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CNP > SEC Filings for CNP > Form 8-K on 2-Jul-2013All Recent SEC Filings

Show all filings for CENTERPOINT ENERGY INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for CENTERPOINT ENERGY INC


2-Jul-2013

Change in Directors or Principal Officers


ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

C. Gregory Harper, Senior Vice President and Group President, Pipelines and Field Services of CenterPoint Energy, Inc. (the "Company"), has withdrawn his name from consideration for the Chief Executive Officer of the Company's previously announced midstream partnership with OGE Energy Corp. and two affiliates of ArcLight Capital Partners, LLC and left the Company effective June 30, 2013.

In connection with his separation, Mr. Harper entered into an agreement (the "Separation Agreement") with CenterPoint Energy Resources Corp., a wholly owned subsidiary of the Company, on June 26, 2013. Under the terms of the Separation Agreement, Mr. Harper will receive (i) a lump sum severance payment of $900,000,
(ii) any vested benefits to which he is entitled under the terms of the Company's benefit plans, (iii) payment for any unused vacation hours and
(iv) outplacement services for a period of nine months following his separation. Mr. Harper will also receive the cash equivalent of certain pro-rated stock awards under the Company's long-term incentive plans calculated based on target amounts and to be paid on March 15, 2014 ($300,000) and March 15, 2015 ($190,000), subject to his cooperation in certain transitional matters and compliance with certain non-disparagement and non-solicitation requirements. The Separation Agreement also contains a waiver and release.


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