Amendment No. 4 to the El Paso Corporation 1995 Compensation Plan for Non-Employee Directors

Summary

This amendment, effective December 7, 2001, updates the El Paso Corporation 1995 Compensation Plan for Non-Employee Directors. It revises the section on nonassignment, clarifying that participants or beneficiaries cannot assign, transfer, or pledge their rights to payments under the plan, nor can these rights be subject to legal claims. However, participants may waive or relinquish their rights to receive similar benefits under another company plan. The amendment is executed by El Paso Corporation's executive officers.

EX-10.E.1 3 h93211ex10-e_1.txt AMEND. #4 TO 1995 COMPENSATION PLAN EXHIBIT 10.E.1 AMENDMENT NO. 4 TO THE EL PASO CORPORATION 1995 COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS Pursuant to Section 8.7 of the El Paso Corporation 1995 Compensation Plan for Non-Employee Directors, Amended and Restated effective as of August 1, 1998, as amended (the "Plan"), the Plan is hereby amended as follows, effective as of December 7, 2001: Section 8.6 shall be deleted in its entirety and replaced with the following: "8.6 NONASSIGNMENT The right of a Participant or Beneficiary to the payment of any amounts under the Plan may not be assigned, transferred, pledged or encumbered nor shall such right or other interest be subject to attachment, garnishment, execution or other legal process, except that any right of a Participant or Beneficiary to the payment of any amounts under the Plan may be waived, released or otherwise relinquished by a Participant to enable such Participant to receive similar benefits under another plan or program maintained by the Company." IN WITNESS WHEREOF, El Paso Corporation has executed this document as of December 7, 2001. EL PASO CORPORATION By: /s/ Joel Richards III -------------------------------------- Executive Vice President Human Resources and Administration ATTEST: By: /s/ David L. Siddall ------------------------------------ Corporate Secretary