Restricted Unit Award Agreement

In the past, stock options were the vehicle of choice, but with scandals, misbehaviour and tax evasion issues, companies (from 2004) were able to consider other types of stock premiums that might be more effective in attracting and retaining talent. Soon, limited storage units, which were previously generally reserved for higher levels of management, were granted to all levels of staff worldwide. The employee «owns» the coach linked to the RSA on the grant date, but can still acquire it depending on the nature of the offer. These purchase quotas are the reason why RSAs are considered «limited.» RSUs give employees an interest in corporate actions, but they have no tangible value until the vesting is complete. A fair market value is assigned to restricted share units for Vestium. In the industry, they are considered income and a portion of the shares is withheld for the payment of income tax. The employee receives the remaining shares and can sell them at his own discretion. The Management Compensation Committee (the «Committee») has selected you for a special distinction for limited share units as part of Chevron Corporation`s Long-Term Incentive Plan (the «Plan»). The activated terms that are not defined in this agreement have the same meaning as the terms defined in Chevron Corporation`s long-term incentive plan, which are changed from time to time. This premium is subject to the plan and is subject to the following special conditions: 1. They have been securitized with limited share units xx,xxx on . Restrictions on limited inventory units are extinguished and 100% of units will be anniversary of the issue date.

In the case of DerVesting, limited share shares are taxable as ordinary income and are paid in shares. 2. No certificate of shares is issued at the time of the grant and you have no interest or interest in the company`s shares under this grant agreement. 3. To obtain full payment of this premium, you must remain with the Company through (the «Full Vesting Date»). The provisions of this paragraph apply only to this agreement on restricted units of action and replace the provisions of the plan relating to unqualified stock options and benefit participation provisions. 4. You have the right to obtain dividend equivalents for your limited share units (i.e. an amount equal to the dividends that should have been paid for limited share units if they had been shares of the company) until the respective shares of the limited shares were paid.