Chevron Corporation (NYSE:CVX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On December 4, 2018, the Board of Directors (the “Board”) of Chevron Corporation (“Chevron”) elected DebraReed‑Klages to the Board, effective December 4, 2018 (the “Effective Date.”) Ms.Reed‑Klages will also serve on the Management Compensation Committee and the Public Policy Committee of the Board, effective December 5, 2018.
On December 4, 2018, the Board also approved, to be granted on the Effective Date, a prorated grant of the annual restricted stock unit award granted to non-employee Directors under the Chevron Non-Employee Directors’ Equity Compensation and Deferral Plan (the “NED Plan.”) The number of restricted stock units to be received by Ms.Reed‑Klages shall be determined by multiplying $225,000 by a fraction, the numerator of which is the number of days remaining in the Annual Compensation Cycle (as defined in the NED Plan) beginning on the Effective Date and the denominator of which is the number of days in the Annual Compensation Cycle, and dividing that product by the closing Chevron common stock price on the Effective Date. Ms.Reed‑Klages will also be entitled to receive the annual cash retainer for non-employee Directors of $150,000, which will be prorated.
The press release announcing Ms. Reed-Klages’ election to the Board is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
Description |
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99.1 |
Chevron press release dated December 4, 2018
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CHEVRON CORP ExhibitEX-99.1 2 exhibit991reed-klages.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Debra Reed-Klages Elected to Chevron’s Board of DirectorsSAN RAMON,…To view the full exhibit click here
About Chevron Corporation (NYSE:CVX)
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream. The Upstream segment consists primarily of exploring for, developing and producing crude oil and natural gas; transporting crude oil by international oil export pipelines; transporting, storage and marketing of natural gas, and a gas-to-liquids plant. Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil and refined products; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car, and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.