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This excerpt taken from the AWK DEF 14A filed Mar 26, 2009. Completion Bonuses American Water offered a “completion bonus” to reward selected senior executives for their contributions to the initial public offering. Each eligible executive had the opportunity to receive a cash bonus based on a percentage of his or her base salary in effect on December 31, 2007. A completion bonus of 50% of each executive’s base salary was payable based solely on the consummation of the initial public offering, and the remaining portion of the completion bonus was payable at the discretion of RWE, based upon the executive’s leadership and support in positively marketing the business and preparing for the initial public offering. Completion bonuses were paid on April 21, 2008.
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Table of ContentsThe named executive officers received completion bonuses as follows:
This excerpt taken from the AWK 10-K filed Feb 27, 2009. Completion Bonuses The Company offered a completion bonus to reward selected senior executives for their contributions to the IPO process. Each eligible executive was entitled to receive a cash bonus based on a predetermined percentage of
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Table of Contentshis or her base salary in effect on December 31, 2007, or his or her hire date, if he or she was hired after January 1, 2006. Participants received their awards in cash in 2008. For the years ended December 31, 2008, 2007, and 2006, the Company recognized approximately $749, $832, and $1,750, respectively, of expense related to the completion bonuses in operation and maintenance expense. | EXCERPTS ON THIS PAGE:
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