secwatch.observer — SEC 8-K summary
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Issuer:     Essential Utilities, Inc. (WTRG)
CIK:        0000078128
Form:       8-K
Filed at:   2024-05-03T23:59:59+00:00
Accession:  0001552781-24-000271
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Essential Utilities renews CEO contract; amends CIC agreements for other NEOs
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- New employment agreement for CEO Christopher Franklin effective July 1, 2024, with three-year term and option for one-year extension.
- Target annual bonus set at no less than 100% of base salary; target annual equity LTI at no less than 250% of base salary.
- Non-CIC termination severance: 2x base salary + target bonus; CIC termination severance: 3x base salary + target bonus plus full equity vesting.
- Company also amended change-in-control agreements for other named executive officers to convert underwater options to RSUs upon a CIC.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/78128/000155278124000271/0001552781-24-000271-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/78128/000155278124000271/e24219_wtrg-8k.htm
  HTML page:      https://secwatch.observer/filing/0001552781-24-000271

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