Amendment to Employment Agreement between Occidental Petroleum Corporation and Donald P. de Brier (November 17, 2000)

Contract Categories: Human Resources › Employment Agreements
Summary

Occidental Petroleum Corporation and Donald P. de Brier have agreed to amend clause 7(c) of Mr. de Brier's Employment Agreement. Under this amendment, if the company terminates Mr. de Brier's employment without cause, he will receive a severance equal to twice his highest annual base salary plus annual cash bonus target, paid in equal monthly installments over two years. If Mr. de Brier dies during this period, any remaining payments will go to his estate. The amendment is effective as of November 17, 2000.

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EX-10.6 6 ex106-10k2000.txt EXHIBIT 10.6 EXHIBIT 10.6 OCCIDENTAL PETROLEUM CORPORATION 10889 WILSHIRE BOULEVARD LOS ANGELES, CALIFORNIA 90024 ###-###-#### DR. RAY R. IRANI CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER November 17, 2000 Donald P. de Brier Executive Vice President and General Counsel Occidental Petroleum Corporation 10889 Wilshire Boulevard Los Angeles, California 90024 Dear Donald: If you concur, clause 7(c) of your Employment Agreement, dated as of April 3, 1998, shall by this letter be amended to be and read as follows: "(c) Without Cause. Employer may at any time terminate the employment of Employee without cause or designate a termination for cause as a termination without cause, and in such event Employer shall, in lieu of continued employment, compensate Employee in an amount equal to two (2) times the sum of Employee's highest annual base salary and annual cash bonus target, such amount payable in equal monthly installments over two (2) years (the "Compensation Period"). In the event the Employee dies during the Compensation Period, any remaining payments due will be made to Employee's estate." If the foregoing amendment is acceptable to you, please execute the form of acceptance set out below, whereupon this amendment shall become effective as of the date of this letter. Sincerely, Occidental Petroleum Corporation By: /s/ RAY R. IRANI ---------------------------- Dr. Ray R. Irani Accepted and agreed: /s/ DONALD P. DE BRIER - ----------------------------- Donald P. de Brier