Title: Sempra Amends Severance Agreement with CEO Jeffrey W. Martin

Sempra, formerly Sempra Energy, and its CEO Jeffrey W. Martin, have agreed to modifications in the company’s severance agreement. These changes, as stated in the amendment to the Sempra Energy Severance Pay Agreement, are effective as of February 20, 2025.

Sempra and the executive have shown mutual interest to extend the period for which the Severance Agreement will be operative. Alongside, they aim to clearly delineate agreements related to the definition of “Mandatory Retirement” and to introduce certain other technical and conforming changes to the Severance Agreement. These actions have been authorized by the Board of Directors of Sempra or an authorized committee thereof.

One of the primary changes implemented by the amendment was to substitute “Sempra Energy” with “Sempra” throughout the Severance Agreement. This alteration is meant to reflect the legal name change of the corporation.

The update also includes alteration to the definition of “Mandatory Retirement”. The term, as it appears in Section 1 of the Severance Agreement, now stands to mean the termination of employment upon attainment of age 67, in accordance with the company’s mandatory retirement policy.

The two-partite Amendment can be executed in multiple counterparts. Despite different counterparts, together they shall constitute as one singular instrument.

Despite the amendments, all other terms of the Severance Agreement will remain in effect and operate according to its original terms. This amendment, signifying a strong relationship between Sempra and its CEO, Jeffrey W. Martin, sets a clear precedent about the expected tenure of the executive role within the company.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sempra’s 8K filing here.

About Sempra

Sempra operates as an energy infrastructure company in the United States and internationally. It operates through three segments: Sempra California, Sempra Texas Utilities, and Sempra Infrastructure. The Sempra California segment provides electric services; and natural gas services to San Diego County.