Sempra Energy Executive Personal Financial Planning Program Policy (Effective July 1, 2019)
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Summary
Sempra Energy offers a financial planning benefit to its executives at the Vice President level or higher, including officers of its subsidiaries. The program covers expenses for investment, retirement, tax, estate, cash management, and stock option planning, with annual reimbursement limits based on executive rank. Participants must submit invoices for covered services to the company, which pays providers directly. Any unused benefit may be paid in cash at year-end. The benefit is considered taxable income. The program is administered by the Executive Compensation department, with final authority held by the Chief Human Resources Officer.
EX-10.35 10 sempra-123119xex1035.htm EXHIBIT 10.35 Exhibit
Exhibit 10.35
SEMPRA ENERGY
EXECUTIVE PERSONAL FINANCIAL PLANNING PROGRAM
POLICY DOCUMENT
UPDATED EFFECTIVE JULY 1, 2019
Sempra Energy |
Executive Financial Planning Policy |
1. | PURPOSE |
The purpose of this program is to assist executives in the following areas of financial planning: investment and retirement planning, income tax and estate planning, cash management, and stock option strategies.
2. | ADMINISTRATION |
The program is administered by the Sempra Energy Executive Compensation department. The Chief Human Resources Officer has final authority with respect to all matters relating to this program.
3. | PARTICIPATION |
Officers of Sempra Energy and any of its subsidiaries may be designated as participants. Current participation is limited to executives at the level of Vice President or higher. The Chief Human Resources Officer has final authority with respect to participation in the program.
4. | BENEFIT1 |
Sempra Energy will pay participant expenses related to the financial planning services described in paragraph one, up to the maximum annual reimbursement amount. Maximum annual reimbursement amounts are:
(A) | Chief Executive Officer |
$25,000 per year
(B) | Executive Vice Presidents, Group Presidents, Business Unit CEOs/Presidents and Corporate SVPs |
$12,000 per year
(C) | All Other Participants |
$10,000 per year
The benefit is taxable income to participants. If the participant incurs annual expenses less than the maximum annual reimbursement amount, the unused benefit may be paid in cash at year-end.
5. | PAYMENT OF EXPENSES |
Participants must submit invoices for covered financial planning services to Executive Compensation. Sempra Energy will remit payment to the service provider. Participants should not pay the service provider directly. Invoices should be directed to:
Sempra Energy
Attn: Executive Compensation
488 8th Avenue, HQ4N5
San Diego, CA 92101
1Benefit levels effective July 1, 2019
2