Summary
Occidental Petroleum Corporation (OXY) filed an 8-K on November 14, 2008, to disclose a retirement agreement with Executive Vice President John W. Morgan. Mr. Morgan, who had previously announced his intention to retire at year-end, has entered into a formal agreement that extends his engagement with the company through 2009 in a consulting capacity. This arrangement aims to ensure a smooth transition and leverage his expertise on past projects. Under the terms of the agreement, Mr. Morgan will continue to receive his salary throughout 2009 and will be eligible for payments on the non-forfeited portion of his performance-based incentive awards. This agreement provides for continued support from a key executive while formalizing his departure and compensation structure, offering a degree of continuity for the company's ongoing operations and projects.
Key Highlights
- 1Occidental Petroleum entered into a retirement agreement with Executive Vice President John W. Morgan on November 12, 2008.
- 2Mr. Morgan had previously announced his intention to retire at the end of 2008.
- 3The agreement allows Mr. Morgan to assist the company in 2009 with matters related to his past employment.
- 4Mr. Morgan will continue to receive his salary throughout 2009.
- 5The agreement also addresses the compensation for a portion of Mr. Morgan's performance-based incentive awards that would otherwise be forfeited.
- 6The retirement agreement is filed as Exhibit 10.1 to the 8-K filing.