Document:

Form of Employment, Nondisclosure and Non-compete Agreement

 Exhibit 10.1 
 EMPLOYMENT, NONDISCLOSURE AND NON-COMPETE AGREEMENT 
 THIS EMPLOYMENT, NONDISCLOSURE AND NON-COMPETE AGREEMENT (“Agreement”) is made and entered into as of this 3rd day of December, 2012, by and between RICHARDSON ELECTRONICS, LTD., a Delaware corporation with its principal
place of business located at 40W267 Keslinger Road, P.O. Box 393, LaFox, IL 60147-0393 (the “Employer”), and Sandeep Beotra, an individual whose current residence address is 1520 York Ave., Apt. 6-H, New York, NY 10028
(“Employee”). 
 RECITALS 
 WHEREAS, the Employer desires to employ Employee as its Executive Vice President Mergers and Acquisitions, upon the terms and conditions stated herein; and 

WHEREAS, Employee desires to be so employed by the Employer at the salary and benefits provided for herein; and 

WHEREAS, Employee acknowledges and understands that during the course of his employment, Employee has and will become familiar
with certain confidential information of the Employer which provides Employer with a competitive advantage in the marketplace in which it competes, is exceptionally valuable to the Employer, and is vital to the success of the Employer’s
business; and 
 WHEREAS, the Employer and Employee desire to protect such confidential information from disclosure to
third parties or its use to the detriment of the Employer; and 
 WHEREAS, the Employee acknowledges that the likelihood
of disclosure of such confidential information would be substantially reduced, and that legitimate business interests of the Employer would be protected, if Employee refrains from competing with the Employer and from soliciting its customers and
employees during and following the term of the Agreement, and Employee is willing to covenant that he will refrain from such actions. 
 NOW THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, the parties hereto acknowledge and agree as follows: 

ARTICLE ONE 
 NATURE AND TERM OF EMPLOYMENT 
 1.01 Employment. The Employer
hereby agrees to employ Employee and Employee hereby accepts employment as the Employer’s Executive Vice President Mergers and Acquisitions. 
 1.02 Term of Employment. Employee’s employment pursuant to this Agreement shall commence on December 3, 2012, or such other date as may be agreed upon by Employee and the Employer and,
subject to the other provisions of this Agreement, the term of such employment (the “Employment Term”) shall continue indefinitely on an “at will” basis. 
 1.03 Duties. Employee shall perform such managerial duties and responsibilities as may be assigned by Employer’s Chief Executive Officer or such other person as the Employer may designate from
time to time. Employee will adhere to the policies and procedures of the Employer, including, without limitation, its Code of Conduct, and will follow the supervision and direction of the Chief Executive Officer, or such other person as the Employer
may designate from time to time, in the performance of such duties and responsibilities. Employee agrees to devote his full working time, attention and energies to the diligent and satisfactory performance of his duties hereunder and to developing
and improving the business and best interests of the Company. Employee will use all reasonable efforts to promote and protect the good name of the Company and will comply with all of his obligations, undertakings, promises, covenants and agreements
as set forth in this Agreement. Employee will not, during the Employment Term or during any period during which Employee is receiving payments pursuant to Article 2 and/or Section 5.04, engage in any activity which would have, or reasonably be
expected to have, an adverse affect on the Employer’s reputation, goodwill or business relationships or which would result, or reasonably be expected to result, in economic harm to the Employer. 

 ARTICLE TWO 

COMPENSATION AND BENEFITS 
 For all services to be rendered by Employee in any capacity hereunder (including as an officer, director, committee member or otherwise of the Employer or any parent or subsidiary thereof or any division
of any thereof) on behalf of the Employer, the Employer agrees to pay Employee so long as he is employed hereunder, and the Employee agrees to accept, the compensation set forth below. 

2.01 Base Salary. During the term of Employee’s employment hereunder, the Employer shall pay to Employee an annual base
salary (“Base Salary”) at the rate of three hundred twenty five thousand and 00/100 Dollars ($325,000), payable in installments as are customary under the Employer’s payroll practices from time to time. The Employer at its sole
discretion may, but is not required to, review and adjust the Employee’s Base Salary from year to year; provided, however, that, except as may be agreed in writing by Employee, Employer may not decrease Employee’s Base Salary. No
additional compensation shall be payable to Employee by reason of the number of hours worked or by reason of hours worked on Saturdays, Sundays, holidays or otherwise. 
 2.02 Incentive Plan. During the term of the Employee’s employment hereunder, the Employee shall be a participant in the Corporate Incentive Plan, as modified from time to time (the
“Annual Incentive Plan”) and paid a bonus (“Bonus”) pursuant thereto. The Employee’s “target bonus percentage” for purposes of the Annual Incentive Plan shall be fifty percent (50%) of the Base Salary. Such
Bonus shall be determined and paid strictly in accordance with the Annual Incentive Plan as modified or reduced by Employer at its discretion, and for any partial fiscal year the Bonus shall be computed and paid only for the portion of the fiscal
year Employee is employed hereunder. 
 2.03 Auto Allowance and Vacation. During the term of the Employee’s
employment hereunder, the Employee shall be paid an auto allowance of $1,000 per month. Employee shall be entitled to vacation in accordance with Employer’s vacation policy in effect from time to time; provided, that notwithstanding, anything
to the contrary in such policy, Employee shall be eligible for three weeks vacation in calendar year 2013 and four weeks vacation per year thereafter. 
 2.04 Options. On the commencement date of Employee’s employment under this agreement he will be granted a Stock Option under Employer’s Incentive Compensation Plan for 25,000 shares with
an exercise price equal to the closing price of the Employer’s Common Stock, as reported by NASDAQ, on the commencement date of Employee’s employment and that will vest in three equal annual installments over three years. 

2.05 Grant of Restrictive Stock. On the commencement date of the Employee’s employment under this agreement, he will be
granted a Restrictive Stock Award under the Employment Incentive Compensation Plan for 10,000 shares of Employer’s common stock. Such award will vest in three equal annual installments over a three year period. 

2.06 Other Benefits. Employer will provide Employee such benefits (other than bonus, auto allowance, severance, vacation and cash
incentive compensation benefits) as are generally provided by the Employer to its other employees, including but not limited to, health/major medical insurance, dental insurance, disability insurance, life insurance, sick days and other employee
benefits (collectively “Other Benefits”), all in accordance with the terms and conditions of the applicable Other Benefits Plans as in effect from time to time. Nothing in this Agreement shall require the Employer to maintain any benefit
plan, nor prohibit the Employer from modifying any such plan as it sees fit from time to time. It is only intended that Employee shall be entitled to participate in any such plan offered for which he may qualify under the terms of any such plan as
it may from time to time exist, in accordance with the terms thereof. 
 2.07 Disability. Any compensation Employee
receives under any disability benefit plan provided by Employer during any period of disability, injury or illness shall be in lieu of the compensation which Employee would otherwise receive under Article Two during such period of disability, injury
or sickness. 
 2.08 Withholding. All salary, bonus and other payments described in this Agreement shall be subject to
withholding for federal, state or local taxes, amounts withheld under applicable benefit policies or programs, and any other amounts that may be required to be withheld by law, judicial order or otherwise. 

  
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 ARTICLE THREE 

CONFIDENTIAL INFORMATION 
 RECORDS AND REPUTATION 
 3.01 Definition of Confidential
Information. For purposes of this Agreement, the term “Confidential Information” shall mean all of the following materials and information (whether or not reduced to writing and whether or not patentable) to which Employee receives or
has received access or develops or has developed in whole or in part as a direct or indirect result of his employment with Employer or through the use of any of Employer’s facilities or resources: 

 

	 	(1)	Marketing techniques, practices, methods, plans, systems, processes, purchasing information, price lists, pricing policies, quoting procedures, financial information,
customer names, contacts and requirements, customer information and data, product information, supplier names, contacts and capabilities, supplier information and data, and other materials or information relating to the manner in which Employer, its
customers and/or suppliers do business; 

  

	 	(2)	Discoveries, concepts and ideas, whether patentable or not, or copyrightable or not, including without limitation the nature and results of research and development
activities, processes, formulas, techniques, “know-how,” designs, drawings and specifications; 

  

	 	(3)	Any other materials or information related to the business or activities of Employer which are not generally known to others engaged in similar businesses or activities
or which could not be gathered or obtained without significant expenditure of time, effort and money; and 

  

	 	(4)	All inventions and ideas that are derived from or relate to Employee’s access to or knowledge of any of the above enumerated materials and information.

 The Confidential Information shall not include any materials or information of the types specified above to the extent that
such materials or information are publicly known or generally utilized by others engaged in the same business or activities in the course of which Employer utilized, developed or otherwise acquired such information or materials and which Employee
has gathered or obtained (other than on behalf of the Employer) after termination of his employment with the Employer from such other public sources by his own expenditure of significant time, effort and money after termination of his employment
with the Employer. Failure to mark any of the Confidential Information as confidential shall not affect its status as part of the Confidential Information under the terms of this Agreement. 

3.02 Ownership of Confidential Information. Employee agrees that the Confidential Information is and shall at all times remain the
sole and exclusive property of Employer. Employee agrees immediately to disclose to Employer all Confidential Information developed in whole or part by him during the term of his employment with Employer and to assign to Employer any right, title or
interest he may have in such Confidential Information. 
 Without limiting the generality of the foregoing, every invention, improvement,
product, process, apparatus, or design which Employee may take, make, devise or conceive, individually or jointly with others, during the period of his employment by the Employer, whether during business hours or otherwise, which relates in any
manner to the business of the Employer either now or at any time during the period of his employment), or which may be related to the Employer in connection with its business (hereinafter collectively referred to as “Invention”) shall
belong to and be the exclusive property of the Employer and Employee will make full and prompt disclosure to the Employer of every Invention. Employee will assign to the Employer, or its nominee, every Invention and Employee will execute all
assignments and other instruments or documents and do all other things necessary and proper to confirm the Employer’s right and title in and to every Invention; and Employee will perform all proper acts within his power necessary or desired by
the Employer to obtain letters patent in the name of the Employer (at the Employer’s expense) for every Invention in whatever countries the Employer may desire, without payment by the Employer to Employee of any royalty, license fee, price or
additional compensation. 

  
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 3.03. Non Disclosure of Confidential Information. Except as required in the faithful
performance of Employee’s duties hereunder (or as required by law), during the term of his employment with Employer and for a period after the termination of such employment until the Confidential Information no longer meets the definition set
forth above of Confidential Information with respect to Employee, Employee agrees not to directly or indirectly reveal, report, publish, disseminate, disclose or transfer any of the Confidential Information to any person or entity, or utilize for
himself or any other person or entity any of the Confidential Information for any purpose (including, without limitation, in the solicitation of existing Employer customers or suppliers), except in the course of performing duties assigned to him by
Employer. Employee further agrees to use his best endeavors to prevent the use for himself or others, or dissemination, publication, revealing, reporting or disclosure of, any Confidential Information. 

3.04 Protection of Reputation. Employee agrees that he will at no time, either during his employment with the Employer or at any
time after termination of such employment, engage in conduct which injures, harms, corrupts, demeans, defames, disparages, libels, slanders, destroys or diminishes in any way the reputation or goodwill of the Employer, its subsidiaries, or their
respective shareholders, directors, officers, employees, or agents, or the services provided by the Employer or the products sold by the Employer, or its other properties or assets, including, without limitation, its computer systems hardware and
software and its data or the integrity and accuracy thereof. 
 3.05 Records and Use of Employer Facilities. All notes,
data, reference materials, memoranda and records, including, without limitation, data on the Employer’s computer system, computer reports, products, customers and suppliers lists and copies of invoices, in any way relating to any of the
Confidential Information or Employer’s business (in whatever form existing, including, without limit, electronic) shall belong exclusively to Employer, and Employee agrees to maintain them in a manner so as to secure their confidentiality and
to turn over to Employer all copies of such materials (in whole or in part) in his possession or control at the request of Employer or, in the absence of such a request, upon the termination of Employee’s employment with Employer. Upon
termination of Employee’s employment with Employer, Employee shall immediately refrain from seeking access to Employer’s (a) telephonic voice mail, E-mail or message systems, (b) computer system and (c) computer data bases
and software. The foregoing shall not prohibit Employee from using Employer’s public Internet (not intranet) site. 

ARTICLE FOUR 
 NON-COMPETE AND NON-SOLICITATION COVENANTS 
 4.01 Non-Competition
and Non-Solicitation. Employee acknowledges that it may be very difficult for him to avoid using or disclosing the Confidential Information in violation of Article Three above in the event that he is employed by any person or entity other than
the Employer in a capacity similar or related to the capacity in which he is employed by the Employer. Accordingly, Employee agrees that he will not, during the term of employment with Employer and, if Employee voluntarily terminates his employment
hereunder without Good Reason (as hereinafter defined), or if Employer terminates his employment for Cause, for a period of six (6) months after the termination of such employment, irrespective of the time, manner or cause of such termination,
directly or indirectly (whether or not for compensation or profit): 
  

	 	(1)	Engage in any business or enterprise the nature of any part of which is competitive with any part of that of the Employer (a “Prohibited Business”); or

  

	 	(2)	Participate as an officer, director, creditor, promoter, proprietor, associate, agent, employee, partner, consultant, sales representative or otherwise, or promote or
assist, financially or otherwise, or directly or indirectly own any interest in any person or entity involved in any Prohibited Business; or 

  

	 	(3)	Canvas, call upon, solicit, entice, persuade, induce, respond to, or otherwise deal with, directly or indirectly, any individual or entity which, during Employee’s
term of employment with the Employer, was or is a customer or supplier, or proposed customer or supplier, of the Employer whom Employee called upon or dealt with, or whose account Employee supervised, for any of the following purposes:

  
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	 	(a)	to purchase (with respect to customers) or to sell (with respect to suppliers) products of the types or kinds sold by the Employer or which could be substituted for
(including, but not limited to, rebuilt products), or which serve the same purpose or function as, products sold by the Employer (all of which products are herein sometimes referred to, jointly and severally, as “Prohibited Products”), or

  

	 	(b)	to request or advise any such customer or supplier to withdraw, curtail or cancel its business with the Employer; or 

 

	 	(4)	For himself or for or through any other individual or entity call upon, solicit, entice, persuade, induce or offer any individual who, during Employee’s term of
employment with the Employer, was an employee or sales representative or distributor of the Employer, employment by, or representation as sales agent or distributor for, any one other than the Employer, or request or advise any such employee or
sales agent or distributor to cease employment with or representation of the Employer, and Employee shall not approach, respond to, or otherwise deal with any such employee or sales representative or distributor of Employer for any such purpose, or
authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. 

 4.02
Obligation Independent. The obligations of each subparagraph and provision of Section 4.01 shall be independent of any obligation under any other subparagraph or provision hereof or thereof. 

4.03 Public Stock. Nothing in Section 4.01, however, shall prohibit Employee from owning (directly or indirectly through a
parent, spouse, child or other relative or person living in the same household with Employee or any of the foregoing), as a passive investment, up to 1% of the issued and outstanding shares of any class of stock of any publicly traded company.

 4.04 Business Limitation. If, at the termination of Employee’s employment and for the entire period of twelve
(12) months prior thereto his duties and responsibilities are limited by the Employer so that he is specifically assigned to, or responsible for, one or more divisions, subsidiaries or business units of the Employer, then subparagraphs
(1) through (3) of Section 4.01 shall apply only to any business which competes with the business of such divisions, subsidiaries or business units. 
 4.05 Area Limitation. If at the termination of Employee’s employment and for the entire period of twelve (12) months prior thereto he or she has responsibility for only a designated
geographic area, then subparagraphs (1) through (3) of Section 4.01 shall apply only within such area. 

ARTICLE FIVE 
 TERMINATION 
 5.01 Termination by Employer for Cause. The
Employer shall have the right to terminate Employee’s employment at any time for “cause.” Prior to such termination, the Employer shall provide Employee with written notification of any and all allegations constituting
“cause” and the Employee shall be given five (5) working days after receipt of such written notification to respond to those allegations in writing. Upon receipt of the Employee’s response, the Employer shall meet with the
Employee to discuss the allegations. 
 For purposes hereof, “cause” shall mean (i) an act or acts of personal
dishonesty taken by the Employee and intended to result in personal enrichment of the Employee, (ii) material violations by the Employee of the Employee’s obligations or duties under, or any terms of, this Agreement, which are not remedied
in a reasonable period (not to exceed ten (10) days) after receipt of written notice thereof from the Employer, (iii) any violation by the Employee of any of the provisions of Articles Three or Four, or (iv) Employee being charged,
indicted or convicted (by trial, guilty or no contest plea or otherwise) of (a) a felony, (b) any other crime involving moral turpitude, or (c) any violation of law which would impair the ability of the Employer or any affiliate to
obtain any license or authority to do any business deemed necessary or desirable for the conduct of its actual or proposed business. 

  
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 5.02 Termination by Employer Because of Employee’s Disability, Injury or
Illness. The Employer shall have the right to terminate Employee’s employment if Employee is unable to perform the duties assigned to him by the Employer because of Employee’s disability, injury or illness, provided however, such
inability must have existed for a total of one hundred eighty (180) consecutive days before such termination can be made effective. Any compensation Employee receives under any disability benefit plan provided by Employer during any period of
disability, injury or illness shall be in lieu of the compensation which Employee would otherwise receive under Article Two during such period of disability, injury or sickness. 

5.03 Termination as a Result of Employee’s Death. The obligations of the Employer to Employee pursuant to this Agreement
shall automatically terminate upon Employee’s death. 
 5.04 Termination by Employer for any Other Reason. The
Employer shall have the right to terminate Employee’s employment at any time for any reason upon thirty (30) days prior written notice to Employee. 
 5.05 Termination by Employee. Subject to the provisions of Articles Three and Four above, Employee may terminate his employment by the Employer at any time by thirty (30) days prior written
notice to Employer. In such event Employer may elect to terminate the employment at any time after receipt of the notice; provided however, for compensation purposes, the date of termination shall be the last day of the notice period. 

5.06 Compensation on Termination. If Employee’s employment is terminated under Sections 5.01, 5.02, 5.03, 5.04 or 5.05 above,
the Employer’s obligation to pay Employee’s Base Salary, Auto Allowance and Bonus pursuant to the Annual Incentive Plan shall cease on the date on which the termination of employment occurs and shall be prorated and accrued to the date of
termination, except as expressly provided for below with respect to Sections 5.04. Employer’s obligations and Employee’s rights with respect to Stock Awards, Options and Other Benefits shall be governed by the provisions of the plans under
which they are granted. 
 If Employee’s employment is terminated under Section 5.04, the Employer shall be obligated
to pay to Employee an amount equal to twelve (12) months of his then current Base Salary provided his residence at the time is within 100 miles of the Employer’s then principal place of business or six (6) months of his then current
Base Salary if his residence at the time is greater than 100 miles of the Employer’s then principal place of business. Such amount shall be paid by Employer in substantially equal installments over the corresponding period of twelve
(12) or six (6) months (based on the clause above) after the date on which Employee’s employment is so terminated on the dates Employer would normally pay its employees. In addition, provided that (a) Employee has elected COBRA
continuation coverage and (b) Employee pays for Employee’s portion of Employee’s medical and dental premiums, then the Employer shall continue to pay the Employer’s portion of Employee’s medical and dental premiums during
such COBRA continuation coverage until the earlier of (i) twelfth months after the date on which Employee’s employment is terminated or (ii) the date that Employee becomes eligible to receive medical insurance benefits from a new
employer. 
 ARTICLE SIX 
 REMEDIES 
 6.01 Employee acknowledges that the restrictions
contained in this Agreement will not prevent him from obtaining such other gainful employment he may desire to obtain or cause him any undue hardship and are reasonable and necessary in order to protect the legitimate interests of employer and that
violation thereof would result in irreparable injury to Employer. Employee therefor acknowledges and agrees that in the event of a breach or threatened breach by Employee of the provisions of Article Three or Article Four or Section 1.03,
Employer shall be entitled to an injunction restraining Employee from such breach or threatened breach and Employee shall lose all rights to receive any payments under Section 5.04. Nothing herein shall be construed as prohibiting or limiting
Employer from pursuing any other remedies available to Employer for such breach or threatened breach; the rights hereinabove mentioned being in addition to and not in substitution of such other rights and remedies. The period of restriction
specified in Article Four shall abate during the time of any violation thereof, and the portion of such period remaining at the commencement of the violation shall begin to run until the violation is cured. 

  
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 6.02 Survival. The provisions of this Article Six and of Articles Three and Four
shall survive the termination or expiration of this Agreement. 
 ARTICLE SEVEN 

MISCELLANEOUS 
 7.01 Assignment. Employee and Employer acknowledge and agree that the covenants, terms and provisions contained in this Agreement constitute a personal employment contract and the rights and
obligations of the parties thereunder cannot be transferred, sold, assigned, pledged or hypothecated, excepting that the rights and obligations of the Employer under this Agreement may be assigned or transferred pursuant to a sale of the business,
merger, consolidation, share exchange, sale of substantially all of the Employer’s assets or of the business unit or division for which Employee is performing services, or other reorganization described in Section 368 of the Code, or
through liquidation, dissolution or otherwise, whether or not the Employer is the continuing entity, provided that the assignee, or transferee is the successor to all or substantially all of the assets of the Employer or of the business unit or
division for which Employee is performing services and such assignee or transferee assumes the rights and duties of the Employer, if any, as contained in this Agreement, either contractually or as a matter of law. 

7.02 Severability. Should any of Employee’s obligations under this Agreement or the application of the terms or provisions of
this Agreement to any person or circumstances, to any extent, be found illegal, invalid or unenforceable in any respect, such illegality, invalidity or unenforceability shall not affect the other provisions of this Agreement, all of which shall
remain enforceable in accordance with their terms, or the application of such terms or provisions to persons or circumstances other than those to which it is held illegal, invalid or unenforceable. Despite the preceding sentence, should any of
Employee’s obligations under this Agreement be found illegal, invalid or unenforceable because it is too broad with respect to duration, geographical or other scope, or subject matter, such obligation shall be deemed and construed to be reduced
to the maximum duration, geographical or other scope, and subject matter allowable under applicable law. 
 The covenants of Employee in
Articles Three and Four and each subparagraph of Section 4.01 are of the essence of this Agreement; they shall be construed as independent of any other provision of this Agreement; and the existence of any claim or cause of action of Employee
against the Employer, whether predicated on the Agreement or otherwise shall not constitute a defense to enforcement by the Employer of any of these covenants. The covenants of Employee shall be applicable irrespective of whether termination of
employment hereunder shall be by the Employer or by Employee, whether voluntary or involuntary, or whether for cause or without cause. 
 7.03 Notices. Any notice, request or other communication required to be given pursuant to the provisions hereof shall be in writing and shall be deemed to have been given when delivered in person
or three (3) days after being deposited in the United States mail, certified or registered, postage prepaid, return receipt requested and addressed to the party at its or his last known addresses. The address of any party may be changed by
notice in writing to the other parties duly served in accordance herewith. 
 7.04 Waiver. The waiver by the Employer or
Employee of any breach of any term or condition of this Agreement shall not be deemed to constitute the waiver of any other breach of the same or any other term or condition hereof. Failure by any party to claim any breach or violation of any
provision of this Agreement shall not constitute a precedent or be construed as a waiver of any subsequent breaches hereof. 

7.05 Continuing Obligation. The obligations, duties and liabilities of Employee pursuant to Articles Three and Four of this
Agreement are continuing, absolute and unconditional and shall remain in full force and effect as provided herein and survive the termination of this Agreement. 
 7.06 No Conflicting Obligations or Use. Employer does not desire to acquire from Employee any secret or confidential know-how or information which he may have acquired from others nor does it wish
to cause a breach of any non compete or similar agreement to which Employee may be subject. Employee represents and warrants that (i) other 

  
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than for this Agreement, he is not subject to or bound by any confidentiality agreement or non disclosure or non compete agreement or any other agreement having a similar intent, effect or
purpose, and (ii) he is free to use and divulge to Employer, without any obligation to or violation of any right of others, any and all information, data, plans, ideas, concepts, practices or techniques which he will use, describe, demonstrate,
divulge, or in any other manner make known to Employer during the performance of services 
 7.07 Attorneys Fees. In the
event that Employee has been found to have violated any of the terms of Articles Three or Four of this Agreement either after a preliminary injunction hearing or a trial on the merits or otherwise, Employee shall pay to the Employer the
Employer’s costs and expenses, including attorneys fees, in enforcing the terms of Articles Three or Four of this Agreement. 
 7.08 Advise New Employers. During Employee’s employment with the Employer and for six (6) months thereafter, Employee will communicate the contents of Articles Three and Four to any
individual or entity which Employee intends to be employed by, associated with, or represent which is engaged in a business which is competitive to the business of Employer. 
 7.09 Captions. The captions of Articles and Sections this Agreement are inserted for convenience only and are not to be construed as forming a part of this Agreement. 

EMPLOYEE ACKNOWLEDGES THAT HE HAS READ AND FULLY UNDERSTANDS EACH AND EVERY PROVISION OF THE FOREGOING AND DOES HEREBY ACCEPT AND AGREE TO THE SAME.

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

					
	EMPLOYEE	 		 	EMPLOYER
			
	 /s/ Sandeep Beotra
	 	By:	 	 /s/ Edward J. Richardson

	Sandeep Beotra	 		 	Name: Edward J. Richardson
		 		 	Title: Chairman of the Board and Chief Executive Officer

  
 8Third Supplemental Indenture

 Exhibit 4.1 

 
  

 
 THIRD SUPPLEMENTAL INDENTURE

 BETWEEN 
 CHEVRON CORPORATION, As Issuer 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, As Trustee 
 Dated as of December 5, 2012 
  

 
  

 TABLE OF CONTENTS 

ARTICLE ONE 
 DEFINITIONS 
  

							
	 Section 1.01
	 	 Definitions
	  	 	2	  
		
	 2017 Notes
	  	 	2	  
	 2022 Notes
	  	 	2	  
	 Adjusted Treasury Rate
	  	 	2	  
	 Blanket Issuer Letter of Representations
	  	 	2	  
	 First Supplemental Indenture
	  	 	2	  
	 Second Supplemental Indenture
	  	 	2	  
	 Third Supplemental Indenture
	  	 	2	  
	 Indenture
	  	 	3	  
	 Notes
	  	 	3	  
	 Original Indenture
	  	 	3	  
	 Statistical Release
	  	 	3	  
	 Trustee
	  	 	3	  
			
	 Section 1.02
	 	 Other Definitions
	  	 	3	  

 ARTICLE TWO 
 TERMS OF THE NOTES 
  

							
	Section 2.01	  	Each of the 2017 Notes and the 2022 Notes Constitute a Series of Securities	  	 	3	  
			
	Section 2.02	  	Terms and Provisions of the Notes	  	 	3	  

 ARTICLE THREE 
 MISCELLANEOUS PROVISIONS 
  

							
	Section 3.01	  	Provisions of the Original Indenture	  	 	5	  
			
	Section 3.02	  	Separability of Invalid Provisions	  	 	5	  
			
	Section 3.03	  	Execution in Counterparts	  	 	5	  
			
	Section 3.04	  	Effectiveness	  	 	5	  
			
	Signatures	  		  			

 Exhibit A – Form of 2017 Note 
 Exhibit B – Form of 2022 Note 

  
 i 

 THIRD SUPPLEMENTAL INDENTURE 

THIS THIRD SUPPLEMENTAL INDENTURE, dated as of December 5, 2012 between CHEVRON CORPORATION, a Delaware corporation,
as Issuer (“Chevron”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (as successor to The Bank of New York, as successor to JPMorgan Chase Bank, as successor to The Chase Manhattan Bank, as successor to Chemical Bank), as Trustee (the
“Trustee”), 
 W I T N E S S E T H: 
 WHEREAS, Chevron and the Trustee have entered into that certain Indenture dated as of June 15, 1995 (the “Original Indenture”), that certain First Supplemental Indenture dated as of
October 13, 1999 and that certain Second Supplemental Indenture dated as of March 3, 2009; 
 WHEREAS, pursuant
to the provisions of Sections 2.01 and 10.01 of the Original Indenture, Chevron wishes to enter into this Third Supplemental Indenture to establish the terms and provisions of two Series of Securities (as defined in the Original Indenture); and

 WHEREAS, in compliance with the requirements of the Original Indenture, Chevron has duly authorized the execution and
delivery of this Third Supplemental Indenture, and all things necessary have been done to make this Third Supplemental Indenture a valid agreement of Chevron in accordance with its terms: 

NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH: 

That in consideration of the premises, Chevron covenants and agrees with the Trustee, for the equal and proportionate benefit of the
respective holders from time to time of the Securities, as follows: 

  
 1 

 ARTICLE ONE 
 DEFINITIONS 
 Section 1.01 Definitions. The terms defined in this
Section 1.01 shall, for all purposes of the Original Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, and this Third Supplemental Indenture have the meanings herein specified, unless the context clearly otherwise
requires. For convenience, the definitions of certain terms which are defined in the First Supplemental Indenture and Second Supplemental Indenture are repeated herein. 
 2017 Notes 
 The term “2017 Notes” shall mean the $2,000,000,000
in aggregate principal amount 1.104% Notes Due 2017. 
 2022 Notes 

The term “2022 Notes” shall mean the $2,000,000,000 in aggregate principal amount 2.355% Notes Due 2022. 

Adjusted Treasury Rate 

The term “Adjusted Treasury Rate” shall mean (1) the arithmetic mean of the yields under the heading “Week
Ending” published in the Statistical Release most recently published prior to the date of determination under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining
term, as of the redemption date, of the Notes being redeemed plus (2) 0.075% for the 2017 Notes and 0.120% for the 2022 Notes. If no maturity set forth under such heading exactly corresponds to the remaining term of a series of Notes being
redeemed, yields for the two published maturities most closely corresponding to the remaining term of the series of Notes being redeemed will be calculated as described in the preceding sentence, and the Adjusted Treasury Rate will be interpolated
or extrapolated from such yields on a straight-line basis, rounding each of the relevant periods to the nearest month. The Adjusted Treasury Rate is to be determined on the third Business Day preceding the applicable Redemption Date. 

Blanket Issuer Letter of Representations 
 The term “Blanket Issuer Letter of Representations” shall mean the Blanket Issuer Letter of Representations dated February 25, 2009 executed by and among Chevron and The Depository Trust
Company. 
 First Supplemental Indenture 
 The term “First Supplemental Indenture” shall mean the First Supplemental Indenture dated as of October 13, 1999, between Chevron and the Trustee. 

Second Supplemental Indenture 
 The term “Second Supplemental Indenture” shall mean the Second Supplemental Indenture dated as of March 3, 2009, between Chevron and the Trustee. 

Third Supplemental Indenture 
 The term “Third Supplemental Indenture” shall mean this Third Supplemental Indenture dated as of December 5, 2012, between Chevron and the Trustee, as such is originally executed, or as it
may from time to time be supplemented, modified or amended, as provided herein and in the Indenture. 

  
 2 

 Indenture 
 The term “Indenture” shall mean the Indenture dated as of June 15, 1995 between Chevron and the Trustee, as supplemented by the First Supplemental Indenture, the Second Supplemental
Indenture and this Third Supplemental Indenture, and as it may from time to time hereafter be further supplemented, modified or amended, as provided in the Indenture. 
 Notes 
 The term “Notes” shall mean the 2017 Notes and the 2022
Notes. 
 Original Indenture 
 The term “Original Indenture” shall mean the Indenture dated as of June 15, 1995 between Chevron and the Trustee, as such Indenture was originally executed. 

Statistical Release 
 The
term “Statistical Release” shall mean the statistical release designation “H.15(519)” or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively-traded United
States government securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination under the terms of the Notes, then such other reasonably comparable index as Chevron shall designate.

 Trustee 
 The
term “Trustee” shall mean Wells Fargo Bank, National Association, until a successor replaces it pursuant to the applicable provisions of the Indenture and, thereafter, shall mean such successor. 

Section 1.02 Other Definitions. All of the terms appearing herein shall be defined as the same are now defined under the
provisions of the Original Indenture, except when expressly herein or otherwise defined. 
 ARTICLE TWO 

TERMS OF THE NOTES 
 Section 2.01 Each of the 2017 Notes and the 2022 Notes Constitute a Series of Securities. Each of the 2017 Notes and the 2022 Notes are hereby authorized to be issued under the Indenture as a
Series of Securities. The 2017 Notes shall be in the aggregate principal amount of U.S.$2,000,000,000, and the 2022 Notes shall be in the aggregate principal amount of U.S.$2,000,000,000. 

Section 2.02 Terms and Provisions of the Notes. The Notes shall be subject to the terms and provisions hereinafter set forth:

  

	 	(a)	The 2017 Notes shall be designated as the 1.104% Notes Due 2017. The 2022 Notes shall be designated as the 2.355% Notes Due 2022. 

 

	 	(b)	The Notes shall bear interest on the unpaid principal amount thereof from December 5, 2012. 

 

	 	(c)	The 2017 Notes shall mature on December 5, 2017. The 2022 Notes shall mature on December 5, 2022. 

  
 3 

	 	(d)	The 2017 Notes shall bear interest at the rate of 1.104% per annum, payable on June 5, 2013 and on each December 5 and June 5 thereafter. The 2022
Notes shall bear interest at the rate of 2.355% per annum, payable on June 5, 2013 and on each December 5 and June 5 thereafter. 

  

	 	(e)	Each of the 2017 Notes and the 2022 Notes shall be issued initially as one or more Global Securities (the “Global Notes”) in registered form registered in the
name of The Depository Trust Company or its nominee in such denominations as are required by the Blanket Issuer Letter of Representations and otherwise as in substantially the form set forth in Exhibit A and Exhibit B to this Third Supplemental
Indenture with such minor changes thereto as may be required in the process of printing or otherwise producing the Global Notes but not affecting the substance thereof. 

 

	 	(f)	The Depositary for the Notes shall be The Depository Trust Company. 

  

	 	(g)	The Global Notes shall be exchangeable for definitive Notes in registered form substantially the same as the Global Notes in denominations of $2,000 and integral
multiples of $1,000 in excess thereof upon the terms and in accordance with the provisions of the Indenture. 

  

	 	(h)	The Notes shall be payable (as to both principal and interest) when and as the same become due at the office of the Trustee; provided that as long as the Notes
are in the form of one or more Global Notes, payments of interest may be made by wire transfer in accordance with the provisions of the Indenture and such Global Notes and provided further that upon any exchange of the Global Notes for Notes
in definitive form, Chevron elects to exercise its option to have interest payable by check mailed to the registered owners at such owners’ addresses as they appear on the Register, as kept by the Trustee, on each relevant Record Date.

  

	 	(i)	The Trustee shall be registrar for the Notes and the Register of the Notes shall be the principal office of the Trustee. 

 

	 	(j)	The Record Date for the Notes shall be the fifteenth day preceding the relevant Interest Payment Date. 

 

	 	(k)	Prior to November 5, 2017, the 2017 Notes shall be subject to redemption, at the option of Chevron, in whole or in part, at any time at a redemption price equal to
the greater of (a) 100% of the principal amount of the 2017 Notes being redeemed and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including the portion of any such payments of
interest accrued as of the redemption date), discounted to the redemption date on a semiannual basis, calculated assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate, plus interest accrued on the 2017 Notes being
redeemed to the redemption date. On or after November 5, 2017, the 2017 Notes shall be subject to redemption, at the option of Chevron, in whole or in part, at any time at a redemption price equal to 100% of the principal amount of the 2017
Notes being redeemed plus interest accrued on the 2017 Notes being redeemed to the redemption date. 

  

	 	(l)	 Prior to September 5, 2022, the 2022 Notes shall be subject to redemption, at the option of Chevron, in whole or in part, at any time at a
redemption price equal to the greater of (a) 100% of the principal amount of the 2022 Notes being redeemed and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including the
portion of any such payments of interest accrued as of the redemption date), discounted to the redemption date on a semiannual basis, calculated assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate, plus interest
accrued on the 2022 Notes being redeemed to the redemption date. 

  
 4 

	 	
On or after September 5, 2022, the 2022 Notes shall be subject to redemption, at the option of Chevron, in whole or in part, at any time at a redemption price equal to 100% of the principal
amount of the 2022 Notes being redeemed plus interest accrued on the 2022 Notes being redeemed to the redemption date. 

 ARTICLE THREE 
 MISCELLANEOUS PROVISIONS 

Section 3.01 Provisions of the Original Indenture. Except insofar as herein otherwise expressly provided, all of the definitions,
provisions, terms and conditions of the Original Indenture, the First Supplemental Indenture, and the Second Supplemental Indenture shall be deemed to be incorporated in and made a part of this Third Supplemental Indenture; and the Original
Indenture, as amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture and this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Original Indenture, the First Supplemental
Indenture, the Second Supplemental Indenture and this Third Supplemental Indenture shall be read, taken and considered as one and the same instrument. 
 Section 3.02 Separability of Invalid Provisions. In case any one or more of the provisions contained in this Third Supplemental Indenture shall be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions contained in this Third Supplemental Indenture, and to the extent and only to the extent that any such provision is invalid, illegal or unenforceable, this Third
Supplemental Indenture shall be construed as if such provision had never been contained herein. 
 Section 3.03 Execution in
Counterparts. This Third Supplemental Indenture may be simultaneously executed and delivered in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original. 

Section 3.04 Effectiveness. The obligations of the parties hereto shall become effective as of the date of this Third Supplemental
Indenture. 
 IN WITNESS WHEREOF, CHEVRON CORPORATION and WELLS FARGO BANK, NATIONAL ASSOCIATION have each caused
this Third Supplemental Indenture to be duly executed, all as of the day and year first written above. 
  

			
	CHEVRON CORPORATION
		
	By:	 	 /s/ Uriel Oseguera

	Name:	 	Uriel Oseguera
	Title:	 	Assistant Treasurer

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Maddy Hall

	Name:	 	Maddy Hall
	Title:	 	Vice President

  
 5 

 Exhibit A 
  

			
	$500,000,000	  	CUSIP: 166764 AA8
	N-1	  	ISIN: US166764AA86

 CHEVRON CORPORATION 
 1.104% NOTE DUE 2017 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York Corporation (“DTC”), to Chevron Corporation or its agent for registration of transfer, exchange or payment and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co., or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

CHEVRON CORPORATION (herein referred to as “Chevron”), a corporation duly organized and existing under the laws of the State of
Delaware, for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Five Hundred Million Dollars ($500,000,000) on December 5, 2017 in lawful money of the United States of America and to pay
interest (computed on the basis of a 360-day year of twelve 30-day months) thereon in like money from December 5, 2012 or from the most recent Interest Payment Date (hereinafter defined) to which interest has been paid or duly provided for
until payment of such principal sum, at the rate of 1.104% per annum, payable on each June 5 and December 5, commencing June 5, 2013 (the “Interest Payment Dates”). 

The principal hereof is payable upon presentation and surrender of this Note at the principal office of Wells Fargo Bank, National
Association, as Trustee (herein called the “Trustee”). Interest on this Note may be payable by check or draft mailed to the person in whose name this Note is registered at the close of business on the Record Date for such interest payment
at such person’s address as it appears on the registration books of the Trustee. The Record Date for the Notes is the date which is 15 days prior to the relevant Interest Payment Date. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF FULLY SET FORTH AT THIS
PLACE. 
 This Note shall not be entitled to any benefit under the Indenture (hereinafter defined), or become valid or
obligatory for any purpose, until the Certificate of Authentication hereon endorsed shall have been executed by manual signature by the Trustee. 
 IN WITNESS WHEREOF, CHEVRON CORPORATION has caused this Note to be signed by its Assistant Treasurer manually or in facsimile and its corporate seal to be imprinted hereon and attested by the manual or
facsimile signature of its Secretary or an Assistant Secretary. 
 Dated: December 5, 2012 

 

			
	CHEVRON CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
	Attest:	 	  
	  	
		 	Assistant Secretary	  	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities, of the Series designated 
 herein, described in the within-mentioned
Indenture. 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 

			
		
	By:	 	  

		 	Authorized Signatory

  
 A-1

 CHEVRON CORPORATION 
 1.104% NOTE DUE 2017 
 This Note is one of a duly authorized issue of securities
of Chevron, not limited in aggregate principal amount, all issued or to be issued in one or more series of varying dates, numbers, interest rates and other provisions, under an Indenture dated as of June 15, 1995, as amended by the Third
Supplemental Indenture dated as of December 5, 2012 (such indenture as so amended being herein referred to as the “Indenture”) each being between Chevron and the Trustee. This Note is one of a series of Notes designated as its
“1.104% Notes Due 2017” aggregating $2,000,000,000 in principal amount (herein called the “Notes”). 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a description of the rights, obligations, duties
and immunities thereunder of Chevron, the Trustee and the holders of the Notes, to all of the provisions of which Indenture the registered owner of this Note, by acceptance hereof, assents and agrees. The Indenture contains provisions permitting
Chevron and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities (which term is defined in the Indenture as any security or securities of Chevron, authenticated and delivered under
the Indenture) at the time Outstanding (as defined in the Indenture) and affected by such supplemental indenture, to execute one or more supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of such Securities; provided, however, that no such supplemental indenture shall, without the consent of the holder of each
Outstanding Security (including the Notes) affected thereby: (1) change the fixed maturity or redemption date of any Note, or reduce the rate of interest on any Note or the method of determining such rate of interest or extend the time of
payment of interest, or reduce the principal amount thereof, or reduce any premium payable on the redemption thereof, or change the coin or currency in which the Notes or the interest thereon is payable or impair the right to institute suit for the
enforcement of any such payment on or after the maturity thereof, (2) reduce the aforesaid percentage of holders of the Outstanding Securities whose consent is required for the execution of such supplemental indenture, or the consent of the
holders of which is required for any waiver provided for in the Indenture or (3) change the time of payment. It is also provided in the Indenture that the holders of a majority in principal amount of the Notes may waive (a) compliance by
Chevron with the covenants contained in Article Four of the Indenture with respect to the Notes and (b) any past or existing Event of Default with respect to the Notes and its consequences except a continuing default in the payment of the
principal of or interest on the Notes or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the registered owner of the Note so affected. 

Prior to November 5, 2017, the Notes shall be subject to redemption, at the option of Chevron, in whole or in part, at any time at a
redemption price equal to the greater of (a) 100% of the principal amount of the Notes being redeemed and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including the portion of
any such payments of interest accrued as of the redemption date), discounted to the redemption date on a semiannual basis, calculated assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate, plus interest accrued on
the Notes being redeemed to the redemption date. On or after November 5, 2017, the Notes shall be subject to redemption, at the option of Chevron, in whole or in part, at any time at a redemption price equal to 100% of the principal amount of
the Notes being redeemed plus interest accrued on the Notes being redeemed to the redemption date. The “Adjusted Treasury Rate” is to be determined on the third Business Day preceding the redemption date and means (1) the arithmetic
mean of the yields under the heading “Week Ending” published in the Statistical Release (hereinafter defined) most recently published prior to the date of determination under the caption “Treasury Constant Maturities” for the
maturity (rounded to the nearest month) corresponding to the remaining term, as of the applicable redemption date, of the Notes being redeemed plus (2) 0.075%. If no maturity set forth under such heading exactly corresponds to the remaining
term of the Notes being redeemed, yields for the two published maturities most closely corresponding to the remaining term of the Notes being redeemed will be calculated as described in the preceding sentence, and the Adjusted Treasury Rate will be
interpolated or extrapolated from such yields on a straight-line basis, rounding each of the relevant period to the nearest month. The term “Statistical Release” means the statistical release designation “H.15(519)” or any
successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively-traded United States government securities adjusted to constant maturities, or, if such statistical release is not published at
the time of any determination under the terms of the Notes, then such other reasonably comparable index as Chevron shall designate. As provided in the Indenture, notice of redemption shall be given to the registered owners of Notes to be redeemed by
mailing a notice of such redemption not less than 30 nor more than 60 days prior to the date fixed for redemption, to their addresses as they appear on the register books. 
 If an Event of Default (as that term is defined in the Indenture) shall occur, the principal of all Notes and the interest accrued thereon may be declared due and payable upon the conditions, in the
manner and with the effect provided in the Indenture. The Indenture provides that in certain events such declaration and its consequences may be waived by the holders of a majority in aggregate principal amount of the Notes then Outstanding.

 The Notes are issuable in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
Notes may be exchanged for a like aggregate amount of Notes of other authorized denominations as provided in the Indenture. This Note is transferable at the office of the Trustee by the registered owner hereof in person, or by such registered
owner’s attorney duly authorized in writing, on the books of Chevron at said office, but only in the manner, subject to the limitations and upon payment of the charges provided in the Indenture, and upon surrender and cancellation of this Note.
Upon such transfer a new fully registered Note or Notes of authorized denomination or denominations, for the same aggregate principal amount will be issued to the transferee in exchange herefor. 

Chevron, the Trustee and any agent of Chevron or the Trustee and any paying agent may treat the registered owner hereof as the absolute
owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than Chevron or the Trustee) for the purpose of receiving payment hereof or on account hereof
and for all other purposes, and none of Chevron, the Trustee or any such agent shall be affected by notice to the contrary. 

THIS NOTE AND THE OBLIGATIONS OF CHEVRON IN RESPECT HEREOF ARE GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. 
 No recourse shall be had for the payment of the principal of or the interest on this Note or for any claim
based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of Chevron or of any
successor of Chevron, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released. 

  
 A-2

 Exhibit B 
  

			
	$500,000,000	  	CUSIP: 166764 AB6
	N-1	  	ISIN: US166764AB69

 CHEVRON CORPORATION 
 2.355% NOTE DUE 2022 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York Corporation (“DTC”), to Chevron Corporation or its agent for registration of transfer, exchange or payment and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co., or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

CHEVRON CORPORATION (herein referred to as “Chevron”), a corporation duly organized and existing under the laws of the State of
Delaware, for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Five Hundred Million Dollars ($500,000,000) on December 5, 2022 in lawful money of the United States of America and to pay
interest (computed on the basis of a 360-day year of twelve 30-day months) thereon in like money from December 5, 2012 or from the most recent Interest Payment Date (hereinafter defined) to which interest has been paid or duly provided for
until payment of such principal sum, at the rate of 2.355% per annum, payable on each June 5 and December 5, commencing June 5, 2013 (the “Interest Payment Dates”). 

The principal hereof is payable upon presentation and surrender of this Note at the principal office of Wells Fargo Bank, National
Association, as Trustee (herein called the “Trustee”). Interest on this Note may be payable by check or draft mailed to the person in whose name this Note is registered at the close of business on the Record Date for such interest payment
at such person’s address as it appears on the registration books of the Trustee. The Record Date for the Notes is the date which is 15 days prior to the relevant Interest Payment Date. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF FULLY SET FORTH AT THIS
PLACE. 
 This Note shall not be entitled to any benefit under the Indenture (hereinafter defined), or become valid or
obligatory for any purpose, until the Certificate of Authentication hereon endorsed shall have been executed by manual signature by the Trustee. 
 IN WITNESS WHEREOF, CHEVRON CORPORATION has caused this Note to be signed by its Assistant Treasurer manually or in facsimile and its corporate seal to be imprinted hereon and attested by the manual or
facsimile signature of its Secretary or an Assistant Secretary. 
 Dated: December 5, 2012 

 

			
	CHEVRON CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
	Attest:	 	  
	  	
		 	Assistant Secretary	  	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities, of the Series designated 
 herein, described in the within-mentioned
Indenture. 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 

 

			
	By:	 	  

		 	Authorized Signatory

  
 B-1

 CHEVRON CORPORATION 
 2.355% NOTE DUE 2022 
 This Note is one of a duly authorized issue of securities
of Chevron, not limited in aggregate principal amount, all issued or to be issued in one or more series of varying dates, numbers, interest rates and other provisions, under an Indenture dated as of June 15, 1995, as amended by the Third
Supplemental Indenture dated as of December 5, 2012 (such indenture as so amended being herein referred to as the “Indenture”) each being between Chevron and the Trustee. This Note is one of a series of Notes designated as its
“2.355% Notes Due 2022” aggregating $2,000,000,000 in principal amount (herein called the “Notes”). 

Reference is hereby made to the Indenture and all indentures supplemental thereto for a description of the rights, obligations, duties
and immunities thereunder of Chevron, the Trustee and the holders of the Notes, to all of the provisions of which Indenture the registered owner of this Note, by acceptance hereof, assents and agrees. The Indenture contains provisions permitting
Chevron and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities (which term is defined in the Indenture as any security or securities of Chevron, authenticated and delivered under
the Indenture) at the time Outstanding (as defined in the Indenture) and affected by such supplemental indenture, to execute one or more supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of such Securities; provided, however, that no such supplemental indenture shall, without the consent of the holder of each
Outstanding Security (including the Notes) affected thereby: (1) change the fixed maturity or redemption date of any Note, or reduce the rate of interest on any Note or the method of determining such rate of interest or extend the time of
payment of interest, or reduce the principal amount thereof, or reduce any premium payable on the redemption thereof, or change the coin or currency in which the Notes or the interest thereon is payable or impair the right to institute suit for the
enforcement of any such payment on or after the maturity thereof, (2) reduce the aforesaid percentage of holders of the Outstanding Securities whose consent is required for the execution of such supplemental indenture, or the consent of the
holders of which is required for any waiver provided for in the Indenture or (3) change the time of payment. It is also provided in the Indenture that the holders of a majority in principal amount of the Notes may waive (a) compliance by
Chevron with the covenants contained in Article Four of the Indenture with respect to the Notes and (b) any past or existing Event of Default with respect to the Notes and its consequences except a continuing default in the payment of the
principal of or interest on the Notes or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the registered owner of the Note so affected. 

Prior to September 5, 2022, the Notes shall be subject to redemption, at the option of Chevron, in whole or in part, at any time at
a redemption price equal to the greater of (a) 100% of the principal amount of the Notes being redeemed and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including the portion
of any such payments of interest accrued as of the redemption date), discounted to the redemption date on a semiannual basis, calculated assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate, plus interest accrued
on the Notes being redeemed to the redemption date. On or after September 5, 2022, the Notes shall be subject to redemption, at the option of Chevron, in whole or in part, at any time at a redemption price equal to 100% of the principal amount
of the Notes being redeemed plus interest accrued on the Notes being redeemed to the redemption date. The “Adjusted Treasury Rate” is to be determined on the third Business Day preceding the redemption date and means (1) the
arithmetic mean of the yields under the heading “Week Ending” published in the Statistical Release (hereinafter defined) most recently published prior to the date of determination under the caption “Treasury Constant Maturities”
for the maturity (rounded to the nearest month) corresponding to the remaining term, as of the applicable redemption date, of the Notes being redeemed plus (2) 0.120%. If no maturity set forth under such heading exactly corresponds to the
remaining term of the Notes being redeemed, yields for the two published maturities most closely corresponding to the remaining term of the Notes being redeemed will be calculated as described in the preceding sentence, and the Adjusted Treasury
Rate will be interpolated or extrapolated from such yields on a straight-line basis, rounding each of the relevant period to the nearest month. The term “Statistical Release” means the statistical release designation “H.15(519)”
or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively-traded United States government securities adjusted to constant maturities, or, if such statistical release is not
published at the time of any determination under the terms of the Notes, then such other reasonably comparable index as Chevron shall designate. As provided in the Indenture, notice of redemption shall be given to the registered owners of Notes to
be redeemed by mailing a notice of such redemption not less than 30 nor more than 60 days prior to the date fixed for redemption, to their addresses as they appear on the register books. 

If an Event of Default (as that term is defined in the Indenture) shall occur, the principal of all Notes and the interest accrued
thereon may be declared due and payable upon the conditions, in the manner and with the effect provided in the Indenture. The Indenture provides that in certain events such declaration and its consequences may be waived by the holders of a majority
in aggregate principal amount of the Notes then Outstanding. 
 The Notes are issuable in registered form in denominations of
$2,000 and integral multiples of $1,000 in excess thereof. Notes may be exchanged for a like aggregate amount of Notes of other authorized denominations as provided in the Indenture. This Note is transferable at the office of the Trustee by the
registered owner hereof in person, or by such registered owner’s attorney duly authorized in writing, on the books of Chevron at said office, but only in the manner, subject to the limitations and upon payment of the charges provided in the
Indenture, and upon surrender and cancellation of this Note. Upon such transfer a new fully registered Note or Notes of authorized denomination or denominations, for the same aggregate principal amount will be issued to the transferee in exchange
herefor. 
 Chevron, the Trustee and any agent of Chevron or the Trustee and any paying agent may treat the registered owner
hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than Chevron or the Trustee) for the purpose of receiving payment hereof
or on account hereof and for all other purposes, and none of Chevron, the Trustee or any such agent shall be affected by notice to the contrary. 
 THIS NOTE AND THE OBLIGATIONS OF CHEVRON IN RESPECT HEREOF ARE GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

No recourse shall be had for the payment of the principal of or the interest on this Note or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of Chevron or of any successor of Chevron, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and
released. 

  
 B-2

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