Check out the Oxy COC that HR just sent out via the Q&A document. Effective February 2020. They basically cut and pasted most of the sentences from the APC COC. Looks to be not too shabby. Too bad it probably won't matter.
Oxy Grade 26 > gets 24 months as the base + other items; below 26 gets one-month pay per years of service + 1 month (min 4 months max 22 months). How does the pay grade break down within the company?
Oxy can’t pay The Oracle of Omaha his money so they will have to issue stock. It will delude the value of Oxy stock further and give The Oracle a bigger stake in the company. Wouldn’t be surprised if he takes over Oxy.
@fbn+14iKzeGX actually the Oxy COC is dated in February prior to the severest portion of the price crash and prior to Icahn's latest acquisition. Also, the execs are subjected to a different severance plan.
Brilliant move by EC and Board... might be the first complex thing I have seen this company pull. They have effectively introduced an employee retention program that will never materialize and essentially add another layer to the poison pill that was just swallowed. Thus making it even less likely the company will be bought. Now they have to swallow our debt and potentially lose all operating knowledge. Everyone praising this move is also blind to the Execs increasing their severance... not a COC which is already planned for. They have covered themselves and left the employees remaining from the LOxy side to potentially wait it out in a hope they can get a CoC.... as they flirt with bankruptcy.
Dont worry we'll all get 2 COCs at once, just you wait and see how bad this gets!!
You left nothing on the table, most would love to be your position and be out of this hell hole
Reply @iqi+14iKzeGX
Sorry I left in November under the VSP and am curious as to what I left on the table.
"I love COC. I want the COC. Give me all the COC. Once you’ve had a whiff of COC - you’ll never go back. I think about the COC daily - hourly - minutely. I just want the COC and go live happily ever after. Give. Me. The. COC.
All of L-APC"
This poster gets it and know us LAPC well. We love all types of COC
Bankruptcy before acquisition you cool cats and kittens. Don’t get your hopes up
I'm not posting the whole dang thing here just go read it. It's not a Q&A on the COC, it's an HR Q&A that includes a link to the COC at the bottom.
@iqi+14iKzeGX - no... a Change of Control EVENT has to actually happen before and THEN a Good Reason event has to occur following the event.
Oxy Grade 26 > gets 24 months as the base + other items; below 26 gets one-month pay per years of service + 1 month (min 4 months max 22 months). How does the pay grade break down within the company?
What are the other items ?
Please share the HR Q&A on CoC.
I love COC. I want the COC. Give me all the COC. Once you’ve had a whiff of COC - you’ll never go back. I think about the COC daily - hourly - minutely. I just want the COC and go live happily ever after. Give. Me. The. COC.
Other key item is that LTIs vest automatically, and pro-rated bonus.
Since Good Reason exists now with the 30% salary reduction, does that mean COC is already triggered?
Good Reason will mean the occurrence of one or more of the following:
(i) a material diminution in the Participant’s Base Salary;
Loxy has no clue how to handle a COC.
So, after digging into both plans, the APC CoC was still better, but there are some differences. The Oxy CoC gets closer to the APC CoC as the years of service increase. In all cases, the APC CoC still comes out higher, but the Oxy CoC looks to be more fair to higher years of service rather than what you were being paid. Also, APC CoC did have a cap of 24 months pay. This appears to be the goal behind the 26+ being set to receive 24 months of pay regardless. So even if your numbers came out higher...it was still capped at 2x salary. The Oxy one is a little less with 20 years plus being capped at 22 months. It would have been nice to make it an even 24...or not count the two months for WARN.
All in all, nice to have.
Many people will get the full two years just based on service. We don’t need to be grade 26.
It really isn’t much better than normal severance for all of us. Basically they had to give us something since they gave themselves 2 years plus the bonus for the current year. Don’t let this distract you from the fact that they DGAS about us or the shareholders. VH looks out for VH.
If you're an EVP, you get 2 years severance. Everybody else will get much less. Way to take care of us common folk, VH and board! They could have written anything, just like APC did, but NOOOooo... Greedy b–tards.
Great, since I'm not an EVP, and I only have 5 years of service, I would only get 6 months severance. Not even close to the APC COC. In this market, no way do I want that. It doesn't matter, I don't see anyone buying us now anyway, since we have so much debt. This policy was dated February, before the industry collapsed. Doesn't do us much good now. Although it is better than nothing as an insurance policy, if we're still around when things recover someday.
I think the bankruptcy situation depends on how the company continues operations afterwards by the bond holders/creditors. The company doesn't just cease to operate in a Ch11 sitch.
What positions are grade 26?
I don’t know that bankruptcy would even trigger COC for LOXY though, so probably not even a creditor.
If we go bankrupt, you will be listed a debtor to be paid after all other debts paid. If you want the COC, you dont want bankruptcy.
Based on the verbiage (which, I must admit, has so much punctuation that I'm not sure I read properly), eligible COC events do include acquisition of 30% or more of the common stock (i.e. not purchased directly from non-float shares of the company), as well as the usual merger/buy-outs. It also mentions restructurings. I'm not sure how bankruptcy plays in to it though. Maybe Legal can advise here?
Acquired or Icahn taking over, right?
"LAPC maybe in August your salary should be cut by 55%...the 30% OXY folks have to endure plus the 25% to catch up with them for the 5 months you got at 4.9%. Maybe then you’ll stop crying about the measly 4.9%!!"
The person has no friends, terrible person
This is good! Now I just have to pray Oxy doesn't go bankrupt before getting acquired.
Might be the best thread of the week...All the talk about COC, got me so excited!
How many COCs is going to take for you LAPC folks to be happy!!!! Be greatful you have one Big COC. We are getting a little COC.
So if Buffett or Icahn takes over the company, does that trigger this COC?
They must be preparing because they think oxy will be aquired.
@mys+14iKzeGX LOXY COC endures for two years, compared to the LAPC COC that endures for one year based on Good Reason, and three years without Cause. The real downside to LOXY COC is the company definitely has the ability to rectify the situation for 30 days once notified of the Good Reason event. COC Rectification.
No expiration on the COC? LAPC is 3 years I believe, but I didn’t see anything on this one for an expiration.
The LOXY folks getting trolled so bad with this with big ole COC...so dumb
Oxy s—s so bad, cant wait to leave. I really dont need that big ole COC.
You know what they say, once you get the COC you never go back.
I just want COC so bad...what all the LOxy peeps were sayin
@pdm+14iKzeGX bro it was a joke. I'm now thankful for our APC executive management that were able to convince Oxy and CVX to buy them somehow, which as you noted turned out to be a saving grace for APC.
“Two bad us LAPC can't get two COCs at once.”...one again showing the greediness of the LAPC employees. Be thankful for what you’re getting!! YOUR APC management drove your company into the ground!! Be glad they didn’t file bankruptcy, in which case you would have received ZERO!!
LAPC maybe in August your salary should be cut by 55%...the 30% OXY folks have to endure plus the 25% to catch up with them for the 5 months you got at 4.9%. Maybe then you’ll stop crying about the measly 4.9%!!
It’s fine just keep everyone’s salary the same and let the company run out of money.