Summary
Valero Energy Corporation (VLO) has filed an 8-K report on December 13, 2007, disclosing a significant executive change. Effective December 11, 2007, Gregory C. King has resigned from all officer and director positions within Valero and its subsidiaries. His employment will officially conclude on December 31, 2007. In connection with his departure, Mr. King has entered into a separation agreement with Valero. Key terms include eligibility for his 2007 bonus based on established targets, accelerated vesting of all his restricted stock, and continued exercise of outstanding stock options according to their original schedules. Performance shares scheduled for vesting in January 2008 will vest as planned, but those scheduled for later vesting dates will be forfeited. Additionally, Valero will enhance his retirement benefits by adding eight points to his age or service for Supplemental Executive Retirement Plan calculations and he will continue to have access to the company's retiree medical plan.
Key Highlights
- 1Gregory C. King, President of Valero, has resigned from all officer and director positions.
- 2Mr. King's employment with Valero will officially terminate on December 31, 2007.
- 3Mr. King will receive his 2007 bonus based on previously established performance targets.
- 4All of Mr. King's outstanding restricted stock awards will have their vesting accelerated.
- 5Mr. King's stock options will continue to vest and remain exercisable as per their original agreements.
- 6Performance shares due to vest in January 2008 will vest, but later-vesting performance shares will be forfeited.
- 7Mr. King's retirement benefits will be enhanced by adding eight points to his age or service calculation for the Supplemental Executive Retirement Plan.