FPL » Topics » Restricted Stock Awards

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

Restricted Stock Awards

Restricted stock awards granted to FPL Group’s named executives contain both time and performance-based vesting conditions. Shares of restricted stock which would otherwise vest strictly upon the passage of time do not vest unless FPL Group’s adjusted earnings for the most recently-completed year, as certified by the Compensation Committee, equal or exceed a level designated by the Committee prior to the beginning of the year. FPL Group’s adjusted earnings exceeded that level in 2006, resulting in the vesting of restricted stock as set forth in the aggregate in Table 4: 2007 Option Exercises and Stock Vested, and in 2007. Dividends, equal in value to the ordinary dividends paid to holders of the Company’s common stock, are paid on the restricted stock because the Compensation Committee intends for the present value of the restricted stock on the date of grant to be equal to the fair market value of an equivalent number of shares, absent the vesting restriction.

See Table 2: 2007 Grants of Plan-Based Awards for information about the restricted stock awarded to the NEOs in 2007 and the description following that table for further information about the material terms and conditions applicable to restricted stock awards.

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

Restricted Stock Awards

Restricted stock awards granted to FPL Group’s named executive officers contain both time and performance-based vesting conditions. Shares of restricted stock which would otherwise vest strictly upon the passage of time do not vest unless FPL Group’s adjusted earnings for the most recently-completed year, as certified by the Compensation Committee, equal or exceed the level designated as 100% on the sliding scale approved prior to the beginning of the year by the committee for the Annual Incentive Plan cap, as more fully described above. FPL Group’s adjusted earnings exceeded that level in 2005, which resulted in the vesting in 2006 of a pro rata portion of the restricted stock initially awarded to the NEOs in each of 2002, 2003, 2004 and 2005, as set forth in the aggregate in Table 4: 2006 Option Exercises and Stock Vested. Dividends, equal in value to the ordinary dividends paid to holders of the Company’s common stock, are paid to the named executive officers holding restricted stock so that the present value of the restricted stock on the date of grant is equal to the fair market value of an equivalent number of shares, absent the vesting restriction, which matches the intent of the Compensation Committee when determining award levels. See Table 2: 2006 Grants of Plan-Based Awards for information about the restricted stock awarded to the NEOs in 2006, and the description following that table for further information about the material terms and conditions applicable to restricted stock awards.

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