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HAWAIIAN ELECTRIC INDUSTRIES INC FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (e) As previously reported, Richard M. Rosenblum stepped down as Hawaiian Electric's President and CEO effective September 30, 2014. On October 8, 2014, Hawaiian Electric entered into a Release, Transition and Consulting agreement (the "Agreement") with Mr. Rosenblum where he has agreed to stay on as an employee of Hawaiian Electric until his formal retirement on January 5, 2015. Mr. Rosenblum will serve as special advisor to the Chairman of the Board of Hawaiian Electric and will continue to receive his existing base salary and benefits until his retirement. Beginning January 6, 2015 and ending July 5, 2015, Mr. Rosenblum has agreed to serve as a consultant to Hawaiian Electric. Under the terms of the Agreement, Mr. Rosenblum will receive compensation of $315,000 (the prorated amount of his 2014 base salary) for the six-month period to be paid monthly, as well as certain health insurance benefits for a portion of the time. He will also receive a bonus of $236,000 at the end of the six-month period upon providing a final release to Hawaiian Electric. In addition, during this six-month period, Mr. Rosenblum's unvested restricted stock units will continue to vest in the normal course until July 5, 2015. [ Back To TMCnet.com's Homepage ] |