8-KMaterial AgreementsExhibits & Filings

VALERO ENERGY CORP/TX 8-K Report, Material Agreement (May 3, 2005)

Filed May 3, 2005For Securities:VLO

Summary

Valero Energy Corporation (VLO) filed an 8-K report on May 3, 2005, primarily announcing the approval of its 2005 Omnibus Stock Incentive Plan by its stockholders on April 28, 2005. This plan is designed to incentivize and retain key employees, executives, and directors through various equity-based awards, aligning their interests with those of the shareholders. The details of the plan were previously disclosed in the company's Notice of 2005 Annual Meeting of Stockholders and Proxy Statement filed on March 25, 2005. For investors, the approval of this stock incentive plan indicates the company's commitment to aligning management compensation with long-term performance and shareholder value creation. While this filing does not contain new financial results, it represents a governance-related event that can impact executive decision-making and corporate strategy by providing a framework for equity awards.

Key Highlights

  • 1Stockholder approval of the Valero Energy Corporation 2005 Omnibus Stock Incentive Plan on April 28, 2005.
  • 2The plan aims to provide equity-based incentives for employees, executives, and directors.
  • 3Details of the plan were previously provided in the March 25, 2005 Proxy Statement.
  • 4This filing is primarily a notification of a material definitive agreement (stockholder approval of a plan).
  • 5No new financial results or operational updates are included in this specific 8-K filing.
  • 6The company's Vice President and Secretary, Jay D. Browning, signed the filing.
  • 7The filing was made on May 3, 2005, reporting an event date of May 2, 2005.

Frequently Asked Questions

The main purpose of the plan is to attract, retain, and motivate key employees, executives, and directors by providing them with equity-based compensation. This is intended to align their interests with those of the company's shareholders and encourage long-term value creation.

No, this 8-K filing does not include any new financial statements, results of operations, or other financial metrics. It solely reports on the stockholder approval of the 2005 Omnibus Stock Incentive Plan.

Detailed information about the Valero Energy Corporation 2005 Omnibus Stock Incentive Plan can be found in the company's Notice of 2005 Annual Meeting of Stockholders and Proxy Statement, which was filed with the SEC on March 25, 2005. This 8-K filing incorporates that document by reference.

An 8-K filing is a report of "unscheduled material events or corporate changes" that companies must file with the SEC. It's important for investors as it provides timely disclosure of significant events, such as material agreements, bankruptcies, or changes in senior management, which could impact a company's financial condition or operations.