Summary
Chesapeake Energy Corporation (EXE) announced on January 31, 2020, the termination of its Deferred Compensation Plan (DCP) and the Deferred Compensation Plan for Non-Employee Directors (Director DCP), both effective January 29, 2020. This action was taken in accordance with the existing terms of these plans. The company will begin distributing previously deferred amounts to the respective plan participants as soon as administratively practicable. This move is a procedural step that formalizes the cessation of these deferred compensation programs and initiates the payout process for participants.
Key Highlights
- 1Termination of the Chesapeake Energy Corporation Deferred Compensation Plan (DCP) effective January 29, 2020.
- 2Termination of the Chesapeake Energy Corporation Deferred Compensation Plan for Non-Employee Directors (Director DCP) effective January 29, 2020.
- 3Terminations were executed in accordance with the existing terms and conditions of both plans.
- 4Distribution of previously deferred amounts to participants will commence promptly.
- 5The company is initiating the payout process for these deferred compensation plans.
- 6No new deferrals will be made under these terminated plans.
- 7This filing does not indicate any new appointments or departures of directors or officers.