EXHIBIT 10.BB.1
December 18, 2003
Xx. Xxxxxxx X. Xxxxxx
President & Chief Executive Officer
El Paso Corporation
Dear Xxxx:
As you know, your letter agreement dated July 15, 2003, provides for a
base salary to be paid to you in the amount of $900,000 per annum. You have
decided that your base salary will be reduced by $270,000 (to $630,000), and you
will give up the right to this amount for a period of one year beginning January
1, 2004. Although you will give up the right to this amount, the Company will
continue to record your base salary in the amount of $900,000 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 $270,000 of your base salary will not be paid to
you for a period of one year beginning January 1, 2004, but shall be recorded
for purposes of determining other amounts owing 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/ XXXXX X. XXXXXXXXXX
----------------------------
Understood and Agreed:
/s/ XXXXXXX X. XXXXXX
-------------------------
Xxxxxxx X. Xxxxxx
