NRG Energy, Inc. Executive Officer Long Term Incentive Grant Table (August 1, 2005)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the long-term incentive awards granted by NRG Energy, Inc. to several executive officers as of August 1, 2005. The grants include restricted stock units, non-qualified stock options, and performance units, each with specific vesting schedules and payout conditions. The agreement specifies when shares or options become available and the performance criteria required for payout, such as stock price targets. The parties involved are NRG Energy, Inc. and its named executive officers. Key dates include vesting and payout on August 1, 2006, 2007, and 2008.

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EX-10.1 2 exhibit1.htm EX-10.1 EX-10.1

Exhibit 10.1

NRG Energy, Inc.
August 1, 2005 Executive Officer Grant Table

                                 
            Grants under the
Name   Title   Long Term Incentive Plan
            Restricted Stock   Non-Qualified Stock   Performance Units
            Units (1)   Options (2)   (3)
 
   Executive Vice
                        
 
   President and Chief
                        
Robert C. Flexon
   Financial Officer
     3,000       19,000       6,000  
 
                                
 
   Executive Vice
                        
 
   President,
                        
 
   International
                        
 
   Operations and
                        
 
   President, South
                        
John P. Brewster
   Central Region
     2,000       10,000       3,000  
 
                                
 
   Executive Vice
                        
 
   President and
                        
 
   President,
                        
Scott J. Davido
   Northeast Region
     2,000       10,000       3,000  
 
                                
Timothy W. J.
   Vice President and
                        
O’Brien
   General Counsel
     700       5,000       1,300  
 
                                

  (1)   Each Restricted Stock Unit (“RSU”) is equivalent to one share of NRG Energy, Inc.’s (“NRG”) Common Stock, par value $0.01. The executive officer will receive from NRG one such share of Common Stock for each RSU on August 1, 2008.

  (2)   Non-Qualified Stock Options will vest and become exercisable as follows: 33 1/3% on August 1, 2006, 33 1/3% on August 1, 2007, and 33 1/3% on August 1, 2008. Vested options will be exercisable for six years.

  (3)   The executive officer was issued Performance Units (“PU’s”) by NRG under its Long Term Incentive Plan on August 1, 2005. Each PU will be paid out on August 1, 2008 if the average closing price of NRG’s Common Stock for the ten trading days prior to August 1, 2008 (the “Measurement Price”) is equal to or greater than $54.50 (the “Target Price”). The payout for each PU will be equal to: (i) one share of Common Stock, if the Measurement Price equals the Target Price; (ii) a pro-rated amount in between one and two shares of Common Stock, if the Measurement Price is greater than the Target Price but less than $63.75 (the “Maximum Price”); and (iii) two shares of Common Stock, if the Measurement Price is equal to or greater than the Maximum Price.