Summary
Occidental Petroleum Corporation (OXY) filed an 8-K on April 29, 2013, primarily to disclose an amendment to its Long-Term Incentive Program (LTIP) concerning Total Shareholder Return (TSR) awards. The key change introduces a cap on the maximum payout for TSR awards, limiting them to 50% of the target if the company's TSR is negative over the performance period. This amendment is effective retroactively for 2012 for CEO Steve Chazen and for 2013 and onward for all other LTIP participants.
Key Highlights
- 1Amendment to Long-Term Incentive Program (LTIP) regarding Total Shareholder Return (TSR) awards.
- 2Maximum payout for TSR awards capped at 50% of target if TSR is negative.
- 3Retroactive application for CEO Steve Chazen concerning the 2012 performance period.
- 4Forward-looking application for all other LTIP participants starting from the 2013 performance period.
- 5The amendment aims to align executive compensation more closely with negative shareholder returns.
- 6Disclosure made via press release filed as an exhibit to the 8-K.