Summary of Severance Benefits Agreement for Bertrand Valdman, CFO of Puget Sound Energy

Contract Categories: Human Resources › Severance Agreements
Summary

This agreement outlines the severance benefits for Bertrand Valdman, Senior Vice President and Chief Financial Officer of Puget Sound Energy. If Mr. Valdman's employment is terminated or his role is significantly reduced due to a change in the company's President and CEO, and such change is not covered by a separate change in control agreement, he will receive one year's base salary, a pro-rata annual incentive at 100% target, up to $50,000 in relocation allowance, and any vested restricted stock. To receive these benefits, he must sign a waiver and release agreement.

Read More Arrow
EX-10.55 14 exhibit1055.htm SUMMARY OF SEVERANCE BENEFIT FOR CFO Summary of Severance Benefit for CFO
Exhibit 10.55
 

 
Summary of Severance Benefit For
Bertrand Valdman, Senior Vice President and Chief Financial Officer
 
Pursuant to Mr. Valdman's employment offer letter, if there is a change in the Puget Sound Energy President and Chief Executive Officer and due to that change Mr. Valdman's employment is terminated or there is a significant decrease in the role, scope and compensation structure for his employment that is not otherwise covered by a change in control agreement, Mr. Valdman is entitled to receive the following benefits:
 
·  
a severance payment equal to one year's base salary;
 
·  
a pro-rata share of the annual incentive at 100% target;
 
·  
a relocation allowance not to exceed $50,000; and
 
·  
the vested portion of the restricted stock granted at the time of his employment.
 
To receive these benefits, Mr. Valdman will be required to sign a waiver and release agreement in a form to be provided by Puget Sound Energy.