Chevron said that, effective March 1, 2024, Michael K. Wirth's annual base salary will be raised by $50,000 to $1,900,000, Mark A. Nelson's by $75,000 to $1,275,000, and R. Hewitt Pate's by $50,000 to $1,150,000.

1. 01

   Chevron said that, effective March 1, 2024, Michael K. Wirth's annual base salary will be raised by $50,000 to $1,900,000, Mark A. Nelson's by $75,000 to $1,275,000, and R. Hewitt Pate's by $50,000 to $1,150,000.

2. 02

   The company said it made no change to Pierre R. Breber's annual base salary of $1,150,000 in anticipation of his retirement, and that Breber, who is retiring soon, will not receive an equity award for 2024.

3. 03

   The company said it approved, and ratified, equity award target values under the 2022 LTIP of $17,500,000 for Wirth, $5,593,500 for Nelson and $4,286,100 for Pate, with a grant date of February 6, 2024. It said each award consists of performance shares (50%), restricted stock units (25%) and stock options (25%).

4. 04

   The company said the payout multiplier for performance shares will be set over the 3-year performance period from January 1, 2024 to December 31, 2026, weighted 70% on relative TSR and 30% on relative ROCE Improvement.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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