Board Justification

The overall objective of our executive compensation program is to attract and retain management who will deliver long-term stockholder value in any business environment. Our compensation programs are designed with several important values and objectives in mind: Pay competitively across all salary grades and all geographies. Our target compensation is determined by benchmarking comparable positions at other companies of equivalent size, scale, complexity, capital intensity, and geographic footprint. We reference both Oil Industry Peers and Non-Oil Industry Peers in this analysis.

Board Justification

The Chevron Incentive Plan is designed to recognize annual performance achievements based on the MCC’s assessment of Company performance across four performance categories: Financial results, Capital & cost management, Operating & safety performance, and Lower carbon. The award is delivered as an annual cash payment based on an individual bonus component reflecting executive leadership and performance, multiplied by the Corporate Performance Rating.

Board Justification

ESIP Company Contributions, ESIP-RP Company Contributions, Perquisites, Financial Counseling, Motor Vehicles, Corporate Aircraft, Security, Security Surveillance Program, Executive Physical, Relocation, International Board Trip, Expatriate & Tax Equalization Benefits, Other

Board Justification

RSUs granted in 2019 (cliff vesting) RSUs granted in 2023 (ratable vesting) are valued by multiplying the number of units vested by the closing price of Chevron common stock on the vesting date, or, if the NYSE is not open on the vesting date, by the closing price on the last date prior to the vesting date that the NYSE is open.