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EXHIBIT 10.15
EXTENSION OF EMPLOYMENT AGREEMENT
THIS EXTENSION OF EMPLOYMENT AGREEMENT is between Xxxxxxx X. Xxxxxxx, a
resident of San Antonio, Texas ("Xx. Xxxxxxx"), and Valero Energy Corporation, a
Delaware corporation ("Valero"), and is made and delivered effective as of the
30th day of January 2001 ("Effective Date"). Valero and Xx. Xxxxxxx are
sometimes referred to herein individually as a "Party," and collectively as the
"Parties."
WHEREAS, Xx. Xxxxxxx and Valero entered into that certain Employment
Agreement dated March 25, 1999 (the "Employment Agreement") (capitalized terms
not defined herein shall have the respective meanings ascribed to such terms in
the Employment Agreement);
WHEREAS, paragraph two of the Employment Agreement provides that (i)
the Initial Period of the Employment Agreement shall expire on July 31, 2001,
(ii) if Xx. Xxxxxxx notifies Valero at least ninety (90) calendar days prior to
the end of the Initial Period of his intention to extend the Employment
Agreement, then the Agreement shall be extended on a month-to-month basis
("Extension Period"), and (iii) that Xx. Xxxxxxx may terminate the Employment
Agreement within the Extension Period by giving Valero ninety (90) calendar days
written notice of termination;
NOW THEREFORE, the parties hereto agree that by signing below, Xx.
Xxxxxxx is hereby delivering notice to Valero of his intention to extend the
Employment Agreement, and that the term of the Employment Agreement is hereby
extended beyond the end of the Initial Period on a month-to-month basis in
accordance with paragraph two of the Employment Agreement.
IN WITNESS WHEREOF, the Parties have executed this Extension of
Employment Agreement as of the Effective Date.
/s/ Xxxxxxx X. Xxxxxxx
XXXXXXX X. XXXXXXX
XXXXXX ENERGY CORPORATION
By: /s/ Xxxxx X. Xxxxx
Xxxxx X. Xxxxx, Executive Vice President and Chief Administrative Officer
