Anadarko Petroleum Corp. CEO and Chairman Robert Walker could receive $64 million as a result of the company's merger with Chevron Corp.

Walker's employment agreement entitles him to leave with around $64 million if he is terminated as part of the transaction or if he is not asked to lead the combined entity, according to an April 12 report from Bloomberg.

Based on an annual meeting proxy statement filed on March 29, Walker will receive change of control severance benefits that includes 2.5 times his annual base salary, including the higher of either the target bonus for the year of termination or the average bonus for the last two years; prorated annual bonus based on the higher target performance or actual performance; three additional years of contributions into his savings restoration plan; and three additional years of age and service credits under the retirement and pension plans.

However, based on a double-trigger provision, the awards will not vest unless his termination is qualified. Stock-based awards are also expected to be paid within 30 days after the date of a leadership change.

In 2018, Walker had total compensation of $15.5 million.

Walker had a salary of $1.3 million while he had a bonus of $311,000 mainly due to the progress of the Mozambique LNG project.

Stock awards for the year also amounted to $8.2 million while option awards totaled $2.7 million.

Nonequity incentive plan compensation also reached $2.2 million and change in pension value and nonqualified deferred compensation earnings amounted to $348,241.

Other compensations for the year totaled about $465,000.

Walker holds 337,694 common shares in the company, while he had a total beneficial ownership of 1,133,632. He also holds 103,444 in restricted stock units.

Walker has been CEO of the company since May 2012, and he has been chairman since May 2013.