MURPHY OIL CORP
For the period ended Dec 3, 2024. Filed Dec 5, 2024.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Dec 3, 2024 · Filed Dec 5, 2024
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $1.00 Par Value | MUR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
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As previously announced by Murphy Oil Corporation (the “Company”) on October 2, 2024, Roger W. Jenkins will retire as the Company’s Chief Executive Officer and from the Board of Directors, effective December 31, 2024. Effective January 1, 2025, Eric M. Hambly will become the Company’s President and Chief Executive Officer and a member of the Board of Directors.
On December 3, 2024, the Compensation Committee of the Company’s Board of Directors took the following actions:
| · | In order to facilitate the transition of his duties to Mr. Hambly, following his retirement as Chief Executive Officer, Mr. Jenkins will serve as a non-executive full-time employee of the Company through December 31, 2025, during which time he will receive his regular salary. At the close of business on December 31, 2025, Mr. Jenkins will retire from employment with the Company. |
| · | Effective with his promotion to President and Chief Executive Officer on January 1, 2025, Mr. Hambly’s salary will be increased to $950,000, his target bonus under the Company’s Annual Incentive Plan will be increased to 125% of base salary and the target grant date value of his annual long-term incentive award (consisting of 75% PSUs and 25% RSUs) will be increased to $5.4 million. |
| · | Further, in connection with his promotion, the initial term of Mr. Hambly’s Severance Protection Agreement (a form of which is filed as Exhibit 10.38 to the Company’s 10-Q filed on August 8, 2024) will recommence effective January 1, 2025. |
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