Got details of the CoC severance packages today. Seems pretty reasonable. I guess there are worse things than being laid off from an oil company.
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Very average severance packages. You would think since they sold the company for pennies on the dollar executives/board would negotiate a better severance for employees. Oh wait.... They had the golden parachutes, why should they care?
Compare this severance to the Rosetta, Clayton Williams or Newfield, Anadarko most recently. Not even close
Yeah I don’t think any of these dolts were going to be lured away by anyone. They have proven they can’t run a profitable operation.
"retention"? where were they going? they were going to stay here for their change of control money.
But $30,000,000 not enough for old man dave. So the pigs lined up at the trough.
Retention bonuses in addition to change of control and severance payments because some other company could come in and steal these valuable persons before year end.
David L. Stover 4,750,000
Brent J. Smolik 2,750,000
Kenneth M. Fisher 1,500,000
Rachel G. Clingman 1,500,000
John K. Elliott 2,000,000
John T. Lewis 1,000,000
Christine M. Michel 1,000,000
Robin Fielder 400,000
Thomas H. Walker 600,000
Take a look at the proxy filed today for executive CoC payout...it’s disgusting
That’s consistent with the severance policy.
I speculate they won’t release details until after the 45 days are up for the latest lay-off victims in case there’s a petition for fairness.
Ask what kind of bonuses different leadership levels will get as payment for destroying an 85+ year old family business and careers of thousands of people. It’s more than the payout for the worker bees I guarantee.
Was a document provided or just verbal?
They don’t get you 6 months of COBRA, they give you 6 months of whatever the company cost of your insurance plan was.
Still being finalized, but it will Include both a salary component (e.g., 3 weeks for every year), and a prorated STIP component. There are a couple of scenarios for each, and I’m too lazy to post the details because they have math and it’s lengthy, but it’s “greater of” for each option. Also 6 months COBRA lump sum, and as I understood it, possibly vacation time. Minimum payout bumper is 12 wks and max is 72.
Also outstanding un-vested shares etc are vested.