Summary
Occidental Petroleum Corporation (OXY) announced on January 29, 2010, that it has entered into a new employment agreement with Stephen I. Chazen, its President and Chief Financial Officer. This new agreement, effective January 28, 2010, replaces his previous contract and extends through January 2015. It establishes a minimum annual salary of $720,000 and includes continued eligibility for general employee and senior executive benefit programs. The agreement outlines specific provisions regarding retirement and termination. If Mr. Chazen meets age and service requirements for retiree medical benefits, he can retire with 90 days' notice, with vesting and payment of long-term incentive awards to be handled according to award agreements or potentially accelerated by the Executive Compensation and Human Resources Committee. In cases of termination without cause by Occidental, or a deemed termination without cause, Mr. Chazen would receive severance equivalent to twice his highest two-year base salary period, with continued eligibility for stock options and other retirement plan benefits during a compensation period.
Key Highlights
- 1Occidental Petroleum entered a new employment agreement with President and CFO Stephen I. Chazen.
- 2The new agreement has a term expiring in January 2015.
- 3Mr. Chazen's annual salary is set at a minimum of $720,000.
- 4The agreement details provisions for retirement, including potential acceleration of incentive awards.
- 5Severance provisions are outlined for termination without cause by the company.
- 6Mr. Chazen will continue to be eligible for benefit programs and stock option exercises under certain termination scenarios.
- 7The filing includes the full text of the Employment Agreement dated January 28, 2010, as an exhibit.