Amendment No. 1 to Spire Inc. Deferred Income Plan (Effective November 1, 2024)

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment, effective November 1, 2024, modifies the Spire Inc. Deferred Income Plan. It allows certain employees and officers to defer specific portions of their salary, annual incentive compensation, and equity compensation, with new limits and clarifications for the November 2024 equity grant. The amendment also introduces a restorative contribution for participants who receive reduced 401(k) matching contributions due to their deferrals under the plan. All other terms of the plan remain unchanged.

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EX-10.1 2 sr-ex10_1.htm EX-10.1 EX-10.1

Exhibit 10.1

 

AMENDMENT 1 TO

SPIRE DEFERRED INCOME PLAN

 

WHEREAS, Spire Inc. (the “Company”) adopted the Spire Inc. Deferred Income Plan effective January 1, 2005, which was most recently amended effective January 1, 2019 (the “Plan”);

 

WHEREAS, the Company has retained the right to amend the Plan; and

 

WHEREAS, the Company wishes to amend the Plan to add a restorative contribution for certain Participants who receive a lesser 401(k) plan matching contribution by making deferrals under the Plan.

 

NOW, THEREFORE, the Plan is hereby amended, effective as of November 1, 2024, as set forth herein.

 

1.
Section 4(b) of the Plan is amended and restated to read as follows:

 

(b)
Employees’ and Officers’ Deferrals: Participants other than Directors may defer (i) a percentage of Base Salary that shall not exceed the Maximum Base Salary Deferral Percentage for the applicable Plan Year, (ii) up to 90% of Annual Incentive Compensation, and (iii) up to 100% of Annual Equity Compensation. However, with respect to the equity grant that occurs in November 2024, Participants may only elect to defer up to 100% of time-based restricted stock units and may not elect to defer any performance contingent stock units. Notwithstanding the foregoing, no Deferral Election shall be permitted to the extent such Deferral Election is inconsistent with Code Section 409A.

 

2.
Except as otherwise provided in this amendment, the provisions of the Plan remain in full force and effect.

 

This amendment is adopted this 16th day of October, 2024.

 

 

 

SPIRE INC.

 

 

 

 

By:

/s/ Courtney Vomund

 

 

 

 

Name:

Courtney Vomund

 

 

 

 

Title:

Vice President, Chief Administrative

 

 

Officer & Corporate Secretary