Common use of The Plan, Restrictions, Vesting Clause in Contracts

The Plan, Restrictions, Vesting. The Plan is incorporated herein by reference for all purposes, and Employee hereby agrees to the terms and conditions stated therein applicable to the Restricted Stock and the rights and powers of Valero and the Committee as provided therein. In addition, Employee agrees as follows: 2.01 Except to the extent otherwise provided in the Plan or this Agreement, shares of Restricted Stock issued to Employee under the Plan may not be sold, exchanged, pledged, hypothecated, transferred, garnished or otherwise disposed of or alienated prior to vesting. 2.02 Except to the extent otherwise provided in the Plan, Employee’s rights to and interest in the shares of Restricted Stock described herein shall vest over a period of three years in equal, one-third increments with the first increment vesting on the first anniversary of the Date of Grant, the second increment vesting on the second anniversary of the Date of Grant, and the third increment vesting on the third anniversary of the Date of Grant. The first increment of vesting will be rounded up to the extent necessary to avoid the inclusion of any fractional vested Shares in any increment. 2.03 Employee agrees that in lieu of certificates representing Employee’s shares of Restricted Stock, the Restricted Stock and any Shares issuable in connection with their vesting may be issued in uncertificated form pursuant to the Direct Registration System (“DRS”) of Valero’s stock transfer agent. 2.04 If, as the result of a stock split, stock dividend, combination of shares or any other change, including an exchange of securities for any reason, the Employee shall be entitled to new or additional or different shares of stock or securities, such stock or securities shall be subject to the terms and conditions of the Plan and this Agreement.

The Plan, Restrictions, Vesting. The Plan is incorporated herein by reference for all purposes, and Employee hereby agrees to the terms and conditions stated therein applicable to the Restricted Stock and the rights and powers of Valero and the Committee as provided therein. In addition, Employee agrees as follows: 2.01 Except to the extent otherwise provided in the Plan or this Agreement, shares of Restricted Stock issued to Employee under the Plan may not be sold, exchanged, pledged, hypothecated, transferred, garnished or otherwise disposed of or alienated prior to vesting. 2.02 Except to the extent otherwise provided in the Plan, Employee’s 's rights to and interest in the shares of Restricted Stock described herein shall vest over a period of three years and accrue to Employee in equalthe following increments: [____] on [First Vest Date], one-third increments with the first increment vesting [______] shares on the first anniversary of the Date of Grant, the second increment vesting [Second Vest Date]; [_____] on the second anniversary of the Date of Grant, and the third increment vesting on the third anniversary of the Date of Grant. The first increment of vesting will be rounded up to the extent necessary to avoid the inclusion of any fractional vested Shares in any increment[Third Vest Date]. 2.03 Employee agrees that in lieu of certificates representing Employee’s 's shares of Restricted Stock, the Restricted Stock and any Shares issuable in connection with their vesting may be issued in uncertificated form pursuant to the Direct Registration System (“DRS”) of Valero’s 's stock transfer agent. 2.04 If, as the result of a stock split, stock dividend, combination of shares or any other change, including an exchange of securities for any reason, the Employee shall be entitled to new or additional or different shares of stock or securities, such stock or securities shall be subject to the terms and conditions of the Plan and this Agreement.

The Plan, Restrictions, Vesting. The Plan is incorporated herein by reference for all purposes, and Employee hereby agrees to the terms and conditions stated therein applicable to the Restricted Stock and the rights and powers of Valero and the Committee as provided therein. In addition, Employee agrees as follows: 2.01 Except to the extent otherwise provided in the Plan or this Agreement, shares of Restricted Stock issued to Employee under the Plan may not be sold, exchanged, pledged, hypothecated, transferred, garnished or otherwise disposed of or alienated prior to vesting. 2.02 Except to the extent otherwise provided in the Plan, Employee’s rights to and interest in the shares of Restricted Stock described herein shall vest over a period of three years and accrue to Employee in equal, one-third increments with the first increment vesting following increments: [___] shares on the first [1st year anniversary of the Date of Grant, the second increment vesting grant]; [___] shares on the second [2nd year anniversary of the Date of Grant, grant]; and the third increment vesting [___] shares on the third [3rd year anniversary of the Date of Grant. The first increment of vesting will be rounded up to the extent necessary to avoid the inclusion of any fractional vested Shares in any incrementgrant]. 2.03 Employee agrees that in lieu of certificates representing Employee’s shares of Restricted Stock, the Restricted Stock and any Shares issuable in connection with their vesting may be issued in uncertificated form pursuant to the Direct Registration System (“DRS”) of Valero’s stock transfer agent. 2.04 If, as the result of a stock split, stock dividend, combination of shares or any other change, including an exchange of securities for any reason, the Employee shall be entitled to new or additional or different shares of stock or securities, such stock or securities shall be subject to the terms and conditions of the Plan and this Agreement.