Thread regarding Noble Energy Inc. layoffs

It’s been two weeks for a long time.

I thought it was always 2 weeks

Employees was 3 weeks per years of service now just cut to 2 weeks day before layoffs!

The person who mentioned they are taking a cut is mixing up the Change in Control with this NEW severance program. They are completely different. This is DS once again taking care of himself. How did the BOD approve this? CM, RC and BS making sure they are protected. It is a break even for KF. Dishonorable absolutely dishonorable.

looks like big cash payment cut by 1/3. But, they now get severance if they resign for good reason. What does that mean? They now get severance if disabled. Rest of us have to pay for that. Old plan limits payment to age 65 and DS will be 63 on Nov 1. So he's Ok. KF looks older than DS but I think he is same age or could be younger than BS. Extended option date probably won't cost Noble anything. here is link to old plan.
https://www.sec.gov/Archives/edgar/data/72207/000007220717000014/nbl-20161231x10kxex1032.htm

Anyone have a link for the rest of the report, the one posted states; " copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020."?

There's no reason why employee info would be included in that document. The executives will decide how everyone below them will get treated with regard to severance packages. How management and below are employed or laid off doesn't have to be sent to the SEC.

The document doesn’t address staff below SVPs. I’d hope not too but it wouldn’t shock me if they reduce everyones going forward.

Does that mean severance for other employees will be about half of what it was before?

For what it’s worth they basically cut everything in half from their 2016 severance agreement (24/30/36) to (12/18/24). Yes, still makes your stomach turn how the people who drive the company into the ground get paid vs. the rest of the staff but I don’t think that’s limited to o&g and it’s certainly not limited to Noble. Welcome to America.

Sorry, I’m so ticked I can’t see straight. Company was sinking into the PITS and immoral How well they’re taken care of.

Think back 5-10 years ago when we were needed with shale growing and all of the “employer of Choice” was being promoted internally. There's not a single exec, VP or higher, that I would ever want to work gor or with again.

This is really another example of how the top folks are taken care of beyond belief and everyone else is hung out to dry. Obviously this group of senior management isn’t responsible for some of the macro things going on but Noble was sinking into the puts well beforehand. It’s really immoral bow well they’re treated.

It seems like the company is positioning for a buy out and sets the executives up for a nice severance package if it happens.

Does this mean DS out the door?

My attorney will find the executive severance package interesting and useful.

Very generous terms for executive severance. Not surprising. These people have been driving the company into the ground for years. Now they're grabbing for one last drink from the trough.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 27, 2020, Noble Energy, Inc. (the “Company”) adopted the 2020 Executive Severance Plan (the “Severance Plan”), in which the Company’s executive officers may participate.
Previously, the Company’s executive officers were eligible to participate in the Company’s 2016 Severance Benefit Plan. The Severance Plan is intended to support Company executives (each a “participant”) in exercising their judgment and performing their responsibilities in the best interest of the Company without potential distraction that might otherwise arise from concerns regarding personal circumstances. For the Severance Plan, the Compensation, Benefits and Stock Option Committee of the Company’s Board of Directors consulted with the independent compensation consultant, Meridian Compensation Partners, LLC, to develop market-based severance benefits that reflect broader U.S. industry practices and are competitive within the oil and gas industry.
The Severance Plan provides the following severance benefits if an eligible participant’s employment with the Company is terminated by the Company other than for “cause,” the participant resigns with “good reason,” or due to the participant’s “disability” (each term as defined in the Severance Plan):
(1) Cash Severance. A cash severance amount equal to (x) the sum of the participant’s annual base salary and target annual cash bonus as in effect immediately before the termination of employment, (y) divided by 12, and (z) multiplied by the participant’s “applicable factor,” which is 24 for the Chief Executive Officer, 18 for the Chief Operating Officer and the Chief Financial Officer and 12 for Senior Vice Presidents.
(2) Pro Rata Bonus. A pro rata portion of the participant’s annual bonus for the year of termination, determined based solely on Company performance and prorated for the number of days the participant was employed with the Company during the year.
(3) Cash in Lieu of Welfare Benefits. A cash amount equal to (x) the participant’s “applicable factor” multiplied by (y) the employer’s monthly portion of the cost of continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for medical and dental benefit coverage for the participant and the participant’s dependents as elected by the participant as of immediately prior to the participant’s termination of employment.
(4) Outplacement Services. Outplacement services with a maximum value of $7,500.
(5) Accelerated Vesting of Certain Long-Term Incentive Awards. Generally, any long-term incentive award that would have otherwise vested during the year following the termination of employment would vest, with any performance-based long-term incentive awards vesting based on the extent to which performance conditions are achieved. Long-term incentive awards that would otherwise have vested beyond one year following the termination of employment would be forfeited. The exercise period of any stock option would be extended to the fifth anniversary of the participant’s termination of employment, or, if sooner, the original expiration date of the option.
Receipt of severance benefits are subject to the participant’s execution of a release of any claims against the Company and compliance with restrictive covenants, including non-competition and non-solicitation covenants.
The foregoing description of the Severance Plan is only a summary and is qualified in its entirety by reference to the full text of the Severance Plan, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020.

Well, well, well. I guess if the company is shrinking, it does not need near as many managers. Why else tweak the severance plan. Musical chairs begin. Some managers need to start contingency planning. Remember GW, AJ, and SC.

They have, of course, been more than generous with themselves.