Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 176

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 176
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 receive compensation for acting as directors.

(b)Represents restricted stock units and deferred share units held as of December 31, 2024. 

(c)Value is based on the closing price of the company’s shares on December 31, 2024 ($88.59). 

      Incentive plan awards for directors - Value vested or earned during the year

The following table sets forth the value of the awards that vested or were earned by each nonemployee director of the company in 2024. 

Name(a)Option-based awards –Value vested during the year($)Share-based awards – Value vested during the year($) (b) Non-equity incentive plan compensation – Value earned during the year($) D.W. Cornhill—154,164— S.R. Driscoll——— J.N. Floren——— G.J. Goldberg——— M.C. Hubbs—154,164—

(a)As directors employed by the company or Exxon Mobil Corporation in 2024, B.W. Corson and N.A. Hansen did not receive compensation for acting as directors.

(b)Represents restricted stock units granted in 2019, which vested in 2024. Value is based on the average of the weighted-average price (as determined by the Toronto Stock Exchange) of common shares of the company on the vesting date and the four consecutive trading days immediately prior to the vesting date. 

146

Share ownership guidelines of independent directors and chairman, president and chief executive officer

 Share ownership guidelines are established to align interests with those of shareholders, thereby promoting the creation of long-term value.

Independent directors are required to hold the equivalent of at least 16,500 shares of Imperial Oil Limited, including common shares, deferred share units and restricted stock units, within five years from the date of joining the board. 

The chairman, president and chief executive officer has separate share ownership requirements and must, within three years of his appointment, acquire shares of the company, including common shares and restricted stock units, of a value of no less than five times his base salary. 

The board of directors believes that these share ownership guidelines result in an alignment of the interests of board members with the interests of all other shareholders. As of the date of this circular, the independent directors currently have holdings of 116,705 shares which meets the required guideline. 

 Minimum share ownership requirementTime to fulfillChairman, president and chief executive officer5 x base salaryWithin 3 years of appointmentIndependent directors16