Ex-Chevron Exec Loses Stock Option Appeal In 4th Circ.

Law360, New York (January 12, 2012, 7:57 PM EST) -- The Fourth Circuit on Thursday refused to revive a suit lodged by Chevron Corp.'s former chief procurement officer accusing the oil giant of violating an executive employee agreement by canceling more than 100,000 of his vested stock options after he retired.

A three-judge panel said that Helmut F. Porkert had failed to exercise the vested stock options within three months of his February 2005 retirement, as required under the termination rule of Chevron's long-term incentive plan.

The panel rejected Porkert's argument that the language of the...
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