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Filed by a Party other than the Registrant ☐ | |||||||||||
Check the appropriate box: | |||||||||||
☐ Preliminary Proxy Statement | ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |||||||||
x Definitive Proxy Statement | |||||||||||
☐ Definitive Additional Materials | |||||||||||
☐ Soliciting Material Pursuant to Rule 14a-12. |
x | No fee required. | ||||
☐ | Fee paid previously with preliminary materials. | ||||
☐ | |||||
American Electric Power 1 Riverside Plaza Columbus, OH 43215 | ||||||||
Nicholas K. Akins Chief Executive Officer |
TIME | 9:00 a.m. Eastern Time on Tuesday, April | ||||||||||
WEBCAST | To participate in the live webcast of the Annual Meeting at https://meetnow.global/AEP2022, you will need the control number, which can be found on your Shareholder Meeting Notice, on your proxy card, and on the instructions that accompany your proxy materials. Those who are not shareholders as of the record date may join the Annual Meeting as guests by telephone. | ||||||||||
The Annual Meeting will begin promptly at 9:00 a.m. Eastern Time. Online check-in will begin at 8:40 a.m. Eastern. | |||||||||||
AUDIO BROADCAST | Shareholders and guests also can listen to an audio broadcast of the Annual Meeting toll free at 855-493-3493, confirmation code 6446768. | ||||||||||
ITEMS OF BUSINESS | (1) | To elect the | |||||||||
(2) | To ratify the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the year | ||||||||||
(3) | To vote on a proposal to amend the Company’s Restated Certificate of Incorporation to authorize preferred stock. | ||||||||||
(4) | To hold an advisory vote on executive compensation. | ||||||||||
ANNUAL REPORT | Appendix A to this proxy statement has AEP’s audited financial statements, management’s discussion and analysis of results of operations and financial condition and the report of the independent registered public accounting firm. | ||||||||||
PROXY VOTING | It is important that your shares be represented and voted at the meeting. Please vote in one of these ways: | ||||||||||
(1) | MARK, SIGN, DATE AND PROMPTLY RETURN your proxy card if you received paper copies of the proxy materials. | ||||||||||
(2) | CALL TOLL-FREE by telephone at 800-652-8683. | ||||||||||
(3) | VISIT THE WEB SITE at www.envisionreports.com/ | ||||||||||
(4) | PARTICIPATE IN THE ANNUAL MEETING via live webcast at https://meetnow.global/AEP2022. | ||||||||||
If your shares are held in the name of a bank, broker or other holder of record, please follow the instructions from the holder of record in order to vote your shares. | |||||||||||
Any proxy may be revoked at any time before your shares are voted at the meeting. | |||||||||||
PROXY MATERIALS | On our pre-meeting forum at https://meetnow.global/AEP2022, shareholders of record can access copies of proxy materials. Because we will be providing our proxy materials to our shareholders electronically, most of our shareholders will receive only the Notice containing instructions on how to access the proxy materials electronically and vote online, by phone, by mail, or at the Annual Meeting. If you would like to request paper copies of the proxy materials, you may follow the instructions on yourNotice. |
March | David M. Feinberg Secretary |
Proxy and Voting Information | |||||
Item 1: Election of Directors | |||||
AEP’s Board of Directors and Committees | |||||
Corporate Governance | |||||
Director Compensation | |||||
Item 2: Proposal to Ratify Appointment of Independent Registered Public Accounting Firm | |||||
Audit Committee Report | |||||
Item 3: Proposal to Amend the Company's Restated Certificate of Incorporation to Authorize Preferred Stock | |||||
Item 4: Advisory Vote on Executive Compensation | |||||
Compensation Discussion and Analysis | |||||
Executive Summary | |||||
Overview | |||||
Executive Compensation Program Detail | |||||
Annual Incentive Compensation | |||||
Long-Term Incentive Compensation | |||||
Retirement, Health and Welfare Benefits | |||||
Other Compensation Information | |||||
Human Resources Committee Report | |||||
Executive Compensation | |||||
Summary Compensation Table | |||||
Grants of Plan-Based Awards for | |||||
Outstanding Equity Awards at Fiscal Year-End for | |||||
Option Exercises and Stock Vested for | |||||
Pension Benefits for | |||||
Nonqualified Deferred Compensation for | |||||
Potential Payments Upon Termination of Employment or Change in Control | |||||
CEO Pay Ratio | |||||
Share Ownership of Directors and Executive Officers | |||||
Share Ownership of Certain Beneficial Owners | |||||
Shareholder Proposals and Nominations | |||||
Exhibit A: Reconciliation of GAAP and Non-GAAP Financial Measures | |||||
Exhibit B: Form of Amendment to Restated Certificate of Incorporation |
AEP strives to provide our shareholders attending the online-only Annual Meeting the same opportunities to participate they would have had at an in-person Annual Meeting. AEP believes the online-only format will provide an enhanced opportunity for participation and discourse. | |||||
• | Representatives of Computershare Trust Company, N.A. have been appointed as the independent inspectors of elections. | ||||
• | Shareholders participating in the live webcast of the Annual Meeting at https://meetnow.global/AEP2022 can submit questions in writing during the Annual Meeting. Management will read questions to the audience and respond to these questions throughout the Annual Meeting. Shareholders are encouraged to provide their name and contact information in case the Company needs to contact them after the Annual Meeting. | ||||
• | Individuals who are not shareholders as of the record date who are interested in listening to the Annual Meeting will be allowed to listen to the Annual Meeting toll-free at 855-493-3493, confirmation code 6446768. | ||||
• | Questions submitted by shareholders will be read during the Annual Meeting unedited. Questions that are of an inappropriate personal nature or that use offensive language will not be read during the Annual Meeting or posted on our website after the Annual Meeting. Questions regarding technical issues related to the Annual Meeting will be referred to technical support personnel to respond separately. | ||||
• | A video replay of the Annual Meeting, will be available on our website at aep.com/investors under "2022 Annual Meeting of Shareholders" until the release of the proxy statement for the 2023 Annual Meeting. | ||||
• | The Annual Meeting will end upon the earlier of 10:00 a.m. Eastern Time, or after all question topics that are not of an inappropriate nature have been answered. |
Item | Board Recommendation | Voting Standard | Abstentions | Broker Non-Votes | ||||||||||||||||||||||||||||
Item 1 – Election of Directors | ü | FOR | Majority of votes cast for each Director | No effect | No effect | |||||||||||||||||||||||||||
Item 2 – Ratification of the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for | ü | FOR | Majority of shares voted | No effect | Discretionary voting by broker permitted | |||||||||||||||||||||||||||
Item 3 – Amendment to Ratify the Company's Restated Certificate of Incorporation to authorize preferred stock | ü | FOR | Majority of shares outstanding | Against | Against | |||||||||||||||||||||||||||
Item 4 – Advisory vote to approve executive compensation (Say on Pay)(1) | ü | FOR | Majority of shares voted | No effect | No effect |
Nicholas K. Akins New Albany, Ohio Age Director since 2011 | Professional Highlights Elected chief executive officer of AEP in November 2011; elected Mr. Akins’ qualifications to serve on the Board include his extensive senior executive experience in the utility industry and his deep knowledge of the Company as our chief executive officer. Mr. Akins brings to the Board experience in all facets of operational and compliance related activities in the utility industry, which enables him to effectively identify strategic priorities and execute strategy. Mr. Akins’ service on the board of another public company, including service as chair of its nominating and corporate governance committee, provides Mr. Akins additional governance insights that are valuable in his role as our Board Current Public Company Boards Fifth Third Bancorp | |||||||||||||
David J. Anderson Greenwich, Connecticut Age Director since 2011 | Professional Highlights Mr. Anderson’s qualifications to serve on the Board include his corporate finance expertise as the chief financial officer of a Fortune 100 company and his experience as a public company director. While at Honeywell, Mr. Anderson was responsible for the company’s corporate finance activities including tax, accounting, treasury, audit, investments, financial planning, acquisitions and real estate. Through his finance leadership positions, Mr. Anderson brings to the Board relevant experience in the areas of management and executive leadership and experience in developing and executing strategy. His extensive finance expertise provides valuable insight in the areas of financial reporting and accounting and controls. Previous Public Company Boards Cardinal Health, Inc. (2014-2018) Fifth Street Asset Management, Inc. (2014-2015) BE Aerospace Inc. (2014 – 2017) |
J. Barnie Beasley, Jr. Sylvania, Georgia Age Director since 2014 | Professional Highlights Mr. Beasley served as an independent nuclear safety and operations expert to the board of directors of the Tennessee Valley Authority, a large electric utility in the southeastern United States, from 2011 to 2014. Retired chairman, president and chief executive officer of Southern Nuclear Operating Company, the nuclear operating company subsidiary of an electric utility (2004-2008). Advisor to EnergySolutions, Inc., a nuclear services company (2014-2019). Mr. Beasley’s qualifications to serve on the Board include his nuclear expertise as the chief executive officer of the nuclear operating company subsidiary of Southern Company and his experience as a public company director. Mr. Beasley brings to the Board decades of experience in the nuclear and utility industries, including high level executive management and business oversight experience. He has substantial experience working with federal government administrators, which provides valuable insights in governmental and regulatory issues. His extensive experience in operations provides insights in risk management, safety, personnel development and environmental matters. Mr. Beasley also brings significant engineering experience, having held a Professional Engineering license for over 37 years. His experience in the nuclear industry also provides him substantial experience in physical security and cybersecurity. GSE Systems, Inc. | |||||||||||||
Age Director since | Professional Highlights Retired chairman of Mr. |
Art A. Garcia Southwest Ranches, Florida Age Director since 2019 | Professional Highlights Retired chief financial officer of Ryder System, Inc., a provider of fleet management, supply chain management and logistic solutions (2010-2019). Senior Vice President and Controller of Ryder (2005-2009). Mr. Garcia is a certified public accountant who began his career with Coopers & Lybrand before joining Ryder. Mr. Garcia’s qualifications to serve on the Board include his corporate finance and accounting expertise as Current Public Company Boards ABM Industries Incorporated Elanco Animal Health Incorporated | |||||||||||||
Linda A. Goodspeed Marco Island, Florida Age Director since 2005 | Professional Highlights Retired managing partner of Wealthstrategies Financial Advisors, LLC (2008-2017) Ms. Goodspeed’s qualifications to serve on the Board include her information technology expertise as a chief information officer and her experience as a public company director. Ms. Goodspeed has experience in key strategic and operational roles with several large global companies as chief information officer. Ms. Goodspeed brings to the Board a wealth of experience leading complex IT organizations and brings innovation experience. She has completed the National Association of Corporate Directors certification in cybersecurity oversight. She has experience as a senior leader of businesses developing electric vehicles, and past experience developing and marketing new customer facing products and technology in the appliance and automotive industries. Current Public Company Boards AutoZone, Inc. Darling Ingredients Inc. Williams Industrial Services Group, Inc. Previous Public Company Boards Global Power Equipment Group (2016-2018) Columbus McKinnon Corp (2004-2017) |
Sandra Beach Lin Flower Mound, Texas Age Director since 2012 | Professional Highlights Retired chief executive officer of Calisolar, Inc., a solar silicon company (2010-2011). Executive vice president, then corporate executive vice president of Celanese Corporation, a global hybrid chemical company (2007-2010). Previous senior operating roles at Avery Dennison, Alcoa and Honeywell. Member, Nominating and Corporate Governance Committee Chair Advisory Council of the National Association of Corporate Directors. Ms. Lin’s qualifications to serve on the Board include her extensive senior executive experience managing large global businesses in multiple industries and her experience as a public company director. Ms. Lin brings to the Board extensive experience as a senior executive in operational roles at numerous industrial manufacturing sites, which gave her significant experience in employee safety and manufacturing. In her senior leadership positions, she created and executed strategies in diverse industries, including automotive, packaging, specialty chemicals and solar energy. She also has wide global experience in sales and marketing. In her executive leadership as the chief executive officer of a materials supplier to the solar industry, she helped bring to market new, innovative technology to reduce costs to solar cell manufacturers. Her service as a board leadership fellow for the National Association of Corporate Directors has given her additional expertise related to corporate governance. Current Public Company Boards Avient Corporation Trinseo S. A. Previous Public Company Boards WESCO International (2002-2019) |
Margaret M. McCarthy North Chatham, Massachusetts Age Director since 2019 | Professional Highlights Retired Executive Vice President – Technology Integration of CVS Health Corporation, a U.S.-based healthcare company (December 2018 to June 2019). Executive vice president of operations and technology for Aetna, Inc., a diversified health care benefits company (2010 – 2018). Prior to joining Aetna in 2003, she served in information technology-related roles at CIGNA Healthcare and Catholic Health Initiatives. Ms. McCarthy’s qualifications to serve on the Board include her extensive senior executive experience in the healthcare industry and her experience as public company director. Ms. McCarthy was responsible for innovation, technology, data security, procurement, real estate and service operations at Aetna. Ms. McCarthy also worked in technology consulting at Accenture and was a consulting partner at Ernst & Young. She was previously a director of a data center and cloud security company. She has extensive experience in the regulated insurance industry, business strategy, customer experience and cyber and physical security. Current Public Company Boards First American Financial Corporation Marriott International Inc. | |||||||||||||
Previous Public Company Boards Brighthouse Financial, Inc. |
Oliver G. Richard, III Lake Charles, Louisiana Age Director since 2013 | Professional Highlights Owner and president of Empire of the Seed LLC, a company that preserves older buildings for reuse since 2005. Mr. Richard served as chairman, president and chief executive officer of Columbia Energy Group (Columbia Energy) from April 1995 until Columbia Energy was acquired by NiSource Inc. in November 2000. Mr. Richard served as a commissioner of the Federal Energy Regulatory Commission from 1982 to 1985. Mr. Richard’s qualifications to serve on the Board include his extensive knowledge of the utility industry as a former commissioner of the Federal Energy Regulatory Commission, his senior executive experience at utility companies and his experience as a public company director. Mr. Richard brings to the board experience as a regulator in our industry, along with his other legal and public policy experience, which gives him unique and valuable perspective to our industry. He also has a breadth of experience in the energy sector, through his position as chairman, president and chief executive officer of a Fortune 500 company, with relevant experience in the areas of operations, management, executive leadership, strategic planning, human resources and corporate governance. He also has experience as a consultant in the energy and management industries. Current Public Company Boards Cheniere Energy Partners, GP, LLC Previous Public Company Boards Buckeye Partners, L.P. (2009 - 2019) | |||||||||||||
Daryl Roberts Wilmington, Delaware Age 53 Director since 2020 | Professional Highlights Senior Vice President and Chief Operations and Engineering Officer of DuPont de Nemours Inc., a diversified global specialty chemicals company since 2018. From 2015-2018, Vice President, Manufacturing, Engineering and Regulatory Services and from 2012-2015 Senior Director, Manufacturing and Regulatory Services of Arkema S.A. From 1998-2012, he served in various manufacturing, health and safety, operations and engineering positions at Arkema S.A. Mr. Robert’s qualifications Mr. Robert’s qualifications to serve on the Board include his executive experience in the global manufacturing industry. He also brings to the Board relevant experience in engineering, manufacturing, operations, regulatory and health and safety. Through his roles in the manufacturing industry, he also has experience managing compliance, regulatory and public policy matters. |
Sara Martinez Tucker Dallas, Texas Age Director since 2009 | Professional Highlights Former Chief Executive Officer of the National Math and Science Initiative from February 2013 to March 2015. From 2009 to February 2013, independent consultant. Former Under Secretary of Education in the U.S. Department of Education (2006-2008). Chief executive officer and president of the Hispanic Scholarship Fund from 1997 to 2006. Retired executive of AT&T. Ms. Tucker’s qualifications to serve on the Board include her experience in governmental affairs in the highly regulated telecommunications industry and as the Under Secretary of Education, her experience in human resources and customer service operations Current Public Company Boards Service Corporation International Previous Public Company Boards Sprint Corporation (2013 - 2020) Xerox Corporation (2011 - 2019) | |||||||||||||
Lewis Von Thaer Columbus, Ohio Age 61 Director since 2022 | Professional Highlights President and chief executive officer of Battelle Memorial Institute, the world’s largest independent research and development organization, since October 2017. Mr. Von Thaer served as chief executive officer of DynCorp International (June 2015 – October 2017), president of Leidos, Inc. (2013 – 2015) and corporate vice president of General Dynamics Corporation and president of its Advances Information Systems division (2005 –2013). Mr. Von Thaer’s qualifications to serve on the Board include his technology expertise as the chief executive officer of Battelle and his experience as a director of Pacific Northwest National Laboratory and UT-Battelle (the operator of Oak Ridge National Laboratory). Mr. Von Thaer brings to the Board decades of experience in the global manufacturing and research industries, including high level executive management and business oversight experience. He has substantial experience working with federal government administrators, which provides valuable insights in governmental, regulatory and public policy issues. His extensive experience in management and operations provides insights in risk management, safety and health, personnel development and environmental matters. As a licensed engineer, Mr. Von Thaer also brings significant engineering experience. |
DIRECTOR | BOARD COMMITTEES | |||||||||||||||||||||||||
Audit | Directors and Corporate Governance | Executive | Finance | Human Resources | Nuclear Oversight | Technology | Policy | |||||||||||||||||||
Mr. Akins | X (Chair) | X | ||||||||||||||||||||||||
Mr. Anderson | X (Chair) | X | X | X | ||||||||||||||||||||||
Mr. Beasley | X | X (Chair) | X | X | ||||||||||||||||||||||
Mr. Crosby | X | X | X | X | ||||||||||||||||||||||
Mr. Fowke | X | X | X | X | ||||||||||||||||||||||
Mr. Garcia | X | X | X (Chair) | X | ||||||||||||||||||||||
Ms. Goodspeed | X | X | X (Chair) | X | ||||||||||||||||||||||
Mr. Hoaglin | X | X | X | X | X | |||||||||||||||||||||
Ms. Lin | X | X (Chair) | X | X | ||||||||||||||||||||||
Ms. McCarthy | X | X | X | X (Chair) | ||||||||||||||||||||||
Mr. Notebaert | X | X | X | X | ||||||||||||||||||||||
Mr. Rasmussen | X | X | X | X | ||||||||||||||||||||||
Mr. Richard | X | X | x | |||||||||||||||||||||||
Mr. Roberts | X | X | X | X | ||||||||||||||||||||||
Ms. Tucker | X | X (Chair) | X | |||||||||||||||||||||||
Mr. Von Thaer | X | X | X | X | ||||||||||||||||||||||
2021 Meetings | 6 | 5 | 0 | 5 | 8 | 4 | 0 | 3 |
DIRECTOR | BOARD COMMITTEES | ||||||
Audit | Directors and Corporate Governance | Policy | Executive | Finance | Human Resources | Nuclear Oversight | |
Mr. Akins | X | X (Chair) | |||||
Mr. Anderson | X (Chair) | X | X | X | |||
Mr. Beasley | X | X | X (Chair) | ||||
Mr. Crosby | X | X | X (Chair) | X | |||
Mr. Garcia | X | X | X | X (Chair) | |||
Ms. Goodspeed | X | X | X | ||||
Mr. Hoaglin | X | X (Chair) | X | X | |||
Ms. Lin | X | X | X | ||||
Ms. McCarthy | X | X | X | ||||
Mr. Notebaert | X | X | X | X | |||
Mr. Nowell | X | X | X | ||||
Mr. Rasmussen | X | X | X | X | |||
Mr. Richard | X (Chair) | X | X | ||||
Ms. Tucker | X | X | X | ||||
2019 Meetings | 7 | 5 | 2 | 0 | 5 | 7 | 4 |
Governance Highlights | |||||||||||
• | • | Annual shareholder engagement on governance issues, including ESG matters and strategy with Lead Director participation | |||||||||
• | Strong Independent Lead Director with clearly delineated duties | • | Executive sessions of non-management directors at every Board meeting | ||||||||
• | Annual election of all directors | • | Robust stock ownership guidelines for executive officers and non-employee directors | ||||||||
• | Majority voting in the election of directors with director resignation policy (plurality standard to apply in contested elections) | • | Risk oversight by full Board and Committees | ||||||||
• | Annual Board and Committee self-evaluations, including individual Board member evaluations | • | Board and Committees may hire outside advisors independently of management | ||||||||
• | Audit Committee, HR Committee, and Corporate Governance Committee composed entirely of independent directors | • | Limit on the number of public company directorships Board members may hold (4) | ||||||||
• | Diverse Board in terms of gender, ethnicity and specific skills and qualifications | • | Proxy access for shareholders |
Board Diversity Matrix | ||||||||||||||
Part I: Gender Identity | Male | Female | Non-Binary | Did Not Disclose Gender | ||||||||||
Directors | 8 | 4 | ||||||||||||
Part II: Demographic Background | ||||||||||||||
African American or Black | 1 | |||||||||||||
Alaskan Native or American Indian | ||||||||||||||
Asian | ||||||||||||||
Hispanic, Latino or Latina | 1 | 1 | ||||||||||||
Native Hawaiian or Pacific Islander | ||||||||||||||
White | 6 | 3 | ||||||||||||
Two or More Races or Ethnicities | ||||||||||||||
LGBTQ+ | ||||||||||||||
Undisclosed |
Senior Executive Leadership and Business Strategy | Regulated Industry Experience | |||||||||||||
Directors who hold or have held significant senior leadership experience as a CEO or senior executive provide the Company with unique insights. They generally possess extraordinary leadership skills as well as the ability to recognize and develop leadership skills in others. They have a practical understanding of organizations, strategy and risk management, and know how to drive growth. | Our business is heavily regulated. AEP engages in a complex business with significant public policy and public safety implications. A portion of our business deals with nuclear regulations and operations. The development and execution of our strategy depends on directors who have experience with public policy issues, energy markets, technology, renewable energy, and electric transmission and distribution infrastructure. | |||||||||||||
Industrial Operations Experience | Safety and Talent | |||||||||||||
AEP invests billions of dollars each year on maintenance and growth investments to improve reliability of its electric transmission and distribution systems, and to enhance customer service. AEP also invests substantial sums in our generation portfolio. Having directors with experience with these complex processes is important because it allows the Board to provide AEP with appropriate decision-making and oversight related to complex capital projects. | With safety as an AEP core value, maintaining the safety of AEP employees and the public is imperative. Therefore, it is helpful to have directors with experience who can assist the Board in its oversight of the Company’s programs and performance related to health and safety. In addition, directors who have significant leadership experience as a CEO or senior executive are better able to recognize and develop leadership skills and talents in others. | |||||||||||||
Risk Management | Innovation and Technology | |||||||||||||
Managing risk in a rapidly changing utility industry is critical to our success. Directors with an understanding of the most significant risks facing AEP and experience and leadership to provide effective oversight of management risk processes is critical to our success. | The utility industry is rapidly changing with the development of new technologies and shifting energy policy and environmental regulation in energy markets. Therefore, it is important to have directors who possess experience in these areas. | |||||||||||||
Finance and Accounting | Cybersecurity and Physical Security | |||||||||||||
Accurate and transparent financial reporting is critical to our success. Given the capital intensive nature of our business, we also seek directors who have experience overseeing effective capital allocation. We seek to have a number of directors who qualify as audit committee financial experts. | The industry in which AEP conducts its business is subject to physical and cyber threats against the security of assets and systems. AEP recognizes the importance of directors who possess experience in these areas. | |||||||||||||
Government, Legal and Environmental Affairs | Customer Experience and Marketing | |||||||||||||
AEP is engaged in a business that is subject to extensive regulation by multiple state and federal regulatory authorities. Experience with and understanding of government regulation is critical to AEP’s efforts to help shape public policy and government regulation that has a direct effect on its business and strategy. The production of energy also has environmental implications and how we address rapidly evolving environmental regulation has important strategic implications. As such, we seek directors with experience in government, legal and environmental affairs to provide insight on effective strategies in these areas. | Understanding the needs of our customers is important in our rapidly changing industry. Marketing expertise is also important as our business becomes more competitive and as we focus on meeting customer expectations and transforming the customer experience. We seek directors who have experience in consumer businesses and are committed to excellence in service. |
• | Works closely with the | • | Participates in the Company’s annual shareholder outreach calls | |||||||||||
• | Consults with and advises the | • | Sets the agenda for and chairs the executive sessions at every Board meeting | |||||||||||
• | Advises the | • | Serves as a liaison between the | |||||||||||
• | Leads the Board’s annual self-assessment | • | Has the authority to call special meetings of the Board | |||||||||||
• | Reviews the results of the annual evaluation of individual directors with each director | • | Has the authority to retain outside legal counsel or other advisors as needed by the Board | |||||||||||
• | Co-leads, with the Chair of the HR Committee, the annual performance assessment of the Chief Executive Officer |
Compensation Element | Amount | |||
Annual Retainer (1) | $ | 120,500 | ||
Annual Stock Unit Awards (2) | $ | 157,500 | ||
Committee Chair Annual Retainers (1): | ||||
Audit Committee | $ | 25,000 | ||
HR Committee | $ | 20,000 | ||
Corporate Governance Committee | $ | 15,000 | ||
Finance Committee | $ | 15,000 | ||
Nuclear Oversight Committee | $ | 17,500 | ||
Policy Committee | $ | 5,000 | ||
Lead Director Annual Retainer (1) | $ | 30,000 |
Compensation Element | Amount | |||||||
Annual Retainer (1) | $ | 125,000 |
Annual Stock Unit Awards (2) | $ | 163,000 | ||||||
Committee Chair Annual Retainers (1): | ||||||||
$ | 25,000 | |||||||
Human Resources Committee | $ | 25,000 | ||||||
Nuclear Oversight Committee | $ | 17,500 | ||||||
Corporate Governance Committee | $ | 15,000 | ||||||
Finance Committee | $ | 15,000 | ||||||
Technology Committee | $ | 15,000 | ||||||
Policy Committee | $ | 5,000 | ||||||
Lead Director Annual Retainer (1) | $ | 35,000 |
Name | Fees Earned Or Paid in Cash ($) | Stock Awards ($) (1)(2) | All Other Compensation ($)(3) | Total ($) | Name | Fees Earned Or Paid in Cash ($) | Stock Awards ($) (1)(2) | All Other Compensation ($)(3) | Total ($) | |||||||||||||||||||||||||||||
David. J. Anderson | 135,500 | 157,500 | 872 | 293,872 | David. J. Anderson | 150,000 | 163,000 | 595 | 313,595 | |||||||||||||||||||||||||||||
J. Barnie Beasley, Jr. | 138,000 | 157,500 | 1,872 | 297,372 | J. Barnie Beasley, Jr. | 142,500 | 163,000 | 2,595 | 308,895 | |||||||||||||||||||||||||||||
Ralph D. Crosby, Jr. | 140,500 | 157,500 | 872 | 298,872 | Ralph D. Crosby, Jr. | 45,742 | 49,706 | 595 | 96,043 | |||||||||||||||||||||||||||||
Art A. Garcia | 40,167 | 52,500 | 872 | 93,539 | Art A. Garcia | 140,000 | 163,000 | 1,595 | 304,595 | |||||||||||||||||||||||||||||
Linda A. Goodspeed | 120,500 | 157,500 | 872 | 278,872 | Linda A. Goodspeed | 125,000 | 163,000 | 595 | 288,595 | |||||||||||||||||||||||||||||
Thomas E. Hoaglin | 165,500 | 157,500 | 872 | 323,872 | Thomas E. Hoaglin | 137,500 | 163,000 | 595 | 301,095 | |||||||||||||||||||||||||||||
Sandra Beach Lin | 120,500 | 157,500 | 872 | 278,872 | Sandra Beach Lin | 136,250 | 163,000 | 595 | 299,845 | |||||||||||||||||||||||||||||
Margaret M. McCarthy | 90,375 | 118,125 | 872 | 209,372 | Margaret M. McCarthy | 130,000 | 163,000 | 595 | 293,595 | |||||||||||||||||||||||||||||
Richard C. Notebaert | 120,500 | 157,500 | 872 | 278,872 | Richard C. Notebaert | 38,118 | 49,706 | 595 | 88,419 | |||||||||||||||||||||||||||||
Lionel L. Nowell III | 145,500 | 157,500 | 872 | 303,872 | ||||||||||||||||||||||||||||||||||
Stephen S. Rasmussen | 120,500 | 157,500 | 872 | 278,872 | Stephen S. Rasmussen | 151,250 | 163,000 | 595 | 314,845 | |||||||||||||||||||||||||||||
Oliver G. Richard III | 125,500 | 157,500 | 2,872 | 285,872 | Oliver G. Richard III | 125,000 | 163,000 | 595 | 288,595 | |||||||||||||||||||||||||||||
Daryl Roberts | Daryl Roberts | 125,000 | 163,000 | 595 | 288,595 | |||||||||||||||||||||||||||||||||
Sara M. Tucker | 120,500 | 157,500 | 872 | 278,872 | Sara M. Tucker | 143,750 | 163,000 | 595 | 307,345 |
Audit & Non-Audit Fees | 2019 | 2018 | Audit & Non-Audit Fees | 2021 | 2020 | |||||||||||||||||
Audit Fees (1) | $ | 11,544,000 | $ | 11,062,885 | Audit Fees (1) | 12,662,600 | $ | 11,279,000 | ||||||||||||||
Audit-Related Fees (2) | 868,500 | 226,000 | Audit-Related Fees (2) | 208,000 | 743,000 | |||||||||||||||||
Tax Fees (3) | 265,000 | 329,128 | Tax Fees (3) | 125,000 | 60,000 | |||||||||||||||||
All Other Fees (4) | — | 195,000 | All Other Fees (4) | — | — | |||||||||||||||||
TOTAL | $ | 12,677,500 | $ | 11,813,013 | TOTAL | $ | 12,995,600 | $ | 12,082,000 |
Name | Title (as of December 31, 2021) | |||||||
Mr. Akins | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
Ms. Barton | Executive Vice President and Chief Operating Officer | |||||||
Mr. Feinberg | Executive Vice President, General Counsel and Secretary | |||||||
Executive Vice President - | ||||||||
Former Executive Vice President | ||||||||
Mr. McCullough | Former Executive Vice President - Energy Delivery |
•Cumulative total shareholder return (TSR) of 22.2%, which placed the Company at the 35th percentile relative to the companies in AEP's Compensation Peer Group and resulted in a score of 50.7 percent of target. • |
What We Have | What We Don't Have | |||||||||||||
ü | Significant stock ownership requirements for executive officers, including a six times salary stock ownership requirement for the CEO | û | No reimbursement or tax gross-up for excise taxes triggered under change in control agreements | |||||||||||
ü | A substantial portion of the compensation for executive officers is tied to the Company's annual and long-term performance | û | No excessive benefits or perquisites for executives | |||||||||||
ü | A recoupment policy that allows the | û | No income tax gross-ups for executives, other than for relocations | |||||||||||
ü | An insider trading policy that prohibits our executives and directors from hedging their AEP stock holdings and from pledging AEP stock | |||||||||||||
ü | If there is a change in control, long-term incentive awards have double trigger vesting that results in accelerated vesting of these awards only if the change in control is followed by an involuntary or constructive separation from service |
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DTE Energy Company | |||||
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Sempra Energy | |||||
Southern Company | |||||
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Exelon Corporation |
Compensation Peer Group | Revenue(1) ($ million) | Market Cap(1) ($ million) | Compensation Peer Group | Revenue(1) ($ million) | Market Cap(1) ($ million) | |||||||||||||||||
25th Percentile | $ | 10,752 | $ | 19,363 | 25th Percentile | $ | 10,829 | $ | 19,849 | |||||||||||||
50th Percentile | 12,220 | 23,067 | 50th Percentile | 12,301 | 26,421 | |||||||||||||||||
75th Percentile | 16,020 | 38,628 | 75th Percentile | 16,572 | 36,496 | |||||||||||||||||
AEP | $ | 15,540 | $ | 35,067 | AEP | $ | 15,561 | $ | 39,112 | |||||||||||||
Percentile Rank | 74th | 73rd | Percentile Rank | 73rd | 76th |
Component | Purpose | ||||||||||||||||
Base Salary | • | To provide a market-competitive and consistent minimum level of compensation that is paid throughout the year. | |||||||||||||||
Annual Incentive Compensation | • • | To focus and align For | |||||||||||||||
• | Operating Earnings Per Share | ||||||||||||||||
• | Safety and Compliance (10 percent weight) | ||||||||||||||||
• | Strategic Initiatives | ||||||||||||||||
Long-Term Incentive Compensation | • | To motivate AEP management to create sustainable shareholder value by linking a substantial portion of their potential compensation directly to longer-term shareholder returns. | |||||||||||||||
• | To help ensure that Company management remains focused on longer-term results, which the HR Committee considers essential given the large amount of long-term investment in physical assets required in our business. | ||||||||||||||||
• | To reduce executive turnover and maintain management consistency. |
Weight | Threshold | Target | Maximum | Actual Performance Results | Actual Award Score (as a percent of target opportunities) | Weighted Score | |||||||||||||||||
Operating Earnings Per Share (60%) | 60% | $4.45 | $4.65 | $4.85 | $4.74 | 163.6% | 0.982 | ||||||||||||||||
Safety and Compliance (10%) | |||||||||||||||||||||||
Employee DART Rate Improvement | 6% | 0 percent Improvement | 10 percent Improvement | 20 percent Improvement | No Improvement | 0.0% | 0.000 | ||||||||||||||||
Employee Dart Rate Zero Harm Modifier | -50.0 basis points | +20 basis points | No Fatal Incidents | +20.0% | 0.012 | ||||||||||||||||||
Non-Forestry Contractor DART Rate Improvement | 2% | 0 percent Improvement | 10 percent Improvement | 20 percent Improvement | No Improvement | 0.0% | 0.000 | ||||||||||||||||
Non-Forestry Contractor Dart Rate Zero Harm Modifier | -50.0 basis points | +20 basis points | No Fatal Incidents | +20.0% | 0.004 | ||||||||||||||||||
Environmental Stewardship – Number of significant enforcement action | 1% | 4 | 2 | 0 | 0 Enforcements | 200.0% | 0.020 | ||||||||||||||||
NERC Compliance – # of Effective Internal Controls | 1% | 68 | 101 | 135 | 90 | 66.7% | 0.007 | ||||||||||||||||
Strategic Initiatives (30%) | |||||||||||||||||||||||
Infrastructure Investment (16%) | |||||||||||||||||||||||
Transmission Infrastructure Investment - Plant in Service | 6% | $2.815 billion | $3.082 billion | $3.182 billion | $3.24 billion | 200.0% | 0.120 | ||||||||||||||||
Diversification of Revenue | 3% | $455 million | $507 million | $577 million | $415 million | 0.0% | 0.000 | ||||||||||||||||
File for Ownership of Regulated Renewables | 4% | 300 MW | 450 MW | 1,000 MW | 410 MW | 73.3% | 0.029 | ||||||||||||||||
Develop Critical Mass of North Central Project | 3% | Sundance and Maverick acquired | Threshold + >25% of Traverse installed | Threshold + >50% of Traverse installed | Sundance and Maverick acquired + >50% Traverse installed | 200.0% | 0.060 | ||||||||||||||||
Customer Experience and Quality of Service (10%) | |||||||||||||||||||||||
Wires Reliability- Measured by a customer weighted average of SAIDI (System Average Incident Duration Index) scores of AEP operating companies | 4% | Generally 80% percent of target | Regulatory targets or a glide path to the regional peer group average | Generally 120 percent of target | 113.0% Average Operating Company Score | 113.0% | 0.045 | ||||||||||||||||
Proactive SAIDI Improvement - percent of proactive, reliability driven projects completed | 2% | 80% | 90% | 100% | 90.22% | 102.2% | 0.020 | ||||||||||||||||
Customer Satisfaction –J.D. Power, Power Quality & Reliability | 2% | 778 | 806 | 823 | 778.45 | 1.6% | 0.000 | ||||||||||||||||
Customer Satisfaction –J.D. Power, Communications | 2% | 724 | 741 | 758 | 726.52 | 14.8% | 0.003 | ||||||||||||||||
Culture and Workforce of the Future (4%) | |||||||||||||||||||||||
Employee Culture Survey – Measured by improvement in average overall score of employee survey | 1% | 0.00 improvement | 0.02 improvement | 0.04 improvement | 0.03 Improvement | 150.0% | 0.015 | ||||||||||||||||
Employee Diversity – Measured by improvement in employee responses to four diversity, equity and inclusion related questions in AEP’s annual culture survey | 2% | No Improvement | 0.1 Improvement | 0.15 Improvement | .02 Improvement | 20.0% | 0.004 | ||||||||||||||||
Supplier Diversity Spend % | 1% | 9.6% | 10.6% | 11.6% | 12.0 | 200.0% | 0.020 | ||||||||||||||||
Total Score | 1.341 |
Weight | Threshold | Target | Maximum | Actual Performance Result | Actual Award Score (as a percent of target opportunity) | Weighted Score | |
Operating Earnings Per Share (70%) | 70% | $3.95 | $4.10 | $4.25 | $4.24 | 195.5% | 1.369 |
Safety and Compliance (10%) | |||||||
Improvement in DART Rate, an industry measure focused on serious injuries | 5% | 0 percent Improvement | 10 percent Improvement | 20 percent Improvement | 1 percent Improvement | 9.9% | 0.005 |
Severity Rate - Improvement in severity rate for employee | 3% | 0 percent Improvement | 10 percent Improvement | 20 percent Improvement | No Improvement | 0.0% | 0.000 |
Environmental Stewardship – Number of significant enforcement actions | 1% | 4 | 2 | 0 | 0 Enforcements | 200.0% | 0.020 |
NERC Compliance – Reduction in repeat NERC violations | 1% | 0% Reduction | 25% Reduction | 50% Reduction | No Reduction | 0.0% | 0.000 |
Strategic Initiatives (20%) | |||||||
Cost Control (4%) | |||||||
Sustainable Efficiency Gains | 4% | 40% of target savings achieved | 100% of target savings achieved | 120% of target savings achieved | Savings exceeded 120% | 200.0% | 0.080 |
Infrastructure Investment (9%) | |||||||
Contracted Renewables Portfolio Growth (measured by contract commitments) | 2% | $175 million | $250 million | $325 million | $1.28 billion | 200.0% | 0.040 |
Regulated Renewables - North Central Wind Project (measured by the extent of regulatory applications filed) | 2% | 0 Megawatts | 900 Megawatts | 1500 Megawatts | 1485 Megawatts | 198.0% | 0.040 |
Customer Targeted Regulated Renewables - (based on the extent of regulatory applications filed) | 1% | No applications filed | Application filed in 1 Operating Company | Applications filed in 2 Operating Companies | 1 Application filed | 100.0% | 0.010 |
Transmission Infrastructure Investment - Plant in Service | 2% | $3.460 billion | $3.681 billion | $3.820 billion | $3.765 billion | 160.4% | 0.032 |
Transmission Infrastructure Investment - Capital Investment | 2% | $3.313 billion | $3.562 billion | $3.776 billion | $3.563 billion | 100.5% | 0.020 |
Customer Experience and Quality of Service (4%) | |||||||
Wires Reliability- Measured by a customer weighted average of SAIDI (System Average Incident Duration Index) scores of AEP operating companies | 1% | Generally 80% percent of target | Regulatory targets or a glide path to the regional peer group average | Generally 120 percent of target | 91.5% Average Operating Company Score | 91.5% | 0.009 |
Customer Satisfaction – Measured by a weighted average of J.D. Power Residential Customer Satisfaction Index scores for AEP operating companies | 1% | 711 | 728 | 745 | 728 | 101.0% | 0.010 |
Proactive SAIDI Improvement - percent of proactive, reliability driven projects completed | 1% | 50% | 75% | 100% | All objectives accomplished | 200.0% | 0.020 |
Easy to Do Business With - Reaching milestones to improve service connection completion time | 1% | Less than 100% of milestones | All milestones completed | All milestones completed in first six months | All milestones completed, but one not on time | 171.4% | 0.017 |
Culture and Workforce of the Future (3%) | |||||||
Employee Culture Survey – Measured by improvement in average overall score of employee survey | 1% | 0.02 improvement | 0.06 improvement | 0.10 improvement | 0.11 Improvement | 200.0% | 0.020 |
Employee Diversity – Measured by increased representation of women and minorities in EEO (Equal Employment Opportunity) categories | 1% | 0 percent attrition plus hiring at 80 percent of availability | 0 percent attrition plus hiring at 100 percent of availability | 0 percent attrition plus hiring at 120 percent of availability | Female Representation Score: 159.6% Minority Representation Score: 93.8% | 112.2% | 0.011 |
Future of Work - Extent of savings achieved by automation and digitization | 1% | $10 Million | $20 Million | $30 Million | Savings exceeded $30M | 200.0% | 0.020 |
Total Score | 1.723 |
Name | 2019 Base Earnings* | Annual Incentive Target % | Total Score Under Scorecard | Calculated Annual Incentive Opportunity | 2019 Actual Payouts | Name | 2021 Base Earnings (1) | Annual Incentive Target % | Score | Calculated Annual Incentive Opportunity | 2021ActualPayouts | ||||||||||||||||||||||||||||||||||||
Mr. Akins | $1,467,462 | x | 135% | x | 172.3 | % | = | $ | 3,413,390 | $ | 3,600,000 | Mr. Akins | $ | 1,510,000 | x | 140% | x | 134.1 | % | = | $ | 2,834,874 | $ | 2,850,000 | |||||||||||||||||||||||
Ms. Sloat | Ms. Sloat | $ | 596,923 | 80% | x | 134.1 | % | = | $ | 640,379 | $ | 637,350 | |||||||||||||||||||||||||||||||||||
Ms. Barton | Ms. Barton | $ | 797,846 | x | 85% | x | 134.1 | % | = | $ | 909,425 | $ | 890,000 | ||||||||||||||||||||||||||||||||||
Mr. Feinberg | Mr. Feinberg | $ | 694,000 | x | 75% | x | 134.1 | % | = | $ | 697,991 | $ | 690,000 | ||||||||||||||||||||||||||||||||||
Mr. Zebula | Mr. Zebula | $ | 577,000 | 80% | x | 134.1 | % | = | $ | 619,006 | $ | 640,000 | |||||||||||||||||||||||||||||||||||
Mr. Tierney | $789,112 | x | 80% | x | 172.3 | % | = | $ | 1,087,712 | $ | 1,088,000 | Mr. Tierney | Not Eligible | ||||||||||||||||||||||||||||||||||
Mr. Feinberg | $673,858 | x | 75% | x | 172.3 | % | = | $ | 870,793 | $ | 865,000 | ||||||||||||||||||||||||||||||||||||
Ms. Barton | $585,281 | x | 80% | x | 172.3 | % | = | $ | 806,751 | $ | 825,000 | ||||||||||||||||||||||||||||||||||||
Ms. Hillebrand | $612,238 | x | 75% | x | 172.3 | % | = | $ | 791,165 | $ | 800,000 | ||||||||||||||||||||||||||||||||||||
Mr. McCullough | Mr. McCullough | Not Eligible |
Name | Target Value (1) | Total Number of Units Granted (2) | Number of Performance Shares Granted (at Target) | Number of RSUs Granted | Name | Target Value (1) | Total Number of Units Granted (2) | Number of Performance Shares Granted (at Target) | Number of RSUs Granted | Number of Unrestricted Shares Granted | |||||||||||||||||||||||||||||||||||
Mr. Akins | $ | 8,500,000 | 107,228 | 80,421 | 26,807 | Mr. Akins | $ | 9,800,000 | 124,666 | 93,500 | 31,166 | — | |||||||||||||||||||||||||||||||||
Ms. Sloat | Ms. Sloat | $ | 1,600,000 | 20,354 | 15,266 | 5,088 | — | ||||||||||||||||||||||||||||||||||||||
Ms. Barton | Ms. Barton | $ | 2,400,000 | 30,530 | 22,898 | 7,632 | — | ||||||||||||||||||||||||||||||||||||||
Mr. Feinberg | Mr. Feinberg | $ | 1,500,000 | 19,082 | 14,312 | 4,770 | — | ||||||||||||||||||||||||||||||||||||||
Mr. Zebula | Mr. Zebula | $ | 1,300,000 | 16,537 | 12,403 | 4,134 | — | ||||||||||||||||||||||||||||||||||||||
Mr. Tierney | $ | 2,000,000 | 25,230 | 18,923 | 6,307 | Mr. Tierney | $ | 2,640,000 | 32,948 | 19,082 | 6,360 | 7,506 | |||||||||||||||||||||||||||||||||
Mr. Feinberg | $ | 1,400,000 | 17,661 | 13,246 | 4,415 | ||||||||||||||||||||||||||||||||||||||||
Ms. Barton | $ | 1,200,000 | 15,138 | 11,354 | 3,784 | ||||||||||||||||||||||||||||||||||||||||
Ms. Hillebrand | $ | 1,100,000 | 13,877 | 10,408 | 3,469 | ||||||||||||||||||||||||||||||||||||||||
Mr. McCullough | Mr. McCullough | $ | 1,800,000 | 22,211 | 12,403 | 4,134 | 5,674 |
Performance Measure | Weight | Threshold Performance | Target Performance | Maximum Payout Performance | ||||||||||||||||||||||
3 Year Cumulative Operating Earnings Per Share | 50% | $ 14.064 (25% payout) | $ 14.804 (100% payout) | $ 15.544 (200% payout) | ||||||||||||||||||||||
3 Year Total Shareholder Return of AEP vs. AEP’s Compensation Peer Group | 20th Percentile (0% payout) | 50th Percentile (100% payout) | 80th Percentile (200% payout) | |||||||||||||||||||||||
3 Year Carbon Free Capacity as a Percentage of Total Generating Capacity | 10% | 33.6% (0% payout) | 35.4% (100% payout) | 37.1% (200% payout) |
Name and Principal Position | Year | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) | All Other Compensation ($)(5) | Total ($) | |||||||||||||||
Nicholas K. Akins— | |||||||||||||||||||||||
Chairman of the Board and Chief Executive Officer | 2019 | 1,475,654 | — | 8,775,003 | 3,600,000 | 530,151 | 111,628 | 14,492,436 | |||||||||||||||
2018 | 1,415,423 | — | 7,564,313 | 2,900,000 | 207,401 | 114,891 | 12,202,028 | ||||||||||||||||
2017 | 1,375,000 | — | 7,983,420 | 1,700,000 | 361,001 | 111,040 | 11,530,461 | ||||||||||||||||
Brian X. Tierney— | |||||||||||||||||||||||
Executive Vice President and Chief Financial Officer | 2019 | 793,039 | — | 4,064,681 | 1,088,000 | 470,138 | 95,560 | 6,511,418 | |||||||||||||||
2018 | 771,958 | — | 1,945,785 | 890,000 | — | 59,547 | 3,667,290 | ||||||||||||||||
2017 | 750,000 | — | 2,128,899 | 555,000 | 462,223 | 98,262 | 3,994,384 | ||||||||||||||||
David M. Feinberg— | |||||||||||||||||||||||
Executive Vice President, General Counsel and Secretary | 2019 | 677,596 | — | 1,445,289 | 865,000 | 173,983 | 73,436 | 3,235,304 | |||||||||||||||
2018 | 650,492 | — | 1,362,082 | 655,000 | 25,724 | 48,106 | 2,741,404 | ||||||||||||||||
2017 | 632,000 | — | 1,277,372 | 406,000 | 104,619 | 73,347 | 2,493,338 | ||||||||||||||||
Lisa M. Barton— | |||||||||||||||||||||||
Executive Vice President- Utilities | 2019 | 588,254 | — | 3,238,802 | 825,000 | 173,781 | 67,799 | 4,893,636 | |||||||||||||||
2018 | 571,189 | — | 1,167,470 | 575,000 | 40,845 | 55,264 | 2,409,768 | ||||||||||||||||
2017 | 550,000 | — | 1,277,372 | 356,000 | 110,304 | 67,724 | 2,361,400 | ||||||||||||||||
Lana L. Hillebrand— | |||||||||||||||||||||||
Executive Vice President- Chief Administrative Officer | 2019 | 615,358 | — | 1,135,625 | 800,000 | 221,245 | 74,831 | 2,847,059 | |||||||||||||||
2018 | 597,289 | — | 972,924 | 600,000 | 47,656 | 57,530 | 2,275,399 | ||||||||||||||||
2017 | 577,000 | — | 1,011,219 | 375,000 | 193,929 | 69,817 | 2,226,965 |
Name and Principal Position | Year | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) | All Other Compensation ($)(5) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||
Nicholas K. Akins | ||||||||||||||||||||||||||||||||||||||||||||||||||
Chair of the Board and Chief Executive Officer | 2021 | 1,515,808 | 9,976,149 | 2,850,000 | 461,732 | 247,526 | 15,051,215 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 1,521,615 | — | 9,615,116 | 3,500,000 | 698,612 | 168,091 | 15,503,434 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 1,475,654 | — | 8,775,003 | 3,600,000 | 530,151 | 111,628 | 14,492,436 | |||||||||||||||||||||||||||||||||||||||||||
Julia A. Sloat | ||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President and Chief Financial Officer | 2021 | 602,308 | 1,628,789 | 637,350 | 76,622 | 58,042 | 3,003,111 | |||||||||||||||||||||||||||||||||||||||||||
Lisa M. Barton | ||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President and Chief Operating Officer | 2021 | 803,077 | 2,443,104 | 890,000 | 165,173 | 88,143 | 4,389,497 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 665,077 | — | 1,620,475 | 856,000 | 206,833 | 81,600 | 3,429,985 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 588,254 | — | 3,238,802 | 825,000 | 173,781 | 67,799 | 4,893,636 | |||||||||||||||||||||||||||||||||||||||||||
David M. Feinberg | ||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President, General Counsel and Secretary | 2021 | 696,669 | 1,527,000 | 690,000 | 93,625 | 98,652 | 3,105,946 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 699,339 | — | 1,512,527 | 847,000 | 235,404 | 81,738 | 3,376,008 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 677,596 | — | 1,445,289 | 865,000 | 173,983 | 73,436 | 3,235,304 | |||||||||||||||||||||||||||||||||||||||||||
Charles E. Zebula | ||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President - Portfolio Optimization | 2021 | 579,219 | 1,323,341 | 640,000 | 42,921 | 71,745 | 2,657,226 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 581,439 | 1,296,404 | 750,000 | 240,209 | 75,083 | 2,943,135 | ||||||||||||||||||||||||||||||||||||||||||||
2019 | 557,135 | 1,135,625 | 803,000 | 297,859 | 65,569 | 2,859,188 | ||||||||||||||||||||||||||||||||||||||||||||
Brian X. Tierney | ||||||||||||||||||||||||||||||||||||||||||||||||||
Former Executive Vice President - Strategy | 2021 | 410,000 | — | 2,675,947 | — | — | 732,507 | 3,818,454 | ||||||||||||||||||||||||||||||||||||||||||
2020 | 826,308 | — | 2,160,666 | 1,050,000 | 422,536 | 107,217 | 4,566,727 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 793,039 | — | 4,064,681 | 1,088,000 | 470,138 | 95,560 | 6,511,418 | |||||||||||||||||||||||||||||||||||||||||||
Mark C. McCullough | ||||||||||||||||||||||||||||||||||||||||||||||||||
Former Executive Vice President - Energy Delivery | 2021 | 322,327 | — | 1,823,341 | — | — | 1,115,159 | 3,260,827 | ||||||||||||||||||||||||||||||||||||||||||
2020 | 559,269 | — | 1,296,404 | 750,000 | 312,789 | 72,765 | 2,991,227 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 542,077 | — | 1,238,820 | 735,000 | 373,010 | 61,841 | 2,950,748 |
Type | Nicholas K. Akins | Brian X. Tierney | David M. Feinberg | Lisa M. Barton | Lana L. Hillebrand | |||||||||||||||
Retirement Savings Plan Match | $ | 12,600 | $ | 12,600 | $ | 12,600 | $ | 12,600 | $ | 12,600 | ||||||||||
Supplemental Retirement Savings Plan Match | 77,400 | 62,960 | 47,199 | 39,613 | 41,951 | |||||||||||||||
Perquisites | 21,628 | 20,000 | 13,637 | 15,586 | 20,280 | |||||||||||||||
Total | $ | 111,628 | $ | 95,560 | $ | 73,436 | $ | 67,799 | $ | 74,831 |
Type | Nicholas K. Akins | Julia A. Sloat | Lisa M. Barton | David M. Feinberg | Charles E. Zebula | Brian X. Tierney | Mark C. McCullough | |||||||||||||||||||||||||||||||||||||
Retirement Savings Plan Match | $ | 13,050 | $ | 13,050 | $ | 13,050 | $ | 13,050 | $ | 13,050 | $ | 13,050 | $ | 13,050 | ||||||||||||||||||||||||||||||
Supplemental Retirement Savings Plan Match | 212,400 | 31,272 | 61,373 | 56,295 | 46,665 | 53,097 | 35,468 | |||||||||||||||||||||||||||||||||||||
Perquisites | 22,076 | 13,720 | 13,720 | 29,307 | 12,030 | 6,360 | 6,804 | |||||||||||||||||||||||||||||||||||||
Vacation Payout | — | — | — | — | — | 41,000 | 60,837 | |||||||||||||||||||||||||||||||||||||
Severance | — | — | — | — | — | 619,000 | 999,000 | |||||||||||||||||||||||||||||||||||||
Total | $ | 247,526 | $ | 58,042 | $ | 88,143 | $ | 98,652 | $ | 71,745 | $ | 732,507 | $ | 1,115,159 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | All Other Stock Awards: Number of Shares of Stock or Units (#)(6) | Grant Date Fair Value of Stock and Option Awards ($)(7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Threshold ($) | Target ($) | Maximum ($)(2) | Threshold (#)(4) | Target (#) | Maximum (#)(5) | |||||||||||||||||||||||||||||||||||||||||||||||||
Nicholas K. Akins | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Annual Incentive Compensation Plan | — | 2,114,000 | 5,285,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 - 2023 Performance Shares | 2/15/21 | 11,688 | 93,500 | 187,000 | 7,526,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Restricted Stock Units | 2/15/21 | 31,166 | 2,449,959 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Julia A. Sloat | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Annual Incentive Compensation Plan | — | 477,538 | 1,193,845 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 - 2023 Performance Shares | 2/15/21 | 1,908 | 15,266 | 30,532 | 1,228,821 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Restricted Stock Units | 2/15/21 | 5,088 | 399,968 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lisa M. Barton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Annual Incentive Compensation Plan | — | 678,169 | 1,695,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 - 2023 Performance Shares | 2/15/21 | 2,862 | 22,898 | 45,796 | 1,843,152 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Restricted Stock Units | 2/15/21 | 7,632 | 599,952 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
David M. Feinberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Annual Incentive Compensation Plan | — | 520,500 | 1,301,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 - 2023 Performance Shares | 2/15/21 | 1,789 | 14,312 | 28,624 | 1,152,030 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Restricted Stock Units | 2/15/21 | 4,770 | 374,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Charles E. Zebula | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Annual Incentive Compensation Plan | — | 461,600 | 1,154,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 - 2023 Performance Shares | 2/15/21 | 1,550 | 12,403 | 24,806 | 998,367 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Restricted Stock Units | 2/15/21 | 4,134 | 324,974 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | All Other Stock Awards: Number of Shares of Stock or Units (#)(6) | Grant Date Fair Value of Stock and Option Awards ($)(7) | |||||||||||||||||||||||
Name | Grant Date | Threshold ($) | Target ($) | Maximum ($)(2) | Threshold (#)(4) | Target (#) | Maximum (#)(5) | |||||||||||||||||||
Nicholas K. Akins | ||||||||||||||||||||||||||
2019 Annual Incentive Compensation Plan | — | 1,981,074 | 4,952,685 | |||||||||||||||||||||||
2019 - 2021 Performance Shares | 2/18/19 | 10,053 | 80,421 | 160,842 | 6,650,012 | |||||||||||||||||||||
2019 Restricted Stock Units | 2/18/19 | 26,807 | 2,124,991 | |||||||||||||||||||||||
Brian X. Tierney | ||||||||||||||||||||||||||
2019 Annual Incentive Compensation Plan | — | 631,290 | 1,578,225 | |||||||||||||||||||||||
2019 - 2021 Performance Shares | 2/18/19 | 2,365 | 18,923 | 37,846 | 1,564,743 | |||||||||||||||||||||
2019 Restricted Stock Units | 2/18/19 | 6,307 | 499,956 | |||||||||||||||||||||||
Restricted Stock Units (8) | 2/18/19 | 25,230 | 1,999,982 | |||||||||||||||||||||||
David M. Feinberg | ||||||||||||||||||||||||||
2019 Annual Incentive Compensation Plan | — | 505,394 | 1,263,485 | |||||||||||||||||||||||
2019 - 2021 Performance Shares | 2/18/19 | 1,656 | 13,246 | 26,492 | 1,095,312 | |||||||||||||||||||||
2019 Restricted Stock Units | 2/18/19 | 4,415 | 349,977 | |||||||||||||||||||||||
Lisa M. Barton | ||||||||||||||||||||||||||
2019 Annual Incentive Compensation Plan | — | 468,225 | 1,170,563 | |||||||||||||||||||||||
2019 - 2021 Performance Shares | 2/18/19 | 1,419 | 11,354 | 22,708 | 938,862 | |||||||||||||||||||||
2019 Restricted Stock Units | 2/18/19 | 3,784 | 299,958 | |||||||||||||||||||||||
Restricted Stock Units (8) | 2/18/19 | 25,230 | 1,999,982 | |||||||||||||||||||||||
Lana L. Hillebrand | ||||||||||||||||||||||||||
2019 Annual Incentive Compensation Plan | — | 459,179 | 1,147,948 | |||||||||||||||||||||||
2019 - 2021 Performance Shares | 2/18/19 | 1,301 | 10,408 | 20,816 | 860,637 | |||||||||||||||||||||
2019 Restricted Stock Units | 2/18/19 | 3,469 | 274,988 |
Grants of Plan-Based Awards for 2021 (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | All Other Stock Awards: Number of Shares of Stock or Units (#)(6) | Grant Date Fair Value of Stock and Option Awards ($)(7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Threshold ($) | Target ($) | Maximum ($)(2) | Threshold (#)(4) | Target (#) | Maximum (#)(5) | |||||||||||||||||||||||||||||||||||||||||||||||||
Brian X. Tierney | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Annual Incentive Compensation Plan | — | 338,092 | 845,230 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 - 2023 Performance Shares | 2/15/21 | 2,385 | 19,082 | 38,164 | 1,535,987 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Restricted Stock Units | 2/15/21 | 6,360 | 499,960 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrestricted Shares | 7,506 | 640,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark C. McCullough | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Annual Incentive Compensation Plan | — | 379,474 | 948,685 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 - 2023 Performance Shares | 2/15/21 | 1,550 | 12,403 | 24,806 | 998,367 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2021 Restricted Stock Units | 2/15/21 | 4,134 | 324,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrestricted Shares | 7/30/21 | 5,674 | 500,000 |
Name | Stock Awards | |||||||
Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | |||||
Nicholas K. Akins | ||||||||
2018 - 2020 Performance Shares(3) | 183,564 | 17,348,634 | ||||||
2019 - 2021 Performance Shares(3) | 164,488 | 15,545,761 | ||||||
2017 Restricted Stock Units(4) | 10,670 | 1,008,422 | ||||||
2018 Restricted Stock Units(5) | 20,394 | 1,927,437 | ||||||
2019 Restricted Stock Units(6) | 27,415 | 2,590,992 | ||||||
Brian X. Tierney | ||||||||
2018 - 2020 Performance Shares(3) | 47,218 | 4,462,573 | ||||||
2019 - 2021 Performance Shares(3) | 38,704 | 3,657,915 | ||||||
2017 Restricted Stock Units(4) | 2,845 | 268,881 | ||||||
2018 Restricted Stock Units(5) | 5,246 | 495,799 | ||||||
2019 Restricted Stock Units(6) | 6,450 | 609,590 | ||||||
Restricted Stock Units(7) | 25,802 | 2,438,547 | ||||||
David M. Feinberg | ||||||||
2018 - 2020 Performance Shares(3) | 33,054 | 3,123,934 | ||||||
2019 - 2021 Performance Shares(3) | 27,092 | 2,560,465 | ||||||
2017 Restricted Stock Units(4) | 1,707 | 161,329 | ||||||
2018 Restricted Stock Units(5) | 3,671 | 346,946 | ||||||
2019 Restricted Stock Units(6) | 4,515 | 426,713 | ||||||
Lisa M. Barton | ||||||||
2018 - 2020 Performance Shares(3) | 28,332 | 2,677,657 | ||||||
2019 - 2021 Performance Shares(3) | 23,222 | 2,194,711 | ||||||
2017 Restricted Stock Units(4) | 1,707 | 161,329 | ||||||
2018 Restricted Stock Units(5) | 3,147 | 297,423 | ||||||
2019 Restricted Stock Units(6) | 3,870 | 365,754 | ||||||
Restricted Stock Units(7) | 25,802 | 2,438,547 | ||||||
Lana L. Hillebrand | ||||||||
2018 - 2020 Performance Shares(3) | 23,610 | 2,231,381 | ||||||
2019 - 2021 Performance Shares(3) | 21,288 | 2,011,929 | ||||||
2017 Restricted Stock Units(4) | 1,351 | 127,683 | ||||||
2018 Restricted Stock Units(5) | 2,622 | 247,805 | ||||||
2019 Restricted Stock Units(6) | 3,548 | 335,321 |
Name | Stock Awards | |||||||||||||
Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | |||||||||||
Nicholas K. Akins | ||||||||||||||
2020 - 2022 Performance Shares(3) | 136,794 | 12,170,562 | ||||||||||||
2021 - 2023 Performance Shares(3) | 191,970 | 17,079,571 | ||||||||||||
2019 Restricted Stock Units(4) | 9,786 | 870,660 | ||||||||||||
2020 Restricted Stock Units(5) | 15,197 | 1,352,077 | ||||||||||||
2021 Restricted Stock Units(6) | 31,994 | 2,846,506 | ||||||||||||
Julia A. Sloat | ||||||||||||||
2020 - 2022 Performance Shares(3) | 6,380 | 567,629 | ||||||||||||
2021 - 2023 Performance Shares(3) | 31,344 | 2,788,676 | ||||||||||||
2019 Restricted Stock Units(4) | 478 | 42,528 | ||||||||||||
2020 Restricted Stock Units(5) | 708 | 62,991 | ||||||||||||
2021 Restricted Stock Units(6) | 5,223 | 464,690 | ||||||||||||
Restricted Stock Units(7) | 98 | 8,719 | ||||||||||||
Lisa M. Barton | ||||||||||||||
2020 - 2022 Performance Shares(3) | 23,054 | 2,051,114 | ||||||||||||
2021 - 2023 Performance Shares(3) | 47,014 | 4,182,836 | ||||||||||||
2019 Restricted Stock Units(4) | 1,381 | 122,868 | ||||||||||||
2020 Restricted Stock Units(5) | 2,561 | 227,852 | ||||||||||||
2021 Restricted Stock Units(6) | 7,835 | 697,080 | ||||||||||||
Restricted Stock Units(8) | 10,363 | 921,996 | ||||||||||||
David M. Feinberg | ||||||||||||||
2020 - 2022 Performance Shares(3) | 21,520 | 1,914,634 | ||||||||||||
2021 - 2023 Performance Shares(3) | 29,384 | 2,614,294 | ||||||||||||
2019 Restricted Stock Units(4) | 1,611 | 143,331 | ||||||||||||
2020 Restricted Stock Units(5) | 2,390 | 212,638 | ||||||||||||
2021 Restricted Stock Units(6) | 4,897 | 435,686 | ||||||||||||
Charles E. Zebula | ||||||||||||||
2020 - 2022 Performance Shares(3) | 18,444 | 1,640,963 | ||||||||||||
2021 - 2023 Performance Shares(3) | 25,466 | 2,265,710 | ||||||||||||
2019 Restricted Stock Units(4) | 1,266 | 112,636 | ||||||||||||
2020 Restricted Stock Units(5) | 2,049 | 182,300 | ||||||||||||
2021 Restricted Stock Units(6) | 4,244 | 377,589 | ||||||||||||
Brian X. Tierney | ||||||||||||||
2020 - 2022 Performance Shares(3) | 15,370 | 1,367,469 | ||||||||||||
2021 - 2023 Performance Shares(3) | 6,530 | 580,974 | ||||||||||||
Mark C. McCullough | ||||||||||||||
2020 - 2022 Performance Shares(3) | 9,734 | 866,034 | ||||||||||||
2021 - 2023 Performance Shares(3) | 4,952 | 440,579 |
Option Awards | Stock Awards | Option Awards | Stock Awards | ||||||||||||||||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($)(2) | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($)(2) | ||||||||||||||||||||||||||||||
Nicholas K. Akins | — | — | 157,857 | $ | 14,628,489 | Nicholas K. Akins | — | — | 118,219 | $ | 10,510,775 | ||||||||||||||||||||||||||||
Julia A. Sloat | Julia A. Sloat | — | — | 5,846 | $ | 519,031 | |||||||||||||||||||||||||||||||||
Lisa M. Barton | Lisa M. Barton | — | — | 27,126 | $ | 2,409,674 | |||||||||||||||||||||||||||||||||
David M. Feinberg | David M. Feinberg | — | — | 19,580 | $ | 1,740,823 | |||||||||||||||||||||||||||||||||
Charles E. Zebula | Charles E. Zebula | 15,100 | $ | 1,342,571 | |||||||||||||||||||||||||||||||||||
Brian X. Tierney | — | — | 42,154 | $ | 3,905,917 | Brian X. Tierney | 46,257 | $ | 4,067,557 | ||||||||||||||||||||||||||||||
David M. Feinberg | — | — | 25,537 | $ | 2,364,344 | ||||||||||||||||||||||||||||||||||
Lisa M. Barton | — | — | 25,095 | $ | 2,326,796 | ||||||||||||||||||||||||||||||||||
Lana L. Hillebrand | — | — | 20,094 | $ | 1,861,341 | ||||||||||||||||||||||||||||||||||
Mark C. McCullough | Mark C. McCullough | 22,128 | $ | 3,498,246 |
Performance Measures | Threshold Performance | Target Performance | Maximum Payout Performance | Actual Performance | Score | Weight | Weighted Score | ||||||||
3 Year Cumulative Earnings Per Share | $11.206 (25% payout) | $11.780 (100% Payout) | $12.646 (200% Payout) | $11.866 | 110.0% | 50% | 55.0% | ||||||||
3 Year Total Shareholder Return vs. Utility Peer Group Return | 20th Percentile (0% Payout) | 50th Percentile (100% Payout) | 80th Percentile (200% Payout) | 67th Percentile | 155.3% | 50% | 77.7% | ||||||||
Composite Result | 132.7 | % |
Performance Measures | Threshold Performance | Target Performance | Maximum Payout Performance | Actual Performance | Score | Weight | Weighted Score | |||||||||||||||||||||||||||||||||||||
3 Year Cumulative Earnings Per Share | $12.407 (25% payout) | $13.060 (100% Payout) | $13.713 (200% Payout) | $13.419 | 155.0% | 50% | 77.5% | |||||||||||||||||||||||||||||||||||||
3 Year Total Shareholder Return vs. Utility Peer Group Return | 20th Percentile (0% Payout) | 50th Percentile (100% Payout) | 80th Percentile (200% Payout) | 35th Percentile | 50.7% | 50% | 25.4% | |||||||||||||||||||||||||||||||||||||
Composite Result | 102.9% |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit($)(1) | Payments During Last Fiscal Year($) | |||||||||||||||||||||||||
Nicholas K Akins | AEP Retirement Plan | 39.6 | 880,738 | — | |||||||||||||||||||||||||
CSW Executive Retirement Plan | 39.6 | 3,321,927 | — | ||||||||||||||||||||||||||
Julia A. Sloat | AEP Retirement Plan | 21.0 | 296,502 | — | |||||||||||||||||||||||||
AEP Supplemental Benefit Plan | 21.0 | 375,019 | — | ||||||||||||||||||||||||||
Lisa M. Barton | AEP Retirement Plan | 15.1 | 326,700 | — | |||||||||||||||||||||||||
AEP Supplemental Benefit Plan | 15.1 | 733,762 | — | ||||||||||||||||||||||||||
David M. Feinberg | AEP Retirement Plan | 10.7 | 216,135 | — | |||||||||||||||||||||||||
AEP Supplemental Benefit Plan | 10.7 | 710,023 | — | ||||||||||||||||||||||||||
Charles E. Zebula | AEP Retirement Plan | 23.7 | 718,038 | — | |||||||||||||||||||||||||
AEP Supplemental Benefit Plan | 23.7 | 1,380,986 | — | ||||||||||||||||||||||||||
Brian X. Tierney | AEP Retirement Plan | 23.1 | 545,355 | — | |||||||||||||||||||||||||
AEP Supplemental Benefit Plan | 23.1 | 1,594,141 | (2) | — | |||||||||||||||||||||||||
AEP Supplemental Severance Retirement Plan | 23.1 | 17,775 | (3) | — | |||||||||||||||||||||||||
Mark C. McCullough | AEP Retirement Plan | 40.1 | — | 1,540,508 | (4) | ||||||||||||||||||||||||
AEP Supplemental Benefit Plan | 40.1 | 1,059,314 | (2) | — |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit($)(1) | Payments During Last Fiscal Year($) | ||||||||||
Nicholas K Akins | AEP Retirement Plan | 37.6 | 769,315 | — | ||||||||||
CSW Executive Retirement Plan | 37.6 | 2,273,006 | — | |||||||||||
Brian X. Tierney | AEP Retirement Plan | 21.7 | 467,999 | — | ||||||||||
AEP Supplemental Benefit Plan | 21.7 | 1,613,031 | — | |||||||||||
David M. Feinberg | AEP Retirement Plan | 8.7 | 152,574 | — | ||||||||||
AEP Supplemental Benefit Plan | 8.7 | 444,555 | — | |||||||||||
Lisa M. Barton | AEP Retirement Plan | 13.1 | 247,954 | — | ||||||||||
AEP Supplemental Benefit Plan | 13.1 | 440,502 | — | |||||||||||
Lana L. Hillebrand | AEP Retirement Plan | 24.6 | (2 | ) | 626,213 | — | ||||||||
AEP Supplemental Benefit Plan | 24.6 | 502,343 | — |
Sum of Age Plus Years of Service | Applicable Percentage | |||||||
Less than 30 | 3.0% | |||||||
30-39 | 3.5% | |||||||
40-49 | 4.5% | |||||||
50-59 | 5.5% | |||||||
60-69 | 7.0% | |||||||
70 or more | 8.5% |
2.Interest Credits. All amounts in the cash balance accounts earn interest at the average interest rate on 30-year Treasury securities for the month of November of the prior year, with a floor of 4 percent. For 2021, the interest rate was 4 percent. |
Name | Plan Name | Executive Contributions in Last FY(1)($) | Registrant Contributions in Last FY(2)($) | Aggregate Earnings in Last FY(3)($) | Aggregate Withdrawals/Distributions($) | Aggregate Balance at Last FYE(4)($) | Name | Plan Name | Executive Contributions in Last FY(1)($) | Registrant Contributions in Last FY(2)($) | Aggregate Earnings in Last FY(3)($) | Aggregate Withdrawals/Distributions($) | Aggregate Balance at Last FYE(4)($) | ||||||||||||||||||||||||||||||||||||||||||
Nicholas K. Akins | SRSP | 103,200 | 77,400 | 86,740 | — | 2,338,330 | Nicholas K. Akins | SRSP | 283,200 | 212,400 | 47,871 | — | 3,259,270 | ||||||||||||||||||||||||||||||||||||||||||
ICDP | — | — | 131,868 | — | 533,146 | ICDP | — | — | 116,704 | — | 862,451 | ||||||||||||||||||||||||||||||||||||||||||||
SORP | — | — | 2,583,047 | — | 11,086,926 | SORP | — | — | 1,079,137 | — | 11,178,635 | ||||||||||||||||||||||||||||||||||||||||||||
Brian X. Tierney | SRSP | 139,911 | 62,960 | 165,974 | — | 4,434,507 | |||||||||||||||||||||||||||||||||||||||||||||||||
SORP | — | — | 461,368 | — | 1,980,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||
David M. Feinberg | SRSP | 62,931 | 47,199 | 28,799 | — | 808,675 | |||||||||||||||||||||||||||||||||||||||||||||||||
Julia A. Sloat | Julia A. Sloat | SRSP | 41,695 | 31,272 | 31,855 | — | 429,441 | ||||||||||||||||||||||||||||||||||||||||||||||||
SORP | — | — | 770,093 | — | 3,305,384 | SORP | — | — | 102,275 | — | 1,059,456 | ||||||||||||||||||||||||||||||||||||||||||||
Lisa M. Barton | SRSP | 52,817 | 39,613 | 62,837 | — | 767,115 | Lisa M. Barton | SRSP | 81,831 | 61,373 | 122,402 | — | 1,215,208 | ||||||||||||||||||||||||||||||||||||||||||
ICDP | — | — | 710 | — | 29,527 | ICDP | — | — | 541 | — | 30,784 | ||||||||||||||||||||||||||||||||||||||||||||
SORP | — | — | 583,818 | — | 2,505,858 | SORP | — | — | 243,906 | — | 2,526,586 | ||||||||||||||||||||||||||||||||||||||||||||
Lana L. Hillebrand | SRSP | 55,934 | 41,951 | 24,687 | — | 695,024 | |||||||||||||||||||||||||||||||||||||||||||||||||
David M. Feinberg | David M. Feinberg | SRSP | 75,060 | 56,295 | 16,379 | — | 1,115,167 | ||||||||||||||||||||||||||||||||||||||||||||||||
SORP | — | — | 643,674 | — | 2,762,772 | SORP | — | — | 321,727 | — | 3,332,726 | ||||||||||||||||||||||||||||||||||||||||||||
Charles E. Zebula | Charles E. Zebula | SRSP | 62,220 | 46,665 | 33,718 | — | 2,235,682 | ||||||||||||||||||||||||||||||||||||||||||||||||
SORP | — | — | 293,243 | — | 3,037,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brian X. Tierney | Brian X. Tierney | SRSP | 117,992 | 53,097 | 71,384 | 942,057 | 4,087,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
SORP | — | — | 192,749 | — | 1,996,660 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark C. McCullough | Mark C. McCullough | SRSP | 47,291 | 35,468 | 87,532 | 127,220 | 1,353,050 | ||||||||||||||||||||||||||||||||||||||||||||||||
SORP | — | — | 98,145 | — | 1,016,669 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||||||||||||||
Compensation: | ||||||||||||||||||||||||||||||||
Base Salary ($1,510,000)(1) | $ | — | $ | 1,510,000 | $ | — | $ | 4,514,900 | $ | — | ||||||||||||||||||||||
Annual Incentive for Completed Year(2) | $ | 2,834,874 | $ | 2,834,874 | $ | — | $ | 2,834,874 | $ | 2,834,874 | ||||||||||||||||||||||
Other Payment for Annual Incentives(3) | $ | — | $ | 2,114,000 | $ | — | $ | 6,320,860 | $ | — | ||||||||||||||||||||||
Long-Term Incentives:(4) | ||||||||||||||||||||||||||||||||
2020 - 2022 Performance Shares(5) | $ | 4,056,854 | $ | 4,056,854 | $ | — | $ | 6,085,281 | $ | 4,056,854 | ||||||||||||||||||||||
2021 - 2023 Performance Shares(5) | $ | 2,846,595 | $ | 2,846,595 | $ | — | $ | 8,539,785 | $ | 2,846,595 | ||||||||||||||||||||||
2019 Restricted Stock Units | $ | — | $ | 583,751 | $ | — | $ | 870,660 | $ | 870,660 | ||||||||||||||||||||||
2020 Restricted Stock Units | $ | — | $ | 542,943 | $ | — | $ | 1,352,077 | $ | 1,352,077 | ||||||||||||||||||||||
2021 Restricted Stock Units | $ | — | $ | 853,952 | $ | — | $ | 2,846,506 | $ | 2,846,506 | ||||||||||||||||||||||
Benefits: | ||||||||||||||||||||||||||||||||
Financial Counseling | $ | 20,000 | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||||||||||||||
Outplacement Services(6) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||||||||||||||
Total Incremental Compensation and Benefits | $ | 9,758,323 | $ | 15,379,969 | $ | — | $ | 33,401,943 | $ | 14,827,566 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||
Compensation: | ||||||||||||||||||||
Base Salary ($1,470,000) | $ | — | $ | 2,940,000 | $ | — | $ | 4,395,300 | $ | — | ||||||||||
Annual Incentive for Completed Year(1) | $ | 3,413,390 | $ | 3,413,390 | $ | — | $ | 3,413,390 | $ | 3,413,390 | ||||||||||
Other Payment for Annual Incentives(2) | $ | — | $ | 3,969,000 | $ | — | $ | 5,933,655 | $ | — | ||||||||||
Long-Term Incentives:(3) | ||||||||||||||||||||
2018 - 2020 Performance Shares(4) | $ | 5,782,878 | $ | 5,782,878 | $ | — | $ | 8,674,317 | $ | 5,782,878 | ||||||||||
2019 - 2021 Performance Shares(4) | $ | 2,590,960 | $ | 2,590,960 | $ | — | $ | 7,772,880 | $ | 2,590,960 | ||||||||||
2017 Restricted Stock Units | $ | — | $ | 686,808 | $ | — | $ | 1,008,422 | $ | 1,008,422 | ||||||||||
2018 Restricted Stock Units | $ | — | $ | 766,312 | $ | — | $ | 1,927,437 | $ | 1,927,437 | ||||||||||
2019 Restricted Stock Units | $ | — | $ | 777,297 | $ | — | $ | 2,590,992 | $ | 2,590,992 | ||||||||||
Benefits: | ||||||||||||||||||||
Financial Counseling | $ | 20,000 | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||
Outplacement Services(5) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||
Total Incremental Compensation and Benefits | $ | 11,807,228 | $ | 20,963,645 | $ | — | $ | 35,753,393 | $ | 17,334,079 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||||||||||||||
Compensation: | ||||||||||||||||||||||||||||||||
Base Salary ($600,000)(1) | $ | — | $ | 600,000 | $ | — | $ | 1,200,000 | $ | — | ||||||||||||||||||||||
Annual Incentive for Completed Year(2) | $ | — | $ | — | $ | — | $ | 640,379 | $ | 640,379 | ||||||||||||||||||||||
Other Payment for Annual Incentives(3) | $ | — | $ | 480,000 | $ | — | $ | 960,000 | $ | — | ||||||||||||||||||||||
Long-Term Incentives:(4) | ||||||||||||||||||||||||||||||||
2020 - 2022 Performance Shares(5) | $ | — | $ | 189,210 | $ | — | $ | 283,814 | $ | 189,210 | ||||||||||||||||||||||
2021 - 2023 Performance Shares(5) | $ | — | $ | 464,779 | $ | — | $ | 1,394,338 | $ | 464,779 | ||||||||||||||||||||||
2019 Restricted Stock Units | $ | — | $ | 28,505 | $ | — | $ | 42,528 | $ | 42,528 | ||||||||||||||||||||||
2020 Restricted Stock Units | $ | — | $ | 25,319 | $ | — | $ | 62,991 | $ | 62,991 | ||||||||||||||||||||||
2021 Restricted Stock Units | $ | — | $ | 139,407 | $ | — | $ | 464,690 | $ | 464,690 | ||||||||||||||||||||||
Restricted Stock Units | $ | — | $ | 1,552 | $ | — | $ | 8,719 | $ | 8,719 | ||||||||||||||||||||||
Benefits: | ||||||||||||||||||||||||||||||||
Financial Counseling | $ | — | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||||||||||||||
Outplacement Services(6) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||||||||||||||
Total Incremental Compensation and Benefits | $ | — | $ | 1,965,772 | $ | — | $ | 5,094,459 | $ | 1,893,296 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||
Compensation: | ||||||||||||||||||||
Base Salary ($790,000) | $ | — | $ | 1,580,000 | $ | — | $ | 2,362,100 | $ | — | ||||||||||
Annual Incentive for Completed Year(1) | $ | 1,087,712 | $ | 1,087,712 | $ | — | $ | 1,087,712 | $ | 1,087,712 | ||||||||||
Other Payment for Annual Incentives(2) | $ | — | $ | 1,264,400 | $ | — | $ | 1,889,680 | $ | — | ||||||||||
Long-Term Incentives:(3) | ||||||||||||||||||||
2018 - 2020 Performance Shares(4) | $ | — | $ | 1,487,524 | $ | — | $ | 2,231,287 | $ | 1,487,524 | ||||||||||
2019 - 2021 Performance Shares(4) | $ | — | $ | 609,653 | $ | — | $ | 1,828,958 | $ | 609,653 | ||||||||||
2017 Restricted Stock Units | $ | — | $ | 183,147 | $ | — | $ | 268,881 | $ | 268,881 | ||||||||||
2018 Restricted Stock Units | $ | — | $ | 197,129 | $ | — | $ | 495,799 | $ | 495,799 | ||||||||||
2019 Restricted Stock Units | $ | — | $ | 182,877 | $ | — | $ | 609,590 | $ | 609,590 | ||||||||||
Restricted Stock Units | $ | — | $ | 731,564 | $ | — | $ | 2,438,547 | $ | 2,438,547 | ||||||||||
Benefits: | ||||||||||||||||||||
Financial Counseling | $ | — | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||
Outplacement Services(5) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||
Total Incremental Compensation and Benefits | $ | 1,087,712 | $ | 7,361,006 | $ | — | $ | 13,249,554 | $ | 7,017,706 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||||||||||||||
Compensation: | ||||||||||||||||||||||||||||||||
Base Salary ($800,000)(1) | $ | — | $ | 800,000 | $ | — | $ | 2,392,000 | $ | — | ||||||||||||||||||||||
Annual Incentive for Completed Year(2) | $ | 909,425 | $ | 909,425 | $ | — | $ | 909,425 | $ | 909,425 | ||||||||||||||||||||||
Other Payment for Annual Incentives(3) | $ | — | $ | 680,000 | $ | — | $ | 2,033,200 | $ | — | ||||||||||||||||||||||
Long-Term Incentives:(4) | ||||||||||||||||||||||||||||||||
2020 - 2022 Performance Shares(5) | $ | 683,705 | $ | 683,705 | $ | — | $ | 1,025,557 | $ | 683,705 | ||||||||||||||||||||||
2021 - 2023 Performance Shares(5) | $ | 697,139 | $ | 697,139 | $ | — | $ | 2,091,418 | $ | 697,139 | ||||||||||||||||||||||
2019 Restricted Stock Units | $ | — | $ | 82,405 | $ | — | $ | 122,868 | $ | 122,868 | ||||||||||||||||||||||
2020 Restricted Stock Units | $ | — | $ | 91,499 | $ | — | $ | 227,852 | $ | 227,852 | ||||||||||||||||||||||
2021 Restricted Stock Units | $ | — | $ | 209,124 | $ | — | $ | 697,080 | $ | 697,080 | ||||||||||||||||||||||
Restricted Stock Units (2019 Retention) | $ | — | $ | 659,526 | $ | — | $ | 921,996 | $ | 921,996 | ||||||||||||||||||||||
Benefits: | ||||||||||||||||||||||||||||||||
Financial Counseling | $ | 20,000 | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||||||||||||||
Outplacement Services(6) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||||||||||||||
Total Incremental Compensation and Benefits | $ | 2,310,269 | $ | 4,849,823 | $ | — | $ | 10,458,396 | $ | 4,280,065 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||||||||||||||
Compensation: | ||||||||||||||||||||||||||||||||
Base Salary ($694,000)(1) | $ | — | $ | 694,000 | $ | — | $ | 2,075,060 | $ | — | ||||||||||||||||||||||
Annual Incentive for Completed Year(2) | $ | — | $ | — | $ | — | $ | 697,991 | $ | 697,991 | ||||||||||||||||||||||
Other Payment for Annual Incentives(3) | $ | — | $ | 520,500 | $ | — | $ | 1,556,295 | $ | — | ||||||||||||||||||||||
Long-Term Incentives:(4) | ||||||||||||||||||||||||||||||||
2020 - 2022 Performance Shares(5) | $ | — | $ | 638,211 | $ | — | $ | 957,317 | $ | 638,211 | ||||||||||||||||||||||
2021 - 2023 Performance Shares(5) | $ | — | $ | 435,716 | $ | — | $ | 1,307,147 | $ | 435,716 | ||||||||||||||||||||||
2019 Restricted Stock Units | $ | — | $ | 96,136 | $ | — | $ | 143,331 | $ | 143,331 | ||||||||||||||||||||||
2020 Restricted Stock Units | $ | — | $ | 85,398 | $ | — | $ | 212,638 | $ | 212,638 | ||||||||||||||||||||||
2021 Restricted Stock Units | $ | — | $ | 130,706 | $ | — | $ | 435,686 | $ | 435,686 | ||||||||||||||||||||||
Benefits: | ||||||||||||||||||||||||||||||||
Financial Counseling | $ | — | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||||||||||||||
Outplacement Services(6) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||||||||||||||
Total Incremental Compensation and Benefits | $ | — | $ | 2,637,667 | $ | — | $ | 7,422,465 | $ | 2,583,573 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | ||||||||||||||||
Compensation: | |||||||||||||||||||||
Base Salary ($675,000) | $ | — | 1 | $ | 1,350,000 | $ | — | $ | 2,018,250 | $ | — | ||||||||||
Annual Incentive for Completed Year(1) | $ | 870,793 | $ | 870,793 | $ | — | $ | 870,793 | $ | 870,793 | |||||||||||
Other Payment for Annual Incentives(2) | $ | — | $ | 1,012,500 | $ | — | $ | 1,513,688 | $ | — | |||||||||||
Long-Term Incentives:(3) | |||||||||||||||||||||
2018 - 2020 Performance Shares(4) | $ | — | $ | 1,041,311 | $ | — | $ | 1,561,967 | $ | 1,041,311 | |||||||||||
2019 - 2021 Performance Shares(4) | $ | — | $ | 426,744 | $ | — | $ | 1,280,232 | $ | 426,744 | |||||||||||
2017 Restricted Stock Units | $ | — | $ | 109,884 | $ | — | $ | 161,329 | $ | 161,329 | |||||||||||
2018 Restricted Stock Units | $ | — | $ | 137,981 | $ | — | $ | 346,946 | $ | 346,946 | |||||||||||
2019 Restricted Stock Units | $ | — | $ | 128,014 | $ | — | $ | 426,713 | $ | 426,713 | |||||||||||
Benefits: | |||||||||||||||||||||
Financial Counseling | $ | — | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | |||||||||||
Outplacement Services(5) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | |||||||||||
Total Incremental Compensation and Benefits | $ | 870,793 | $ | 5,114,227 | $ | — | $ | 8,216,918 | $ | 3,293,836 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||
Compensation: | ||||||||||||||||||||
Base Salary ($586,000) | $ | — | $ | 1,172,000 | $ | — | $ | 1,752,140 | $ | — | ||||||||||
Annual Incentive for Completed Year(1) | $ | 806,751 | $ | 806,751 | $ | — | $ | 806,751 | $ | 806,751 | ||||||||||
Other Payment for Annual Incentives(2) | $ | — | $ | 937,600 | $ | — | $ | 1,401,712 | $ | — | ||||||||||
Long-Term Incentives:(3) | ||||||||||||||||||||
2018 - 2020 Performance Shares(4) | $ | — | $ | 892,552 | $ | — | $ | 1,338,829 | $ | 892,552 | ||||||||||
2019 - 2021 Performance Shares(4) | $ | — | $ | 365,785 | $ | — | $ | 1,097,356 | $ | 365,785 | ||||||||||
2017 Restricted Stock Units | $ | — | $ | 109,884 | $ | — | $ | 161,329 | $ | 161,329 | ||||||||||
2018 Restricted Stock Units | $ | — | $ | 118,273 | $ | — | $ | 297,423 | $ | 297,423 | ||||||||||
2019 Restricted Stock Units | $ | — | $ | 109,726 | $ | — | $ | 365,754 | $ | 365,754 | ||||||||||
Restricted Stock Units | $ | — | $ | 731,564 | $ | — | $ | 2,438,547 | $ | 2,438,547 | ||||||||||
Benefits: | ||||||||||||||||||||
Financial Counseling | $ | — | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||
Outplacement Services(5) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||
Total Incremental Compensation and Benefits | $ | 806,751 | $ | 5,281,135 | $ | — | $ | 9,696,841 | $ | 5,348,141 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||
Compensation: | ||||||||||||||||||||
Base Salary ($613,000) | $ | — | $ | 1,226,000 | $ | — | $ | 1,832,870 | $ | — | ||||||||||
Annual Incentive for Completed Year(1) | $ | 791,165 | $ | 791,165 | $ | — | $ | 791,165 | $ | 791,165 | ||||||||||
Other Payment for Annual Incentives(2) | $ | — | $ | 919,500 | $ | — | $ | 1,374,653 | $ | — | ||||||||||
Long-Term Incentives:(3) | ||||||||||||||||||||
2018 - 2020 Performance Shares(4) | $ | 743,794 | $ | 743,794 | $ | — | $ | 1,115,691 | $ | 743,794 | ||||||||||
2019 - 2021 Performance Shares(4) | $ | 335,321 | $ | 335,321 | $ | — | $ | 1,005,964 | $ | 335,321 | ||||||||||
2017 Restricted Stock Units | $ | — | $ | 86,982 | $ | — | $ | 127,683 | $ | 127,683 | ||||||||||
2018 Restricted Stock Units | $ | — | $ | 98,564 | $ | — | $ | 247,805 | $ | 247,805 | ||||||||||
2019 Restricted Stock Units | $ | — | $ | 100,596 | $ | — | $ | 335,321 | $ | 335,321 | ||||||||||
Benefits: | ||||||||||||||||||||
Financial Counseling | $ | 20,000 | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||
Outplacement Services(5) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||
Total Incremental Compensation and Benefits | $ | 1,890,280 | $ | 4,338,922 | $ | — | $ | 6,868,152 | $ | 2,601,089 |
Executive Benefits and Payments Upon Termination | Resignation or Retirement | Severance | Involuntary Termination for Cause | Change In Control | Death | |||||||||||||||||||||||||||
Compensation: | ||||||||||||||||||||||||||||||||
Base Salary ($577,000)(1) | $ | — | $ | 577,000 | $ | — | $ | 1,725,230 | $ | — | ||||||||||||||||||||||
Annual Incentive for Completed Year(2) | $ | 619,006 | $ | 619,006 | $ | — | $ | 619,006 | $ | 619,006 | ||||||||||||||||||||||
Other Payment for Annual Incentives(3) | $ | — | $ | 461,600 | $ | — | $ | 1,380,184 | $ | — | ||||||||||||||||||||||
Long-Term Incentives:(4) | ||||||||||||||||||||||||||||||||
2020 - 2022 Performance Shares(5) | $ | 546,988 | $ | 546,988 | $ | — | $ | 820,481 | $ | 546,988 | ||||||||||||||||||||||
2021 - 2023 Performance Shares(5) | $ | 377,618 | $ | 377,618 | $ | — | $ | 1,132,855 | $ | 377,618 | ||||||||||||||||||||||
2019 Restricted Stock Units | $ | — | $ | 75,550 | $ | — | $ | 112,636 | $ | 112,636 | ||||||||||||||||||||||
2020 Restricted Stock Units | $ | — | $ | 73,195 | $ | — | $ | 182,300 | $ | 182,300 | ||||||||||||||||||||||
2021 Restricted Stock Units | $ | — | $ | 113,277 | $ | — | $ | 377,589 | $ | 377,589 | ||||||||||||||||||||||
Benefits: | ||||||||||||||||||||||||||||||||
Financial Counseling | $ | 20,000 | $ | 20,000 | $ | — | $ | 20,000 | $ | 20,000 | ||||||||||||||||||||||
Outplacement Services(6) | $ | — | $ | 17,000 | $ | — | $ | 17,000 | $ | — | ||||||||||||||||||||||
Total Incremental Compensation and Benefits | $ | 1,563,612 | $ | 2,881,234 | $ | — | $ | 6,387,281 | $ | 2,236,137 |
Name | Long-Term Incentives | Benefits | ||||||||||||||||||||||||||||||
Vested Performance Shares (1) | AEP Career Shares (2) | Vacation Payout (3) | Post-Retirement Benefits (4) | Deferred Compensation (5) | ||||||||||||||||||||||||||||
Nicholas K. Akins | $ | 8,064,419 | $ | 11,178,635 | $ | 33,031 | $ | 4,042,866 | $ | 4,121,721 | ||||||||||||||||||||||
Julia A. Sloat | $ | 393,692 | $ | 1,059,456 | $ | 22,471 | $ | 587,662 | $ | 429,441 | ||||||||||||||||||||||
Lisa M. Barton | $ | 1,138,549 | $ | 2,526,586 | $ | 22,308 | $ | 959,925 | $ | 1,245,992 | ||||||||||||||||||||||
David M. Feinberg | $ | 1,328,233 | $ | 3,332,726 | $ | 26,692 | $ | 800,425 | $ | 1,115,167 | ||||||||||||||||||||||
Charles E. Zebula | $ | 1,043,707 | $ | 3,037,669 | $ | 22,192 | $ | 1,866,191 | $ | 2,235,682 | ||||||||||||||||||||||
Brian X. Tierney | $ | 1,581,264 | $ | 1,996,660 | $ | — | $ | 2,087,475 | $ | 4,087,772 | ||||||||||||||||||||||
Mark C. McCullough | $ | 980,449 | $ | 1,016,669 | $ | — | $ | 2,599,822 | $ | 1,353,050 |
Name | Long-Term Incentives | Benefits | ||||||||||||||||||
Vested Performance Shares (1) | AEP Career Shares (2) | Vacation Payout (3) | Post Retirement Benefits (4) | Deferred Compensation (5) | ||||||||||||||||
Nicholas K. Akins | $ | 12,046,434 | $ | 11,086,926 | $ | 14,135 | $ | 2,921,894 | $ | 2,871,476 | ||||||||||
Brian X. Tierney | $ | 3,212,300 | $ | 1,980,280 | $ | — | $ | 1,708,193 | $ | 4,434,507 | ||||||||||
David M. Feinberg | $ | 1,927,531 | $ | 3,305,384 | $ | 25,962 | $ | 533,635 | $ | 808,675 | ||||||||||
Lisa M. Barton | $ | 1,927,531 | $ | 2,505,858 | $ | 7,325 | $ | 634,368 | $ | 796,642 | ||||||||||
Lana L. Hillebrand | $ | 1,525,958 | $ | 2,762,772 | $ | 29,471 | $ | 971,938 | $ | 695,024 |
Name | Shares(a) | Stock Units(b) | Total | Name | Shares(a) | Stock Units(b) | Total | ||||||||||||||||||||||
N. K. Akins | 58,749 | 117,310 | 176,059 | N. K. Akins | 30,386 | 125,645 | 156,031 | ||||||||||||||||||||||
D. J. Anderson | — | 27,118 | 27,118 | D. J. Anderson | — | 33,096 | 33,096 | ||||||||||||||||||||||
L. M. Barton | — | 26,514 | 26,514 | L. M. Barton | 95 | 28,398 | 28,493 | ||||||||||||||||||||||
J. B. Beasley, Jr | — | 15,301 | 15,301 | J. B. Beasley, Jr | — | 16,627 | 16,627 | ||||||||||||||||||||||
R. D. Crosby, Jr. | — | 51,816 | 51,816 | ||||||||||||||||||||||||||
D. M. Feinberg | — | 34,974 | 34,974 | D. M. Feinberg | 193 | 37,459 | 37,652 | ||||||||||||||||||||||
B. G. S. Fowke | B. G. S. Fowke | — | — | — | |||||||||||||||||||||||||
A. A. Garcia | — | 558 | 558 | A. A. Garcia | 2,500 | 4,656 | 7,156 | ||||||||||||||||||||||
L. A. Goodspeed | — | 52,773 | 52,773 | L. A. Goodspeed | — | 60,572 | 60,572 | ||||||||||||||||||||||
L. L. Hillebrand | 2,152 | 29,233 | 31,385 | ||||||||||||||||||||||||||
T. Hoaglin | 1,000 | 44,696 | 45,696 | T. Hoaglin | 1,000 | 51,922 | 52,922 | ||||||||||||||||||||||
S. B. Lin | 1,032 | 21,431 | 22,463 | S. B. Lin | 1,032 | 27,004 | 28,036 | ||||||||||||||||||||||
M. M. McCarthy | 3,125 | 1,294 | 4,419 | M. M. McCarthy | 3,125 | 5,444 | 8,569 | ||||||||||||||||||||||
R. C. Notebaert | — | 27,118 | 27,118 | ||||||||||||||||||||||||||
L. L. Nowell III | — | 48,092 | 48,092 | ||||||||||||||||||||||||||
M. C. McCullough | M. C. McCullough | — | 6,029 | 6,029 | |||||||||||||||||||||||||
S. S. Rasmussen | — | 20,778 | 20,778 | S. S. Rasmussen | — | 26,305 | 26,305 | ||||||||||||||||||||||
O. G. Richard III | 2,195 | 19,414 | 21,609 | O. G. Richard III | 2,195 | 24,845 | 27,040 | ||||||||||||||||||||||
D. Roberts | D. Roberts | — | 2,118 | 2,118 | |||||||||||||||||||||||||
J. A. Sloat | J. A. Sloat | 8,594 | 11,908 | 20,502 | |||||||||||||||||||||||||
B. X. Tierney | 6,364 | 21,059 | 27,423 | B. X. Tierney | — | — | — | ||||||||||||||||||||||
S. M. Tucker | 1,532 | 39,662 | 41,194 | S. M. Tucker | 1,532 | 46,531 | 48,063 | ||||||||||||||||||||||
C. E. Zebula | C. E. Zebula | 10,951 | 34,143 | 45,094 | |||||||||||||||||||||||||
L. Von Thaer | L. Von Thaer | 20 | — | 20 | |||||||||||||||||||||||||
All directors, nominees and executive officers as a group (22 persons)(c) | 104,542 | 708,585 | 813,127 | All directors, nominees and executive officers as a group (22 persons)(c) | 61,623 | 542,702 | 604,325 |
AEP Shares | AEP Shares | |||||||||||||||||||||||||||
Name and Address of Beneficial Owner | Amount of Beneficial Ownership | Percent of Class | Name and Address of Beneficial Owner | Amount of Beneficial Ownership | Percent of Class | |||||||||||||||||||||||
The Vanguard Group 100 Vanguard Boulevard Malvern, PA 19355 | 41,146,700 | (a) | 8.33 | % | The Vanguard Group 100 Vanguard Boulevard Malvern, PA 19355 | 43,072,334 | (a) | 8.55 | % | |||||||||||||||||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 38,334,156 | (b) | 7.7 | % | BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 42,180,106 | (b) | 8.40 | % | |||||||||||||||||||
State Street Corporation State Street Financial Center One Lincoln Street Boston, MA 02111 | 26,788,315 | (c) | 5.42 | % | ||||||||||||||||||||||||
State Street Corporation 1 Lincoln Street Boston, MA 02111 | State Street Corporation 1 Lincoln Street Boston, MA 02111 | 25,549,235 | (c) | 5.07 | % |
EPS | |||||
GAAP Reported Earnings | $ | 4.97 | |||
Special Items | |||||
Mark-to-Market Impact of Commodity Hedging Activities | (0.14) | ||||
State Tax Law Changes | 0.05 | ||||
Accumulated Deferred Income Tax Adjustments | (0.11) | ||||
Gain on Sale of Certain Merchant Generating Assets | (0.06) | ||||
Dolet Hills Power Station Regulatory Disallowance | 0.02 | ||||
Transaction Costs - Sale of Kentucky Operations | 0.01 | ||||
Operating Earnings (non-GAAP) | $ | 4.74 |
EPS | |||
GAAP Reported Earnings | $ | 3.89 | |
Special Items | |||
Severance Charges | $ | 0.04 | |
Mark-to-Market Impact of Commodity Hedging Activities | $ | 0.01 | |
Previously Retired Coal Generation Assets | $ | 0.15 | |
Texas Base Rate Case | $ | 0.08 | |
Conesville Plant Impairment | $ | 0.05 | |
Acquisitions Fees | $ | 0.02 | |
Operating Earnings (non-GAAP) | $ | 4.24 |
1 Riverside Plaza Columbus, OH 43215-2378 |