Summary
Occidental Petroleum Corporation (OXY) filed an 8-K on July 22, 2008, to report on compensatory arrangements for its executive officers. On July 16, 2008, the company's Executive Compensation and Human Resources Committee approved grants of incentive awards under the 2005 Long-Term Incentive Plan. These awards are designed to incentivize performance based on Return on Equity (ROE) and Total Shareholder Return (TSR).
Key Highlights
- 1Executive officers, including Dr. Irani and Messrs. Chazen, Morgan, Olson, and de Brier, received incentive awards.
- 2Awards are tied to two key performance metrics: Return on Equity (ROE) and Total Shareholder Return (TSR).
- 3Specific target incentive amounts (in dollars) and target performance share amounts (in shares) were granted to named executives.
- 4The forms of the award agreements are substantially similar to the prior year.
- 5New additions to the award agreements include 'Attachment 1 – General Terms of Employment' and 'Attachment 2 – Arbitration Provisions'.
- 6The filing includes Exhibits 10.1 and 10.2 detailing the ROE (cash-based) and TSR (equity and cash-settled) incentive award agreements, respectively.