Occidental Petroleum 2001 Annual Report Download - page 94

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EXHIBIT 10.1
EMPLOYMENT AGREEMENT
This Employment Agreement (hereinafter referred to as "this Agreement") is
made as of the 13th day of December, 2001, by and between Occidental Petroleum
Corporation, a Delaware corporation (hereinafter referred to as "Employer"), and
J. Roger Hirl (hereinafter referred to as "Employee").
WITNESSETH:
WHEREAS, Employee has been serving as President and Chief Executive Officer
of Occidental Chemical Corporation ("OxyChem") pursuant to a written agreement
dated as of May 14, 1997 (the "1997 Employment Agreement"), which expires on May
13, 2002; and
WHEREAS, Employee has informed Employer that Employee wishes to commence a
phased retirement from his current position as President and Chief Executive
Officer of OxyChem, and Employer wishes to ensure an orderly management
transition and also retain access to Employee's background and expertise; and
WHEREAS, therefore, the parties now desire to terminate, supersede and
replace the 1997 Employment Agreement, as provided herein, with a phased
retirement arrangement designed to satisfy the foregoing criteria; and
WHEREAS, Employer and Employee have agreed to such arrangement, on the
terms and conditions specified in this Agreement; and
WHEREAS, in order to formalize and conclude the foregoing arrangement, the
parties now desire to enter into this Agreement which specifies the rights and
obligations of the parties with respect to such arrangement;
1
NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein set forth, Employer and Employee hereby agree as follows:
1. The Phased Retirement Arrangement: Timeframe, Duties and Services.
(a) Phase I. Effective as of the date hereof, Employee shall be
employed under the terms and conditions of this Agreement for a period of time,
hereinafter referred to as "Phase I", commencing on the date hereof and
continuing through December 31, 2001, subject to the early termination
provisions of Section 5 below. During Phase I, Employee shall, subject to clause
1(e) below, serve as President and Chief Executive Officer of OxyChem. At the
end of Phase I, on December 31, 2001, Employee will cease to be President and
Chief Executive Officer of OxyChem.
(b) Phase II. Effective January 1, 2002, unless prior thereto this
Agreement has been terminated pursuant to Section 5 below, Employee shall
commence the final phase of his employment hereunder, hereinafter referred to as
"Phase II," which shall continue through June 30, 2003, unless earlier
terminated pursuant to Section 5 below. During Phase II, Employee shall be an
Executive Vice President of Employer and, subject to clause 1(e) below, devote
such time and perform such duties and services as shall be specified at any time
and from time-to-time by the Chief Executive Officer of Employer. On June 30,
2003, Employee shall retire from Employer and resign from each office or
directorship (if any) in which he then serves Employer or any of its subsidiary
or affiliated companies and will terminate all company paid or sponsored
memberships (such as industry and professional associations, committees and
dinner clubs).
(c) Phase III. Unless prior thereto this Agreement has been