Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 216

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 216
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 pension plan with some accrued service in the 1.6 percent provision. I.R. Laing participates in the 3PO provision. Key features of the plan provisions for these executives include: 

Pension planSupplemental pension arrangement (SPA)TypeRegisteredNon-registered1.6% provision calculation•An annual benefit equal to 1.6 percent multiplied by final average earnings(a) multiplied by years of service, with a partial offset for applicable government pension benefits. •An option to forego a portion of the company's matching contributions to the savings plan in order to receive an additional 0.4 percent of final average earnings.•Includes any portions of the defined pension benefit that cannot be paid from the registered plan due to income tax regulations.•Executive officers who receive an annual bonus, and meet the criteria of the SPA, can also receive an annual benefit of 1.6% of final average bonus earnings(b) multiplied by years of service.3PO provision calculation•An annual benefit equal to 1.0, 1.5 or 2.0 percent multiplied by final average earnings(a) multiplied by years of service.•Employees may elect to change the pension percent multiplier once every five years. Company contributions to the savings plan are integrated with the pension multiplier election.(c)•Includes any portions of the defined pension benefit that cannot be paid from the registered plan due to income tax regulations.•Executive officers who receive an annual bonus, and meet the criteria of the SPA, can also receive an annual benefit of 1.5% of final average bonus earnings(b) multiplied by years of service.Form of payment•Benefit available in various annuity forms upon retirement. •May be taken as a lump sum or an annuity upon retirement.

(a)    Final average earnings consist of base salary over the highest 36 consecutive months in the 10 years of service prior to retirement.

(b)    Final average bonus earnings include the average of the annual bonus for the three highest grants of the last five bonus years awarded prior to retirement for eligible executives.

(c)   For the 3PO provision, the company contribution to the savings plan is integrated with the pension multiplier election as follows: 

Pension multiplierCompany savings plan match1.5%Up to 6%1.0%Up to 6% and an additional company contribution of 2%2.0%Forego company matching contribution

B.W. Corson, D.E. Lyons, and C.L. Gomez-Smith are not participants in the company’s pension