{"id":40082,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/long-term-incentive-award-agreement-chevron.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"long-term-incentive-award-agreement-chevron","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/long-term-incentive-award-agreement-chevron.html","title":{"rendered":"Long-Term Incentive Award Agreement – Chevron"},"content":{"rendered":"

Agreement Pursuant To Chevron Corporation<\/em><\/strong>
\nLong-Term Incentive Plan (LTIP)<\/strong><\/u>[YEAR]
\nAWARD<\/strong><\/p>\n

Name: Chevron Corporation has made the following Award(s) to you on [date],
\nsubject to the terms of the Chevron Corporation Long-Term Incentive Plan (the
\n“Plan”) and Rules adopted under it. Both documents are incorporated into this
\nAgreement and copies are available to you on request. By accepting these Awards,
\nyou are agreeing to all the terms and conditions of the Plan and the Plan Rules.
\nCapitalized terms used in this document and not defined herein have the same
\nmeaning as set out in the Plan or the US Prospectus. If there is any
\ninconsistency between this Agreement and the US Prospectus, this agreement
\nprevails. [YEAR] LTIP GRANT<\/strong> Stock
\nOptions<\/em><\/strong> 1. You are granted [number] nonqualified stock options, as
\nreflected in the grant detail screen in the “Stock Option\/SAR” section of your
\naccount at [internet address]. 2. Your grant price is the Chevron stock closing
\nprice (U.S.[price]) on [date]. You can find the grant price from the Chevron
\nHistorical Price Lookup page at
\nhttp:\/\/investor.chevron.com\/phoenix.zhtml?c=130102&p=irol-stocklookup.<\/em><\/u>
\n3. The options vest as follows: 33 1\/3 percent after one year, 66 2\/3 percent
\nafter two years and 100 percent after three years. They expire after 10 years.
\n4. The number of options vested and the exercise period may be adjusted
\nfollowing termination of employment, in accordance with the Plan Rules. 5. The
\nCommittee shall have the ability to substitute, without receiving participant
\npermission, Stock Appreciation Rights (SARs) paid only in stock for outstanding
\noptions; provided that the number of substituted SARs equals the number of
\nshares underlying the options and the grant price of the SARs is equal to the
\ngrant price of the options. Performance Shares<\/em><\/strong> 1. You
\nare granted [number] performance shares with a three-year performance period
\nstarting [date] and ending [date]. Performance shares are reflected in the grant
\ndetail screen in the “Restricted Unit\/Perf Share” section of your account at
\n[internet address]. 2. This performance share award will be paid in cash within
\ntwo and a half months after [date]. The value of your cash payout from your
\nperformance shares depends on the twenty-day average price of Chevron stock at
\nthe time the performance shares vest and the company153s total shareholder return
\n(TSR) for the three-year performance period relative to the TSR for our peer
\ngroup of oil competitors. 3. The LTIP peer group for [year] will be [BP,
\nConocoPhillips, ExxonMobil and Shell]. Depending on Chevron153s TSR rank compared
\nwith the peer group, the following payout modifiers will apply:<\/p>\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Relative TSR Rank<\/em><\/strong><\/td>\n<\/td>\n\n

1<\/p>\n<\/td>\n

<\/td>\n\n

2<\/p>\n<\/td>\n

<\/td>\n\n

3<\/p>\n<\/td>\n

<\/td>\n\n

4<\/p>\n<\/td>\n

<\/td>\n\n

5<\/p>\n<\/td>\n<\/tr>\n

Payout Modifier<\/em><\/strong><\/td>\n<\/td>\n\n

200%<\/p>\n<\/td>\n

<\/td>\n\n

150%<\/p>\n<\/td>\n

<\/td>\n\n

100%<\/p>\n<\/td>\n

<\/td>\n\n

50%<\/p>\n<\/td>\n

<\/td>\n\n

0%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

4. The number of vested performance shares may be adjusted following
\ntermination, in accordance with the Plan Rules.<\/p>\n

E-3<\/p>\n

\n<\/p>\n

Restricted Stock Unit Award<\/em><\/strong><\/p>\n

1. You are granted [number] restricted stock units, as reflected in the grant
\ndetail screen in the “Restricted Unit\/Perf Share” section of your account at
\n[internet address]. 2. You must continue employment with Chevron until [date] to
\nreceive payment of this RSU award. The entire award will be forfeited if you
\nterminate prior to [date] for any reason. 3. This RSU award will be paid in cash
\non or as soon as practical after [date], but no later than sixty (60) days
\nthereafter, based on the Chevron stock closing price on the last date that the
\nNew York Stock Exchange is open prior to [date]. 4. This RSU award will not earn
\ndividend equivalents when Chevron pays a dividend on its common shares. 5. You
\nmay not defer payment of this award. E-4<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7075],"corporate_contracts_industries":[9409],"corporate_contracts_types":[9539,9546],"class_list":["post-40082","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-chevron-corp","corporate_contracts_industries-energy__exploration","corporate_contracts_types-compensation","corporate_contracts_types-compensation__incentive"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40082"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40082"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40082"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}