UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
O'Brien, Thomas
P.O. Box 696000
San Antonio, TX 78269-6000
2. Issuer Name and Ticker or Trading Symbol
Ultramar Diamond Shamrock Corporation
(UDS)
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
December 31, 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President and Controller
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock | | | | | |2,701 |D | |
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Common Stock |(c) |P |98.57 |A |(c) |2,799.57 |D | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option (r|$30.125 |12/19|A |30,000 |A |(bb) |12/19|Common Stock|30,000 |$30.125| |D | |
ight to buy)(g) | |/96 | | | | |/01 | | | | | | |
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Employee Stock Option (r|$15.00 |12/03|A |25,000 |A |12/03|12/03|Common Stock|25,000 |$15.00 | |D | |
ight to buy) | |/96 | | | |/96 |/01 | | | | | | |
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Employee Stock Option (r|$18.00 |12/03|A |10,000 |A |12/03|12/03|Common Stock|10,000 |$18.00 | |D | |
ight to buy) | |/96 | | | |/96 |/01 | | | | | | |
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Employee Stock Option (r|$29.00 |12/03|A |5,000 |A |12/03|12/03|Common Stock|5,000 |$29.00 | |D | |
ight to buy) | |/96 | | | |/96 |/01 | | | | | | |
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Employee Stock Option (r|$24.25 |12/03|A |14,500 |A |12/03|12/03|Common Stock|14,500 |$24.25 | |D | |
ight to buy) | |/96 | | | |/96 |/01 | | | | | | |
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Employee Stock Option (r|$28.25 |12/03|A |12,000 |A |12/03|12/03|Common Stock|12,000 |$28.25 |96,500 |D | |
ight to buy) | |/96 | | | |/96 |/01 | | | | | | |
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</TABLE>
Explanation of Responses:
(c) These shares were acquired pursuant to the Ultramar Corporation Dividend
Reinvestment Plan at prices
ranging from $28.625 to $31.375 on the following dates: March 14, 1996, June
17, 1996, September 18, 1996
and December 16,
1996.
(g) Employee Stock Option granted under Ultramar Diamond Shamrock
Corporation's 1996 Long Term Incentive
Plan.
(bb) Option granted to reporting person under Long Term Incentive Plan exempt
under Rule 16b-3. The option
automatically vests in four and one-half years. The option will vest 50% if
Ultramar Diamond Shamrock
Corporation common stock has a value of $36.00 or more on the New York Stock
Exchange for 30 consecutive
trading days. The option will vest 100% if Ultramar Diamond Shamrock
Corporation common stock has a value of
$45.00 or more on the New York Stock Exchange for 30 consecutive trading
days.
SIGNATURE OF REPORTING PERSON
THOMAS O'BRIEN (Power of Attorney)
DATE
February 14, 1997
