First Wind amends ex-PUC chair filings
First Wind officials have corrected federal filings related to the hiring of vice president and former Maine Public Utilities Commission Chair Kurt Adams, following questions over his compensation.
The Massachusetts-based company has amended filings with the Securities and Exchange Commission to reflect that Adams did not receive equity units from the company in April 2008 while he was still employed by the state, according to the Bangor Daily News. First Wind had previously reported that Adams received 1.2 million units of long-term equity when he signed an employment agreement on April 16, 2008. The amended filing clarifies that the units have no value until one year after Adams' employment start date, and that the vesting period did not begin until he officially joined the company on May 19, 2008.
A report last month from the journalism nonprofit The Maine Center for Public Interest Reporting first called the equity units into question. Members of a citizens' group called the Citizens Task Force on Wind Power have asked Maine Attorney General Janet Mills to investigate the matter, but a spokeswoman for the attorney general's office wouldn't confirm whether the office is investigating, according to the paper.
Go to the article from the Bangor Daily News >>
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