On Dec 27, Coterra Energy removed tax gross-up from Dinges change-in-control pact

Coterra Energy Inc.

On December 27, 2022, Coterra Energy and Executive Chairman Dan O. Dinges amended his change-in-control and employment agreements.
The amendment eliminates the excise tax gross-up provision, responding to a proxy advisory firm's recommendation and 2022 shareholder vote.
As consideration, the severance payment due upon Dinges' termination as Executive Chairman on Dec 31, 2022 will accrue interest at the 6-month Treasury Bill rate until paid around July 24, 2023.
The change followed a 2022 say-on-pay vote where a proxy advisor recommended against the proposal and subsequent shareholder outreach.

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