SEC Contract Filing

Filing Date: 2015-10-30

Document Content:
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<TYPE>EX-10
<SEQUENCE>2
<FILENAME>pseg-9302015xq3ex10.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
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<a name="sBF765F1DE6E4884829F0F55BC9BC4595"></a><div></div><br><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EXHIBIT 10</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Margaret M. Pego</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Human Resources</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior Vice President-Human Resources &#160;&#160;&#160;&#160;80 Park Plaza, T4, Newark, NJ 07102</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">and Chief Human Resources Officer&#160;&#160;&#160;&#160;tel: 973-430-7243 fax: 973-242-5176</font></div><div style="line-height:120%;text-align:left;text-indent:240px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">email: Margaret.Pego@pseg.com</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;"><img src="serviceslogo.jpg" style="height:54px;width:165px;"></div><div style="line-height:120%;text-align:left;padding-left:240px;text-indent:144px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#0d0d0d;">September 22, 2015</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#0d0d0d;">Daniel J. Cregg</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#0d0d0d;">21 Branford Drive</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#0d0d0d;">Robbinsville, NJ 08691</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#0d0d0d;">Dear Dan:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#0d0d0d;">I am pleased to offer you the position of Executive Vice President and Chief Financial Officer of Public Service Enterprise Group Incorporated (&#8220;PSEG&#8221; or &#8220;Enterprise&#8221;) in PSEG Services Corporation, effective October 8, 2015. In this position, you will be paid a base annual salary of $520,000. You shall be eligible for your next salary review in January&#160;2017. Salary reviews will be conducted annually thereafter.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#0d0d0d;">You will be eligible to participate in PSEG&#8217;s Senior Management Incentive Compensation Plan (&#8220;SMICP&#8221;) under the terms and conditions of the SMICP. Your target incentive award for 2015 will be 75% of your base salary, however, you may be eligible to receive up to 112.5% of your base salary dependent upon business results. Targets and awards may be adjusted from time to time in accordance with established plan procedures. There is no guarantee of payment under the SMICP, and any such payment will be contingent upon your establishment and successful completion of goals and objectives. Your first award under the SMICP, if earned, will be based upon the successful completion of goals and objectives for 2015 and payable in 2016. Any SMICP award for 2015 will be prorated based on your promotion date of October 8, 2015. You will be eligible for a prorated Management Incentive Compensation Plan (&#8220;MICP&#8221;) award for the period January 1 to October 7, 2015 for your position as VP Finance, PSE&amp;G.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;color:#0d0d0d;">You will continue to be a participant in the PSEG 2004 Long-Term Incentive Plan as amended (&#8220;LTIP&#8221;). It will be recommended to the Organization and Compensation Committee (&#8220;O&amp;CC&#8221;) that you be granted a 2016 LTIP award of $800,000. As a Senior Officer, this and future grants will be in the form of 40% as Restricted Stock Units (&#8220;RSUs&#8221;) and 60% as Performance Share Units (&#8220;PSUs&#8221;). In the future, the number and form of LTIP grants recommended in any given year will appropriately reflect your responsibilities and ability to contribute to the long-term success of PSEG and is subject to the approval of the O&amp;CC of the Board. All future grants u