Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 187

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 187
---
ieu plastics plant process manger, Mont Belvieu chemical plant, Exxon Mobil Corporation(2019 – 2022) (affiliate)Sarnia, Ontario, CanadaRhonda G. Porter, 50Calgary, Alberta, Canada Position held (date office held):Vice-president, human resources(2024 – Present)  Other positions in the past five years (position, date office held and status of employer):Human resources manager, upstream and ExxonMobil Canada(2020 – 2024) 

154

Executive compensation

Compensation discussion and analysis

Executive Summary156Letter to shareholders156Compensation design157Approach to executive compensation157Strong governance practices157Overview158Accountability and performance159Long-term award program161Bonus program163Salary program163Determining compensation164Annual benchmarking1642024 business performance165Performance graph1662024 compensation actions167Other compensation elements168Retirement plans168Award vesting and share utilization169Granting practices169Amendments169Risk and governance170Executive stock ownership170Forfeiture provisions170Clawback policies170Anti-hedging policy170Severance agreements171Change-in-control171Definitions and frequently used terms172Executive compensation tables173Summary compensation table173Outstanding equity awards175Incentive plan awards – Value vested or earned176Equity compensation plan information177RSUs as a percentage of outstanding shares177Annual burn rate178Status of prior long-term incentive plans178Pension plan benefits179Other compensation elements181   The compensation and discussion analysis and executive compensation tables outline Imperial's executive compensation program and process for determining pay as it applies to the named executive officers (NEOs).For 2024, named executive officers were: Brad W. CorsonChairman, president, and chief executive officerDaniel E. LyonsSenior vice-president, finance and administration, and controllerCheryl L. Gomez-SmithSenior vice-president, upstreamJim E. BurgessTreasurerIan R. LaingVice-president, general counsel and corporate secretary

155

Executive summary

Letter to shareholders

Fellow shareholders:

The executive resources committee (“committee”) supports the design and resulting pay outcomes of Imperial's executive compensation program; we believe that it aligns well with the company’s business model and considers the complexity of the business environment in which the company operates. Executive performance is evaluated across multiple performance dimensions within the context of the company’s long-term strategy. The design of the executive compensation program rewards performance and ensures the goal of maximizing long-term shareholder value is achieved and the company is positioned for