE Energy Company Executive Performance Plan – Page 1 of 1
