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UIL : Change in Directors or Principal Officers (form 8-K)

03/25/2015 | 03:15pm US/Eastern

Item5.02 Departure of Directors or Certain Officers; Election of Directors;

         Appointment of Certain Officers; Compensatory Arrangements of Certain

At its March 23, 2015 meeting, the Compensation and Executive Development Committee of the Board of Directors of UIL Holdings Corporation (UIL Holdings) approved, among other actions, the following:

1. The target levels for annual incentive awards for 2015 performance pursuant to

    the UIL Holdings Corporation 2008 Stock and Incentive Compensation Plan (the
    2008 Plan) and the 2015 UIL Holdings Corporation Senior Executive Incentive
    Compensation Program for James P. Torgerson, Richard J. Nicholas, Linda L.
    Randell, John J. Prete and Anthony Marone III.  The annual incentive awards,
    which are equal to 100%, 60%, 50%, 50% and 40%, respectively, of such
    executives' annual base salary, are payable in cash in 2016 if corporate
    performance goals are achieved at target related to (a) net income of UIL
    Holdings, (b) gas business growth, (c) capital project execution and (d)
    customer satisfaction and operational and safety metrics of UIL Holdings'
    regulated subsidiaries.

2. The long-term incentive grants under the 2008 Plan, as detailed below:

                                                               Number of
                                                              Stock Units
Name                 Position                                   Granted
James P. Torgerson   President and Chief Executive               33,190

Richard J. Nicholas Executive Vice President and Chief 11,190

                     Financial Officer
Linda L. Randell     Senior Vice President & General             7,110
John J. Prete        Senior Vice President of Electric           5,050

Anthony Marone III Senior Vice President Customer and 3,730

                     Business Services

The restricted stock units granted vest at the end of the three-year period ending December 31, 2017, and the resulting issuance of shares of common stock, if any, will be based upon the achievement of goals relating to the combined net income of The United Illuminating Company, The Southern Connecticut Gas Company, Connecticut Natural Gas Corporation and The Berkshire Gas Company for the period from January 1, 2015 through December 31, 2017. --------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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