|
(1) |
This
Second Supplement to the Kerr-McGee Corporation Supplemental Executive
Retirement Plan (the “Second Supplement”) forms a part of the Kerr-McGee
Corporation Supplemental Executive Retirement Plan as in effect on and
after February 26, 1999 (“Plan”). The provisions of this Second Supplement
shall apply only to those Participants who were Participants in the Oryx
Energy Company Executive Retirement Plan ("Oryx Plan") as of
December 31, 1999 ("Former Oryx Participants") who became
Participants in the Plan effective January 1, 2000 (hereinafter referred
to as "Second Supplement Participants”). |
|
(2) |
There
shall be no duplication of benefits provided under the Plan and this
Second Supplement, and the actuarially equivalent benefits payable under
one shall be inclusive of the actuarially equivalent benefits payable
under the other unless specifically provided otherwise in the provisions
of the Plan or this Second Supplement. |
|
(3) |
All
terms used in this Second Supplement shall have the meanings assigned to
them in the provisions of the Plan, unless a different meaning is plainly
required by the context. |
| (1) |
The
Oryx Plan had previously been sponsored by Oryx Energy Company (“Oryx”).
Oryx was merged with the Company effective February 26, 1999 (the
“Merger”). Due to the Merger, the Company assumed the Oryx Plan and
obligations thereunder including those to the Former Oryx Participants.
|
| (2) |
The
Company believes that it would be in the best interest of the Oryx Plan,
the Plan and the Participants therein that the Oryx Plan be merged and
continued in the Plan effective January 1, 2000.
|
| (3) |
The
effective date of the merger of the Oryx Plan into the Plan shall be
January 1, 2000. |
| (4) |
The
following and only the following are Former Oryx Participants who became
Participants in the Plan as Second Supplement Participants effective
January 1, 2000: |
| (5) |
Upon
merger of the Oryx Plan into the Plan effective January 1, 2000,
there shall be no further benefit accruals pursuant to the terms of the
Oryx Plan, and benefits for all Second Supplement Participants shall
accrue thereafter in accordance with the terms of the Plan. Following the
merger, all benefits earned under the Oryx Plan prior to January 1,
2000, and benefits earned pursuant to the Plan from and after such date
will be paid in accordance with the terms of the Plan and this Second
Supplement. |
| (1) |
A
Second Supplement Participant will be entitled to receive the benefits and
only such benefits as would be payable under the terms of the Oryx Plan if
such plan as in effect on December 31, 1999, including amendments through
Amendment Seven, had continued without change on and after January 1,
2000. Second Supplement Participants became fully vested under the Oryx
Plan effective February 26, 1999, in accordance with Section 6.04 of the
Oryx Plan as a result of a Change of Control as defined in the Oryx Plan.
|
| (2) |
The
benefit under the Plan applicable to a Second Supplement Participant shall
be paid in the form of a lump sum as soon as practicable, as determined by
the Committee, following the occurrence of the event which makes the
benefit payable and shall be determined in accordance with Section 3.06 of
the Oryx Plan using the interest and mortality assumptions that would
apply to such Participant at such time for such purpose under the
Kerr-McGee Corporation Retirement Plan. The provisions of Section 5.1 of
the Plan are not applicable to the benefits of a Second Supplement
Participant determined under this Plan. |
| (1) |
the
benefit determined for Hager in accordance with (C) above, or |
| (2) |
the
benefit determined for Hager under the terms of the Plan proper (Articles
I through IX). For purposes of determining this benefit, all of Hager's
service with and compensation from Oryx shall be considered service with
and compensation from the Company. |
|
ATTEST: |
KERR-McGEE
CORPORATION |
|
/s/
John F. Reichenberger
John
F. Reichenberger
Assistant
Secretary |
/s/
William E. Bradford
William
E. Bradford
Lead
Director |