TIME TO TIME.
BONUS AWARDS SHALL BE PAID IN ACCORDANCE WITH THE
TERMS OF SUCH PLAN.
EMPLOYEE SHALL BE ENTITLED TO A TOTAL OF SIX (6) WEEKS OF
PAID VACATION IN EACH CONTRACT YEAR.
During any period following Employee's retirement or termination from employment
with Employer, Employee and his spouse shall be eligible to participate in the
Occidental Petroleum Corporation Medical Care Plan.
5.
EXCLUSIVITY OF SERVICES.
EMPLOYEE AGREES TO DEVOTE HIS
FULL-TIME, EXCLUSIVE SERVICES TO EMPLOYER HEREUNDER, EXCEPT FOR SUCH TIME AS
EMPLOYEE MAY REQUIRE IN CONNECTION WITH HIS PERSONAL INVESTMENTS.
6.
TERMINATION.
(A)
VOLUNTARY RESIGNATION.
EMPLOYEE MAY VOLUNTARILY RESIGN, AND SUCH
RESIGNATION SHALL NOT BE DEEMED TO BE A BREACH OF THIS AGREEMENT, SO LONG AS
EMPLOYER IS PROVIDED AT LEAST SIXTY (60) DAYS' NOTICE OF ANY RESIGNATION.
(B)
CAUSE.
NOTWITHSTANDING THE TERM OF THIS AGREEMENT, EMPLOYER MAY
DISCHARGE EMPLOYEE AND TERMINATE THIS AGREEMENT WITHOUT SEVERANCE OR OTHER PAY
UPON THIRTY (30) DAYS' WRITTEN NOTICE OR PAY IN LIEU OF SUCH NOTICE FOR MATERIAL
CAUSE, INCLUDING WITHOUT LIMITATION, (I) FAILURE TO SATISFACTORILY PERFORM HIS
DUTIES OR RESPONSIBILITIES HEREUNDER OR NEGLIGENCE IN COMPLYING WITH EMPLOYER'S
LEGAL OBLIGATIONS, (II) REFUSAL TO CARRY OUT ANY LAWFUL ORDER OF EMPLOYER,
(III) BREACH OF ANY LEGAL DUTY TO EMPLOYER, (IV) BREACH OF PARAGRAPH 5 OF THE
AGREEMENT, OR (V) CONDUCT CONSTITUTING MORAL TURPITUDE OR CONVICTION OF A CRIME
WHICH MAY DIMINISH EMPLOYEE'S ABILITY TO EFFECTIVELY ACT ON THE EMPLOYER'S
BEHALF OR WITH OR ON BEHALF OF OTHERS.
EMPLOYER SHALL GIVE EMPLOYEE NOTICE OF
SUCH CAUSE AND EMPLOYEE SHALL HAVE THIRTY (30) DAYS TO CURE SUCH BREACH.
(C)
DEATH.
IN THE EVENT OF EMPLOYEE'S DEATH, EMPLOYER WILL PROVIDE
THE ESTATE OF EMPLOYEE, A PAYMENT IN ADDITION TO ANY OTHER PAYMENT DUE AND
PAYABLE, EQUIVALENT TO A PRO-RATA BONUS FOR THE YEAR OF DEATH, AT THE TIME
PROVIDED UNDER THE TERMS OF THE APPLICABLE INCENTIVE PLAN.
(D)
INCAPACITY.
IF, DURING THE TERM OF THIS AGREEMENT, EMPLOYEE IS
INCAPACITATED FROM PERFORMING THE ESSENTIAL FUNCTIONS OF HIS JOB PURSUANT TO
THIS AGREEMENT BY REASON OF ILLNESS, INJURY, OR DISABILITY, EMPLOYER MAY
TERMINATE THIS AGREEMENT BY AT LEAST ONE WEEK'S WRITTEN NOTICE TO EMPLOYEE, BUT
ONLY IN THE EVENT THAT SUCH CONDITIONS SHALL AGGREGATE NOT LESS THAN ONE-HUNDRED
EIGHTY (180) DAYS DURING ANY TWELVE (12) MONTH PERIOD.
IN THE EVENT EMPLOYEE
SHALL (I) CONTINUE TO BE INCAPACITATED SUBSEQUENT TO TERMINATION FOR INCAPACITY
PURSUANT TO THIS PARAGRAPH 6(D), AND (II) BE A PARTICIPANT IN AND SHALL QUALIFY
FOR BENEFITS UNDER EMPLOYER'S LONG TERM DISABILITY PLAN ("LTD"), THEN EMPLOYER
WILL CONTINUE TO COMPENSATE EMPLOYEE, FOR SO LONG AS EMPLOYEE REMAINS ELIGIBLE
TO RECEIVE LTD BENEFITS, IN AN AMOUNT EQUAL TO THE DIFFERENCE BETWEEN SIXTY
PERCENT (60%) OF EMPLOYER'S ANNUAL COMPENSATION AS SET FORTH IN
- 2 -
PARAGRAPH 3 HEREOF AND THE MAXIMUM ANNUAL BENEFIT UNDER THE LTD, PAYABLE MONTHLY
ON A PRO RATED BASIS.
(E)
WITHOUT CAUSE.
EMPLOYER MAY AT ANY TIME TERMINATE THE EMPLOYMENT
OF EMPLOYEE WITHOUT CAUSE OR DESIGNATE A TERMINATION FOR CAUSE AS A TERMINATION
WITHOUT