UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On March 16, 2020, Unitil Corporation (the “Company”), announced the resignation of Christine L. Vaughan, Senior Vice President, Chief Financial Officer (“CFO”) and Treasurer, effective as of that date.
Also on March 16, 2020, the Company appointed Laurence M. Brock, 66, as the interim CFO and Treasurer, effective as of that date, until a new CFO and Treasurer has been named. Mr. Brock has been Unitil’s Controller and Chief Accounting Officer since June 2005, and was Vice President and Controller from 1995 until 2005. Mr. Brock is a Certified Public Accountant in the state of New Hampshire.
In accordance with Article VI of the Company’s by-laws, the term of office of each of the Company’s officers (including Mr. Brock) is until the first meeting of the Board of Directors after the next annual meeting of shareholders, and until such officer’s successor shall have been chosen and qualified.
In connection with Mr. Brock’s appointment, the Company amended Mr. Brock’s compensation (i) to increase his base salary from $272,218 to $290,594; (ii) to increase his target cash award under the Unitil Corporation Management Incentive Plan from 35% to 45% of his base salary; and (iii) to increase the value of his target restricted stock award under the Unitil Corporation Second Amended and Restated 2003 Stock Plan from 30% to 40% of his base salary.
Item 7.01 | Regulation FD Disclosure |
A press release announcing Ms. Vaughan’s resignation and Mr. Brock’s appointment is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
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99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
UNITIL CORPORATION | ||
By: |
/s/ Laurence M. Brock | |
Name: |
Laurence M. Brock | |
Title: |
Senior Vice President, Chief Financial Officer and Treasurer |
Date: March 20, 2020
Exhibit 99.1
Page 1 of 1
FOR RELEASE
UNITIL ANNOUNCES RESIGNATION OF SENIOR VICE PRESIDENT, CFO AND TREASURER AND APPOINTMENT OF INTERIM CFO AND TREASURER
HAMPTON, NH, March 16, 2020: Unitil Corporation (Unitil or the Company) (NYSE:UTL) (www.unitil.com) today announced the resignation of Christine L. Vaughan, Senior Vice President, Chief Financial Officer (CFO) and Treasurer, effective immediately. Ms. Vaughan resigned in order to pursue other professional opportunities.
To ensure continuity, the Company has appointed Laurence M. Brock as the interim CFO and Treasurer until a new CFO and Treasurer has been named. Mr. Brock is a seasoned finance and accounting professional with over 25 years of utility industry experience. Mr. Brock has been Unitils Controller and Chief Accounting Officer since June 2005, and was Vice President and Controller from 1995 until 2005. Mr. Brock is a Certified Public Accountant in the state of New Hampshire.
The Company also announced that it will begin an executive search for a new CFO and Treasurer.
About Unitil Corporation
Unitil Corporation provides energy for life by safely and reliably delivering natural gas and electricity in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the delivery of dependable, more efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitils operating utilities serve approximately 106,100 electric customers and 83,900 natural gas customers. Other subsidiaries include Usource, Unitils non-regulated business segment. For more information about our people, technologies, and community involvement please visit www.unitil.com.
For more information please contact:
Alec OMeara Media Relations
Phone: 603-773-6404
Email: omeara@unitil.com
Laurence M. Brock Investor Relations
Phone: 603-773-6510
Email: brock@unitil.com
6 Liberty Lane West
Hampton, NH 03842
T 603.772.0775
www.unitil.com