Anybody have a logical explanation for this, or does the EC think the little blurb about the "plan administrator says this doesn't qualify" will scare folks into not filing?
11 replies (most recent on top)
If you were an employee, you’d know. If you read this board, you’d know.
So I have heard 4.9 % cut and I have heard 25% cut of the Permian location premium so which one is it?
At least the govt is extending unemployment benefits for an extra 4 months.
Go read Section 6.6, paragraph (b) of the merger agreement...
(b) For a period of one (1) year following the Effective Time, Parent shall continue to provide to each individual who is employed by the
Company and the Company Subsidiaries as of the Effective Time who remains employed with Parent or any Subsidiary of Parent (“Affected
Employees”), for so long as such Affected Employee remains employed by Parent or any Subsidiary of Parent during such one (1) year period...
Oh yeah, they are going to hammer us LAPC folks in August. We are not stupid.
Hopefully company gets sold before then and we invoke COC, if not we will ride it out.
Atleast we are bullet proof for 3 years. You LOXY folks will be cut next after they finish with the green badge cuts.
I feel for everyone, and even the COC Anadarko folks. Come August I would expect you guys to get another 25% cut. I got a 30% cut, so enjoy the extra money while you can. When this is all over there will be a mass exodus, and the competition for new jobs will be fierce. Everyone I have talked to is just waiting for the chance to jump.
OXY is plan administrator? Seriously?
How about give APC zero % pay cuts and just let us take COC. We did not ask for this.
VH went all in and lost, not our fault.
Oxy is now the plan administrator and is "playing games"
Quit complaining. The rest of us got a 30% cut.
Cause the update the COC good reasons docs last night. Oxy claims this is not a material change.
Reductions in Compensation
The COC Plan document has two separate provisions on this topic:
“the Participant’s Base Salary is materially reduced in comparison to the Base Salary
enjoyed by the Participant immediately prior to the Change of Control”
and
“the aggregate value of the Participant’s Base Salary plus Total Target Incentive
Compensation is materially reduced in comparison to the aggregate value of the
Participant’s Base Salary plus Total Target Incentive Compensation immediately prior to
the Change of Control”
The Plan Administrator will evaluate each situation on a case-by-case basis. However, the Plan
Administrator has reviewed the communication that was distributed by Oxy on March 24, 2020
and has determined that the salary reduction, effective April 1, 2020, of 4.9% is not a material
reduction under the Good Reason definition in the COC Plan. Additionally, the other changes
described therein (including the quarterly production bonus and premiums/incentives) are not
included when determining if a Good Reason event occurred and, therefore, none of the changes
constitute a Good Reason Event under the COC Plan.