EXHIBIT 10(b)(xlviii)
ANADARKO PETROLEUM CORPORATION 0000 XXXX XXXXXXX XXXXX, XXX XXXXXXXXX,
XXXXX 00000
X.X. XXX 0000 XXXXXXX, XX 00000-0000 XXX
PH: 832-636-1000
(ANADARKO PETROLEUM CORPORATION LOGO)
April 16, 2003
Xxxx X. Xxxxx
RE: Letter Agreement for Medical/Dental Benefits
Dear Xxxx,
This letter serves as an agreement between Anadarko Petroleum
Corporation ("Anadarko" or "Company") and Xxxx X. Xxxxx ("Employee") to assist
Employee in securing medical and dental benefits as provided for under Sections
3 (b) of the Termination Agreement between Anadarko and Employee dated April 16,
2003.
Under the terms of the Anadarko Medical and Dental Plan ("Plan"), the
Employee can elect medical and dental benefits under the Plan by paying the
applicable COBRA rates for the coverage, as determined by Anadarko from time to
time, until the first of the month following the date Employee turns age 55. On
the first of the month following the date Employee is age 55, Employee is
eligible to elect retiree coverage under the Plan, if available, based on the
rates in effect, as determined by the Company, and subject to change from time
to time.
While the Employee is covered under Sections 3 (b) of the Agreement,
and for such time that Employee qualifies for coverage under the Plan, Anadarko
will pay to Employee each month an amount equal to the difference between the
monthly COBRA rate he is required to pay for his and his current dependents'
Plan coverage and the monthly rate he would have paid for such coverage as an
active employee of the Company. This monthly payment will be "grossed-up" for
federal taxes and any Medicare taxes due based on the highest federal tax rate
in effect for the year of payment.
This letter agreement will remain in effect until the earlier to occur
of i) Employee is no longer eligible for benefits under Section 3 (b) of the
Agreement or ii) Employee is no longer eligible for coverage under the Plan. In
the event ii) occurs, the Company will continue to provide the benefits under
Sections 3 (b) of the Agreement under a different arrangement to be determined
at that time.
Enclosed are two copies of this letter agreement. Please indicate your
agreement with this letter by signing below and returning one copy to my
attention. If you have any questions regarding the benefits outlined in this
letter, feel free to call either Xxxxx Xxxxxx (832-636-2751) or me.
Sincerely,
Xxxxxxx X. Xxxxxx
Executive Vice President,
Administration
I agree to the terms outlined in this letter:
---------------------------------
Xxxx X. Xxxxx
