UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 7, 2024, Ovintiv Inc. (the “Company”) announced that it will eliminate the role of Executive Vice-President, Midstream, Marketing & Fundamentals of the Company, and as a result, Renee E. Zemljak will no longer serve in the role effective as of April 1, 2024. On March 7, 2024, the Company and Ms. Zemljak also entered into a transition services and separation agreement (the “Transition Agreement”). Pursuant to the Transition Agreement, Ms. Zemljak will remain a non-officer Senior Advisor to the Company to advise on matters relating to the transition through December 1, 2024, (the period from April 1, 2024, through Ms. Zemljak’s actual separation date, the “Transition Period”). Ms. Zemljak will retire at the expiration of the Transition Period.
As compensation for her services during the Transition Period, Ms. Zemljak will continue to receive her annual base salary and continue to participate in employee benefit plans. Additionally, during the Transition Period, Ms. Zemljak’s previously granted equity awards will remain outstanding and continue to vest in accordance with their existing terms. Ms. Zemljak will not be eligible to receive new equity awards under the equity incentive compensation program during the Transition Period. Additionally, at the conclusion of the Transition Period, Ms. Zemljak will receive a lump sum severance payment in the amount of $2,075,090. The Transition Agreement includes a customary general release of claims in favor of the Company.
The foregoing description of the Transition Agreement does not purport to be complete and is qualified in its entirety by the full text of the Transition Agreement, a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2024.
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.
Dated: March 8, 2024
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OVINTIV INC. |
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(Registrant) |
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By: |
/s/ Dawna I. Gibb |
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Name: Dawna I. Gibb |
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Title: Assistant Corporate Secretary |
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