Summary
This 8-K filing from Occidental Petroleum Corporation (OXY) on June 30, 2017, primarily announces the departure of its Senior Vice President and Chief Financial Officer, Christopher G. Stavros. The company has entered into a Separation Agreement with Mr. Stavros, detailing the terms of his exit, including severance payments and benefits. Investors should note the financial implications of this separation and the executive transition occurring within the company. The Separation Agreement outlines a comprehensive package for Mr. Stavros, including biweekly payments, a lump sum payment in 2018, tax planning assistance, and continued medical/dental benefits through June 2018. He is also eligible for a prorated 2017 cash incentive award, contingent on performance and committee approval. These arrangements are subject to Mr. Stavros adhering to confidentiality, non-competition, and non-solicitation clauses, and releasing the company from any claims.
Key Highlights
- 1Christopher G. Stavros, former SVP and CFO, has departed the company.
- 2A Separation Agreement has been executed between Occidental Petroleum and Mr. Stavros, effective June 27, 2017.
- 3Mr. Stavros will receive approximately $26,923 biweekly for twenty-six periods.
- 4A lump sum payment of $700,000 is scheduled for June 30, 2018.
- 5Mr. Stavros is eligible for a prorated 2017 annual cash incentive award.
- 6Continued participation in medical and dental plans at active participant rates through June 30, 2018, is provided.
- 7The separation is contingent on Mr. Stavros's compliance with non-compete, non-solicitation, and confidentiality clauses.