Chesapeake Energy Corp. has altered former CEO Aubrey McClendon‘s noncompete agreement, giving him the right to acquire oil and natural gas holdings that are adjacent to the company’s wells in which he holds a stake. However, McClendon first would have to offer to Chesapeake the rights to purchase the adjacent properties on the same terms, and if more than 40% of the properties are next to the company’s operations, he would have to obtain its consent, according to a Form 8-K filing with the Securities and Exchange Commission. The filing indicated that Chesapeake would pay McClendon almost $50 million in severance, with the last payment in July 2014. He also is allowed the use of a company aircraft through 2016. McClendon agreed, for one year from the effective date of Jan. 29, 2013, not to hire any Chesapeake employee after April 1 except an employee assigned to provide accounting support or as an assistant; who had been terminated, but had not voluntarily departed; elected to accept any voluntary severance or retirement program offered by the company; or for whom the company consented in advance.
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