Document:

exv10wiw1

 

EXHIBIT 10.I.1

AMENDMENT NO. 1 TO THE

1995 OMNIBUS COMPENSATION PLAN

     Pursuant to Section 15.1 of the El Paso Energy Corporation 1995 Omnibus
Compensation Plan, as amended and restated (the “Plan”), the Plan is hereby
amended as follows, effective December 3, 1998:

The following subsection (k) shall be added to Section 6.4 to read as follows:

     “(k) Deferral Election

     A Participant may elect irrevocably (at a time and in a manner
determined by the Plan Administrator or the Company, as appropriate) at
any time prior to exercising an option granted under the Plan that
issuance of shares of Common Stock upon exercise of such option and/or
associated stock appreciation right shall be deferred until a
pre-specified date in the future or until the Participant ceases to be
employed by the Company or any of its Subsidiaries, as elected by the
Participant. After the exercise of any such option and prior to the
issuance of any deferred shares, the number of shares of Common Stock
issuable to the Participant shall be credited to the deferred stock
account (or such other account(s) as the Management Committee shall
deem necessary and appropriate) under a memorandum deferred account
established pursuant the Company’s then-existing Deferred Compensation
Plan (as it may be further amended) (the “Deferred Compensation Plan”),
and any dividends or other distributions paid on the Common Stock (or
its equivalent) shall be deemed reinvested in additional shares of
Common Stock (or its equivalent) until all credited deferred shares
shall become issuable pursuant to the Participant’s election, unless
the Management Committee of the Deferred Compensation Plan shall
otherwise determine.”

	   	Section 9.5(c) is amended to read as follows:

     “(c) Form of Payment

     A Participant or a Participant’s Beneficiary shall be entitled
to receive from the Company a benefit payment as provided pursuant to
Sections 9.5(b)(i) or 9.5(b)(ii), as applicable, equal to the product
of the Adjusted Value and the number of vested Units of a Participant.
Such payment shall be made as soon as practicable following the
applicable Valuation Date in accordance with this Section 9.5(c).

     Except as provided in Sections 9.5(d) and 9.7 (or unless the
Plan Administrator otherwise determines at any time that the form of
payment should be changed), benefit payments made to a Participant
pursuant to this Section 9, shall be made as follows:

(i) Participants employed by the Company holding the position
of Chairman of the Board, President or Chief Executive Officer
and Participants employed by Company Subsidiaries holding
equivalent
positions, but not necessarily the same title, shall receive
their Performance Unit payout as follows:

(A) 50% (fifty percent) in cash and

(B) 50% (fifty percent) in Common Stock.

(ii) Participants employed by the Company holding the position
of Vice Chairman of the Board, Chief Operating Officer, or
Executive Vice President and Participants employed by Company
Subsidiaries holding equivalent positions, but not necessarily
the same title, shall receive their Performance Unit payout as
follows:

(A) 60% (sixty percent) in cash and

(B) 40% (forty percent) in Common Stock.

 

 

(iii) Participants employed by the Company holding the
position of Senior Vice President and Participants employed by
Company Subsidiaries holding equivalent positions, but not
necessarily the same title, shall receive their Performance
Unit payout as follows:

(A) 75% (seventy-five percent) in cash and

(B) 25% (twenty-five percent) in Common Stock.”

The following Section 10.10 shall be added to read as follows:

     “10.10 A Participant may elect irrevocably (at a time and in
the manner determined by the Plan Administrator or the Company, as
appropriate), prior to vesting of Restricted Stock, that the
Participant relinquishes any and all rights in the shares of Restricted
Stock in exchange for an interest in the Deferred Compensation Plan and
receipt of such shares shall be deferred until a pre-specified date in
the future or until the Participant ceases to be employed by the
Company or any of its Subsidiaries, as elected by the Participant. At
the time the restrictions lapse on the shares of Restricted Stock (as
specified at the time of grant, or otherwise if changed by the Plan
Administrator), the number of shares of Common Stock issuable to the
Participant shall be credited to the deferred stock account (or such
other account(s) as the Management Committee shall deem necessary and
appropriate) under a memorandum deferred account established pursuant
to the Deferred Compensation Plan, and any dividends or other
distributions paid on the Common Stock (or its equivalent) shall be
deemed reinvested in additional shares of Common Stock (or its
equivalent) until all credited deferred shares shall become issuable
pursuant to the Participant’s election, unless the Management Committee
of the Deferred Compensation Plan shall otherwise determine.”

The first sentence of Section 13.7 is hereby deleted in its entirety and
replaced with the following sentence:

“Appropriate provision shall be made for all taxes required to be
withheld in connection with the exercise, grant or other taxable event
with respect to options, limited stock appreciation rights, stock
appreciation rights, Restricted Stock and Performance Units under the
applicable laws and regulations of any governmental authority, whether
federal, state or local and whether domestic or foreign, including, but
not limited to, the required withholding of a sufficient number of
shares of Common Stock otherwise issuable to a Participant to satisfy
the said required minimum tax withholding obligations.”

     IN WITNESS WHEREOF, the Company has caused this amendment to be duly
executed on this 3rd day of December, 1998.

	 	 	 	 	 
	 	EL PASO ENERGY CORPORATION

 	 
	 	By:  	/s/ Joel Richards III
 	 
	 	 	Joel Richards III 	 
	 	 	Executive Vice President 	 
	 

	 	 	 
	Attest:

	 	 
	 
	 	 
	/s/ David L. Siddall

	 	 
	Corporate Secretaryexv10wiw2

 

Exhibit 10.I.2

AMENDMENT NO. 2 TO THE

1995 OMNIBUS COMPENSATION PLAN

     Pursuant to Section 15.1 of the El Paso Energy Corporation 1995
Omnibus Compensation Plan, as amended and restated (the “Plan”), the Plan is
hereby amended as follows, effective January 20, 1999:

The following paragraph shall be added as the last paragraph to Section 6.4(d)
to read as follows:

     “Notwithstanding any other provision in this Plan to the
contrary and unless the Plan Administrator shall otherwise determine,
in the event of a “cashless” exercise, and for that purpose only under
this Plan, a Participant’s compensation shall be equal to the
difference between the actual sales price received for the underlying
Common Stock and the Option Price. For all other purposes under this
Plan, the Fair Market Value shall be the value against which
compensation is determined.”

The following sentence shall be added as the last sentence to Section 6.4(e) to
read as follows:

“In addition, the Plan Administrator may require that a Participant
who wants to effectuate a “cashless” exercise of options be required
to sell the shares of Common Stock acquired in the associated exercise
to the Company, or in the open market through the use of a broker
selected by the Company, at such price and on such terms as the Plan
Administrator may determine at the time of grant, or otherwise.”

Section 6.4(f) is hereby deleted in its entirety and replaced with the
following:

     “(f) Nontransferability of Options

     Options granted under the Plan and the rights and privileges
conferred thereby shall not be subject to execution, attachment or
similar process and may not be transferred, assigned, pledged or
hypothecated in any manner (whether by operation of law or otherwise)
other than by will or by the applicable laws of descent and
distribution. Notwithstanding the foregoing and only as provided by
the Plan Administrator or the Company, as applicable, Nonqualified
Options may be transferred to a Participant’s immediate family
members, directly or indirectly or by means of a trust, corporate
entity or partnership (a person who thus acquires this option by such
transfer, a “Permitted Transferee”). A transfer of an option may only
be effected by the Company at the request of the Participant and shall
become effective upon the Permitted Transferee agreeing to such terms
as the Plan Administrator may require and only when recorded in the
Company’s record of outstanding options. In the event an option is
transferred as contemplated hereby, the option may not be subsequently
transferred by the Permitted Transferee except

 

 

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a transfer back to the Participant or by will or the laws of descent
and distribution. A transferred option may be exercised by a
Permitted Transferee to the same extent as, and subject to the same
terms and conditions as, the Participant (except as otherwise provided
herein), as if no transfer had taken place. As used herein,
“immediate family” shall mean, with respect to any person, such
person’s child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, sister-in-law, and shall
include adoptive relationships. In the event of exercise of a
transferred option by a Permitted Transferee, any amounts due to (or
to be withheld by) the Company upon exercise of the option shall be
delivered by (or withheld from amounts due to) the Participant, the
Participant’s estate or the Permitted Transferee, in the reasonable
discretion of the Company.

     In addition, to the extent permitted by applicable law and
Rule 16b-3, the Plan Administrator may permit a recipient of a
Nonqualified Option to designate in writing during the Participant’s
lifetime a Beneficiary to receive and exercise the Participant’s
Nonqualified Options in the event of such Participant’s death (as
provided in Section 6.4(i)). A designation by a Participant under the
Company’s Omnibus Compensation Plan dated as of January 1, 1992 (the
“Predecessor Plan”) shall remain in effect under the Plan for any
options unless such designation is revoked or changed under the Plan.
Except as otherwise provided for herein, if any Participant attempts
to transfer, assign, pledge, hypothecate or otherwise dispose of any
option under the Plan or of any right or privilege conferred thereby,
contrary to the provisions of the Plan or such option, or suffers the
sale or levy or any attachment or similar process upon the rights and
privileges conferred hereby, all affected options held by such
Participant shall be immediately forfeited.”

     IN WITNESS WHEREOF, the Company has caused this amendment to be duly
executed on this 20th day of January, 1999.

	 	 	 	 	 
	 	EL PASO ENERGY CORPORATION

 	 
	 	By:  	/s/ Joel Richards III
 	 
	 	 	Joel Richards III 	 
	 	 	Executive Vice President 	 
	 

	 	 	 
	Attest:

	 	 
	 
	 	 
	/s/ David L. Siddall

	 	 
	Corporate Secretary

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