Unitil Corp Files Definitive Proxy Statement (DEF 14A)

Ticker: UTL · Form: DEF 14A · Filed: Mar 29, 2024 · CIK: 755001

Unitil Corp DEF 14A Filing Summary
FieldDetail
CompanyUnitil Corp (UTL)
Form TypeDEF 14A
Filed DateMar 29, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$45.2 million, $2.82, $2.59
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, Executive Compensation, Unitil Corp, Corporate Governance

TL;DR

<b>Unitil Corp has filed its Definitive Proxy Statement (DEF 14A) for the fiscal year ending December 31, 2023, detailing executive and non-executive compensation.</b>

AI Summary

UNITIL CORP (UTL) filed a Proxy Statement (DEF 14A) with the SEC on March 29, 2024. Unitil Corp filed a Definitive Proxy Statement (DEF 14A) on March 29, 2024. The filing covers the fiscal year ending December 31, 2023. It includes compensation details for both executive and non-executive members for the fiscal year 2023. Compensation components listed include Base Salary, Non-Equity Incentive Plan Compensation, Adjusted Equity Awards, Pension Value/Service Cost, and All Other Compensation. The company's principal executive offices are located at 6 Liberty Lane West, Hampton, NH.

Why It Matters

For investors and stakeholders tracking UNITIL CORP, this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation packages, which can influence voting decisions on related proposals. Understanding the compensation structure is key for investors assessing management's alignment with shareholder interests and the company's overall financial health.

Risk Assessment

Risk Level: low — UNITIL CORP shows low risk based on this filing. The filing is a routine DEF 14A, providing standard disclosure on executive compensation and corporate governance, with no immediate red flags.

Analyst Insight

Review the executive compensation details and any shareholder proposals to inform voting decisions at the upcoming annual meeting.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Period of report)
  • 2024-03-29 — Filing Date (Date of filing)
  • 2024-05-01 — Report Date (Conformed period of report)

Key Players & Entities

  • UNITIL CORP (company) — Filer name
  • DEF 14A (filing) — Form type
  • 2024-03-29 (date) — Filing date
  • NH (location) — State of incorporation
  • 6 LIBERTY LANE WEST (address) — Business address
  • HAMPTON (location) — City of business address
  • 03842 (postal_code) — ZIP code of business address
  • 0000755001 (company) — Central Index Key

FAQ

When did UNITIL CORP file this DEF 14A?

UNITIL CORP filed this Proxy Statement (DEF 14A) with the SEC on March 29, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by UNITIL CORP (UTL).

Where can I read the original DEF 14A filing from UNITIL CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by UNITIL CORP.

What are the key takeaways from UNITIL CORP's DEF 14A?

UNITIL CORP filed this DEF 14A on March 29, 2024. Key takeaways: Unitil Corp filed a Definitive Proxy Statement (DEF 14A) on March 29, 2024.. The filing covers the fiscal year ending December 31, 2023.. It includes compensation details for both executive and non-executive members for the fiscal year 2023..

Is UNITIL CORP a risky investment based on this filing?

Based on this DEF 14A, UNITIL CORP presents a relatively low-risk profile. The filing is a routine DEF 14A, providing standard disclosure on executive compensation and corporate governance, with no immediate red flags.

What should investors do after reading UNITIL CORP's DEF 14A?

Review the executive compensation details and any shareholder proposals to inform voting decisions at the upcoming annual meeting. The overall sentiment from this filing is neutral.

How does UNITIL CORP compare to its industry peers?

Unitil Corp operates in the electric and other services combined industry, providing essential utility services.

Are there regulatory concerns for UNITIL CORP?

As a public company, Unitil Corp is subject to SEC regulations, including the requirement to file proxy statements (DEF 14A) for shareholder meetings.

Industry Context

Unitil Corp operates in the electric and other services combined industry, providing essential utility services.

Regulatory Implications

As a public company, Unitil Corp is subject to SEC regulations, including the requirement to file proxy statements (DEF 14A) for shareholder meetings.

What Investors Should Do

  1. Analyze the compensation breakdown for key executives.
  2. Review any shareholder proposals or voting matters presented in the proxy statement.
  3. Compare compensation trends with previous years if historical data is available.

Key Dates

  • 2024-03-29: Filing of DEF 14A — Disclosure of executive compensation and corporate governance information.

Year-Over-Year Comparison

This filing is a DEF 14A, which is a standard disclosure document for public companies regarding annual meetings and executive compensation.

Filing Stats: 4,662 words · 19 min read · ~16 pages · Grade level 11.9 · Accepted 2024-03-29 11:00:56

Key Financial Figures

  • $45.2 million — ear end, we achieved record earnings of $45.2 million or $2.82 per share, a 9% increase over
  • $2.82 — ved record earnings of $45.2 million or $2.82 per share, a 9% increase over the $2.59
  • $2.59 — $2.82 per share, a 9% increase over the $2.59 per share earned in 2022. This marks th

Filing Documents

Executive Compensation Recovery Policy

Executive Compensation Recovery Policy 20 Executive Stock Ownership & Retention Policy 21 Prohibition on Hedging and Pledging Company Stock 21 Transactions with Related Persons 21 Shareholder Rights 24 QUALIFICATIONS & SKILLS OF DIRECTORS 25 Board Diversity 27 SUSTAINABILITY 28 COMMITTEES OF THE BOARD 32 AUDIT MATTERS 35 Audit Committee Report 35 Principal Accountant Fees & Services 36 Audit Committee Pre-Approval Policy 36 COMPENSATION 37 Compensation Committee Operations 37 Compensation Committee Interlocks & Insider Participation 38 Risk and Broad-Based Compensation Programs 38 Compensation Discussion & Analysis 39 2023 Performance Metrics, Goals & Results 59 Compensation Committee Report 65 Compensation of Named Executive Officers 66 Potential Payments Upon Termination or Change of Control 83 Compensation of Directors 91 PROPOSAL 1: 95 Election of Three Directors in Class III for a Term of Three Years 97 PROPOSAL 2: 102 Approval of the Unitil Corporation Third Amended and Restated 2003 Stock Plan 102 PROPOSAL 3: 108 Ratification of Selection of Deloitte & Touche LLP, as Independent Registered Public Accounting Firm for 2024 108 PROPOSAL 4: 109 Approval, on an Advisory Basis, of the Compensation of the Company's Named Executive Officers 109 OTHER MATTERS 110 Shareholder Proposals 110 Solicitation of Proxies 111 Company Documents & Information 111 APPENDIX 112 Unitil Corporation Third Amended and Restated 2003 Stock Plan 112 Unitil Corporation 6 Liberty Lane West Hampton, NH 03842-1720 March 29, 2024 PROXY STATEMENT Unitil Corporation ("Unitil" or the "Company") is providing this proxy statement and the accompanying annual report (which includes the Company's Annual Report on Form 10-K for fiscal year 2023) to shareholders in connection with our 2024 Annual Meeting of Shareholders (the "Annual Meeting"). The

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