Bhullar Harminder S. 4

What Happened
Harminder S. Bhullar, SVP & CFO of Valero Energy (VLO), was granted 7,050 shares of restricted common stock on 2026-02-25 (two related grant entries, including a derivative/performance share entry). To satisfy tax obligations related to prior vesting, 1,009 shares were withheld on 2026-02-26 (480 shares at $201.44 = $96,689; 529 shares at $201.44 = $106,559), totaling $203,248. The grants were reported at $0.00 per share (standard for awards).

Key Details

• Transaction types: A = Award/Grant of restricted stock (7,050 shares on 2026-02-25); F = Shares withheld for tax obligations (1,009 shares on 2026-02-26).
• Withholding prices: 480 shares @ $201.44 ($96,689) and 529 shares @ $201.44 ($106,559); combined ~$203,248. Grant reported at $0.00 per share.
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes: F1 = time-vested restricted stock; F2 = shares withheld to satisfy tax obligations for vesting of previous awards; F3 = performance shares vest annually in one-third increments beginning Jan 2027, payable 0–200% per the agreement.
• Filing timeliness: Report filed 2026-02-27 for transactions on 2026-02-25 and 02-26 — appears timely (not marked late).

Context

• The withheld shares were for tax withholding, not an open-market sale; these are routine administrative disposals that do not necessarily indicate sentiment.
• The grant includes time-vested restricted stock and performance shares that vest in future periods (performance tranche vests beginning Jan 2027), so most awarded shares are not immediately tradable.
• For retail investors: awards signal compensation alignment with shareholders but are not the same as insider purchases.