Devon Energy Corp. Chief Financial Officer Jeffrey A. Agosta was fired without cause on Jan. 16, the Oklahoma City energy company said in a regulatory filing Wednesday.
Under terms of his employment agreement, Agosta is eligible for a severance package including 300 percent of his annual salary and a bonus as well as acceleration or continued vesting of outstanding long-term incentives, the filing stated.
According to Devon's April 2013 proxy filing, Agosta stands to receive about $8.68 million in the departure.
Agosta in 2012 received a base salary of $549,000 and total compensation of more than $4.37 million, according to regulatory filings.
Devon spokesman Chip Minty declined to comment Wednesday, referring all questions to the filing.
The company announced last week that Agosta is “leaving to pursue other interests” and that his departure “is not related to any issues regarding financial disclosures, accounting matters or other business issues.”
“We are appreciative of Jeff's service to Devon and wish him all the best in his future endeavors,” CEO John Richels said in a statement Jan. 16.
Also on Wednesday, Devon provided additional information on incoming Chief Financial Officer Thomas L. Mitchell, who will receive $3 million in restricted stock and a cash sign-on bonus of $360,000. He will receive a base salary of $550,000, the filing stated.