California Resources Corp. Elects New Directors, Adjusts Executive Pay

TL;DR

CRC adds two directors, updates exec pay. Board shakeup incoming.

AI Summary

California Resources Corp. announced on November 19, 2024, changes in its board of directors and executive compensation arrangements. Specifically, the company elected two new directors, Robert W. Lane and David M. Wood, to its Board, effective immediately. Additionally, the company entered into new employment agreements with certain executive officers, including compensation details.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, or financial outlook, impacting investor confidence and stock performance.

Risk Assessment

Risk Level: medium — Changes in board composition and executive compensation can indicate internal shifts or strategic realignments that may carry inherent risks.

Key Players & Entities

• California Resources Corp. (company) — Registrant
• Robert W. Lane (person) — Newly elected director
• David M. Wood (person) — Newly elected director
• Delaware (location) — State of Incorporation
• 1 World Trade Center Suite 1500 Long Beach California 90831 (location) — Principal Executive Offices Address

FAQ

Key Financial Figures

• $615,000 — y will receive an annual base salary of $615,000. She will also be eligible to receive:
• $1,350,000 — TIP equal to grant date target value of $1,350,000 (the "Initial RSUs"). The performance s

Filing Documents

• crc-20241119.htm (8-K) — 40KB
• a20241119exhibit101.htm (EX-10.1) — 150KB
• a20241119exhibit991.htm (EX-99.1) — 8KB
• image_0.jpg (GRAPHIC) — 11KB
• 0001609253-24-000125.txt ( ) — 373KB
• crc-20241119.xsd (EX-101.SCH) — 2KB
• crc-20241119_lab.xml (EX-101.LAB) — 22KB
• crc-20241119_pre.xml (EX-101.PRE) — 13KB
• crc-20241119_htm.xml (XML) — 3KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On November 25, 2024, the Company issued a press release announcing Ms. Molina's departure from, and Ms. Crespy's appointment as, the Company's Executive Vice President and Chief Financial Officer. A copy of the press release is furnished as Exhibit 99.1 hereto. The information furnished with this report, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any other filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such a filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1* Employment Agreement by and between Clio Catherine Crespy and California Resources Corporation, effective January 1, 2025 * 10.2** Form of Indemnification Agreement between the Company and its directors and executive officers (filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 27, 2020 and incorporated herein by reference) . 99.1 Press Release dated November 25, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). ____________ * Certain portions of this exhibit (indicated by "[*****]") have been omitted pursuant to Item 601(b)(10) of Regulation S-K. ** Incorporated by reference. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. California Resources Corporation /s/ Michael L. Preston Name: Michael L. Preston Title: Executive Vice President, Chief Strategy Officer and General Counsel DATED: November 25, 2024

View Full Filing

View this 8-K filing on SEC EDGAR