Document:

EX-10.01

 Exhibit 10.01 
 Valero Energy Corporation 
 Annual Incentive Plan for Named Executive Officers 

Section I. Preamble. 
 This is the Annual
Incentive Plan for Named Executive Officers (the “Plan”) of Valero Energy Corporation (the “Company” or “Valero”). The Plan is established as a sub-plan under the terms and
provisions of the stockholder-approved Valero Energy Corporation 2011 Omnibus Stock Incentive Plan (“OSIP”) as a cash-based incentive plan under Section 6.7 thereof. The Plan is designed to meet the requirements of a
performance plan pursuant to Internal Revenue Code (“IRC”) Section 162(m) as set forth in the terms and provisions of the OSIP. The terms and conditions of the OSIP are incorporated into this Plan. Capitalized terms used
but not specifically defined in the Plan shall have the meanings given to them in the OSIP. 
 Section II. Participation. 

The Participants in the Plan shall be limited to only those Company officers who are considered to be Named Executive Officers
(“NEOs”) whose compensation is reported in the Summary Compensation Table of Valero’s annual proxy statement to stockholders as required by rules and regulations of the Securities and Exchange Commission
(“SEC”).  
 Section III. Plan Administration. 
 The Plan will be administered by the members of the Compensation Committee of Valero’s Board of Directors who qualify as an “outside director” within the meaning of Section 162(m)(4)(o)(i) of
the IRC (hereafter, the “Committee”). In accordance with and subject to the provisions of the Plan, the Committee shall have full authority with respect to Awards under the Plan, including but not limited to: (a) the
establishment and approval of the Performance Goals for the annual performance period, which must be formally recorded in writing into the Committee’s records; (b) the determination of the maximum pool of Awards that may be paid to
Participants based upon the Company’s financial performance for the applicable performance period; (c) the exercise of negative discretion to reduce the amount of any NEO’s Award based upon supplemental performance criteria that the
Committee may consider with respect to the Company’s or individual executive’s performance during the performance period; and (d) to interpret and administer the Plan in the good faith and judgment of the Committee, consistent with
the terms and provisions of the Plan and the OSIP. 
 Section IV. Performance Period. 

This is an annual incentive plan and the Plan’s performance period shall be Valero’s annual fiscal year, January 1 through
December 31. 
 Section V. Financial Formula for Funding the Maximum Pool of Awards. 

 

	A.	 Within the first 90 days of a performance period, the Committee must establish and approve the Performance Goals that will fund the maximum pool of Awards for
Participants for the applicable 

	 	 
performance period. The Committee must record the establishment of such Performance Goals in writing within its records. Such Performance Goals must be contemplated within the list of performance
criteria set forth under Section 11.2 of the OSIP. 

  

	B.	 The Performance Goals and financial formulae that will fund the maximum pool of Awards will be the greater of the following performance criteria after the
completion of the performance period: 

  

	 	a)	 .80 percent (0.80%) times Adjusted Net Cash Provided by Operating Activities, wherein Adjusted Net Cash Provided by Operating Activities is a
calculated number and is defined as net cash provided by operating activities excluding the effects of “changes in current assets and current liabilities” and “changes in deferred charges and credits and other operating
activities, net,” as reported in Valero’s Consolidated Statement of Cash Flow; or 

  

	 	b)	 .65 percent (0.65%) times Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA), wherein EBITDA is a calculated number and is
defined as “Operating Revenues” less “Cost of Sales” less “Operating Expenses” less “General and Administrative Expenses,” as reported in Valero’s Consolidated Statement of
Income. 

  

	C.	 The Committee will review Valero’s financial records following the completion of the performance period and will attest to the calculation of the maximum
pool of Awards in writing in the Committee’s records. 

 Section VI. Allocation of Maximum Pool of Awards to Participants.

 Once the maximum pool of Awards is calculated annually as set forth in Section V above, the Awards will be allocated to each NEO as
set forth in Table A below. This will establish the maximum Award payable to any Participant for a specified performance period. 

Table A – Allocation of Funded Maximum Pool of Awards to Participants 

 

				September 30,	
	 Position
	    	Percentage of Pool Funding (%)	 
	 Chief Executive Officer
	    	 	50	% 
	 Second Highest Paid NEO
	    	 	20	% 
	 Third Highest Paid NEO
	    	 	10	% 
	 Fourth Highest Paid NEO
	    	 	10	% 
	 Fifth Highest Paid NEO
	    	 	10	% 

 Section VII. Further Adjustment to Awards, Negative Discretion. 

The maximum Award payable to any individual Participant will be determined by the calculations established in Sections V. and VI. described above.
To determine the actual amount of an Award 

  
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payable to a Participant for any performance period, the Committee may exercise its discretion to adjust the Awards calculated per the terms of Section V. and VI. in a downward fashion below the
amounts calculated, but the Committee may not increase the amount of an Award calculated for any Participant. The Committee, in exercising its negative discretion in making downward adjustments, may consider such performance factors as Company and
divisional financial performance, operational data, strategic measures, environmental compliance, health and safety measures, individual performance achievements and contributions, and such other measures of annual performance as the Committee
considers to be appropriate. 
 Section VIII. Payment of Awards. 
 As soon as practicable after the Committee has received the appropriate financial and other data after the end of a performance period, the Committee will for each Participant certify in writing the extent to which
the applicable Performance Goals for such Participant have been met and the corresponding amount of the Award earned by such Participant. Payment of each Award in a cash lump sum, less applicable withholding taxes, shall be made as soon as
practicable thereafter. Notwithstanding anything in the Plan to the contrary, no payment made pursuant to any Award in respect of any performance period shall exceed $20 million, as prescribed by Section 6.2(a)(vi) of the OSIP. 

Section IX. Effect of Termination of Employment. 
  

	A.	 Termination Due to Death, Disability, or Retirement. 

If a Participant’s employment with Valero is terminated by reason of death, disability, or retirement during a performance
period, the Participant (or the Participant’s estate) (subject to the Committee’s discretion as allowed by Section VII of the Plan) shall be paid (pursuant to Section VIII. of the Plan after the completion of the Plan year) a pro rata
amount of the Award earned according to the terms of the Award equal to the period of service from the beginning of the performance period through the date of the Participant’s death, disability, or retirement, as the case may be, as determined
by the Committee. 
  

	B.	 Termination for Reasons Other than Death, Disability, or Retirement. 

If a Participant’s employment is terminated with Valero prior to the end of the performance period for any reason other than
death, disability, or retirement, the Participant’s Award for such performance period shall be immediately forfeited and the Participant shall have no right to any payment thereafter; provided, however, that under such circumstances the
Committee may elect to pay the Participant a pro rata amount of the Award earned equal to the period of service from the beginning of the performance period through the date of the Participant’s termination. 

Section X. Payment of Withholding Taxes. 

Valero is entitled to withhold and deduct from the payment made pursuant to an Award or from future wages of the Participant (or from other amounts
that may be due and owing to the Participant from Valero), or make other arrangements for the collection of, all legally required amounts necessary to satisfy any and all federal, state, and local withholding and employment-related tax requirements
attributable to any payment made pursuant to an Award. 

  
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 Section XI. Plan Amendment, Modification, and Termination. 

The Committee may suspend or terminate the Plan or any portion thereof at any time, and may amend the Plan from time to time in such respects as
the Committee may deem advisable in order that Awards under the Plan will conform to any change in applicable laws or regulations or in any other respect the Committee may deem to be in the best interests of Valero; provided, however, that no
amendments to the Plan will be effective without the approval of the stockholders of Valero if stockholder approval of the amendment is then required for the Plan to continue to be a qualified performance-based compensation plan pursuant to
Section 162(m) of the Code. Any termination, suspension, or amendment of the Plan may not adversely affect any outstanding Award without the consent of the affected Participant. 
 Section XII. Non-Funded, Unsecured Obligation. 
 A Participant’s only interest under the
Plan shall be the right to receive a cash payment under an Award pursuant to the terms of the Award and the Plan. No portion of the amount payable to Participants upon the achievement of any Performance Goal therein shall be held by Valero in trust
or escrow or any other form of asset segregation. To the extent that a participant acquires a right to receive such a cash payment under the Plan, such right shall be no greater than the right of any unsecured, general creditor of Valero.

 Section XIII. Effective Date. 

The Plan was approved by the Compensation Committee of Valero’s board of directors on February 22, 2012 as a sub-plan under the OSIP, to
be effective immediately upon approval. 
 Section XIV. Miscellaneous. 

 

	A.	 Employment. 

Nothing in the Plan will interfere with or limit in any way the right of Valero to terminate the employment or otherwise modify the
terms and conditions of the employment of any Participant at any time, nor confer upon any Participant any right to continue in the employ of the Company. 
  

	B.	 Restrictions on Transfer. 

 Except pursuant to testamentary will or the laws of descent and as otherwise expressly permitted by the Plan, no right or interest of any Participant in an Award will be assignable or transferable, or subjected to
any lien, during the lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise. 
  

	C.	 Governing Law. 

 Except to the extent in connection with other matters of corporate governance and authority (all of which shall be governed by the laws of Valero’s jurisdiction of incorporation), the validity,

  
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construction, interpretation, administration, and effect of the Plan and any rules, regulations, and actions relating to the Plan will be governed by and construed exclusively in accordance with
the internal, substantive laws of the State of Texas, without regard to the conflict of law rules of the State of Texas or any other jurisdiction. 
  

	D.	 Successors. 

The Plan will be binding upon and inure to the benefit of the successors of Valero and the Participants. 

 

	E.	 Compliance with IRC Section 409A. 

 The Plan is intended to comply, and shall be administered consistently in all respects, with IRC Section 409A, and the regulations and additional guidance promulgated thereunder to the extent applicable.
Accordingly, Valero shall have the authority to take any action, or refrain from taking any action, with respect to the Plan or any Award under the Plan that is reasonably necessary to ensure compliance with IRC Section 409A (provided that
Valero shall choose the action that best preserves the value of payments and benefits payable under the Plan that is consistent with Section 409A). This Plan shall be interpreted in a manner that is consistent with Section 409A. In
furtherance, but not in limitation of the foregoing: 
  

	 	(i)	 in no event may Participant designate, directly or indirectly, the calendar year of any payment to be made hereunder; 

 

	 	(ii)	 to the extent the Participant is a “specified employee” within the meaning of IRC Section 409A, payments, if any, that constitute a
“deferral of compensation” under Section 409A and that would otherwise become due during the first six months following Participant’s termination of employment shall be delayed and all such delayed payments shall be paid in full
in the seventh month after such termination date, provided that the above delay shall not apply to any payment that is excepted from coverage by Section 409A, such as a payment covered by the short-term deferral exception described in
Treasury Regulations Section 1.409A-1(b)(4); 

  

	 	(iii)	 notwithstanding any other provision of this Agreement, a termination, resignation or retirement of Participant’s employment hereunder shall mean and be
interpreted consistent with a “separation from service” within the meaning of Section 409A. 

  
 5Exhibit 10.2

 Exhibit 10.2 
 NON-EMPLOYEE DIRECTORS’ 
 NON-QUALIFIED STOCK OPTION AGREEMENT

 BB&T CORPORATION 
 THIS STOCK OPTION AGREEMENT made this thirty-first day of «Date», by and between BB&T Corporation, a North Carolina corporation, (“BB&T”) for itself and its
subsidiaries and «FirstName» «MI» «LastName» a Non-Employee Director of BB&T (“Participant”). 
 BB&T desires to carry out the purposes of the Non-employee Directors’ Stock Option Plan adopted by the BB&T Board of Directors on December 19, 1991 and amended and restated as of
October 22, 1996 and January 1, 1997, and approved by its shareholders thereafter (the “Plan”), by affording the Participant an opportunity to purchase its common stock, $5.00 par value per share (“BB&T Common
Stock” or the “Shares”) as hereinafter provided. 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual
promises set forth below and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

 

	1.	Grant of Option 

BB&T hereby grants to the Participant the right and option (the “Option”) to purchase all or any part of an aggregate of
«Shares» shares of BB&T Common Stock, (such number being subject to adjustment as provided in paragraph 5 hereof), on the terms and conditions herein set forth. This Option grant is made pursuant to the terms and provisions of
the Plan and consistent with the election(s) made by the Participant required by paragraph 4.4 of the Plan, dealing with Participant’s election to receive all or a portion of Participant’s Retainer Fee and Meeting Fees (as defined in the
Plan) in the form of Options. 
 This Option shall entitle the Participant to purchase BB&T Common Stock from its authorized, unissued and
registered share reserve, such Shares being the subject of an effective registration statement filed by BB&T pursuant to the Securities Act of 1933 as amended. 
 2. Purchase Price 
  

	 	(a)	 The purchase price of the BB&T Common Stock covered by the Option shall be equal to the market value of such Shares on the date that this Option is
granted, such market value to be determined by, and in accordance with the Plan. With respect to this Option, BB&T, through its 

	 	
Compensation Committee, has established the purchase price of the BB&T Common Stock covered by this Option to be
$             dollars per share in accordance with paragraph 4.5 of the plan. 

  

	 	(b)	The purchase price of the Shares as to which the Option may be exercised shall be paid in full in cash, check or by the Participant’s transfer to the order of
BB&T, of a sufficient number of shares of BB&T Common Stock then owned by the Participant and which are registered in the name of the Participant immediately prior to such transfer and have been so registered for no less than six
(6) months prior to such transfer, which total shares equal the amount of the purchase price as determined by the value of such BB&T Common Stock reported at the close of trading in such stock on the New York Stock Exchange
(“NYSE”) as of the date that the purchase price is paid to BB&T by the Participant or, a combination of both cash and BB&T Common Stock as described above. In the event that a payment of the Option purchase price is made either in
whole or part, on a date wherein BB&T’s Common Stock has no reported closing price on the NYSE, the next preceding reported closing price of BB&T Common Stock on such exchange shall be used to determine the value of shares to be used
towards such payment. 

  

	 	(c)	The Participant shall not have any of the rights of a shareholder with respect to the Shares covered by the Option except to the extent that one or more stock
certificates for such Shares shall have been delivered to him upon the due exercise of the Option. 

  

	3.	Term of Option 

  

	 	(a)	The terms of the Option shall be for a period of ten (10) years from the date hereof subject to earlier termination as provided in paragraphs 4.1 and 4.5 of the
plan. The Option may be exercised at any time or from time to time as to any part or all of the Shares covered hereby; provided however, no Shares may be purchased under the provisions of this Option Agreement until the date which is six
(6) months from the date of grant and, provided further, that the Option may not be exercised as to less than 100 Shares at any one time, or as to the remaining Shares then purchasable under the Option if less than 100 shares, except to close
out Participant’s interest in the Plan. 

	4.	Transferability 

The Option shall not be transferable other than upon death, through a will or the laws of descent and distribution, except as may be
permitted by the Committee in its sole discretion in a manner consistent with the registration provisions of the Securities Act of 1933, as amended. Except as otherwise permitted by the preceding sentence, during the lifetime of the Participant, the
Option may be exercised only by him or by the Participant’s legal representative in the event that the Participant becomes legally disabled as defined in the Plan. The Participant may designate a beneficiary to exercise the Option, upon his
death, provided that the designation is in accordance with Committee procedures. Except as specifically hereinabove authorized in this Section 4, the Option may not be assigned, transferred, pledged or hypothecated in any way; it shall not be
assignable by the operation of law, and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, or the levy of
any execution, attachment, or similar process upon the Option, shall be null and void and without effect. The designation of a beneficiary in accordance with Section 4.7 of the Plan does not constitute a transfer. 

 

	5.	Adjustments in Capital Structure 

 Subject to any required action by the shareholders of BB&T and the provisions of the North Carolina Business Corporation Act, the number of Shares of BB&T Common Stock subject to this Option, as
well as the purchase price of any Shares not yet purchased by Participant, shall be proportionately adjusted for (a) a division, combination or reclassification of the BB&T Common stock, or (b) a dividend payable in Shares of Common
Stock of BB&T. 
  

	6.	Method of Exercising Option 

  

	 	(a)	Subject to the terms and conditions of this Option Agreement, the Option granted herein may be exercised by written notice to BB&T’s Human Systems Executive
Compensation Department, P.O. Box 1215, Winston-Salem, NC 27102-1215, or at such other location designated by BB&T on a form substantially similar to the form attached hereto as Exhibit A (the “Notice”). Such Notice shall state the
election to exercise the Option, the number in respect of which it is being exercised and shall be signed by the person so exercising the Option. 

  

	 	(b)	Such Notice shall be accompanied by payment of the full purchase price for the shares, in which event BB&T shall deliver or cause to have delivered a certificate or
certificates representing such Shares as soon as practicable after the Notice shall be received. 

	 	(c)	Payment of such purchase price shall be made in accordance with paragraph 2(b) of this Option. 

 

	 	(d)	The certificate or certificates for the Shares as to which the Option shall have been so exercised shall be registered in the name of the person so exercising the
Option; or if the Option shall be exercised by the Participant and the Participant shall so request in the Notice exercising the Option, shall be registered in the name of the Participant and another person jointly, or with a right of survivorship;
and shall be delivered as provided above to or upon the written order of the person exercising the Option. 

  

	 	(e)	In the event that the Option shall be exercised pursuant to this paragraph 6 by any person other than the Participant, such Notice shall be accompanied by appropriate
proof of the right of such person to exercise the Option. All Shares that shall be purchased upon the exercise as provided herein shall be fully paid and non-assessable, and registered under the Securities Act of 1933, as amended, as well as
applicable state securities laws unless exempt from such registration. 

  

	7.	Change of Corporate Control 

 In the event that there is a change of control of BB&T within the meaning of the Securities Act of 1933, as amended, subsequent to the date hereof, this Option shall immediately be exercisable in
full. Provided, however, the Participant shall continue to remain subject to the provisions of §§16(a) and 16(b) (the Short Swing Profit rules) under the Securities Exchange Act of 1934, as amended. 

 

	8.	General 

  

	 	(a)	BB&T shall, at all times during the term of the Option, reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of this
Option, and shall pay all original issue and transfer taxes with respect to the issue and transfer of Shares pursuant thereto and all other fees and expenses necessarily incurred by BB&T in connection therewith. 

 

	 	(b)	This Option is not intended by the parties to qualify as an incentive stock option within the meaning of §422 of the Internal Revenue Code of 1986, as amended, and
the parties shall not construe it as such. 

  

	 	(c)	Upon its expiration, the Option shall have no further force of effect and Participant shall have no further rights under the Option or to any Shares which have not been
purchased pursuant to prior exercise of the Option. 

	9.	Resale and Transfer Restrictions 

  

	 	(a)	The Participant shall not resell any BB&T Common Stock purchased by the exercise of this Option except in compliance with all applicable state and federal
securities laws and regulations. 

  

	 	(b)	In the event that the Participant is deemed to be an affiliate of BB&T, as defined in Rule 405 promulgated under the Securities Act of 1933, any resale or transfer
of the Shares of BB&T Common Stock acquired pursuant to this Option shall, under existing law, require either (i) the further registration under the Securities Act of 1933 of the shares of BB&T Common Stock to be transferred,
(ii) compliance with Rule 144 promulgated under the Securities Act of 1933 or, (iii) the availability of another exemption from registration. 

  

	 	(c)	Participant acknowledges that the stock certificate or certificates to be delivered to him upon the exercise of this Option shall reflect these limitations in the form
of stock transfer restrictions. 

  

	10.	Tax Consequences 

Participant has not relied on BB&T with respect to any tax consequences related to the grant or exercise of the Option or the
disposition of Shares purchased pursuant to its exercise. Participant acknowledges that, as a result of the exercise of the Option, Participant may incur a substantial tax liability. Participant assumes full responsibility for all such consequences
and for the filing of all tax returns and elections Participant may be required or find desirable to file in connection herewith. In the event any valuation of the Option or Shares purchased pursuant to its exercise must be made under federal or
state tax laws and such valuation affects any return or election of BB&T, Participant agrees that BB&T may determine such value and that Participant will observe any determination so made by BB&T in all returns and elections filed by
Participant. In the event that BB&T or its subsidiaries are required by applicable law to collect any withholding, payroll or similar taxes by reason of the exercise of the Option, Participant agrees that BB&T or its subsidiaries may
withhold such taxes from any monetary amounts otherwise payable by BB&T or its subsidiaries to the Participant and that, if such amounts are insufficient to cover the taxes required to be collected, Participant will pay to BB&T or its
subsidiaries such additional amounts as are required. 

	11.	Notices 

 Any and
all notices under this Option shall be in writing, and sent by hand delivery or by certified or registered mail (return receipt requested and first-class postage prepaid), in the case of BB&T to its Plan Administrator, to the attention of Human
Resources Department, P.O. Box 1215, Winston Salem, NC 27102-1215, and in the case of Participant, to the Participant’s address as shown on BB&T records. 
  

	12.	Governing Law 

This agreement is drawn pursuant to and shall be construed and enforced in accordance with the state of North Carolina. 

 

	13.	Modifications 

 No
change or modification of this Option shall be valid unless the same is in writing and signed by the parties hereto, their respective agents and/or beneficiaries. 
  

	14.	Terms and Conditions of Plan 

 The terms and conditions included in the Plan, the receipt of a copy of which Participant hereby acknowledges by execution of this Option Agreement, are incorporated by reference herein, and to the extent
that any conflict may exist between any term or provision of this Option and any term or provision of the Plan, such term or provision of the Plan shall control. 
 IN WITNESS WHEREOF, BB&T has caused this Agreement to be signed by a duly authorized officer and the participant has affixed his signature hereto. 

 

			
		 	BB&T CORPORATION
		
	By:	 	  

		 	Chairman and CEO

 
			
		
	    PARTICIPANT:

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