Summary
This Form 8-K filing by Valero Energy Corporation (VLO) on May 5, 2014, primarily reports on the compensatory arrangements for its named executive officers. Specifically, on May 1, 2014, the company granted restricted shares of Common Stock to key executives, including the CEO, Joseph W. Gorder. These grants are made under the company's 2011 Omnibus Stock Incentive Plan and are designed to vest over a three-year period, starting May 1, 2015, in equal annual installments. This type of compensation is typical for senior leadership and aligns executive interests with long-term shareholder value through stock ownership. The filing details the specific number of restricted shares granted to each named executive officer, providing transparency into their compensation structure. Investors should note that such grants are standard practice and indicate management's ongoing commitment to the company's performance.
Key Highlights
- 1Valero Energy granted restricted shares of Common Stock to its named executive officers on May 1, 2014.
- 2The grants were made under the Valero Energy Corporation 2011 Omnibus Stock Incentive Plan.
- 3Restricted shares vest in equal annual installments over a three-year period.
- 4Vesting commencement date for the restricted shares is May 1, 2015.
- 5CEO Joseph W. Gorder received a grant of 34,615 restricted shares.
- 6The filing provides specific share counts for other named executive officers, including Jay Browning, R. Michael Crownover, and R. Lane Riggs.
- 7This report is a current report filed under Item 5.02 (Compensatory Arrangements of Certain Officers) and Item 9.01 (Financial Statements and Exhibits).