Summary
Valero Energy Corporation (VLO) filed an 8-K on February 27, 2012, to report a key change in its Board of Directors. On February 23, 2012, the Board elected Philip J. Pfeiffer as a new director. This appointment was subsequently announced via a press release on February 24, 2012. As part of his election and in accordance with the company's Restricted Stock Plan for Non-Employee Directors, Mr. Pfeiffer was awarded 4,000 restricted shares of Valero common stock. These shares are subject to a vesting schedule, with one-third of the shares vesting annually over the next three annual stockholder meetings, aligning director compensation with long-term shareholder interests.
Key Highlights
- 1Philip J. Pfeiffer elected to Valero's Board of Directors on February 23, 2012.
- 2The election of Mr. Pfeiffer was publicly announced in a press release on February 24, 2012.
- 3Mr. Pfeiffer received an award of 4,000 restricted shares of Valero common stock upon his election.
- 4The restricted stock award is part of Valero's Restricted Stock Plan for Non-Employee Directors.
- 5The awarded shares will vest in three equal annual increments, tied to future annual stockholder meetings.
- 6This filing is an 8-K Current Report, indicating a material event affecting the company.
Frequently Asked Questions
The filing does not provide details about Mr. Pfeiffer's background or the specific reasons for his appointment, only that he was elected to the Board of Directors on February 23, 2012.
The award of 4,000 restricted shares is a form of compensation for Mr. Pfeiffer's services as a non-employee director. The vesting schedule, where shares vest over three years, is designed to incentivize him to remain on the board and align his interests with those of long-term shareholders.
No, this specific 8-K filing is solely related to a change in the composition of the Board of Directors and associated director compensation. It does not contain financial statements or operational updates.
The filing references the 'Valero Energy Corporation Restricted Stock Plan for Non-Employee Directors' which has been incorporated by reference in previous filings. Investors may need to consult those earlier SEC filings (specifically the Form 8-K/A dated July 11, 2007) for the full plan details.