Schedule 14A


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UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

SCHEDULE 14A

 

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

 

 

 

 Filed by the Registrant

 

 Filed by a Party other than the Registrant

 

Check the appropriate box:

 

Preliminary Proxy Statement

 

CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2))

 

Definitive Proxy Statement

 

Definitive Additional Materials

 

Soliciting Material Pursuant to §240.14a-12

 



 

NEWFIELD EXPLORATION COMPANY

(Name of Registrant as Specified In Its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

 

Payment of Filing Fee (Check the appropriate box):

 

No fee required.

 

Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

(1) 

Title of each class of securities to which transaction applies:

 

(2) 

Aggregate number of securities to which transaction applies:

 

(3) 

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11

(set forth the amount on which the filing fee is calculated and state how it was determined):

 

(4)

Proposed maximum aggregate value of transaction:

 

(5)

Total fee paid:

 

Fee paid previously with preliminary materials.

 

Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

(1) 

Amount Previously Paid:

 

(2) 

Form, Schedule or Registration Statement No.:

 

(3)

Filing Party:

 

(4) 

Date Filed:




 




 




 




 

TABLE OF CONTENTS

 

Important Notice Regarding the Availability of Proxy Materials For the Annual Meeting of Stockholders to Be Held on May 16, 2017

 

5

 

 

 

Forward-Looking Statements

 

5

 

 

 

Proxy Statement Summary

 

6

 

 

 

Proposal 1: Election of Directors

 

9

 

 

 

How Nominees Are Selected

 

9

Director Nominees

 

10

Board Recommendation

 

15

 

 

 

Corporate Governance

 

16

 

 

 

Proxy Access Nominations and Stockholder Recommendations of Director Nominees

 

16

Director Independence

 

17

Board Leadership Structure

 

17

Governance Policies and Practices

 

18

Board Committees

 

19

Related Person Transactions

 

21

Codes and Corporate Governance Documents

 

21

 

 

 

Director Compensation

 

22

 

 

 

Director Compensation Program

 

22

Director Compensation Table

 

23

 

 

 

Security Ownership of Certain Beneficial Owners and Management

 

23

 

 

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

24

 

 

 

Executive Compensation

 

25

 

 

 

Compensation Discussion and Analysis

 

25

Compensation & Management Development Committee Report

 

42

 

 

 

Executive Compensation Tables

 

43

 

 

 

Summary Compensation Table

 

43

Grants of Plan-Based Awards in 2016

 

44

Outstanding Equity Awards at December 31, 2016

 

45

Stock Vested in 2016

 

46

Nonqualified Deferred Compensation

 

46

Potential Payments Upon Termination or Change of Control

 

47

Equity Compensation Plan Information

 

51

 

 

 

Proposal 2: Non-Binding Advisory Vote to Approve Named Executive Officer Compensation

 

52

 

 

 

Board Recommendation

 

52

 

 

 

Proposal 3: Non-Binding Advisory Vote to Approve the Frequency of Future “Say-on-Pay” Votes

 

53

 

 

 

Board Recommendation

 

53

 

 

 

Proposal 4: Ratification of Appointment of Independent Auditor

 

53

 

 

 

Board Recommendation

 

53

 

 

 

Audit Committee Report

 

54

 

 

 

Principal Accounting Fees and Services

 

54

 

 

 

Proposal 5: Approval of the Newfield Exploration Company 2017 Omnibus Incentive Plan

 

55

 

 

 

Board Recommendation

 

61

 

 

 

Proposal 6: Approval of Material Terms of the 2017 Omnibus Incentive Plan to Comply with the Stockholder Approval Requirements of Section 162(m) of the Internal Revenue Code

 

62

 

 

 

Board Recommendation

 

64

 

 

 

Proposal 7: Approval of the Newfield Exploration Company Amended and Restated 2010 Employee Stock Purchase Plan

 

65

 

 

 

Board Recommendation

 

68

 

 

 

Questions and Answers about the Meeting

 

69

 

 

 

Logistics

 

69

Voting by Direct Stockholders

 

69

Voting by Brokers and Other Representatives

 

70

Proxy Solicitation

 

71

Proxy Materials

 

71

Annual Meeting Voting Results

 

72

Stockholder List

 

72

Stockholder Proposals for 2018 Annual Meeting and Director Nominations

 

73

 

 

 

Appendix A: Newfield Exploration Company 2017 Omnibus Incentive Plan

 

74

 

 

 

Appendix B: Newfield Exploration Company Amended and Restated 2010 Employee Stock Purchase Plan

 

86

 

 

 

Appendix C: Explanation and Reconciliation of Non-GAAP Financial Measures

 

93

 
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