OCCIDENTAL PETROLEUM CORPORATION (NYSE:OXY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Occidental Petroleum Corporation (the Company) and Christopher G. Stavros, the Companys former Senior Vice President and Chief Financial Officer, entered into a Separation Agreement, effective June 27, 2017 (the Separation Agreement). Under the terms of the Separation Agreement, Mr. Stavros will receive separation pay comprised of: (i) twenty-six biweekly payments of $26,923; (ii) a lump sum payment of $700,000, payable as of June 30, 2018; and (iii) $8,000 in lieu of tax planning assistance for the 2017 tax year. Mr. Stavros will be eligible to participate in the Companys medical and dental plans at active participant rates through June 30, 2018. In addition, Mr. Stavros will be eligible to receive a prorated annual cash incentive award for the 2017 performance year, payable in the first quarter of 2018, subject to the terms of the Executive Incentive Compensation Plan and the Executive Compensation Committees determination of any payout. These payments are subject to Mr. Stavross compliance with certain obligations, including confidentiality, non-competition and non-solicitation covenants contained in the Separation Agreement. The Separation Agreement contains a customary release by Mr. Stavros of any claims in favor of the Company.
About OCCIDENTAL PETROLEUM CORPORATION (NYSE:OXY)
Occidental Petroleum Corporation is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas. The OxyChem segment manufactures and markets basic chemicals and vinyls. OxyChem owns and operates manufacturing plants at approximately 20 domestic sites in Alabama, Georgia, Illinois, Kansas, Louisiana, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee and Texas, and at two international sites in Canada and Chile. The midstream and marketing segment gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including transportation and storage capacity. Additionally, the midstream and marketing segment invests in entities that conduct similar activities.