SEC Contract Filing

Filing Date: 2023-02-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.59
<SEQUENCE>2
<FILENAME>fe-12312022xex10x59.htm
<DESCRIPTION>EX-10.59
<TEXT>
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<title>Document</title></head><body><div id="ie8f79f14ca4f412ea797dcf80c0e8442_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 10-59</font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">FIRSTENERGY CORP.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">2020 Incentive Compensation Plan</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">2022 Interim Chief Executive Officer Restricted Stock Units Award Agreement</font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">THIS 2022 INTERIM CHIEF EXECUTIVE OFFICER RESTRICTED STOCK UNITS AWARD AGREEMENT (the &#8220;Agreement&#8221;), effective as of October 28, 2022 (the &#8220;Grant Date&#8221;), is entered into by and between the Company and Mr. John W. Somerhalder II (the &#8220;Grantee&#8221;). </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt;text-decoration:underline">Definitions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. Unless otherwise specified in this Agreement, capitalized terms shall have the meanings attributed to them under the FirstEnergy Corp. 2020 Incentive Compensation Plan.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt;text-decoration:underline">Grant of 2022 Interim Chief Executive Officer Restricted Stock Units Award</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.7pt;text-decoration:underline">Description of Award</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. As of the Grant Date, the Company has granted to the Grantee an Award of Restricted Stock Units under the Plan effectively reflecting the right to earn payment of an amount of Shares for each calendar month (or partial calendar month), commencing with September 2022 and ending with December 2022, during which the Grantee serves without interruption in 2022 as Interim President and Chief Executive Officer of the Company. The Award described in this Agreement is collectively referred to as the &#8220;2022 Interim CEO Restricted Stock Units Award.&#8221; The 2022 Interim CEO Restricted Stock Units Award was granted in accordance with, and subject to, all the terms, conditions and restrictions of the Plan, which is hereby incorporated by reference in its entirety. The Grantee irrevocably agrees to, and accepts, the terms, conditions and restrictions of the Plan and this Agreement on the Grantee&#8217;s own behalf and on behalf of any heirs, successors and assigns.</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:22.02pt;text-decoration:underline">Target Restricted Stock Units&#59; Monthly Allocation of Target Restricted Stock Units&#59; Final Earned RSUs</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. In particular, under the 2022 Interim CEO Restricted Stock Units Award, the Company has granted to the Grantee the right to earn a percentage (but not more than 200%) of 53,260 (the &#8220;Target&#8221;) Restricted Stock Units (the &#8220;Restricted Stock Units&#8221; or &#8220;RSUs&#8221;), allocated as follows&#58; (i) 7,609 Target RSUs for the period September 16, 2022 through and including September 30, 2022 (the &#8220;September Period&#8221;)&#59; (ii) 15,217 Target RSUs for the period October 1, 2022 through and including October 31, 2022 (the &#8220;October Period&#8221;)&#59; (iii) 15,217 Target RSUs for the period November 1, 2022 through and including November 30, 2022 (the &#8220;November Period&#8221;)&#59; and (iv) 15,217 Target RSUs for the period