EXHIBIT 10.23
AMENDMENT TO
PIONEER NATURAL RESOURCES COMPANY
SEVERANCE AGREEMENT
This Amendment is dated and effective February 19, 2002, and is attached to
and made a part of that certain Severance Agreement ("Agreement") between
Pioneer Natural Resources Company ("Parent") and Xxxxx X. Xxxxxxx ("Officer")
dated August 8, 1997.
In regard to the provisions relating to a Change in Control and
Termination, paragraph 5(e)(1)(D) is hereby amended as follows:
"A continuation of all health insurance coverage applicable at the
time of such Termination of Employment to Officer and his/her immediate
family under any Benefit Plan until such Officer reaches the age of
sixty-five (65), or the age upon which such Officer becomes eligible for
Medicare benefits as determined by the Social Security Administration,
whichever is later ("Medicare Age");
"(i) For the first three years of such continued health insurance
coverage, the premium charged to the Officer shall be the same as that
charged to parent company officers of the successor entity or the
premium existing prior to the Change in Control, whichever is less;
(ii) Following the first three years of such extended health
insurance coverage and continuing until such Officer reaches Medicare
Age, the premium for such coverage charged the Officer shall be the
Company's, or its successor's, COBRA premium in effect during such
time; and
(iii) Such health insurance coverage shall provide benefits at a
level at least comparable to those being provided prior to the Change
in Control, or better if better coverage is offered to parent company
officers of the successor entity."
Except as to the extent modified by this Amendment, the Agreement is hereby
ratified and confirmed in all respects.
PIONEER NATURAL RESOURCES COMPANY
By: /s/ Xxxx X. Xxxxxxx
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Name: Xxxx X. Xxxxxxx
Title: Executive Vice President
OFFICER
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
