Item 5.02. Other Events; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
In determining to grant the Transformation Incentive Awards, the Committee considered the need to further align, focus and retain the senior leadership who are critical to the execution of transformative commitments over the pivotal upcoming three-year period. Consisting of 100% at-risk performance units, any potential future payouts under these awards are fully contingent upon achieving key financial and strategic metrics designed to position the Company at the forefront of the energy transition and effectively evolve the Company alongside the changing energy landscape.
The Transformation Incentive Awards cover the period from
The following table sets forth the target value of the Transformation Incentive Award granted to each of our named executive officers.
Executive Target Award Value ($)Lorenzo Simonelli $3,000,000 Brian Worrell $1,500,000 Maria Claudia Borras $1,500,000 Roderick Christie $1,500,000
The descriptions of the Transformation Incentive Awards are qualified in their entirety by the text of Form of Transformation Incentive Award Agreement.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit No. Description
10.1 Form of Transformation Incentive Award Agreement 101.SCH* Inline XBRL Schema Document 101.CAL* Inline XBRL Calculation Linkbase Document 101.LAB* Inline XBRL Label Linkbase Document 101.PRE* Inline XBRL Presentation Linkbase Document 101.DEF* Inline XBRL Definition Linkbase Document 104* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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