Document:

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                                                                    EXHIBIT 10.9

                            UNOCAL STOCK OPTION PLAN

1.     Purpose.

       The purpose of this Unocal Stock Option Plan (the "Plan") is to give
certain employees ("Key Employees") of Unocal Corporation (the "Company"), and
corporations with respect to which the Company directly or indirectly controls
50% or more of the combined voting power ("Subsidiaries"), an opportunity to
acquire shares of the common stock of the Company, $1 par value ("Common
Stock"), to provide an incentive for such Key Employees to continue to promote
the best interests of the Company and enhance its long-term performance, and to
provide an incentive for Key Employees to join or remain with the Company and
its Subsidiaries.

2.     Administration.

       (a)    The Plan shall be administered by The Management Development and
Compensation Committee ("Committee") of The Board of Directors of the Company
("Board"), except as provided below. Subject to the express provisions of the
Plan, the Committee may interpret the Plan, prescribe, amend and rescind rules
and regulations relating to it, determine the terms and provisions of awards to
Key Employees under the Plan (which need not be identical) and make such other
determinations as it deems necessary or advisable for the administration of the
Plan. The decisions of the Committee under the Plan shall be conclusive and
binding. No member of the Board or the Committee shall be liable for any action
taken, or determination made, hereunder in good faith.

Notwithstanding the foregoing, the Board may appoint a member of the Board as a
one-member committee of the Board with authority to select the Key Employees to
receive awards, the amount of such Awards and the date of grant under this Plan.

       (b)    Powers. Within the limits of the express provisions of the Plan,
the Committee shall determine: (i) the time or times at which such awards shall
be granted, (ii) the form and amount of the awards, and (iii) the limitations,
restrictions and conditions applicable to any such award. In making such
determinations, the Committee may take into account such factors as the
Committee in its discretion shall deem relevant.

       (c)    Interpretations. Subject to the express provisions of the Plan,
the Committee may interpret the Plan, prescribe, amend and rescind rules and
regulations relating to it, determine the terms and provisions of the respective
awards and make all other determinations it deems necessary or advisable for the
administration of the Plan.

       (d)    Determinations. The determinations of the Committee on all matters
regarding the Plan shall be conclusive.

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       (e)    Nonuniform Determinations. The Committee's determinations under
the Plan, including without limitation, determinations as to the persons to
receive awards, the terms and provisions of such awards and the agreements
evidencing the same, need not be uniform and may be made by it selectively among
persons who receive or are eligible to receive awards under the Plan, whether or
not such persons are similarly situated.

3.     Awards Under the Plan.

       (a)    Form. Awards under the Plan shall be granted in the form of
nonstatutory stock options ("Stock Options"), as described in Section 4. The
awards shall require a minimum of six months of service prior to becoming
exercisable.

       (b)    Maximum Limitations. The aggregate number of shares of Common
Stock available for grant under the Plan is 8,000,000 subject to adjustment
pursuant to Section 3(c) below. Shares of Common Stock issued pursuant to the
Plan may be either authorized but unissued shares or shares now or hereafter
held in the treasury of the Company. No Key Employee may receive options
covering more than 10,000 shares under a single award or more than an aggregate
of 40,000 shares under all grants under this Plan.

       (c)    Adjustment Provisions. The aggregate number of shares of Common
Stock with respect to which Stock Options may be granted, the aggregate number
of shares of Common Stock subject to each outstanding Stock Option, and the
exercise price per share of each such Stock Option, may all be appropriately
adjusted as the Board may determine for any increase or decrease in the number
of shares of issued Common Stock resulting from a subdivision or consolidation
of shares, whether through reorganization, recapitalization, stock split-up,
stock distribution or combination of shares, or the payment of a share divided
or other increase or decrease in the number of such shares outstanding effected
without receipt of consideration by the Company Adjustments under this Section
3(c) shall be made according to the sole discretion of the Board, and its
decisions shall be binding and conclusive.

       (d)    Eligible Employees. No award of options under the Plan may be made
to non-employees, an employee who is an insider subject to Section 16 of the
Securities Exchange Act of 1934, or a Director.

4.     Stock Options.

       Stock Options may be granted under the Plan for the purchase of shares of
Common Stock. Stock options shall be in such form and upon such terms and
conditions as the Committee shall from time to time determine, subject to the
following:

       (a)    Exercise. Stock Options shall be subject to such terms and
conditions, shall be exercisable at such time or times, and shall be evidenced
by such form of written option award ("Option Award") between the Key Employee
and the Company,

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as the Committee shall determine; provided, that such determinations are not
inconsistent with the other provisions of the Plan. Option Award terms need not
be identical.

       (b)    Exercise Price. The per share exercise price of each Stock Option
shall be the fair market value of the Common Stock subject to such Stock Option
on the date of grant.

       (c)    Term of Stock Options. Each Stock Option shall become exercisable
at the time, and for the number of shares of Common Stock, fixed by the
Committee in the Stock Option Award. Each Stock Option shall expire and all
rights to purchase Common Stock thereunder shall cease on the date fixed by the
Committee in the Option Award, which shall not be later than the date 10 years
from the date such Stock Option is granted.

       (d)    Any Stock Option granted under the Plan may be exercised by the
Key Employee, by a legatee or legatees of such Stock Option under the Key
Employee's last will, or by his or her executors, personal representatives or
distributees, (I) by delivering to the Secretary of the Company written notice
of the number of share of Common Stock with respect to which the Stock Option is
being exercised, or (ii) by delivering such other form of notice as the
Secretary of the Company has indicated in writing to be an approved alternative.
Except as otherwise provided in the Plan or in any Option Award, the purchase
price of Common Stock upon exercise of any Stock Option by a Key Employee shall
be paid in full (i) in cash or certified check by the Key Employee, (ii) by a
broker-dealer to whom the Key Employee has submitted an exercise notice that is
consistent with any procedures established by the Secretary of the Company.

       (e)    Whenever the Company proposes or is required to issue or transfer
share of Common Stock to a Key Employee under the Plan, the Company shall have
the right to require the Key Employee to remit to the Company an amount
sufficient to satisfy all federal, state and local withholding tax requirements
prior to the delivery of any certificate or certificates for such shares. If
such certificates have been delivered prior to the time a withholding obligation
arises, the Company shall have the right to require the Key Employee to remit to
the Company an amount sufficient to satisfy all federal, state or local
withholding tax requirements at the time such obligation arises and to withhold
from other amounts payable to the Key Employee, as compensation or otherwise, as
necessary. Whenever payments under the Plan are to be made to a Key Employee in
cash, such payments shall be net of any amounts sufficient to satisfy all
federal, state and local withholding tax requirements. In lieu of requiring a
Key Employee to make a payment to the Company in an amount related to the
withholding tax requirement, the Committee may, in its discretion, provide that
at the Key Employee's election, the tax withholding obligation shall be
satisfied by the Company's withholding a portion of the shares otherwise
distributable to the Key Employee, such shares being valued at their fair market
value at the date of exercise or by the Key Employee's delivering to the Company
a portion of the shares previously delivered by

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the Company, such shares being valued at their fair market value as of the date
of delivery of such shares by the Key Employee to the Company.

5.     Transferability.

       No Stock Option may be transferred, assigned, pledged or hypothecated
(whether by operation of law or otherwise), except as provided by will or the
applicable laws of descent or distribution, and no Stock Option shall be subject
to execution, attachment or similar process. Any attempted assignment, transfer,
pledge, hypothecation or other disposition of a Stock Option, or levy of
attachment or similar process upon the Stock Option not specifically permitted
herein shall be null and void and without effect. A Stock Option may be
exercised only by a Key Employee during his or her lifetime, or pursuant to
Section 8, by his or her estate or the person who acquires the right to exercise
such Stock Option upon his or her death by bequest or inheritance.

       The above transfer restrictions shall not apply to transfers pursuant to
a court order, including, but not limited to, any domestic relations orders.

6.     Dissolution.

       Upon the dissolution or liquidation of the Company, each Stock Option
granted hereunder shall expire as of the effective date of such transaction;
provided, however, that the Board shall give at least 30 days prior written
notice of such event to each Key Employee during which time he or she shall have
a right to exercise his or her wholly or partially unexercised stock option
(without regard to installment exercise limitations, if any) and, subject to
prior expiration each Stock Option shall be exercisable after receipt of such
written notice and prior to the effective date of such transaction.

7.     Effective Date and Conditions Subsequent to Effective Date.

       (a)    The Plan shall become effective on the date of the approval of the
Plan by the Board.

       (b)    No grant or award shall be made under the Plan more than five
years from the date of adoption of the Plan by the Board; provided, however,
that the Plan and all Stock Options granted under the Plan prior to such date
shall remain in effect and subject to adjustment and amendment as herein
provided until they have been satisfied or terminated in accordance with the
terms of the respective grants or awards.

8.     Termination of Employment.

       (a)    A Stock Option shall expire on the first to occur of the
expiration date set forth in the applicable Option Award and the date that the
employment of the Key Employee with the Company and all Subsidiaries terminates
for any reason other than under the circumstances described in 8(b) below.

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       (b)    If the employment of a Key Employee with the Company and all
Subsidiaries terminates by reason of death, disability (as defined in the
Company Medical Plan), retirement at or after age 65, or a termination which the
Management Committee of the Company determines is for the convenience of the
Company or a Subsidiary, his or her currently vested and exercisable Stock
Options, if any, shall expire on the first to occur of the expiration date set
forth in the applicable Option Award and the third anniversary of such
termination of employment. Notwithstanding the foregoing, all unexercised Stock
Options shall expire on the date such former employee violates (as determined by
the Management Committee) any covenant not to compete or any secrecy agreement
in effect between the former employee and the Company or Subsidiary.

9.     Change in Control.

       Notwithstanding any other provision of the Plan, in the event of a public
tender for all or any portion of the Stock of the Company; in the event that a
proposal to merge, consolidate, or otherwise combine with another company is
submitted for stockholder approval; or another situation exists which the
Committee determines is similar thereto, the Committee may in its sole
discretion declare outstanding Options to be immediately exercisable, and it may
also include provisions for such events in the Stock Option Award.

10.    Postponement of Exercise.

       The Committee may postpone any exercise of a Stock Option for such time
as the Committee in its sole discretion may deem necessary in order (i) to
permit the company to effect, amend or maintain any necessary registration of
the Plan or the shares of Common Stock issuable upon the exercise of a Stock
Option under the Securities Act of 1933, as amended, or the securities laws of
any applicable jurisdiction, (ii)) to permit any action to be taken in order to
(A) list such shares of Common Stock on a stock exchange if shares of Common
Stock are then listed on such exchange or (B) comply with restrictions or
regulations incident to the maintenance of a public market for its shares of
Common Stock, including any rules or regulations of any stock exchange on which
the shares of Common Stock are listed, or (iii) to determine that such share of
Common Stock and the Plan are exempt from such registration or that no action of
the kind referred to in (ii) (B) above needs to be taken; and the Company shall
not be obligated by virtue of any terms and conditions of any Option Award or
any provision of the Plan to recognize the exercise of a Stock Option or to sell
or issue shares of Common Stock in violation of the Securities Act of 1933, as
amended, or the law of any government having jurisdiction thereof. Any such
postponement shall not extend the terms of a Stock Option and neither the
Company nor its directors or officers shall have any obligation or liability to
any Key Employee or to any other person with respect to any shares of Common
Stock as to which the Stock Option shall lapse because of such postponement.

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11.    Miscellaneous.

       (a)    No Obligation to Exercise Options. The granting of a Stock Option
shall impose no obligation upon a Key Employee to exercise such Stock Option.

       (b)    Termination and Amendment of Plan. The Board, without action on
the part of the shareholders of the Company, may from time to time alter, amend
or suspend the Plan or any Stock Option granted hereunder or may at any time
terminate the Plan, except that it may not change the class of employees
eligible to be granted Stock Options under the Plan. No action taken by the
Board under this Section may materially and adversely affect any outstanding
Stock Option without the consent of the holder thereof.

       (c)    Application of Funds. The proceeds received by the Company from
the sale of Common Stock pursuant to Stock Options will be used for general
corporate purposes.

       (d)    Right to Terminate Employment. Nothing in the Plan or any award or
agreement entered into pursuant to the Plan shall confer upon any Key Employee
the right to continue in the employment of the Company or any Subsidiary or
affect any right which the Company or any Subsidiary may have to terminate the
employment of such Key Employee.

         (e) Rights as a Shareholder. No Key Employee shall have any right or
privileges as a stockholder unless and until certificates for shares of Common
Stock are issuable to him or her.

       (f)    Leaves of Absence and Disability. The Committee shall be entitled
to make such rules, regulations and determinations as it deems appropriate under
the Plan in respect of any leave of absence taken by or disability of any Key
Employee. Without limiting the generality of the foregoing, the Committee shall
be entitled to determine (i) whether or not any such leaves of absence shall
constitute a termination of employment within the meaning of the Plan, and (ii)
the impact, if any, of any such leave of absence on awards under the Plan
theretofore made to any Key Employee who takes such leave of absence.

       (g)    Fair Market Value. Whenever the fair market value of Common Stock
is to be determined under the Plan as of a given date, such fair market value
shall be the average of the highest price and lowest price at which the Common
Stock has been traded on the New York Stock Exchange - Composite Transactions on
such date.

       (h)    Notices. Every direction, revocation or notice authorized or
required by the Plan shall be deemed delivered to the Company on the date it is
personally or electronically delivered to the Secretary of the Company at its
principal executive offices or postage prepaid, addressed to the Secretary at
such offices; and shall be deemed delivered to an optionee (a) on the date it is
personally delivered to him or her or (b)

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three business days after it is sent by registered or certified mail, postage
prepaid, addressed to him or her at the last address shown for him or her on the
records of the Company.

       (i)    Applicable Law. All questions pertaining to the validity,
construction and administration of the Plan and Stock Options granted hereunder
shall be determined in conformity with the laws of the State of California.

       (j)    Elimination of Fractional Shares. If under any provision of the
Plan that requires a computation of the number of shares of Common Stock subject
to a Stock Option, the number so computed is not a whole number of shares of
Common Stock such number of shares of Common Stock shall be rounded down to the
next whole number.

       (k)    Stock Restriction Agreement. Notwithstanding anything to the
contrary contained in the Plan, the Company shall be under no obligation to sell
or deliver common Stock under the Plan to an optionee unless such optionee shall
execute a stock restriction agreement with respect to such Common Stock.

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                                                                   EXHIBIT 10.15

                     UNOCAL NONQUALIFIED RETIREMENT PLAN "A"
                      (AS AMENDED THROUGH JANUARY 1, 2002)

This Unocal Nonqualified Retirement Plan "A" (the "Plan") is an amendment and
restatement of the Unocal Retirement Supplementary Compensation Plan. The Plan
has been and is maintained by the Company, solely for the purpose of providing
benefits for certain Employees in excess of the limitations on contributions and
benefits imposed by the Internal Revenue Service under Section 415 of the Code.

The provisions of the Retirement Supplementary Compensation Plan in effect prior
to January 1, 1998 shall continue to apply to determine the eligibility of and
benefits payable to Employees who separated from service prior to January 1,
1998. The terms of the Plan in effect as of the date benefits commence shall
apply for purposes of determining the form and time of payment of benefits due
under the Plan.

ARTICLE I - ELIGIBILITY

The Employee shall be eligible if each of the following provisions is satisfied:

A.     The Employee is a Member of the Unocal Retirement Plan;

B.     The Employee's salary grade classification with an Employer is M04 or
       above with respect to eligibility for additional benefits on or after
       January 1, 2001;

C.     At the time of the Employee's separation from service with an Employer,
       the Employee had at least 5 years of Benefit Service under the Unocal
       Retirement Plan or the Employee is entitled to a vested right to his or
       her Accrued Benefit under the Unocal Retirement Plan as a result of a
       Change of Control Event;

D.     The Employee separates from service with an Employer on or after January
       1, 1998; and

E.     The Employee's benefit that would otherwise be payable under the Unocal
       Retirement Plan is reduced as a result of the limitations required under
       Section 415 of the Code.

ARTICLE II - BENEFIT

A.     The amount of the Employee's monthly benefit payable shall be the excess,
       if any, of: (1) the monthly benefit which would have been payable under
       the Unocal Retirement Plan to the Employee were it not for the
       limitations imposed by Section 415 of the Code, over (2) the actual
       monthly benefit payable under the Unocal Retirement Plan.

B.     In the event that: (1) the monthly benefit computed under Article II.A.1.
       of the Unocal Nonqualified Retirement Plan "C" (determined without regard
       to the Employee's eligibility to participate in such plan) minus (2) the
       actual monthly benefit payable under the Unocal Retirement Plan is less
       than the benefit

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       calculated under Article II. A of this Plan, the monthly benefit payable
       under this Plan shall be reduced to such lower amount.

C.     Notwithstanding any provision in this Plan, in the event that: (1) it
       shall be determined that any benefit or payment under the Plan is a
       "parachute payment" (within the meaning of Section 280G of the Code)
       which is subject to the excise tax imposed by Section 4999 of the Code
       ("Excise Tax"), (2) the Employee is not entitled (pursuant to an
       employment or other agreement) to receive a "gross up" payment to provide
       the Employee with additional compensation to offset the impact of the
       Excise Tax (a "Gross Up Arrangement"), and (3) the Employee would receive
       a greater net after-tax benefit if such Employee's aggregate benefits and
       payments from the Company and its affiliates, whether under the Plan or
       otherwise, were reduced to a level which does not exceed the greatest
       amount that could be paid to the Employee without giving rise to Excise
       Tax (the "Reduced Amount"), then the Employee's benefits or payments
       under the Plan shall be reduced as determined by the Company so the
       benefits or payments under the Plan when aggregated with all benefits and
       payments from the Company and its affiliates do not exceed the Reduced
       Amount. The Employee's net after-tax benefit shall be determined after
       application of the Excise Tax, all federal, state and local income taxes
       and payroll or other taxes, and by including all benefits and payments
       from the Company and its affiliates which are treated as "parachute
       payments" and included in determining liability for the Excise Tax. The
       determination of the applicability of the Excise Tax and the Reduced
       Amount shall be made by the Company in good faith, provided that with
       respect to an Employee who is subject to Gross Up Arrangement or other
       contract or agreement that provides procedures for determining the
       existence of an Excise Tax, the procedures in such Gross Up Arrangement,
       contract or agreement shall apply. If the benefits or payments under the
       Plan are to be reduced to the Reduced Amount and the Employee receives
       other benefits or payments treated as "parachute payments" and included
       in determining liability for the Excise Tax, the Company may allocate
       such portion of the reduction amount to the benefits and payments under
       the Plan as it deems appropriate.

ARTICLE III - FORM AND TIME OF PAYMENT

A.     Benefits under this Plan shall commence at the same time as benefits
       under the Unocal Retirement Plan, except that benefits paid under this
       Plan in installments shall commence and be paid subject to Article III.D.
       Benefits under this Plan shall, in addition to any limits imposed herein,
       be subject to the provisions of the Unocal Retirement Plan, except as
       specifically provided otherwise by this Plan.

B.     An eligible Employee may elect to receive payments under this Plan under
       any of the forms of payment available under the Unocal Retirement Plan,
       except the Five Years Certain Life Annuity Form and the Ten Years Certain
       Life Annuity Form, with respect to his or her benefit under this Plan.
       For purposes of this Plan, the Lump Sum Cash Settlement Form is referred
       to as a single sum cash payment.

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C.     The forms of payment under this Plan shall be subject to the terms,
       conditions and actuarial adjustments applicable to such forms under the
       Unocal Retirement Plan.

D.     Notwithstanding the foregoing, an Employee may elect, subject to such
       dates, terms, and conditions as the Company deems appropriate, to receive
       the single sum cash payment amount, as determined above, in up to ten
       annual installments. No interest shall accrue or be credited to such
       payments or amounts.

E.     An eligible Employee may make a timely election of the form of payment of
       his or her benefits under this Plan, and may change such election without
       penalty by making a subsequent timely election, at any time not later
       than one year prior to the Employee's retirement date.

F.     If an Employee does not make a timely election of the form of payment of
       benefits, then benefits under this Plan will be paid as a single sum cash
       payment for benefits commenced on or after September 1, 2001 or a Single
       Life Annuity, if the Employee is not married, or as a 100% Joint and
       Survivor Life Annuity for the Employee and his or her Spouse, if the
       Employee is married, for benefits commenced before September 1, 2001,
       unless the Employee makes an election which is subject to a reduction of
       benefits under Article III.G. or III.H. below.

G.     An eligible Employee may change his or her election of the form of
       payment of benefits under this Plan within one year before retirement,
       subject to a 6% reduction of his or her benefit which will be forfeited
       to the Company or Employer. Notwithstanding the preceding sentence, the
       6% reduction penalty shall not apply with respect to the form of payment
       elected during a special election period designated by the Administrator
       as attributable to a Plan amendment.

H.     After retirement, an Employee may elect to receive his or her remaining
       benefits under this Plan in a single sum cash payment, subject to a 10%
       reduction of the single sum cash payment, which will be forfeited to the
       Company or Employer.

I.     The single sum cash payment to an Employee under Article III.H. (prior to
       the 10% reduction), except when the Employee was receiving installment
       payments, shall be equal to the difference between (1.) and (2.) below,
       determined as of the commencement date of benefit payments, accumulated
       to the date of the single sum cash payment using the interest rate
       specified below.

       1.     The single sum value of the benefits payable to the Employee as a
              Single Life Annuity under this Plan determined as of the
              commencement date of benefit payments.

       2.     The single sum value of the benefits previously paid to the
              Employee under this Plan (based on the actual form of payment,
              unless the Employee was receiving payments under a Joint and
              Survivor Life Annuity

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              form and the joint annuitant has died, in which case the value of
              benefits previously paid shall be considered to be the benefits
              which would have been paid to the Employee as a Single Life
              Annuity) discounted to the commencement date of benefit payments.

       If an Employee is receiving installment payments, the single sum cash
       payment to the Employee under Article III.H. (prior to the 10% reduction)
       shall be equal to the remaining unpaid installment payments, without
       interest.

       A single sum cash payment shall be valued using the interest rate used by
       the Unocal Retirement Plan to determine a Lump Sum Cash Settlement
       payable on the first of the month following the date the election under
       Section III.H. above is received by the Company.

J.     Within two years after a Change of Control, the reduction of benefits
       under Article III.G. and III.H. shall be 5%, in lieu of the 6% or 10%
       reduction which otherwise would apply. For this purpose a "Change of
       Control" shall have the same meaning as a "Change in Control Event" as
       defined in the Unocal Long-Term Incentive Plan of 1998.

K.     The Unocal Retirement Plan Committee, in its discretion, may waive
       reductions in benefits for changes in elections of form of payment of
       benefits or elections to receive single sum cash payments which are due
       to a financial hardship of the Employee.

L.     If any provision of this Plan causes Plan benefits to be includible for
       federal income tax purposes in the gross income of an Employee (or
       beneficiary) prior to actual payment of such Plan benefits to the
       Employee (or beneficiary), the Company shall pay such Plan benefits to
       the Employee (or beneficiary) upon a final determination to such effect,
       notwithstanding any other provision of this Plan to the contrary.

M.     The Spouse (or other beneficiary) of an Employee may be entitled to
       benefits in the event of the death of the Employee.

       1.     If the Employee dies prior to commencement of payment of benefits,
              a benefit shall be payable only to the Employee's Spouse and only
              if the Spouse has been married to the Employee for a period of at
              least one year on the date of the Employee's death. The amount of
              the benefit payable to the Employee's eligible Spouse shall equal
              the amount that would be paid from the Unocal Retirement Plan
              under the Spouse's Annuity Benefit, the Special Spouse's Benefit,
              the Spouse's Benefit, or the Spouse's Employee-Equivalent Benefit,
              provided that the eligibility requirements under the Unocal
              Retirement Plan have been met for the elected benefit, with the
              calculation based on the Member's benefit under Article II.A. and
              Article II.B. of this Plan. Benefits under this Plan will commence
              at the same time as benefits under the Unocal

<PAGE>

              Retirement Plan. If a Spouse elects to receive the Spouse's
              Employee-Equivalent Benefit, the Spouse may elect, subject to such
              dates, terms, and conditions as the Company deems appropriate, to
              receive such benefit payable in up to ten annual cash
              installments. No interest shall accrue or be credited to such
              payments. No other benefit shall be payable to any other person or
              entity in the event that a benefit is paid under this Article
              III.M.1.

       2.     If the Employee dies after commencement of payment of benefits,
              the amount, timing and form of the benefit payments under this
              Plan shall be in accordance with the Employee's election of form
              of payment under this Plan.

              a.     If the Employee elected installment payments or the Ten
                     Equal Annual Installments, the Spouse (or beneficiary) will
                     receive one payment in an amount equal to the remaining
                     payments.

              b.     If the Employee elected a Joint and Survivor Life Annuity,
                     payments will continue for the life of the Spouse (with
                     appropriate reduction based on the Employee's election).

              c.     If the Employee elected the Single Life Annuity, no benefit
                     will be paid from this Plan to the Spouse (or beneficiary).

              No other benefit shall be payable to any other person or entity in
              the event that a benefit is paid under this Article III.M.2.

ARTICLE IV - ADMINISTRATION AND TERMINATION

A.     Union Oil Company of California shall administer the Plan. Such
       responsibilities shall be carried out through its corporate officers and
       employees acting in their capacities as officers and employees and not as
       fiduciaries.

B.     The Board of Directors may terminate or amend any or all of the
       provisions of or add provisions to this Plan at any time. However, no
       termination or amendment of this Plan shall reduce or adversely affect
       (i) the benefit then being paid under this Plan, or (ii) the benefit
       (including optional forms of benefit) that an Employee would be eligible
       to receive under this Plan in the event that, within five years of the
       effective date of the termination or amendment of this Plan, he or she
       retires with an immediate retirement benefit under the Unocal Retirement
       Plan or dies. After a Change of Control, the Plan may not be amended to
       eliminate or modify the right of an Employee (or beneficiary) to receive
       a single sum cash payment of his or her benefits pursuant to Article III.

C.     No Employee, beneficiary or joint annuitant may assign, transfer,
       hypothecate, encumber, commute or anticipate his or her interest in any
       benefits under this Plan. Interests and payments under this Plan are to
       be free from voluntary or involuntary assignment, and judicial levy and
       execution to the full extent permissible under applicable Law.

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D.     Payments under this Plan shall be made from the general funds of the
       Company or an Employer or from a grantor (rabbi) trust established by the
       Company or Union Oil Company of California, unless otherwise provided for
       by the Board of Directors.

E.     The Unocal Retirement Plan Committee shall have sole discretion regarding
       interpretation of this Plan and making factual determinations. Unless
       defined below or otherwise indicated, capitalized or quoted materials
       refer to the meanings and definitions under the Unocal Retirement Plan.
       Any questions that arise as to the rights to and amount of any benefits
       under this Plan or as to the interpretation of any of its provisions
       shall be determined by said Committee.

F.     Nothing in this Plan shall give any person a right to remain in the
       employment of the Employer or affect the right of the Employer to modify
       or terminate the employment of an Employee at any time, with or without
       cause.

G.     Any controversy or claim arising out of or relating to this Plan shall be
       settled by binding arbitration in Los Angeles, California, in accordance
       with the Commercial Arbitration Rules of the American Arbitration
       Association. The parties shall seek to agree upon appointment of the
       arbitrator and the arbitration procedures. If the parties are unable to
       reach such agreement, a single arbitrator who is a retired judge of a
       Federal or California state court shall be appointed pursuant to the AAA
       Commercial Arbitration Rules, and the arbitrator shall determine the
       arbitration procedures. Any award pursuant to such arbitration shall be
       included in a written decision which shall state the legal and factual
       reasons upon which the award was based, including all the elements
       involved in the calculation of any award. Any such award shall be deemed
       final and binding and may be entered and enforced in any state or federal
       court of competent jurisdiction. The arbitrator shall interpret the Plan
       in accordance with the Laws of California. The arbitrator shall be
       authorized to award reasonable attorneys' fees and other
       arbitration-related costs to a Participant or his or her beneficiary if
       an award is made in favor of the Participant or beneficiary. The award
       shall be limited to Plan benefits at issue, reasonable attorney's fees
       and arbitration-related costs.

H.     The Plan shall not be terminated by a transfer or sale of assets of the
       Company or by the merger or consolidation of the Company into or with any
       other corporation or other entity. The Plan shall be binding upon and
       inure to the benefit of any successor of the Company provided, however,
       that the Company or its successor may terminate the Plan, in whole or in
       part, at such time as it may determine in its sole discretion. Upon such
       termination, all affected Employees shall become fully vested in the
       benefits payable hereunder and the Company or its successor may choose,
       in its discretion, to accelerate the payment of an Employee's benefits to
       the actuarial present value thereof. For purposes of determining the
       actuarial present value of a benefit, the payment of which is accelerated
       upon termination of the Plan, the actuarial assumptions provided in the
       Unocal Retirement Plan shall apply.

<PAGE>

ARTICLE V - DEFINITIONS

A.     "Board of Directors" - the Board of Directors of Unocal Corporation.

B.     "Company" - Unocal Corporation.

C.     "Employee" - a person who is in the employment of an Employer.

D.     "Employer" - Unocal Corporation, Union Oil Company of California and any
       other subsidiary or affiliate of the Company so designated by the Board
       of Directors.

E.     "Law" - The Plan shall be governed by and construed in accordance with
       the laws of the State of California.

F.     "Plan" - Unocal Nonqualified Retirement Plan "A."

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