2004 Short-Term Incentive Plan for Officers of PG&E Corporation and Pacific Gas and Electric Company

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2004 Short-Term Incentive Plan (STIP) for officers of PG&E Corporation and Pacific Gas and Electric Company. The plan sets out how bonuses will be determined based on corporate and subsidiary financial performance, as well as progress toward the utility's reorganization. Different officer groups have specific performance measures and weightings that affect their incentive awards. The plan was approved by the Nominating and Compensation Committee and is intended to align officer incentives with company goals for the year.

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EX-10.24 9 f95893aexv10w24.txt EXHIBIT 10.24 EXHIBIT 10.24 2004 SHORT-TERM INCENTIVE PLAN BACKGROUND At its meeting on December 17, 2003, the Nominating and Compensation Committee reviewed and approved the 2004 Short-Term Incentive Plan (STIP) structure for officers of PG&E Corporation and Pacific Gas and Electric Company. The structure (Attachment A) establishes the weighting of corporate earnings from operations, subsidiary earnings from operations, and other performance factors for officers. ATTACHMENT A 2004 RECOMMENDED OFFICER SHORT-TERM INCENTIVE PLAN STRUCTURE
OFFICER GROUP AWARD COMPONENT WEIGHT PERFORMANCE MEASURES - ----------------------------------------------------------------------------------------------------------------- PG&E Corporation Corporate Financial Performance 75% Corporate earnings from operations Utility Plan of Reorganization 25% Progress towards the reorganization of Pacific Gas and Electric Company - ----------------------------------------------------------------------------------------------------------------- Pacific Gas and Electric Corporate Financial Performance 25% Corporate earnings from operations Company - Senior Officers (Officer Bands 2-4) Subsidiary Financial Performance 50% Subsidiary contribution to corporate earnings from operations Utility Plan of Reorganization 25% Progress towards the reorganization of Pacific Gas and Electric Company - ----------------------------------------------------------------------------------------------------------------- Pacific Gas and Electric Corporate Financial Performance 25% Corporate earnings from operations Company - Officers (Officer Bands 5-6) Subsidiary Financial Performance 25% Subsidiary contribution to corporate earnings from operations Utility Plan of Reorganization 25% Progress towards the reorganization of Pacific Gas and Electric Company Subsidiary Operational Performance 25% Financial, operating, and service measures determined by subsidiary CEO - -----------------------------------------------------------------------------------------------------------------