Common use of Cash Payment Election Clause in Contracts

Cash Payment Election. Effective on any Normal Vesting Date (or Trigger Date under Section 6.C.), the Participant (or the Participant’s estate under Section 6.C) may elect to receive up to 50% of the after-tax value of the aggregate number of shares of Common Stock earned on such Normal Vesting Date (or Trigger Date) in cash, with the remainder paid in shares of Common Stock. Example: • following the calculation of Xxxxxx’x performance for the two-year performance period ending December 31, 2024, it is determined that the Participant is entitled to receive 8,000 shares of Common Stock on the Normal Vesting Date occurring in January 2025 (the “2025 Normal Vesting Date”), • assume that the 8,000 shares have an aggregate tax value of $600,000 (8,000 shares times an assumed $75 FMV per share on the 2025 Normal Vesting Date), and the Participant has made a tax withholding election of 39.6%, • the after-tax value of the 8,000 shares of Common Stock awarded on the 2025 Normal Vesting Date is $362,400 ($600,000 times 60.4%), • the Participant may elect to receive up to $181,200 ($362,400 times 50%) in cash on the 2025 Normal Vesting Date.

Cash Payment Election. Effective on any Normal Vesting Date (or Trigger Date under Section 6.C.), the Participant (or the Participant’s estate under Section 6.C) may elect to receive up to 50% of the after-tax value of the aggregate number of shares of Common Stock earned on such Normal Vesting Date (or Trigger Date) in cash, with the remainder paid in shares of Common Stock. Example: • following the calculation of Xxxxxx’x performance for the two-year performance period ending December 31, 20242022, it is determined that the Participant is entitled to receive 8,000 shares of Common Stock on the Normal Vesting Date occurring in January 2025 2023 (the “2025 2023 Normal Vesting Date”), • assume that the 8,000 shares have an aggregate tax value of $600,000 (8,000 shares times an assumed $75 FMV per share on the 2025 2023 Normal Vesting Date), and the Participant has made a tax withholding election of 39.6%, • the after-tax value of the 8,000 shares of Common Stock awarded on the 2025 2023 Normal Vesting Date is $362,400 ($600,000 times 60.4%), • the Participant may elect to receive up to $181,200 ($362,400 times 50%) in cash on the 2025 2023 Normal Vesting Date.

Cash Payment Election. Effective on any Normal Vesting Date (or Trigger Date under Section 6.C.), the Participant (or the Participant’s estate under Section 6.C) may elect to receive up to 50% of the after-tax value of the aggregate number of shares of Common Stock earned on such Normal Vesting Date (or Trigger Date) in cash, with the remainder paid in shares of Common Stock. Example: • following the calculation of Xxxxxx’x Valero’s performance for the two-year performance period ending December 31, 20242022, it is determined that the Participant is entitled to receive 8,000 shares of Common Stock on the Normal Vesting Date occurring in January 2025 2023 (the “2025 2023 Normal Vesting Date”), • assume that the 8,000 shares have an aggregate tax value of $600,000 (8,000 shares times an assumed $75 FMV per share on the 2025 2023 Normal Vesting Date), and the Participant has made a tax withholding election of 39.6%, • the after-tax value of the 8,000 shares of Common Stock awarded on the 2025 2023 Normal Vesting Date is $362,400 ($600,000 times 60.4%), • the Participant may elect to receive up to $181,200 ($362,400 times 50%) in cash on the 2025 2023 Normal Vesting Date.

Cash Payment Election. Effective on any Normal Vesting Date (or Trigger Date under Section 6.C.), the Participant (or the Participant’s estate under Section 6.C) may elect to receive up to 50% of the after-tax value of the aggregate number of shares of Common Stock earned on such Normal Vesting Date (or Trigger Date) in cash, with the remainder paid in shares of Common Stock. Example: • following the calculation of Xxxxxx’x performance for the two-year performance period ending December 31, 20242023, it is determined that the Participant is entitled to receive 8,000 shares of Common Stock on the Normal Vesting Date occurring in January 2025 2024 (the “2025 2024 Normal Vesting Date”), • assume that the 8,000 shares have an aggregate tax value of $600,000 (8,000 shares times an assumed $75 FMV per share on the 2025 2024 Normal Vesting Date), and the Participant has made a tax withholding election of 39.6%, • the after-tax value of the 8,000 shares of Common Stock awarded on the 2025 2024 Normal Vesting Date is $362,400 ($600,000 times 60.4%), • the Participant may elect to receive up to $181,200 ($362,400 times 50%) in cash on the 2025 2024 Normal Vesting Date.