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Exhibit (10)(iii)(A)(8)

PRIVATE



RESTRICTED STOCK UNIT PLAN




	1.	 	Plan Purpose:



	 	 	The purpose of the Restricted Stock Unit Plan (the “Plan”) is to provide
an incentive to selected key employees and to nonemployee directors to
promote optimum individual contribution to sustained improvement in the
Company’s business performance and shareholder value, and to motivate
them to remain with the Company, its wholly owned subsidiaries or a
Designated Employer, as these terms are defined in clause 4 of this Plan
document.



	2.	 	Description of Units:



	 	 	This incentive is provided by the grant of Restricted Stock Units
(“RSU”), which give the Plan participant the right, subject to the terms
and conditions herein, on the first Exercise Date, as defined in clause
4, to receive from the Company, upon exercise in the prescribed manner,
an amount in respect of each RSU, which is equal to the Exercise Price,
as defined in clause 4 and on the last Exercise Date to receive from the
Company, upon exercise in the prescribed manner, Common Shares, as
defined in clause 4, or to elect to receive a cash amount in respect of
each RSU, which is equal to the Exercise Price.



	3.	 	Eligibility and Awards:



	 	 	RSU’s will be granted only to key employees and to nonemployee directors
of the Company or to key employees of a Designated Employer, as defined
in clause 4. Frequency and level of awards to individual participants
will be determined by the Company. Individual awards under this plan
will not necessarily be granted annually. The entitlement to the formula
amounts of benefits in clause 2 and clause 6 arises from past services
rendered from the Grant Date to the date of vesting of the RSU.



	4.	 	Definitions:



	 	 	In this Plan document, except where the context otherwise indicates, the
following definitions apply:



	 	(a)	 	“Company” means Imperial Oil Limited.



	 	(b)	 	“Common Share” means a common share in the capital of the Company.



	 	(c)	 	“Continued Employment” means continued employment after the
RSU Grant Date with any one or more of the Company, its wholly owned
subsidiaries or a Designated Employer, and for nonemployee directors
means the period of time while serving as a director of Imperial Oil
Limited.



	 	(d)	 	“Designated Employer” means an employer which is an affiliate
of the Company and which is designated as such for the purposes of
this Plan by the Company.



	 	(e)	 	“Exercise Date” means, in respect of an RSU being exercised
pursuant to clause 8, the dates on which the RSU is vested, the
date of death of a Grantee or the date of deferral of exercise, as
applicable.



	 	(f)	 	“Exercise Price” for a particular RSU means the closing price
of Common Shares of the Company on the Toronto Stock Exchange on the
Exercise Date, or if there is no closing price on the Exercise Date,
the last preceding closing price on the Toronto Stock Exchange.



	 	(g)	 	“Grant Date” means the date specified in the Grant Instrument
that an RSU is granted under the Plan.




 







 




	 	(h)	 	“Grant Instrument” means the document given by the Company to
an employee and nonemployee director governing a grant of Restricted
Stock Units.



	 	(i)	 	“Grantee” means the recipient of a Grant Instrument.



	 	(j)	 	“Dividend Equivalents” means cash payments pursuant to clause
6 corresponding in amount and timing to the cash dividend that is
paid by the Company on a common share of the Company.



	 	(j)	 	“Legal Representatives” means a Grantee’s executors or
administrators.



	5.	 	Vesting of Units:



	 	 	Subject to the restrictions in clause 7 or the deferral of exercise in
clause 8, the total RSU’s granted under a particular Grant Instrument
vest and become exercisable in accordance with the following schedule:



	 	(a)	 	50% of the RSU’s will be exercised on the third anniversary following
the Grant Date; and



	 	(b)	 	the remaining 50% of the RSU’s will be exercised on the
seventh anniversary following the Grant date.



	6.	 	Dividend Equivalents:



	 	 	The Company will pay the Grantee cash with respect to each unexercised
RSU granted to the Grantee corresponding in amount and timing to the cash
dividend that is paid by the Company on a Common Share of the Company.



	7.	 	Restrictions on Exercise:



	 	(a)	 	No RSU will be exercised other than in accordance with the
provisions of clauses 5, 7 and 8.



	 	(b)	 	Except as provided hereinafter, an RSU will be exercised only
during Continued Employment.



	 	(c)	 	In case the Grantee becomes entitled on or after the Grant
Date to payment of
extended disability benefits under the Company’s extended
disability benefit plan, the RSU’s or the balance remaining will
be exercised in accordance with the provisions of clause 5.



	 	(d)	 	In case of death of the Grantee, the unexercised RSU’s will
be exercised by the Company as of the date of death and paid to the
Grantee’s Legal Representatives.



	 	(e)	 	In case the Grantee’s Continued Employment terminates on or
after, the third anniversary of the Grant Date and the Grantee
becomes entitled to an annuity under section 2 of the Company’s
retirement plan (or the provision in any plan or plans of the
Company substituted therefor), the RSU’s or the balance remaining
will be exercised by the Company in accordance with the provisions
of clauses 5, 7 and 8.



	 	(f)	 	Notwithstanding anything to the contrary in this Plan, the
Company, at its discretion, may determine that the Grantee’s RSU’s,
or the balance remaining, are forfeited and are not exercisable as a
consequence of any of the following situations:




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	 	(i)	 	the Company believes that the Grantee intends
to terminate Continued Employment and sub-clauses 7(c), 7(d)
and 7(e) would not be applicable, or



	 	(ii)	 	during Continued Employment or during the
period of 24 months after the termination of the Grantee’s
Continued Employment, the Grantee, without the written
consent of the Company, directly or indirectly is employed
in, or as principal, agent, partner or otherwise engages in
any business that is in competition with the Company, as
determined by the Company, or otherwise engages in any
activity that is detrimental to the Company, as determined by
the Company.



	 	(g)	 	Except as provided in sub-clauses 7(c), 7(d), and 7(e), the
RSU’s, or the balance remaining, if not forfeited earlier, will be
forfeited and will not be exercisable after the last day of
Continued Employment.



	 	(h)	 	Notwithstanding any other provision of this clause 7, the
Company may determine that a Grantee’s RSU’s will not be forfeited
in whole or in part after the cessation of Continued Employment.



	8.	 	Method and Deferral of Exercise:



	 	 	The RSU’s will be exercised by the Company in accordance with clauses 5
and 7, provided however, the Company may, at its discretion, defer the
exercise of any RSU’s to a later date in the event that a ban on trading,
imposed by the Company or applicable law, in Common Shares of the Company
by a director of the Company or an employee of the Company, its wholly
owned subsidiaries or a Designated Employer is in effect on the exercise
dates described in clauses 5 and 7.



	9.	 	Issue of Common Shares



	 	(a)	 	One Common Share will be issued by the Company for each RSU
that is exercised on the last Exercise Date unless the Grantee
notifies the Company, in such manner and within such period of time
as may be determined by the Company from time-to-time, that the
Grantee elects to receive a cash payment for the RSU’s equal to the
Exercise Price for each RSU exercised.



	 	(b)	 	The aggregate number of Common Shares that may be issued
pursuant to the exercise of RSU’s shall not exceed 3.5 million
Common Shares.



	10.	 	Method of Payment:



	 	(a)	 	The issue of share certificates or the cash payment of the benefit
arising on the exercise of an RSU will normally be made as soon as
practicable after the Exercise Date.



	 	(b)	 	Cash payment of the Dividend Equivalents described in clause
6 will be made as soon as practicable after the Company pays a
dividend on the common shares of the Company.



	 	(c)	 	Payments will be reduced by any amount required to be
withheld by any government authority.



	11.	 	Repayments:



	 	 	Notwithstanding the exercise of an RSU by the Company, in the event any
of the situations described in sub-clause 7(f)(ii) are applicable to the
Grantee, the Company, at its discretion, may require the Grantee to pay
to the Company a cash amount equal to the





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	 	 	Exercise Price for each RSU
exercised during a period up to 180 days prior to termination of the
Grantee’s Continued Employment.



	12.	 	Significant Changes:



	 	 	In the case of any subdivision, consolidation, or reclassification of the
shares of the Company or other relevant change in the capitalization of
the Company, the Company, in its discretion, may make appropriate
adjustments in the number of Common Shares to be issued and the
calculation of the cash amount payable per RSU, and an adjustment by the
Company shall be conclusive as to the amount payable per RSU and shall be
final and binding upon all persons.



	13.	 	Other:



	 	(a)	 	An RSU award does not carry any benefits associated with the
Company’s benefit plans.



	 	(b)	 	No right created by the granting of an RSU can be pledged in
any circumstance, nor can it be assigned. Any attempt to pledge or
assign may, in the discretion of the Company, result in forfeiture
of the rights created herein.



	 	(c)	 	A Restricted Stock Unit means a unit equivalent in value to a
common share of the Company, credited by means of a book entry on
the Company’s books.



	 	(d)	 	Under no circumstances shall the RSU’s be considered Common
Shares or other securities of the Company, nor shall they entitle
any Grantee to exercise voting rights or any other rights attaching
to the ownership of the common shares or other securities of the
Company, nor shall any grantee be considered the owner of the common
shares by virtue of the award of the RSU’s.



	 	(e)	 	The Company will determine conclusively all questions arising
in the administration or interpretation of this Plan and such a
determination shall be final and binding upon all persons.



	 	(f)	 	The Company’s obligation to issue Common Shares in accordance
with the Plan is subject to compliance with applicable securities
laws and the rules and regulations of applicable securities
regulatory authorities and stock exchanges regarding the issuance
and distribution of such Common Shares and to the listing of such
additional Common Shares on any stock exchange on which the Common
Shares are then listed.



Imperial Oil Limited

December, 2003




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	 	 	 	 	PRIVATE
	 	 	
IMPERIAL OIL LIMITED
	 	Exhibit (10)(iii)(A)(8)
	 	 	
2003 RESTRICTED STOCK UNITS	 	 
	 	 	
Grant Date: December 31, 2003	 	 









	Name of Grantee:	 	
Number of Units:
	Grant No:	 	
Empl. No:







The following is a summary of the provisions of the Restricted Stock Unit
Plan. In all cases, the text of the Plan will govern in the event of any
discrepancy, inconsistency or omission between this Grant Instrument and the
Plan text.


	1.	 	GRANT



	 	 	The Company hereby grants to you, as of the date hereof, the number of 2003
Restricted Stock Units (“RSU”) as set out above, subject to the terms and
conditions of the Restricted Stock Unit Plan.



	2.	 	2003 RSU




	 	 	Each 2003 RSU granted to you gives you the conditional right to receive from
the Company, upon exercise,



	 	 	(a) for the 50% of the RSUs exercised on December 31, 2006, an amount equal
to the Exercise Price, and




	 	 	(b) for the 50% of the RSUs exercised on December 31, 2010, a common share
in the capital of the Company, or if you notify the Company, in such manner
and within such period of time as may be determined by the Company from
time-to-time, an amount equal to the Exercise Price.




	3.	 	DIVIDEND EQUIVALENTS



	 	 	The Company will pay to you cash with respect to each unexercised 2003 RSU
corresponding in amount and timing to the cash dividend that is paid by the
Company on a common share of the Company.



	4.	 	DEFINITIONS



	 	 	In this summary the following definitions apply:



	 	(a)	 	“Company” means Imperial Oil Limited.



	 	(b)	 	“Exercise Price” means the closing price of common shares of the Company
on the Toronto Stock Exchange on the Exercise Date.



	 	(c)	 	“Exercise Date” means the day on which the RSU is exercised by the
Company as prescribed in the Plan text.



	 	(d)	 	“Continued Employment” means continued employment after the RSU Grant
Date with any or more of the Company, its wholly owned subsidiaries or a
Designated Employer, and for nonemployee directors means the period of time
while serving as a director of Imperial Oil Limited.



	5.	 	DATES EXERCISED



	 	 	Subject to the expiry, forfeiture and deferral of exercise provisions summarized under clauses 7
and 8 of the Plan document, the 2003 RSUs granted to you will be exercised by the Company on the
following basis:



	 	•	 	No 2003 RSUs will be exercised before December 31, 2006.



	 	•	 	50% of the 2003 RSUs will be exercised on December 31, 2006.



	 	•	 	The remaining 50% of the 2003 RSUs will be exercised on December 31, 2010.



	6.	 	EXPIRY AND FORFEITURE



	 	 	This RSU grant shall expire or be forfeited at the earliest of the following times:



	 	(a)	 	On termination of Continued Employment other than by reason of retirement on or after December 31, 2006, or other than by reason of death or disability
on or after December 31, 2003.



	 	(b)	 	The Company believes that you intend to terminate Continued Employment or if during Continued Employment or during the 24 months after the termination of your Continued Employment you, without the written consent of the Company, were engaged in any business that was in competition with the Company or otherwise engaged in any activity that was detrimental to the Company.



	7.	 	ASSIGNMENT



	 	 	No right created by the grant of a 2003 RSU can be pledged in any
circumstance, nor can it be assigned and any attempt to do so may result in
forfeiture of the grant.



	8.	 	REPAYMENT



	 	 	In the event that this award is exercised, in whole or in part, and during
Continued Employment with the Company or during the period of 24 months
after the termination of your Continued Employment you, without the written
consent of the Company, were engaged in any business that was in competition
with the Company or otherwise engaged in any activity that was detrimental
to the Company, the Company may require payment to the Company, for that
part of the award exercised during the 180 day period prior to the date of
termination of Continued Employment.




	 	 	 
	 	 	
IMPERIAL OIL LIMITED
	 	 	

	 	 	
Chairman, President and
Chief Executive Officer