##### 



EXHIBIT 10.E EL PASO CORPORATION
EMPLOYEE STOCK
PURCHASE PLAN  Amended and Restated Effective as of July 1, 2005




---



##### 



EL PASO CORPORATION
EMPLOYEE STOCK PURCHASE PLAN
Amended and Restated Effective as of July 1, 2005 1. Purposes and Reactivation This Employee Stock Purchase Plan (the Plan) provides Eligible Employees of El Paso
Corporation, a Delaware corporation, and its Subsidiaries an opportunity to (i) purchase shares of
Common Stock of the Company at a discount from market prices, and (ii) increase ownership of the
Companys Common Stock, on the terms and conditions set forth below. It is the intention of the
Company that options issued pursuant to the Plan shall constitute stock options issued pursuant to
an employee stock purchase plan within the meaning of Section 423 of the Code. The provisions of
the Plan shall be construed so as to extend and limit participation in the Plan in a manner
consistent with the requirements of that section of the Code. The Plan is an amendment,
restatement and reactivation of the plan as amended and restated effective as of January 29,
2002, as amended December 6, 2002, and as suspended January 1, 2003. 2. Definitions (a) Board of Directorsmeans the Board of Directors of El Paso Corporation. (b) Companymeans El Paso Corporation, a Delaware corporation. (c) Compensationmeans the total annual cash remuneration (before taxes) which an Eligible
Employee receives as salary or wages, including base pay, payments for overtime, shift premium,
bonuses, holiday pay, paid time off, short-term disability and other similar remuneration
(grossed-up to reflect salary deferrals, if any, under Section 401(k) plans, Section 125 cafeteria
plans, Section 132 plans and other qualified and nonqualified elective deferrals). Compensation
shall not include other cash or non-cash remuneration such as payments under this or any other form
of equity or fringe benefit program, expense reimbursements, allowances and payments attributable
to foreign assignments, long-term disability and workers compensation payments, and lump-sum
payments due to death, termination of employment or layoff. (d) Codemeans the Internal Revenue Code of 1986, as amended. (e) Committeemeans the Compensation Committee of the Board of Directors with respect to
Participants who are subject to Section 16 of the Securities Exchange Act of 1934, as amended (the
Exchange Act), if required, and the Management Committee (consisting of the Chief Executive
Officer and such other senior officers of the Company as he or she may designate) with respect to
all other Participants. El Paso Corporation
    
    Page 1Employee Stock Purchase Plan




---



##### 



(f) Common Stockmeans the common stock, par value $3.00 per share, of the Company. (g) Eligible Employeesmeans those employees of the Company and its Subsidiaries who are
eligible to participate in the Plan pursuant to Section 4. (h) Exercise Datemeans the last Trading Day of each calendar month. (i) Exercise Pricemeans 95% of the Fair Market Value of a share of the Companys Common Stock
on the Exercise Date. In no event shall the Exercise Price be less than $1.00 per share of Company
Common Stock. (j) Fair Market Valuemeans the average between the highest and lowest quoted selling prices
at which the Company Common Stock is sold for a particular date as reported in the NYSE-Composite
Transactions by The Wall Street Journal(or such other source as the Committee deems reliable) for
such date, or if no Common Stock was traded on such date, on the next preceding day on which Common
Stock was so traded. In the absence of an established market for the Common Stock, the Fair Market
Value thereof shall be determined in good faith by the Committee. (k) Grant Datemeans January 1 of the calendar year, or with respect to the 2005 calendar
year, July 1, 2005. (l) Offering Periodmeans any twelve-month period beginning on January 1 of a particular
calendar year and ending on the last Trading Day of such calendar year, except that with respect to
the 2005 calendar year, the Offering Period shall begin on July 1, 2005. (m) Participating Employeemeans an Eligible Employee who elects to participate in the Plan
pursuant to Section 5 hereof. (n) Plan Accountmeans an account maintained by the Company or its designated record
keeper/custodian for each Eligible Employee participating in the Plan to which payroll deductions
are credited, against which funds used to purchase shares of Common Stock are charged, and to which
shares of Common Stock purchased are credited. (o) Subsidiarymeans a corporation (or other form of business association that is treated as a
corporation for tax purposes) that is designated by the Committee from time to time from among a
group consisting of the Company and its subsidiary corporations, for the purposes of participation
in the Plan, of which shares (or other ownership interests) having more than fifty percent (50%) of
the voting power are owned or controlled, directly or indirectly, by the Company so as to qualify
such corporation as a subsidiary corporation within the meaning of Section 424(f) of the Code.
The participating Subsidiaries are set forth on Appendix A hereto, and are subject to change
by the Committee. El Paso Corporation
    
    Page 2Employee Stock Purchase Plan




---



##### 



(p) Trading Daymeans any day on which the New York Stock Exchange (or any other established
stock exchange or national market system the Committee deems appropriate) is open for trading. 3. Common Stock Subject to the Plan (a) Subject to Section 3(b), the Company shall make available five million (5,000,000) shares
of its Common Stock for purchase under the Plan from shares held in the Companys treasury or out
of authorized but unissued shares of the Company, or partly out of each, as shall be determined by
the Committee. (b) In the event of a recapitalization, stock split, stock dividend, exchange of shares,
merger, reorganization, change in corporate structure or shares of the Company or similar event,
the Board of Directors, upon the recommendation of the Committee, may make appropriate adjustments
in the number of shares authorized for the Plan and with respect to the number of shares credited
to each Participating Employees Plan Account. 4. Eligible Employees (a) An Eligible Employee is any individual who, as of each Grant Date of an Offering Period
(and as of May 1 preceding the 2005 Grant Date and as of October 1 preceding each other such Grant
Date), is a common law employee of the Company or a Subsidiary and whose customary employment with
the Company or such Subsidiary is at least twenty (20) hours per week and more than five (5) months
in any calendar year. For purposes of the Plan, the employment relationship shall be treated as
continuing while the individual is on a short-term leave, approved by the Company or any
Subsidiary, during which the employee receives no Compensation. To the extent required under
Section 423 of the Code, where the period of unpaid leave exceeds ninety (90) days and the
individuals right to reemployment is not guaranteed by statute or by contract, the employee
relationship will be deemed to have terminated on the 91st day of such leave. (b) No Eligible Employee shall be granted an option to purchase shares of Common Stock on any
Grant Date if such employee, immediately after the option is granted, owns stock possessing five
percent (5%) or more of the Companys outstanding Common Stock or five percent (5%) or more of the
total combined voting power or value of all classes of stock of the Company or any Subsidiary. For
purposes of this Section 4(b), the rules of Code Section 424(d) (relating to attribution of stock
ownership) shall apply in determining the stock ownership of an Eligible Employee, and stock which
the employee may purchase under outstanding options (whether or not subject to the special tax
treatment provided by the Plan) shall be treated as stock owned by such employee. El Paso Corporation
    
    Page 3Employee Stock Purchase Plan




---



##### 



(c) Notwithstanding any other provision of the Plan to the contrary, no Eligible Employee
shall be granted an option to purchase shares of Common Stock under the Plan which permits such
employees rights to purchase stock under all employee stock purchase plans that are intended to
qualify under Code Section 423 and that are maintained by the Company and its Subsidiaries to
accrue at a rate which exceeds twenty-five thousand U.S. dollars ($25,000) (or the equivalent
thereof in other currencies) worth of stock determined at the Fair Market Value of the shares on
the Grant Date for each calendar year. This paragraph shall be interpreted in accordance with
applicable Code rules and regulations. 5. Participation in the Plan An Eligible Employee may participate in the Plan by completing and filing with the Company, or
its designated record keeper/custodian, an election form or responding to enrollment procedures as
set forth via an Internet website or a voice response system which authorizes payroll deductions
from the employees Compensation during an enrollment period as specified by the Company. Such
deductions shall commence with the first pay period in the Offering Period beginning after such
form is filed and recorded with the Company or its designated record keeper/custodian and shall
continue until the employee ceases participation in the Plan or the Plan is terminated. 6. Payroll Deductions Payroll deductions shall be made from the Compensation paid to each Participating Employee for
each regular payroll period in such amounts as the Participating Employee shall authorize. The
minimum payroll deduction shall be ten U.S. dollars ($10) per month up to a maximum of twenty-three
thousand seven hundred fifty U.S. dollars ($23,750) per calendar year, with such deductions to be
made from only the regular base salary payroll processing cycle (and not from bonus or other
special payroll processing events). All payroll deductions made for a Participating Employee shall
be credited to his or her Plan Account. Unless the Committee otherwise provides, if a
Participating Employees Compensation is insufficient in any pay period to allow the entire payroll
deduction contemplated under the Plan, all such available amounts shall be deducted and credited to
the Participating Employees Plan Account for such pay period. Payroll deductions under the Plan
shall be made only after all other withholdings, deductions, garnishments and similar deductions
have been made. Notwithstanding any other provision to the contrary, the Committee may allow,
subject to such terms and conditions as the Committee determines appropriate, Participating
Employees to provide other sources of funds to satisfy such Participating Employees elected
contributions, but in no event shall the total annual contribution by a Participating Employee
exceed such Participating Employees Compensation. El Paso Corporation
    
    Page 4Employee Stock Purchase Plan




---



##### 



7. Changes in the Payroll Deductions (a) Increases. A Participating Employee may increase the amount of his or her payroll
deduction by filing a new election form with the Company or its designated record keeper/custodian
or responding via an Internet website or a voice response system during an enrollment period, as
specified by the Company. The change shall become effective for the next Offering Period. (b) Decreases. A Participating Employee may decrease the amount of his or her payroll
deduction by filing a new election form with the Company or its designated record keeper/custodian
or responding via an Internet website or a voice response system sufficiently in advance, generally
ten (10) Trading Days, to process such change before the next pay period. (c) Except as set forth in Section 8(a), other changes shall not be allowed during an Offering
Period. 8. Termination of Participation in the Plan (a) Voluntary Cessation of Plan Participation. A Participating Employee, at any time
and for any reason, may voluntarily terminate participation in the Plan by written notification, or
appropriate procedures set forth via an Internet website or a voice response system or otherwise as
the Company may determine, of withdrawal delivered to the appropriate payroll office or designated
record keeper/custodian sufficiently in advance, generally ten (10) Trading Days, to process such
change before the next pay period. In such event, payroll deductions will cease and any payroll
deductions and other funds credited to such Participating Employees Plan Account shall be used to
purchase shares of Common Stock on the next Exercise Date. An employee whose participation in the
Plan has voluntarily terminated may not rejoin the Plan until the next Offering Period following
the date of such termination. (b) Employment Termination and Death. A Participating Employees participation in the
Plan shall be terminated involuntarily upon (i) termination of his or her employment with the
Company or its Subsidiaries for any reason, or (ii) death of the Participating Employee. In each
event, payroll deductions shall cease and any payroll deductions and other funds credited to the
Participating Employees Plan Account shall be used to purchase additional shares of Common Stock
on the next Exercise Date. (c) Retirement and Permanent Disability. In the event the Participating Employee
retires or becomes permanently disabled, payroll deduction will cease and any payroll deductions
and other funds credited to such employees Plan Account shall be used to purchase shares of Common
Stock on the next Exercise Date unless the employee requests to receive such amounts, in a manner
determined by the Committee and such notice is received sufficiently in advance of the next
Exercise Date, generally ten (10) Trading Days, to process such request. El Paso Corporation
    
    Page 5Employee Stock Purchase Plan




---



##### 



In the event a Participating Employees participation in the Plan is terminated pursuant to
this Section 8, then such Participating Employee may allow shares of Common Stock credited to the
Participating Employees (or former employees) Plan Account to remain therein (at such persons
expense, if any), or at any time, request withdrawal of all or a portion of such account in the
manner specified in the Plan or by the Committee. 9. Purchase of Shares (a) On each Grant Date, each Participating Employee shall be deemed to have been granted an
option to purchase up to that number shares of Common Stock as provided in this Section 9. (b) Each option shall be for a number of shares up to the maximum number acquirable through
the payroll deductions allowed under Section 6 above, but no more than three thousand (3,000)
shares during any one Offering Period (including the short Offering Period commencing July 1,
2005). Each option shall be for a term of not more than one year and shall be exercised as
provided below. (c) On each Exercise Date, each Participating Employee who is a common law employee of the
Company or a Subsidiary shall be deemed to have exercised his or her option granted, pursuant to
Section 9(a). On each Exercise Date, the Company shall apply the funds (exclusive of dividends and
other distributions, if any) credited to each Participating Employees Plan Account, pursuant to
Section 6 above, to the purchase (without commissions or fees) of that number of shares of Common
Stock determined by dividing the Exercise Price into the balance in the employees Plan Account on
the Exercise Date, subject to the limitations in Sections 4(b) and 4(c). (d) As soon as practicable after each Exercise Date, a statement shall be delivered to each
Participating Employee regarding his or her Plan Account, which may include, among other things and
to the extent necessary and appropriate, (i) the name, address and federal identification number of
the Company and the Participating Employee; (ii) the amounts of payroll deductions or other funds
credited to the Plan Account; (iii) the Exercise Price; (iv) the date of purchase or transfer; (v)
the number of shares purchased or transferred; (vi) a statement that the purchase of shares is
pursuant to a Code Section 423 plan; and (vii) the balance in the Plan Account. 10. Rights as a Stockholder (a) As promptly as practicable after each Exercise Date, a Participating Employee shall be
treated as the beneficial owner of his or her shares purchased pursuant to the Plan, and such
shares shall be credited to a book-entry account maintained for the benefit of the Participating
Employee by the record keeper/custodian selected by the Company. A Participating Employee may
request that a stock certificate for all or a portion of the shares credited to the Participating
Employees Plan Account be issued, El Paso Corporation
    
    Page 6Employee Stock Purchase Plan




---



##### 



provided the shares have been held by the Participating Employee more than two (2) years from
the beginning of the Offering Period during which they were purchased or one (1) year from the
Exercise Date, whichever is longer, and the Participating Employee pays any fees associated with
the issuance of such stock certificate. A Participating Employee may request that a stock
certificate for all or a portion of the shares credited to the Participating Employees Plan
Account which have been held by the Participating Employee less than two (2) years from the
beginning of the Offering Period during which they were purchased or one (1) year from the Exercise
Date, whichever is longer, be issued only in the event the Plan Administrator determines the
request is a result of a gratuitous disposition of the shares. A cash payment (less any applicable
fees to sell a fractional share) shall be made for any fraction of a share of Common Stock in such
account, if necessary to close the account. (b) A Participating Employee shall have all ownership rights with respect to the whole number
of shares credited to the Plan Account, including the right to vote such shares of Common Stock and
to receive dividends or other distributions, if any. Unless the Committee shall determine
otherwise, any dividends or distributions which may be declared thereon by the Board of Directors
will be reinvested by the record keeper/custodian in additional shares of Common Stock for the
Participating Employee within a reasonable time (as determined by the Committee) following such
dividend payment date or distribution date, and shall be invested based upon the Fair Market Value
on the date of such investment (without any discount). 11. Rights Not Transferable Rights under the Plan are not transferable by a Participating Employee other than by will or
the laws of descent and distribution, and are exercisable during the employees lifetime only by
the employee or by the employees guardian or legal representative. No rights or payroll
deductions of a Participating Employee under the Plan shall be subject to execution, attachment,
levy, garnishment or similar process. 12. Sale of Shares Should a Participating Employee choose to sell shares purchased under the Plan, such
Participating Employee shall be responsible to pay any and all applicable brokerage fees and
associated costs related to such sale. Sales requested by a Participating Employee shall occur as
soon as administratively feasible after the receipt of such request, but neither the Committee nor
the Company nor any Subsidiary shall be liable for any delay in the execution of such request.
Participating Employees bear the risk of stock price fluctuation between the time they place the
order to sell and the time the shares are actually sold. Additionally, Participating Employees who
have requested to sell shares may receive the average of the prices of all shares sold under the
Plan for a particular day. El Paso Corporation
    
    Page 7Employee Stock Purchase Plan




---



##### 



13. Application of Funds All funds of Participating Employees received or held by the Company under the Plan before
purchase of the shares of Common Stock may be held in bank accounts of the Company or may be used
by the Company for general corporate purposes. The Company shall not be obligated to segregate
payroll deductions. No interest shall accrue on the payroll deductions which are received and held
by the Company under the Plan or credited to the Participating Employees Plan Account. 14. Administration of the Plan The Plan shall be administered by the Committee, which shall have full and exclusive
discretionary authority to construe, interpret and apply the terms of the Plan, to determine
eligibility and to adjudicate all disputed claims filed under the Plan. Without limiting the full
discretion of the Committee in the administration of the Plan, the Committee may limit the
percentage or dollar amount of Compensation that may be contributed under the Plan, change the
frequency of payroll deductions, modify the frequency or number of changes in the amount of payroll
deductions to be made during an Offering Period, establish the exchange ratio applicable to amounts
withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount
designated by a Participating Employee in order to adjust for delays or mistakes in the Companys
processing of properly completed withholding elections, establish reasonable waiting and adjustment
periods and/or accounting and crediting procedures to ensure that amounts applied toward the
purchase of shares of Common Stock for each Participating Employee properly correspond with amounts
withheld from the Participating Employees Compensation, establish, collect, amend or waive
administrative or other fees to be assessed Participating Employees incident to their participation
in the Plan (including those fees set forth in Section 12), and establish such other limitations or
procedures as the Committee determines in its sole discretion are advisable and consistent with the
Plan and with the requirements (including any non-discrimination requirements) of the Code. The
Plan is intended to qualify as an employee stock purchase plan within the meaning of Section 423
of the Code. Accordingly, the provisions of the Plan shall be construed so as to extend and limit
participation in a manner consistent with the requirements of that Section of the Code. Every
finding, decision and determination made by the Committee shall, to the fullest extent permitted by
law, be final and binding upon all parties. 15. Amendments to the Plan The Board of Directors may at any time and for any reason terminate or amend the Plan, and/or
delegate authority for any amendments to the Committee. Except as provided in Section 16 hereof,
no such termination or amendment shall affect options previously granted or adversely affect the
rights of any Participating Employee with respect thereto. Without shareholder consent and without
regard to whether any Participating Employee rights may have been considered to have been
adversely affected, the Plan may be amended to change the Offering Periods, change the Exercise El Paso Corporation
    
    Page 8Employee Stock Purchase Plan




---



##### 



Dates, increase the Exercise Price or change the amount of allowable payroll deductions. To
the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or
any other applicable law, regulation or stock exchange rule), the Company shall obtain shareholder
approval of any amendment to the Plan in such a manner and to such a degree as required. 16. Change in Control In the event of a Change in Control of the Company, any Offering Period then in progress shall
be shortened by setting a new Exercise Date (the Change of Control Exercise Date) and any
Offering Period then in progress shall end on the Change of Control Exercise Date. The Change of
Control Exercise Date shall be before the date of the Companys proposed sale or merger. The
Committee shall notify each Participating Employee in writing, at least ten (10) Trading Days prior
to the Change of Control Exercise Date, that the Exercise Date for the Participating Employees
option has been changed to the Change of Control Exercise Date and that the Participating
Employees option shall be exercised automatically on the Change of Control Exercise Date, unless
prior to such date the Participating Employee has withdrawn from the Offering Period, as provided
for in Sections 5 and 8 hereof. For purposes of this Plan, a Change in Control shall be deemed
to occur upon the occurrence of any of the following after the Effective Date: (i) An acquisition (other than directly from the Company) of any voting securities of
the Company (the Voting Securities) by any Person (as the term person is used for
purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such
Person has Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of more than twenty percent (20%) of (A) the then-outstanding shares of
Common Stock (or any other securities into which such shares of Common Stock are changed or
for which such shares of Common Stock are exchanged) (the Shares) or (B) the combined
voting power of the Companys then-outstanding Voting Securities; provided,
however, that in determining whether a Change in Control has occurred pursuant to
this paragraph (i), the acquisition of Shares or Voting Securities in a Non-Control
Acquisition (as hereinafter defined) shall not constitute a Change in Control. A
Non-Control Acquisition shall mean an acquisition by (1) an employee benefit plan (or a
trust forming a part thereof) maintained by (a) the Company or (b) any corporation or other
Person the majority of the voting power, voting equity securities or equity interest of
which is owned, directly or indirectly, by the Company (for purposes of this definition, a
Related Entity), (2) the Company or any Related Entity, or (3) any Person in connection
with a Non-Control Transaction (as hereinafter defined); (ii) The individuals who, as of the Effective Date, are members of the Board of
Directors (the Incumbent Board of Directors), cease for any reason to constitute at least
a majority of the members of the Board of Directors or, following a Merger (as hereinafter
defined), the board of directors of (x) the El Paso Corporation
    
    Page 9Employee Stock Purchase Plan




---



##### 



corporation resulting from such Merger (the Surviving Corporation), if fifty percent
(50%) or more of the combined voting power of the then-outstanding voting securities of the
Surviving Corporation is not Beneficially Owned, directly or indirectly, by another Person
(a Parent Corporation) or (y) if there is one or more than one Parent Corporation, the
ultimate Parent Corporation; provided, however, that, if the election, or
nomination for election by the Companys common stockholders, of any new director was
approved by a vote of at least two-thirds of the Incumbent Board of Directors, such new
director shall, for purposes of the Plan, be considered a member of the Incumbent Board of
Directors; and provided, further, however, that no individual shall
be considered a member of the Incumbent Board of Directors if such individual initially
assumed office as a result of an actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board of Directors (a Proxy Contest),
including by reason of any agreement intended to avoid or settle any Proxy Contest; or (iii) The consummation of: (A) A merger, consolidation or reorganization (1) with or into the Company or
(2) in which securities of the Company are issued (a Merger), unless such Merger
is a Non-Control Transaction. A Non-Control Transaction shall mean a Merger in
which: (a) the stockholders of the Company immediately before such Merger
own directly or indirectly immediately following such Merger at least
fifty percent (50%) of the combined voting power of the outstanding voting
securities of (x) the Surviving Corporation, if there is no Parent
Corporation or (y) if there is one or more than one Parent Corporation,
the ultimate Parent Corporation; (b) the individuals who were members of the Incumbent Board of
Directors immediately prior to the execution of the agreement providing
for such Merger constitute at least a majority of the members of the board
of directors of (x) the Surviving Corporation, if there is no Parent
Corporation, or (y) if there is one or more than one Parent Corporation,
the ultimate Parent Corporation; and (c) no Person other than (i) the Company, (ii) any Related Entity, or
(iii) any employee benefit plan (or any trust forming a part thereof)
that, immediately prior to the Merger, was maintained by the Company or
any Related Entity, or (iv) any Person who, immediately prior to the
Merger had Beneficial Ownership of twenty percent (20%) or more of the
then outstanding Shares or Voting Securities, has Beneficial Ownership,
directly or indirectly, of twenty percent (20%) or more of the El Paso Corporation
    
    Page 10Employee Stock Purchase Plan




---



##### 



combined voting power of the outstanding voting securities or common
stock of (x) the Surviving Corporation, if fifty percent (50%) or more of
the combined voting power of the then outstanding voting securities of the
Surviving Corporation is not Beneficially Owned, directly or indirectly by
a Parent Corporation, or (y) if there is one or more than one Parent
Corporation, the ultimate Parent Corporation; (B) A complete liquidation or dissolution of the Company; or (C) The sale or other disposition of all or substantially all of the assets of
the Company and its Subsidiaries taken as a whole to any Person (other than (x) a
transfer to a Related Entity, (y) a transfer under conditions that would constitute
a Non-Control Transaction, with the disposition of assets being regarded as a
Merger for this purpose or (z) the distribution to the Companys stockholders of
the stock of a Related Entity or any other assets). Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any
Person (the Subject Person) acquired Beneficial Ownership of more than the permitted amount of
the then outstanding Shares or Voting Securities as a result of the acquisition of Shares or Voting
Securities by the Company which, by reducing the number of Shares or Voting Securities then
outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons;
provided, that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of Shares or Voting Securities by the Company and, after such share
acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional
Shares or Voting Securities and such Beneficial Ownership increases the percentage of the then
outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in
Control shall occur. 17. Effective Date, Suspension and Termination of the Plan (a) The Plan was originally adopted by the Board of Directors effective as of January 20,
1999, and the stockholders approved the Plan on April 22, 1999. The Board of Directors amended and
restated the Plan effective as of January 29, 2002, to increase the number of shares available for
issuance under the Plan, and the amended and restated Plan was approved by the stockholders of the
Company on May 20, 2002. The Plan was suspended on January 1, 2003, and reactivated pursuant to
this amended and restated Plan by action of the Committee (through delegation of power by the Board
of Directors), effective as of July 1, 2005. Stockholder approval of the Plan as amended and
restated effective as of July 1, 2005 is not required by the provisions of the Section 423 of the
Code. (b) The Plan shall terminate upon the earliest of (i) the termination of the Plan by the Board
of Directors, as specified below, (ii) December 31, 2009, or (iii) when no El Paso Corporation
    
    Page 11Employee Stock Purchase Plan




---



##### 



more shares remain to be purchased under the Plan. The Board of Directors may terminate the
Plan, but only as of the Trading Day immediately following an Exercise Date. If on an Exercise
Date, Participating Employees in the aggregate have options to purchase more shares of Common Stock
than are available for purchase under the Plan, each Participating Employee shall be eligible to
purchase a reduced number of shares of Common Stock on a pro rata basis and any excess payroll
deductions or other monies contributed by such employee shall be returned to such employees, all as
provided by rules and regulations adopted by the Committee. 18. Costs All costs and expenses incurred in administering the Plan shall be paid by the Company, except
that any brokerage fees or certificate costs incurred in the sale of the shares of Common Stock by
any Participating Employee shall be handled in accordance with Sections 10 and 12 of the Plan, and
any administrative or other fees established by the Committee pursuant to Section 14 of the Plan
shall be handled as specified by the Committee. 19. Purchase for Investment Purposes The Plan is intended to provide shares of Common Stock for investment and not for resale. The
Company does not, however, intend to restrict or influence any Participating Employee in the
conduct of such employees own affairs. A Participating Employee may therefore sell shares of
Common Stock purchased under the Plan at any time the Participating Employee chooses, subject to
compliance with any applicable federal or state securities laws. Because of certain federal tax
requirements, each Participating Employee agrees, by enrolling in the Plan, to notify the Company
of any sale or other disposition of shares of Common Stock held by the Participating Employee less
than two (2) years from the beginning of the Offering Period during which they were purchased or
one (1) year from the Exercise Date, whichever is longer, indicating the number of such shares of
Common Stock disposed of. The Company shall be entitled to presume that a Participating Employee
has disposed of any shares of Common Stock for which the Participating Employee has requested a
certificate. All certificates for shares of Common Stock delivered under the Plan shall be subject
to such stock transfer orders and other restrictions as the Company may deem advisable under all
applicable laws, rules, and regulations, and the Company may cause a legend or legends to be put on
any such certificates to make appropriate references to such restrictions. 20. Governmental Regulations Notwithstanding anything else in the Plan, options shall not be exercisable or exercised and
shares of Common Stock shall not be issued with respect to an option to purchase unless the
exercise of such option and the issuance and delivery of shares of Common Stock pursuant thereto
shall comply with all applicable provisions of law, domestic or foreign, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, and the El Paso Corporation
    
    Page 12Employee Stock Purchase Plan




---



##### 



requirements of any stock exchange upon which the shares of Common Stock may then be listed.
As a condition to the exercise of an option, the Company may require a Participating Employee to
represent and warrant at the time of any such exercise that the shares of Common Stock are being
purchased only for investment and without any present intention to sell or distribute such shares
of Common Stock if, in the opinion of counsel for the Company, such a representation is required by
any of the aforementioned applicable provisions of law. 21. Applicable Law The Plan shall be interpreted under the laws of the State of Texas, unless preempted by
federal law. The Plan is not to be subject to the Employee Retirement Income Security Act of 1974,
as amended, but is intended to comply with Section 423 of the Code. Any provisions required to be
set forth in the Plan by such Code section are hereby included as fully as if set forth in the Plan
in full. 22. Effect on Employment The provisions of the Plan shall not affect the right of the Company or any Subsidiary or any
Participating Employee to terminate his or her employment with the Company or Subsidiary. Any
income Participating Employees may realize as a result of participating in the Plan shall not be
considered as part of a Participating Employees salary or used for the calculation of any other
pay, allowance, pension or other benefit unless otherwise permitted by other benefit plans provided
by the Company or its Subsidiaries, or required by law or by contractual obligations of the Company
or its Subsidiaries. 23. Taxes At the time an option to purchase is exercised, in whole or in part, or at the time all or a
portion of the shares of Common Stock purchased under the Plan are disposed of, the Participating
Employee must make adequate provision for the Companys federal, state, or other tax withholding
obligations, if any, which arise upon the exercise of the option or the disposition of the shares
of Common Stock. At any time, the Company may, but shall not be obligated to, withhold from the
Participating Employees Compensation or other wages or amounts payable to the Participating
Employee (whether or not such person at the time continues to participate or to be eligible to
participate in the Plan, and regardless of whether or not such person at the time continues to be
employed by the Company or any Subsidiary) the amount necessary for the Company to meet applicable
withholding obligations, including any withholding required to make available to the Company any
tax deductions or benefits attributable to any sale or early disposition of shares of Common Stock
by the Participating Employee. El Paso Corporation
    
    Page 13Employee Stock Purchase Plan




---



##### 



24. Loans Subject to applicable laws, the Committee may allow Participating Employees to borrow money
against the value of the Common Stock held in such Participating Employees Plan Account. In such
event, the Participating Employee and his or her Plan Account will be subject to certain terms,
conditions and restrictions as the Committee, its designated record keeper/custodian, or financial
institution may deem necessary or appropriate to secure the shares in the Plan Account as
collateral for such loan. 25. Beneficiaries A Participating Employee may file with the Company or its designated record keeper/custodian,
a written designation of a beneficiary who is entitled to receive any shares of Common Stock,
accumulated payroll deductions, dividends or other distributions, if any, held for the
Participating Employee under the Plan, in the event of the employees death. If the Participating
Employee is married and the designated beneficiary is not the spouse, written spousal consent shall
be required for such designation to be effective. A Participating Employee may change the
designation of a beneficiary at any time by written notice, unless the current designated
beneficiary is a spouse, in which case, written spousal consent shall be required. If no
beneficiary is designated, the designation is ineffective, or in the event the beneficiary dies
before the balance of a Participating Employees Plan Account is paid, the balance shall be paid to
the Participating Employees spouse or, if there is no surviving spouse, to his or her lineal
descendants, pro rata, or, if there is no surviving spouse or any lineal descendant, to the
employees estate. 26. Notices All notices or other communications by an Eligible Employee to the Company or a Subsidiary
under or in connection with the Plan shall be deemed to have been duly given when received in the
form specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof. All notices and other communications to any Eligible Employee or Participating
Employee shall be made to the address maintained on the Companys payroll records. El Paso Corporation
    
    Page 14Employee Stock Purchase Plan




---



##### 



IN WITNESS WHEREOF, the Company has caused the Plan to be amended and restated effective as of
July 1, 2005. EL PASO CORPORATIONBy   /s/ Susan B. OrtenstoneSusan B. OrtenstoneIts Senior Vice President, Human Resources ATTEST: By
    
    /s/ David L. SiddallCorporate Secretary
 El Paso Corporation
    
    Page 15Employee Stock Purchase Plan