Summary
Occidental Petroleum Corporation (OXY) announced that Marcia E. Backus, Senior Vice President, General Counsel and Chief Compliance Officer, will be stepping down from her executive role effective December 31, 2022. While she will transition to an Executive Adviser – Legal role until her retirement on March 1, 2023, Ms. Backus has agreed to provide consulting services through June 30, 2024, ensuring a smooth transition for the legal department. Investors should note the financial implications of Ms. Backus's departure. She will receive a monthly payment of $131,250 from January 1, 2023, through June 30, 2024, for her transition services. Additionally, her separation agreement includes accelerated vesting of time-based equity awards and continued vesting of performance-based equity awards upon her termination of employment. However, she is not expected to receive any annual bonus or equity compensation for the 2023 and 2024 fiscal years.
Key Highlights
- 1Marcia E. Backus to step down as Senior Vice President, General Counsel and Chief Compliance Officer effective December 31, 2022.
- 2Ms. Backus will serve as Executive Adviser – Legal until her retirement on March 1, 2023.
- 3Ms. Backus will provide consulting services to Occidental through June 30, 2024, to ensure a smooth transition.
- 4Ms. Backus will receive a monthly payment of $131,250 from January 1, 2023, to June 30, 2024, for transition services.
- 5Accelerated vesting of outstanding time-based equity awards is granted to Ms. Backus upon her termination of employment.
- 6Continued vesting of outstanding performance-based equity awards is part of the separation agreement.
- 7Ms. Backus will not receive annual bonus or equity compensation for fiscal years 2023 and 2024.