Is there Change of Control in Noble for regular employee? or the CoC is just for the big fish?
11 replies (most recent on top)
@2xbn, that's completely false. The Change of Control (CoC) was a big thing, and it was legally binding, and there was nothing Oxy could do to get rid of it. Go check out the Oxy layoff board if you don't believe me, and you'll see numerous comments about the CoC. And APC employees still at Oxy are covered under that CoC until August of 2022, although they can't leave for "Good Reason" and get the CoC after August 10th this year.
I for one received that exceptional APC CoC, and it was 2 years total compensation, plus vacation, plus full bonus payout, plus all stock vested, plus 6 months of healthcare benefits. We were very fortunate that APC took such good care of us, and many of us at APC really benefited. I believe Newfield took care of their employees the same way, as I know several people who received that CoC. I came to this board really hoping that Noble had something similar in place, as I have lots of friends at Noble. Its very unfortunate that it does not seem that's the case based on what I've seen. I wish you all the very best through this difficult time.
Ask anyone from Anadarko about their CoC package. Oxy basically threw it away.
You will be assimilated into the Chevron Borg PC commune and become a robotic Chevroid.
Some companies have a 'change of control' severance plan for employees that is different from the standard severance plan. If Noble has one, it should be in the SEC documentation. Don't expect too much, though. I've also seen (first hand) implementation of the Basic Severance plan provisions that if the company that is taking over your company offers you a job with similar pay and benefits you either have to take that offer or lose all severance benefits. (In my case, they had to offer 85 % or more).
'So what this means is if you’re a VP or lower, Chevron can offer you ANY job and as long as your pay & benefits do not “significantly “ change, if you say “no”, you get nothing! '
OH goodie! Perhaps Chevron will offer JD and the rest of the gang of five jobs as janitors. In any case, if they stay they'll quickly be exposed as posers and given the boot for cause.
Noble has 2 CoC plans — 1 for the SVP level and above (the “Executive Plan” which only includes 7 people) and 1 for the rest (the “Basic Plan” which includes the VP level and below). Here is the kicker — while the Executive Plan has a “diminution of duties” clause, the Basic plan does not. So what this means is if you’re a VP or lower, Chevron can offer you ANY job and as long as your pay & benefits do not “significantly “ change, if you say “no”, you get nothing! Also, the mileage threshold in the Basic Plan is 50 miles so that would not apply since Chevron’s office is less than 50 miles from Noble’s office.
What is COC? Does it affect engineers with 10 years or less of experience?
COC will exist but it will probable not be real favorable as this was more of a fire sell then a courtship. My guess would be it’s similar to what Noble is already offering or similar to what chevron is currently offering. May even have some wording of the size Noble needs to be before its final. They are claiming a $300MM synergy. Just a guess.
The Chevron severance policy would only apply after closing. As of today, Chevron has only offered to acquire, subject to stockholder and regulatory approvals. And it would depend on if there is an existing Change of Control already in place. If there is one, its likely been communicated during the negotiations.
As far as severance package (in the absence of Change of Control), for positions severed prior to Chevron taking ownership, the latest downsizing was a better severance than the documented Noble severance. I believe it was 3 weeks/per year of service, min of 12 weeks and max of 52 weeks. Plus cash payout equivalent to Noble share of Health plan for 6 months.
Chevron won't stipulate severance until after the closing; although much of that has likely already been addressed as a part of the ongoing discussions/negotiations prior to the announcement this morning.
You will probably get the same treatment as chevron folks. Your company isn’t in much of a position to negotiate workers benefits. Two weeks of pay for every year of service.
I'm not sure pertaining to Noble, but there was one for Anadarko when Oxy acquired and there was one for Newfield when Encana acquired. At least the packages appeared to be of that form.
Good question though....