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  "documentTitle": "Oil Gas EP Incentive Compensation",
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  "authorName": "Alvarez & Marsal",
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  "notes": "The slide provides a detailed breakdown of compensation components across market capitalization quartiles for CEOs and CFOs, with a specific focus on the impact of LTI valuation.",
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      "text": "* Other includes health & welfare benefit continuation, outplacement services, and other benefits received in connection with a change in control. ** Only includes executives in both 2016 and 2017 studies.",
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      "text": "Average Total Benefits: 83%",
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      "text": "If LTI is factored out of the foregoing analysis, the year-over-year increase in change in control benefits would be only five percent for CEOs and eight percent for CFOs.",
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      "text": "The substantial increase in LTI value occurred because many companies increased the number of shares subject to LTI awards when the commodities markets and E&P stock prices were depressed, in order to provide LTI award values comparable to historical award values. The subsequent rebound in share values substantially increased the aggregate value of outstanding LTI awards.",
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      "text": "These numbers reflect a dramatic increase in benefit amounts — 83 percent for CEOs and 71 percent for CFOs. This marked increase is mainly due to an increase in the value of outstanding LTI awards that would become vested upon a change control.",
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      "text": "Typical change in control benefits include severance payments, annual bonus, accelerated vesting of LTI, retirement benefits and excise tax protection. The charts below show the average value of change in control benefits for CEOs and CFOs, as well as the percentage increase over the preceding year:",
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