AMENDMENT NO. 2
TO
VASTAR RESOURCES, INC. CAPITAL ACCUMULATION PLAN
__________________________
Pursuant to resolutions adopted by Board of Directors on May 15,
1996, the Vastar Resources, Inc. Capital Accumulation Plan (the
"Plan") is hereby amended effective as of August 5, 1996:
1. Paragraph 1.21 of the Plan is amended to read as follows:
"1.21 Salary Reduction Agreement means an agreement
entered into between the Member and the Company, and by
which the Member agrees to accept a reduction in Earnings
from the Company equal to any whole (or fractions, as
required by adjustments under Paragraph 3.3) percentage,
per payroll period, not to exceed 17 percent. This
agreement shall apply to each payroll period during the
period it is in effect in which the Member receives
Earnings. In consideration of such agreement, the Company
will transfer to the Member's Elective Deferral subaccount
the amount of the Elective Deferral at the time that
regular salary payments are made to its Employees."
2. Subparagraph 1.22(a) of the Plan is amended to read as follows:
"(a) All corporations which are members of a controlled
group of corporations within the meaning of 1563(a) of the
Code [determined without regard to 1563(a)(4) and
1563(e)(3)(C) of said Code] and of which Vastar Resources,
Inc. is then a member. For purposes of Paragraphs 1.7 and
1.14 and Subparagraphs 11.8(a), (b), (c) and (d),
Subsidiary or Affiliate shall include Lyondell
Petrochemical Company and its Subsidiaries or Affiliates;
and"
3. Paragraph 2.1 of the Plan is amended to read as follows:
1
"2.1 Membership
(a) Elective Deferrals - An Employee who is paid on the
United States dollar payroll of the Company may become a
Member and make Elective Deferrals on the Employee's date
of employment.
To become a Member, an Employee must enter into a
Salary Reduction Agreement in accordance with Section 3.
(b) Company Contributions - An Employee who is paid on a
United States dollar payroll of the Company shall be
eligible for Company contributions on the earlier of (i) or
(ii) below:
(i) Completion of six months of Credited Company
Service,
(ii) Completion of 1,000 Hours of Service during
any 12-consecutive-month period commencing on the
Employee's date of employment or any anniversary
thereof."
4. Paragraph 2.3 of the Plan is amended to read as follows:
"2.3 Transferees
If an Employee transfers to the Company from a
Subsidiary or Affiliate and the Employee was making an
Elective Deferral under a Capital Accumulation Plan as of
the date of transfer, and was eligible for a Company
contribution, the Employee shall be eligible for a Company
contribution as soon as possible following the date of
transfer."
5. Paragraph 3.1 of the Plan is amended to read as follows:
"3.1 Members' Elections
2
Each Member who is an Employee may enter into a Salary
Reduction Agreement with the Company providing for
withholding of Elective Deferrals from each of the Member's
regular paychecks at a rate of one percent to 17 percent of
the Member's Earnings, in whole percentages. A Salary
Reduction Agreement shall remain in effect until changed by
the Member.
A Member's election shall be made in the manner
prescribed by the Administrator. A Member may change the
Member's election with respect to the Member's rate of
future contributions at any time by giving notice in such
manner as is prescribed by the Administrator. Such changes
shall be effective as of the payroll period beginning after
the date of receipt of such notice by the Administrator.
The Company may limit or reduce its Salary Reduction
Agreement with any Member at any time, on a
nondiscriminatory basis, to the extent necessary to ensure
compliance with the limitations of Paragraph 3.3 or 3.4."
6. Subparagraph 3.2(a) of the Plan is amended to read as follows:
"(a) To the extent that a Member has directed pursuant to
Paragraph 6.2 that his or her Elective Deferrals be
invested in an option other than Vastar Resources, Inc.
Common Stock, such Elective Deferrals shall be paid to the
Trustee in cash."
7. Paragraph 4.1 of the Plan is amended to read as follows:
4.1 Company Contribution
Subject to the provisions of Paragraph 4.3, for each
pay period, the Company shall pay to the Trustee a
contribution on behalf of each Member equal to 160 percent
of the Member's Elective Deferrals for the pay period which
do not exceed five percent of the Member's Earnings for the
pay period. This contribution shall be made no later than
30 days following the date on which the related Member
Deferrals are
3
made, and except for Members who have attained age 55,
shall be made under the ESOP Part of the Plan."
8. Section 6 of the Plan is amended to read as follows:
"SECTION 6
INVESTMENT OF MEMBERS' ACCOUNTS
6.1 Members' Accounts
The Administrator shall establish and maintain an
Account in the name of each Member. Separate records shall
be maintained with respect to the portion of a Member's
Account attributable to Elective Deferrals under Section 3
and transferred amounts under Section 14, and earnings
thereon, and the portion of a Member's Account attributable
to Company contributions under Section 4 and earnings
thereon.
6.2 Investment of Elective Deferrals, Transferred Amounts and
Certain Company Contributions
Upon receipt of a Member's Elective Deferrals,
transferred amounts under Section 14 and Company
contributions pursuant to Subparagraph 6.3(b), the Trustee
shall invest such amounts among the following investment
alternatives, in the proportion indicated by the Member in
his or her investment directions provided to the
Administrator:
(a) To the extent authorized by the
Administrator, in Vastar Resources, Inc. Common Stock
held under the ESOP Part of the Plan;
(b) In Vastar Resources, Inc. Common Stock held
under the non-ESOP Part of the Plan;
(c) In the Money Market Fund, consisting of specified
types of fixed income investments such as deposits in
interest-bearing bank accounts, certificates of
4
deposit, corporate or governmental obligations maturing in
not more than five years, financial futures contracts,
deposits under a deposit administration or similar contract
issued by an insurance company or in a commingled or common
investment account or fund established and maintained by an
investment advisor or a bank (which bank may be the
Trustee) and the assets of which are invested primarily in
debt obligations, or in any combination thereof as Vastar
Resources, Inc. or a delegate thereof may determine;
(d) In the Equity Fund, consisting of specified equity
investments such as common or capital stock of issuers
(other than the Company, Subsidiaries or Affiliates, or
Lyondell Petrochemical Company or any of its Subsidiaries
or Affiliates), bonds, debentures or preferred stocks
convertible into common or capital stock of such issuers,
financial futures contracts, interests in any commingled or
common equity fund established and maintained by an
investment advisor or a bank (which bank may be the
Trustee), interests in any mutual fund or other similar
types of equity investments and cash equivalent short-term
investments maturing in less than one year, or in any
combination thereof as Vastar Resources, Inc. or a delegate
thereof may determine;
(e) In the Bond Fund, consisting of specified types of
fixed income investments, such as public obligations of the
United States or foreign governments or their agencies,
securitized financing or corporate bonds of issuers (other
than the Company, Subsidiaries or Affiliates, or Lyondell
Petrochemical Company or any of its Subsidiaries or
Affiliates), debentures, financial futures contracts,
interests in any commingled or common fixed income fund
established and maintained by an investment advisor or bank
(which bank may be the Trustee), interests in any mutual
fund or other similar types of fixed income investments and
cash equivalent short-term investments, or in any
combination thereof as Vastar Resources, Inc. or a delegate
thereof may determine;
(f) In the International Equity Fund consisting of
specified investments in global issuers such as common or
capital stock (other than common or capital stock of the
Company, Subsidiaries or Affiliates, or Lyondell
Petrochemical Company or any of
5
its Subsidiaries or Affiliates), preferred stocks,
securities convertible into common or capital stock of such
issuers, financial futures contracts, currency futures or
options, forward currency contracts, interests in any
commingled or common equity fund established and maintained
by an investment advisor or a bank (which bank may be the
Trustee), interests in any mutual fund or other similar
types of equity investments and cash equivalent
investments, or similar investments or in any combination
thereof as Vastar Resources, Inc. or a delegate thereof may
determine; or
(g) In the Balanced Fund consisting of units of the Equity
Fund, the International Equity Fund and the Bond Fund. The
weighing of the Balanced Fund shall be approximately 45
percent Equity Fund, 15 percent International Equity Fund
and 40 percent Bond Fund.
A Member's directions as to the initial investment of his or her
Elective Deferrals and/or Company contributions shall be
provided in such manner as is prescribed by the Administrator.
Such directions shall remain in effect until new directions are
provided to the Administrator by the Member. A Member may
change the direction as to the initial investment of his or her
Elective Deferrals and/or Company contributions at any time by
providing notice in such manner as may be prescribed by the
Administrator. Any change of investment directions shall be
effective with respect to Elective Deferrals and/or Company
contributions paid to the Trustee for pay periods beginning
after the notice is received by the Administrator.
6.3 Investment of Company Contributions
(a) Except as provided in Subparagraph 6.3(b), all
contributions by the Company pursuant to Paragraph 4.1, and
any amounts of interest attributable to the proceeds of an
Acquisition Loan allocated to Members' Accounts pursuant to
Paragraph 5.2 after the Acquisition Loan has been repaid in
full, shall at all times be invested in Vastar Resources,
Inc. Common Stock under the ESOP Part of the Plan.
Contributions under Paragraph 4.1 made in cash shall be
applied to purchase
6
shares of Vastar Resources, Inc. Common Stock or to make
payments on an Acquisition Loan within a reasonable time
after being paid to the Trustee or after being allocated to
Members' Accounts.
(b) A Member who has attained age 55 may invest Company
contributions in any of the investment options set forth in
Paragraph 6.2.
6.4 Funds Invested in the Money Market Fund
(a) There shall be invested in the Money Market Fund:
(i) Amounts which a Member elects to have so
invested under Subparagraph 6.2(c); and
(ii) On an interim basis, amounts being
accumulated in a Member's Account for investment under
Subparagraphs 6.2(a), (b), (d), (e), (f) and (g).
(b) Subject to the requirement of Subparagraph 6.5(c), a
Member may direct, once during each 15-calendar-day period,
that funds invested in the Money Market Fund under
Subparagraph 6.2(c) be invested in any of the other
permitted alternatives; provided, that (i) only one
direction whether made solely under this subparagraph, or
in combination with a direction under Paragraph 6.5, may be
made during a 15-calendar-day period; and (ii) a direction
under this subparagraph may not be made earlier than seven
days following (A) the date of receipt by the Administrator
of a Member's application to make a withdrawal under
Section 7, (B) the date a loan application is made under
Section 13, or (C) the date a loan repayment is made under
Subparagraph 13.8(c)(i).
(c) Interest shall be allocated on a monthly basis to
funds held for a Member in the Money Market Fund as of the
last day of a calendar month. However, such allocation
shall not be made with respect to funds resulting from a
conversion to cash of Vastar Resources, Inc. Common Stock,
Equity Fund, Bond Fund,
7
International Equity Fund or Balanced Fund units which
occurred in the calendar month in which allocation of
interest is made.
6.5 Sale and Reinvestment of Common Stock, Equity Fund Units, Bond
Fund Units, International Equity Fund Units or Balanced Fund
Units
(a) A Member may direct that shares of Vastar Resources,
Inc. Common Stock, other than shares purchased with Company
contributions, units of the Equity Fund, Bond Fund,
International Equity Fund and/or Balanced Fund held in the
Member's Account be converted to cash and the proceeds
thereof, less any applicable expenses of sale, be invested
in a different option described in Paragraph 6.2; provided,
that (i) only one direction, whether made solely under this
subparagraph, or in combination with a direction under
Paragraph 6.4, may be made during a 15-calendar-day period;
(ii) a direction under this subparagraph may not be made
earlier than seven calendar days following (A) the date of
receipt by the Administrator of a Member's application to
make a withdrawal under Section 7, (B) the date a loan
application is made under Section 13, or (C) the date a
loan repayment is made under Subparagraph 13.8(c)(i); and
(iii) a Member who has attained age 55 as of the date of
the direction to convert may, subject to the restrictions
described in this paragraph, direct that shares of Common
Stock (including Common Stock of a Subsidiary or Affiliate
or Lyondell Petrochemical Company attributable to
contributions of such companies) held in the Member's
Account which are attributable to Company contributions be
sold and the proceeds reinvested in one or more of the
other options described in Paragraph 6.2.
(b) The conversion of shares of Vastar Resources, Inc.
Common Stock to shares of such stock held in the ESOP Part
of the Plan described in Subparagraph 6.2(a), and the
conversion of shares of Vastar Resources, Inc. Common Stock
held in the ESOP Part of the Plan to the shares held under
Subparagraph 6.2(b) of the Plan, shall be accomplished by a
recharacterization of the shares, pursuant to procedures
established by the Administrator; provided, that only one
direction, whether made solely under this subparagraph or
in combination with a direction under Paragraph 6.4, may be
made during a 15-calendar-day period.
8
(c) Proceeds of the conversion of shares of Vastar
Resources, Inc. Common Stock to cash may not be reinvested
in Vastar Resources, Inc. Common Stock until 15 calendar
days after the date of such conversion. Proceeds of the
conversion of units of the Equity Fund, Bond Fund,
International Equity Fund or Balanced Fund to cash may not
be reinvested in the Equity Fund, Bond Fund, International
Equity Fund or Balanced Fund, as the case may be, until 15
calendar days after the date of such conversion.
6.6 Directives
All elections and directions by Members concerning the
investment of their Accounts shall be made in the manner
prescribed by the Administrator, shall be irrevocable and shall
become effective upon receipt by the Administrator.
6.7 Purchases and Sales of Vastar Resources, Inc. Common Stock
Effective December 1, 1995, purchases and sales of Common Stock
of Vastar Resources, Inc. shall be handled in accordance with
the following rules and such additional procedures, consistent
with such rules, which the Administrator may establish from
time to time:
(a) Purchases and sales of Common Stock of Vastar
Resources, Inc. pursuant to a Member's directive under
Paragraph 6.4 or 6.5, or to accommodate a distribution or
withdrawal pursuant to Section 7 or 8, shall be made in the
open-market as follows:
(i) Each Wednesday and Friday the Administrator
shall execute an open-market transaction, at a time
determined at the discretion of the Administrator,
covering all participant directives received by the
Administrator by such time as determined by the
Administrator, and communicated to Members, on the
preceding Company business day, except that if a
Wednesday or Friday is a Company holiday or a day on
which trading on the New York Stock Exchange is
closed, the transaction
9
will occur on the next day (a Wednesday or Friday) on
which the Plan executes a transaction in the open-
market.
(ii) If an unforeseeable administrative
difficulty prevents the execution of the open-market
transaction otherwise scheduled for a Wednesday or
Friday, such transaction will be executed on the first
business day thereafter which does not fall within one
of the two exceptions in Subparagraph 6.7(a)(i).
(iii) The Administrator may, in its
discretion, match the purchase and sale orders
scheduled for an open-market transaction and transact
the net purchase or sale, whichever the case may be.
The Administrator may also agree with the
Administrator of one or more other individual account
plans (as described in 3(34) of ERISA, and which is
maintained by the Company or its Subsidiaries or
Affiliates, and provides for the same purchases and
sales pursuant to participant directives described in
Paragraphs 6.4 and 6.5) to combine and match orders
from all of the plans and execute a "net" transaction,
as described above. The price per share allocated to
each purchase or sale order shall be the price
transacted for the "net" shares on the open-market
transaction date otherwise scheduled for the orders
under Subparagraph 6.7(a)(i). The price transacted
for a "net" transaction shall be the price obtained on
the open-market in the case of a single transaction,
and the weighted average of the prices obtained on the
open-market in the case of multiple transactions.
(iv) Brokerage commissions, transfer fees and
other expenses actually incurred in any such sale or
purchase shall be equitably allocated and added to the
cost or subtracted from the proceeds of all purchases
or sales, as the case may be, effected on a pricing
day, whether pursuant to the netting process described
in Subparagraph 6.7(a)(iii), or pursuant to actual
separate transactions per Member order.
10
(b) Purchases of Common Stock of Vastar Resources, Inc.
with Member's Elective Deferrals or Company contributions
under Sections 3 and 4:
(i) Purchases shall normally be made either in
the open-market or from Vastar Resources, Inc., at
prices to the Plan not in excess of the fair market
value of such Vastar Resources, Inc. Common Stock on
the date of purchase thereof, as determined by the
Trustee.
(ii) Allocations to Members' Accounts will be
made in full and fractional shares.
(iii) The Trustee may limit the daily volume
of purchases to the extent it believes such action to
be in the best interests of the Members. When Vastar
Resources, Inc. Common Stock is purchased, the cost
charged to the Accounts of Members affected by such
purchase shall be determined on an equitable basis in
accordance with rules to be adopted by the
Administrator and incorporating the following
principles:
(A) The cost charged to each affected
Member's Account shall be based on the average
cost per share of all Vastar Resources, Inc.
Common Stock purchased during whatever period may
be established by the Administrator.
(B) Brokerage commissions, transfer
fees and other expenses actually incurred in any
such purchase shall be added to the cost of any
such purchase.
(c) A Member may direct the Administrator to use any
available cash or funds held for the Member under
Subparagraph 6.2(c) to exercise any options, rights or
warrants issued with respect to Vastar Resources, Inc.
Common Stock in the Member's Account. In the absence of
such direction, or if there are no available funds, any
such option, right or warrant having a market value shall
be sold for the Member's Account.
11
6.8 Voting of Vastar Resources, Inc. Common Stock
(a) The Trustee shall vote whole shares of Vastar
Resources, Inc. Common Stock credited to each Member's
Account in accordance with such Members' written
instructions. Fractional shares of Vastar Resources, Inc.
Common Stock shall be aggregated into whole shares of stock
and voted by the Trustee, to the nearest whole vote, in the
same proportion as shares are to be voted by the Trustee
pursuant to Members' written instructions. In the absence
of voting instructions by one or more Members, the Trustee
shall vote uninstructed shares, to the nearest whole vote,
in the same proportion as shares are to be voted by the
Trustee pursuant to Members' written instructions. The
Trustee shall vote unallocated shares, to the nearest whole
vote, in the same proportion as allocated shares are to be
voted by the Trustee pursuant to Members' written
instructions.
(b) The Trustee shall exercise rights other than voting
rights attributable to whole shares of Vastar Resources,
Inc. Common Stock credited to each Member's Account in
accordance with such Members' written instructions. Rights
attributable to fractional shares of Vastar Resources, Inc.
Common Stock (which for this purpose shall be aggregated
into whole shares of stock) shall be exercised by the
Trustee in the same proportion as rights which are
exercised by the Trustee pursuant to Members' written
instructions. In the absence of instructions by one or
more Members, the Trustee shall exercise uninstructed
rights in the same proportion as rights which are to be
exercised by the Trustee pursuant to Members' written
instructions. The Trustee shall exercise rights
attributable to unallocated shares in the same proportion
as rights attributable to allocated shares which are to be
exercised by the Trustee pursuant to Members' written
instructions.
(c) The Trustee shall notify the Members of each occasion
for the exercise of voting rights and rights other than
voting rights within a reasonable time before such rights
are to be exercised. This notification shall include all
the information that the Company distributes to
shareholders regarding the exercise of such rights.
12
6.9 Title of Investments
All investments will be held in the name of the Trustee or its
nominees.
6.10 Allocation of Trust Earnings and Valuation of Trust Investments
(a) To the extent authorized by the Administrator, any
cash dividends declared on Vastar Resources, Inc. Common
Stock held in a Member's Account under the ESOP Part of the
Plan as of the record date for the dividend shall be paid
in cash to the Member (or, in the event of death, to the
Member's beneficiary) on, or as soon as possible following,
the payment date for the dividend.
(b) Any cash dividends declared on Vastar Resources, Inc.
Common Stock held in a loan suspense account as of the
record date for the dividend shall be used to make payments
on the Acquisition Loan used to acquire the shares of stock
held in such account.
(c) Except as provided in Subparagraphs 6.10(a) and (b),
all dividends or other distributions attributable to shares
of Vastar Resources, Inc. Common Stock shall be allocated
to the Account of the Member whose Account is credited with
such shares.
(d) On the last day of each month, all income attributable
to the Money Market Fund shall be allocated to the Member's
Account in the ratio that each Member's Money Market Fund
Account balance bears to such account balance of all such
Members. For the purpose of determining such allocation,
the Money Market Fund shall be valued at fair market value.
6.11 Purchase and Redemption of the Equity Fund, Bond Fund,
International Equity Fund and Balanced Fund Units
Effective December 1, 1995, purchase and redemption of the
Equity Fund, Bond Fund, International Equity Fund and Balanced
Fund units shall be handled in accordance with
13
the following rules and such additional procedures, consistent
with such rules, as the Administrator may establish from time to
time:
(a) Units of the Equity Fund, Bond Fund, International
Equity Fund and Balanced Fund shall be purchased or
redeemed, pursuant to Member directions under Paragraph
6.5, on each Wednesday and Friday, covering all Member
directives received by the Administrator by such time as
determined by the Administrator, and communicated to
Members, on the preceding Company business day, except that
if a Wednesday or Friday is a Company holiday or a day on
which trading on the New York Stock Exchange is closed, the
purchase or redemption will be executed on the next day (a
Wednesday or Friday) on which the Plan executes a
transaction under this Subparagraph 6.11(a).
(b) If an unforeseeable administrative difficulty prevents
the execution of a transaction under Subparagraph 6.11(a),
otherwise scheduled on a Wednesday or Friday, such
transaction will be executed on the first business day
thereafter which does not fall within one of the two
exceptions in Subparagraph 6.11(a).
(c) The Administrator may, in its discretion, combine the
purchase and redemption orders scheduled for a Wednesday or
Friday and transact the net purchase or sale orders,
whichever the case may be. The Administrator may also
agree with the Administrator of one or more individual
account plans [as described in 3(34) of ERISA, and which
is maintained by the Company or its Subsidiaries or
Affiliates, and provides for the same purchase and
redemption procedure described in Subparagraph 6.11(a)], to
combine orders from all of the plans and execute a "net"
transaction.
(d) When units of the Equity Fund, Bond Fund,
International Equity Fund and Balanced Fund are purchased
or redeemed, the cost or net proceeds charged or credited
to the Accounts of Members affected by such purchase or
redemption shall be determined on an equitable basis in
accordance with rules to be adopted by the
14
Administrator, which are consistent with the rules
described in this section, and incorporate the following
principles:
(i) The net proceeds of any such redemption of
fund units in a Member's Account shall be credited to
such Member's Account.
(ii) The cost of any such purchase of fund units
for a Member's Account shall be charged to such
Member's Account.
(iii) The net proceeds and cost of fund units
shall be based on the net asset value of such units
determined on the valuation date next following the
date the purchase or redemption order is received by
the Administrator. The valuation date shall be
determined by the Administrator and shall occur on at
least a weekly basis. The net asset value of fund
units will be calculated by dividing the difference
between the value of the fund assets and fund
liabilities by the number of units outstanding with
respect to each fund.
(iv) Brokerage commissions, transfer fees and
other expenses actually incurred in any such purchase
or redemption shall be added to the cost or subtracted
from the gross proceeds, of any such purchase or
redemption, respectively.
(e) Income earned by the Equity Fund, Bond Fund and
International Equity Fund shall automatically be reinvested
in the Equity Fund, Bond Fund and International Equity
Fund, as the case may be. Income, gains and losses shall
be reflected in the net asset value of the units of the
Equity Fund, Bond Fund and International Equity Fund.
6.12 Voting of the Money Market Fund, Equity Fund, Bond Fund and
International Equity Fund Investments
The Trustee, in accordance with the Trust Agreement, shall
exercise all voting and other rights associated with any
investments held in the Money Market Fund, Equity Fund, Bond
Fund and International Equity Fund.
15
6.13 Investment Advisory Fees
The investment advisory fees, if any, incurred for management of
the Money Market Fund, Equity Fund, Bond Fund, International
Equity Fund and Balanced Fund are charged to each respective
fund.
6.14 Member Protection
No shares of Vastar Resources, Inc. Common Stock held by the
ESOP Part of the Plan may be subject to a put, call or other
option, or buy/sell or similar arrangement. The provisions of
this Paragraph 6.14 shall continue to be applicable to the
shares of Vastar Resources, Inc. Common Stock held by the ESOP
Part of the Plan even if such part ceases to be an Employee
Stock Ownership Plan under 4945(e)(7) of the Code.
6.15 Confidentiality
The Capital Accumulation Plan Administrative
Committee shall be responsible for ensuring the adequacy of
procedures established by the Administrator to safeguard
the confidentiality of information relating to the
purchasing, holding and selling of Vastar Resources, Inc.
Common Stock and any voting, tender or similar rights
relating to such stock."
9. Subparagraph 13.3(f) of the Plan is amended to read as follows:
"(f) The value of Common Stock, the Equity Fund, the
International Equity Fund, the Bond Fund and the Balanced
Fund for purposes of Subparagraph 13.3(a), will be
determined on the sale date, pursuant to Paragraph 6.7 or
6.11, immediately preceding the date the loan application
is received by the Administrator."
10. Paragraph 13.4 of the Plan is amended to read as follows:
16
"13.4 Frequency
(a) A Member may have such number of loans
outstanding at any time as shall be determined by the
Administrator.
(b) A loan application may be submitted only
once during any 15-day period and a loan application
may not be submitted earlier than seven days following
receipt by the Administrator of a Member's application
to make a purchase or sale under Paragraph 6.5 or a
hardship withdrawal under Section 7.
(c) A loan application may not be submitted
earlier than 15 days following repayment of a previous
loan under this Plan or any other Vastar Resources,
Inc. Capital Accumulation or Savings Plans.
(d) Unless determined otherwise by the
Administrator, if the Member is also a member of one
of the savings plans maintained by Vastar Resources,
Inc. at the time of the application for the loan, the
loan is permitted only if the Member has, at such
time, an outstanding loan under one of the savings
plans, or there are insufficient assets to fund the
loan in such savings plan."
11. Subparagraph 13.7(b) of the Plan is amended to read as follows:
"(b) The value of Common Stock, the Equity Fund, the
International Equity Fund, the Bond Fund and the Balanced
Fund sold to provide the loan proceeds shall be determined
on the sale date, pursuant to Paragraph 6.7 or 6.11,
immediately following the date the loan application is
received by the Administrator."
17
Executed this 13th day of September, 1996.
ATTEST VASTAR RESOURCES, INC.
BY: /S/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ By: /S/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
----------------------- ------------------------
▇▇▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Secretary Vice President
Human Resources
18
