Summary
Baker Hughes Company (BKR) has filed an 8-K report detailing the departure of Neil Saunders, Executive Vice President – Oilfield Equipment. This filing formalizes the terms of Mr. Saunders' separation, which was previously disclosed as part of a broader organizational restructuring. He will remain with the company in a transition assistance role until January 31, 2023, receiving his current salary, benefits, and incentive opportunities. Following his departure, Mr. Saunders will receive a severance package consistent with the Company's Executive Severance Program, including three months of contractual notice pay and other benefits. Notably, his outstanding equity awards will be treated according to existing incentive plans, and specific unvested restricted stock units granted in January 2022 will vest. This agreement also includes Mr. Saunders affirming his ongoing obligations to the Company regarding cooperation, assistance, and confidentiality.
Key Highlights
- 1Formalization of Neil Saunders' departure as EVP - Oilfield Equipment, effective January 31, 2023.
- 2Mr. Saunders will receive his current base salary, annual incentive opportunity, and benefits until his departure date.
- 3Severance package includes three months of contractual notice pay.
- 4Severance is consistent with Baker Hughes' Executive Severance Program, treated as an involuntary termination.
- 5Outstanding equity awards will be handled as per existing long-term incentive plan provisions.
- 6Unvested restricted stock units granted in January 2022 will vest upon departure.
- 7Mr. Saunders reaffirms contractual obligations, including cooperation and confidentiality post-employment.