Exhibit 10.02

 

Notice of Grant of Unit Option

Valero GP, LLC

and Unit Option Agreement

ID: 74-2958816

 

P.O. Box 696000

 

San Antonio, TX 78269-6000

 

 

First_Name, Middle_Name, Last_Name

Option Number: NUM

EXTRA_FIELD_2

Plan: PLAN_NAME

EXTRA_FIELD_3

ID: SSN

 

 

Effective Option_Date, you have been granted an Option to buy Shares_Granted
Units of Valero L.P. at Option_Price per Unit.

 

The total Option price of the Units granted is Total_Option_Price.

 

Your Options will vest on the dates shown below.

 

Units

Grant Date

Vest Type

Full Vest

Expiration

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

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Shares_Period_1

Option_Date

Vest_Type_Period_1

Date_Period_1

Expiration_Date_Period_1

Shares_Period_2

Option_Date

Vest_Type_Period_2

Date_Period_2

Expiration_Date_Period_2

Shares_Period_3

Option_Date

Vest_Type_Period_3

Date_Period_3

Expiration_Date_Period_3

Shares_Period_4

Option_Date

Vest_Type_Period_4

Date_Period_4

Expiration_Date_Period_4

Shares_Period_5

Option_Date

Vest_Type_Period_5

Date_Period_5

Expiration_Date_Period_5

 

By your signature and the Company’s signature below, you and the Company agree
that the Option referenced above is granted under and governed by the terms and
conditions of the Valero GP, LLC Second Amended and Restated 2000 Long-Term
Incentive Plan, as amended, and the Unit Option Agreement attached hereto, all
of which are made a part of this agreement.

 

 

 

VALERO GP, LLC

 

 

By:

 

 

Option_Date

 

 

 

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Curtis V. Anastasio

 

Date

 

President & Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

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First_Name, Middle_Name, Last Name

 

Date

 

Participant

 

 

 

 

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Unit Option Agreement

 

THIS AGREEMENT is between Valero GP, LLC, a Delaware limited liability company
(the “Company”) and the person whose signature is set forth on the signature
page hereof (“Participant”).

 

RECITALS

 

WHEREAS, the Company has adopted the Valero GP, LLC Second Amended and Restated
2000 Long-Term Incentive Plan (the “Plan”) which provides for the grant of
Options to certain Employees and Directors; and

 

WHEREAS, the Company wishes to grant to Participant an Option to purchase Units
of Valero L.P. (the “Partnership”) on the terms and conditions specified herein;

 

NOW THEREFORE, the parties agree as follows (any capitalized terms used herein
but not defined herein shall have the respective meanings given in the Plan):

 

 

1.

Option

 

a.    Grant. Subject to the terms and conditions of this Agreement and the Plan,
the Company hereby grants to Participant an Option to purchase all or any part
of the Units set forth on the signature page hereof, at the exercise price set
forth thereon. The Option is not intended to be an incentive stock option within
the meaning of Section 422 of the Internal Revenue Code.

 

b.    Term. The term of the Option shall expire at 11:59 p.m. on the seventh
anniversary of the Grant Date set forth on the signature page.

 

2.        Exercise. Participant may, subject to the limitations of this
Agreement and the Plan, exercise all or any portion of the Option by following
the applicable exercise provisions specifying the number of Units with respect
to which the Option is being exercised and accompanied by payment of the
exercise price for such Units. The method or methods by which payment of the
exercise price may be made will include any method acceptable to the Company and
the Partnership at the time of exercise of the Option.

 

3.        Retirement, Death, Disability. If a Participant’s employment is
terminated because of retirement, death or disability, any Option held by the
Participant shall remain outstanding and vest or become exercisable according to
the Option’s original terms.

 

 

4.

Limited Interest.

 

a.    The grant of the Option shall not be construed as giving Participant any
interest other than as provided in this Agreement.

 

b.    Participant shall have no rights as a Unit holder as a result of the grant
of the Option, until the Option is exercised, the exercise price is paid, and
the Units issued thereunder.

 

c.    The grant of the Option shall not affect in any way the right or power of
the Company to make or authorize any or all adjustments, recapitalizations,
reorganizations, or other changes in the Company’s or the Partnership’s capital
structure or its business, or any merger, consolidation or business combination
of the Company or the Partnership’s, or any issuance or modification of any
term, condition, or covenant of any bond, debenture, debt, preferred stock or
other instrument ahead of or affecting the Units or the rights of the holders
thereof, or the dissolution or liquidation of the Company or the Partnership, or
any sale or transfer of all or any part of its assets or business or any other
act or proceeding of the Company or the Partnership, whether of a similar
character or otherwise.

 

5.        Incorporation by Reference. The terms of the Plan, as amended, to the
extent not stated herein are expressly incorporated herein by reference and in
the event of any conflict between this Agreement and the Plan, the Plan shall
govern.

 

6.       Direct Registration. Participant agrees that in lieu of unit
certificates, any Units issuable in connection with the exercise of the Options
may be issued in uncertificated form pursuant to the Direct Registration Service
of the Partnership’s transfer agent.