Business Context and Reporting Period
This Form 8-K was filed by The Laclede Group, Inc. and Laclede Gas Company on November 27, 2012. The report details the Board's approval of equity plan awards to certain named executive officers under the Company's 2006 Equity Incentive Plan.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity figures. It focuses exclusively on executive compensation terms.
Material Changes and Award Details
The Board approved performance-contingent restricted stock units (Units) with a grant date of December 3, 2012, and a three-year performance period ending September 30, 2015. A key variance from prior awards is the opportunity to earn 200% of the target number of Units for high performance on the total shareholder return metric (25% weighting). High performance on net economic earnings per share (50% weighting) and growth investments (25% weighting) remains capped at 150% of the target. Dividends accrue throughout the period but are paid only on vested Units.
Target Unit Awards by Executive
- S. Sitherwood: 14,625
- Lindsey: 7,500
- Waltermire: 5,000
- Darrell: 5,000
- Spotanski: 5,000
- Skau: 3,000
- Kullman: 2,000
- Rasche: 2,000
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of general business risks. It notes that terms relative to change in control remain unchanged from prior awards.
Key Facts for Investor Verification
- Verify the specific performance thresholds required to achieve the 200% payout on the total shareholder return metric.
- Confirm the vesting schedule and conditions for the restricted stock units.
- Review the 2006 Equity Incentive Plan (filed as appendix 1 to the December 19, 2011 proxy statement) for full terms.
- Monitor future filings for actual performance results against the net economic earnings per share and growth investment metrics.