10.2 Employment Agreement with Xxxxx Xxxxxxx dated July 23, 1998.
EMPLOYMENT AGREEMENT
If accepted in writing by Xx. Xxxxx Xxxxxxx and Saba Petroleum Company (the
"Company"), the following term and conditions will govern the continued
employment of Xx. Xxxxxxx with the Company.
1. Scope of Responsibilities and Title: a. To carryout duties and responsibilities as Executive
Vice President and Chief Operating officer of the Company.
b. To carryout duties and responsibilities as President and
Chief Operating Officer of Saba Petroleum, Inc., a subsidiary of
Saba Petroleum Company.
c.
2. Employment Status: Full
time, Original hire date
of January 1, 1992.
Continuing for the term
specified below.
3. Location of Employment: Santa Maria, California
4. Term: Three years
commencing from the date
of acceptance of this
letter agreement.
5. Compensation: a. Annual Salary : U.S. $ 72,000 to be paid in equal
monthly installments.
b. Vacation and Sick Time: Whatever is accrued to-date plus
continuation with current company policy.
c. Salary increases: A 10% increase at next employment
anniversary date and 5% thereafter at each employment anniversary
date.
d. Other Benefits: Continued participation in the
Company401K plan and the Company paid health benefits. Other
stock options and bonuses as approved by the Company.
e. Company provided automobile.
f.
6. Termination Either party may terminate the employment with or without cause
upon 30 days' written notice to the other, and upon such
termination neither party shall have any further rights or
obligations hereunder; provided, however, that upon termination
by the company, the Company shall pay all accrued vacation / sick
time and as a severance allowance an amount equal to six months
of salary plus one month of salary for each year of employment
with the Company.
Saba Petroleum Company Accepted this ______ day of ____________, 1998
Xxxxx Xxxxxxxxx _______________________
President & Chief Executive Office Xxxxx X. Xxxxxxx
