Document:

First Amendment to the Prudential Severance Plan

 Exhibit 10.47 
 FIRST AMENDMENT TO THE 
 PRUDENTIAL SEVERANCE PLAN 
 WHEREAS, the Prudential Severance Plan (the “Plan”) was last amended and restated on June 25, 2003 by the most senior Vice President
responsible for corporate Human Resources of The Prudential Insurance Company of America, or the successor to his or her duties relating to corporate Human Resources (the “SVP”); 
 WHEREAS, pursuant to Section 6.2 of the Plan, the SVP or her duly appointed delegate has certain authority to amend the Plan; and 
 WHEREAS, the SVP or her duly appointed delegate deems it appropriate and within the scope of his or her authority to amend the Plan in various respects;

 NOW, THEREFORE, effective as to the termination of employment of Eligible Employees on or after January 1, 2004, the Plan is hereby
amended as follows: 
 1. Section 2.10 of the Plan is hereby amended to read as follows: 
 2.10 “Eligible Employee” means an Employee of a Participating Company who at the time he or she incurs an Eligible Termination
is an Employee performing services for a Participating Company (i) in the United States, or (ii) as an Expatriate in a country other than the United States. 
 2. Section 2.11 of the Plan is hereby amended to read as follows: 
 2.11 “Eligible
Termination” means an Employee’s involuntary termination of employment with a Participating Company due to (i) the closing of an office or business location, (ii) a reduction in force, (iii) a downsizing, (iv) the
restructuring, reorganization or reengineering of a business group, unit or department, (v) a job elimination, or (vi) such other facts and circumstances as the Company shall determine in its sole discretion (including, but not limited to,
an Expatriate who did not have a pre-assignment job with a Participating Company in the United States, and whose assignment has ended whether or not a job is offered in the United States); provided, however, that a termination of employment with a
Participating Company for any of the following reasons shall not constitute an Eligible Termination: 
 (A) transfer of any
Employee to any (1) Affiliated Company, or (2) entity which is controlled by the Company through the ownership of a majority of its voting stock (or other equivalent ownership interest), either directly or indirectly through one or more
intermediaries; 
  

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 (B) voluntary termination of employment, unless the termination results from: 

 

	 	(1)	the Employee’s participation in a voluntary separation program of a business group, unit or department; or 

  

	 	(2)	the Employee’s rejection of an offer of a new job with the Company, an Affiliated Company or an entity which is controlled by the Company through the ownership of a majority of
its voting stock (or other equivalent ownership interest), either directly or indirectly through one or more intermediaries, under circumstances where his or her current job is no longer available (such as, the job was eliminated, the job or its
scope was changed significantly, the business location of the job has changed, or, as to an Expatriate, his or her assignment has ended), where 

  

	 	(a)	the new position has base salary plus 

 (I) annual bonus
at par if this position has a level number or 
 (II) 50% of the incentive opportunity range for the annual bonus if this position has a
grade number 
 (or the equivalent thereof) of less than 80% (or, as to an Expatriate who did not have a pre-assignment job with a
Participating Company in the United States and who is offered localization, such other greater percentage as may be determined by the Company in its sole discretion) of the base salary plus 
 (X) annual bonus at par if his or her job has a level number or 
 (Y) 50% of the incentive opportunity range for the annual bonus if his or her job has a grade number 
 (or
the equivalent thereof) of the current job, or 
  

	 	(b)	the following conditions are met: (I) the commuting distance from the center of the Employee’s town of residence to the center of town of the new job’s location is
more than 49 miles, and (II) such commuting distance as determined under Section 2.11(B)(2)(b)(I) of the Plan is more than (x) 25 miles farther than the commuting distance from the center of the Employee’s town of residence to the
center of town of the current job’s location or (y) 99 miles; provided, however, that as to an Expatriate, this Section 2.11(B)(2)(b) of the Plan shall be administered and interpreted by the Company, in its sole discretion, in
accordance with the following general criteria: 

 (X) a reassignment job offer within the same non-United States host country
to the same position or a different position, at the same business unit or a different business unit, shall generally be subject to the rules in Section 2.11(B)(2)(b)(I) and (II) in the context of the host country, but a reassignment job offer
to the same position or a different position in a different non-United States host country shall generally be deemed to have satisfied the requirements of such sections; and 
  

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 (Y) a job offer related to a repatriation back to the United States shall be subject to the rules in
Section 2.11(B)(2)(b)(I) and (II) as if the Expatriate’s town of residence is his or her former, pre-assignment town of residence, and as if the Expatriate’s current job location is his or her former, pre-assignment job location;
provided, however, that if the Expatriate did not have a pre-assignment job with a Participating Company in the United States, the rules in Section 2.11(B)(2)(b)(I) and (II) shall be applied to such job offer related to a repatriation back to
the United States as determined by the Company in its sole discretion; 
 as determined by the Company in its sole discretion;

 (C) voluntary retirement; 
 (D) death; 
 (E) Cause; 
 (F) inability to perform the basic requirements of his or her position with or without reasonable accommodation due to physical or mental
incapacity and after the Employee’s short-term disability benefits have expired under the terms of The Prudential Welfare Benefits Plan; or 
 (G) failure to return from an approved leave of absence. 
 Except as otherwise provided in Appendix A of the
Plan, Eligible Termination also shall not include an Employee’s termination of employment with a Participating Company as a result of a court decree, outsourcing, sale (whether in whole or in part, of stock or assets), merger or other
combination, spin-off, reorganization, or liquidation, dissolution or other winding up involving any Participating Company if such Employee receives a job offer from any employer that is involved in such outsourcing, sale, merger or other
combination, spin-off, reorganization, or liquidation, dissolution or other winding up. 
  

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 3. Section 2 - Definitions of the Plan is hereby amended by adding a new Section 2.20 to the end thereof:

 2.20 “Expatriate” means an Employee of a Participating Company who at the time he or she incurs an Eligible
Termination is designated by such Participating Company as being on assignment as a United States expatriate on behalf of such Participating Company. 
 4.
Section 4.3(iii) of the Plan is hereby amended to read as follows: 
  

	 	(iii)	any separation or other similar benefits of any kind from the Company or any Affiliated Company or any plan or program sponsored by the Company or any Affiliated Company (including,
but not limited to, any separation provisions under an employment agreement and/or an offer letter), and any separation or other similar benefits of any kind from the Company or any Affiliated Company that may be required or provided for under
applicable United States Federal, state or local law, or foreign law; 

 5. Section 4.4 of the Plan is hereby amended to read as follows:

 4.4 Reductions of Severance Pay. Any Severance Pay which the Company may grant to an Eligible Employee may, in the
sole discretion of the Company, be reduced by any amounts owed by the Eligible Employee to the Company or the Participating Company, including, but not limited to, those that relate to an Expatriate’s assignment. The Eligible Employee’s
right to receive such Severance Pay is conditioned upon his or her agreement to execute any documents deemed necessary or appropriate by the Company to reduce the Severance Pay by any such amounts owed. 
 6. Section 4.5 of the Plan is hereby amended to read as follows: 
 4.5 Repayment of Severance Pay upon Rehire. If an Eligible Employee who has incurred an Eligible Termination and been granted Severance Pay is rehired by any Participating Company or Affiliated Company, the
payment of Severance Pay shall terminate immediately on the date of such rehire, and the Company may, in its sole discretion, require the Eligible Employee to return any or all amounts of Severance Pay that have been paid to the Eligible Employee;
provided, however, that in making this decision, the Company, in its sole discretion, may take into consideration any amounts that may be required or provided for under applicable United States Federal, state or local law, or foreign law.

  

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 7. Section 4.6 of the Plan is hereby amended to read as follows: 
 4.6 Form of Payment of Severance Pay, and Taxes. Payment of any Severance Pay will be made in a lump sum as soon as practicable
after the date of the Eligible Employee’s Eligible Termination, but not sooner than after receipt by the Company of a fully executed Separation Agreement and General Release and the expiration of any revocation period thereunder. The
Participating Company shall withhold from any payments made pursuant to the Plan such amounts as may be required by United States Federal, state, local or foreign law. 
 IN WITNESS WHEREOF, the undersigned hereby executes this First Amendment to the Plan this day      of December, 2003. 
  

	
	 /s/ Sharon C. Taylor

	Sharon C. Taylor
	Senior Vice President of Corporate Human Resources

  

 5Form of Unit Option Agreement

 Exhibit 10.11 
  

					
	 Notice of Grant of Unit Option
 and
Unit Option Agreement
	  	Valero GP, LLC  

	  	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                                     
 «Shares_Period_1»         «Option_Date» «Vest_Type_Period_1»
«Vest_Date_Period_1» «Expiration_Date_Period_1» 
 «Shares_Period_2»
        «Option_Date» «Vest_Type_Period_2» «Vest_Date_Period_2» «Expiration_Date_Period_2» 
 «Shares_Period_3»         «Option_Date» «Vest_Type_Period_3» «Vest_Date_Period_3» «Expiration_Date_Period_3»

 «Shares_Period_4»         «Option_Date» «Vest_Type_Period_4»
«Vest_Date_Period_4» «Expiration_Date_Period_4» 
 «Shares_Period_5»
        «Option_Date» «Vest_Type_Period_5» «Vest_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 Amended and
Restated 2003 Employee Unit 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»
	 Curtis V. Anastasio
 President &
Chief Executive Officer
	 		 		 	Date
				
	  	 		 		 	  
	 «First_Name» «Middle_Name» «Last_Name»
 Participant
	 		 		 	Date

 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 Amended and Restated 2003 Employee Unit Incentive Plan (the “Plan”) which provides
for the grant of Options to certain Employees; 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 stock 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.

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