Document:

Exhibit

Exhibit 10.1

AMENDMENT NUMBER ONE
TO THE CHEVRON CORPORATION
NON-EMPLOYEE DIRECTORS’ EQUITY COMPENSATION AND
DEFERRAL PLAN

WHEREAS, Chevron Corporation (the “Corporation”) maintains the Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral Plan (the “Plan”); and
WHEREAS, pursuant to Section XII.(a) of the Plan, the Board of Directors of the Corporation (the “Board”) has the authority to amend the Plan; and
WHEREAS, the Board desires to amend the Plan to increase the number of shares subject to the Plan.
NOW THEREFORE, be it resolved, the Plan is hereby amended, effective May 25, 2016, as follows:
		
	1.
	Section IV.(b) of the Plan is hereby amended in its entirety to read as follows:

“(b)    Shares Subject to the Plan.  The maximum number of Shares for which Awards may be granted under the Plan is 1,600,000 Shares, which includes Shares previously authorized under this Plan on March 26, 2003.  The limitation as to the maximum number of Shares set forth in this Section IV.(b) shall be subject to adjustment as provided in Section X.”
		
	2.
	Section IV(e) of the Plan is hereby added:

“(e)    Annual Award Limits.  The maximum number of Shares with respect to which any Options, Stock Units or Restricted Stock Award may be granted to any Non-Employee Director in any calendar year shall be 40,000 Shares, subject to adjustments made in accordance with Section X. hereof, or the cash equivalent thereof to the extent such Awards are payable in cash or property.
*    *    *
Date:  March 30, 2016
 By:    /s/ Ronald D. Sugar    
Ronald D. Sugar, Lead Director
Chevron CorporationEX-10.1

 Exhibit 10.1 

TIMKENSTEEL Corporation 

Director Deferred Shares Agreement 

WHEREAS,                     
(“Grantee”) is a Nonemployee Director of TimkenSteel Corporation (the “Company”); and 
 WHEREAS, the grant of Deferred
Shares evidenced hereby was authorized by a resolution of the Board of Directors that was duly adopted on April 28, 2016 (the “Date of Grant”), and the execution of a Director Deferred Shares Agreement in the form hereof (this
“Agreement”) was authorized by a resolution of the Board of Directors duly adopted on April 28, 2016. 
 NOW, THEREFORE, pursuant
to the Company’s Amended and Restated 2014 Equity and Incentive Compensation Plan (the “Plan”) and subject to the terms and conditions thereof, in addition to the terms and conditions of this Agreement, the Company confirms to Grantee
the grant of the right to receive (1)                      Common Shares (the “Deferred Shares”) and (2) dividend equivalents
payable in cash on a deferred basis (the “Deferred Cash Dividends”) with respect to the Common Shares covered by this Agreement. All terms used in this Agreement with initial capital letters that are defined in the Plan and not
otherwise defined herein shall have the meanings assigned to them in the Plan. 
  

	1.	General Vesting of Award. 

  

	 	(a)	Normal Vesting:  Subject to the terms and conditions of Sections 2 and 3 hereof, Grantee’s right to receive the Common Shares covered by this Agreement and any Deferred Cash Dividends accumulated
with respect thereto shall become nonforfeitable on the first anniversary of the Date of Grant if Grantee has been in continuous service to the Company as a Nonemployee Director from the Date of Grant until the date of said first anniversary.

  

	 	(b)	For purposes of this Agreement, Grantee’s continuous service to the Company as a Nonemployee Director shall not be deemed to have been interrupted, and Grantee shall not be deemed to have ceased serving the Company
as a Nonemployee Director, by reason of any commencement of employment with the Company or its Subsidiaries. 

  

	2.	Alternative Vesting of Award. 

 Notwithstanding the provisions of Section 1 hereof, and
subject to the payment provisions of Section 5 hereof, Grantee’s right to receive the Common Shares covered by this Agreement and any Deferred Cash Dividends then accumulated with respect thereto may become nonforfeitable if any of the
following circumstances apply: 
  

	 	(a)	Death or Disability:    Grantee’s right to receive the Common Shares covered by this Agreement and any Deferred Cash Dividends then accumulated with respect thereto shall immediately
become nonforfeitable if Grantee should die or become permanently disabled while in continuous service to the Company as a Nonemployee Director. For purposes of this agreement, “permanently disabled” shall mean the Grantee is
“disabled” within the meaning of Section 409A(a)(2)(C) of the Code. 

  

	 	(b)	 Involuntary Termination of Service:  If Grantee’s continuous service to the Company as a
Nonemployee Director terminates for any reason other than Cause (and Section 2(c) does not apply), then a number of Common Shares covered by this Agreement (and any 

	 	 
Deferred Cash Dividends then accumulated with respect to such number of Common Shares) shall immediately become nonforfeitable with respect to the Grantee, with such number being equal to the
product of (i) the number of Common Shares that would have become nonforfeitable in accordance with the terms and conditions of Section 1(a) if Grantee had remained in continuous service to the Company as a Nonemployee Director from the Date of
Grant until the first anniversary of the Date of Grant, multiplied by (ii) a fraction (in no case greater than 1) the numerator of which is the number of whole months from the Date of Grant through the date of such termination of service and the
denominator of which is 12. 

  

	 	(c)	Change in Control: 

  

	 	(i)	Upon a Change in Control occurring during the one-year period described in Section 1(a) above while Grantee is in continuous service to the Company as a Nonemployee Director, to the extent the Common Shares covered by
this Agreement and any Deferred Cash Dividends accumulated with respect thereto have not been forfeited, the Common Shares covered by this Agreement and any Deferred Cash Dividends accumulated with respect thereto shall immediately become
nonforfeitable (except to the extent that a Replacement Award is provided to Grantee for such Common Shares and Deferred Cash Dividends). 

  

	 	(ii)	For purposes of this Agreement, a “Replacement Award” means an award (A) of service-based deferred shares, (B) that has a value at least equal to the value of the Common Shares covered by this Agreement and
any Deferred Cash Dividends accumulated with respect thereto, (C) that relates to publicly traded equity securities of the Company or its successor in the Change in Control (or another entity that is affiliated with the Company or its successor
following the Change in Control), (D) the tax consequences of which, under the Code, if Grantee is subject to U.S. federal income tax under the Code, are not less favorable to Grantee than the tax consequences of the Common Shares covered by this
Agreement and any Deferred Cash Dividends accumulated with respect thereto, (E) that vests in full upon a termination of Grantee’s service as a Nonemployee Director to the Company or its successor in the Change in Control (as applicable, the
“Successor”) due to Grantee’s death or disability or without Cause by such Successor, and (F) the other terms and conditions of which are not less favorable to Grantee than the terms and conditions of the Common Shares covered by this
Agreement and any Deferred Cash Dividends then accumulated with respect thereto (including the provisions that would apply in the event of a subsequent Change in Control). A Replacement Award may be granted only to the extent it conforms to the
requirements of Treasury Regulation 1.409A-3(i)(5)(iv)(B) or otherwise does not result in the Common Shares covered by this Agreement and any Deferred Cash Dividends then accumulated with respect thereto, or Replacement Award, failing to comply with
or be exempt from Section 409A of the Code. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Common Shares covered by this Agreement and any Deferred Cash Dividends then accumulated
with respect thereto if the requirements of the preceding sentence are satisfied. The determination of whether the conditions of this Section 2(c)(ii) are satisfied will be made by the Committee, as constituted immediately before the Change in
Control, in its sole discretion. 

	 	(iii)	For purposes of Section 2(c)(ii), “Cause” will be defined not less favorably with respect to Grantee than: any intentional act of fraud, embezzlement or theft in connection with the Grantee’s duties
with the Successor, any intentional wrongful disclosure of secret processes or confidential information of the Successor, or any intentional wrongful engagement in any competitive activity that would constitute a material breach of Grantee’s
duty of loyalty to the Successor, and no act, or failure to act, on the part of Grantee shall be deemed “intentional” unless done or omitted to be done by Grantee not in good faith and without reasonable belief that Grantee’s action
or omission was in or not opposed to the best interest of the Successor. 

  

	 	(iv)	If a Replacement Award is provided, notwithstanding anything in this Agreement to the contrary, any outstanding Common Shares covered by this Agreement and any Deferred Cash Dividends then accumulated with respect
thereto which at the time of the Change in Control are not subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of the Code) will be deemed to be nonforfeitable at the time of such Change in Control.

  

	3.	Forfeiture of Awards.  Grantee’s right to receive the Common Shares covered by this Agreement and any Deferred Cash Dividends accumulated with respect thereto shall be forfeited automatically and
without further notice on the date that Grantee ceases to be in continuous service to the Company as a Nonemployee Director prior to the first anniversary of the Date of Grant for any reason other than as described in Sections 1 or 2 hereof. In
the event that Grantee shall intentionally commit an act that the Committee determines to be materially adverse to the interests of the Company or a Subsidiary, Grantee’s right to receive the Common Shares covered by this Agreement and any
Deferred Cash Dividends accumulated with respect thereto shall be forfeited at the time of that determination notwithstanding any other provision of this Agreement to the contrary. 

 

	4.	Crediting of Deferred Cash Dividends.  With respect to each of the Common Shares covered by this Agreement, Grantee shall be credited on the records of the Company with Deferred Cash Dividends in an
amount equal to the amount per share of any cash dividends declared by the Board on the outstanding Common Shares during the period beginning on the Date of Grant and ending on the date on which Grantee receives payment of the Common Shares covered
by this Agreement pursuant to Section 5 hereof or at the time when the Common Shares covered by this Agreement are forfeited in accordance with Section 3 of this Agreement. The Deferred Cash Dividends shall accumulate without interest.

  

	5.	Payment of Awards. 

  

	 	(a)	General:  Subject to Section 3 and Section 5(b), payment for the Common Shares covered by this Agreement that are nonforfeitable and any Deferred Cash Dividends accumulated with respect thereto will be
made within 10 days following the first anniversary of the Date of Grant. 

  

	 	(b)	Other Payment Events:  Notwithstanding Section 5(a), to the extent that the Common Shares covered by this Agreement are nonforfeitable on the dates set forth below, payment with respect to the Common
Shares covered by this Agreement that have become nonforfeitable and any Deferred Cash Dividends accumulated with respect thereto will be made as follows: 

	 	(i)	Change in Control.  Upon a Change in Control, Grantee is entitled to receive payment for the Common Shares covered by this Agreement that are nonforfeitable and any Deferred Cash Dividends accumulated
with respect thereto on the date of the Change in Control; provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations
thereunder, and where Section 409A of the Code applies to such distribution, Grantee is entitled to receive the corresponding payment on the date that would have otherwise applied pursuant to Sections 5(a) or 5(b)(ii) as though such Change in
Control had not occurred. 

  

	 	(ii)	Death or Disability.  On the date of Grantee’s death or the date Grantee becomes permanently disabled (as defined in Section 2(a)), Grantee is entitled to receive payment for the Common Shares
covered by this Agreement that are nonforfeitable and any Deferred Cash Dividends accumulated with respect thereto on such date. 

  

	6.	Compliance with Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of
this Agreement, the Company shall not be obligated to issue any of the Common Shares covered by this Agreement or pay any Deferred Cash Dividends accumulated with respect thereto if the issuance or payment thereof would result in violation of any
such law. To the extent that the Ohio Securities Act shall be applicable to this Agreement, the Company shall not be obligated to issue any of the Common Shares or other securities covered by this Agreement or pay any Deferred Cash Dividends
accumulated with respect thereto unless such Common Shares and Deferred Cash Dividends are (a) exempt from registration thereunder, (b) the subject of a transaction that is exempt from compliance therewith, (c) registered by description or
qualification thereunder or (d) the subject of a transaction that shall have been registered by description thereunder. 

  

	7.	Transferability.  Neither Grantee’s right to receive the Common Shares covered by this Agreement nor Grantee’s right to receive any Deferred Cash Dividends shall be transferable by Grantee
except by will or the laws of descent and distribution. Any purported transfer in violation of this Section 7 shall be null and void, and the purported transferee shall obtain no rights with respect to such Common Shares. 

 

	8.	Compliance with or Exemption from Section 409A of the Code.  To the extent applicable, it is intended that this Agreement and the Plan comply with or be exempt from the provisions of Section 409A
of the Code. This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause the Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force and effect until
amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by the Company without the consent of Grantee). 

 

	9.	 Adjustments.  Subject to Section 14 of the Plan, the Committee shall make any adjustments in the
number or kind of shares of stock or other securities covered by this Agreement and in the other terms of this award that the Committee may determine to be equitably required to prevent any dilution or expansion of Grantee’s rights under this
Agreement that otherwise would result from any (a) stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) merger, consolidation, separation, reorganization or partial or
complete liquidation involving the Company or (c) other transaction or event having an effect similar to any of those referred to in subsection (a) or (b) herein. Furthermore, in the event that any transaction or event described or referred to
in the immediately preceding sentence shall occur, the Committee shall provide in substitution of any or all of Grantee’s rights under this Agreement 

	 	 
such alternative consideration as the Committee may determine in good faith to be equitable under the circumstances. 

 

	10.	Withholding Taxes.  To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with any delivery of Common Shares to Grantee, and the amounts available
to the Company for such withholding are insufficient, it shall be a condition to the receipt of such delivery that Grantee make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld. Grantee
may elect that all or any part of such withholding requirement be satisfied by retention by the Company of a portion of the Common Shares delivered to Grantee. If such election is made, the shares so retained shall be credited against such
withholding requirement based on fair market value on the date of such delivery. 

  

	11.	No Right to Future Awards.  This award is a voluntary, discretionary bonus being made on a one-time basis and it does not constitute a commitment to make any future awards. 

 

	12.	Relation to Other Benefits.  Any economic or other benefit to Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to which Grantee may be entitled under
any profit-sharing, retirement or other benefit or compensation plan maintained by the Company and shall not affect the amount of any life insurance coverage available to any beneficiary under any life
insurance plan of the Company or a Subsidiary. 

  

	13.	Processing of Information.  Information about Grantee and Grantee’s award of Common Shares and Deferred Cash Dividends may be collected, recorded and held, used and disclosed for any purpose
related to the administration of the award. Grantee understands that such processing of this information may need to be carried out by the Company and its Subsidiaries and by third party administrators whether such persons are located within
Grantee’s country or elsewhere, including the United States of America. Grantee consents to the processing of information relating to Grantee and Grantee’s receipt of the Common Shares and Deferred Cash Dividends in any one or more of the
ways referred to above. 

  

	14.	Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that subject to the
provisions of Section 8 hereof no amendment shall adversely affect the rights of Grantee with respect to either the Common Shares or other securities covered by this Agreement or the Deferred Cash Dividends without Grantee’s consent.

  

	15.	Severability.  If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid or unenforceable, the remainder of this Agreement and the
application of such provision in any other person or circumstances shall not be affected, and the provisions so held to be invalid or unenforceable shall be reformed to the extent (and only to the extent) necessary to make it enforceable and valid.

  

	16.	Governing Law.  This Agreement is made under, and shall be construed in accordance with, the internal substantive laws of the State of Ohio. 

[SIGNATURES ON FOLLOWING PAGE] 

 This Agreement is executed by the Company on this        day
of                     , 2016. 
  

							
		 	 TIMKENSTEEL CORPORATION

				
		 	 By:
	 	  
	  	
		 		 	 Frank DiPiero
	  	
		 		 	 Executive Vice President, General
	  	
		 		 	 Counsel and Secretary
	  	

 The undersigned Grantee hereby acknowledges receipt of an executed original of this Agreement and accepts the
right to receive the Common Shares or other securities covered hereby and any Deferred Cash Dividends accumulated with respect thereto, subject to the terms and conditions of the Plan and the terms and conditions herein above set forth. 

 
  

							
		 		 	  
	 	
		 		 	Grantee	 	

  

							
		 	Date:

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