Amendment to the Premcor Senior Executive Retirement Plan (May 30, 2003)

Summary

Premcor Inc. amends its Senior Executive Retirement Plan for participants as of April 22, 2003. The amendment reverses a previous freeze on benefit accruals, allowing earnings and service after July 1, 2002 (with specific later dates for certain individuals) to count toward retirement benefits. Death and other benefits will be paid according to the original plan terms. This amendment ensures eligible executives continue to accrue retirement benefits as previously outlined.

EX-10.1 3 dex101.txt AMENDMENT TO PREMCOR REFINING SENIOR EXECUTIVE RETIREMENT PLAN Exhibit 10.1 AMENDMENT TO THE PREMCOR SENIOR EXECUTIVE RETIREMENT PLAN WHEREAS, Premcor Inc. ("Company") previously established the Premcor Senior Executive Retirement Plan ("Plan"); and WHEREAS, the Company reserved the right to amend the Plan; and WHEREAS, with respect to an individual who is a participant in the Plan on April 22, 2003, the Company desires to amend the Plan so that the amendment effective as of June 30, 2002 to freeze the accrual of all benefits thereunder shall be of no effect; NOW, THEREFORE, with respect to an individual who is a participant in the Plan on April 22, 2003, the Plan is amended as follows: . Accrued Earnings earned on or after July 1, 2002 shall be considered for purposes of the Plan. . Service earned on or after July 1, 2002 (September 16, 2002 for James Voss and October 1, 2002 for Michael Gayda) shall be taken into account for all purposes of the Plan. . All death benefits described under Sections 5.1 and 5.2 shall be payable in accordance with the terms of such sections. . All benefits described under Sections 6 and 7 shall be payable in accordance with the terms of such sections. IN WITNESS WHEREOF, Premcor Inc. has caused this amendment to be executed this 30th day of May, 2003. PREMCOR INC. By /s/ James R. Voss -------------------------- James R. Voss, Senior Vice-President