Long-Term Incentive Award Agreement – Chevron

Agreement Pursuant To Chevron Corporation
Long-Term Incentive Plan (LTIP)[YEAR]
AWARD

Name: Chevron Corporation has made the following Award(s) to you on [date],
subject to the terms of the Chevron Corporation Long-Term Incentive Plan (the
“Plan”) and Rules adopted under it. Both documents are incorporated into this
Agreement and copies are available to you on request. By accepting these Awards,
you are agreeing to all the terms and conditions of the Plan and the Plan Rules.
Capitalized terms used in this document and not defined herein have the same
meaning as set out in the Plan or the US Prospectus. If there is any
inconsistency between this Agreement and the US Prospectus, this agreement
prevails. [YEAR] LTIP GRANT Stock
Options 1. You are granted [number] nonqualified stock options, as
reflected in the grant detail screen in the “Stock Option/SAR” section of your
account at [internet address]. 2. Your grant price is the Chevron stock closing
price (U.S.[price]) on [date]. You can find the grant price from the Chevron
Historical Price Lookup page at
http://investor.chevron.com/phoenix.zhtml?c=130102&p=irol-stocklookup.
3. The options vest as follows: 33 1/3 percent after one year, 66 2/3 percent
after two years and 100 percent after three years. They expire after 10 years.
4. The number of options vested and the exercise period may be adjusted
following termination of employment, in accordance with the Plan Rules. 5. The
Committee shall have the ability to substitute, without receiving participant
permission, Stock Appreciation Rights (SARs) paid only in stock for outstanding
options; provided that the number of substituted SARs equals the number of
shares underlying the options and the grant price of the SARs is equal to the
grant price of the options. Performance Shares 1. You
are granted [number] performance shares with a three-year performance period
starting [date] and ending [date]. Performance shares are reflected in the grant
detail screen in the “Restricted Unit/Perf Share” section of your account at
[internet address]. 2. This performance share award will be paid in cash within
two and a half months after [date]. The value of your cash payout from your
performance shares depends on the twenty-day average price of Chevron stock at
the time the performance shares vest and the company153s total shareholder return
(TSR) for the three-year performance period relative to the TSR for our peer
group of oil competitors. 3. The LTIP peer group for [year] will be [BP,
ConocoPhillips, ExxonMobil and Shell]. Depending on Chevron153s TSR rank compared
with the peer group, the following payout modifiers will apply:

4. The number of vested performance shares may be adjusted following
termination, in accordance with the Plan Rules.

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Restricted Stock Unit Award

1. You are granted [number] restricted stock units, as reflected in the grant
detail screen in the “Restricted Unit/Perf Share” section of your account at
[internet address]. 2. You must continue employment with Chevron until [date] to
receive payment of this RSU award. The entire award will be forfeited if you
terminate prior to [date] for any reason. 3. This RSU award will be paid in cash
on or as soon as practical after [date], but no later than sixty (60) days
thereafter, based on the Chevron stock closing price on the last date that the
New York Stock Exchange is open prior to [date]. 4. This RSU award will not earn
dividend equivalents when Chevron pays a dividend on its common shares. 5. You
may not defer payment of this award. E-4