Item 9B. OTHER INFORMATION
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Item 9B. OTHER INFORMATION
On February 21, 2022, WEC Energy Group and Scott J. Lauber, the Company's President and Chief Executive Officer, entered into a letter agreement, which was approved by the Compensation Committee. Pursuant to the terms of this agreement, WEC Energy Group will credit an annual contribution of $300,000 to a nonqualified account beginning February 21, 2022. So long as Mr. Lauber remains employed by WEC Energy Group, an additional $300,000 will be credited annually on February 1, until a maximum of 10 contributions have been made. In addition, the account will be credited with interest at a rate of 5.0% annually, which is equivalent to the interest crediting rate under WEC Energy Group's cash balance pension plan. The account vests upon the sixth contribution at which time Mr. Lauber will be 61, or upon Mr. Lauber's death or disability.
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