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This excerpt taken from the EOG DEF 14A filed Mar 25, 2009. Early
Retirement and Involuntary Termination (Not for Cause) at or
After Age 55
Early retirement is also not addressed in any Named
Officer’s employment agreement. Thus, in the event a Named
Officer chooses to retire at or after age 55 but prior to
age 62 and the retirement is designated in writing by us as
a “Company-approved retirement prior to age 62,”
he would be entitled to the same benefits as any other
Table of Contents
employee whose retirement was designated as a
“Company-approved retirement prior to age 62,”
including benefits under our plans described under
“Retirement Plans” below. Each Named Officer is
eligible for early retirement upon reaching the age of 55 and
completing five years of service with EOG. In order to be
designated a “Company-approved retirement prior to
age 62,” the employee must agree to enter into a
six-month non-competition agreement with us. In addition to
benefits under the plans described below and in accordance with
the terms of the applicable plan and grant agreements, upon any
employee’s Company-approved retirement at or after
age 55 but prior to age 62,
in each case, provided that all provisions of the
employee’s non-competition agreement are satisfied.
In the event a Named Officer is eligible for early retirement
but is involuntarily terminated by EOG other than for cause,
such termination will be treated as a “Company-approved
retirement prior to age 62,” in which case the Named
Officer must agree to enter into a six-month non-competition
agreement. Upon satisfactory completion of the six-month
non-competition period, the Named Officer will receive the
benefits described above as well as the severance benefits
described for such Named Officer in the “Potential Payments
Upon Termination or Change of Control Table” below.
In the event a Named Officer elected retirement or early
retirement prior to the expiration of the term of his employment
agreement, it would be considered a “Voluntary
Termination” under his employment agreement. In the event
of a “Voluntary Termination,” the non-competition
obligations of each Named Officer subject to an employment
agreement will extend until the earlier of one year following
the date of the termination or the expiration of the term of
their respective employment agreement. In accordance with our
policy on “Company-approved retirement prior to
age 62,” the Named Officers will receive the benefits
described above upon the satisfaction of the six-month
non-competition agreement entered into at the time of early
retirement, but, to the extent subject to an employment
agreement, will remain subject to the full term of the
non-competition provision of their respective employment
agreement.
This excerpt taken from the EOG DEF 14A filed Apr 4, 2008. Early
Retirement and Involuntary Termination (Not for Cause) After
Age 55
Early retirement is also not addressed under the Named Officer
employment agreements. Thus, in the event a Named Officer
chooses to retire prior to age 62 and the retirement is
designated in writing by us as a “Company-
approved retirement prior to age 62,” he would be
entitled to the same benefits as any other employee whose
retirement was designated as a “Company-approved retirement
prior to age 62,” including benefits under our plans
described under “Retirement Plans” below. Each Named
Officer is eligible for early retirement upon reaching the age
of 55 and completing five years of service with EOG. In order to
be designated a “Company-approved retirement prior to
age 62,” the employee must agree to enter into a
six-month non-competition agreement with us. In addition to
benefits under the plans described below and in accordance with
the terms of the applicable plan and grant agreements, upon any
employee’s Company-approved retirement prior to age 62,
in each case, provided that all provisions of the
employee’s non-competition agreement are satisfied.
In the event a Named Officer is eligible for early retirement
but is involuntarily terminated by EOG other than for cause,
such termination will be treated as a “Company-approved
retirement prior to age 62” in which case the Named
Officer must agree to enter into a six-month non-competition
agreement. Upon satisfactory completion of the six-month
non-competition period, the Named Officer will receive the
benefits described above as well as the severance benefits
described for such Named Officer in the “Potential Payments
Upon Termination or Change of Control Table” below.
In the event a Named Officer elected retirement or early
retirement prior to the expiration of the term of his employment
agreement, it would be considered a “Voluntary
Termination” under his employment agreement. In the event
of a “Voluntary Termination,” the Named Officer’s
non-competition obligations under his employment agreement will
extend until the earlier of one year following the date of the
termination or the expiration of the term of his employment
agreement. In accordance with our policy on
“Company-approved retirement prior to age 62,”
the Named Officers will receive the benefits described above
upon the satisfaction of the six-month non-competition agreement
entered into at the time of early retirement, but will remain
subject to the full term of the non-competition provision of his
employment agreement.
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