Chris Morice
About Chris Morice
Chris E. Morice is Chief Commercial Officer (CCO) of Talen Energy, serving since 2023; he is 45 years old, with prior market-facing trading and portfolio roles and degrees from the University of Missouri (BA) and Fordham University (MA) . He joined Talen in 2017, led trading desks and portfolio management before becoming CCO, overseeing wholesale trading and fleet optimization . Company performance metrics relevant to executive pay-for-performance include safety (LTIR), forced outage rate (EFOF), Adjusted EBITDA, and Adjusted Free Cash Flow; the Compensation Committee certified 2024 performance at 200% for the STI program, evidencing strong operational and financial execution . Morice’s leadership commentary highlights disciplined, pragmatic hedging that doubled 2026/2027 hedge coverage in Q1 2025 and maintained risk tolerances to protect cash flows, signaling commercial execution and risk management alignment with shareholder value .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Talen Energy | Chief Commercial Officer | 2023–present | Oversees wholesale trading and fleet optimization (company-wide hedging and cash flow protection) . |
| Talen Energy | Vice President – Portfolio Manager | 2020–2023 | Managed portfolio P&L and optimization across regions/products . |
| Talen Energy | Desk Head/Lead Trader | 2017–2020 | P&L responsibility; managed numerous products across multiple regions . |
| Lehman Brothers/Eagle Energy Partners | Trading/market-facing roles | Not disclosed | Early career P&L roles; moved to Houston after Lehman’s acquisition of Eagle Energy Partners in 2009 . |
| Koch Energy | Market-facing, risk-taking role | Not disclosed | Revenue-generating trading roles . |
| Topaz Power | Market-facing, risk-taking role | Not disclosed | Revenue-generating trading roles . |
| EDF Trading | Market-facing, risk-taking role | Not disclosed | Revenue-generating trading roles . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in proxy | — | — | No external public-company board roles disclosed for Morice in the DEF 14A executive biographies . |
Fixed Compensation
- Base salary, target bonus %, and actual bonus paid for Chris Morice are not disclosed in the 2025 proxy; NEO compensation tables do not include Morice (NEOs listed are CEO, CFO, SVP Nuclear, GC, EVP Strategic Ventures) .
Performance Compensation
Company STI Metrics and 2024 Outcomes (applies to NEOs; executives participate in STI program per company policy)
| Metric | Weight | Threshold (50%) | Target (100%) | Maximum (200%) | Performance Certified (2024) |
|---|---|---|---|---|---|
| Safety (Lost Time Incident Rate) | 20% | 0.5 | 0.3 | 0.1 | 0.096 |
| Equivalent Forced Outage Factor | 20% | 4.76% | 3.17% | 2.54% | 2.24% |
| Adjusted EBITDA ($mm) | 30% | $512 | $640 | $767 | $770 |
| Adjusted Free Cash Flow ($mm) | 30% | $120 | $171 | $223 | $283 |
- The Compensation Committee certified total corporate performance at 200% for 2024; individual multipliers ranged 0–150% to determine final payouts (NEOs only; Morice’s individual payout not disclosed) .
Morice’s Equity Awards and Vesting
| Award Type | Shares Reported | Vesting Schedule | Performance Range | Settlement |
|---|---|---|---|---|
| RSUs | 28,099 | Two equal annual installments on May 17, 2025 and May 17, 2026 (subject to continued employment) | N/A | One share or cash equivalent per unit |
| PSUs | 126,448 (maximum at 200% of target) | Vest or lapse on May 17, 2026 (subject to performance and continued employment) | 0%–200% of target; number shown reflects 200% max | One share or cash equivalent per unit |
- Company practice: 2023 PSUs for NEOs measure per‑share value; as of 12/31/2024, PSU performance was above 200% of target (inclusive of kicker), illustrating strong stock performance alignment; Morice’s PSU terms reference a similar 0–200% framework with vest date in 2026 .
- Option awards: Company currently does not grant stock options/SARs under Item 402(x)(1) policy; thus Morice’s equity is RSUs/PSUs (no options outstanding per disclosed program) .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial ownership (common) | No non-derivative common shares reported on Morice’s Form 3 at 7/9/2024 . |
| Derivative/stock awards | 28,099 RSUs; 126,448 PSUs at 200% max (settle to common or cash) . |
| Vested vs unvested | RSUs unvested as of 7/9/2024; vesting dates 5/17/2025 and 5/17/2026; PSUs unvested pending 5/17/2026 performance/vesting . |
| Ownership guidelines | 3x base salary requirement for executive officers; RSUs/PSUs (unvested) count toward compliance; executives subject to holding restrictions on vested 2023 awards to facilitate compliance . |
| Hedging/pledging | Prohibited: no hedging, no margin accounts, no pledging of company securities under Insider Trading Policy . |
Employment Terms
- Severance (NEOs): One-times base salary + target annual bonus paid over 12 months upon termination without cause or for good reason (CEO at 2x over 24 months); pro rata annual bonus on death/disability; subject to release and restrictive covenants .
- Equity treatment (NEOs): On Change in Control, all RSUs/PSUs fully vest (PSUs based on implied Adjusted Equity Value at CIC), indicating single-trigger equity acceleration under the 2023 Equity Plan for NEOs .
- 2025 RSU grants (NEOs): Cliff vest in Feb 2027; on CIC followed by termination within 12 months, all unvested RSUs immediately vest (double-trigger for RSUs in 2025 grants); pro-rata vesting for termination without cause/good reason, death or disability .
- Clawback: Nasdaq 10D-compliant policy requires recovery of excess incentive compensation over prior 3 completed fiscal years following a required restatement; covers current/former executive officers; includes incentive compensation tied to financial reporting measures .
- Insider trading controls: Regular blackout periods and Rule 10b5-1 compliance standards .
Note: Employment agreement economic terms (severance/CIC) are expressly disclosed for NEOs; Morice’s specific employment contract economics are not disclosed in the proxy .
Performance & Track Record
- Hedging execution: Morice stated the team doubled 2026/2027 hedges in Q1 2025 during a rising price environment to increase near-term cash flow certainty while preserving upside to fundamentals; the approach is pragmatic, not programmatic .
- Portfolio risk posture: By September 2025, roughly 50% of next-year generation and nearly a quarter of 2027 generation were hedged, below historical prompt ranges—implying disciplined but opportunistic risk warehousing in anticipation of tightening reserve margins and rising cost of new builds in PJM .
- Market context: Commentary emphasized surging demand from AI/data centers, stressed grids, shrinking PJM reserve margins, and cost-of-new-build increases, underpinning constructive long-term power price fundamentals .
Board Governance (Context for Compensation Oversight)
- Compensation Committee: Anthony Horton (Chair), Gizman Abbas, Karen Hyde; Committee reviewed CD&A and recommended inclusion .
- Say-on-Pay: Board recommends annual say-on-pay vote; advisory proposal included in 2025 proxy .
- Compensation peer group: Broad utility/IPPs and energy names used for benchmarking in FY2024 (e.g., Constellation, Vistra, NRG, PPL, AES, etc.) .
Investment Implications
- Alignment: Morice’s equity-heavy compensation (RSUs/PSUs with performance gates and defined vesting dates) aligns incentives to stock value creation and risk-managed cash flows; corporate policies prohibit hedging/pledging and impose ownership guidelines (3x salary), reinforcing alignment .
- Retention risk and selling pressure: Key vest dates—May 17, 2025 and May 17, 2026 for RSUs; May 17, 2026 for PSUs—create potential liquidity windows and related insider trading blackouts; monitor proximity to these dates for Form 4 activity and potential supply overhang .
- Change-in-control economics: Single-trigger PSU/RSU acceleration for NEOs under the 2023 Equity Plan and double-trigger RSU acceleration in 2025 grants highlights meaningful CIC sensitivity; while Morice’s specific CIC terms are not disclosed, company equity plan mechanics can amplify executive windfalls under strategic transactions .
- Execution signal: Morice’s hedging actions (doubling 2026/27 hedges) and stated risk discipline support cash flow stability and opportunistic exposure to tightening PJM fundamentals; this approach is supportive of valuation resilience and risk-adjusted returns in the IPP context .