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(4) | Date Filed: |
1. | To elect |
2. | To hold an advisory vote to approve executive compensation. |
3. | To adopt the 2015 Omnibus Equity Compensation Plan. |
4. | To ratify the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for |
5. | To transact other business that may properly come before the meeting. |
By Order of the Board of Directors, | ||
Gina Merritt-Epps | ||
General Counsel & Corporate Secretary | ||
Folsom, NJ | ||
March 30, 2015 |
1 | |
GENERAL INFORMATION | |
PROPOSALS TO BE VOTED ON | |
10 | |
SECURITY OWNERSHIP | |
CORPORATE GOVERNANCE | |
24 | |
EXECUTIVE OFFICERS | |
24 | |
FINANCIAL | |
APPENDIX A | |
42 |
Date: | April | |
Time: | 9:15 a.m. - doors will open to the public for continental breakfast 10:00 a.m. - meeting begins 11:00 a.m. - meeting adjourns | |
Place: | Stockton Seaview Hotel and Golf Club, Bayview Room 401 South New York Road Galloway, New Jersey Please see the back of the Proxy for parking instructions. | |
Admission to the meeting: | Attendance at the Annual Meeting will be limited to shareholders as of the record date, their authorized representatives and guests of SJI. If you plan to attend the meeting in person, you will need an admission ticket and a valid government issued photo ID to enter the meeting. For shareholders of record, an admission ticket is attached to your proxy card. If your shares are held in the name of a bank, broker or other holder of record, please bring your account statement as that will serve as your ticket. | |
Record Date: | ||
Agenda: | Election of Approval, on an advisory basis, of our executive compensation Adoption of the 2015 Omnibus Equity Compensation Plan Ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for Transaction of any other business that may properly come before the meeting | |
Voting: | Shareholders as of the record date are entitled to vote. Each share of common stock is entitled to one vote for each director nominee and one vote for each of the proposals to be voted on. |
Proposal No. | Description of Proposal | Board’s Recommendation |
1 | Election of | FOR |
2 | Approval, on an advisory basis, of our executive compensation | FOR |
3 | Adoption of the 2015 Omnibus Equity Compensation Plan | FOR |
4 | Ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for | |
FOR |
Proposal No. | Description of Proposal | Vote Required for Approval | Abstentions | Broker Non Votes |
1 | Election of directors | Plurality of votes cast | Not applicable | Not taken into account |
2 | Executive compensation | Majority of votes cast | No effect | Not taken into account |
3 | Adoption of the 2015 Omnibus Equity Compensation Plan | Majority of votes cast | No effect | Not taken into account |
4 | Ratification of independent registered public accounting firm | Majority of votes cast | No effect | Not applicable |
Name | Age | Director Since | Occupation | Independent | Positions/Committee Memberships |
Sarah M. Barpoulis | 50 | 2012 | Owner of Interim Energy Solutions, LLC | Yes | 1, 4 |
Thomas A. Bracken | 67 | 2004 | President, New Jersey Chamber of Commerce | Yes | 1, 3, 5* |
Keith S. Campbell | 60 | 2000 | Chairman of the Board, Mannington Mills, Inc. | Yes | 2*, 3, 5 |
Victor A. Fortkiewicz | 63 | 2010 | Of Counsel, Cullen and Dykman, LLP | Yes | 4, 5 |
Sheila Hartnett-Devlin, CFA | 56 | 1999 | Senior Vice President, American Century Investments | Yes | 1*, 2, 3 |
Walter M. Higgins III | 70 | 2008 | Director, President and CEO at Ascendant Group Ltd. and President and CEO of Bermuda Electric Light Company Limited | Yes | 1, 3, 4* |
Sunita Holzer | 53 | 2011 | President, Human Capital insight, LLC | Yes | 2, 5 |
Joseph H. Petrowski | 61 | 2008 | Managing Partner and Founder, Mercantor Partners, LLC | Yes | 1, 3, 4 |
Michael J. Renna | 47 | 2014 | President and COO, South Jersey Industries | No | |
Frank L. Sims | 64 | 2012 | Retired, Corporate Vice President and Platform Leader, Cargill, Inc. | Yes | 1, 2 |
Name | Age | Director Since | Occupation | Independent | Positions/Committee Memberships |
Sarah M. Barpoulis | 49 | 2012 | Owner of Interim Energy Solutions, LLC | Yes | 1, 4 |
Thomas A. Bracken | 66 | 2004 | President, New Jersey Chamber of Commerce | Yes | 1, 3, 5* |
Keith S. Campbell | 59 | 2000 | Chairman of the Board, Mannington Mills, Inc. | Yes | 2*, 3, 5 |
Victor A. Fortkiewicz | 62 | 2010 | Of Counsel, Cullen and Dykman, LLP | Yes | 4, 5 |
Edward J. Graham | 57 | 2004 | Chairman of the Board and CEO, South Jersey Industries | No | 3* |
Sheila Hartnett-Devlin, CFA | 55 | 1999 | Senior Vice President, American Century Investments | Yes | 1*, 2, 3 |
Walter M. Higgins III | 69 | 2008 | President and CEO at Ascendant Group Ltd. and President and CEO of Bermuda Electric Light Company Limited | Yes | 1, 3, 4* |
Sunita Holzer | 52 | 2011 | Executive Vice President, Chief Human Resources Officer, CSC | Yes | 2, 5 |
Joseph H. Petrowski | 60 | 2008 | Managing Partner and Founder, Mercantor Partners, LLC | Yes | 1, 3, 4 |
Michael J. Renna | 46 | 2014 | President and COO, South Jersey Industries | No | |
Frank L. Sims | 63 | 2012 | Retired, Corporate Vice President and Platform Leader, Cargill, Inc. | Yes | 1, 2 |
1 | Audit Committee | ||
2 | Compensation Committee | ||
3 | Executive Committee | ||
4 | Governance Committee | ||
5 | Corporate Responsibility Committee | ||
* | Committee Chair |
Sarah M. Barpoulis |
Age: Director since 2012 Owner of Interim Energy Solutions, LLC, Potomac, MD | Skills and Qualifications: Director Barpoulis’ areas of expertise include corporate governance, energy and enterprise risk management, enterprise leadership, executive compensation, finance/financial management, strategic/business planning, tradable commodities, and utility/energy industry. Director Barpoulis is a financial expert as defined by the SEC. She has also received a Certificate of Director Education from the National Association of Corporate Directors. | SJI Boards and Committees: Governance Committee Audit Committee Director of South Jersey Energy Company Executive Committee Member, SJI Midstream, LLC; South Jersey Energy Solutions, LLC; Marina Energy LLC; South Jersey Energy Service Plus, LLC; and South Jersey Resources Group, LLC |
Since 2003, Ms. Barpoulis has provided asset management and advisory services to the merchant energy sector through Interim Energy Solutions, LLC, a company she founded. From 1991 to February 2003 she held several positions with PG&E National Energy Group, Inc., now known as National Energy & Gas Transmission, Inc., last serving as Senior Vice President, Commercial Operations and |
Thomas A. Bracken | |||
Age: Director since 2004 President, New Jersey Chamber of Commerce, Trenton, NJ | Skills and Qualifications: Director Bracken’s areas of expertise and experience include corporate governance, enterprise leadership, enterprise risk management, executive compensation, finance/financial management, and political/governmental. Director Bracken is a financial expert as defined by the SEC. | SJI Boards and Committees: Audit Committee Executive Committee Chairman of the Corporate Responsibility Committee Director of South Jersey Gas Company | |
Mr. Bracken has served as president of the New Jersey Chamber of Commerce since February 2011; president of TriState Capital Bank-New Jersey from January 2008 to February 2011; as president and CEO of Sun Bancorp, Inc. and its wholly owned subsidiary Sun National Bancorp, Inc., from 2001 to 2007; as executive director of the Public Sector Group, First Union Bank from 2000 to 2001; and, as executive vice president, head of Commercial and Governmental Banking for New Jersey, New York and Connecticut, First Union Bank from 1998 to 2000. Mr. Bracken is |
Keith S. Campbell | |||
Age: Director since 2000 Chairman of the Board, Mannington Mills, Inc., Salem, NJ | Skills and Qualifications: Director Campbell’s areas of expertise include corporate governance, enterprise leadership, enterprise risk management, environmental, executive compensation, finance/financial management, human resources and sales/marketing. | SJI Boards and Committees: Corporate Responsibility Committee Executive Committee Chairman of the Compensation Committee Director of South Jersey Energy Company Executive Committee Member, SJI Midstream, LLC; South Jersey Energy Solutions, LLC; Marina Energy LLC; South Jersey Energy Service Plus, LLC; and South Jersey Resources Group, LLC. | |
Mr. Campbell has served as chairman of the board for Mannington Mills, Inc. since 1995 and as director on the Federal Reserve Bank of Philadelphia from 2008 to 2013. Mr. Campbell serves on the following boards: board member, Rowan University, Glassboro, NJ; director, Skytop Lodge, Inc. |
Victor A. Fortkiewicz | |||
Age: Director since 2010 Of Counsel, Cullen and Dykman, LLP, New York, NY | Skills and Qualifications: Director Fortkiewicz’ areas of expertise include corporate governance, enterprise leadership, enterprise risk management, environmental, legal, political/governmental, and the utility/energy industry. | SJI Boards and Committees: Corporate Responsibility Committee Governance Committee Director of South Jersey Gas Company | |
Mr. Fortkiewicz has been Of Counsel, Cullen and Dykman, LLP since October 2011. He served as executive director, New Jersey Board of Public Utilities from 2005 to 2010; as assistant counsel, Office of the Governor in 2005; and as president and director, NUI Utilities & Elizabethtown Gas Company from 2003 to 2004. |
Age: | |||
Director since 1999 Senior Vice President, American Century Investments, New York, NY | Skills and Qualifications: Director Hartnett-Devlin’s areas of expertise and experience include corporate governance, enterprise leadership, enterprise risk management, executive compensation, and finance/financial management. Director Hartnett-Devlin is a financial expert as defined by the SEC. | SJI Boards and Committees: Executive Committee Compensation Committee Chairman of the Audit Committee Director of South Jersey Energy Company Executive Committee member, SJI Midstream, LLC; South Jersey Energy Solutions, LLC; Marina Energy LLC; South Jersey Energy Service Plus, LLC; and South Jersey Resources Group, LLC. | |
Ms. Hartnett-Devlin has been vice president, American Century Investments since 2008 and senior vice president since 2011. She was a managing director with Cohen, Klingenstein & Marks, Inc. from September 2005 to 2008; she held several positions with Fiduciary Trust Company International beginning in 1980: executive vice president from 1997 to 2004; senior vice president from 1991 to 1997; vice president from 1985 to 1991; and, chairman, Global Investment Committee from 1996 to 2004. She is a member of the NY Society of Security Analysts. She was also a member of the Investment Policy Committee of Fiduciary Trust Company International from 1995 to 2004. Ms. Hartnett-Devlin serves on the following boards: director, Mannington Mills, Inc. |
Walter M. Higgins III | |||
Age: Director since 2008 Director, President and CEO, Ascendant Group Ltd. and President and CEO, Bermuda Electric Light Company Ltd., Bermuda | Skills and Qualifications: Director Higgins’ areas of expertise include corporate governance, energy production, energy risk management, enterprise leadership, enterprise risk management, environmental, executive compensation, finance/financial management, human resources, and the utility/energy industry. Director Higgins is a financial expert as defined by the SEC. | SJI Boards and Committees: Executive Committee Audit Committee Chairman of the Governance Committee Lead Independent Director since 2010 Director of South Jersey Energy Company Executive Committee Member, SJI Midstream, LLC; South Jersey Energy Solutions, LLC; Marina Energy LLC; South Jersey Energy Service Plus, LLC; and South Jersey Resources Group, LLC. | |
Mr. Higgins has served as a board member and has been the President and CEO at Ascendant Group Ltd. since May 2012 and President and CEO of Bermuda Electric Light Company Limited since September 2012. He is the retired chairman, president, and CEO of Sierra Pacific Resources (now called NVEnergy). Mr. Higgins serves as a member of the board of AEGIS. |
Sunita Holzer | |||
Age: Director since 2011 | Skills and Qualifications: Director Holzer’s area of expertise include corporate governance, enterprise leadership, executive compensation, human resources, organizational development, and succession planning. | SJI Boards and Committees: Compensation Committee Corporate Responsibility Committee Director of South Jersey Gas Company | |
Ms. Holzer has served as president, Human Capital insight, LLC since June 2014. She served as executive vice president and chief human resources officer, CSC |
Joseph H. Petrowski | |||
Age: Director since 2008 Managing Partner and Founder, Mercantor Partners, LLC, Framingham, MA | Skills and Qualifications: Director Petrowski’s areas of expertise include corporate governance, energy risk management, enterprise leadership, enterprise risk management, environmental, executive compensation, finance/financial management, sales/marketing and the utility/energy industry. Director Petrowski is a financial expert as defined by the SEC. | SJI Boards and Committees: Executive Committee Audit Committee Governance Committee Director of South Jersey Energy Company Chairman, South Jersey Energy Solutions, LLC Executive Committee Member, SJI Midstream, LLC; South Jersey Energy Solutions, LLC; Marina Energy LLC; South Jersey Energy Service Plus, LLC; and South Jersey Resources Group, LLC. | |
Mr. Petrowski is the former CEO of the Gulf Oil/Cumberland Farms Groups. Mr. Petrowski is a Trustee of Boston College High School and Trinity Catholic Academy. |
Michael J. Renna | |||
Age: Director since 2014 President and COO, South Jersey Industries, Folsom, NJ | Skills and Qualifications: Director Renna’s areas of expertise include enterprise leadership; enterprise and/or risk management; finance/financial management; political/governmental; and utility/energy. | SJI Boards and Committees: Director of South Jersey Energy Company Executive Committee Member, SJI Midstream, LLC; South Jersey Energy Solutions, LLC; Marina Energy LLC; South Jersey Energy Service Plus, LLC; and South Jersey Resources Group, LLC. | |
Mr. Renna has been President and Chief Operating Officer of South Jersey Industries, Inc. since January 2014. He has served as President of South Jersey Energy Solutions since April 2011; as President of South Jersey Energy Company since 2004; as President of Marina Energy LLC since April 2011; as President of South Jersey Energy Service Plus, LLC since April 2007; as President of SJESP Plumbing Services, LLC since 2011; as President of South Jersey Resources Group, LLC since 2012; and as member of Executive Committee of Energenic-US, LLC since 2008. Mr. Renna previously served as Senior Vice President of South Jersey Industries, Inc. from January 2013 to January 2014; as Vice President of South Jersey Industries, Inc. from 2004 to 2013; as Chief Operating Officer of South Jersey Energy Solutions, LLC from 2005 to 2011; as Vice President of SJESP Plumbing Services, LLC from 2007 to 2011; and as Vice President of South Jersey Resources Group, LLC from 2008 to 2010. |
Frank L. Sims | |||
Age: Director since 2012 Retired, Corporate Vice President and Platform Leader, Cargill, Inc., Minneapolis, MN | Skills and Qualifications: Director Sims’ areas of expertise include corporate governance, enterprise leadership, enterprise risk management, executive compensation, finance/financial management, and human resources. Director Sims is a financial expert as defined by the SEC. | SJI Boards and Committees: Compensation Committee Audit Committee Director of South Jersey Gas Company | |
Mr. Sims has served as board member, PolyMet Mining Co. |
SECURITY OWNERSHIP |
Number of Shares | |||||||||||
of Common Stock (1) | Percent of Class | ||||||||||
Ann T. Anthony | 227 | * | |||||||||
Sarah M. Barpoulis | (2) | * | |||||||||
Thomas A. Bracken | (2) | * | |||||||||
Keith S. Campbell | (2) | * | |||||||||
Stephen H. Clark | * | ||||||||||
Jeffrey E. DuBois | * | ||||||||||
Victor A. Fortkiewicz | (2) | * | |||||||||
Edward J. Graham | * | ||||||||||
Sheila Hartnett-Devlin | (2) | * | |||||||||
Walter M. Higgins III | (2) | * | |||||||||
Sunita Holzer | (2) | * | |||||||||
David A. Kindlick | * | ||||||||||
Kenneth Lynch | 2,598 | * | |||||||||
Kathleen A. McEndy | 429 | * | |||||||||
Gina Merritt-Epps | * | ||||||||||
Gregory M. Nuzzo | 949 | * | |||||||||
Joseph H. Petrowski | (2) | * | |||||||||
Michael J. Renna | * | ||||||||||
David Robbins, Jr. | 9,704 | * | |||||||||
Frank L. Sims | (2) | * | |||||||||
All directors, nominees for director and executive officers as a group |
(1) | Based on information furnished by the Company’s directors and executive officers. Unless otherwise indicated, each person has sole voting and dispositive power with respect to the Common Stock shown as owned by him or her. |
(2) | Includes shares awarded to each director under a Restricted Stock Program for Directors. |
Name and Address of Beneficial Owner | Shares Beneficially Owned | Percent of Class | |||||
BlackRock, Inc. 55 East 52nd Street, New York, NY 10022 | 3,201,312 | 9.50 percent | |||||
The Vanguard Group | |||||||
100 Vanguard Blvd. | |||||||
, Malvern, PA 19355 | 2,310,135 | 6.86 percent |
FY 2014 | FY 2013 | ||||||||||||||||
Audit Fees (a) | $ | 2,152,750 | Audit Fees (a) | $ | 1,902,400 | ||||||||||||
Fees per Engagement Letter | 1,790,000 | Fees per Engagement Letter | 1,645,000 | ||||||||||||||
FY 2013 Audit true up billed | 85,000 | FY 2012 Audit true up billed | 207,400 | ||||||||||||||
FY 2013 SJG Form 10-K SEC Comment Letter | - | FY 2012 Form 10-K SEC Comment Letter | 50,000 | ||||||||||||||
Audit work related to 2014 non-routine events | 274,000 | ||||||||||||||||
Registration Form S-3 | 3,750 | ||||||||||||||||
Audit-Related Fees (b) | 110,000 | Audit-Related Fees (b) | 108,000 | ||||||||||||||
Benefit Plan Audits | 110,000 | Benefit Plan Audits | 100,000 | ||||||||||||||
SJESP Separate Report | - | SJESP Separate Report | 4,000 | ||||||||||||||
South Jersey Energy Company | - | South Jersey Energy Company | 4,000 | ||||||||||||||
Tax Fees (c) | 214,557 | Tax Fees (c) | 80,800 | ||||||||||||||
Form 5500 & Form 8955-SSA | 10,890 | Form 5500 | 8,800 | ||||||||||||||
Tax compliance | 153,667 | Review of Federal Tax Return | 22,000 | ||||||||||||||
Fees related to tangible property regulations phase II | 50,000 | Fees related to tangible property regulations | 50,000 | ||||||||||||||
All Other Fees | All Other Fees | ||||||||||||||||
Total | $ | 2,477,307 | Total | $ | 2,091,200 |
FY 2013 | FY 2012 | ||||||||||||||||
Audit Fees (a) | $ | 1,902,400 | Audit Fees (a) | $ | 1,650,000 | ||||||||||||
Fees per Engagement Letter | 1,645,000 | Fees per Engagement Letter | 1,500,000 | ||||||||||||||
FY 2012 Audit true up billed | 207,400 | FY 2010 Audit true up billed | 150,000 | ||||||||||||||
FY 2012 Form 10-K SEC Comment Letter | 50,000 | ||||||||||||||||
Audit-Related Fees (b) | 108,000 | Audit-Related Fees (b) | 115,500 | ||||||||||||||
Benefit Plan Audits | 100,000 | Benefit Plan Audits | 53,000 | ||||||||||||||
SJESP Separate Report | 4,000 | SJESP Separate Report | - | ||||||||||||||
South Jersey Energy Company | 4,000 | South Jersey Energy Compan | - | ||||||||||||||
Registration Form S-3 | - | Registration Form S-3 | 12,500 | ||||||||||||||
LVE Audit | - | LVE Audit | 50,000 | ||||||||||||||
Tax Fees (c) | 80,800 | Tax Fees (c) | 44,500 | ||||||||||||||
Form 5500 & Form 8955-SSA | 8,800 | Form 5500 | 8,000 | ||||||||||||||
Form 3115 | - | Form 3115 | 15,500 | ||||||||||||||
Review of Federal Tax Return | 22,000 | Review of Federal Tax Return | 21,000 | ||||||||||||||
Fees related to tangible property regulations | 50,000 | ||||||||||||||||
All Other Fees | All Other Fees | ||||||||||||||||
Total | $ | 2,091,200 | Total | $ | 1,810,000 |
1. | Cash - | Annual Retainer for Board Service: | $ | 40,000 | * | ||
Annual Retainer for Committee Meetings: | 30,000 | ||||||
Annual Retainer (payable monthly): | $ | 70,000 |
1. | Cash - | Annual Retainer for Board Service: | $ | 55,000 | * | |
Annual Retainer for Committee Meetings: | 15,000 | |||||
Annual Retainer (payable monthly): | $ | 70,000 |
Audit | $ | 10,000 | ||
Compensation | $ | 10,000 | ||
Governance | $ | 6,000 | ||
Corporate Responsibility | $ | 5,000 |
* | Commencing January 1, 2014, the cash allocation was revised to $55,000 for Board service and $15,000 for Committee |
** | Life insurance benefits were eliminated for Directors elected after April 2011. The life insurance coverage remained in place for Directors elected prior to or during April 2011. |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) (1) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value And Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) (2) | Total ($) | |||||||
Sarah M. Barpoulis | 76,000 | 70,000 | - | - | - | - | 146,000 | |||||||
Thomas A. Bracken | 81,000 | 70,000 | - | - | - | 390 | 151,390 | |||||||
Keith S. Campbell | 83,000 | 70,000 | - | - | - | 390 | 153,390 | |||||||
Victor A. Fortkiewicz | 70,000 | 70,000 | - | - | - | 390 | 140,390 | |||||||
Sheila Hartnett-Devlin | 89,000 | 70,000 | - | - | - | 390 | 159,390 | |||||||
Sunita Holzer | 73,000 | 70,000 | - | - | - | - | 143,000 | |||||||
Walter M. Higgins III | 95,500 | 70,000 | - | - | - | 390 | 165,890 | |||||||
Frank L. Sims | 79,000 | 70,000 | - | - | - | - | 149,000 | |||||||
Joseph H. Petrowski | 84,000 | 70,000 | - | - | - | 390 | 154,390 |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) (1) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value And Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) (2) | Total ($) | |||||||||||||||||||||
Sarah M. Barpoulis | 76,000 | 70,000 | - | - | - | - | 146,000 | |||||||||||||||||||||
Thomas A. Bracken | 81,000 | 70,000 | - | - | - | 366 | 151,366 | |||||||||||||||||||||
Keith S. Campbell | 81,500 | 70,000 | - | - | - | 366 | 151,866 | |||||||||||||||||||||
Victor A. Fortkiewicz | 70,000 | 70,000 | - | - | - | 366 | 140,366 | |||||||||||||||||||||
Sheila Hartnett-Devlin | 87,500 | 70,000 | - | - | - | 366 | 157,866 | |||||||||||||||||||||
Sunita Holzer | 71,500 | 70,000 | - | - | - | - | 141,500 | |||||||||||||||||||||
Walter M. Higgins III | 95,500 | 70,000 | - | - | - | 366 | 165,866 | |||||||||||||||||||||
Frank L. Sims | 77,500 | 70,000 | - | - | - | - | 147,500 | |||||||||||||||||||||
Joseph H. Petrowski | 84,000 | 70,000 | - | - | - | 366 | 154,366 |
EXECUTIVE OFFICERS |
Black Hills Corporation | ||
Energen Corporation | Laclede Group, Inc. | |
New Jersey Resources Corp. | Northwest Natural Gas Co. | Piedmont Natural Gas Co. |
Questar Corporation | Southwest Gas Corporation | UIL Holdings |
Vectren Corp. | WGL Holdings, Inc. |
Name | Base Salary for 2012 | Base Salary for 2013 | ||||||
Edward J. Graham | $ | 670,000 | $ | 700,000 | ||||
David A. Kindlick | 300,000 | 315,000 | ||||||
Stephen H. Clark | 198,275 | 231,775 | ||||||
Michael J. Renna | 300,000 | 330,000 | ||||||
Jeffrey E. DuBois | 309,500 | 320,000 | ||||||
Gina Merritt-Epps | 275,250 | 302,775 |
Name | Base Salary for 2013 | Base Salary for 2014 | ||||||
Edward J. Graham | $ | 700,000 | $ | 721,000 | ||||
Stephen H. Clark | 231,755 | 275,000 | ||||||
Michael J. Renna | 330,000 | 400,000 | ||||||
Jeffrey E. DuBois | 320,000 | 350,000 | ||||||
Gina Merritt-Epps | 302,775 | 320,000 |
Name | Cash Target Award Opportunity | Total Cash Award Achieved for 2013 Performance | Cash Target Award Opportunity | Total Cash Award Achieved for 2014 Performance | ||||||||||||
Edward J. Graham | $ | 525,000 | 393,750 | $ | 540,750 | $ | 689,456 | |||||||||
David A. Kindlick | 149,000 | 94,336 | ||||||||||||||
Stephen H. Clark | 69,483 | 62,100 | 137,500 | 161,477 | ||||||||||||
Michael J. Renna | 180,000 | 137,250 | 280,000 | 322,210 | ||||||||||||
Jeffrey E. DuBois | 157,400 | 138,217 | 210,000 | 249,113 | ||||||||||||
Gina Merritt-Epps | 108,900 | 90,251 | 144,000 | 166,230 |
CEO | 75% SJI Economic Earnings | 25% Peer group averages for return on equity by quartile | ||
CFO | 25% | |||
25% Specific, measurable, and predefined performance objectives | ||||
Other Named Executives | 50% Financial Performance of relevant subsidiary company(ies) | 25% Specific, measurable, and predefined performance objectives |
Performance | Payout |
Less than the 35th percentile | 0% |
35th percentile to 50th percentile | 50% to 100% |
50th percentile to 80th percentile | 100% to 150% |
Greater than the 80th percentile | 150% |
Objectives | Measurement Goals | Performance Level Achieved | |
Capital Structure | |||
Achieved strong performance | |||
liquidity | |||
Rates and Regulatory Affairs | Achieved above target performance on regulatory initiatives completed | ||
Organizational Efficiency | Enhance performance of key functional areas | Achieved target performance via functional area restructuring, revised reporting and the implementation of process refinements | |
Succession Planning | Development of key departmental personnel | Achieved target performance through development process | |
Michael J. Renna, President & COO, SJI; President, SJES | Maintain a focus on customer growth, satisfaction and providing long term customer value | Expand CHP portfolio; Achieve targeted ITC levels; Strengthen CHP/renewable department queue; Retain key accounts; Improve PA retail margins; Increase wholesale volumes and margins; and Expand niche wholesale markets | Achieved strong performance including improving Open Flow/Hershey profitability; grew wholesale volumes by adding four new producer contracts; and expanded niche wholesale markets |
Improve operating efficiency and productivity | Improve SJRG operating margins; Achieve renewable operating targets; Achieve CHP operating targets; Improve SJESP operating margins; Improve retail sales effectiveness; and Implement system conversions | Achieved strong performance by improving SJRG and SJESP operating margins; achieved CHP operating targets. Continued ongoing improvement in retail sales effectiveness | |
Build a culture of progress and innovation. Expand and develop managerial and leadership competencies | Expand POWER program; Improve organizational effectiveness; and Improve Board reporting and communication | Achieved target performance based on | |
and leadership programs |
Jeffrey E. DuBois, Senior VP, SJI; President, | Customer | Achieved | |
AIRP/SHARP | Create and support the organization needed for successful roll out of programs | ||
Achieved strong performance based on | |||
Rate Case | Successful completion of rate case | ||
Achieved | |||
rate case | |||
Succession | Identify potential successors and develop plan for their | Achieved target performance based on internal succession planning | |
Gina Merritt-Epps, GC and Corporate Sec. | Effectively manage legal financial matters | Efficiently manage legal expenses; manage lawsuit exposure; monitor corporate communications/relations | Achieved |
Improve corporate and customer communications | Provide effective legal responses; advise Board of Directors and senior management on legal and regulatory matters; ensure community relations department meets customer needs | Achieved strong performance based on effectively managing legal needs while updating management | |
Improve corporate legal processes | Improve records and administration process; plan and execute corporate meetings; manage SEC | Achieved strong performance | |
other processes | |||
Continue to develop and grow legal and business knowledge | Attend legal seminars and conferences; advise corporate communications of key legal matters | Achieved target performance through | |
governance matters |
Target (100%) | Max (150%) | Actual | Target (100%) | Max (150%) | Actual | |||||||||||||||||
David A. Kindlick | 37,250 | 55,875 | 38,461 | |||||||||||||||||||
Stephen H. Clark | 34,742 | 52,112 | 36,044 | 34,375 | 51,563 | 37,383 | ||||||||||||||||
Michael J. Renna | 45,000 | 67,500 | 51,750 | 70,000 | 105,000 | 82,250 | ||||||||||||||||
Jeffrey E. DuBois | 39,350 | 59,025 | 39,842 | 52,500 | 78,750 | 59,063 | ||||||||||||||||
Gina Merritt-Epps | 54,450 | 81,675 | 63,026 | 36,000 | 54,000 | 41,670 |
Target LTI 2012 | Target LTI 2013 | |||||||
Edward J. Graham | $ | 660,000 | $ | 875,000 | ||||
David A. Kindlick | $ | 190,000 | $ | 199,500 | ||||
Stephen H. Clark (1) | $ | 39,655 | $ | 46,155 | ||||
Michael J. Renna | $ | 190,000 | $ | 214,500 | ||||
Jeffrey E. DuBois | $ | 170,000 | $ | 204,600 | ||||
Gina Merritt-Epps | $ | 135,000 | $ | 185,825 |
Level of Performance of SJI compared to Peers | Payout Earned at Close of 3-year period |
Less than 35th percentile | 0 |
35th percentile | 50% (Minimum) |
50th percentile | 100% (Target) |
80th percentile | 150% (Maximum) |
End Date of Performance Cycle | SJI Performance as a % of Peer Group | Payout of LTIP | SJI Performance as a % of Peer Group | Payout of LTIP | |||||||||||
12/31/2011 | 44.2 | % | 80.7 | % | |||||||||||
12/31/2012 | 59.2 | % | 115.3 | % | 59.2% | 115.3% | |||||||||
12/31/2013 | 14.5 | % | 0.0 | % | 14.5% | 0% | |||||||||
12/31/2014 | TSR = .1% | 0% | |||||||||||||
EPS = 28.5% | 0% |
Target LTI 2013 | Target LTI 2014 | |||||||
Edward J. Graham | $ | 875,000 | $ | 1,081,500 | ||||
Stephen H. Clark | $ | 46,155 | $ | 165,000 | ||||
Michael J. Renna | $ | 214,500 | $ | 400,000 | ||||
Jeffrey E. DuBois | $ | 204,600 | $ | 280,000 | ||||
Gina Merritt-Epps | $ | 185,825 | $ | 224,000 |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) (1) | Non-Equity Incentive Plan Compensation ($) (2) | Change in Pension Value and Nonqualified Compensation Earnings ($) (3) | All Other Compensation ($) (4) | Totals ($) | ||||||||||||||||||||||||
Edward J. Graham Chairman, President and Chief Executive Officer | 2014 2013 2012 | 720,435 699,308 669,808 | - - - | 937,891 830,655 628,301 | 689,456 393,750 510,469 | 2,482,000 0 2,181,000 | 34,176 45,517 34,701 | 4,863,958 1,969,230 4,024,279 | ||||||||||||||||||||||||
Stephen H. Clark Chief Financial Officer | 2014 2013 | 275,000 234,327 | - - | 143,115 43,814 | 161,477 62,100 | 663,000 68,000 | 18,078 15,772 | 1,260,670 424,013 | ||||||||||||||||||||||||
Michael J. Renna President and Chief Operating Officer of South Jersey Energy Solutions | 2014 2013 2012 | 398,116 329,308 299,673 | - - - | 346,892 203,638 180,844 | 322,210 137,250 166,800 | 144,000 0 86,000 | 17,118 15,586 15,197 | 1,228,336 685,782 748,514 | ||||||||||||||||||||||||
Jeffrey E. DuBois Senior Vice President and President of South Jersey Gas Company | 2014 2013 2012 | 349,192 319,758 299,418 | - - - | 242,844 194,226 161,807 | 249,113 138,217 165,550 | 1,076,000 136,000 735,000 | 37,616 15,888 14,394 | 1,954,765 804,089 1,376,169 | ||||||||||||||||||||||||
Gina Merritt-Epps General Counsel and Corporate Secretary | 2014 2013 2012 | 319,536 302,140 266,726 | - - | 194,266 176,404 128,494 | 166,230 90,251 102,094 | - - - | 21,500 20,801 22,632 | 701,532 589,596 519,946 |
Name and Principal Position (a) | Year (b) | Salary ($) (c) | Bonus ($) (d) | Stock Awards ($) (e) (1) | Option Awards ($) (f) | Non-Equity Incentive Plan Compensation ($) (g) (4) | Change in Pension Value and Nonqualified Compensation Earnings ($) (h) | All Other Compensation ($) (2) (i) | Totals ($) (j) | ||||||||||||||||||||||||
Edward J. Graham (4) | 2013 | 699,308 | - | 830,655 | - | 393,750 | 0 | 45,517 | 1,969,230 | ||||||||||||||||||||||||
Chairman, President and Chief Executive Officer | 2012 | 669,808 | - | 628,301 | - | 510,469 | 2,181,000 | 34,701 | 4,024,279 | ||||||||||||||||||||||||
2011 | 659,327 | - | 620,857 | - | 554,400 | 2,304,000 | 36,959 | 4,175,543 | |||||||||||||||||||||||||
David A. Kindlick (5) | 2013 | 314,654 | - | 189,400 | - | 94,336 | 0 | 17,415 | 615,805 | ||||||||||||||||||||||||
Executive Vice President | 2012 | 299,683 | - | 180,844 | - | 141,750 | 709,000 | 15,479 | 1,346,756 | ||||||||||||||||||||||||
2011 | 283,341 | - | 164,027 | - | 158,760 | 672,000 | 16,369 | 1,294,497 | |||||||||||||||||||||||||
Stephen H. Clark | 2013 | 234,327 | - | 43,814 | - | 62,100 | 68,000 | 15,772 | 424,013 | ||||||||||||||||||||||||
Chief Financial Officer and Treasurer | |||||||||||||||||||||||||||||||||
Michael J. Renna (6) (7) | 2013 | 329,308 | - | 203,638 | - | 137,250 | 0 | 15,586 | 685,782 | ||||||||||||||||||||||||
President and Chief Operating Officer of South Jersey Energy Solutions | 2012 | 299,673 | - | 180,844 | - | 166,800 | 86,000 | 15,197 | 748,514 | ||||||||||||||||||||||||
2011 | 278,458 | - | 163,721 | - | 176,153 | 72,000 | 12,041 | 702,373 | |||||||||||||||||||||||||
Jeffrey E. DuBois | 2013 | 319,758 | - | 194,226 | - | 138,217 | 136,000 | 15,888 | 804,089 | ||||||||||||||||||||||||
Vice President and President of South Jersey Gas Company | 2012 | 299,418 | - | 161,807 | - | 165,550 | 735,000 | 14,394 | 1,376,169 | ||||||||||||||||||||||||
2011 | 257,014 | - | 148,847 | - | 143,578 | 653,000 | 11,903 | 1,214,342 | |||||||||||||||||||||||||
Gina Merritt-Epps (7) | 2013 | 302,140 | - | 176,404 | - | 90,251 | - | 20,801 | 589,596 | ||||||||||||||||||||||||
General Counsel and Corporate Secretary | 2012 | 266,726 | - | 128,494 | - | 102,094 | - | 22,632 | 519,946 | ||||||||||||||||||||||||
102,094 |
Named Executive | Award | Vest Date | Deferral Date | |||
Edward J. Graham | ||||||
Not Deferred | ||||||
Stephen H. Clark | 2,949 | 3/1/17 | Not Deferred | |||
Michael J. Renna | 7,148 | 3/1/17 | Not Deferred | |||
Jeffrey E. DuBois | 3/1/17 | 3/1/19 | ||||
Gina Merritt-Epps | 4,003 | 3/1/17 | Not Deferred |
Edward J. Graham | Stephen H. Clark | Michael J. Renna | Jeffrey E. DuBois | Gina Merritt-Epps | ||||||||||||||||
401(k) Plan | $ | 5,434 | $ | 7,534 | $ | 6,615 | $ | 7,800 | $ | 7,031 | ||||||||||
401(k) Reimbursement | 13,329 | - | 2,229 | 1,943 | 1,886 | |||||||||||||||
Group Life Insurance | 7,158 | 2,516 | 1,311 | 3,320 | 1,059 | |||||||||||||||
Perquisites (a) | 8,255 | 8,028 | 6,963 | 6,297 | 11,524 | |||||||||||||||
Tax Gross-Up (b) | 18,256 | |||||||||||||||||||
Total Value | $ | 34,176 | $ | 18,078 | $ | 17,118 | $ | 37,616 | $ | 21,500 |
Edward J. Graham | David A. Kindlick | Stephen H. Clark | Michael J. Renna | Jeffrey E. DuBois | Gina Merritt-Epps | |||||||||||||||||||
401(k) Plan | $ | 5,533 | $ | 7,540 | $ | 7,029 | $ | 6,599 | $ | 7,650 | $ | 7,009 | ||||||||||||
401(k) Reimbursement | 25,024 | 2,637 | - | 2,491 | 1,843 | 669 | ||||||||||||||||||
Group Life Insurance | 6,932 | 2,989 | 2,077 | 1,086 | 1,599 | 972 | ||||||||||||||||||
Automobile | 8,028 | 4,248 | 6,665 | 5,409 | 4,795 | 12,151 | ||||||||||||||||||
Total Value | $ | 45,517 | $ | 17,414 | $ | 15,771 | $ | 15,585 | $ | 15,887 | $ | 20,801 |
Estimated Possible Payouts Under Non-Equity Incentive Plan Awards (1) | Estimated Possible Payouts of Shares Under Equity Incentive Plan Awards (2) | All Other Stock Awards: Number of Shares of Stock or Units (#) | Exercise or Base Price of Option Awards ($ / Sh) | Grant Date Fair Value of Stock and Option Awards ($) (3) | |||||||||||||||||||||||||||||||||
Name | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||
Edward J. Graham | 1/03/14 | 0 | 540,800 | 811,200 | 0 | 19,326 | 28,989 | - | - | 937,891 | |||||||||||||||||||||||||||
Stephen H. Clark | 1/03/14 | 0 | 137,500 | 206,250 | 0 | 2,949 | 4,424 | - | - | 143,115 | |||||||||||||||||||||||||||
Michael J. Renna | 1/03/14 | 0 | 280,000 | 420,000 | 0 | 7,148 | 10,722 | - | - | 346,892 | |||||||||||||||||||||||||||
Jeffrey E. DuBois | 1/03/14 | 0 | 210,000 | 315,000 | 0 | 5,004 | 7,506 | - | - | 242,844 | |||||||||||||||||||||||||||
Gina Merritt-Epps | 1/03/14 | 0 | 144,000 | 216,000 | 0 | 4,003 | 6,005 | - | - | 194,266 |
Name | Grant Date | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards (1) | Estimated Possible Payouts of Shares Under Equity Incentive Plan Awards (2) | All Other Stock Awards: Number of Shares of Stock or Units (#) | Exercise or Base Price of Option awards ($ / Sh) | Grant Date Fair Value of Stock and Option Awards ($) (3) | |||||||||||||||||||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||||
Edward J. Graham | 1/03/13 | 0 | 525,000 | 787,500 | 0 | 17,385 | 26,078 | - | - | 830,655 | |||||||||||||||||||||||||||
David A. Kindlick | 1/03/13 | 0 | 149,000 | 223,500 | 0 | 3,964 | 5,946 | - | - | 189,400 | |||||||||||||||||||||||||||
Stephen H. Clark | 1/03/13 | 0 | 69,483 | 104,225 | 0 | 917 | 1,376 | - | - | 43,814 | |||||||||||||||||||||||||||
Michael J. Renna | 1/03/13 | 0 | 180,000 | 270,000 | 0 | 4,262 | 6,393 | - | - | 203,638 | |||||||||||||||||||||||||||
Jeffrey E. DuBois | 1/03/13 | 0 | 157,400 | 236,100 | 0 | 4,065 | 6,098 | - | - | 194,226 | |||||||||||||||||||||||||||
Gina Merritt-Epps | 1/03/13 | 0 | 108,900 | 163,350 | 0 | 3,692 | 5,538 | - | - | 176,404 |
Name | Year | 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) | |||||||||||||||
Edward J. Graham | 2014 2013 | - - | - - | 19,326 17,385 | 1,138,881 1,024,498 | |||||||||||||||
Stephen H. Clark | 2014 2013 | - - | - - | 2,949 917 | 173,785 54,039 | |||||||||||||||
Michael J. Renna | 2014 2013 | - - | - - | 7,148 4,262 | 421,232 251,160 | |||||||||||||||
Jeffrey E. DuBois | 2014 2013 | - - | - - | 5,004 4,065 | 294,886 239,550 | |||||||||||||||
Gina Merritt-Epps | 2014 2013 | - - | - - | 4,003 3,692 | 235,897 217,570 |
Name | Year | 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) | ||||||||||||
Edward J. Graham | 2013 | - | - | 17,385 | 972,865 | ||||||||||||
2012 | - | - | 11,618 | 650,143 | |||||||||||||
David A. Kindlick | 2013 | - | - | 3,964 | 221,825 | ||||||||||||
2012 | - | - | 3,344 | 187,130 | |||||||||||||
Stephen H. Clark | 2013 | - | - | 917 | 51,315 | ||||||||||||
2012 | - | - | 698 | 39,060 | |||||||||||||
Michael J. Renna | 2013 | - | - | 4,262 | 238,501 | ||||||||||||
2012 | - | - | 3,344 | 187,130 | |||||||||||||
Jeffrey E. DuBois | 2013 | - | - | 4,065 | 227,477 | ||||||||||||
2012 | - | - | 2,992 | 167,432 | |||||||||||||
Gina Merritt-Epps | 2013 | - | - | 3,692 | 206,604 | ||||||||||||
2012 | - | - | 2,376 | 132,961 |
Name | Number of Shares Acquired on Vesting (#) (1) | Value Realized on Vesting ($) | Number of Shares Acquired on Vesting (#) (1) | Value Realized on Vesting ($) | ||||||||||||
Edward J. Graham | 0 | 0 | 0 | 0 | ||||||||||||
David A. Kindlick | 0 | 0 | ||||||||||||||
Stephen H. Clark | 0 | 0 | 0 | 0 | ||||||||||||
Michael J. Renna | 0 | 0 | 0 | 0 | ||||||||||||
Jeffrey E. DuBois | 0 | 0 | 0 | 0 | ||||||||||||
Gina Merritt-Epps | 0 | 0 | 0 | 0 |
Name | Plan Name (1) (2) | Number of Years Credited Service Under Plan at FAS Measurement Date | Present Value of Accumulated Benefit (3) | Payments During Last Fiscal Year | Plan Name (1) (2) | Number of Years Credited Service Under Plan at FAS Measurement Date | Present Value of Accumulated Benefit (3) | Payments During Last Fiscal Year | ||||||||||||||||||
Edward J. Graham | Retirement Plan for Employees of SJI | 31 | $ | 995,000 | 0 | Retirement Plan for Employees of SJI | 32 | $ 1,287,000 | 0 | |||||||||||||||||
SJI Supplemental Executive Retirement Plan | 32 | 8,627,000 | 0 | |||||||||||||||||||||||
David A. Kindlick | Retirement Plan for Employees of SJI | 33 | 1,247,000 | 0 | ||||||||||||||||||||||
SJI Supplemental Executive Retirement Plan | 34 | 2,856,000 | 0 | |||||||||||||||||||||||
SJI Supplemental Executive Retirement Plan | 33 | 10,817,000 | 0 | |||||||||||||||||||||||
Stephen H. Clark | Retirement Plan for Employees of SJI | 16 | 411,000 | 0 | Retirement Plan for Employees of SJI | 17 | 620,000 | 0 | ||||||||||||||||||
SJI Supplemental Executive Retirement Plan | 17 | 732,000 | 0 | |||||||||||||||||||||||
SJI Supplemental Executive Retirement Plan | 18 | 1,186,000 | 0 | |||||||||||||||||||||||
Michael J. Renna (4) | Retirement Plan for Employees of SJI | 15 | 299,000 | 0 | Retirement Plan for Employees of SJI | 16 | 443,000 | 0 | ||||||||||||||||||
SJI Supplemental Executive Retirement Plan | N/A | N/A | N/A | |||||||||||||||||||||||
Jeffrey E. DuBois | Retirement Plan for Employees of SJI | 26 | 774,000 | 0 | Retirement Plan for Employees of SJI | 27 | 1,024,000 | 0 | ||||||||||||||||||
SJI Supplemental Executive Retirement Plan | 27 | 2,174,000 | 0 | |||||||||||||||||||||||
SJI Supplemental Executive Retirement Plan | 28 | 3,000,000 | 0 | |||||||||||||||||||||||
Gina Merritt-Epps (5) | SJI Supplemental Executive Retirement Plan | N/ | A | - | - | Retirement Plan for Employees of SJI | N/A | N/A | N/A | |||||||||||||||||
N/ | A | - | - | |||||||||||||||||||||||
SJI Supplemental Executive Retirement Plan | N/A | N/A | N/A |
Name | Plan Name | Executive Contributions in Last FY (1) | Registrant Contributions in Last FY | Aggregate Earnings in Last FY (2) | Aggregate Withdrawals Distributions | Aggregate Balance at Last FYE (1) (3) | Plan Name | Executive Contributions in Last FY (1) | Registrant Contributions in Last FY | Aggregate Earnings in Last FY (2) | Aggregate Withdrawals Distributions | Aggregate Balance at Last FYE (1) (3) | ||||||||||||||||||||||||||||||
Edward J. Graham | Restricted Stock | - | - | 81,361 | 0 | 2,553,386 | Restricted Stock Deferral Plan | - | - | 72,736 | 600,966 | 2,160,674 | ||||||||||||||||||||||||||||||
Deferral Plan | ||||||||||||||||||||||||||||||||||||||||||
David A. Kindlick | Restricted Stock | 299,386 | - | 21,426 | 233,159 | 672,417 | ||||||||||||||||||||||||||||||||||||
Deferral Plan | ||||||||||||||||||||||||||||||||||||||||||
Stephen H. Clark | Restricted Stock | - | - | - | - | - | Restricted Stock Deferral Plan | - | - | - | - | - | ||||||||||||||||||||||||||||||
Deferral Plan | ||||||||||||||||||||||||||||||||||||||||||
Michael J. Renna | Restricted Stock | - | - | 46,168 | 297,892 | 146,493 | Restricted Stock Deferral Plan | - | - | - | 154,267 | - | ||||||||||||||||||||||||||||||
Deferral Plan | ||||||||||||||||||||||||||||||||||||||||||
Jeffrey E. DuBois | Restricted Stock | 271,686 | - | 13,485 | 289,862 | 423,218 | Restricted Stock Deferral Plan | - | - | 10,295 | 150,158 | 305,816 | ||||||||||||||||||||||||||||||
Deferral Plan | ||||||||||||||||||||||||||||||||||||||||||
Gina Merritt-Epps | Restricted Stock | 184,836 | - | 7,559 | 58,883 | 237,238 | Restricted Stock Deferral Plan | - | - | 7,393 | 37,620 | 219,601 | ||||||||||||||||||||||||||||||
Deferral Plan |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (#) | (b) Weighted average exercise price of outstanding options, warrants and rights ($) (2) | (c) Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a) (#) | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (#) | (b) Weighted average exercise price of outstanding options, warrants and rights ($) (2) | (c) Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a) (#) | ||||||||||||||||||
Equity compensation plans approved by security holders (1) | 94,191 | (2) | - | 1,105,271 | 111,705 | - | 103,079 | |||||||||||||||||
Equity compensation plans not approved by security holders | - | - | - | - | - | - | ||||||||||||||||||
Total | 94,191 | (2) | - | 1,105,271 | 111,705 | - | 103,079 |
Executive Benefits and Payments Upon Termination | Retirement | Termination by the Company for Cause | Termination by the Officer for Good Reason or by the Company without Cause following a CIC | Termination by the Officer for Good Reason or by the Company without Cause without a CIC | ||||||||||||
Edward J. Graham Cash Compensation | $ | 0 | $ | 0 | $ | 3,946,451 | $ | 748,705 | ||||||||
Equity Compensation | $ | 1,100,753 | $ | 0 | $ | 2,163,379 | $ | 0 | ||||||||
Stephen H. Clark Cash Compensation | $ | 0 | $ | 0 | $ | 738,348 | $ | 303,270 | ||||||||
Equity Compensation | $ | 133,870 | $ | 0 | $ | 227,824 | $ | 0 | ||||||||
Michael J. Renna Cash Compensation | $ | 0 | $ | 0 | $ | 1,197,033 | $ | 426,368 | ||||||||
Equity Compensation | $ | 0 | $ | 0 | $ | 672,392 | $ | 0 | ||||||||
Jeffrey E. DuBois Cash Compensation | $ | 0 | $ | 0 | $ | 1,074,928 | $ | 377,462 | ||||||||
Equity Compensation | $ | 276,441 | $ | 0 | $ | 534,436 | $ | 0 | ||||||||
Gina Merritt-Epps Cash Compensation | $ | 0 | $ | 0 | $ | 908,795 | $ | 343,919 | ||||||||
Equity Compensation | $ | 0 | $ | 0 | $ | 453,467 | $ | 0 |
Executive Benefits and Payments Upon Termination | Retirement | Termination by the Companies for Cause | Termination by the Officer for Good Reason or by the Company without Cause following a CIC | Termination by the Officer for Good Reason or by the Company without Cause without a CIC | ||||||||||||
Edward J. Graham | ||||||||||||||||
Cash Compensation | $ | 0 | $ | 0 | $ | 2,669,568 | $ | 726,638 | ||||||||
Equity Compensation | $ | 865,291 | $ | 0 | $ | 1,623,008 | $ | 0 | ||||||||
David A. Kindlick | ||||||||||||||||
Cash Compensation | $ | 0 | $ | 0 | $ | 966,074 | $ | 331,613 | ||||||||
Equity Compensation | $ | 210,260 | $ | 0 | $ | 408,955 | $ | 0 | ||||||||
Stephen H. Clark | ||||||||||||||||
Cash Compensation | $ | 0 | $ | 0 | $ | 727,433 | $ | 301,638 | ||||||||
Equity Compensation | $ | 47,230 | $ | 0 | $ | 90,375 | $ | 0 | ||||||||
Michael J. Renna | ||||||||||||||||
Cash Compensation | $ | 0 | $ | 0 | $ | 1,023,419 | $ | 356,638 | ||||||||
Equity Compensation | $ | 0 | $ | 0 | $ | 425,632 | $ | 0 | ||||||||
Jeffrey E. DuBois | ||||||||||||||||
Cash Compensation | $ | 0 | $ | 0 | $ | 956,160 | $ | 336,613 | ||||||||
Equity Compensation | $ | 207,642 | $ | 0 | $ | 394,909 | $ | 0 | ||||||||
Gina Merritt-Epps | ||||||||||||||||
Cash Compensation | $ | 0 | $ | 0 | $ | 824,236 | $ | 329,413 | ||||||||
Equity Compensation | $ | 0 | $ | 0 | $ | 339,565 | $ | 0 |
By Order of the Board of Directors, | ||
Gina Merritt-Epps | ||
General Counsel & Corporate Secretary | ||
March 30, 2015 |
APPENDIX A |
SOUTH JERSEY INDUSTRIES, INC. | VOTE BY INTERNET - www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. Eastern Time on April 29, 2015. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. | ||
C/O BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC. | |||
P.O. BOX 1342 BRENTWOOD, NY 11717 | ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. | ||
VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m. Eastern Time on April 29, 2015. Have your proxy card in hand when you call and then follow the instructions. | |||
VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. |
M87168-P62649-Z65158 |
SOUTH JERSEY INDUSTRIES, INC. Annual Meeting of Shareholders April 30, 2015 10:00 AM This proxy is solicited by the Board of Directors The shareholder(s) hereby appoint(s) Edward J. Graham and Gina Merritt-Epps, Esq., or either of them, as proxies, each with the power to appoint (his/her) substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side of this ballot, all of the shares of Common stock of SOUTH JERSEY INDUSTRIES, INC. that the shareholder(s) is/are entitled to vote at the Annual Meeting of Shareholders to be held at 10:00 AM, Eastern Time on Thursday, April 30, 2015, at the Stockton Seaview Hotel & Golf Club, Bayview Room, 401 South New York Road, Galloway, NJ 08205, and any adjournment or postponement thereof. This proxy, when properly executed, will be voted in the manner directed herein. If no such direction is made, this proxy will be voted in accordance with the Board of Directors' recommendations. Continued and to be signed on reverse side |