FPL » Topics » Material Terms of Deferred Retirement Awards Granted to Messrs. Dewhurst and Robo in 2006

This excerpt taken from the FPL DEF 14A filed Apr 4, 2008.

Material Terms of Deferred Retirement Awards Granted to Messrs. Dewhurst and Robo in 2006

 

   

shares representing Company’s obligation are held in a grantor (rabbi) trust, with Messrs. Dewhurst and Robo as beneficiaries

 

   

dividends paid to Trustee of grantor trust are reinvested in shares of the Company’s common stock annually

 

   

vest 50% after five years and 50% after ten years

 

   

mandatory deferral of all vested shares, plus accumulated cash dividends and shares obtained with reinvested dividends, until retirement or termination of employment (with certain exceptions for death, disability or change in control)

 

   

award agreement includes non-solicitation and non-competition provisions

This excerpt taken from the FPL DEF 14A filed Apr 6, 2007.

Material Terms of Deferred Retirement Awards Granted to Messrs. Dewhurst and Robo

·       shares representing Company’s obligation are held in a grantor (rabbi) trust, with Messrs. Dewhurst and Robo as beneficiaries

·       dividends paid to Trustee of grantor trust and reinvested in shares of the Company’s common stock annually

·       vest 50% after five years and 50% after ten years

·       mandatory deferral of all vested shares, plus accumulated cash dividends and shares obtained with reinvested dividends, until retirement or termination of employment (with certain exceptions for death, disability or change in control)

·       award agreement includes non-solicitation and non-competition provisions

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