UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) 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
Smith, H. Pete
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
February 14, 1997
5. If Amendment, Date of Original (Month/Year)
February 14, 1997
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Executive Vice President and Chief Financial Officer
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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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>
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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 |4,000 |A |(aa) |12/19|Common Stock|4,000 |$30.125| |D | |
ight to buy)(g) | |/96 | | | | |/04 | | | | | | |
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Employee Stock Option (r|$30.125 |12/19|A |100,000 |A |(bb) |12/19|Common Stock|100,000|$30.125| |D | |
ight to buy)(g) | |/96 | | | | |/01 | | | | | | |
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Employee Stock Option (r|$15.00 |12/03|A |40,000 |A |12/03|07/21|Common Stock|40,000 |$15.00 | |D | |
ight to buy) | |/96 | | | |/96 |/02 | | | | | | |
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Employee Stock Option (r|$18.00 |12/03|A |20,000 |A |12/03|01/26|Common Stock|20,000 |$18.00 | |D | |
ight to buy) | |/96 | | | |/96 |/03 | | | | | | |
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Employee Stock Option (r|$29.00 |12/03|A |16,000 |A |12/03|01/26|Common Stock|16,000 |$29.00 | |D | |
ight to buy) | |/96 | | | |/96 |/04 | | | | | | |
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Employee Stock Option (r|$24.25 |12/03|A |26,500 |A |12/03|01/26|Common Stock|26,500 |$24.25 | |D | |
ight to buy) | |/96 | | | |/96 |/05 | | | | | | |
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Employee Stock Option (r|$28.25 |12/03|A |30,000 |A |12/03|02/01|Common Stock|30,000 |$28.25 |236,500 |D | |
ight to buy) | |/96 | | | |/96 |/06 | | | | | | |
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</TABLE>
Explanation of Responses:
(g) Employee Stock Option granted under Ultramar Diamond Shamrock
Corporation's 1996 Long Term Incentive
Plan.
(aa) Option granted to reporting person under Long Term Incentive Plan exempt
under Rule 16b-3. The option
becomes exercisable in 30%, 30% and 40% increments on December 19, 1997,
December 19, 1998 and December
19, 1999,
respectively.
(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
H. PETE SMITH (Power of Attorney)
DATE
April 8, 1997
