Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 170

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 170
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 annual retainer for board membership at $110,000. In February 2024, the role of lead director was created and additional compensation for the director serving in this position was set at $45,000 annually. 

In October 2024, the committee recommended and the board approved maintaining the current compensation for non-employee directors. This includes an annual cash retainer of $110,000 and a grant of 3,300 restricted stock units. The additional annual cash retainer for the lead director remains at $45,000.

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 The following table summarizes the compensation terms for the nonemployee directors in 2024: 

 Director compensation Annual retainer terms:  Cash compensation for all non-employee directors: (a)Board membership$110,000 Committee chairNoneCash compensation for lead director: (b)Lead director$45,000 Equity based compensation:Restricted stock units3,300 units(50% vests on each of the 5th and 10th  anniversary dates of the grant)

(a)    The nonemployee directors may elect to take all or a portion of the cash compensation in the form of deferred share units. Nonemployee directors who are elected or appointed to the board during the year receive the full restricted stock unit grant and a pro-rated cash retainer based on the appointment or election date.

(b)    The lead director may elect to take all or a portion of the lead director cash compensation in the form of deferred share units.  

In addition to compensation for board membership, the board determines the compensation for special committee membership when the committee is established. There was no cash retainer in connection with the special committee that was in place until February 2024.

Equity based compensation 

Deferred share units 

In 1999, an additional form of long-term incentive compensation (“deferred share units”) was made available to nonemployee directors. Nonemployee directors may elect to receive all or a portion of their cash compensation in the form of deferred share units. 

The following table shows the portion of the retainer each nonemployee director elected to receive in cash and deferred share units in 2024. 

 Director Election for 2024 director compensationin cash(%)  Election for 2024 director compensation indeferred share units(%) D.W. Cornhill (a)0100S.R. Driscoll0100J.N. Floren0100G.J. Goldberg0100M.C. Hubbs0100

(a