|NRG ENERGY, INC. filed this Form 10-K on 03/01/2018|
“Delay Period” shall have the meaning set forth in Section 3.4(b).
“Disability” shall mean a disability that would entitle Executive to payment of monthly disability payments under any Company long-term disability plan.
“Effective Date” means the commencement date of this Plan as specified in Section 1.2 of this Plan.
“Effective Date of Termination” means the date on which a Qualifying Termination occurs, as defined hereunder, which triggers the payment of Severance Benefits hereunder.
“Executive” shall have the meaning set forth in Section 1.1.
“Former Parent Company” means Xcel Energy, Inc., a Minnesota corporation, or any successor thereto.
“General Severance Benefits” means the Severance Benefit described in Section 3.3.
“Good Reason” shall mean without the Executive’s express written consent the occurrence of any one or more of the following:
The Company materially reduces the amount of the Executive’s then current Base Salary or the target for his annual bonus; or
A material reduction in the Executive’s benefits under or relative level of participation in the Company’s employee benefit or retirement plans, policies, practices, or arrangements in which the Executive participates as of the Effective Date of this Plan; or
A material diminution in the Executive’s title, authority, duties, or responsibilities or the assignment of duties to the Executive which are materially inconsistent with his position; or
The failure of the Company to obtain in writing the obligation to perform or be bound by the terms of this Plan by any successor to the Company or a purchaser of all or substantially all of the assets of the Company within fifteen (15) days after a merger, consolidation, sale, or similar transaction.
For purposes of this Plan, the Executive is not entitled to assert that his termination is for Good Reason unless the Executive gives the Board written notice of the event or events which are the basis for such claim within ninety (90) days after the event or events occur, describing such claim in reasonably sufficient detail to allow the Board to address the event or events and a period of not less than thirty (30) days after to cure or fully remedy the alleged condition.
“Initial Term” shall have the meaning set forth in Section 1.2.
“Noncompete Period” shall have the meaning set forth in Article 5(c).
“Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Plan relied upon, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.