8-KLeadership ChangesExhibits & Filings

VALERO ENERGY CORP/TX 8-K Report, Executive Changes (Sep 24, 2008)

Filed September 24, 2008For Securities:VLO

Summary

Valero Energy Corporation (VLO) announced a change to its Board of Directors and its compensation structure for non-employee directors. On September 23, 2008, Stephen M. Waters was elected to the Board and appointed to the Finance Committee. This appointment is part of the company's ongoing efforts to strengthen its governance and strategic oversight. In connection with his election, Mr. Waters received a compensation package consisting of restricted stock and stock options, aligning his interests with those of shareholders. The restricted shares vest over three years, while the stock options vest after one year, indicating a commitment to long-term performance and shareholder value creation. This filing also references various previously filed documents related to the company's compensation plans and agreements.

Key Highlights

  • 1Stephen M. Waters elected to the Board of Directors on September 23, 2008.
  • 2Mr. Waters was appointed to serve on the Board's Finance Committee.
  • 3Awarded 3,241 restricted shares of Valero common stock to Mr. Waters.
  • 4Restricted shares vest in equal one-third increments over the next three annual stockholder meetings.
  • 5Granted 10,000 stock options to Mr. Waters under the 2005 Omnibus Incentive Plan.
  • 6Stock options vest in full on the first anniversary of the grant date.
  • 7Filing includes references to the company's director compensation plans and stock incentive plans.

Frequently Asked Questions

Stephen M. Waters was elected to the Board of Directors of Valero Energy Corporation on September 23, 2008, and was also appointed to serve on the Board's Finance Committee.

Mr. Waters was awarded 3,241 restricted shares of Valero common stock, which vest over three years, and was granted 10,000 stock options, which vest after one year.

The restricted stock and stock options are designed to align Mr. Waters' interests with those of Valero's shareholders, encouraging a focus on long-term company performance and value appreciation.

No, this filing (an 8-K) does not include new financial statements. It primarily announces the election of a new director and related compensation, and incorporates by reference previously filed exhibits concerning the company's compensation plans.