Talen Energy Corporation said in a filing that it has entered into a Second Amended and Restated Employment Agreement with Terry L. Nutt, who will become the company's Chief Executive Officer and President effective January 1, 2027.
The agreement, filed as an exhibit to the company's 8-K, replaces Nutt's prior employment agreement, which was originally effective July 10, 2023 and amended and restated on December 12, 2025.
Under the new agreement, Nutt will continue to serve as an officer of the company and will be appointed to the Board of Directors as of the effective date, with the Board committing to nominate him for re-election upon expiration of his director term.
The agreement sets Nutt's annualized base salary at $1,200,000, which may be increased but not decreased at the discretion of the Compensation Committee or Board. Beginning in 2027, he will be eligible for an annual bonus with a target of 135% of his base salary, tied to performance targets set by the Compensation Committee or Board.
Nutt will also be eligible for annual long-term incentive awards under the company's 2023 Equity Incentive Plan with a grant date target value of not less than 700% of his base salary. The agreement includes provisions allowing a portion of vested performance stock units to be settled in cash rather than stock if Nutt's stock holdings exceed twice the company's ownership guidelines, subject to certain liquidity constraints.
The term of the agreement runs from the effective date through February 28, 2028, after which it will automatically renew for successive one-year periods unless either party provides at least 90 days' written notice of non-extension. Talen noted that Nutt's employment continues to be governed by the prior agreement until the new agreement takes effect.
$TLNTalen Energy CorpPrice$319 ▲4.93%Mentions · 30d4Samplen=4Avg volume46,514View on the dashboardFinazon · prior-day close, indicative (IEX-derived, not the official close) · Sep 29, 2026