February 4, 2001 Mr. James Mulva, Chairman & CEO Phillips Petroleum Company Phillips Building Fourth & Keeler Bartelsville, Oklahoma 74004 Dear Jim: This letter sets forth our agreement concerning my employment by Phillips Petroleum Company...Employment Agreement • February 6th, 2001 • Tosco Corp • Petroleum refining
This letter sets forth our agreement concerning my employment by Phillips Petroleum Company ("Phillips") after my termination from Tosco Corporation ("Tosco") in conjunction with the merger of Phillips and Tosco. Promptly following the acquisition of Tosco by Phillips, I will be named a Director and Vice Chairman of the Board of Directors of Phillips. I will also simultaneously be appointed Chief Executive Officer of Phillips' Refining, Marketing, and Transportation company (which will combine Tosco and Phillips' RM&T operations). As the CEO of RM&T, I will be paid an annual salary of $800,000 plus benefits and bonus normally associated with a senior executive position with Phillips. I will maintain my current office located in Greenwich, Connecticut through the end of 2001, after which I will make my main office at the company's office complex in Tempe, Arizona. Phillips will have the right to terminate my position as RM&T CEO, upon payment of a sum equal to three month's salary plus
BY AND AMONGMerger Agreement • February 6th, 2001 • Tosco Corp • Petroleum refining • Delaware
