Kerr Mcgee 8-K Entry into a Material Definitive Agreement

EXHIBIT 10.1

2005 ANNUAL INCENTIVE COMPENSATION PLAN AWARDS

For 2005, the awards to be paid to the named executive officers under the Company’s Annual Incentive Compensation Plan are as follows: Mr. Corbett - $2,534,015; Mr. Hager - $1,023,773; Mr. Crouch - $991,572; Mr. Wohleber - $793,257; and Mr. Pilcher - $686,379.