SEC Contract Filing

Filing Date: 2023-04-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>q12023-ex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
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<title>Document</title></head><body><div id="ibb75ed61b9bf4ac995b66bd007a2323c_1"></div><div style="min-height:72pt;width:100%"><div><img alt="image_1.jpg" src="image_1.jpg" style="height:33px;margin-bottom:5pt;vertical-align:text-bottom;width:140px"></div><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 10.2</font></div><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">March 26, 2023</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Brian X. Tierney</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Dear Brian&#58;</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">We are pleased to offer you the position of President &#38; Chief Executive Officer of FirstEnergy Corp. (FirstEnergy), reporting to the FirstEnergy Board of Directors, located at our Corporate Headquarters, 76 S. Main Street, Akron, Ohio 44308. </font></div><div><font><br></font></div><div style="margin-bottom:5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Compensation and Benefits </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Your compensation package includes&#58; </font></div><div style="margin-top:8pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%;padding-left:14.15pt">An annual salary of $1,500,000, which will be reviewed annually.</font></div><div style="margin-top:8pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%;padding-left:14.15pt">You will become a participant in FirstEnergy&#8217;s 2020 Incentive Compensation Plan (ICP) and will be eligible to receive an annual bonus under the Short-Term Incentive Program (STIP) component of the ICP (or any successor program). Your target STIP opportunity will be 150% of your annual salary. Performance can range between 0% and 200% of your target STIP opportunity. Your STIP eligibility for 2023 will be prorated based upon your hire date and STIP guidelines.</font></div><div style="margin-top:5pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%;padding-left:14.15pt">Beginning in 2024, you will be eligible to receive long-term incentive awards under the Long-Term Incentive Program (LTIP), another component of the ICP, in the ordinary course of business (prorated awards for 2023 are discussed separately below). LTIP awards are comprised of Cash-Based and Stock-Based Performance-Adjusted Restricted Stock Units (RSUs). You will be eligible for an annual Cash-Based Performance-Adjusted RSU grant of 227% of your base salary. You will also be eligible for an annual Stock-Based Performance-Adjusted RSU grant of 456% of your base salary (for a total LTIP target opportunity of 683%). Performance can range between 0% and 200% of your target LTIP opportunity. The terms of the LTIP awards will be set forth in the ICP and individual award agreements.</font></div><div style="margin-top:5pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%;padding-left:14.15pt">A voluntary termination of employment by you after (a) attaining age 60, and (b) accruing five years of service with FirstEnergy shall be considered a retirement by you solely for the purpose of determining eligibility for award proration or other treatment applicable to a retirement with respect to awards under the LTIP and STIP&#59; provided, further, that beginning in 2026, any individual award agreements memorializing LTIP awards to you will reflect such retirement terms.</font></div><div style="margin-top:5pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%;padding-left:14.15pt">Assuming a start date of June 1, 2023, you will be eligible for prorated LTIP awards based on your annual salary and your total LTIP target opportunity for the 2023-2025 LTIP cycle (payable in March 2026).</fo