EXHIBIT 10.14.3
SEVERANCE AGREEMENT
THIS SEVERANCE AGREEMENT (this "AGREEMENT") by and among Newfield
Exploration Company ("NEWFIELD"), Newfield Mid-Continent, Inc., a wholly owned
subsidiary of Newfield (the "COMPANY"), and Xxxxxxx X. Xxxxxx ("XX. XXXXXX") is
effective as of March 1, 2002.
1. TERMINATION OF EMPLOYMENT. The parties hereto hereby acknowledge and
agree that (a) they are also parties to an Employment Agreement effective as of
April 1, 1997, which was modified by a letter dated December 28, 2002 (the
"EMPLOYMENT AGREEMENT"), (b) Xx. Xxxxxx properly exercised his right to
terminate his employment under the Employment Agreement pursuant to Section
2.3(ii) thereof effective as of March 1, 2002 and (c) the effect of Xx. Xxxxxx'x
termination shall be governed by Section 2.4 of the Employment Agreement.
2. SEVERANCE PAYMENTS. In consideration of Xx. Xxxxxx'x past service
and the release of claims set forth in paragraph 4 below, Newfield agrees to pay
Xx. Xxxxxx $234,500. The aggregate payment shall be paid in twelve equal
installments on the last day of each calendar month, beginning on March 31,
2002. Notwithstanding the foregoing, Newfield's obligation to make any payments
after June 1, 2002 shall be conditioned upon Xx. Xxxxxx'x compliance with each
of his obligations under Articles 4, 5 and 6 of the Employment Agreement.
3. INDEMNIFICATION. Nothing herein shall limit Xx. Xxxxxx'x rights, if
any, to indemnification, entitlement to defense or other benefits available to
the Company's and Newfield's officers and directors under the Company's and
Newfield's charter, bylaws and insurance policies
4. ADEA RIGHTS. Xx. Xxxxxx hereby specifically releases any claims he
may have for age discrimination, including any claims under the Age
Discrimination in Employment Act. Xx. Xxxxxx hereby acknowledges and agrees
that: (a) he has been advised in writing to consult with an attorney regarding
the terms of this Agreement prior to its execution; (b) he has been given at
least 21 days within which to consider this Agreement; (c) if he executes this
Agreement, he has seven days following such execution to revoke this Agreement;
(d) this Agreement shall not become effective or enforceable until the
revocation period has expired; (e) he does not, by the terms of this Agreement,
waive claims or rights that may arise after the date he executes this Agreement;
(f) he is receiving, pursuant to this Agreement, consideration in addition to
anything of value to which he is already entitled; and (g) that this Agreement
is written in such a manner that he understands his rights and obligations.
IN WITNESS WHEREOF, the parties hereto have executed or caused this
Agreement to be executed by a duly authorized officer effective as of March 1,
2002.
NEWFIELD EXPLORATION COMPANY
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Xxxxx X. Xxxxxxx
Vice President and Chief Financial Officer
NEWFIELD EXPLORATION MID-CONTINENT, INC.
By: /s/ Xxxxx X. Xxxxxxx
-------------------------------------------------
Xxxxx X. Xxxxxxx
Vice President - Administration
/s/ Xxxxx X. Xxxxxx
-------------------------------------------------
Xxxxx X. Xxxxxx
