Is all you get paid for working 20 plus years at Oxy in a change of control package . No wonder you are irritated with the APC staff that got more than twice as much money. Oh I forgot, stock grants vested and long term incentives vested, plus much more. Instead of the whining on this site over your raises and bonuses, focus on what you will not receive when you are eventually bought out. Save your annual bonuses, you'll need them.
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Stockholders don’t matter if you can just keep going into more debt
You realize that having a great, high paying job and working for a company that is underperforming is a recipe for disaster. Make the shareholders happy or you will be working for someone else...
Oxy pays well, has first class benefits, and for most people is a great place to work. It just isn't that great for the stockholders now.
BTW - yes, I'm an old, fat fa-t. Not sure what happened, I must have fat-fingered a key in my name.
I have not looked at what Oxy's plan is or is not. However, in speaking with former co-workers at other companies, what Oxy has offered during the time I've been here (2013 to present) has seemed far more generous than what these former coworkers shared with me they received under similar circumstances.
Not saying it is perfect or that everything is hunky-dory at Oxy, but based on having worked for almost 50 years outside of the family farm I was raised on, Oxy has a pretty good plan.
Of course, for all of you who think you can do better, my recommendation is for you to leave Oxy and start your own business. Then I am "sure" you can fix all of the things Oxy is doing wrong.
“ What’s wrong wiv oxy - we da operator of choice?!” The VP of DIB would like to speak with you immediately.
Exact quote from the COC plan: "Any person becomes the beneficial owner, directly or indirectly, of 20% or more of the combined voting power of the company’s then-outstanding voting securities."
@10b+1jhp48kr4, I don’t know what the company did to you, but I’m so glad to see you’re not bitter.
@kb+1jhp48kr4 If you read the actual COC it says 50% ownership clear as day. Your 20% threshold for COC is incorrect.
@qn+1jhp48kr4 Well, he does/did work for Oxy. How many times do people have to use the long list of facts and examples to point out what Oxy is and why they have the reputation they do and STILL have some ignorant person drooling down their shirt asking 'duh, whats wrong wiv oxy - we da operator of choice?!
I’m miserable, you’re miserable, we’re all miserable.
OP has to be a miserable person.
In corporate governance and legal contexts, the term "person" is often defined broadly to include both individuals and entities, such as corporations, partnerships, trusts, and other legal entities. This interpretation is standard under U.S. securities law, including the Securities Exchange Act of 1934 and related regulations, which govern beneficial ownership and voting power.
SEC Definition: Under the SEC's Regulation 13D-G (§ 240.13d-3), a "person" includes corporations, companies, and other entities capable of holding voting securities.
Change in Control Clauses: Similar severance plans and corporate agreements typically adopt this broader interpretation to encompass entities, ensuring that large institutional investors and corporate buyers fall within the scope of the clause.
Berkshire Hathaway, led by Warren Buffett, surpassed the 20% ownership threshold in Occidental Petroleum (OXY) on August 8, 2022. Between August 4 and August 8, 2022, Berkshire purchased nearly 6.7 million Occidental shares, bringing its total holdings to approximately 188.4 million shares, or 20.2% of the company's outstanding shares.
YAHOO FINANCE
This acquisition triggered the "Change in Control" provision in Occidental Petroleum's Change in Control Severance Plan, which defines such a change as occurring when:
"Any person becomes the beneficial owner, directly or indirectly, of 20% or more of the combined voting power of the company’s then-outstanding voting securities."
Therefore, the specific date when Berkshire Hathaway's ownership triggered the Change in Control clause was August 8, 2022.
You can find both the VSP and COC documents with a simple Google search.
For the VSP, all durations have 60 days for notice and then their severance time. For 20 or more, that is 365 days total.
The COC, for 20+ years, is 22 months plus 2 months of warn for a total of 24 months.
Vesting happens when you continue to be employed. The VSP agreement is a voluntary employment termination agreement, and the last one paid quite generously. I’m not sure how that equals a ripoff.
For the VSP you did not get the full unvested amount. That is the point. Kind of a ripoff.
During the last VSP, unvested amounts were paid at a prorated amount.
Oxy did not pay out unvested amounts for the VSP so why would you expect it during COC.
OP - I assume you looked at the Sevarance Plan posted on the internet. There is a COC plan as well and it offers a lot more. Twenty or more years gets a lot more than the 305 days you mention. Just google Oxy Change of Control.
;-(
305 days or about 10 months of salary continuation isn’t enough money and time for you to find another job? You are spoiled. If that’s not enough time you should work on your skills so you are more marketable.
From Oxy's website...
Where did you get that info? Sounds like a strange number.
So sad OP
;-)
OP, why all this angry talk? Personal experience?