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Exhibit (10)(iii)(A)(5)PRIVATE

IMPERIAL OIL LIMITED
    
    2003EARNINGS BONUS UNIT AWARD




Name of Grantee:
    
    Grant Date: Nov. 20, 2003Number of IEBUs:
    
    IEBU No:Maximum Settlement Value per IEBU: $3.00
    
    Empl. No:Maximum Settlement Value of Award:


This IMPERIAL EARNINGS BONUS UNIT (IEBU) AWARD is granted by Imperial Oil
Limited (the Company) effective November 20, 2003, (the Grant Date). This
Award is subject to the provisions herein stated and the Imperial Oil Limited
Earnings Bonus Unit Plan (the Plan) and is granted on the conditions that
Grantee accepts such provisions. The Grant Instrument incorporates by
reference the provisions of the Plan, as it may be amended from time to time,
including without limitation the definitions of terms used in this Grant
Instrument and defined in the Plan.



|1. |  | AWARD
|-- |  | -----



| |  | This incentive is provided by the grant of Imperial Oil Limited Earnings
Bonus Units (IEBUs), which gives the Grantee the right, subject to the
terms and conditions herein, to receive a cash payment from the Company
equal to the Maximum Settlement Value per IEBU, when the cumulative basic
net earnings per common share of the Company reach at least the Maximum
Settlement Value per IEBU prior to the fifth anniversary of the Grant
Date, or equal to the cumulative basic net earnings per common share
ending on the last full quarter that precedes the fifth anniversary of the
Grant Date if the cumulative basic net earnings per common share do not
reach the Maximum Settlement Value per IEBU.
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. |  | SETTLEMENT DATE AND DEFERRED PAYMENTS
|-- |  | -------------------------------------



| |  | The Settlement Date of these IEBUs shall be the earlier of the fifth
anniversary of the Grant Date, or the date of publication of the Companys
quarterly earnings statements which bring the cumulative basic net
earnings per common share as initially published commencing with the first
full quarter following the Grant Date to an amount at least equal to the
Maximum Settlement Value per IEBU specified above; provided, however, in
the discretion of the Company, payment may be deferred as specified by the
Grantee based on options for such deferral provided to the Grantee by the
Company.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. |  | ASSIGNMENT
|-- |  | ----------



| |  | No right created by the granting of an IEBU can be pledged in any
circumstance, nor can it be assigned except in the case of death. Any
attempt to pledge or assign may, in the discretion of the Company, result
in forfeiture of the rights created herein.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IMPERIAL OIL LIMITED-s- T.J. HearnChairman, President and
Chief Executive Officer