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This excerpt taken from the EOG DEF 14A filed Mar 25, 2009. Payments
Made Upon Retirement
Retirement
at or After Age 62
Retirement is not addressed in any Named Officer’s
employment agreement. Thus, in the event a Named Officer retires
at or after age 62, he would be entitled to the same
benefits as any other retiring employee, including benefits
under our plans described under “Retirement Plans”
below. In addition, in accordance with the terms of the
applicable plan and grant agreements, upon any employee’s
retirement at or after age 62,
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.
Retirement
Plans
We maintain our Savings Plan, a defined contribution plan that
qualifies under Section 401(a) of the Code, under which we
currently match 100% of an employee’s pre-tax contributions
up to 6% of the employee’s annual base salary, subject to
statutory limits.
We also maintain our Money Purchase Pension Plan, a
non-contributory defined contribution plan, that qualifies under
Section 401(a) of the Code, under which we contribute 3% to
9%, depending on an employee’s annual base salary and bonus
(prior to the application of the premium discussed above under
“Bonus — Restricted Stock/Restricted Stock Units
(Equity Incentive)”), depending on the employee’s age
and years of service with EOG, subject to statutory limits. In
2008, the contribution percentage for each of the Named Officers
was 9%, except for Mr. Driggers for whom the contribution
percentage was 7%.
In addition, we may provide Make Whole Contributions to the
Named Officers pursuant to the Deferral Plan.
This excerpt taken from the EOG DEF 14A filed Apr 4, 2008. Payments
Made Upon Retirement
Retirement
After Age 62
Retirement is not addressed under the Named Officer employment
agreements. Thus, in the event a Named Officer retires after
age 62, he would be entitled to the same benefits as any
other retiring employee, including benefits under our plans
described under “Retirement Plans” below. In addition,
in accordance with the terms of the applicable plan and grant
agreements, upon any employee’s retirement after
age 62,
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.
Retirement
Plans
We maintain a matched defined contribution plan (“Savings
Plan”) that qualifies under Section 401(a) of the
Code, under which we currently match 100% of an employee’s
pre-tax contributions up to 6% of the employee’s annual
base salary, subject to statutory limits.
We also maintain a non-contributory defined contribution plan
(“Money Purchase Pension Plan”) that qualifies under
Section 401(a) of the Code, under which we contribute from
3% to 9% of an employee’s annual base salary and bonus,
depending on the employee’s age and years of service,
subject to statutory limits. The contribution percentage for
each of the Named Officers is 9%, except for Mr. Driggers
for whom the contribution percentage is 7%.
In addition, we may provide Make Whole Contributions to the
Named Officers pursuant to the 1996 Deferral Plan.
This excerpt taken from the EOG DEF 14A filed Mar 29, 2007. Payments Made Upon Retirement Normal Retirement Retirement is not addressed under the respective employment agreements. Thus, in the event a Named Officer retires after age 62, he would be entitled to the same benefits as any other retiring employee, including benefits under our plans described below under “Retirement Plans.” In addition, in accordance with the terms of the applicable plan and grant agreements, upon any employee’s retirement after age 62,
Early Retirement Early retirement is not addressed under the respective 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 below under “Retirement Plans”. Each Named Officer is eligible for early retirement upon reaching the age of 55 and completing 5 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, in accordance with the terms of the applicable plan and grant agreements, upon any employee’s Company-approved retirement prior to age 62,
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in each case, provided that all provisions of the employee’s non-competition agreement are satisfied. 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 officer’s non-competition obligations under his employment agreement will extend for one year following the date of the termination. In accordance with our policy on Company-approved retirement prior to age 62, the officer 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-compete provision of his employment agreement. Retirement Plans We maintain a Savings Plan that qualifies under Section 401(a) of the Code, under which we currently match 100% of employees’ pre-tax contributions up to 6% of annual base salary, subject to statutory limits. We also maintain a Money Purchase Pension Plan that qualifies under Section 401(a) of the Code, under which we contribute from 3% to 9% of an employee’s annual base salary and bonus, depending on the employee’s age and years of service, subject to statutory limits. The contribution percentage for each of the Named Officers is 9%. In addition, we may provide Make Whole Contributions into the 1996 Deferral Plan. 23 | EXCERPTS ON THIS PAGE:
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