Duke Energy Releases Details of CEO Compensation Package
CHARLOTTE, N.C. – Duke Energy announced today that the Compensation Committee of the board of directors has approved an employment agreement for President and Chief Executive Officer James E. Rogers, which is stock-based and tied directly to the performance of Duke Energy. Rogers will receive no base salary and will not participate in bonus programs.
The agreement covers the period from April 3, 2006, through April 3, 2009, and generally requires Rogers to hold all shares of Duke Energy stock he receives under the contract until that date.
The three-year package includes the following key components:
The equity awards were granted as a material inducement for Rogers to accept employment with Duke Energy upon the consummation of its combination with Cinergy Corp. All of the equity awards were granted in reliance upon the "employment inducement" exception to the stockholder approval requirements of the rules of the New York Stock Exchange.
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com.