Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 199

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 199
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 Mobil Corporation restricted stock, to reinforce alignment of his interests with that of the company’s shareholders. 

•2024 total direct compensation1 up 26.5 percent versus 2023 reflective of strong share price and increase in exchange rate.•75 percent of CEO total direct compensation1 delivered in the form of restricted stock units with long restriction periods.

Other named executive officers

Within the context of the compensation program structure and performance assessment processes previously described, the value of 2024 incentive awards and salary adjustments align with: 

•Performance of the company; 

•Individual performance and pay grade; 

•Long-term strategic plan of the business; and 

•Annual compensation of comparator companies. 

Taking all factors into consideration, the committee’s decisions on pay awarded to other named executive officers reflect judgment, rather than the application of formulas or targets. The committee approved the individual elements of compensation and the total compensation as shown in the summary compensation table.

1 Refer to definitions and frequently used terms on page 172. Amounts are shown in Canadian dollars.

2 Refer to footnotes on page 174 for information on compensation paid in U.S. dollars.

167

Other compensation elements

Retirement plans

The company's approach to talent development stems from the need to develop future leaders broadly and deeply given the complexity and long-term nature of the business. Retirement plans support the company's talent management approach and are designed to attract and retain talent for a career. Retirement plans include: 

•A company savings plan that is attractive to new hires who can begin building an account balance immediately upon achieving eligibility; and

•Defined benefit plans, such as the company's pension plan, that help retain mid- and late-career employees until retirement eligibility. These are viewed as the primary vehicle for retirement planning. 

Named executive officers participate in the same savings and pension plan, including supplemental pension arrangements outside the registered plan, as other employees. B.W. Corson, D.E. Lyons and C.L. Gomez-Smith participate in Exxon Mobil Corporation plans.

Below are brief descriptions of the company's plans. See the Pension Benefits section on page 179 for more details. 

PlanDescriptionSavings plan•Employees with more than one year of service may contribute between 1 and 30 percent of normal earnings via payroll deductions.•The company provides matching contributions up to 6% which vary depending on the amount of employee contributions and which defined benefit pension arrangement the employee participates.•Employee and company contributions can be allocated in any combination to a non-registered (tax-paid) account, or a