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December 23, 2013
12:16 EDTOXYOccidental Petroleum settles dispute with Ray Irani
Occidental Petroleum disclosed in a filing that the company and Dr. Irani have settled their dispute and resolved all matters relating to his separation. Under the settlement, his employment will terminate and he will receive $14M, but not the $16.8M termination payment described in the 2013 Proxy Statement which he claimed, continuation of his tax preparation and financial planning services and his security services for life, but not the longer list of post-termination lifetime perquisites he claimed, and certain other benefits. However, he will not receive an individual performance bonus for 2013 under the Executive Incentive Compensation Plan. The settlement also provides for a mutual release of claims and a non-disparagement agreement. The total pre-tax cost of the settlement and such other payments is currently estimated to be approximately $26M, plus up to $1.3M in annual costs. As previously reported, Ray Irani was not re-elected to the Board at the 2013 Annual Stockholders Meeting, and so was not re-elected as Chairman of the Board.
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April 8, 2014
07:39 EDTOXYOccidental Petroleum restructuring plan could lift shares, says Oppenheimer
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