Document:

exv10w02

 

Exhibit 10.02

SECOND AMENDMENT

TO THE

VALERO ENERGY CORPORATION

DEFERRED COMPENSATION PLAN

     THIS AGREEMENT by Valero Energy Corporation (the “Sponsor”),

WITNESSETH:

     WHEREAS, the Sponsor has executed and maintains a non-qualified deferred compensation plan
entitled “Valero Energy Corporation Deferred Compensation Plan,” (the “Plan”); and

     WHEREAS, the Sponsor desires to amend the Plan to allow for the cancellation of an outstanding
election to defer compensation on a special one-time basis under specific transition rules for the
Plan established by the Internal Revenue Service; and

     WHEREAS, Section 8.1 of the Plan provides that it may amend the plan at any time;

     WHEREAS, the Bylaws of the Sponsor authorize the Board of Directors of the Sponsor (“Board”)
to delegate to the person acting as chief executive officer of the company (the “Chief Executive
Officer”) such duties as the Board may deem advisable; and

     WHEREAS, by resolution dated May 9, 2002, the Board delegated to the Chief Executive Officer
the full power and authority of the Board to approve, and cause to be placed into effect,
amendments to the Plan.

     NOW, THEREFORE, in accordance with the provisions of Section 8.1 of the Plan and the
delegation of authority described above, the Plan is hereby amended in the following respects:

1. Section 3.1 of the Plan is hereby amended by adding the following new sentence at the end
thereof:

Notwithstanding the foregoing provisions and any other provisions of the Plan to
the contrary, effective as of February 1, 2005, a Participant may, at any time
during 2005, elect to cancel an outstanding Elective Deferral Agreement with
respect to amounts deferred after December 31, 2004, on

1

 

a special one-time basis under transition relief granted by the Internal Revenue
Service relating to relevant provisions of the Code. The amount of compensation
subject to any such cancelled Elective Deferral Agreement shall be paid to the
Participant and includable in the Participant’s income, in the calendar year 2005,
or, if later, the taxable year in which the compensation is earned and vested. No
such cancellation may be made later than December 31, 2005.

2. Capitalized terms used but not otherwise defined in herein shall have the defined meanings as
provided in the Plan.

3. As amended hereby, the Plan shall continue in full force and effect.

[Remainder of Page Intentionally Left Blank — Signature Appears on Next Page]

2

 

     IN WITNESS WHEREOF, the Sponsor has caused this instrument to be signed on its behalf and
attested by its duly authorized representative this 21st day of December, 2005, to be effective in
accordance with the provisions hereof.

	 	 	 	 	 
	 

	 	VALERO ENERGY CORPORATION	 	 
	 
	 	 	 	 
	 

	 	/s/ William E. Greehey	 	 
	 

	 	 

William E. Greehey,
	 	 
	 

	 	Chief Executive Officer	 	 

3exv10w03

 

Exhibit 10.03

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

2006 ELECTIVE DEFERRAL AGREEMENT

VALERO ENERGY CORPORATION

DEFERRED COMPENSATION PLAN

	 	 	 	 	 	 	 
	Pursuant to the Valero Energy Corporation Deferred Compensation Plan (the “Plan”):
	 ̈	 	I elect not to participate in the Plan during 2006.
	 ̈	 	I hereby elect
to defer a portion of my compensation for the period commencing
January 1, 2006 and ending December 31, 2006 

as follows:
	 
	 	 	 	 	 	 
	 	 	Salary (elect either 1 or 2)
	 
	 	 	 	 	 	 
	 

	 	 	1.	 	 	___% (in even 1% increments not to exceed 30%) of the regular salary to which I may become entitled;
	 
	 	 	 	 	 	 
	 

	 	 	2.	 	 	$_____  per pay period of the regular salary to which I may become entitled with respect to (check either (a) or (b) below):
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	(a)   ___all pay periods during the Plan Year
	 

	 	 	 	 	 	(b)   ___the following pay periods (specify):
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 

	 	 	 	 	 	 

	 

	 	 	 	 	 	 

	 
	 	 	 	 	 	 
	 	 	Bonus (elect either 3 or 4 for bonus earned in 2006 and possibly payable in 2007)
	 
	 	 	 	 	 	 
	 

	 	 	3.	 	 	___% (in even 1% increments not to exceed 50%) of any cash bonuses to which I may become entitled;
	 
	 	 	 	 	 	 
	 

	 	 	4.	 	 	$___of any cash bonuses to which I may become entitled.

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 deferral elections. Your
2006 Plan Year deferral elections are irrevocable, and such deferral elections are governed by the
terms and conditions of the Plan; however, in order to comply with federal legislation, the Company
may modify the Plan or implement a new plan. Your selections 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. The Committee may reduce the
amount you have elected to defer above, or such deferral elections may be rendered null and void if
necessary to comply with federal income tax law (including applicable regulations) regarding
nonqualified deferred compensation plans.

ACKNOWLEDGED AND AGREED:

I hereby authorize the above amounts to be deducted and deferred through payroll
deduction/reduction by the Company.

	 	 	 
	 

	 	 
	Participant’s Signature

	 	Date
	 
	 	 
	«First Name» «Last Name»

	 	«Emplid»
	 

	 	 
	Participant’s Name

	 	Participant’s Employee ID Numberexv10w04

 

Exhibit 10.04

ACTION REQUIRED: If changing investment election for 2006, return this form by December 16, 2005.

2006 INVESTMENT ELECTION FORM

VALERO ENERGY CORPORATION

DEFERRED COMPENSATION PLAN

Direction of Investments

The undersigned Participant hereby directs that the measurement of the Participant’s account be
determined as if it were invested in the fund options as indicated below.

DEFERRALS OF SALARY AND/OR BONUSES BEGINNING 1/1/2006

WILL BE TREATED AS IF INVESTED AS INDICATED BELOW.

Enter your investment elections: 5% minimum/increments of 5%.

The total of the percentages must equal 100%.

You may invest in any one or more (including all) of the fund options.

	 	 	 
	___% Dreyfus Appreciation

	 	___% T. Rowe Price Mid-Cap Growth
	 
	 	 
	___% Fidelity Intermediate Gov’t

	 	___% Vanguard Asset Allocation
	 
	 	 
	___% Janus Worldwide

	 	___% Vanguard Growth and Income
	 
	 	 
	___% Liberty — Columbia Income

	 	___% Vanguard Index 500
	 
	 	 
	___% Oakmark

	 	___% Vanguard Index Extended Market
	 
	 	 
	 

	 	___% AASelect Funds Money Market Select Fund

I understand that the elections I have chosen on this form shall remain in effect until I make
a directive to change.

	 	 	 
	Participant’s Signature

	 	Date
	 
	 	 
	«First_Name» «Last_Name»

	 	«Emplid»
	 

	 	 
	Participant’s Name

	 	Participant’s Employee ID Numberexv10w05

 

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]