Document:

exv10w1

Exhibit 10.1

Non-Employee Director Compensation

	 	 	 	 	 
	Component of Pay	Amount
	Board Retainer
	 	$	100,000	 
	Audit Committee Retainer
	 	$	10,000	 
	Audit Committee Chair Retainer
	 	$	20,000	 
	Compensation Committee Chair Retainer
	 	$	10,000	 
	Governance Committee Chair Retainer
	 	$	10,000	 
	Policy Committee Chair Retainer
	 	$	5,000	 
	Lead Director Retainer
	 	$	25,000	 
	Amount deferred to Stock Units
	 	$	120,000exv10w02

Exhibit 10.02

RESTRICTED STOCK AGREEMENT

Valero Energy Corporation 2005 Omnibus Stock Incentive Plan

(subject to performance accelerated vesting)

     This Restricted Stock Agreement (this “Agreement”) is between Valero Energy Corporation, a
Delaware corporation (“Valero”), and «First_Name» «Middle_Name» «Last_Name», an employee of Valero
or one of its Affiliates (“Employee”), who agree as follows:

     1. Introduction. Pursuant to the Valero Energy Corporation 2005 Omnibus Stock
Incentive Plan (as may be amended, the “Plan”), on «Option_Date», Employee was awarded
«Shares_Granted» shares of Common Stock of Valero under the Plan as Restricted Stock (as defined in
the Plan) (“Restricted Stock”). The parties hereby enter into this Agreement to evidence the
terms, conditions and restrictions applicable to the Restricted Stock.

     2. The Plan, Restrictions, Vesting. The Plan is incorporated herein by reference for
all purposes, and Employee hereby agrees to the terms and conditions stated therein applicable to
the Restricted Stock and the rights and powers of Valero and the Committee as provided therein. In
addition, Employee agrees as follows:

     2.01 Nontransferable. Except to the extent otherwise provided in the Plan or
this Agreement, shares of Restricted Stock issued to Employee under the Plan may not be
sold, exchanged, pledged, hypothecated, transferred, garnished or otherwise disposed of or
alienated prior to vesting.

     2.02 Regular Vesting. Except to the extent otherwise provided in the Plan,
Employee’s rights to and interest in the shares of Restricted Stock described herein shall
vest and accrue to Employee in the following increments: «Shares_Period_1» shares on
«Vest_Date_Period_1»; «Shares_Period_2» shares on «Vest_Date_Period_2»; «Shares_Period_3»
shares on «Vest_Date_Period_3»; «Shares_Period_4» shares on «Vest_Date_Period_4»; and
«Shares_Period_5» shares on «Vest_Date_Period_5».

     2.03 Performance Accelerated Vesting for Eligible Shares. Fifty percent (50%)
of the shares of Restricted Stock stated in Section 1 above shall be eligible for
performance accelerated vesting (“Eligible Shares”). Notwithstanding the vesting schedule
stated in Section 2.02, to the extent any Eligible Shares have not yet vested per the
schedule stated in Section 2.02, and to the extent the Eligible Shares have not been
forfeited or otherwise canceled pursuant to the terms of the Plan, all unvested Eligible
Shares shall automatically vest at the close of business on the last date of the
Acceleration Period. The “Acceleration Period” means the first period following the
Effective Date when the closing price per share of Valero Common Stock is $60.00 or above
for five consecutive trading days as reported on the New York Stock Exchange (NYSE).

     2.04 Book Entry Shares. Employee agrees that in lieu of certificates
representing Employee’s shares of Restricted Stock, the Restricted Stock and any Shares
issuable in connection with their vesting may be issued in uncertificated form pursuant to
the Direct Registration Service of Valero’s stock transfer agent.

     2.05 Restructuring or Reorganization. If, as the result of a stock split,
stock dividend, combination of shares or any other change, including an exchange of
securities for any reason, the Employee shall be entitled to new or additional or different
shares of stock or securities, such stock or securities shall be subject to the terms and
conditions of the Plan and this Agreement.

     3. Limitation. The Employee shall have no rights with respect to any shares of
Restricted Stock not expressly conferred by the Plan or this Agreement.

     4. Miscellaneous. All capitalized terms contained in this Agreement shall have the
definitions set forth in the Plan unless otherwise defined herein. This Agreement shall be binding
upon the parties hereto and their respective beneficiaries, heirs, administrators, executors, legal
representatives and successors.

 

 

     5. Code Section 409A. The issuance of shares under this Award shall be made on or as
soon as reasonably practical following the applicable date of vesting, but in any event no later
than the 15th day of the third month following the end of the year in which the applicable date of
vesting occurs. With respect to the receipt of dividends, the payment of dividends shall be made
by the last day of the fiscal quarter during which dividends on Valero Common Stock are paid, but
in any event by no later than the 15th day of the month following the end of the year in which the
applicable dividends on Valero Common Stock are paid. This Agreement and the award evidenced
hereby are intended to comply, and shall be administered consistently, in all respects with Section
409A of the Internal Revenue Code and the regulations promulgated thereunder. If necessary in
order to ensure such compliance, this Agreement may be reformed consistent with guidance issued by
the Internal Revenue Service.

     EFFECTIVE as of the                      day of                     , 20                     (the “Effective Date”).

	 	 	 	 	 
	 

	 	VALERO ENERGY CORPORATION	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

R Michael Crownover
	 	 
	 

	 	Senior Vice President-Human Resources	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Employeeexv10w03

Exhibit 10.03

	 	 	 	 	 
	Notice of Grant of Stock Option

	 	 	 	Valero Energy Corporation
	and Option Agreement

	 	 	 	     ID: 74-1828067
	 

	 	 	 	     P. O. Box 696000
	 

	 	 	 	     San Antonio, TX 78269-6000
	 
	 	 	 	 
	«First_Name» «Middle_Name» «Last_Name»

	 	 	 	     Option Number:      «NUM»
	 

	 	 	 	     Plan:
	 
	 	 	 	 
	«PLAN_NAME»
	 	 	 	 
	 

	 	 	 	     ID:                              «ID»

Effective «Option_Date», you have been granted a «Long_Type» to buy «Shares_Granted» shares of the
common stock of Valero Energy Corporation (the “Company”) at «Option_Price» per share.

The total Option price of the shares granted is «Total_Option_Price».

Your Options will vest on the dates shown below.

	 	 	 	 	 	 	 	 	 
	Shares	 	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»

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 Company’s 2005
Omnibus Stock Incentive Plan (as may be amended) and the Option Agreement attached hereto, all of
which are made a part of this agreement.

VALERO ENERGY CORPORATION

	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	«Option_Date»
	 

	 	 
	 	 	 	 
	R Michael Crownover	 	 	 	Date
	Senior Vice President — Human Resources	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	«First_Name» «Middle_Name» «Last_Name»	 	 	 	Date
	Employee	 	 	 	 

 

OPTION AGREEMENT

Valero Energy Corporation 2005 Omnibus Stock Incentive Plan

     This Option Agreement (this “Agreement”) is entered into between Valero Energy Corporation, a
Delaware corporation (“Valero”), and Employee pursuant to the terms of the Valero Energy
Corporation 2005 Omnibus Stock Incentive Plan (as may be amended, the “Plan”). As used herein,
Employee means «First_Name» «Middle_Name» «Last_Name». Capitalized terms used in this Agreement
and the attached Form A but not otherwise defined in this Agreement have the meanings set
forth in the Plan.

     1. Grant of Option. Valero grants to Employee the option (the “Option”) to purchase up to
«Shares_Granted» shares of common stock of Valero, $.01 par value per share (“Shares”), in
accordance with the terms of this Agreement and the Plan. The Shares, when issued to Employee upon
the exercise of the Option, will be fully paid and non-assessable.

     2. Purchase Price. The purchase price of the Shares will be «Option_Price» per Share.

     3. Exercise of Option. The period during which the Option is in effect (the “Option Period”)
will commence on «Option_Date». The Option Period will terminate on «Expiration_Date_Period_1».
No portion of the Option may be exercised prior to «Vest_Date_Period_1». Subject to the provisions
of the Plan relating to suspension or termination from the Plan, the Option will be available for
exercise in the following increments: «Shares_Period_1» shares on «Vest_Date_Period_1»;
«Shares_Period_2» shares on «Vest_Date_Period_2»; and «Shares_Period_3» shares on
«Vest_Date_Period_3».

     The Option must be exercised in accordance with procedures established by Valero and pursuant
to one of the methods for exercise set forth in the Exercise Notice. Payment for the Shares will
be made at Valero’s San Antonio offices.

     If any law or regulation requires Valero to take any action with respect to the Shares
specified in the Exercise Notice, then the date of delivery of the Shares against payment will be
extended for the period necessary to take such action. In the event of any failure by Employee to
pay for the number of Shares specified in the Exercise Notice on the Exercise Date, the exercise of
the Option with respect to such number of Shares will be treated as if it had never been made.

     4. Plan Incorporated by Reference. The Plan is incorporated herein, and by this reference, is
made a part hereof for all purposes.

     5. Limitation of Rights of Employee. Employee will have no rights with respect to any Shares
not expressly conferred by the Plan or this Agreement.

     6. No Assignment. This Agreement and the Option granted hereunder are of a personal nature and
Employee’s rights with respect hereto and thereto may not be sold, mortgaged, pledged, assigned,
transferred, conveyed or disposed of in any manner by Employee and may not be exercised by any
person, other than Employee, except as expressly permitted under the Plan. Any such attempted
sale, mortgage, pledge, assignment, transfer, conveyance, disposition or exercise will be void, and
Valero will not be bound thereby.

     7. Successors. This Agreement is binding upon any successors of Valero and the heirs,
successors and legal representatives of Employee.

     8. Direct Registration. Employee agrees that in lieu of stock certificates, any Shares
issuable in connection with the exercise of the Option may be issued in uncertificated form
pursuant to the Direct Registration Service of Valero’s stock transfer agent.

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