Document:

Separation Agreement with William E. Hantke

  
 Exhibit 10.48

  
 

 
  
 October 26, 2004 
  
 Mr. William E. Hantke 
 [Executive’s Address] 
  
  
 Dear Bill, 
  
 This letter is with reference to your Employment Agreement, as amended, dated June 1, 2002 (“Agreement”). Capitalized terms in this letter that are not defined in this letter shall have the meaning as
defined in the Agreement. 
  
 This purpose of this letter is to set forth the
terms and conditions of the termination of your employment with Premcor Inc. (“Company”) and to provide for the transition of your work duties and responsibilities (“Letter Agreement”). This Letter Agreement is a binding agreed
upon modification of your Agreement. 
  
 The terms and conditions of the
termination of your employment with Company shall be as follows: 
  

	1.	Term of Employment. The term of the Agreement has an ending date of June 1, 2005, and is subject to automatic one year extensions unless either party provides Notice. By
entering into this Letter Agreement, Executive and the Company agree to terminate the Agreement on April 30, 2005. Executive shall be employed by the Company for a period commencing on January 1, 2005 and ending on April 30, 2005 (“2005
Period”) on the terms and subject to the conditions set forth in this Letter Agreement. For purposes of the SERP, Executive’s termination shall be considered “without Cause”. 

  

	2.	Position. Effective December 31, 2004, Executive shall resign his positions as Executive Vice President and Chief Financial Officer of the Company, Premcor USA Inc. and The
Premcor Refining Group Inc. and all other officer and Board of Director positions held with the Company’s subsidiaries and affiliates, but shall continue as an employee of the Company until April 30, 2005. 

  

 During the 2005 Period, Executive shall provide transition support to the Company; shall devote
Executive’s working time as requested by the Company, shall devote best efforts to the performance of Executive’s duties hereunder; and shall not engage in any other business, profession or occupation for compensation or otherwise which
would conflict or interfere with the rendition of such services either directly or indirectly, without the prior written consent of the Chief Executive Officer of the Company. 
  

	3.	Compensation. During the 2005 Period, the Company shall pay Executive a salary of $100,000, payable in regular installments in accordance with the Company’s usual
payment practices, provided however, Executive’s Base Salary and Base Bonus on December 31, 2005 shall be used for the purposes of calculating severance benefits due Executive upon his termination. During the 2005 Period, Executive shall not be
entitled to receive Annual Options or Annual Bonus or participate in the Company’s equity compensation plan or incentive compensation plans. Executive shall be entitled to participate in the Company’s employee benefit plans, other than any
non-qualified pension plan or any severance pay plan, as in effect from time to time, on the same basis as those benefits are generally made available to other employees of the Company. During the 2005 Period, Executive shall be a participant in the
Premcor Senior Executive Retirement Plan as approved by the Board of Directors of the Company on April 2, 2002, as amended. 

  

	4.	Termination. Under the condition that Executive’s employment terminates on April 30, 2005 under the terms of this Letter Agreement, Executive shall receive the following
benefits: 

  
 (A) the salary pursuant to this
Letter Agreement through the date of termination; 
  
 (B)
reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with the Agreement prior to the date of Executive’s termination; 
  
 (C) such Employee Benefits, if any, as to which Executive may be entitled under the employee benefit plans of the Company;

  
 (D) subject to Executive’s continued compliance with the
provisions of Sections 9 and 10 of the Agreement, payment, within 60 days of the date of termination of Executive’s employment, of a lump sum equal to three times the sum of Executive’s Base Salary and Base Bonus; and 
  
 (E) the benefits as provided in the Premcor Senior Executive Retirement
Plan, as amended, whether or not previously vested. 
  
 Executive
agrees to waive any other payment that he may have a right to receive under Section 8 of the Agreement because of the termination or non-renewal of the Agreement. 
  

	5.	No Other Modification. Nothing herein contained in any way impairs the Agreement, or alters, waives, annuls, varies or affects any provision, condition or covenant therein,
except as specifically set forth in this Amendment All other provisions of the Agreement remain in full force and effect. 

  
 This Letter Agreement shall be effective on the date you sign below. Please sign both copies of this Letter Agreement and return one copy to James R. Voss. 
  

							
	 Kind regards,
	 	 	 	 	 	 
				
	 /s/ Thomas D. O’Malley
	 	 	 	  	 	  
	 Thomas D. O’Malley
	 	 	 	 	 	 
				
	 Agreed and Accepted
	 	 	 	 	 	 
				
	 /s/ William E. Hantke
	 	 	 	 10/28/04
	 	  
	 William E. Hantke
	 	 	 	 DateForm of amendment to Employment Agreement dated October 27, 2004

  
 Exhibit 10.49

  
 AMENDMENT 
 TO 
 EMPLOYMENT AGREEMENT

  
 This Amendment to the Employment Agreement (the
“Amendment”) is made as of the 27th day of October, 2004 between Premcor Inc. (the “Company”) and [Executive’s Name - see schedule A attached hereto] (the “Executive”). 
  
 RECITALS 
  
 A. The parties hereto are parties to an Employment Agreement dated [Agreement Date], as amended (the “Employment
Agreement”). 
  
 B. The parties hereto desire to amend and
modify certain provisions of the Employment Agreement as provided herein. 
  
 AGREEMENT 
  
 In
consideration of the foregoing, the mutual covenants herein contained and other good and valuable consideration (the receipt, adequacy and sufficiency of which are hereby acknowledged by the parties by their execution hereof), the parties agree as
follows. 
  
 1. Definitions. For purposes of this
Amendment, capitalized terms used herein have the same meanings ascribed to them in the Employment Agreement. 
  
 2. Amendments to the Employment Agreement. 
  
 2.1. Section 4 of the Employment Agreement is amended by deleting the current provision in its entirety and replacing it with the
following provision, which shall be effective January 1, 2005: 
  
 “4. Annual Bonus. With respect to each fiscal year of the Company ending during the Employment Term, Executive shall earn an annual bonus award (an “Annual Bonus”) in such amount as shall be
determined by the Compensation Committee of the Board (the “Compensation Committee”) based on the achievement by the Company of performance goals established by the Compensation Committee for each such fiscal year. Such performance goals
shall be no less favorable to the Executive than the performance goals used to determine the amount of bonus payable to any other executive of the Company whose bonus is based in whole or in part on corporate performance. The Compensation Committee
shall establish objective criteria to be used to determine the extent to which performance goals have been satisfied. For Calendar years 2005, 2006 and 2007, Executive shall earn an Annual Bonus award if net earnings per share to common shareholders
of the Company, calculated on a fully diluted basis and according to GAAP, which shall include expense for equity arrangements such as options, SARs or restricted shares, but shall exclude bonus expense, as determined by the Company’s outside
auditors, excluding the after-tax impact of any extraordinary or special items that the Board determines in good faith are not appropriately includable in the Annual 

  

 
Bonus calculation because such items do not accurately reflect the operating performance of the Company, such as inventory write ups and write downs, LIFO
adjustments, asset purchase or sale-related gains or losses and acquisition-related write downs (“Adjusted EPS”), is at least equal to $2.40. Upon achievement of an Adjusted EPS of $2.40, the Annual Bonus shall equal fifty percent (50%) of
his Base Salary (the “Base Bonus”). For each $0.01 increase in the applicable fiscal year’s Adjusted EPS above $2.40, the Annual Bonus shall be increased by an amount equal to one percent of Executive’s Base Salary, provided that
in no event shall the Annual Bonus be greater than four times Executive’s Base Salary. The Annual Bonus shall be paid to Executive no later than fifteen business days after the outside auditors approve the Company’s year-end earnings
release.” 
  
 2.2. Section 8.c.(i) of the
Employment Agreement is amended by adding a new provision “(F)” as follows: 
  
 “(F) a pro rata portion of any Annual Bonus, if any, that Executive would have been entitled to receive based upon the percentage of
the fiscal year that shall have elapsed through the date of Executive’s termination of employment, payable when such Annual Bonus would have otherwise been payable had Executive’s employment not terminated.” 
  
 2.3. Section 8.d.(i) of the Employment Agreement is amended
by adding a new provision “(F)” as follows: 
  
 “(F) a pro rata portion of any Annual Bonus, if any, that Executive would have been entitled to receive based upon the percentage of the fiscal year that shall have elapsed through the date of Executive’s termination of
employment, payable when such Annual Bonus would have otherwise been payable had Executive’s employment not terminated.” 
  
 3. No Other Modifications. Nothing herein contained in any way impairs the Employment Agreement, or alters, waives, annuls, varies or affects any
provision, condition or covenant therein, except as specifically set forth in this Amendment. All other provisions of the Employment Agreement remain in full force and effect. 
  
 4. Counterparts. This Amendment may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. 
  
 5. Successors; Binding Agreement. All provisions of this Amendment shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributes,
devises and legatees of the Executive. 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date and year first
above written. 
  

									
	 PREMCOR INC.
	 	 	 	 EXECUTIVE

					
	 By:
	 	 /s/ Thomas D. O’ Malley
	 	 	 	 	 	 
	 Print Name: Thomas D. O’ Malley
	 	 	 	 	 	 [Executive’s Name]

	 Title:
	 	 Chairman of the Board and
 Chief Executive Officer
	 	 	 	 	 	 

  

 3 

 Schedule A 
  

Executive: 
  
 Henry M. Kuchta 
 Joseph D. Watson 

James R. Voss 
 Michael D. Gayda

 Donald Lucey

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