Document:

te-ex1024_1285.htm

Exhibit 10.24

 

Compensatory Arrangements with Executive Officers

 

Compensation for executives at TECO Energy, Inc. (the “Corporation”) consists of several components. Included among these are base salary and an annual incentive award program.

 

Base salary information for the Chief Executive Officer, Chief Financial Officer and the other executive officers named in Item 11 – Executive Compensation who are currently serving as executive offers of the Corporation (together, the “named executive officers”) is set forth in the table below.

 

The Corporation’s annual incentive plan is filed as Exhibit 10.5 to the Corporation’s Annual Report on Form 10-K to which this document is an exhibit (the “Report”). The 2016 target award percentages for awards under the annual incentive plan for the named executive officers are set forth in the table below.

 

Compensatory arrangements relating to other aspects of the Corporation’s executive compensation program are filed as exhibits to the Report.   

 

 

Named Executive Officer Salary and Target Award Percentage Information for 2016

				
	
Name
	
Title
	
  Salary
	
Target

Award %

	
John B. Ramil
	
President and Chief Executive Officer
	
  $880,650
	
100%

	
Sandra W. Callahan
	
Senior Vice President-Finance and Accounting 
and Chief Financial Officer
	
  $501,481
	
70%

	
Gordon L. Gillette
	
President of Tampa Electric Company
	
  $562,380
	
70%

	
Charles A. Attal III
	
Senior Vice President – General Counsel and Chief Legal Officer 
	
  $405,099
	
60%

	
Phil L. Barringer
	
Senior Vice President – Corporate Services and Chief Human Resources Officer
	
$391,400
	
60%te-ex1025_1286.htm

Exhibit 10.25

 

Compensatory Arrangements with Non-Management Directors 

 

 

 

		
	
Annual Cash Retainer
	
$75,000

	
 

Additional Annual Cash Retainer for Non-Executive Chairman of the Board
	
 

$150,000

	
 

Additional Annual Cash Retainer for Audit Committee Chair
	
 

$10,000

 

	
 

Additional Annual Cash Retainer for Other Committee Chairs
	
 

$7,500

	
 

Board and Committee Meeting Attendance Fees 
	
 

No meeting attendance fees for up to five board and five committee meetings attended.  $1,500 attendance fee for meetings attended over that number.  

	
 

Restricted Stock Units
	
 

Annual grant having a value of $80,000, which vest in one installment on the first anniversary of the date of grant 

	
 

Director Matching Contributions Program
	
 

Contributions by non-management directors to eligible non-profit organizations are matched dollar-for-dollar by the Corporation, in an amount not to exceed $10,000 per calendar year for each such director.

                 

TECO Energy, Inc. also pays for or reimburses directors for their meeting-related expenses.te-ex1059_2024.htm

Exhibit 10.59

Execution Version

AMENDMENT NO. 3

AMENDMENT NO. 3 dated as of February 24, 2016 to the Credit Agreement referred to below, among TECO Finance, Inc., a Florida corporation (the “Borrower”), TECO Energy, Inc., a Florida corporation (the “Company,” and, together with the Borrower, the “Obligors”), each of the Lenders identified under the caption “LENDERS” on the signature pages hereto and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

The Obligors, the Lenders party thereto (individually, a “Lender” and, collectively, the “Lenders”) and the Administrative Agent are parties to a Fourth Amended and Restated Credit Agreement dated as of December 17, 2013 (as amended by Amendment No. 1 thereto dated as of August 1, 2014 and Amendment No. 2 thereto dated as of September 30, 2014, the “Credit Agreement”).  The Obligors and the Required Lenders wish to amend the Credit Agreement in certain respects, and accordingly, the parties hereto hereby agree as follows:

Section 1.  Definitions.  Capitalized terms used in this Amendment No. 3 and not otherwise defined are used herein as defined in the Credit Agreement.

Section 2.  Amendments.  Subject to the satisfaction of the conditions precedent specified in Section 4 hereof, but effective as of the date hereof, the Credit Agreement shall be amended as follows:

2.01.  References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby.

2.02.  Section 1.1 of the Credit Agreement is hereby further amended to insert in alphabetical order the following additional definition:

“Emera Acquisition” means the acquisition of Company and its subsidiaries by Emera Inc. or its affiliates materially in accordance with the terms of the Agreement and Plan of Merger dated as of September 4, 2015, among the Company, Emera Inc., a Nova Scotia corporation, and Emera US Inc., a Florida corporation, a copy of which was filed by Company with its Form 8-K with the Securities and Exchange Commission on September 8, 2015.

2.03.  Section 6.1.7 of the Credit Agreement is hereby amended to add, at the end of clause (iv) thereof, the following: “; provided that in no event shall the consummation of the Emera Acquisition constitute a “change in control” as described in this section for any purpose under this Agreement.”

Section 3.  Representations and Warranties.  Each Obligor (as to itself and its Subsidiaries) represents and warrants to the Lenders that (a) its representations and warranties set forth in Article IV of the Credit Agreement are true and complete on the date hereof as if made on and as of the date hereof and as if each reference in said Article IV to “this Agreement” included reference to this Amendment No. 3 (unless such representation and warranty relates solely to another time, in which event such representation or warranty is true and correct as of such other time) and (b) no Event of Default or Inchoate Default shall have occurred and be continuing.

1

 

 

Section 4.  Conditions Precedent to Effectiveness.  The amendments set forth in Section 2 hereof shall become effective, as of the date hereof, upon the occurrence of the following conditions precedent:

(a)Amendment.  Delivery to Administrative Agent of one or more executed counterparts of this Amendment No. 3 (or written evidence satisfactory to Administrative Agent of the execution thereof by the parties thereto).

(b)Payment of Fees.  All amounts required to be paid by the Obligors to the Lenders, Administrative Agent and the Arrangers in connection with the execution and delivery of the Amendment No. 3, and all fees and other costs payable in connection with the execution and delivery of the documents and instruments referred to in this Section 4 (or incorporated herein by reference) shall have been paid in full.

Section 5.  Confirmation of Guarantee.  The Company hereby confirms and ratifies all of its obligations under the Credit Facility Documents to which it is a party, including its obligations as a guarantor under Article IX of the Credit Agreement as amended hereby.

Section 6.  Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect.  This Amendment No. 3 may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement and any of the parties hereto may execute this Amendment No. 3 by signing any such counterpart.  This Amendment No. 3 shall be governed by, and construed in accordance with, the law of the State of New York.

Section 7.  Credit Facility Document.  The execution, delivery and effectiveness of this Amendment No. 3 shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Credit Facility Documents, nor constitute a waiver of any provision of any of the Credit Facility Documents. On and after the effectiveness of this Amendment No. 3, this Amendment No. 3 shall for all purposes constitute a Credit Facility Document.

[Signature pages follow]

 

2

 

Exhibit 10.59

Execution Version

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to be duly executed and delivered as of the day and year first above written.

 

TECO FINANCE, INC.

 

 

By: /s/ Kim M. Caruso

  Name: Kim M. Caruso

Title:  Treasurer

 

 

TECO ENERGY, INC.

 

 

By: /s/ Kim M. Caruso

  Name: Kim M. Caruso

Title:  Treasurer

 

 

 

 

[Signature Page – Amendment No. 3]

 

Exhibit 10.59

Execution Version

LENDERS

 

JPMORGAN CHASE BANK, N.A.

By:  /s/ Peter Christensen
Name: Peter Christensen
Title:  Vice President

 

 

 

[Signature Page – Amendment No. 3]

 

Exhibit 10.59

Execution Version

CITIBANK, N.A.

 

By:  /s/ Anita J. Brickell
Name: Anita J. Brickell
Title:  Vice President

 

[Signature Page – Amendment No. 3]

 

 

MORGAN STANLEY BANK, N.A.

 

By:  /s/ Dmitriy Barskly
Name: Dmitriy Barskly
Title:  Authorized Signatory

 

 [Signature Page – Amendment No. 3]

 

 

ROYAL BANK OF CANADA

 

 

By:  /s/ Ben Thomas
Name: Ben Thomas
Title:  Authorized Signatory

 

 

 [Signature Page – Amendment No. 3]

 

 

SUNTRUST BANK

 

 

By:  /s/ Hays Wood
Name: Hays Wood
Title:  Vice President

 

 

 

 [Signature Page – Amendment No. 3]

 

 

THE BANK OF NEW YORK MELLON

 

 

By:  /s/ Richard K. Fronapfel, Jr.
Name: Richard K. Fronapfel, Jr.
Title: Vice President

 

 [Signature Page – Amendment No. 3]

 

 

MUFG UNION BANK, N.A.

 

By:  /s/ Eric Otieno
Name: Eric Otieno
Title: Vice President

 

 [Signature Page – Amendment No. 3]

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

By:  /s/ Nick Schmiesing
Name: Nick Schmiesing
Title: Director

 

 [Signature Page – Amendment No. 3]

 

 

FIFTH THIRD BANK, AN OHIO BANKING CORPORATION

 

 

By:  /s/ John A. Marian
Name: John A. Marian
Title: Vice President

 

 [Signature Page – Amendment No. 3]

 

 

THE BANK OF NOVA SCOTIA

 

 

By:  /s/ David Dewar
Name: David Dewar
Title: Director

 

 

 

 [Signature Page – Amendment No. 3]

 

 

THE NORTHERN TRUST COMPANY

 

 

By:  /s/ Kimberly A. Crotti
Name: Kimberly A. Crotti
Title: Vice President

 [Signature Page – Amendment No. 3]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}]]