Document:

exv10wyw1

EXHIBIT 10.Y.1

AMENDMENT NO. 3 TO THE

EL PASO CORPORATION

2005 COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

     WHEREAS, El Paso Corporation (the “Company”) maintains the El Paso Corporation 2005
Compensation Plan for Non-Employee Directors (the “Plan”), effective as of May 26, 2005; and

     WHEREAS, Section 10.7 of the Plan permits the Board of Directors or the Management Committee
(as defined in the Plan) from time to time to amend the Plan, in whole or in part; and

     WHEREAS, the Management Committee, pursuant to the direction of the Board, desires to amend
the Plan to permit the modification of prior form of payment elections in accordance with Treasury
Notice 2007-86, and to make certain administrative revisions for clarity and to ensure compliance
with Section 409A of the Internal Revenue Code of 1986, as amended.

     NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as follows:

1.   Section 1.1 is amended by revising the last sentence thereof to read as follows:

“For purposes of the Plan, the term “Compensation” shall mean a Director’s annual
retainer plus any and all chairman, lead director, committee chairman, committee
and/or meeting fees, as applicable.”

2.   Section 5.1 is amended by deleting the last sentence thereof in its entirety.

3.   Section 5.2 is amended by the adding of the following sentence to the end thereof:

“Notwithstanding the foregoing, the Board may designate a deferral of all or a
portion of a Participant’s annual retainer in the form of deferred Common Stock, and
such deferral shall be deemed to be a “Common Stock Deferral” under Section 6.2(a)
below and subject to the “Conversion Premium” described in Section 6.2(a) below.”

4.   Paragraph (a) of Section 6.2 is amended in its entirety to read as follows:

    “(a) If a Participant elects pursuant to Section 5.2 to have all or a specified
percentage of his or her Compensation deferred in Common Stock, or if a portion of
such Compensation is required by the Company’s By-laws and/or by the Board pursuant
to Section 5.2 to be deferred Common Stock, an amount shall be recorded in a
Memorandum Deferred Account, in the form of shares of Common Stock, as determined in
subsection (b) below, as of the date the Compensation otherwise would have been
paid. The amount credited to the Participant’s Memorandum Deferred Account in such
case (the “Common Stock Deferral”) shall be equal to the amount actually deferred
plus a premium (the

 

 

“Conversion Premium”). The Conversion Premium shall be twenty-five percent (25%) of
the Compensation actually deferred. The Conversion Premium set forth in this
Section 6.2(a) shall not apply to the Long-Term Equity Credit (described in Section
7.1 below) which is included and credited to a Participant’s Memorandum Deferred
Account.”

5.   Section 7.1 is amended by replacing the reference to “annual Compensation” with “annual
retainer” in the first sentence thereof.

6.   Section 9.1 is amended in its entirety to read as follows:

     “9.1 Payment of Deferred Cash

    (a) When a Participant ceases to be a Director, the Company shall pay to the
Participant (or the Participant’s Beneficiary in the case of the Participant’s
death) an amount equal to the deferred cash balance of his or her Memorandum
Deferred Account, plus interest (at a rate determined pursuant to Section 6.3) on
the outstanding deferred cash account balance to the date of distribution, as
follows (based on an election made by the Participant at the time the deferral
election is made under Section 5.2):

     (i) a lump sum cash payment, or

     (ii) in periodic installments over a period of years.

In the absence of an affirmative election above, such amount shall be paid in a lump
sum cash payment. Payment of deferred cash shall be made or, in the case of
installments over a period of years, shall begin to be made, in the month following
the date on which a Participant ceases to be a Director.

    (b) Notwithstanding the foregoing, with respect to any payments to be made as
previously elected by the Participant in accordance with Section 9.1(a), a
Participant, in accordance with Internal Revenue Service and Treasury Notice
2007-86, “Notice of Additional 2008 Transition Relief under Section 409A,” may on or
before December 31, 2008, change such previous election as to the form of payment
(lump sum or periodic installments) and re-elect the form of payment, either a lump
sum or periodic installments over a period of years (including a change in the
number of years to be paid), and such re-election shall be irrevocable.”

7.   Section 9.2 is amended in its entirety to read as follows:

     “9.2 Payment of Deferred Common Stock

    (a) When a Participant ceases to be a Director, the Company shall distribute
Common Stock to the Participant (or the Participant’s Beneficiary in the case of the
Participant’s death) in an amount equal to the number of whole shares

 

 

of Common Stock in a Participant’s Memorandum Deferred Account, as follows
(based on an election made by the Participant at the time the deferral election is
made under Section 5.2):

    (i) a lump sum distribution, or

    (ii) in annual installments over a period of years.

In the absence of an affirmative election above, such amount shall be distributed in
a lump sum distribution. Payment of deferred Common Stock shall be made or, in the
case of installments over a period of years, shall begin to be made, in the month
following the date on which a Participant ceases to be a Director, or such later
date as may be necessary to comply with Section 16(b) of the Securities Exchange
Act, as amended and rules promulgated thereunder (the “Exchange Act”).

Any fractional shares of Common Stock held in the Participant’s account shall be
paid to the Participant (or the Participant’s Beneficiary in the case of the
Participant’s death) in a lump sum cash payment based on the Common Stock’s Fair
Market Value on the day preceding the date of such payment.

    (b) Notwithstanding the foregoing, with respect to any payments to be made as
previously elected by the Participant in accordance with Section 9.2(a), a
Participant, in accordance with Internal Revenue Service and Treasury Notice
2007-86, “Notice of Additional 2008 Transition Relief under Section 409A,” may on or
before December 31, 2008, change such previous election as to the form of payment
(lump sum or periodic installments) and re-elect the form of payment, either a lump
sum or periodic installments over a period of years (including a change in the
number of years to be paid), and such re-election shall be irrevocable.”

     IN WITNESS WHEREOF, this Amendment has been executed by the undersigned, thereunto duly
authorized, and is made effective as of January 1, 2008.

	 	 	 	 	 
	 	EL PASO CORPORATION

 	 
	 	By:  	/s/ Susan B. Ortenstone
 	 
	 	 	Susan B. Ortenstone 	 
		Its:  	Senior Vice President, Human Resources
	 
		Date:  	December 10, 2008
	 

Attest:

	 	 	 	 	 
	 	 	 
	By:  	/s/ Marguerite Woung-Chapman
 	 	 
	 	 	Corporate Secretary 	 
	 	 	 	 

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EXHIBIT 10.BB.1

AMENDMENT NO. 2 TO THE

EL PASO CORPORATION

2005 SUPPLEMENTAL BENEFITS PLAN

     WHEREAS, El Paso Corporation (the “Company”) maintains the El Paso Corporation 2005
Supplemental Benefits Plan (the “Plan”), effective as of January 1, 2005; and

     WHEREAS, Section 6.7 of the Plan permits the Management Committee to amend the Plan, subject
to certain limitations set forth therein; and

     WHEREAS, consistent with its delegated authority, the Management Committee desires to amend
the Plan to correct a scrivener’s error, to simplify the crediting of supplemental RSP matching
contributions, and to add claims procedures.

     NOW, THEREFORE, the Plan is amended, effective as of the dates set forth below, as follows:

     1.     Effective January 1, 2005, Section 4.1 is hereby amended in its entirety to correct a
scrivener’s error with respect to the designation of eligible participants, as follows:

     “Section 4.1 Participants

     The Management Committee shall determine and designate the officers and key
management employees of an Employer who are eligible to become Participants and
receive benefits under the Plan. Each Participant must be a selected management or
highly compensated employee.”

     2.     Effective January 1, 2009, the first sentence of the second paragraph of Section 5.2 is
hereby amended to read as follows:

     “From time to time, as determined by the Management Committee, the Company
shall allocate amounts equal to such additional Employer matching contributions to a
ledger account for the Participant.”

     3.     Effective January 1, 2008, a new Section 6 shall be added to the Plan, and the prior
Section 6 “General Provisions” shall be renumbered as Section 7. The new Section 6 shall hereby
read as follows:

     “Section 6 Claims Procedure

     Claims for benefits shall be administered in accordance with the procedures set forth
in this Section 6 and any additional written procedures that may be adopted from time to
time by the Management Committee.

 

 

          6.1 Submission of Claim

A claim for benefit payment shall be considered filed when a written request is
submitted to a Claims Administrator in the corporate human resources office.
The Claims Administrator shall respond to a claim in writing or electronically.
An authorized representative may act on behalf of a Participant or Beneficiary
(hereinafter “Claimant”) who claims benefits.

The Management Committee shall designate one or more persons on the Company’s
human resource staff as “Claims Administrator(s)” and authorize such individuals
to make claims determinations.

          6.2 Notice of Denial

Any time a claim for benefits is wholly or partially denied, the Claimant shall
be given written notice or electronic notice of such action within 90 days after
the claim is filed, unless special circumstances require an extension of time
for processing. If there is an extension, the Claimant shall be notified of the
extension and the reason for the extension within the initial 90-day period.
The extension shall not exceed 180 days after the claim is filed.

Such notice will indicate (i) the reason for the denial, (ii) the specific
provisions of the Plan on which the denial is based, (iii) an explanation of the
claims appeal procedure including the time limits applicable to the procedure
and a statement of the Claimant’s right to bring a civil action under ERISA
Section 502(a) and (iv) a description of any additional material or information
necessary to perfect the claim and an explanation of why such material or
information is necessary.

          6.3 Right to Request Review 

Any person who has had a claim for benefits denied by the Claims Administrator,
who disputes the benefit determination, or is otherwise adversely affected by
action of the Claims Administrator, shall have the right to request review by
the Management Committee. The Management Committee shall provide a full and
fair review that takes into account all comments, documents, records, and other
information submitted relating to the claim, without regard to whether the
information was previously submitted or considered in the initial benefit
determination. Such request must be in writing, and must be made within 60 days
after such person is advised of the Claims Administrator’s action. If written
request for such review is not made within such 60-day period, the Claimant
shall forfeit his or her right to review. The Claimant shall be provided, upon
request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant to the claim for benefits. The Claimant
may submit written comments, documents, records and other information relating
to the claim.

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          6.4 Review of Claim

The Management Committee shall then review the claim. The Management Committee
may hold a hearing if it is deemed necessary and shall issue a written decision
reaffirming, modifying or setting aside the initial determination by the Claims
Administrator within a reasonable time and not later than 60 days after receipt
of the written request for review, or 120 days if special circumstances, such as
a hearing, require an extension. If an extension is required, the Claimant
shall be notified in writing or electronically within the initial 60-day period
of the extension, the special circumstances requiring the extension and the date
by which the Plan expects to render a determination. The Management Committee
may authorize one or more members of the Management Committee to act on behalf
of the full Committee to review and decide claims.

A copy of the decision shall be furnished to the Claimant. The decision shall
set forth the specific reasons for the decision and specific Plan provisions on
which it is based, a statement that the Claimant is entitled to receive, upon
request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant to the claim, and a statement of the
Claimant’s right to bring a civil action under ERISA Section 502(a), noting the
limitation under Section 6.5 below. The decision shall be final and binding
upon the Claimant and all other persons involved.

          6.5 Civil Actions under ERISA Section 502(a)

A civil action under ERISA Section 502(a) may not be filed with respect to a
claim for benefits under the Plan until the claims procedures and review
procedures of this Section 6 have been satisfied. The civil action may not be
brought on or after the date that is one year after the date that the final
decision under Section 6.4 is made with respect to the claim.”

     IN WITNESS WHEREOF, this amendment has been executed by the undersigned, thereunto duly
authorized, effective as of the dates set forth therein.

	 	 	 	 	 
	 	EL PASO CORPORATION

 	 
	 	By:  	/s/ D. Mark Leland
 	 
	 	 	D. Mark Leland 	 
	 	Its:  	Chief Financial Officer
	 
		Date:  	December 17, 2008

	 	 	 	 	 
	 	ATTEST:

 	 
	 	By:  	/s/ Marguerite Woung-Chapman
 	 
	 	 	Corporate Secretary 	 
	 	 	 	 
	 

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