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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/07/19 Sempra Energy 10-Q 3/31/19 120:27M San Diego Gas & Elec Co Southern California Gas Co San Diego Gas & Electric Co |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 3.60M
2: EX-10.1 Material Contract HTML 56K
3: EX-10.2 Material Contract HTML 74K
4: EX-10.3 Material Contract HTML 77K
5: EX-10.4 Material Contract HTML 76K
6: EX-10.5 Material Contract HTML 64K
7: EX-10.8 Material Contract HTML 73K
8: EX-31.1 Certification -- §302 - SOA'02 HTML 39K
9: EX-31.2 Certification -- §302 - SOA'02 HTML 39K
10: EX-31.3 Certification -- §302 - SOA'02 HTML 39K
11: EX-31.4 Certification -- §302 - SOA'02 HTML 39K
12: EX-31.5 Certification -- §302 - SOA'02 HTML 39K
13: EX-31.6 Certification -- §302 - SOA'02 HTML 39K
14: EX-32.1 Certification -- §906 - SOA'02 HTML 34K
15: EX-32.2 Certification -- §906 - SOA'02 HTML 34K
16: EX-32.3 Certification -- §906 - SOA'02 HTML 34K
17: EX-32.4 Certification -- §906 - SOA'02 HTML 34K
18: EX-32.5 Certification -- §906 - SOA'02 HTML 34K
19: EX-32.6 Certification -- §906 - SOA'02 HTML 34K
26: R1 Document and Entity Information HTML 55K
27: R2 Condensed Consolidated Statements of Operations HTML 162K
28: R3 Condensed Consolidated Statements of Comprehensive HTML 92K
Income (Loss)
29: R4 Condensed Consolidated Balance Sheets HTML 321K
30: R5 Condensed Consolidated Balance Sheets HTML 75K
(Parentheticals)
31: R6 Condensed Consolidated Statements of Cash Flows HTML 230K
32: R7 Condensed Consolidated Statements of Cash Flows HTML 36K
(Parenthetical)
33: R8 Consolidated Statements of Changes in Equity HTML 95K
34: R9 Consolidated Statements of Changes in Equity HTML 40K
(Parenthetical)
35: R10 General Information and Other Financial Data HTML 655K
36: R11 New Accounting Standards HTML 66K
37: R12 Revenues HTML 237K
38: R13 Regulatory Matters HTML 181K
39: R14 Acquisitions, Divestitures and Discontinued HTML 120K
Operations
40: R15 Investments in Unconsolidated Entities HTML 58K
41: R16 Debt and Credit Facilities HTML 73K
42: R17 Derivative Financial Instruments HTML 311K
43: R18 Fair Value Measurements HTML 429K
44: R19 San Onofre Nuclear Generating Station HTML 181K
45: R20 Commitments and Contingencies HTML 312K
46: R21 Segment Information HTML 169K
47: R22 General Information and Other Financial Data HTML 161K
(Policies)
48: R23 General Information and Other Financial Data HTML 619K
(Tables)
49: R24 New Accounting Standards (Tables) HTML 57K
50: R25 Revenues (Tables) HTML 241K
51: R26 Regulatory Matters (Tables) HTML 138K
52: R27 Acquisitions, Divestitures and Discontinued HTML 101K
Operations (Tables)
53: R28 Investment in Unconsolidated Entities (Tables) HTML 46K
54: R29 Debt and Credit Facilities (Tables) HTML 64K
55: R30 Derivative Financial Instruments (Tables) HTML 305K
56: R31 Fair Value Measurements (Tables) HTML 424K
57: R32 San Onofre Nuclear Generating Station (Tables) HTML 100K
58: R33 Commitments and Contingencies (Tables) HTML 344K
59: R34 Segment Information (Tables) HTML 163K
60: R35 General Information and Other Financial Data HTML 34K
Principles of Consolidation (Details)
61: R36 General Information and Other Financial Data - HTML 37K
Regulated Operations (Details)
62: R37 General Information and Other Financial Data - HTML 57K
Cash, Cash Equivalents and Restricted Cash
(Details)
63: R38 General Information and Other Financial Data - HTML 55K
Inventories (Details)
64: R39 General Information and Other Financial Data - HTML 38K
Capitalized Financing Costs (Details)
65: R40 General Information and Other Financial Data - HTML 137K
Variable Interest Entities (Details)
66: R41 General Information and Other Financial Data - HTML 91K
Pension and Other Postretirement Benefits
(Details)
67: R42 General Information and Other Financial Data - HTML 35K
Rabbi Trust (Details)
68: R43 General Information and Other Financial Data - HTML 120K
Earnings Per Share (Details)
69: R44 General Information and Other Financial Data - HTML 90K
Changes in Accumulated Other Comprehensive Income
(Details)
70: R45 General Information and Other Financial Data - HTML 94K
Reclassification From Accumulated Other
Comprehensive Income (Details)
71: R46 General Information and Other Financial Data - HTML 75K
Shareholder's Equity and Noncontrolling Interest
(Details)
72: R47 General Information and Other Financial Data - HTML 102K
Other Noncontrolling Interests (Details)
73: R48 General Information and Other Financial Data - Due HTML 99K
to Due From Affiliates (Details)
74: R49 General Information and Other Financial Data - HTML 43K
Affiliates Revenue and Cost of Sales (Details)
75: R50 General Information and Other Financial Data - HTML 69K
Other Income (Expense), Net (Details)
76: R51 General Information and Other Financial Data - HTML 65K
Income Taxes (Details)
77: R52 New Accounting Standards (Details) HTML 104K
78: R53 Revenues - Disaggregation of Revenue (Details) HTML 115K
79: R54 Revenues - Performance Obligations (Details) HTML 66K
80: R55 Revenues - Contract Liabilities (Details) HTML 51K
81: R56 Revenues - Receivables From Revenues From HTML 54K
Contracts With Customers (Details)
82: R57 Regulatory Matters - Regulatory Accounts (Details) HTML 97K
83: R58 Regulatory Matters - General Rate Case (Details) HTML 69K
84: R59 Regulatory Matters - Cost of Capital (Details) HTML 49K
85: R60 Regulatory Matters - Billing Practices (Details) HTML 44K
86: R61 Acquisitions, Divestitures and Discontinued HTML 98K
Operations - Acquisition Activity (Details)
87: R62 Acquisitions, Divestitures and Discontinued HTML 41K
Operations - Divestitures (Details)
88: R63 Acquisitions, Divestitures and Discontinued HTML 84K
Operations - Assets Held for Sale (Details)
89: R64 Acquisitions, Divestitures and Discontinued HTML 168K
Operations - Discontinued Operations (Details)
90: R65 Investments in Unconsolidated Entities - Narrative HTML 76K
(Details)
91: R66 Investments in Unconsolidated Entities - HTML 55K
Summarized Financial Information (Details)
92: R67 Debt and Credit Facilities - Lines of Credit HTML 90K
(Details)
93: R68 Debt and Credit Facilities - Weighted-Average HTML 48K
Interest Rates and Interest Rate Swaps (Details)
94: R69 Derivative Financial Instruments - Derivative HTML 45K
Commodity Volumes (Details)
95: R70 Derivative Financial Instruments - Derivative HTML 62K
Notionals (Details)
96: R71 Derivative Financial Instruments - Derivative HTML 121K
Instruments on the Condensed Balance Sheet
(Details)
97: R72 Derivative Financial Instruments - Derivative HTML 76K
Impact on Income (Details)
98: R73 Derivative Financial Instruments - Cash Flow HTML 45K
Hedges (Details)
99: R74 Derivative Financial Instruments - Derivative HTML 40K
Instruments With Contingent Features (Details)
100: R75 Fair Value Measurements - Recurring Fair Value HTML 161K
Measures (Details)
101: R76 Fair Value Measurements - Recon of Level 3 Assets HTML 76K
(Details)
102: R77 Fair Value Measurements - Financial Instruments HTML 83K
(Details)
103: R78 San Onofre Nuclear Generating Station (Details) HTML 48K
104: R79 San Onofre Nuclear Generating Station - Nuclear HTML 69K
Decommissioning Trusts (Details)
105: R80 San Onofre Nuclear Generating Station - Nuclear HTML 46K
Insurance (Details)
106: R81 Commitments and Contingencies - Legal Proceedings HTML 131K
(Details)
107: R82 Commitments and Contingencies - Other Litigation HTML 61K
(Details)
108: R83 Commitments and Contingencies - Leases (Details) HTML 57K
109: R84 Commitments and Contingencies - Lessee Balance HTML 80K
Sheet Information (Details)
110: R85 Commitments and Contingencies - Lessee Statement HTML 57K
of Operations Information (Details)
111: R86 Commitments and Contingencies - Lessee Cash Flow HTML 53K
Information (Details)
112: R87 Commitments and Contingencies - Lessee Maturity of HTML 99K
Lease Liabilities (Details)
113: R88 Commitments and Contingencies - Future Minimum HTML 96K
Lease Payments Under Topic 840 (Details)
114: R89 Commitments and Contingencies - Lessor Information HTML 79K
(Details)
115: R90 Commitments and Contingencies - Contractual HTML 46K
Commitments (Details)
116: R91 Segment Information (Details) HTML 144K
118: XML IDEA XML File -- Filing Summary XML 204K
25: XML XBRL Instance -- sre20190331form10q_htm XML 9.12M
117: EXCEL IDEA Workbook of Financial Reports XLSX 176K
21: EX-101.CAL XBRL Calculations -- sre-20190331_cal XML 503K
22: EX-101.DEF XBRL Definitions -- sre-20190331_def XML 2.09M
23: EX-101.LAB XBRL Labels -- sre-20190331_lab XML 3.29M
24: EX-101.PRE XBRL Presentations -- sre-20190331_pre XML 2.26M
20: EX-101.SCH XBRL Schema -- sre-20190331 XSD 334K
119: JSON XBRL Instance as JSON Data -- MetaLinks 649± 1.01M
120: ZIP XBRL Zipped Folder -- 0000086521-19-000035-xbrl Zip 755K
| Exhibit |
You have been granted a performance-based restricted stock unit award representing the right to receive the number of shares of Sempra Energy Common Stock set forth below, subject to the vesting conditions set forth below. The restricted stock units, and dividend equivalents with respect to the restricted stock units, under your award
may not be sold or assigned. They will be subject to forfeiture unless and until they vest based upon the satisfaction of total shareholder return performance criteria for the S&P 500 Utilities Index (excluding water companies) for the performance period beginning on January 1, <YEAR> and ending on the close of trading on the first New York Stock Exchange trading day of <YEAR> [or such other performance period beginning and ending on the dates determined by the Compensation Committee]. Shares of Common Stock will be distributed to you after the completion of the performance period ending on <DATE>, <YEAR> if, and to the extent that, the restricted stock units vest under the terms and conditions of your award. The terms and conditions of your award are set forth in the attached Year <YEAR> Performance-Based Restricted Stock Unit Award Agreement (the “Award
Agreement”) and in the Sempra Energy <YEAR> Long Term Incentive Plan (the “Plan”), which has been provided to you. The summary below highlights selected terms and conditions but it is not complete and you should carefully read the attachments to fully understand the terms and conditions of your award. | |||
SUMMARY | |||
Date of Award: | <DATE>, <YEAR> | ||
Name of Recipient: | NAME | ||
Recipient’s
Employee Number: | EE ID | ||
Number of Restricted Stock Units (prior to any dividend equivalents): | |||
At Target: | # RSU | ||
At Maximum: | 200% of Target (e.g. 1,000 at Target = 2,000 at Maximum) | ||
Award Date Fair Market Value per Share of Common Stock (Closing Stock Price on Date of Award): | $<PRICE> | ||
Restricted
Stock Units: | |||
Your restricted stock units represent the right to receive shares of Common Stock in the future, subject to the terms and conditions of your award. Your restricted stock units are not shares of Common Stock. The target number of restricted stock units will vest (subject to adjustment as described below) if, and to the extent that, the Compensation Committee of Sempra Energy’s Board of Directors (the “Compensation Committee”) determines that the target total shareholder return (a return at the 50th percentile) as described in the Award Agreement has been achieved for the performance period. If above target total shareholder return is achieved, you may vest in up to the maximum number of restricted stock units plus reinvested dividend equivalents as described below. | |||
Vesting/Forfeiture
of Restricted Stock Units: | |||
Subject to certain exceptions set forth in the Award Agreement, your restricted stock units (including units attributable to reinvested dividend equivalents) will vest only in the event, and to the extent, that the Compensation Committee determines and certifies that Sempra Energy has met the specified total shareholder return performance criteria for the performance period beginning on January 1, <YEAR> and ending on the close of trading on the first New York Stock Exchange trading day of <YEAR> [or such other performance period beginning and ending on the dates determined by the Compensation
Committee]. Any vesting will occur immediately following such determination and certification. Any restricted stock units that do not vest with the Compensation Committee's determination and certification (or otherwise in accordance with the Award Agreement) will be forfeited. All determinations of the Compensation Committee as to total shareholder return (as described below) and the number of your restricted stock units (and accompanying dividend equivalents) that vest is final and binding. | |||
Transfer Restrictions: | |||
Your restricted stock units may not be sold or otherwise transferred and will remain subject to forfeiture conditions until they vest. | |||
Termination
of Employment: | |||
Subject to certain exceptions set forth in the Award Agreement, your restricted stock units will be forfeited if your employment terminates. | |||
Dividend Equivalents: | |||
You also have been awarded dividend equivalents with respect to your restricted stock units. Your dividend equivalents represent the right to receive additional shares of Common Stock in the future, subject to the terms and conditions of your award. Your dividend equivalents will be determined based on the dividends that you would have received had you held shares of Common Stock equal to the vested number of your restricted stock units from the date of your award to the
date of the distribution of shares of Common Stock following the vesting of your restricted stock units, and assuming that the dividends were reinvested in Common Stock (and any dividends on such shares were reinvested in Common Stock). The dividends will be deemed reinvested in Common Stock in the same manner as dividends reinvested pursuant to the terms of the Sempra Dividend Reinvestment Plan. Your dividend equivalents will be subject to the same transfer restrictions and forfeiture and vesting conditions as the shares represented by your restricted stock units. | |||
Distribution of Shares: | |||
Shares of Common Stock will be distributed to you to the extent your restricted stock units (and accompanying dividend equivalents) vest. Except
as provided otherwise in the Award Agreement, the shares will be distributed to you after the completion of the performance period ending on the close of trading on the first New York Stock Exchange trading day of <YEAR> [or the end of the performance period determined by the Compensation Committee] and the Compensation Committee’s determination and certification of Sempra Energy’s total shareholder return for the performance period. The shares of Common Stock will include the additional shares to be distributed pursuant to your vested dividend equivalents. | |||
Taxes: | |||
Upon distribution of shares of Common Stock to you, you will be subject to income taxes on the value of the distributed
shares at the time of distribution and must pay applicable withholding taxes. | |||
Sempra Energy: | ||
Title: | ||
Award: | You have been granted a performance-based restricted stock unit award under Sempra Energy’s <YEAR> Long Term Incentive Plan (the “Plan”). The award consists of the number of restricted stock units set forth on the Cover Page/Summary to this Award Agreement, and dividend equivalents with respect to the restricted stock units (described below). Capitalized terms used in this Award Agreement
and not defined shall have the meaning set forth in the Plan. Your restricted stock units represent the right to receive shares of Common Stock in the future, subject to the terms and conditions of your award. Your restricted stock units are not shares of Common Stock. Each restricted stock unit initially represents the right to receive one share of Common Stock upon the vesting of the unit. Unless and until they vest, your restricted stock units and any dividend equivalents will be subject to transfer restrictions and forfeiture and vesting conditions. Subject to the provisions below relating to the treatment of your restricted stock units in connection with a Change in Control, your restricted stock units (and dividend equivalents) will vest only in the event, and only to the extent, that
the Compensation Committee of Sempra Energy's Board of Directors (the “Compensation Committee”) determines and certifies that Sempra Energy has met specified total shareholder return criteria for the performance period beginning January 1, <YEAR> and ending on the close of trading on the first New York Stock Exchange trading day of <YEAR> [or such other performance period beginning and ending on the dates determined by the Compensation Committee]. Any restricted stock units (and dividend equivalents) that do not vest will be forfeited. Subject to certain exceptions set forth herein, your restricted stock units (and dividend equivalents) will be forfeited if your employment terminates before they vest; provided, however, that the Compensation Committee, in its sole discretion, may determine that all or a portion of such restricted stock units (and dividend equivalents) will not be forfeited but will continue to
be subject to transfer restrictions and other vesting conditions applicable under this Award Agreement (subject to Code Section 409A requirements and the terms of the Plan). See “Vesting/Forfeiture,” “Transfer Restrictions,” and “Termination of Employment” below. |
Vesting/Forfeiture: | Subject to the provisions below relating to the treatment of your restricted stock units in connection with a Change in Control, your restricted stock units (and dividend equivalents) will vest only in the event, and to the extent, that the Compensation Committee
determines and certifies that Sempra Energy has met the following total shareholder return performance criteria for the performance period beginning on January 1, <YEAR> and ending on the close of trading on the first New York Stock Exchange trading day of <YEAR> [or such other performance period beginning and ending on the dates determined by the Compensation Committee]. Any vesting will occur immediately following such determination and certification. THE DETERMINATION OF THE COMPENSATION COMMITTEE AS TO TOTAL SHAREHOLDER RETURN PERFORMANCE AND THE NUMBER OF RESTRICTED STOCK UNITS (AND ACCOMPANYING DIVIDEND EQUIVALENTS) THAT VEST IS FINAL AND BINDING. |
§ The percentage of your target number of restricted stock units that vest will be determined as follows,
based on the percentile ranking for the performance period (as measured based on the thirty-day average closing stock price immediately preceding the start of the performance period compared to the thirty-day average closing stock price immediately preceding the end of the performance period) of Sempra Energy’s cumulative total shareholder return (consisting of per share appreciation in Common Stock plus reinvested dividends and other distributions paid on Common Stock) among the companies (ranked by cumulative total shareholder returns) in the S&P 500 Utilities Index (excluding water companies), as determined and certified by the Compensation Committee, subject to adjustment as described below. For the avoidance of doubt, the thirty-day average preceding the beginning of the performance period shall be based on the thirty calendar days prior to and excluding January 1, <YEAR> and the thirty day average preceding the end of the performance period shall be based
on the thirty calendar days prior to and including the first NYSE trading day of <YEAR> [or such other performance period beginning and ending on the dates determined by the Compensation Committee]. | |
Sempra Energy Total Shareholder Return Percentile Ranking | Percentage of Target Number of Restricted Stock Units that Vest | ||
90th | 200% | ||
80th | 175% | ||
70th | 150% | ||
60th | 125% | ||
50th | 100% | ||
40th | 70% | ||
35th | 55% | ||
30th | 40% | ||
25th | —% | ||
If
the percentile ranking does not equal a ranking shown in the above table, the percentage of your target number of restricted stock units that vest will be determined by a linear interpolation between the next lowest percentile shown in the table and the next highest percentile shown on the table. o If the percentile ranking is at or above the 90th percentile, 200% of your target number of restricted stock units will vest. o If the percentile ranking is at or below the 25th percentile, none of your restricted stock units will vest. As soon as reasonably practicable following the end of the performance period, the Compensation Committee will determine and certify
the extent to which Sempra Energy has met the total shareholder return performance criteria and the extent to which, if any, your restricted stock units have then vested and any such vesting shall occur immediately following such determination and certification by the Compensation Committee. You will receive the number of shares of Common Stock equal to the number of your vested restricted stock units after the Compensation Committee’s determination and certification. Also, you will receive the number of shares of Common Stock equal to your vested dividend equivalents after the Compensation Committee’s determination and certification. Certificates for the shares will be transferred to your brokerage account unless you specifically instruct otherwise. When the shares of Common Stock are issued to you, your restricted stock units (vested and unvested) and your dividend equivalents will terminate. | |
Transfer
Restrictions: | You may not sell or otherwise transfer or assign your restricted stock units (or your dividend equivalents). |
Dividend Equivalents: | You also have been awarded dividend equivalents with respect to your restricted stock units. Your dividend equivalents represent the right to receive additional shares of Common Stock in the future, subject to the terms and conditions of your award. Your dividend equivalents will be determined based on the dividends that you would have received had you held shares of Common Stock equal to the vested number of your restricted stock units from the date of your award to the date of the distribution of shares of Common Stock following the vesting of your restricted stock units, and assuming that the dividends were reinvested in Common
Stock (and any dividends on such shares were reinvested in Common Stock). The dividends will be deemed reinvested in Common Stock in the same manner as dividends reinvested pursuant to the terms of the Sempra Dividend Reinvestment Plan. Your dividend equivalents will be subject to the same transfer restrictions and forfeiture and vesting conditions as your restricted stock units. They will vest when and to the extent that your restricted stock units vest. Also, your restricted stock units (and dividend equivalents), including the terms and conditions thereof, will be adjusted to prevent dilution or enlargement of your rights in the event of a stock dividend on shares of Common Stock or as the result of a stock-split, recapitalization, reorganization or other similar transaction in accordance with the terms and conditions of the Plan. Any additional restricted stock units (and
dividend equivalents) awarded to you as a result of such an adjustment also will be subject to the same transfer restrictions, forfeiture and vesting conditions and other terms and conditions that are applicable to your restricted stock units (and dividend equivalents). |
No Shareholder Rights: | Your restricted stock units (and dividend equivalents) are not shares of Common Stock. You will have no rights as a shareholder unless and until shares of Common Stock are issued to you following the vesting of your restricted stock units (and dividend equivalents)
as provided in this Award Agreement and the Plan. |
Distribution of Shares: | As described in “Vesting/Forfeiture” above, the Compensation Committee will determine and certify the extent to which Sempra Energy has met the performance criteria and the extent, if any, as to which your restricted stock units (and dividend equivalents) have then vested in accordance with the terms of the award. You will receive the number of shares of Common Stock equal to the number of your restricted stock units that have vested. However, in no event will you receive under this award, and other awards granted to you under the Plan in the same fiscal year of Sempra Energy, more than the maximum number of shares of Common Stock permitted under the Plan. Also, you will receive the number of shares of Common Stock
equal to your vested dividend equivalents after the Compensation Committee’s determination and certification. You will receive the shares as soon as reasonably practicable following the Compensation Committee’s determination and certification (and in no event later than March 15, <YEAR>). Once you receive the shares of Common Stock, your vested and unvested restricted stock units (and dividend equivalents) will terminate. |
Termination of Employment: | |
Termination: | If
your employment with Sempra Energy and its Subsidiaries terminates for any reason prior to the vesting of your restricted stock units (and dividend equivalents) (other than under the circumstances set forth in the following provisions of this section), all of your restricted stock units (and dividend equivalents) will be forfeited. Subject to the provisions below relating to the treatment of your restricted stock units in connection with a Change in Control, the vesting of your restricted stock units (and dividend equivalents) does not occur until the date of the Compensation Committee’s determination and certification described above. If your employment terminates prior to a Change in Control, other than by termination for cause, and you had both completed at least five years of continuous service with Sempra Energy and its Subsidiaries AND met any of the following conditions: 1.) your
employment terminates on or after December 31, <YEAR> and at the date of termination you had attained age 55; or 2.) your employment terminates on or after November 30, <YEAR> and at the date of termination you had attained age 62; or 3.) at the date of termination you had attained age 65 and you were an officer subject to the company’s mandatory retirement policy; your restricted stock units (and dividend equivalents) will not be forfeited but will continue to be subject to the transfer restrictions and vesting conditions and other terms and conditions of this Award Agreement (subject to Code Section 409A requirements and the terms of the Plan). If your employment terminates by reason of your
death prior to the vesting of your restricted stock units and your award would otherwise be forfeited (for example, you do not meet the age and service conditions described above), your award will be deemed forfeited immediately prior to the date and time it would otherwise vest, unless, and to the extent that, prior to the date and time that the restricted stock units would otherwise vest, the Compensation Committee, in its sole discretion, takes action to waive the service requirement described above. If your employment terminates and your restricted stock units (and dividend equivalents) would otherwise be forfeited, the Compensation Committee, in its sole discretion, may determine prior to such termination that all or a portion of such restricted stock units (and dividend equivalents) will not be forfeited but will continue to be subject to the transfer restrictions and vesting conditions and other terms and conditions
of this Award Agreement (subject to Code Section 409A requirements and the terms of the Plan). |
Termination for Cause: | If your employment with Sempra Energy and its Subsidiaries terminates for cause, or your employment would have been subject to termination for cause, prior to the vesting of your restricted stock units (and dividend equivalents), all of your restricted stock units (and dividend equivalents) will be forfeited. Prior to the consummation of
a Change in Control, a termination for cause is (i) the willful failure by you to substantially perform your duties with the Company (other than any such failure resulting from your incapacity due to physical or mental illness), (ii) the grossly negligent performance of such obligations referenced in clause (i) of this definition, (iii) your gross insubordination; and/or (iv) your commission of one or more acts of moral turpitude that constitute a violation of applicable law (including but not limited to a felony) which have or result in an adverse effect on the Company, monetarily or otherwise, or one or more significant acts of dishonesty. For purposes of clause (i), no act, or failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your act, or failure to act, was in the best interests of the Company. If your restricted stock units remain outstanding following a
Change in Control pursuant to a Replacement Award, a termination for cause following such Change in Control shall be determined in accordance with the provisions of the Plan that define “Cause”, including reasonable notice and, if possible, a reasonable opportunity to cure as provided therein. |
Taxes: | |
Withholding Taxes: | When you become subject to withholding taxes upon distribution of the shares of Common Stock or otherwise, Sempra Energy or its Subsidiary is required to withhold taxes. Unless you instruct otherwise and pay or make arrangements satisfactory to Sempra Energy to pay these taxes, upon the distribution of your shares, Sempra Energy will withhold a sufficient number of shares of common
stock that you would otherwise be entitled to receive to cover the minimum required withholding taxes and transfer to you only the remaining balance of your shares. In the event that, following a Change in Control, your restricted stock units become eligible for a distribution upon your Retirement by reason of your combined age and service, your restricted stock units may become subject to employment tax withholding prior to the distribution of shares with respect to such units. |
Code Section 409A: | Your restricted stock units are subject to provisions of the Plan which set forth terms to comply with Code Section 409A. |
Recoupment (“Clawback”) Policy: | The
Company shall require the forfeiture, recovery or reimbursement of awards or compensation under the Plan and this award as (i) required by applicable law, or (ii) required under any policy implemented or maintained by the Company pursuant to any applicable rules or requirements of a national securities exchange or national securities association on which any securities of the Company are listed. The Company reserves the right to recoup compensation paid if it determines that the results on which the compensation was paid were not actually achieved. The Compensation Committee may, in its sole discretion, require the recovery or reimbursement of long-term incentive compensation awards from any employee whose fraudulent or intentional misconduct materially affects the operations or financial results of the Company or its Subsidiaries. |
Retention Rights: | Neither
your restricted stock unit award nor this Award Agreement gives you any right to be retained by Sempra Energy or any of its Subsidiaries in any capacity and your employer reserves the right to terminate your employment at any time, with or without cause. The value of your award will not be included as compensation or earnings for purposes of any other benefit plan offered by Sempra Energy or any of its Subsidiaries. |
Change in Control: | In the event of a Change in Control, the following terms shall apply: § If
(i) you have achieved age 55 and have completed at least five years of continuous service with Sempra Energy and its Subsidiaries as of the date of a Change in Control and your restricted stock units have not been forfeited prior to the Change in Control, (ii) your outstanding restricted stock units as of the date of a Change in Control are not subject to a “substantial risk of forfeiture” within the meaning of Code Section 409A, and/or (iii) your outstanding restricted stock units are not assumed or substituted with one or more Replacement Awards (as defined in the Plan), then in each case your outstanding restricted stock units and any associated dividend equivalents will vest immediately prior to the Change in Control with the applicable performance goals deemed to have been achieved at the greater of target level as of the date of such vesting or the actual performance level had the performance period ended on the date of the Change in Control. If the foregoing
terms apply, immediately prior to the date of the Change in Control you will receive a number of shares of Common Stock equal to the number of your restricted stock units and dividend equivalents that have vested. § If your outstanding restricted stock awards are assumed or substituted with one or more Replacement Awards, then, except as provided otherwise in an individual severance agreement or employment agreement to which you are a party, the terms set forth in the Plan shall apply with respect to such Replacement Award following the Change in Control. If the foregoing terms apply and the Replacement Award vests upon your separation from service or death, on such date, you will receive a number of shares or other property in settlement of the Replacement Awards. |
Further Actions: | You
agree to take all actions and execute all documents appropriate to carry out the provisions of this Award Agreement. You shall be deemed to have accepted this award unless you affirmatively reject it in writing addressed to the Corporate Secretary of the Company no later than March 31, <YEAR>; provided, however, that you shall not be deemed to have accepted this award if you fail to execute the Arbitration Agreement, if any, provided to you in connection with this award. You also appoint as your attorney-in-fact each individual who at the time of so acting is the Secretary or an Assistant Secretary of Sempra Energy with full authority to effect any transfer of any shares of Common Stock distributable to you, including any transfer to pay withholding taxes, that is authorized by this Award Agreement. |
Applicable
Law: | This Award Agreement will be interpreted and enforced under the laws of the State of California. |
Disputes: | Any and all disputes between you and the Company relating to or arising out of the Plan or your restricted stock unit award shall be subject to the Arbitration Agreement, if any, provided with this Award Agreement, including, but not limited to, any disputes referenced in the applicable provisions of the Plan. |
Other Agreements: | In the event of any conflict between the terms of this Award Agreement and any written employment, severance or other employment-related agreement between you and Sempra Energy, the terms of this Award Agreement,
or the terms of such other agreement, whichever are more favorable to you, shall prevail, provided that in each case a conflict shall be resolved in a manner consistent with the intent that your restricted stock units comply with Code Section 409A. In the event of a conflict between the terms of this Award Agreement and the Plan, the Plan document shall prevail. |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/27/24 Sempra 10-K 12/31/23 220:59M 2/28/23 Sempra 10-K 12/31/22 215:70M 2/25/22 Sempra 10-K 12/31/21 182:76M 2/25/21 Sempra 10-K 12/31/20 178:74M |