Gaulin Increases UDS Stock

Jean Gaulin, chairman and CEO of Ultramar Diamond Shamrock Corp. said yesterday he would exercise an option to acquire 350,000 additional shares of UDS' common stock that was set to expire later this year.

The exercise would increase Gaulin's direct holdings of UDS common stock by an estimated 50 percent. The move comes just weeks after UDS signed a letter of intent with Valero Energy Corp. to be acquired by the San Antonio-based refiner in a deal valued at $6 billion. Gaulin is expected to purchase the shares after the deal is approved by the Federal Trade Commission.

A filing with the U.S. Securities and Exchange Commission, shows that the 350,000 stock options were issued to Gaulin at the time of the Ultramar merger with Diamond Shamrock in 1996 at an option price of $30.125 per share.

Gaulin intends to exercise the options for UDS common stock prior to expiration and retain all shares remaining after the payment of the exercise price, commissions and taxes.
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