TECO Energy officers to file additional form 4 reports this week, related to time-based incentive shares
TAMPA, April 16, 2003
TECO Energy, Inc. today reported that tomorrow, certain company officers will file Form 4 reports in connection with the vesting of time-vested restricted stock granted in 1998.
The company pointed out that no shares were sold in the open market; instead, shares were withheld by the company for taxes due upon vesting or for amounts deferred by the officer, under the company’s deferred compensation plan.
As reported by the company earlier this month, performance-based restricted shares were forfeited by officers this year. Further, officer salaries have been frozen for the year, and additional steps are being taken to adjust executive compensation to better reflect current conditions in the market and within the company.
TECO Energy, Inc. (NYSE: TE) is a diversified energy-related holding company based in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions.