Amendment to Apache Corporation 401(k) Savings Plan Regarding Vesting for Employees from Acquired Companies

Contract Categories: Human Resources › Retirement Agreements
Summary

Apache Corporation has amended its 401(k) Savings Plan to clarify how vesting periods are calculated for employees who joined Apache through acquisitions. The amendment lists specific former employers and states that service with these companies will count toward vesting in Apache’s plan. It also specifies that eligible employees can make before-tax contributions as soon as they become covered employees. This amendment is effective January 1, 2003, and was executed by Apache’s Vice President of Human Resources.

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EX-10.18 3 h03353exv10w18.txt AMENDMENT TO 401(K) SAVINGS PLAN EXHIBIT 10.18 Amendment To Apache Corporation 401(k) Savings Plan Apache Corporation ("Apache") maintains the Apache Corporation 401(k) Savings Plan (the "Plan"). In section 10.4 of the Plan, Apache reserved the right to amend the Plan from time to time. Apache hereby exercises such right as follows, by replacing the last part of Appendix C, beginning with the paragraph labelled "Acquisitions," with the following, effective as of January 1, 2003. ACQUISITIONS A Period of Service for vesting purposes for a New Employee (listed below) shall be determined by treating all periods of employment with the Former Employer Controlled Group as periods of employment with Apache. The "Former Employer Controlled Group" means the Former Employer (listed below), its predecessor company/ies, and any business while such business was treated as a single employer with the Former Employer or predecessor company pursuant to Code section 414(b), 414(c), 414(m), or 414(o). Any special provisions that apply to a New Employee shall also be listed in the chart below. The following individuals are "New Employees" and the following companies are "Former Employers":
Former Employer New Employees --------------- ------------- Hadson Energy Resources Corporation All individuals employed by HERC or HEL on ("HERC") and Hadson Energy November 12, 1993. Limited ("HEL") Crystal Oil Company ("Crystal") All individuals hired from Crystal or related companies within a week of the closing date on an asset purchase that was originally scheduled to close on December 31, 1994. Texaco Exploration & Production, Inc. All individuals hired from TEPI or Inc. ("TEPI") related companies in late February and early March 1995 in connection with an acquisition of assets from TEPI. The Phoenix Resource Companies, All individuals hired by Apache in 1996 who were Inc. ("Phoenix") Phoenix employees on May 20, 1996. Crescendo Resources, L.P. All individuals hired from April 30, 2000 ("Crescendo") through June 1, 2000 from Crescendo and related companies in connection with an April 30, 2000 asset acquisition from Crescendo.
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Former Employer New Employees --------------- ------------- Collins & Ware ("C&W") and All individuals hired from C&W and Longhorn Longhorn Disposal, Inc. ("Longhorn") and related companies in connection with a May 23, 2000 asset acquisition from C&W and Longhorn. Occidental Petroleum Corporation All individuals hired from Oxy and related ("Oxy") companies in connection with an August 2000 asset acquisition from an Oxy subsidiary. Private company ("Private") All individuals hired in January 2003 from Private and related companies in connection with an acquisition of certain property in Louisiana effective as of December 1, 2002. Each such individual shall be eligible to make Participant Before-Tax Contributions as of the day he becomes a Covered Employee.
EXECUTED this 27th day of January 2003. APACHE CORPORATION By: /s/ Jeffrey M. Bender ---------------------------------- Name: Jeffrey M. Bender Title: Vice President, Human Resources