Document:

Exhibit

Exhibit 4.4

DESCRIPTION OF SECURITIES 
REGISTERED UNDER SECTION 12 OF THE 
EXCHANGE ACT

Chevron Corporation (“Chevron” or “our”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our Common Stock.
Description of Common Stock
The following description of our Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Restated Certificate of Incorporation (the “Certificate of Incorporation”) and our Amended and Restated Bylaws (the “Bylaws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K, of which this Exhibit is a part. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the Delaware General Corporation Law, including Section 203 thereof, for additional information. 
Authorized Shares of Capital Stock
Our authorized capital stock consists of 6,000,000,000 shares of common stock, $0.75 par value per share (“Common Stock”), and 100,000,000 shares of preferred stock, $1.00 par value per share (“Preferred Stock”). The outstanding shares of our Common Stock are duly authorized, validly issued, fully paid, and nonassessable.
Voting Rights
Holders of Common Stock are entitled to one vote per share on all matters voted on by the stockholders, including the election of directors. Our Common Stock does not have cumulative voting rights.
Dividend Rights
Subject to the rights of holders of outstanding shares of Preferred Stock, if any, the holders of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by the Board of Directors in its discretion out of funds legally available for the payment of dividends.
Liquidation Rights
Subject to any preferential rights of outstanding shares of Preferred Stock, holders of Common Stock will share ratably in all assets legally available for distribution to our stockholders in the event of dissolution.
Other Rights and Preferences
Our Common Stock has no sinking fund or redemption provisions or preemptive, conversion, or exchange rights. Special meetings of stockholders may be called by stockholders owning 15% of the shares of Common Stock then outstanding and entitled to vote at the meeting. Any action which may be taken by our stockholders at an annual or special meeting and which requires the approval of at least a majority of the voting power of the Chevron securities present at such meeting and entitled to vote on such action, or the shares of Common Stock present at such meeting, may not be effected except at such an annual or special meeting by the vote required for the taking of such action. Under this provision, stockholders are prohibited from taking certain actions by unanimous written consent in lieu of a meeting, including amending the Bylaws and removing directors, unless the Board of Directors waives this requirement. 

Certain Anti-Takeover Effects
Certain provisions of our Certificate of Incorporation and Bylaws may be deemed to have an anti-takeover effect.
Advance Notice Requirements for Stockholder Proposals and Director Nominations. Our Bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders and specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed.
Proxy Access for Director Nominations. Our Bylaws permit a stockholder or group of stockholders (up to 20) who have owned at least three percent of Chevron Common Stock for at least three years to submit director nominees (up to the greater of two nominees or 20 percent of the Board) for inclusion in our Proxy Statement; provided that the nominating stockholder(s) have satisfied the requirements specified in our Bylaws.
Additional Authorized Shares of Capital Stock. The additional shares of authorized Common Stock and Preferred Stock available for issuance under our Certificate of Incorporation, including shares of our Series A Participating Preferred Stock, could be issued at such times, under such circumstances, and with such terms and conditions as to impede a change in control.
Change in Control Benefit Protection.  Our Bylaws provide that Chevron and one or more of its subsidiaries may maintain benefit plans that provide for payments or other benefits or protections conditioned party or solely upon the occurrence of a change in control, that Chevron shall cause any surviving corporation to assume any such obligations of such benefit plans and make effective provision therefore, and that such benefit plans shall not be amended except in accordance with their terms.
Prohibition on Actions by Unanimous Written Consent. As described in “Other Rights and Actions” above, our Certificate of Incorporation provides that certain stockholder actions may not be effected except at an annual or special meeting by the vote required for the taking of such action.
Transfer Agent and Registrar
Computershare is the transfer agent and registrar for our Common Stock.
Listing
Our Common Stock is traded on The New York Stock Exchange under the trading symbol “CVX.”Exhibit

Exhibit 10.7

SUMMARY OF CHEVRON INCENTIVE PLAN AWARD CRITERIA 
The Chevron Incentive Plan (“CIP”) is designed to recognize annual performance achievement. Annual operating and financial results figure prominently into this assessment, along with demonstrated progress on key business initiatives. Individual leadership is also recognized through this award. The award is delivered as an annual cash bonus based on a percentage of each participant’s base salary. Participants include Chevron’s named executive officers (“NEOs”). The CIP award for years beginning January 1, 2020, is calculated as follows: 
	
			
	 
	 
	 

	Corporate Performance
Rating
	X
	Individual Bonus Component
(salary x individual bonus percentage)

The Management Compensation Committee of the Board of Directors (the “Committee”) has capped the CIP award at 200 percent of target for each pay grade.
Corporate Performance Rating. After the end of the performance year, the Committee sets the Corporate Performance Rating. This rating reflects the Committee’s overall assessment of Chevron’s performance for that year, based on a range of measures used to evaluate performance against business plan (“Plan”) in four broad categories, which are weighted: financials; capital management; operating performance; and health, environmental and safety. When determining the Corporate Performance Rating, the Committee may apply discretion when assessing Chevron’s absolute performance against Plan and Chevron’s performance relative to competitors. The minimum Corporate Performance Rating is zero and the maximum is 200 percent.   
Individual Bonus Component: The Individual Bonus Component is determined by multiplying a NEOs salary by a bonus percentage, as determined by the Committee and described further below:
		
	•
	Before the beginning of each performance year, for each NEO, the Committee establishes a target   as a percentage of the NEO’s base salary, which is set with reference to target opportunities found across Chevron’s Oil Industry Peer Group.  The Committee then establishes an individual opportunity range (“Individual Opportunity Range”), which for the 2020 performance year, the Committee set as 75 to 125 percent of the target. All CIP participants in the same salary grade have the same target and Individual Opportunity Range, which provides for internal equity and consistency. 

		
	•
	At the end of the performance period, the Committee determines the Individual Bonus Component for each NEO by selecting a percentage within such NEO’s Individual Opportunity Range based on an assessment of individual performance. In making this assessment, the Committee uses its judgment in analyzing the individual performance of each NEO, his or her enterprise and business unit leadership, and how the business units reporting to the NEO performed. Under extraordinary circumstances, the bonus percentage may be adjusted upward or downward, including to zero percent, for a particular performance year for any CIP participant at the sole discretion of the Committee.  

Chevron’s chief executive officer makes recommendations to the Committee as to the target for each of our other NEOs. The MCC makes a recommendation to the independent Directors of the Board of Directors as to the target for Chevron’s chief executive officer.
Additional information concerning the CIP, the annual CIP awards for each of Chevron’s NEOs and our Oil Industry Peer Group can be found in Chevron’s annual Proxy Statement.Exhibit

Exhibit 10.13
	
			
	 
	Chevron Corporation
Long-Term Incentive Plan Award
Stock Appreciation Rights
	

		
	1.
	NOTICE OF STOCK APPRECIATION RIGHTS AWARD.  

You have been granted Stock Appreciation Rights, subject to the terms and conditions of the Long-Term Incentive Plan (“Plan”) and this Award agreement. By accepting this Stock Appreciation Rights Award, you agree to all terms and conditions of the Plan, its Rules, and any provisions within this agreement. In the event of any conflict between the provisions of this agreement and the terms of the Plan or Rules, the terms of the Plan and/or Rules shall govern. Defined terms that are not defined herein shall have the meaning ascribed to them in the Plan or Rules. For a copy of the plan documents, go to the Executive Plans website, the Global Executive Plans website, or contact the Executive Compensation Group at [email address] or [phone number]. 
1.1  NAME OF EMPLOYEE: 
1.2  GRANT DATE:  
1.3  NUMBER OF STOCK APPRECIATION RIGHTS GRANTED: 
1.4  EXERCISE PRICE PER SHARE:  
1.5  VESTING SCHEDULE. Subject to the Participant’s continued service on each vesting date, the Stock Appreciation Rights Award shall vest as follows:  
(i)One third (1/3) of the Stock Appreciation Rights Award shall vest on [DATE]
(ii)One third (1/3) of the Stock Appreciation Rights Award shall vest on [DATE]
(iii)The remaining one third (1/3) of the Stock Appreciation Rights Award shall vest on [DATE]
1.6  EXPIRATION DATE: Unless otherwise described herein and provided you remain employed by the Corporation, your vested Stock Appreciation Rights may be exercised until [DATE], the tenth anniversary of the Grant Date. If the expiration date falls on a day that the New York Stock Exchange (NYSE) is closed, Stock Appreciation Rights may be exercised only up until the last day that the NYSE is open immediately prior to the Expiration Date.
		
	2.
	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS AWARD.  

2.1  EFFECT OF TERMINATION ON VESTING AND EXERCISE PERIOD. Termination of employment impacts your Stock Appreciation Rights Award’s Vesting Schedule and Expiration Date. 
		
	a.
	Termination in a Non-European Union Payroll Country

If you are on a non-European Union country’s payroll at Termination of employment, your Stock Appreciation Rights Award is affected as follows. 
		
	i.
	If your employment Terminates prior to [DATE] of the year following the Grant Date, then all Stock Appreciation Rights will be forfeited as of your date of Termination.

		
	ii.
	If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination, you are at least age 65, have at least 90 points (sum of age and service at Termination), or have retired due to Mandatory Retirement, then one hundred percent (100%) of the Stock Appreciation Rights Award will vest as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the Expiration Date as described in Section 1.6.

		
	iii.
	If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination you are at least age 60 or have at least 75 points (sum of age and service at Termination, then a portion of the Stock Appreciation Rights Award will vest as follows: the vested portion of your Stock Appreciation Rights Award  is determined by multiplying the number of Stock Appreciation Rights granted by the number of completed months from the Grant Date to your termination date, up to a maximum of 36 months, divided by 36 months. The unvested portion of your Stock Appreciation Rights Award will be forfeited as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the earlier of the last day that the NYSE is open that is no more than five years after your Termination date or the Expiration Date as described in Section 1.6.

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	iv.
	If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination you are less than age 60 or have less than 75 points (sum of age and service at Termination), then the unvested portion of your Stock Appreciation Rights Award will be forfeited as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the earlier of the last day that the NYSE is open that is no more than 180 days after your termination date or the Expiration Date as described in Section 1.6.

		
	v.
	Notwithstanding the foregoing, one hundred percent (100%) of the Stock Appreciation Rights Award will vest if you Terminate employment after a Change in Control and are eligible for a severance pay benefit under the Chevron Corporation Change in Control Surplus Employee Severance Program for LTIP Eligible Participants in Salary Grades 43 and Below, as may be amended. The vested portion of your Stock Appreciation Rights Award will be exercisable until the Expiration Date as described in Section 1.6.

		
	b.
	Termination in a European Union Payroll1 Country

If you are on a European Union country’s payroll at Termination of employment, your Stock Appreciation Rights Award is affected as follows. 
		
	i.
	If your employment Terminates prior to [DATE] of the year following the Grant Date, then all Stock Appreciation Rights will be forfeited as of your date of Termination.

		
	ii.
	If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination, you have at least 30 years of service: Your Stock Appreciation Rights Award will continue to vest according to the Vesting Schedule as described under Section 1.5. The vested portion of your Stock Appreciation Rights Award will be exercisable until the Expiration Date as described in Section 1.6.

		
	iii.
	If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination you have at least 25 years of service but less than 30 years of service, then: the unvested Stock Appreciation Rights will be forfeited as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the earlier of, the last day that the NYSE is open that is no more than five years after your Termination date or the Expiration Date as described in Section 1.6. 

		
	iv.
	If your employment Terminates on or after [DATE] of the year following the Grant Date and if, upon Termination you have less than 25 years of service, then any unvested Stock Appreciation Rights are forfeited as of your date of Termination. The vested portion of your Stock Appreciation Rights Award will be exercisable until the earlier of the last day that the NYSE is open that is no more than 180 days after your termination date or, the Expiration Date as described in Section 1.6.

		
	v.
	Notwithstanding the foregoing, one hundred percent (100%) of the Stock Appreciation Rights Award will vest if you Terminate employment after a Change in Control and are eligible for a severance pay benefit under the Chevron Corporation Change in Control Surplus Employee Severance Program for LTIP Eligible Participants in Salary Grades 43 and Below, as may be amended. The vested portion of your Stock Appreciation Rights Award will be exercisable until the Expiration Date as described in Section 1.6. 

2.2  DISABILITY.  For purposes of the Vesting Schedule and the Expiration Date of your Stock Appreciation Rights Award, you are deemed to have Terminated upon the earlier of twenty-nine (29) months after the commencement of long-term disability benefits under a plan or program sponsored by the Corporation, or the date you fail to qualify, or no longer qualify for such long-term disability benefits, provided that you do not return to active employment with the Corporation at that time.
2.3  FAILURE TO EXERCISE. Unexercised Stock Appreciation Rights Awards will be forfeited upon the market close of the NYSE on the Expiration Date of the Grant.  
2.4  METHOD OF EXERCISE. You may exercise the vested portion of your Stock Appreciation Rights Award under the SAR exercise method. For more information, please refer to “Exercise Choices and Examples” on the Global Executive Plans website. 
2.5  NO DEFERRAL. You may not defer payment of proceeds as a result of the exercise of your Stock Appreciation Rights Award.

	
	
	 

 1 As defined in the LTIP Rules as of the date of termination.

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2.6  MISCONDUCT.  Stock Appreciation Rights Awards may be forfeited for Misconduct as defined in the Plan, and the Corporation may demand repayment of amounts received upon exercise on or after the date of the Misconduct. See the terms of the Plan for additional information. 
2.7  TAXATION.  You are responsible for all taxes with respect to the Stock Appreciation Rights Award. The Corporation makes no guarantees regarding the tax treatment of your Award and the tax consequences of Stock Appreciation Rights Awards vary, and depending on the country’s laws that govern this Stock Appreciation Rights Award, taxation can be triggered upon events such as the grant, vest, and/or exercise of such Stock Appreciation Rights Award. Consult the prospectus or prospectus supplement and your tax advisor for more information regarding the tax consequences of your Stock Appreciation Rights Award. For a copy of the prospectus or prospectus supplement, go to Executive Plans website or the Global Executive Plans website.
2.8  ADJUSTMENTS.  In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, reclassification, merger, consolidation, or other similar corporate change, the number of Stock Appreciation Rights and the Exercise Price of the Stock Appreciation Rights Award under this agreement shall be adjusted, as appropriate. 
2.9  NON-TRANSFERABILITY OF AWARD.  You are not permitted to sell, transfer, pledge, assign or encumber this Stock Appreciation Rights Award during your lifetime. Notwithstanding the foregoing, this Stock Appreciation Rights Award may be transferred or assigned after your death to your beneficiary. 
2.10  BENEFICIARY DESIGNATION.  You may designate a beneficiary for your Stock Appreciation Rights Award on the Benefit Connection website. Benefit Connection can be accessed on the Chevron U.S. Benefits website [WEBSITE LINK]. Non-U.S. payroll employees may download a Beneficiary Designation form from the Global Executive Plans website.
2.11  NO RIGHT TO CONTINUED EMPLOYMENT.  The granting of the Stock Appreciation Rights Award shall impose no obligation on the Corporation or its affiliate to continue your employment.
2.12  RIGHTS AS A STOCKHOLDER.  You will have none of the rights of a stockholder of the Corporation with respect to the Stock Appreciation Rights Award.
2.13  AMENDMENT.  This Award agreement may not be altered, modified or amended except by written instrument signed by both parties and in accordance with the terms of the Plan.

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