Dominion Energy Senior Vice President Employment Offer Letter to Jay L. Johnson (August 21, 2000)
Dominion Energy offers Jay L. Johnson the position of Senior Vice President, effective September 18, 2000, with an annual base salary of $275,000, eligibility for a 45% target annual incentive (pro-rated in the first year), and 43,500 stock options vesting over two years. The offer includes four weeks of vacation, executive benefits, a company car, financial planning allowance, and participation in retirement and deferred compensation plans. Full vesting in the Executive Supplemental Retirement Plan occurs after three years. Acceptance is indicated by signing and returning the letter.
Exhibit 10.26
August 21, 2000
Mr. Jay L. Johnson
2300 E Street NW
Washington D.C. 20037
Dear Jay:
I am delighted to offer you the position of Senior Vice President at Dominion Energy effective September 18, 2000.
Your annual base salary will be $275,000, paid monthly on or about the 25th of the month. You are eligible to participate in the Company’s annual incentive plan with a target award of 45% of your base salary. This target will be pro-rated in your first year of employment. You will also receive 43,500 stock options at the Fair Market Value of Dominion’s stock on September 18, 2000. One-third of these options will vest immediately, one-third on January 1, 2001 and the final one-third on January 1, 2002.
You will receive 4 weeks of vacation per calendar year.
The Company has an excellent benefits package, a summary of which has been provided to you. In addition you will receive the standard package of executive benefits and perquisites including an Executive Continuity Agreement, eligibility for participation in the Deferred Compensation Plan, a company leased automobile and an annual allowance for financial planning expenses.
The Company’s retirement plan benefit is based on your age and qualifying years of credited service in the plan. You will be provided with 20 years of credited service after 10 years of actual continuous employment with the Company. In addition, you are eligible to participate in the Company’s Executive Supplemental Retirement Plan with full vesting after three years of employment.
I look forward to working with you. I would appreciate it if you would sign a copy of this letter indicating your acceptance of its terms. Please return it to Anne Grier in the enclosed envelope.
Sincerely yours,
Thomas F. Farrell, II
| c: | Annetta Riekel |
Anne M. Grier
| Accepted: /s/ Jay L. Johnson | Date: 8/26/00 |
Jay L. Johnson
