Salary Reduction Letter Agreement between El Paso Corporation and D. Dwight Scott

Summary

El Paso Corporation and its Executive Vice President and CFO, D. Dwight Scott, agree that effective June 16, 2004, Mr. Scott will voluntarily reduce his base salary by 30% (or $162,600) for the remainder of 2004. Although this portion of his salary will not be paid, the company will continue to use his original salary amount to calculate other compensation and benefits. The agreement ensures that Mr. Scott's benefits and future salary reviews are not affected by this temporary reduction.

EX-10.VV 3 h20579exv10wvv.txt LETTER AGREEMENT BETWEEN EL PASO CORP. AND D. DWIGHT SCOTT EXHIBIT 10.VV SUE B. ORTENSTONE (EL PASO LOGO) Senior Vice President Human Resources and Facility Services June 16, 2004 Mr. D. Dwight Scott Executive Vice President and Chief Financial Officer El Paso Corporation Dear Dwight: Effective as of June 16, 2004, you have decided to reduce your base salary by 30% or $162,600 (to $379,404). You are giving up the right to this amount effective June 16, 2004, and for the remainder of 2004. Although you will give up the right to this amount, the Company will continue to record your base salary in the amount of $542,004 for purposes of measuring and calculating all other compensation and benefits under any Company plans and arrangements to which you remain entitled. The Compensation Committee will also continue to review your annual salary level for increases in the ordinary course. This letter confirms that $162,600 of your base salary will not be paid to you for the period June 16, 2004, through December 31, 2004, but shall be recorded for purposes of determining other amounts owning to you under the terms of Company benefit plans and arrangements in which you participate. Please indicate your understanding of, and agreement to, this letter in the space provided below. Sincerely, /s/ Sue Ortenstone ------------------------ Understood and Agreed: /s/ D. Dwight Scott - ------------------------- D. Dwight Scott El Paso Corporation 1001 Louisiana Street Houston, Texas 77002 PO Box 2511 Houston, Texas ###-###-#### tel ###-###-#### fax ###-###-####