-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PJGDWEV+0o0C+imRoJOsthDJXBZSasw8x1zAqrYLo8EkZQNXUI6SMiscV8Nk8DoG kHlga2BfIW/aEQeLH0F73w== 0000741508-09-000006.txt : 20090212 0000741508-09-000006.hdr.sgml : 20090212 20090212163049 ACCESSION NUMBER: 0000741508-09-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090206 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20090212 DATE AS OF CHANGE: 20090212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEVADA POWER CO CENTRAL INDEX KEY: 0000071180 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 880045330 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-52378 FILM NUMBER: 09595268 BUSINESS ADDRESS: STREET 1: 6226 W SAHARA AVE CITY: LAS VEGAS STATE: NV ZIP: 89146 BUSINESS PHONE: 7023675000 MAIL ADDRESS: STREET 1: P O BOX 98910 CITY: LAS VEGAS STATE: NV ZIP: 89151 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN NEVADA POWER CO DATE OF NAME CHANGE: 19701113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA PACIFIC POWER CO CENTRAL INDEX KEY: 0000090144 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880044418 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00508 FILM NUMBER: 09595267 BUSINESS ADDRESS: STREET 1: 6100 NEIL RD STREET 2: P O BOX 10100 CITY: RENO STATE: NV ZIP: 89520-0400 BUSINESS PHONE: 7758344011 MAIL ADDRESS: STREET 1: 6100 NEIL ROAD STREET 2: P.O. BOX 10100 CITY: RENO STATE: NV ZIP: 89520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NV ENERGY, INC. CENTRAL INDEX KEY: 0000741508 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880198358 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08788 FILM NUMBER: 09595266 BUSINESS ADDRESS: STREET 1: 6226 WEST SAHARA AVENUE CITY: LAS VEGAS STATE: NV ZIP: 89146 BUSINESS PHONE: 702-367-5000 MAIL ADDRESS: STREET 1: 6226 WEST SAHARA AVENUE CITY: LAS VEGAS STATE: NV ZIP: 89146 FORMER COMPANY: FORMER CONFORMED NAME: SIERRA PACIFIC RESOURCES /NV/ DATE OF NAME CHANGE: 19920703 8-K 1 form8-k.htm FORM 8-K form8-k.htm
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
 ACT OF 1934
Date of Report (Date of Earliest Event Reported)   February 6, 2009
         
   
Registrant, State of Incorporation, Address of
  
I.R.S. Employer
Commission File
  
Principal Executive Offices and Telephone
  
Identification
Number
  
Number
  
Number
         
1-08788
  
NV ENERGY, INC.
  
88-0198358
   
Nevada
    
   
6226 West Sahara Avenue
    
   
Las Vegas, Nevada 89146
    
   
(702) 367-5000
    
         
2-28348
  
NEVADA POWER COMPANY d/b/a
  
88-0420104
   
NV ENERGY
    
   
Nevada
    
   
6226 West Sahara Avenue
    
   
Las Vegas, Nevada 89146
    
   
(702) 367-5000
    
         
 0-00508   SIERRA PACIFIC POWER COMPANY d/b/a     88-0044418
     NV ENERGY    
     Nevada    
     P.O. Box 10100 (6100 Neil Road)    
      Reno, Nevada 89520-0400 (89511)    
     (775) 834-4011    
         
   
 None.
    
(Former name, former address and former fiscal year, if changed since last report)
  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o
  
Written communications pursuant to Rule 425 under the Securities Act (17 CFR230.425)
     
o
  
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR240.14a-12(b))
     
o
  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
     
o
  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))







 



 Item 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
    On February 6, 2009, the Board of Directors of NV Energy, Inc. (the “Company”) approved the Compensation Committee’s recommendation to adopt the 2009 Officer Compensation Program for the Company.  Data from Towers Perrin’s Philadelphia Compensation practice was used to provide guidance in setting named executive officer compensation.  The 2009 Officer Compensation Program consists of (1) an annual base salary frozen at 2008 levels, (2) target participation rates for cash awards under the NV Energy 2008 Short Term Incentive Plan (STIP) ranging from 55% to 95% of base salary depending upon officer level, and (3) value ranges for grants under the NV Energy Long Term Incentive (LTIP) plan.  In reaching its decision to recommend adoption of the 2009 Officer Compensation Program, the Compensation Committee consulted with its independent consultant, Towers Perrin.

2009 Named Executive Officer Cash Compensation
 
    The Board also accepted the Compensation Committee’s recommendation to approve the 2009 STIP structure for named executive officers of the Company.  The 2009 STIP structure for officers has a weighting of 75% for performance against the STIP scorecard, with the other 25% of this award based upon an individual performance assessment.  The STIP scorecard places a 35% weight on Corporate Financial Performance, 35% weight on Customer Perception and 30% weight on Corporate Key Performance Indicators (KPI’s).  The Committee will continue its practice of reviewing and approving final STIP payments to all officers.  Performance against the Company’s STIP scorecard is measured by the end of the Fiscal year by the Company’s Finance organization and results are subjected to internal audit prior to being sent to the CEO and the Committee.  The Committee approved the STIP measures and targets for the Officer group.
 
    The Board approved the Committee’s recommended 2009 base salaries and 2009 STIP targets (expressed as a percentage of base salary) for the following named executive officers:

Name and Title
  
2009 Base Salary*
    
2009 STIP % Target
             
Michael Yackira
  
$
700,000
      
95
%
William  Rogers
  
$
420,000
      
60
%
Jeffrey Ceccarelli
  
$
368,000
      
55
%
Paul Kaleta
  
$
365,000
      
55
%
Roberto Denis
  
$
345,000
      
55
%

* 2009 Base Salaries frozen at 2008 levels

2009 Named Executive Officer Equity Compensation
 
    On February 6, 2009, the Board of Directors of the Company accepted the Compensation Committee’s recommendation to approve Long Term Incentive Plan (LTIP) equity grants to named executive officers with the following values:
 
Name and Title
  
2009 LTIP Grant Value(1)
 
       
Michael Yackira
  
$
1,505,000
  
William Rogers
  
$
630,000
(2) 
Jeffrey Ceccarelli
  
$
552,000
  
Paul Kaleta
  
$
547,500
(2) 
Roberto Denis
  
$
517,500
  

(1)  
The number of shares to be issued in connection with the 2009 LTIP Grant Values set forth in the table will be calculated using an average of the closing share price of the Company’s stock for the five business day period beginning February 13, 2009 and ending on February 20, 2009.
(2)  
In addition to the LTIP amounts shown, William Rogers and Paul Kaleta each received 10,000 time based Restricted Shares that will cliff vest three years from the date of the grant, or February 6, 2012.
 
    Two thirds of the equity grants under the LTIP plan will be awarded as performance shares against a Total Shareholder Return (TSR) measured against the S&P Electric Utility index.  One third of the equity grant under the LTIP plan will be awarded as performance based restricted shares measured against a three year aggregate score of the STIP.
 
    The TSR-based performance shares will vest, if at all, at the end of a three year period based on a comparison of the Company’s TSR to other companies on the S&P Electric Utility index.  No shares will vest if the Company’s TSR is below the 35th percentile on this index, 50% of the grant will vest if the TSR is at the 35th percentile, 100% will vest if the TSR is at the 50th percentile and 150% will vest if the TSR is at or above the 75th percentile.
 
    The Committee accepted the recommendation from management that based upon calculations performed by Towers Perrin, there would not be a payout of 2006 Performance Shares under a grant awarded in February of that year.  Measurement data from Towers Perrin indicates that the minimum performance threshold of the 35th percentile against the Dow Jones Utility Index had not been met, and therefore, no payment would be made to participants in that grant.  The Committee also noted that Non Qualified Stock Options granted to LTIP participants at the February 7, 2006 meeting of the Committee were granted at a price that is higher than the closing price on the date of the February 6, 2009 meeting.

 
   Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have each duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
 
         
 
 
NV ENERGY, INC.
 (Registrant)
  
  
Date: February 12, 2009 
By:  
/s/ Paul J. Kaleta
  
   
Paul J. Kaleta
  
   
Corporate Senior Vice President,
General Counsel and Secretary
  
 
 
 
 
Nevada Power Company d/b/a
 NV Energy
 (Registrant)
  
  
Date: February 12, 2009 
By:  
/s/ Paul J. Kaleta
  
   
Paul J. Kaleta
  
   
Senior Vice President,
General Counsel and Secretary 
  
     
 
 
 
  
 
Sierra Pacific Power Company d/b/a
 NV Energy
 (Registrant)
  
  
Date: February 12, 2009 
By:  
/s/ Paul J. Kaleta
  
   
Paul J. Kaleta
  
   
Senior Vice President,
General Counsel and Secretary 
  
 



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