BONUS PLANEmployee Bonus Plan Agreement |
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Valero L.P.
Annual Bonus Plan
Table
of Contents
Article Topic
Page
1.
Definitions 2
2.
Administration 3
3.
Participation 4
4.
Determination
of Bonus Awards 5
5.
Bonus
Targets 6
6.
Form
of Payment 6
7.
Miscellaneous
Terms and Provisions 7
INTRODUCTION
The Valero L.P. Annual
Bonus Plan (hereinafter referred to as the "Plan") has been
established for the purpose of providing bonus compensation to eligible
designated employees of Valero GP, LLC and its Affiliates (hereinafter collectively
referred to as the "Company"). The Company intends and desires to
create individual performance incentive by providing bonus compensation awards
based upon individual contributions to Company profitability by eligible
designated employees. Such bonus compensation is intended to encourage levels
of individual performance that will assure focus by employees on continued
Company profitability. It is further intended that when added to other forms of
compensation the bonus compensation awards will result in total compensation to
employees in amounts that are competitive when Company performance is compared
to peer organizations.
Article 1 - Definitions
For purposes of the Plan,
unless the context requires otherwise, the following terms should have the meanings
set forth below.
1.
"Affiliate"
means (a) any entity that, directly or indirectly through one or more
intermediaries, is controlled by or under common control with Valero GP, LLC
and (b) any entity in which Valero L.P. has a significant equity interest, in
each case determined by the Committee.
2.
"Board"
means the Board of Directors of Valero GP, LLC.
3.
"Bonus
Target" means a percentage established to represent a normal or average
bonus percentage determined through competitive survey analysis and based on each
position's relative importance to the overall financial success of the Company.
4.
"Committee"
means the Compensation Committee of the Board.
5.
"Discretionary
Adjustment Factor" means the authority of the Committee to adjust the
Company's total calculated bonus awards upward or downward by up to 25% based
upon such factors as the Committee deems appropriate, and ultimately to
determine whether to award a bonus to any individual.
