AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.5
AMENDMENT
TO
EMPLOYMENT AGREEMENT
This Amendment to the Employment Agreement (the Amendment) is made as of the 18th day of May, 2004 between Premcor Inc. (the Company) and [Executives Namesee schedule A attached hereto] (the Executive).
RECITALS
A. The parties hereto are parties to an Employment Agreement dated June 1, 2002, as amended (the Employment Agreement).
B. The parties hereto desire to amend and modify certain provisions of the Employment Agreement as provided herein.
AGREEMENT
In consideration of the foregoing, the mutual covenants herein contained and other good and valuable consideration (the receipt, adequacy and sufficiency of which are hereby acknowledged by the parties by their execution hereof), the parties agree as follows.
1. Definitions. For purposes of this Amendment, capitalized terms used herein have the same meanings ascribed to them in the Employment Agreement.
2. Amendment to the Employment Agreement.
Section 4 of the Employment Agreement is amended by changing the word three to four in the third sentence, so that the third sentence, in pertinent part, is as follows:
, provided that in no event shall the Annual Bonus be greater than four times Executives Base Salary.
3. No Other Modifications. Nothing herein contained in any way impairs the Employment Agreement, or alters, waives, annuls, varies or affects any provision, condition or covenant therein, except as specifically set forth in this Amendment. All other provisions of the Employment Agreement remain in full force and effect.
4. Counterparts. This Amendment may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
5. Successors; Binding Agreement. All provisions of this Amendment shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributes, devises and legatees of the Executive.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date and year first above written.
PREMCOR INC. | EXECUTIVE | |||||||
By: | /s/ Thomas D. OMalley | |||||||
Print Name: | Thomas D. OMalley | [Executives Name] | ||||||
Title: | Chairman of the Board and | |||||||
Chief Executive Officer | ||||||||
Premcor Inc. |
2
Schedule A
Executive:
William E. Hantke
Henry M. Kuchta
Joseph D. Watson
James R. Voss
Michael D. Gayda
Donald Lucey