Schedule of Employment Continuation Agreements for Named Executive Officers (September 30, 2010)
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Summary
This agreement outlines the termination benefits for several named executive officers of the company if a change of control occurs. Laurence M. Downes, the President and CEO, will receive three times his annual base salary plus the average of his last three annual bonuses. Other executives, including Mariellen Dugan, Kathleen T. Ellis, Glenn C. Lockwood, and Stephen D. Westhoven, will each receive two times their annual base salary plus the average of their last three annual bonuses. The agreement specifies the calculation method for these benefits but does not detail other terms or conditions.
EX-10.6(A) 3 njrex106a.htm EXHIBIT 10.6(A) WebFilings | EDGAR view
Exhibit 10.6(a)
Schedule of Employment Continuation Agreements of Named Executive Officers dated September 30, 2010.
Name | Termination Benefit |
Laurence M. Downes, President and Chief Executive Officer | Three times the sum, of (x) his then annual base salary and (y) the average of his annual bonuses paid or payable with respect to the last three calendar years ended prior to the Change of Control. |
Mariellen Dugan, Senior Vice President and General Counsel | Two times the sum, of (x) her then annual base salary and (y ) the average of her annual bonuses paid or payable with respect to the last three calendar years ended prior to the Change of Control (“2x”). |
Kathleen T. Ellis, Senior Vice President, Corporate Affairs | 2x |
2x | |
Stephen D. Westhoven, Senior Vi ce President, NJR Energy Services Company | 2x |
