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EXHIBIT 99.3(a)
PENNZOIL COMPANY
SAVINGS AND INVESTMENT PLAN
FOR HOURLY EMPLOYEES
(As Amended and Restated Effective October 1, 1994)
First Amendment
Pennzoil Company, a Delaware corporation (the "Company"), having
established the Pennzoil Company Savings and Investment Plan for Hourly
Employees, effective January 1, 1989, as having thereafter amended and restated
said Plan effective October 1, 1994 (the "Plan"), and having reserved the right
under Section 10.4 thereof to amend the Plan, does hereby amend the Plan,
effective as of October 1, 1994, as follows:
1. The first sentence of Section 4.1 of the Plan is hereby deleted and
replaced with the following:
"Except as provided below, each eligible Employee, who elects to make
Pre-Tax Contributions for a Plan Year shall initially elect to defer a
portion of his Compensation in whole percentages of not less than one
percent (1%) and not more than twelve percent (12%), subject to the
limitations set forth in the following schedule:
Maximum Pre-Tax
Years of and After-Tax
Participation Contribution Rate
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Less than 5 years 9%
5 - 10 years 10%
More than 10 years 12%
Each eligible Employee, represented by either Local #175 International
Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America
or Local #699 United Electrical, Radio and Machine Workers of America who
elects to make Pre-Tax Contributions for a Plan Year shall initially elect
to defer a portion of his Compensation in whole percentages of not less
than one percent (1%) and not
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more than six percent (6%), subject to the limitations set forth in the
following schedule:
Maximum Pre-Tax
Years of and After-Tax
Participation Contribution Rate
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Less than 5 years 3%
5 - 10 years 4%
More than 10 years 6%"
2. The first sentence of Section 4.2 of the Plan is hereby deleted and
replaced with the following:
"Except as provided below, each eligible Employee, regardless of
whether he has elected to defer any percentage of his salary in the form of
Pre-Tax Contributions to the Plan, may elect to make After-Tax
Contributions of not less than one percent (1%) and not more than twelve
percent (12%) of his Compensation; provided, however, that the aggregate of
a Member's Pre-Tax Contributions and After-Tax Contributions shall be
limited to the maximum rate based on Years of Participation as set forth in
Section 4.1 and shall not total, in any event, more than twelve percent
(12%) of the Member's Compensation.
Each eligible Employee represented by either Local #175, International
Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America
or Local #699 United Electrical Radio and Machine Workers of America,
regardless of whether he has elected to defer any percentage of his salary
in the form of Pre-Tax Contributions to the Plan, may elect to make
After-Tax Contributions of not less than one percent (1%) and not more than
six percent (6%) of his compensation provided, however, that the aggregate
of a Member's Pre-Tax Contributions and After-Tax Contributions shall be
limited to the maximum rate based on Years of Participation as set forth in
Section 4.1 and shall not total, in any event, more than six percent (6%)
of the Member's Compensation."
IN WITNESS WHEREOF, Pennzoil Company has caused these presents to be
executed by its duly authorized officers in a number of copies, all of which
shall constitute one and
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the same instrument, which may be sufficiently evidenced by any executed copy
thereof, this 16th day of May, 1996, but effective as of April 1, 1994.
PENNZOIL COMPANY
By: /s/ WILLIAM B. ST. CLAIR
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William B. St. Clair
Agent and Attorney-in-Fact
ATTEST:
/s/ LINDA F. CONDIT
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Secretary
[SEAL]
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