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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FirstEnergy Corp | NYSE:FE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.15 | 0.38% | 39.24 | 39.4266 | 38.75 | 39.35 | 2,137,101 | 01:00:00 |
Commission
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Registrant; State of Incorporation;
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I.R.S. Employer
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File Number
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Address; and Telephone Number
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Identification No.
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333-21011
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FIRSTENERGY CORP.
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34-1843785
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(An Ohio Corporation)
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76 South Main Street
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Akron, OH 44308
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Telephone (800)736
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3402
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Replaced the complex point system structure for evaluating Key Performance Indicator (KPI) results and determining payouts under long-term incentive grants of performance-based restricted stock unit awards (Performance RSU Grants), in favor of a straightforward structure utilizing and evaluating actual performance measured against threshold, target and stretch goals for applicable KPIs. The new structure improves the calibration of payout to performance levels to further align pay with performance;
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Changed the applicable performance measurement period for Performance RSU Grants from annual measurements during a three-year period to cumulative measurement over the three-year period;
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Changed the applicable KPIs for Performance RSU Grants from funds from operations/adjusted debt, capital effectiveness and safety to two financial goals focused on the regulated distribution and regulated transmission businesses (regulated distribution, regulated transmission and corporate/other cumulative operating earnings per share growth and average capital effectiveness); and
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Added a relative performance metric for Performance RSU Grants consisting of a relative total shareholder return (RTSR) modifier utilizing the S&P 500 Utility Index as a comparator group. The modifier is intended to operate so that additional value (plus 25%, up to the maximum of 200%) will be earned if upper quartile RTSR performance is achieved, and value will be decreased (minus 25%) if lower quartile RTSR performance is achieved. Between the lower and upper quartile RTSR performance, a continuous function will be utilized to determine the modifier percentage. In addition, if the Company’s absolute total shareholder return for the three-year performance period is negative, awards are intended to be capped at target payout levels
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Changed the intended operation of the Short-Term Incentive Program to focus more on regulated operating earnings for the regulated distribution, regulated transmission and corporate/other segments, increased the weighting for the safety metric by approximately 5% and included a diversity and inclusion metric; and
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Eliminated the complex Short-Term Incentive Program pool of funds; instead, implemented a financial performance threshold for regulated operating earnings for the regulated businesses, which must be attained, inclusive of the cost of any Short-Term Incentive Program payout, before any Short-Term Incentive Program payouts will be made
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In order to further align the previously awarded Long-Term Incentive Program cycles for 2016-2018 and 2017-2019 with long-term shareholder value, added an Absolute Total Shareholder Return (TSR) Cap for Mr. Charles E. Jones, Mr. James F. Pearson, Ms. Leila L. Vespoli, Mr. Steven E. Strah, and Mr. Samuel L. Belcher that will limit the Long-Term Incentive Program maximum possible payouts to 100% if the Absolute TSR is negative over the respective three-year performance periods, based on a continuous function for Absolute TSR between 0% and 8% for the 2016-2018 cycle and 0% and 10% for the 2017-2019 cycle, and paid as earned (up to the max of 200%) if the Absolute TSR is greater than 8% and 10%, respectively; and
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The calculation will use the average stock price for the month of December (i.e., December 2015 and December 2018 for the 2016-2018 Cycle and December 2016 and December 2019 for the 2017-2019 Cycle) and will assume dividends are reinvested.
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(d)
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Exhibits
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Exhibit No.
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Description
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99.1
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FIRSTENERGY CORP.
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Registrant
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By:
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/s/ K. Jon Taylor
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K. Jon Taylor
Vice President, Controller and
Chief Accounting Officer
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1 Year FirstEnergy Chart |
1 Month FirstEnergy Chart |
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