SEC Contract Filing

Filing Date: 2024-02-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>8
<FILENAME>pac123123ex1015.htm
<DESCRIPTION>PAC SUMMARY OF KEY TERMS OF COMPENSATION ARRANGEMENTS
<TEXT>
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<title>Document</title></head><body><div id="ia0e91eeb1a5e4a3aaebd6e0a59e12adb_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EXHIBIT 10.15</font></div><div style="text-align:right"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SUMMARY OF KEY TERMS OF COMPENSATION ARRANGEMENTS </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">WITH PACIFICORP NAMED EXECUTIVE OFFICERS AND DIRECTORS </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:10pt;font-weight:400;line-height:120%">PacifiCorp's named executive officers each receive an annual salary and participate in health insurance and other benefit plans on the same basis as other employees, as well as certain other compensation and benefit plans described in PacifiCorp's Annual Report on Form 10-K. </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:10pt;font-weight:400;line-height:120%">The named executive officers are also eligible to receive a cash incentive award under PacifiCorp's Annual Incentive Plan (&#34;AIP&#34;). The AIP provides for a discretionary annual cash award that is determined on a subjective basis and paid in December. In addition to the AIP, the named executive officers are eligible to receive discretionary cash performance awards periodically during the year to reward the accomplishment of significant non-recurring tasks or projects. The named executive officers are participants in PacifiCorp's Long-Term Incentive Partnership Plan (&#34;LTIP&#34;). A copy of the LTIP is incorporated by reference to Exhibit&#160;10.15 to PacifiCorp's Annual Report on Form&#160;10-K for the year ended December 31, 2019. Beginning in 2023, PacifiCorp entered into Critical Personnel Agreements with certain key employees, including the CFO, who possess skills that are important to the continued success of PacifiCorp. These agreements provide for cash amounts to be awarded to the employee in four installment payments to be made at specified dates as long as the employee is in good standing in the defined position as of December 31 each year within the award period. Amounts awarded under the Critical Personnel Agreements are in lieu of AIP and LTIP awards. The agreements do not constitute a guarantee of future employment. A copy of the Critical Personnel Agreement is incorporated by reference to Exhibit 10.24 to PacifiCorp's Annual Report on Form 10-K for the year ended December 31, 2023.</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:10pt;font-weight:400;line-height:120%">Base salary for named executive officers for PacifiCorp's fiscal year ending December&#160;31, 2024 is shown in the following table&#58;</font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:73.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.500%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name and Title</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Base Salary</font></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cindy A. Crane</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,000,016&#160;</font></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bo