secwatch.observer — SEC 8-K summary
======================================

Issuer:     California Resources Corp (CRC)
CIK:        0001609253
Form:       8-K
Filed at:   2023-06-16T23:59:59+00:00
Accession:  0001609253-23-000063
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CRC COO Shawn Kerns to retire July 31; Omar Hayat named EVP-Operations
----------------------------------------------------------------------

- Shawn Kerns, EVP and COO, retires effective July 31, 2023; departure not due to any dispute.
- Omar Hayat appointed EVP-Operations effective June 19, 2023; previously SVP Operations.
- Hayat receives $400,000 base salary, 100% target bonus, and LTIP with target value of 400% of base salary.
- Hayat's LTIP awards expected as 60% PSUs (3-year cliff) and 40% RSUs (3-year ratable vest).
- Hayat will also enter into standard indemnification agreement with the Company.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609253/000160925323000063/0001609253-23-000063-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609253/000160925323000063/crc-20230616.htm
  HTML page:      https://secwatch.observer/filing/0001609253-23-000063

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer