Document:

Eigth Amendment to the Premcor Pension Plan

 Exhibit 10.7 
  
 EIGHT AMENDMENT TO THE 
 PREMCOR RETIREMENT SAVINGS PLAN 
  
 WHEREAS, The Premcor
Refining Group Inc. (“Company”) previously adopted the Premcor Retirement Savings Plan (“Plan”); and 
  
 WHEREAS, the Company reserved the right to amend the Plan pursuant to Section 16.1 thereof; and 
  
 WHEREAS, the Company and the Paper, Allied-Industrial, Chemical & Energy
Workers International Union Local 5-0631 West Memphis and Riverside Terminals Maintenance and Operating Employees have agreed to certain provisions in the collective bargaining agreement effective January 1, 2004 and executed on February 24, 2004;
and 
  
 WHEREAS, effective January 1, 2004, the Company desires to
amend the Plan to reflect such agreement; and 
  
 WHEREAS, the
Company and the Paper, Allied-Industrial, Chemical & Energy Workers International Union Local 2-898 have agreed to certain provisions conditioned upon the successful closing of the Asset Purchase and Sales Agreement dated the 30th day of March, 2004, between the Company and Motiva Enterprises LLC; and 
  
 WHEREAS, effective as of May 1, 2004, the Company desires to amend the Plan
to reflect its agreement with the union; 
  
 NOW, THEREFORE,
effective as indicated below, the Plan is amended as follows: 
  
 1. Section 2.9 is amended by adding the following sentences to the end thereof: 
  
 Effective January 1, 2004, “Employee” shall include a person employed at the Employer’s West Memphis and Riverside
Terminals who is represented by the Paper, Allied-Industrial, Chemical & Energy Workers International Union Local 5-0631 (“PACE Local 5-0631”) and who is covered by the collective bargaining agreement between the Employer and PACE
Local 5-0631. 
  
 Effective May 1, 2004,
“Employee” shall include a person employed at the Employer’s Delaware City Refinery who is represented by the Paper, Allied-Industrial, Chemical & Energy Workers International Union Local 2-898 (the “PACE Local 2-898”)
and who is covered by the collective bargaining agreement effective February 1, 2002, as amended and agreed upon by the Employer and the PACE Local 2-898. 
  
 2. Section 2.25 is deleted in its entirety and replaced with the following: 
  
 2.25 Union Participant. 
  
 “Union Participant” means a Participant who is a member of a collective bargaining unit as to which retirement benefits have
been the subject of good faith bargaining, other than (i) effective January 1, 2004, a person employed at the Employer’s West Memphis and 

  

 Riverside Terminals and represented by PACE Local 5-0631 or (ii) effective May 1, 2004, a person employed
at the Employer’s Delaware City Refinery and represented by the PACE Local 2-898. 
  
 3. Section 3.2 is amended by deleting the first paragraph thereof and replacing it with the following: 
  
 “Except as provided in this Section 3.2 below, each Employee not described in Section 3.1 shall become a Participant hereunder as of
the later of (i) the date which is six (6) months after the date he or she first performs an Hour of Employment and (ii) the date he or she enrolls in the plan in accordance with the procedures established by the Plan Administrator. Effective
May 1, 2004, each Employee at the Delaware City Refinery who, as of April 30, 2004, was a participant in the 401(k) plan for such employees at the Delaware City Refinery, shall become a Participant as of the date he or she enrolls in the Plan
in accordance with the procedures established by the Plan Administrator. Notwithstanding the preceding, (i) each other Employee at the Delaware City Refinery who is represented by the PACE Local 2/898, and (ii) each Employee (not described in
Section 3.1 or (i) above) who is not a Union Participant shall become a Participant hereunder as of the later of (a) the first day of the month coinciding with or next following the date which is one month after he or she first performs an Hour of
Employment and (b) the date he or she enrolls in the Plan in accordance with procedures established by the Plan Administrator. If a person is not an Employee when he or she satisfies this requirement, he or she shall not become a Participant until
the day he or she becomes an Employee and enrolls in the Plan in accordance with the procedures established by the Plan Administrator.” 
  
 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed this 4 day of JUNE, 2004. 
  

			
	 PREMCOR INC.

		
	By:	 	 /s/ James R. Voss

	 	 	 James R. Voss, Senior Vice President

  

 4Second Amdmt to Credit Agrmt between StanCorp and US Bank Natl Assoc.

 Exhibit 10.1 
  
 RELEASE OF GUARANTIES 
 AND 
 SECOND AMENDMENT TO CREDIT AGREEMENT 
  
 THIS RELEASE OF GUARANTIES AND SECOND AMENDMENT TO CREDIT AGREEMENT
(“this Second Amendment”) is made and entered into as of the 28th day of June, 2004, by and between STANCORP FINANCIAL GROUP, INC., an Oregon corporation (the “Borrower”), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association (the “Bank”). 
  
 Recitals:

  
 A. The Borrower and the Bank are parties to that certain
Credit Agreement dated as of June 30, 2003 (as amended, the “Credit Agreement”), pursuant to which, inter alia, the Bank agreed, subject to the terms and conditions thereof, to advance the Loan (as this and other capitalized terms used
herein but not otherwise defined herein are defined in the Credit Agreement) to the Borrower and issue Letters of Credit at the request of the Borrower. 
  
 B. The Borrower has requested that the Bank agree to (i) extend the Expiry Date, and (ii) release the Guarantors from, and cancel, the Guaranties.

  
 C. Subject to the terms and conditions of this Second
Amendment, the Bank has agreed to such requests. 
  
 Agreements: 
  
 NOW, THEREFORE, in consideration
of the foregoing Recitals and the mutual agreements hereinafter set forth, the Borrower and the Bank hereby agree as follows: 
  
 1. Release of Guaranties. Subject to the terms and conditions of this Second Amendment, including, without limitation, Paragraph 3, below, the Bank
hereby releases and cancels each of the Guaranties and agrees that each of SIC and SMI shall have no further liability thereunder. 
  

 -1- 

 2. Amendments to the Credit Agreement. Subject to the terms and conditions of this Second
Amendment, including, without limitation, Paragraph 3, below, the Credit Agreement is hereby modified as follows: 
  
 (A) The definition of “Expiry Date” in Section 1.1 of the Credit Agreement is amended and restated in its entirety to provide as follows:

  
 “Expiry Date” means June 27, 2005.

  
 (B) The definitions of “Guarantors” and
“Guaranties” are deleted in their entirety from Section 1.1 of the Credit Agreement. 
  
 (C) The following sentence is added, at the appropriate alphabetical position, to Section 1.1 of the Credit Agreement as a new definition of “Material Subsidiaries”: 
  
 “Material Subsidiaries” means SIC and SMI.

  
 (D) Each and every reference in the Credit Agreement to
“Guarantor” or “Guarantors” shall be deemed to refer to, respectively, “Material Subsidiary” or “Material Subsidiaries”. 
  

(E) Each and every reference in the Credit Agreement to “Guaranty” or “Guaranties” shall be deemed to be of no further force and
effect. 
  
 3. Effective Date; Conditions Precedent. The
release and cancellation of the Guaranties set forth in Paragraph 1, above, and the modifications to the Credit Agreement set forth in Paragraph 2, above, shall not be effective, unless and until the date on which the Borrower has satisfied all of
the following conditions precedent (such date of effectiveness being the “Effective Date”): 
  

 -2- 

 (A) On the Effective Date and after giving effect to the releases and modifications contained herein (i)
there shall exist no Default or Event of Default, and the President, a Senior Vice President or the Chief Financial Officer of the Borrower shall have delivered to the Bank written confirmation thereof dated as of the Effective Date and (ii) the
representations and warranties of the Borrower under the Credit Agreement shall have been reaffirmed in writing as of the Effective Date, subject only to variances therefrom acceptable to the Bank. 
  
 (B) The Borrower shall have delivered to the Bank a Certificate of its
Secretary dated as of the Effective Date certifying that attached thereto is a complete copy of resolutions adopted by the board of directors of the Borrower, authorizing the execution, delivery and performance of this Second Amendment and the
agreements to be performed by the Borrower hereunder. 
  
 (C) The
Borrower shall have caused SIC and SMI to enter into the Joinder on the signature page of this Second Amendment. 
  
 (D) The Borrower shall have paid to the Bank, in immediately available funds, an extension fee in the amount of Thirty-seven Thousand Five Hundred Dollars
($37,500). 
  
 (E) All legal matters incident to this Second
Amendment and the consummation of the transactions contemplated hereby shall be reasonably satisfactory to Miller Nash LLP, counsel to the Bank (the “Counsel”). 
  
 (F) The Bank shall have received such other certificates, opinions and documents, in form and substance satisfactory to it,
as it may reasonably request. 
  
 4. Other Loan Documents.
Any reference to the Credit Agreement in the Note or the other Loan Documents shall, from and after the Effective Date, be deemed to refer to the Credit Agreement, as modified by this Second Amendment. 
  

 -3- 

 5. Confirmation of Debt. The Borrower hereby affirms all of its Indebtedness, liabilities and
obligations to the Bank under the Credit Agreement and the other Loan Documents, as the same are modified hereby. The Borrower further acknowledges and agrees that as of the Effective Date, it has no claims, defenses or set-off rights against the
Bank, and there are no claims, defenses or set-offs to the enforcement by the Bank of the Indebtedness, liabilities and obligations of the Borrower under the Credit Agreement, the Note or the other Loan Documents. 
  
 6. No Other Modifications; Same Indebtedness. Except as expressly
provided in this Second Amendment, all of the terms and conditions of the Credit Agreement, the Note and the other Loan Documents remain unchanged and in full force and effect. The modifications effected by this Second Amendment and by any other
instruments contemplated hereby shall not be deemed to provide for or effect a repayment and re-advance of any portion of any Loan or Letter of Credit now outstanding, it being the intention of the Borrower and the Bank hereby that the Indebtedness
owing under the Credit Agreement, as amended by this Second Amendment, be and hereby is the same Indebtedness as that owing under the Credit Agreement immediately prior to the effectiveness hereof. 
  
 7. Reimbursement of Bank’s Expenses. The Borrower shall reimburse
the Bank promptly for costs and expenses incurred by the Bank in connection with this Second Amendment, including the fees and expenses of the Counsel. 
  
 8. Governing Law; Binding Effect. This Second Amendment shall be governed by and construed in accordance with the laws of the State of Oregon and
shall be binding upon and inure to the benefit of the Borrower, the Bank and their respective successors and assigns. 
  
 [No additional provisions are on this page; the page next following is the signature page.] 
  

 -4- 

 IN WITNESS WHEREOF the Bank and the Borrower have hereunto set their hands as of the date first above
written. 
  

			
	 STANCORP FINANCIAL GROUP, INC.

		
	 By
	 	 /s/    CINDY J. MCPIKE

	 	 	 Cindy J. McPike, Vice President

	 	 	 and Chief Financial Officer

	
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By
	 	 /s/    SCOTT J. BELL

	 	 	 Scott J. Bell, Vice President

  
 Joinder

  
 The undersigned Standard Insurance Company and StanCorp
Mortgage Investors, LLC herby join in the foregoing Second Amendment as of the date first above written to acknowledge and accept the release and cancellation of their respective Guaranties. 
  

							
	 STANDARD INSURANCE COMPANY
	 	 STANCORP MORTGAGE INVESTORS, LLC

				
	 By
	 	 /s/    ERIC E. PARSONS

	 	 By
	 	 /s/    ERIC E. PARSONS

	 	 	 Eric E. Parsons, President
 and Chief Executive Officer
	 	 	 	 Eric E. Parsons, President
 and Chief Executive Officer

  

 -5-

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