Berry Corp to merge with California Resources Corp; BRY stockholders receive 0.0718 CRC shares per share

Berry Corp (bry)

• Each BRY share converts into 0.0718 shares of CRC common stock; cash paid for fractional shares.
• Berry Board unanimously approved the merger and recommends stockholders adopt the agreement.
• Closing conditions include BRY stockholder approval, HSR clearance, FPA approval, and no material adverse effect.
• Berry pays a termination fee of $12,044,370 under certain circumstances if the deal falls through.
• Retention agreements for named executives: Ms. Hunter ($950k), Mr. Magids ($360k), Mr. Helm ($360k), Mr. Araujo ($100k).