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Exhibit 10.02
Form of Non-Employee
Director
AWARD AGREEMENT
This Restricted Unit and
distribution equivalent right award agreement
(“Agreement”), effective as of the date set forth at
the end of this Agreement (“Grant Date”), is between
Valero GP, LLC (the “Company”) and _________
(“Participant”), a participant in the Valero GP, LLC
Amended and Restated 2000 Long-Term Incentive Plan , as amended
(the “Plan”). All capitalized terms contained in this
Award shall have the same definitions as are set forth in the Plan
unless otherwise defined herein. The terms of this grant are set
forth below.
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1.
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The Compensation Committee of the Board of
Directors of the Company hereby grants to Participant [#
granted] Restricted Units under the Plan. A “Restricted
Unit” is a phantom unit which is equivalent in value to a
common unit (“MLP Common Unit”) of Valero L.P. (the
“MLP”). In addition, a Restricted Unit represents the
right to receive, upon vesting as provided below, an MLP Common
Unit. Restricted Units are granted hereunder in tandem with an
equal number of distribution equivalent rights
(“DERs”). A DER is a right to receive an amount in cash
from the Company or its designee equal to the distributions made by
MLP with respect to an MLP Common Unit du
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