exv10w05



 






Exhibit 10.05



ACTION REQUIRED: Must be returned to Financial Benefits (E1N) by December 16, 2005



2006 DISTRIBUTION ELECTION FORM

VALERO ENERGY CORPORATION

DEFERRED COMPENSATION PLAN




	 	 	 	 	 	 	 
	 	 	 
	 	Optional Payment Election	 	DEFAULT PAYMENT IF NO ELECTION IS MADE:	 
	 	Upon Retirement	 	   Fifteen annual installments commencing at date of retirement	 
	 	 	 
	 	I elect that upon retirement, the entire amount of salary and bonus deferred pursuant to my 2006 Elective Deferral
Agreement, as well as any investment gains or losses attributable to such amount, will be paid at the time and in the
manner elected below. I execute this election of my own free will and with the full understanding of its effect. It will
remain in effect until retirement or a new election is made. I elect to receive payment(s):	 
	 	 
	 	 	 	 	 
	 	At the following time (choose one):	 
	 	 
	 	 	 	 	 
	 	 ̈	 	As soon as administratively possible following retirement
(default time of payment if no election is made)	 
	 	 ̈	 	January 1 after the year of retirement	 
	 	 
	 	 	 	 	 
	 	AND in the following manner (choose one):	 
	 	 
	 	 	 	 	 
	 	 ̈	 	Lump sum	 
	 	 
	 	 	 	 	 
	 	 ̈	 	Five annual installments	 
	 	 
	 	 	 	 	 
	 	 ̈	 	Ten annual installments	 
	 	 
	 	 	 	 	 
	 	 ̈	 	Fifteen annual installments (default manner of payment if no election is made)	 
	 	 	 





	 	 	 	 	 	 	 
	 	 	 
	 	Optional Payment Election	 	DEFAULT PAYMENT IF NO ELECTION IS MADE:	 
	 	Upon Termination	 	   Immediate lump sum payable within 90 days after termination	 
	 	 	 
	 	I elect that upon termination, the entire amount of salary and bonus deferred pursuant to my 2006 Elective
Deferral Agreement, as well as any investment gains or losses attributable to such amount, will be paid at the
time and in the manner elected below. I execute this election of my own free will and with the full
understanding of its effect. It will remain in effect until termination or a new election is made. I elect to
receive payment(s):	 
	 	 
	 	 	 	 	 
	 	At the following time (choose one):	 
	 	 
	 	 	 	 	 
	 	 ̈	 	Immediately (default time of payment if no election is made)	 
	 	 
	 	 	 	 	 
	 	 ̈	 	January 1 after the year of termination	 
	 	 
	 	 	 	 	 
	 	AND in the following manner (choose one):	 
	 	 
	 	 	 	 	 
	 	 ̈	 	Lump sum (default manner of payment if no election is made)	 
	 	 
	 	 	 	 	 
	 	 ̈	 	Five annual installments	 
	 	 	 





«First_Name» «Last_Name»




 









 








	 	 	 	 	 	 	 	 	 
	 	 	 
	 	Distribution on Specified Date	 
	 	 	 
	 	 
	 	 	 	 	 	 	 
	 	In accordance with Section 6.5 of the Plan, I hereby elect to receive in one
lump sum payment that portion of the amount deferred pursuant to my 2006
Elective Deferral Agreement, as well as any investment gains or losses
attributable to such amount, specified below to which I am entitled to withdraw,
pursuant to the terms of the Plan, on the date(s) specified below. Any amounts
distributed pursuant to this election shall immediately reduce my Account
accordingly.	 
	 	 
	 	 	 	 	 	 	 
	 	 

	 	Date of Specified Event
	 	Amount of the 2006 Elective Deferral	 	 	 
	 	 
	 	 	 	 	 	 	 
	 	 

	 	 


	 	 

	 	 	 
	 	 
	 	 	 	 	 	 	 
	 	 

	 	 


	 	 

	 	 	 
	 	 
	 	 	 	 	 	 	 
	 	 

	 	 


	 	 

	 	 	 
	 	 	 




After the initial election relating to this deferral, you may elect to change the form of your
distribution, as long as (i) the election to change the form of your distribution (either upon
retirement, termination or a specified date) is not effective until at least one year after the
date the election is made, and (ii) your payment is delayed by at least five years following the
date on which such payment would have otherwise been made or commenced. In addition, if you elect
to postpone the distribution previously designated to occur on a specified date, the change in
election must be made at least one year prior to your previously designated specified date.



Certain “key” employees (generally, the fifty most highly compensated executives) will have
distribution of their benefits delayed for a period of six months following their separation of
service. As a result, distributions scheduled for January 1 could possibly not be paid until July
1.



NOTE: The Company has taken measures to design the Plan in a manner that conforms to current
tax law. However, it is possible that new legislation could affect your distribution elections.
Generally, it is intended that distribution elections submitted pursuant to the Plan will be
governed by the terms and conditions of the Plan, and your elections will be subject to
modifications made to the Plan to conform with federal legislation or to the terms of another plan
if the Company chooses to implement a new plan to conform to federal legislation.




	 	 	 
	ACKNOWLEDGED AND AGREED:
	 	 
	 
	 	 
	 

	 	 
	Participant’s Signature

	 	Date
	 
	 	 
	«First Name» «Last Name»

	 	«Emplid»
	 

	 	 
	Participant’s Name

	 	Participant’s Employee ID Number