-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TaYlp3x4Jve5pBMjQQtrRh5+Xv0NBCKyG3jHIqFW6wq4XHkTeSuwwWAgkgAA8amL pnoqN2p2bOBl03NxDXpWcg== 0000716039-02-000062.txt : 20021210 0000716039-02-000062.hdr.sgml : 20021210 20021209194559 ACCESSION NUMBER: 0000716039-02-000062 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20021203 ITEM INFORMATION: Other events FILED AS OF DATE: 20021210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNOCAL CORP CENTRAL INDEX KEY: 0000716039 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 953825062 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08483 FILM NUMBER: 02852861 BUSINESS ADDRESS: STREET 1: 2141 ROSECRANS AVE STREET 2: STE 4000 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3107267600 MAIL ADDRESS: STREET 1: 2141 ROSECRANS AVE STREET 2: STE 4000 CITY: EL SEGUNDO STATE: CA ZIP: 90245 8-K 1 atekdec9.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) December 3, 2002 -------------------------- UNOCAL CORPORATION - ----------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware - ----------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-8483 95-3825062 - ---------------------------------------------------------------------------- (Commission File Number) (I.R.S. Employer Identification No.) 2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245 - ----------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (310) 726-7600 - ----------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Item 5. Other Events. Director and Executive Officer Changes - -------------------------------------- On December 3, 2002, Unocal Corporation's board of directors elected Ferrell P. McClean to serve as an independent member of the board. The board also elected John W. Creighton, Jr., as Vice Chairman. Ms. McClean is a retired managing director of JP Morgan, where she was senior advisor to the head of the Global Oil & Gas Group in Investment Banking. Prior to JP Morgan's merger with Chase, she co-headed Global Energy in Investment Banking. She founded both the Leveraged Buyout Group and the Restructuring Group at JP Morgan. Ms. McClean holds a Bachelor of Arts degree from Radcliffe College. She is also a director of GrafTech International Ltd. Mr. Creighton, who served as non-executive Chairman of Unocal's board of directors in 2001, has been a director since 1995. He had resigned as Chairman when he was appointed interim Chief Executive Officer and Chairman of the board of directors of UAL Corporation. He subsequently retired from those positions in September, 2002 when a replacement was named. He is also the retired President and Chief Executive Officer of Weyerhaeuser Company. Dennis P. R. Codon left the position of Senior Vice President, Chief Legal Officer & General Counsel of the Company effective December 3, 2002, to evaluate several opportunities outside the Company. The Company plans to conduct a search to fill Mr. Codon's position. During the transition, Charles O. Strathman and Timothy R. Thomas will lead the Company's Law Department. Effective December 3, Mr. Strathman became Vice President and Chief Legal Officer and Mr. Thomas became Vice President & General Counsel. Item 7. Financial Statements and Exhibits. (c) Exhibits: 3 Bylaws of Unocal Corporation, as amended effective December 3, 2002. 10 Agreement and General Release, dated November 6, 2002, between Unocal Corporation and Dennis P.R. Codon. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized UNOCAL CORPORATION (Registrant) Date: December 9, 2002 By: /S/ John Briffett - ----------------------- --------------------- John Briffett Assistant Comptroller EX-3 3 byladec9.txt BYLAWS OF UNOCAL CORPORATION EXHIBIT 3 BYLAWS OF UNOCAL CORPORATION a Delaware corporation (Effective December 3, 2002) ARTICLE I FISCAL YEAR Section 1. The fiscal year of Unocal Corporation (hereinafter called the "Corporation") shall end on the thirty-first (31st) day of December of each year. ARTICLE II OFFICES Section 1. Principal Office. The principal office for the transaction of business of the Corporation is hereby fixed and located at 2141 Rosecrans Avenue, Suite 4000, in the City of El Segundo, County of Los Angeles, State of California. The Board of Directors (hereinafter sometimes called the "Board") is hereby granted full power and authority to change said principal office from one location to another. ARTICLE III STOCKHOLDERS Section 1. Annual Meetings. The annual meetings of the stockholders shall be held at 10:00 o'clock A.M. on the fourth (4th) Monday in May of each year, if not a legal holiday, for the purpose of electing directors and for the transaction of any other business which is within the powers of the stockholders and properly brought before the meeting. If the fourth (4th) Monday in May is a legal holiday, the annual meeting of the stockholders shall be held at 10:00 o'clock A.M. on the preceding Monday. Section 2. Notice of Meetings. Written notice of each annual or special meeting of stockholders shall be given to each stockholder entitled to vote thereat not less than ten (10) nor more than sixty (60) days before the meeting. Section 3. Place of Meetings. All meetings of stockholders, whether annual or special, shall be held at the principal office of the Corporation or at such other place, within or without the State of Delaware, as the Board may from time to time designate pursuant to authority hereinafter granted it. In the absence of any such designation stockholders' meetings shall be held at the principal office of the Corporation. Section 4. Voting Rights. Stockholders entitled to vote at stockholder meetings shall be entitled to one (1) vote for each full share. A fraction of a share or a fractional interest in a share shall not be entitled to any voting rights whatsoever. Section 5. Conduct of Meetings. The decisions of the Chairman of the Board, Vice Chairman of the Board or other officer presiding at the stockholders' meetings shall govern in all matters relating to the conduct of the meeting. Section 6. Voting. Directors shall be divided into three (3) classes. At each annual meeting, all directors of one (1) class shall be elected in accordance with, and subject to, the provisions of ARTICLE SIXTH of the Corporation's Restated Certificate of Incorporation by the holders of shares entitled to vote in the election. Section 7. Nominations and Other Stockholder Business. At any meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting in accordance with the procedures set forth herein. Only such business shall be conducted at an annual meeting of the stockholders as shall have been properly brought before the meeting (a) pursuant to the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (b) by or at the direction of the Board of Directors, or (c) by a stockholder or a beneficial owner of the Corporation's stock ("Proponent") in compliance with all of the following provisions: (1) such business must be a proper matter for stockholder action under the Delaware General Corporation Law: (2) the Corporate Secretary must have timely received (as described below) written notice by the Proponent containing (a) a brief description of each matter desired to be brought before the meeting, (b) the Proponent's name and address (if the Proponent is a stockholder of record, as they appear on the Corporation's books), (c) the class and the number of shares of stock of the Corporation which are beneficially owned by the Proponent and, if the Proponent is not a stockholder of record, proof of beneficial ownership, (d) a description of any material interest of the Proponent in such business, (e) a statement as to whether the Proponent intends to deliver a proxy statement and form of proxy to holders of a sufficient number of shares, in the case of a nomination, to elect such nominee, and in the case of a proposal of other business, to carry such proposal (an affirmative statement of such intent, a "Solicitation Notice"), and (f) as to each person whom the Proponent proposes to nominate for election or re-election as a director, (i) all information relating to such person as would be required to be disclosed in solicitations of proxies for the election of such person as a director pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and (ii) such person's written consent to serve as a director if elected; (3) if the Proponent has provided the Corporation with a Solicitation Notice, the Proponent must have delivered a proxy statement and form of proxy to holders of a sufficient number of shares, in the case of a nomination, to elect such nominee, and in the case of a proposal of other business, to carry such proposal; and (4) if the Proponent has not provided the Corporation with a Solicitation Notice, the Proponent must not have delivered a proxy statement and a form of proxy to holders of a sufficient number of shares, in the case of a nomination, to elect such nominee, and in the case of a proposal of other business, to carry such proposal. The Corporate Secretary shall be deemed to have timely received a Proponent's notice under clause (c)(2) of the preceding paragraph if it is delivered at the Corporation's principal office to the attention of the Corporate Secretary at least ninety (90) days prior to the annual meeting of stockholders; provided, however, that if there has been an amendment to the Bylaws since the last annual meeting changing the date of the annual meeting, a Proponent's notice shall be deemed to have been timely received if it is delivered not later than the close of business on the later of the ninetieth (90th) day prior to the annual meeting or the tenth (10th) day following the day on which public announcement of the date of such meeting is first made; provided further, however, that if the number of directors to be elected to the Board of Directors is increased and there is no public announcement naming all of the nominees for director or specifying the size of the increased board of directors at least one hundred (100) days prior to the annual meeting, a Proponent's notice shall be deemed to have been timely received, but only with respect to nominees for any new positions created by such increase, if it is delivered not later than the close of business on the tenth (10th) day following the day on which such public announcement is first made. Only such business shall be conducted at a special meeting of the stockholders as shall have been brought before the meeting pursuant to the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors. Nominations of persons for election to the Board of Directors may be made at a special meeting of the stockholders at which directors are to be elected pursuant to the Corporation's notice of meeting (a) by or at the direction of the Board of Directors or (b) by a Proponent who delivers the notice described in clause (c)(2) of the second paragraph of this Section at the Corporation's principal office to the attention of the Corporate Secretary not later than the close of business on the later of the ninetieth (90th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the number of directors proposed by the Board of Directors to be elected at such meeting. Only persons nominated in accordance with the procedures set forth in this section shall be eligible to serve as directors and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this section. The chairman of the meeting shall have the power to determine whether a nomination or any other business is in compliance with this section, and to declare that any defective nomination or other business not be presented for stockholder action at the meeting and be disregarded. For purposes of this section, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News service, Associated Press or a comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act. Notwithstanding the foregoing provisions of this section, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to matters set forth in this section. Nothing in this section shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act. Notwithstanding anything in the Bylaws to the contrary, no business shall be conducted at a meeting except in accordance with the procedures set forth herein. Section 8. Quorum. The holders of one-third (1/3) of all of the outstanding shares of the stock of the Corporation entitled to vote at a meeting of stockholders, present in person or by proxy, shall constitute a quorum for the transaction of any business at such meeting. ARTICLE IV BOARD OF DIRECTORS Section 1. Powers. Subject to the limitations of the Restated Certificate of Incorporation of the Corporation and of the Delaware General Corporation Law as to action which shall be authorized or approved by the stockholders, all corporate powers shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be managed by, the Board of Directors. Section 2. Number. The exact number of directors of the Corporation shall be ten (10) until changed in the manner provided by law. Section 3. Chairman and Vice Chairman of the Board. The Board shall elect a Chairman, who shall preside at all meetings of the Board of Directors and shall have such other powers and duties as may from time to time be assigned by the Board of Directors or prescribed by the Bylaws. The Board may also appoint a Vice Chairman, who shall preside at all meetings of the Board of Directors in the absence of the Chairman and shall have such other powers and duties as may from time to time be assigned by the Board of Directors or prescribed by the Bylaws. Section 4. Annual Meetings. Immediately following each annual meeting of stockholders, the Board shall hold its annual meeting for the purpose of organization, election of officers and the transaction of any other business. Section 5. Regular Meetings. Regular meetings of the Board shall be held at the times and on the dates fixed by resolution of the Board. Section 6. Special Meetings. Special meetings of the Board for any purpose or purposes whatsoever may be called by the Chairman of the Board and Chief Executive Officer or, in his absence or inability, by the Vice Chairman of the Board, by the President and Chief Operating Officer, or by at least two (2) of the directors at the time in office. Section 7. Notice of Meetings. Notice of annual meetings and of regular meetings of the Board is hereby dispensed with. Notice of special meetings must be given at least two (2) days in advance if given by mail, or at least twenty-four (24) hours in advance if delivered personally or given by telephone or other electronic means. Section 8. Place of Meetings. All meetings of the Board, whether annual, regular or special meetings, shall be held at any place within or without the State of Delaware which has been designated from time to time by resolution of the Board or in the notice of the meeting. In the absence of such designation all directors' meetings shall be held at the principal office of the Corporation. Section 9. Quorum. A majority of the exact number of directors specified in Section 2 of this Article IV of the Bylaws shall constitute a quorum of the Board of Directors for the transaction of business; provided, however, that vacancies on the Board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director, each such director to hold office until a successor is elected at an annual or special meeting of the stockholders. Section 10. Compensation of Directors. Directors and members of committees appointed by the Board shall receive such compensation, if any, for their services, and such reimbursement for their expenses, as may be fixed or determined by resolution of the Board. The Board may, however, in any such resolution provide that directors who are also employees of the Corporation or any of its subsidiaries shall not receive additional compensation for services as a director or member of a committee appointed by the Board. Section 11. Indemnification of Directors, Officers, Employees and Other Agents. (a) Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to or involved in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative ("Proceeding"), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, trustee, or fiduciary, or in a similar capacity (collectively, "Agent") of another foreign or domestic corporation, limited liability company, partnership, joint venture, trust, or any other enterprise or entity whatsoever, including without limitation employee benefit plans (collectively, "Affiliate"), whether the basis of such Proceeding is alleged action in an official capacity, or in any other capacity while serving as a director or officer of the Corporation or as an Agent of an Affiliate, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment), against all expense, liability, and loss, including without limitation, attorneys' fees, judgments, fines, ERISA excise taxes, penalties, amounts paid or to be paid in settlement, and any other amounts actually incurred or suffered by such person in connection with any Proceeding; and such indemnification shall continue as to a person who has ceased to be a director or officer of the Corporation or Agent of an Affiliate and shall inure to the benefit of his or her heirs, executors, and administrators; provided, however, that, except as provided in paragraph (b) hereof with respect to Proceedings seeking to enforce rights to indemnification, the Corporation shall indemnify any such person seeking indemnification in connection with a Proceeding (or part thereof) initiated by such person only if such Proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. The right to indemnification conferred in this Section shall be a contract right and shall include the right to be paid by the Corporation the expenses incurred in defending any such Proceeding in advance of its final disposition; provided, however, that, if the Delaware General Corporation Law requires, the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including without limitation, service to an employee benefit plan) in advance of the final disposition of a Proceeding, shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified under this Section or otherwise. The Corporation may, to the extent authorized from time to time by the Board of Directors, either on a general basis or as to specific employees or agents, provide indemnification to employees and agents of the Corporation with similar scope and effect as the foregoing indemnification of directors and officers. (b) Right to Bring Suit. If a claim under paragraph (a) of this Section is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, except in the case of a claim for expenses incurred in a Proceeding in advance of its final disposition, in which case the applicable period shall be twenty (20) days, the person seeking indemnification (the "Party to be Indemnified") may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Party to be Indemnified shall be entitled to be paid also the expense of prosecuting or defending such claim. The Corporation's sole defense to an action seeking indemnification (other than an action brought to enforce a claim for expenses incurred in defending a Proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Corporation) shall be that the Party to be Indemnified has not met the standards of conduct which make it permissible under the Delaware General Corporation Law for the Corporation to indemnify the Party to be Indemnified for the amount claimed, and the burden of providing such defense shall be on the Corporation. Neither the failure of the Corporation (including the Board of Directors, its independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the Party to be Indemnified is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including the Board of Directors, its independent legal counsel, or its stockholders) that the Party to be Indemnified has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the Party to be Indemnified has not met the applicable standard of conduct. (c) Non-Exclusivity of Rights. The right to indemnification and the payment of expenses incurred in defending a Proceeding in advance of its final disposition conferred in this Section shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of the Restated Certificate of Incorporation, Bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. (d) Insurance. The Corporation shall maintain in full force and effect, at its own expense, director and officer liability insurance ("Insurance") coverage for each director and officer in amounts and scope at least as favorable as that maintained by the Corporation on September 30, 1996, or, to the extent more favorable, any Insurance policy entered into or renewed by the Corporation following such date. Notwithstanding the foregoing, if the Corporation, after using its best efforts, cannot obtain and purchase such coverage for an amount no more than what it paid for the most recent expiring Insurance policy plus a reasonable additional amount, the Corporation shall only be required to purchase such Insurance coverage for any act or omission occurring at or prior to the time of such date. (e) Enforceability; Amendment. The rights provided to any person by this Bylaw shall be enforceable against the Corporation by such person, who shall be presumed to have relied upon it in serving or continuing to serve as an Agent, as provided above. No amendment of this Bylaw shall impair the rights of any person arising at any time with respect to events occurring prior to such amendment, including, without limitation, any right of a director or officer to Insurance for any act or omission occurring at or prior to the time of such amendment. Section 12. Authority to Designate Place of Stockholders' Meetings. The Board is hereby granted full power and authority to designate from time to time any place within or without the State of Delaware for the holding of any stockholders' meeting. Section 13. Committees of the Board. The Board may, by resolution, appoint one or more committees of the Board, in addition to an Executive Committee, and prescribe their duties and powers. A quorum for the transaction of business shall be one-third (1/3) of the members of the Committee unless the Bylaws or resolution of the Board shall otherwise provide. A majority of the members of any such committee may determine its own rules of procedure unless the Board shall otherwise provide. The Board shall have the power at any time to fill vacancies in, to change the membership of, or to dissolve any such committee. Section 14. Action by Written Consent. Any action required or permitted to be taken by the Board or any committee thereof may be taken without a meeting, if all members of the Board or such committee, as the case may be, shall individually or collectively consent in writing to such action. Such written consent or consents shall be filed with the minutes of the proceedings of the Board. Section 15. Conference Calls. Members of the Board or any committee thereof may participate in a meeting through use of conference telephone or similar communications equipment, so long as all members participating in such meeting can hear one another. ARTICLE V EXECUTIVE COMMITTEE Section 1. Number and Composition. The Board of Directors shall appoint from its membership, annually, an Executive Committee of the Board composed of three (3) or more directors. Included on the Executive Committee shall be the Chairman and Vice Chairman of the Board. Each member of the Executive Committee shall hold membership at the pleasure of the Board, which shall have the exclusive power to fill vacancies thereon as they may occur. The Chairman of the Executive Committee shall be the Chairman of the Board. Section 2. Powers. The Executive Committee, during the intervals between meetings of the Board, shall have and there is hereby granted to it all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, except that the Executive Committee shall not be permitted to fill vacancies on the Board or on any committee, approve any action for which stockholder approval is also required by the Delaware General Corporation Law, amend or repeal any resolution of the Board which by its express terms is not so amendable or repealable, or appoint other committees of the Board or the members thereof and shall not have any powers restricted by Section 141(c) of the Delaware General Corporation Law unless the Board shall have specifically delegated authority to the Executive Committee to take action with respect to a matter listed in such Section as permitted to be so delegated. Section 3. Procedure. Three (3) members of the Executive Committee shall constitute a quorum of the Executive Committee for the transaction of business. The Executive Committee, by vote of a majority of its members, shall fix its own times and places of meetings and shall prescribe its own rules of procedure; no change in which shall be made save by a majority vote of its members. Section 4. Records and Reports. The Executive Committee shall keep regular minutes of all business transacted at its meetings, and all action of the Executive Committee shall be reported to the Board at its next ensuing meeting. Section 5. Compensation. Members of the Executive Committee may receive such compensation, if any, for their services, and such reimbursement for their expenses, as may be fixed or determined by the Board. ARTICLE VI MANAGEMENT COMMITTEE Section 1. Number and Composition. The Board of Directors shall appoint annually a Management Committee of the Corporation composed of the Chief Executive Officer, the President and Chief Operating Officer and the Chief Financial Officer of the Corporation. The Chairman of the Management Committee shall be the Chief Executive Officer of the Corporation. Section 2. Powers. The Management Committee, during the intervals between meetings of the Board, shall have and there is hereby granted to it all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation which may be delegated to officers under the Delaware General Corporation Law, including the appointment and removal of subordinate officers, subject to approval limits established by resolution of the Board of Directors as deemed appropriate from time to time. Section 3. Procedure. Two (2) members of the Management Committee shall constitute a quorum of the Management Committee for the transaction of business. The Management Committee, by vote of a majority of its members may prescribe its own rules of procedure; no change in which shall be made save by a majority vote of its members. Section 4. Records. The Management Committee shall keep records of business transacted at its meetings. ARTICLE VII OFFICERS Section 1. Officers. The officers of the Corporation shall be a Chief Executive Officer, a President and Chief Operating Officer, a Chief Financial Officer, a Vice President, a Secretary, a Comptroller, a Treasurer, a Chief Legal Officer and a Chief Information Officer. The Corporation may also have, at the discretion of the Board, one (1) or more Vice Presidents, who may be designated as Executive Vice Presidents, Group Vice Presidents, Senior Vice Presidents or Vice Presidents, one (1) or more Assistant Chief Financial Officers, one (1) or more Assistant Secretaries, one (1) or more Assistant Treasurers, and one (1) or more Assistant Comptrollers, and the Board may appoint such other officers as it may deem necessary or advisable, who shall have such authority and perform such duties as from time to time may be prescribed by the Board, the Chairman of the Board or the Chief Executive Officer. Any two (2) or more offices may be held by the same person. Section 2. Election and Removal. The officers of the Corporation shall be chosen annually by the Board at its annual meeting and each shall hold office until the corresponding annual meeting of the Board in the next year and until a successor shall be elected and qualified unless such officer shall theretofore resign or shall be removed or otherwise disqualified to serve. The Board may remove any officer either with or without cause or under such other terms or conditions as it may prescribe. Vacancies may be filled by the Board as they may occur. Section 3. Powers and Duties. (a) Chief Executive Officer. The Chief Executive Officer shall be the officer, reporting directly to the Board, responsible for overall management of the Corporation and shall have general supervision, direction and control over the business and affairs of the Corporation and its officers. The Chief Executive Officer shall be a member of the Executive Committee and of the Management Committee and in general shall perform all duties incident to the office of Chief Executive Officer and shall have such powers and duties as may from time to time be assigned by the Board of Directors or prescribed by the Bylaws. (b) President and Chief Operating Officer. The President and Chief Operating Officer in general shall perform all duties incident to the office of President and Chief Operating Officer, and shall have such powers and duties as may from time to time be assigned by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or prescribed by the Bylaws. (c) Vice Presidents. Vice Presidents, who may be designated as Executive Vice Presidents, Group Vice Presidents, Senior Vice Presidents or Vice Presidents, shall have such authority and shall perform such duties as shall from time to time be assigned by the Board of Directors, the Chairman of the Board, the Chief Executive Officer, the President and Chief Operating Officer, or prescribed by the Bylaws. (d) Chief Financial Officer. The Chief Financial Officer shall have such authority and shall perform such duties as shall from time to time be assigned by the Board, the Chairman of the Board, the Chief Executive Officer or prescribed by the Bylaws. (e) Assistant Chief Financial Officer. Each Assistant Chief Financial Officer shall assist the Chief Financial Officer and shall perform such duties as shall from time to time be assigned by the Board, the Chairman of the Board, the Chief Executive Officer or the Chief Financial Officer. (f) Secretary. The Secretary shall keep, or cause to be kept, at the principal office and/or such other place or places as the Board may order, a book or books of minutes of all meetings of directors and stockholders, with the time and place of holding, whether regular or special, and, if special, how authorized, the notice thereof given, the names of those present at directors' meetings, the number of shares present or represented at stockholders' meetings, and the proceedings thereof. The Secretary shall keep or cause to be kept at the principal office, or at the office of the Corporation's transfer agent, a stock register, which may be an electronic database, showing the names of the stockholders of record and their addresses, the number and classes of shares held by each, the numbers and dates of the certificates issued for those shares, and the numbers and dates of cancellation of every certificate surrendered for cancellation. The Secretary shall give or cause to be given notice of all meetings of the stockholders and the Board required to be given by the Bylaws or by law. The Secretary shall have charge of and be custodian of the seal of the Corporation and the minute books and documents relating to the existence and governance of the Corporation. The Secretary shall have such other powers and perform such other duties as may from time to time be prescribed by the Board, the Chairman of the Board or the Bylaws, and shall in general, subject to control of the Board and the Chairman of the Board, perform all the duties usually incident to the office of secretary of a corporation. (g) Assistant Secretaries. Each Assistant Secretary shall assist the Secretary and, in the absence or disability of the Secretary, may perform the duties of the Secretary unless and until the contrary is expressed by the Board, and may perform such other duties as may be prescribed by the Board or the Secretary. (h) Treasurer. The Treasurer shall have custody of and be responsible for all the monies and funds of the Corporation. The Treasurer shall deposit or cause to be deposited all Corporation monies, funds and other valuables in the name and to the credit of the Corporation in such bank or banks as shall be judged proper or as shall be directed by the Board, the Chairman of the Board, the Chief Executive Officer, or the Chief Financial Officer, and shall disburse the funds of the Corporation which have been duly approved for disbursement. The Treasurer shall enter or cause to be entered regularly in the books of the Corporation full and accurate accounts of all monies received and paid out on account of the Corporation. The Treasurer shall have such other powers and perform such other duties as may from time to time be prescribed by the Board, the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer or the Bylaws, and shall in general, subject to control of the Board, the Chairman of the Board, the Chief Executive Officer, and the Chief Financial Officer, perform all the duties usually incident to the office of treasurer of a corporation. (i) Assistant Treasurers. Each Assistant Treasurer shall assist the Treasurer and, in the absence or disability of the Treasurer, may perform the duties of the Treasurer unless and until the contrary is expressed by the Board, and shall perform such other duties as may be prescribed by the Board or the Treasurer. (j) Comptroller. The Comptroller shall be the principal officer in charge of the general accounting books, accounting records and forms of the Corporation and shall see that all monies and obligations due the Corporation and all properties and assets are properly accounted for. The Comptroller shall prepare the Corporation's balance sheets, income accounts and other financial statements and reports, and render to the Board, the Chairman of the Board, the Chief Executive Officer, and the Chief Financial Officer, such periodic reports covering the results of operations of the Corporation as may be required by them or any of them. The Comptroller shall have such other powers and perform such other duties as may from time to time be prescribed by the Board, the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer or the Bylaws and shall in general, subject to control of the Board, the Chairman of the Board, the Chief Executive Officer, and the Chief Financial Officer, perform all the duties usually incident to the office of comptroller of a corporation. (k) Assistant Comptrollers. Each Assistant Comptroller shall assist the Comptroller and, in the absence or disability of the Comptroller, may perform the duties of the Comptroller unless and until the contrary is expressed by the Board, and shall perform such other duties as may be prescribed by the Board or the Comptroller. (l) Chief Legal Officer. The Chief Legal Officer shall be in charge of the Corporation's legal affairs. The Chief Legal Officer shall advise the Board, the Chairman of the Board, the Chief Executive Officer and the other officers of the Corporation on such legal matters and prepare such reports as may be required by them or any of them. (m) Chief Information Officer. The Chief Information Officer shall be in charge of the Corporation's information technology. The Chief Information Officer shall advise the Board, the Chairman of the Board, the Chief Executive Officer and the other officers of the Corporation on such information technology matters and prepare such reports as may be required by them or any of them. ARTICLE VIII MISCELLANEOUS Section 1. Execution of Documents. Unless otherwise authorized by or pursuant to a resolution of the Board of Directors, all contracts, leases, deeds, deeds of trust, mortgages, bonds, indentures, endorsements, assignments, powers of attorney, and other documents and instruments of whatsoever kind shall be executed for and on behalf of the Corporation by the Chief Executive Officer, the President and Chief Operating Officer, the Chief Financial Officer, a Vice President, the Treasurer, the Comptroller, or by any such officer and shall be attested by the Secretary or an Assistant Secretary, who shall have authority to affix the corporate seal to the same. Section 2. Undertakings and Commitments. No undertaking, commitment, contract, instrument or document shall be binding upon the Corporation unless previously authorized or subsequently ratified by the Board or executed by an officer or officers, an employee or employees or an agent or agents of the Corporation acting under powers conferred by or pursuant to resolution of the Board or by these Bylaws. Section 3. Checks, Drafts, etc. All checks, notes and other obligations for collection, deposit or transfer, and all checks and drafts for disbursement from Corporation funds, and all bills of exchange and promissory notes, and all acceptances, obligations and other instruments for the payment of money, shall be endorsed or signed by such officer or officers, employee or employees or agent or agents as shall be authorized from time to time to do so by or pursuant to a resolution of the Board of Directors. Section 4. Representation of Shares of Other Corporations. Shares standing in the name of the Corporation may be voted or represented and all rights incident thereto may be exercised on behalf of the Corporation by the Chief Executive Officer, the President and Chief Operating Officer, the Chief Financial Officer, a Vice President, the Secretary, the Treasurer or the Comptroller, or by such other officers upon whom the Board of Directors may from time to time confer like powers. ARTICLE IX AMENDMENTS TO BYLAWS Section 1. Power of Stockholders. New Bylaws may be adopted or these Bylaws may be amended or repealed by the vote of seventy-five (75) percent of the outstanding stock of the Corporation entitled to vote thereon. Section 2. Power of Directors. Subject to the right of stockholders as provided in Section 1 of this Article IX to adopt, amend or repeal Bylaws, Bylaws may be adopted, amended or repealed by the Board of Directors as provided or permitted by law; however, any Bylaw amendment adopted by the Board of Directors increasing or reducing the authorized number of directors or amending this Section shall require a resolution adopted by the affirmative vote of not less than seventy-five (75) percent of the directors. ARTICLE X EMERGENCY Section 1. "Emergency" as used in this Article means disorder, disturbance or damage caused by war, enemy attack, other warlike acts or by catastrophe, disaster or other similar emergency condition, which prevents the conduct and management of the affairs and business of the Corporation by the Board of Directors and officers in the manner provided for in other Articles of these Bylaws. The powers and duties conferred and imposed by this Article, and any resolutions adopted pursuant hereto, shall be effective only during an emergency. This Article may be implemented from time to time by resolutions adopted by the Board of Directors before or during an emergency, or during an emergency by the emergency Board of Directors constituted and then acting pursuant hereto. An emergency, once commenced, shall be deemed to continue until terminated by resolutions adopted for that purpose by the Board of Directors. Section 2. If, during an emergency, a majority of the Board of Directors cannot be found or is unable to act, one-third (1/3) of the exact number of the Board of Directors shall constitute a quorum thereof. Section 3. During any emergency, the officers and employees of the Corporation shall continue, so far as possible, to conduct the Corporation's affairs and business under the guidance of the Board of Directors acting pursuant to this Article and in accordance with known orders of governmental authorities. Section 4. If, during any emergency, a quorum of the Board of Directors, as provided in Section 3 of this Article, cannot be found or is unable to act, any three (3) available members of the Executive Committee, including the Chief Executive Officer, shall be and constitute the Board of Directors, with two (2) thereof constituting a quorum, and as such shall have and exercise the fullest power of the Board of Directors for the conduct and management of the affairs and business of the Corporation, permitted by law, without the limitations set forth in Section 2 of ARTICLE V of these Bylaws, provided that such emergency Board of Directors as so constituted shall comply to the extent practicable under the circumstances with the provisions of ARTICLE III of these Bylaws relating to annual and special meetings of stockholders. If three (3) members of the Executive Committee, including the Chief Executive Officer, are not able to serve, any three (3) available directors shall be and constitute such emergency Board of Directors, with two (2) thereof constituting a quorum, for the exercise of the powers conferred and performance of the duties imposed by this Section 4. Section 5. If, during any emergency, neither a quorum of the Board of Directors, as provided in Section 3 of this Article, nor a quorum of the emergency Board of Directors, as provided for in Section 4 of this Article is available to serve, then the powers conferred and duties imposed by Section 4 shall vest in and devolve upon any three (3) of (in the following order of priority) available directors, Executive Vice Presidents, the Chief Financial Officer, and as many other Vice Presidents (or, in case of their inability, any other officers), in order of seniority, as may be necessary from time to time to constitute a total of three (3) emergency directors. The Chief Executive Officer and any other one (1) emergency director shall constitute a quorum of such emergency Board of Directors for exercise of the powers conferred and performance of the duties imposed hereunder, but if the Chief Executive Officer is not available, any two (2) of such emergency directors shall constitute a quorum. EX-10 4 codon.txt CODON AGREEMENT EXHIBIT 10 AGREEMENT AND GENERAL RELEASE ----------------------------- This AGREEMENT AND GENERAL RELEASE, executed this 6th day of November, 2002, by and between Dennis P.R. Codon (hereinafter referred to as "Employee"), and Union Oil Company of California (hereinafter referred to as "Company") and Unocal Corporation (hereinafter referred to as "Unocal"). WHEREAS, Employee is currently employed by Company and located in El Segundo, California and is an officer of Company and Unocal; WHEREAS, Employee, Company and Unocal wish to end his employment with Company and his status as an officer of Unocal and Company if certain conditions are satisfied. WHEREAS, Employee, Company and Unocal have determined they wish to resolve all issues regarding Employee's employment and termination thereof. NOW, THEREFORE, in consideration of the mutual promises contained in this AGREEMENT AND GENERAL RELEASE, the sufficiency of which are hereby acknowledged, Company, Unocal and Employee agree as follows: 1. Employee shall resign as an officer of Unocal and Company effective December 31, 2002 or such earlier date as is mutually acceptable to the parties. 2. Employee shall be a "Consulting Employee" for the period January 1, 2003 (or the effective date following his resignation under paragraph if earlier) through September 30, 2003 (the "Employment Period") reporting to the Chief Executive Officer of Unocal. As a Consulting -- Employee, Employee shall continue to be an Employee for all purposes. During the Employment Period Employee will continue to be paid his current base salary, accrue benefit service under the Unocal Retirement Plan and otherwise continue to be eligible for the Company's benefit plans such as 401k contributions, health insurance, vacation pay, etc. that are generally applicable to full time employees at his current salary grade. Thereafter, Employee and his dependents shall be eligible to receive all retiree health and welfare benefits generally applicable to a Company employee in Employee's employment category. During the Employment Period, Employee shall not be adversely affected by an amendment to retiree or retiree medical benefits, including without limitation the amount of Employee's Pension Bonus Service under the Unocal Retirement Plan, except where such amendment would also apply to senior Company executives. 3. Employee shall be paid his accrued but untaken vacation in the approximate amount of $62,000 (Sixty-two Thousand Dollars) less applicable withholding on or before January 15, 2003. Employee shall accrue additional vacation while a Consulting Employee, which shall be paid on or before October 15, 2003. 4. Employee shall be eligible to receive financial counseling services at Company expense through December 31, 2003 in accordance with existing Company policies, 5. Employee shall be eligible to receive a Revised Incentive Compensation Plan Award for calendar year 2002. Said award shall be determined based on the percentage of target awards payable to corporate department employees of Company in salary grade X-08 based on Company performance but without any adjustment for individual performance. 6. For Calendar year 2003 Employee shall be entitled to the greater of (a) 75% (seventy-five) percent of the Revised Incentive Compensation Award that would be payable to corporate department employee in salary grade X-08 based on Company performance but without any adjustment for individual performance or (b) 75% (seventy-five percent) of the target Revised Incentive Compensation Plan Award for an employee in salary grade X-08 without adjustment for Company or individual performance. 7. During the Employment Period Employee may perform services for others so long as Employee remains reasonably available for telephonic consulting and such services do not conflict with the obligations of paragraph 16 below. Employee agrees that he will resign as a Consulting Employee in the event he becomes employed by a company in the business of oil and gas exploration and production or by a government body that regulates or otherwise has oversight over the activities of the Company. In the event Employee resigns as a Consulting Employee or dies during the Employment Period, he shall be paid the remaining portion of his base salary for said period in a single sum within 30 days of such resignation. 8. Employee shall terminate his employment with the Company effective October 1, 2003, unless he has resigned prior to such date. 9. Employee shall receive the sum of $1,415,522 (One Million, four Hundred fifteen Thousand Five Hundred and Twenty-two Dollars) less applicable withholding on or before March 30, 2003. 10. Employee's termination of employment shall not be deemed "Voluntary" or "For Cause" under that Promissory Note dated as of March 16, 2000. Therefore, the acceleration of the payment due date under said Promissory Note to 60 days following termination of employment shall not be applicable to Employee. 11. Employee's termination of employment, shall be treated as "at the convenience of the Company" pursuant to the Long-Term Incentive Plan of 1991, the Long-Term Incentive Plan of 1998 and the Revised Incentive Compensation Plan. Therefore, Employee shall be entitled to the delivery of shares of Restricted Stock, payment of Performance Shares and the extended period to exercise vested stock options applicable under the terms of said Plans upon a termination of employment at the convenience of the Company. The amount of the Employee's vested stock options, performance shares and restricted stock, as well as a pro-ration of such awards resulting from his termination are indicated in Attachment A, assuming he remains a Consulting Employee through the Employment Period. Other than the calendar year 2002 Revised Incentive Compensation Plan Award, Employee shall not receive awards of grants under the Long-Term Incentive Plan of 1998, the Revised Incentive Compensation Plan, the Annual Incentive Plan or similar plan of the Company after December 31, 2002. This shall not affect his rights with respect to awards granted prior thereto. 12. Employee shall be paid the account balances under the Supplemental Savings Plan as indicated on Section I of Attachment A, including accrued interest to December 31, 2002 and the deferred cash portion of the Revised Incentive Compensation Plan ("ICP") awards as indicated in Attachment A. 13. In the event a transaction is publicly announced that if completed would constitute a "Change of Control" of Unocal (as defined in the Long-Term Incentive Plan of 1998) prior to October 1, 2003 and a Change of Control of Unocal is consummated by any party or parties prior to October 1, 2005 then Employee shall receive the sum of $911,970 (Nine Hundred and Eleven Thousand, Nine Hundred and Seventy Thousand Dollars), less applicable withholding, payable within 60 days of said Change of Control. 14. Employee shall not be entitled to any other severance-type benefits, including without limitation, Unocal Redeployment Program or Unocal Termination Allowance Plan benefits, except as specifically noted above. Employee shall not be entitled to any payments under the Unocal Employee Agreement dated July 28, 1998 by and between Employee and Unocal Corporation. The parties understand that this Agreement and General Release is a full settlement of all of Employee's rights under said Employment Agreement. 15. Employee has been granted a Performance Bonus Award pursuant to the Long-Term Incentive Plan of 1998 and as a recipient of a Unocal 2000 Executive Stock Purchase Program Award. Employee's termination will be treated thereunder as other than a "Voluntary Termination" or a "Termination for Cause". Therefore, Employee will be entitled to payment of a Performance Bonus as if he had remained in employment during the full Award Period, including without limitation any payment under the Change Of Control provisions thereof. He shall be treated in the same manner as any other recipient of a Performance Bonus Award who did not terminate employment during the Award Period. Notwithstanding the above, Employee shall be treated no less favorably with respect to the Unocal 2000 Executive Stock Purchase Program, including the loan thereunder, as any other employee who participated in the program. 16. All technical, business or other information, including all documents, material and intellectual and tangible work product, which is developed or received by Employee in connection with Employee's work hereunder, or which is or has been otherwise disclosed to Employee by Company either orally or in writing, is the exclusive property of Company, and Employee agrees to maintain such information in strict confidence and not to use such information other than in work for Company. The foregoing shall not apply to information which Employee can show either (i) is already known to Employee other than as a result of work performed hereunder or from prior work for the Company (ii) is or becomes part of the public domain, other than by Employee's fault or (iii) is required to be disclosed by applicable law. Employee's obligations under this paragraph shall survive termination of this Agreement. 17. GENERAL RELEASE --------------- Except for the rights of Employee hereunder, in consideration for this Agreement, Employee hereby releases and forever discharges Company and Unocal Corporation and their respective predecessors, successors, partners, assigns, employees, shareholders, owners, officers, directors, agents, attorneys, subsidiaries, divisions, and affiliates (jointly referred to as "Released Parties") from any and all claims, demands, causes of action, obligations, damages, attorneys' fees, costs and liabilities of any nature whatsoever, whether or not now known, suspected or asserted, which Employee may have or claim to have against the Released Parties relating in any manner to Employee's employment with the Company and/or the termination of such employment, and hereby covenants not to assert such claims through a lawsuit, an administrative proceeding or otherwise. This General Release includes, but is not limited to, claims arising under federal, state or local laws prohibiting employment discrimination or claims arising out of any legal restrictions on the Company's rights to terminate its employees, including without limitation of the Age Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act of 1964, and the Civil Rights Act of 1991. Except as specifically provided herein, nothing in this Agreement shall affect in any way, apply to, increase, or diminish, any rights which Employee has with respect to retirement benefits or with respect to any previously established policy or plans of the Company outside of this Agreement. This Agreement shall not in any way limit Employee's right to assert claims, including through a lawsuit, for the actions of the Released Parties that occur subsequent to the date this Agreement is executed by the parties, except to the extent such actions of Released Parties are expressly provided for in this Agreement. 18. Waiver ------ Employee waives all rights under Section 1542 of the Civil Code of California. That section reads as follows: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor." Notwithstanding the provisions of Section 1542 or any similar law of any other state, and to provide a full and complete release of Released Parties, Employee expressly acknowledges that this Retention Agreement and General Release is intended to include, without limitation, all claims which Employee does not know or suspect to exist in his favor at the time of execution of this document, and that the settlement agreed upon completely extinguishes all such claims. 19. Employee shall not disclose the terms of this Agreement to any third party, including current or former employees of the Company, except for those employees who are involved in administering matters related to or arising in connection with this Agreement. In the event of any unauthorized disclosure, Company may immediately terminate Employee's employment without any penalty or any obligation under this Agreement. The Company will only invoke this provision on compelling evidence that Employee has intentionally breached the foregoing provision. At the time of execution of this Agreement, Company agrees that it has no knowledge of any unauthorized disclosure by Employee as such disclosure is referred to in this paragraph. Notwithstanding the foregoing, Employee may disclose this Agreement to his attorney, accountant, tax advisor, spouse or spouse's attorney (after first instructing them and obtaining their agreement to not disclose this Agreement to others except as required by law or professional rules) as well as to taxation authorities and as required by law. 20. In addition to any indemnification obligations Company has or may have under applicable law, Company shall indemnify Employee for any and all costs, expenses, awards, claims, judgments, attorneys; fees or any other damages or injury to Employee for Employee's actual or alleged actions or failure to act during his employment with Company including Employee's employment as a Consulting Employee, unless Company under its standard policy on such matters would not have so indemnified Employee for such actions or failure to act were he still actively employed at his current salary level and position. 21. Company shall pay 90% (ninety percent) of Employee's out-of-pocket litigation expenses, including reasonable attorney's fees, in connection with any judicial proceeding to enforce this Agreement or construe or determine the validity of this Agreement, if the Employee is substantially successful in such proceeding. 22. This AGREEMENT AND GENERAL RELEASE is a full and complete expression of the intent of the parties with respect to the subject matter of this Agreement. No other agreement or representation, express or implied, has been made by either party with respect to the subject matter of this Agreement. 23. This AGREEMENT AND GENERAL RELEASE may not be modified except by a written agreement signed by both Employee and by a Vice President of Union Oil Company of California. 24. This AGREEMENT AND GENERAL RELEASE shall be interpreted to be valid to the full extent possible under the laws of the State of California. 25. Employee warrants and represents that he has not assigned or in any way transferred any claim related to the subject matter of this AGREEMENT AND GENERAL RELEASE and that he will not allow or assist in such transfer or assignment in the future. 26. This AGREEMENT AND GENERAL RELEASE shall not constitute an admission by any Released Party of any wrongful action or inaction whatsoever. 27. Company may not assign this Agreement, except that Company's obligations hereunder shall be binding legal obligations of Company and Unocal Corporation and any successor to all or substantially all their business by sale, merger, consolidation or otherwise. 28. Employee agrees that this AGREEMENT AND GENERAL RELEASE is understood by Employee and is voluntarily entered into by the Employee. 29. The payments and benefit provided under paragraphs 3, 7, 9 and 13 shall be payable even in the event of Employee's death prior to receipt thereof. Employee may file a written beneficiary designation for any such payments in the form of Attachment C. The last such designation received by Company prior to his death shall control any such payments. In the absence of a valid election, payments shall be made to Employee's estate or legal representative. 30. Employee acknowledges that he has been advised of his right to consult with an attorney regarding the effect of this Agreement prior to signing it. Employee has been advised of his right to take at least twenty-one (21) days to study and review this Agreement before signing. Employee also understands he has the right to revoke this Agreement for seven (7) days after signing it. If signed by both parties, this Agreement will become effective upon the end of said seven (7) day period. 31. This Agreement shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or against Employee, Company or any Release. This Agreement shall be governed by the statutes and common law of the State of California. IN WITNESS WHEREOF, this AGREEMENT AND GENERAL RELEASE has been executed in duplicate originals. UNION OIL COMPANY OF CALIFORNIA AND UNOCAL CORPORATION By: /S/Timothy Ling ------------ /s/ Dennis P.R. Codon ----------------- Signature Dennis P.R. Codon Timothy Ling ----------------- - ------------ Print Name Print Name November 6, 2002 November 6, 2002 ---------------- - ---------------- Date Date ATTACHMENT A TO AGREEMENT AND GENERAL RELEASE I. ICP Cash Deferred ----------------- $ 10,000.00 1998 ICP Deferral $ 2,880.35 Interest Earned thru 9/30/02 ------------ $ 12,880.35 Balance as of 9/30/02 $140,000.00 2001 ICP Deferral $ 15,814.97 2002 Salary Deferred to Date $ 7,675.62 Interest Earned thru 9/30/02 ------------ $163,490.59 Balance as of 9/30/02 ----------- $176,370.94 Total II. Supplemental Savings Plan ------------------------- Balance Accrued Accrued Co. Accrued through Cycle Year Principal Contribution Interest 2002-21 1997 $ 6,460.00 $ 0.00 1998 $ 7,400.16 $ 635.09 1999 $ 8,200.32 $1,105.34 2000 $ 9,900.24 $2,221.87 2001 $ 12,150.24 $2,905.45 2002 $ 6,356.07 $621.88 $3,091.65 ___________ ----------- ------- --------- Total $ 50,467.03 $621.88 $9,959.40 $61,048.31 ATTACHMENT C TO AGREEMENT AND GENERAL RELEASE BENEFICIARY DESIGNATION ----------------------- I, Dennis P.R.Codon, (Employee) hereby designate the following person(s) as Beneficiary for any payments due at the time of my death under Sections 2, 4, 5, 6, 8 and 11 of my AGREEMENT AND GENERAL RELEASE with Union Oil Company of California, dba Unocal. Name: __________________________ Address: __________________________ Relationship: __________________________ Interest (%): __________________________ Name: _______________________________ Address: _______________________________ Relationship: _______________________________ Interest (%): _______________________________ codonagrmt.doc -----END PRIVACY-ENHANCED MESSAGE-----