Enbridge Inc 8-K/A, filed Dec 15, 2022
Enbridge Inc (ENB)
About this 8-K/A
Enbridge Inc filed this 8-K/A on December 15, 2022, reporting on events of October 2, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Amendment No. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Explanatory Note
This Amendment No. 1 to the Current Report on Form 8-K (this “Amendment”) amends Item 5.02 of Enbridge Inc.’s (“Enbridge” or the “Corporation”) Current Report on Form 8-K filed on October 4, 2022 (the “Original Form 8-K”). This Amendment should be read in conjunction with the Original Form 8-K. Except as set forth below, the Original Form 8-K remains unchanged.
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 10, 2022, the Board of Directors (“Board”) of the Corporation approved the compensation for Greg Ebel, currently Board Chair, who will succeed Al Monaco effective January 1, 2023 as President and Chief Executive Officer of the Corporation. In his role as President and Chief Executive Officer, Mr. Ebel will receive a base salary of US$1,350,000 and will be eligible to earn an annual discretionary bonus under Enbridge’s Short Term Incentive Plan, with a target of 145% of his base salary. Mr. Ebel’s incentive target under Enbridge’s 2019 Long Term Incentive Plan will be 650% of his base salary, with a 60%/20%/20% split among performance stock units, restricted stock units and incentive stock options, respectively. Mr. Ebel will also participate in Enbridge’s senior management pension plan, a non-contributory defined benefit plan. In addition, Enbridge will provide Mr. Ebel with housing in Calgary on a temporary basis.
The Board has also approved compensation for Mr. Monaco, who will continue as an Enbridge employee in an advisory capacity from January 1, 2023 through June 30, 2023. Mr. Monaco will receive his current annualized base salary pro rata for such six-month period. Mr. Monaco will receive office, administrative and information technology support through the remainder of 2023 for transition purposes.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENBRIDGE INC. (Registrant) | ||||||
| Date: December 15, 2022 | By: | /s/ Karen K.L. Uehara | ||||
| Karen K.L. Uehara | ||||||
| Vice President & Corporate Secretary (Duly Authorized Officer) | ||||||