Dominion Energy Implements 2025 Annual Incentive Plan

Dominion Energy, Inc. (NYSE: D) recently disclosed the approval of its 2025 Annual Incentive Plan (AIP) by the Compensation and Talent Development Committee (CTD Committee) on January 23, 2025. Under this plan, Dominion Energy’s officers will be eligible for an annual performance-based cash award, with each officer having a target incentive award based on a percentage of their base salary. Payouts under the AIP will be contingent upon the achievement of specific performance goals set by the CTD Committee, drawing from the performance measures outlined in Dominion Energy’s 2024 Incentive Compensation Plan. Potential funding under the AIP could vary from 0% to 200% of the target funding.

Additionally, in terms of officer compensation, Edward H. Baine’s title was changed to President – Utility Operations and Dominion Energy Virginia in November 2024, effective from January 1, 2025. As of January 23, 2025, the CTD Committee endorsed the compensation adjustments for Mr. Baine to reflect his increased responsibilities. His annual base salary now stands at $643,537, with an AIP target of 80% of his base salary and a long-term incentive award valued at $1,250,000. Mr. Baine will also have access to the benefit plans and arrangements offered to Dominion Energy’s other executive officers.

Moreover, on January 23, 2025, the CTD Committee approved the issuance of cash and restricted stock awards to key contributors Edward H. Baine; Carlos M. Brown, President – Dominion Energy Services and Executive Vice President, Chief Legal Officer and Corporate Secretary; and Steven D. Ridge, Executive Vice President and Chief Financial Officer, for the year 2025. Mr. Baine’s award comprises a $150,000 cash award and a $150,000 restricted stock award. Similarly, Mr. Brown and Mr. Ridge each received a $150,000 cash award and a $350,000 restricted stock award. Issued under the 2024 Incentive Compensation Plan, the restricted stock awards come with a three-year cliff vesting period and clawback provisions in case of specified events. The cash awards are to be fully repaid in the event of voluntary resignation by the recipients within one year of payment.

The report was officially signed by Regina J. Elbert, Senior Vice President and Chief Human Resources Officer, on behalf of Dominion Energy, Inc., in accordance with the Securities Exchange Act of 1934, on January 27, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Dominion Energy’s 8K filing here.

About Dominion Energy

Dominion Energy, Inc produces and distributes energy in the United States. It operates through three operating segments: Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy. The Dominion Energy Virginia segment generates, transmits, and distributes regulated electricity to approximately 2.8 million residential, commercial, industrial, and governmental customers in Virginia and North Carolina.