Management Change/Compensation - Form 8-K

As part of its ongoing succession planning efforts, on March 13, 2024, Sound Energy, Inc. and Puget Energy, Inc. (together, the "Companies") announced that Jamie Martin has been appointed to serve as Senior Vice President and Chief Financial Officer ("CFO") of the Companies. Daniel A. Doyle, the Companies' interim CFO, has been named Executive Vice President in the Office of the CEO, and will continue to report to Mary E. Kipp, the Companies' President and Chief Executive Officer. Ms. Martin, who will begin her service on May 20, 2024, will report to Mr. Doyle for a transition period lasting through September 2024, and thereafter will report to Ms. Kipp.

Ms. Martin, who is 42, previously served as Vice President, Undergrounding, at Pacific Gas & Electric Company ("PG&E"), a role she held since 2022. Prior to that, Ms. Martin served as Vice President, Supply Chain and Chief Procurement Officer at PG&E, from 2019 to 2022, and as Vice President, Business Finance and Planning at PG&E from 2016 to 2019. Ms. Martin currently serves on the board of trustees of the University of San Francisco, from which she earned a bachelor of science degree in finance in 2004.

In connection with her appointment as Senior Vice President and Chief Financial Officer, the Boards of Directors of the Companies, upon the recommendation of the Compensation and Leadership Development Committee, approved a compensation package for Ms. Martin that includes the following components:

In addition, Ms. Martin will receive a hiring bonus in the amount of $150,000 ("Hiring Bonus"), which will be paid within 30 days following Ms. Martin's start date. In the event Ms. Martin resigns or is terminated for cause within 24 months of hire, Ms. Martin will be required to reimburse the Companies for the full amount of the Hiring Bonus. Further, Ms. Martin will be eligible to receive an additional bonus of $250,000, payable in December 2024, provided that she is actively employed at the time of payment.

Ms. Martin will be eligible to participate in the Companies' health care, retirement and other benefit plans. The Companies will provide Ms. Martin a lump sum net of taxes in the amount of $175,000 to help cover expenses in her relocation to Washington. This payment also would require repayment in the event Ms. Martin resigns or is terminated for cause within 24 months of hire.

This Current Report on Form includes forward-looking statements, which are statements of expectations, beliefs, plans, objectives and assumptions of future events. Words or phrases such as "anticipates," "believes," "continues," "could," "estimates," "expects," "future," "intends," "may," "might," "plans," "potential," "predicts," "projects," "should," "will likely result," "will continue" or similar expressions are intended to identify certain of these forward-looking statements and may be included in discussion of, among other things, our future expectations. Forward-looking statements reflect current expectations and involve risks and uncertainties that could cause actual outcomes to differ materially from those expressed.