8-KMaterial Agreements

EXXON MOBIL CORP 8-K Report, Material Agreement (Oct 12, 2006)

Filed October 12, 2006For Securities:XOM

Summary

This 8-K filing from Exxon Mobil Corporation (XOM), dated October 12, 2006, reports on the amendment and restatement of several executive compensation and retirement plans: the Supplemental Savings Plan, Supplemental Pension Plan, and Additional Payments Plan. These changes, effective October 10, 2006, were primarily made to comply with tax provisions introduced by the American Jobs Creation Act of 2004, along with other technical and conforming adjustments. Investors should note that these amendments primarily affect the structure and tax treatment of benefits within these specific plans, rather than signaling any immediate change in the company's operational performance or financial outlook. The filing is routine in nature, updating the terms of these plans to align with legislative changes. While not directly impacting core business operations or immediate shareholder returns, understanding these executive compensation adjustments can provide context on the company's approach to managing its executive workforce and their long-term incentives in light of regulatory requirements. Further details on the coverage and benefits of the Pension Plan were previously outlined in the company's 2006 Proxy Statement.

Key Highlights

  • 1Exxon Mobil Corporation amended and restated its Supplemental Savings Plan, Supplemental Pension Plan, and Additional Payments Plan on October 10, 2006.
  • 2The primary driver for these amendments was to incorporate changes resulting from tax provisions of the American Jobs Creation Act.
  • 3Technical and conforming changes were also made to the plans.
  • 4These amendments pertain to executive compensation and retirement benefit plans.
  • 5The filing is an 8-K Current Report, indicating a significant event affecting the company.
  • 6Details regarding the Supplemental Pension Plan's coverage and benefits were previously disclosed in the 2006 Proxy Statement.

Frequently Asked Questions

The primary reason for amending and restating the Supplemental Savings Plan, Supplemental Pension Plan, and Additional Payments Plan was to comply with new tax provisions introduced by the American Jobs Creation Act of 2004.

This filing primarily concerns amendments to executive compensation and retirement plans due to tax legislation. It does not directly indicate any changes to Exxon Mobil's operational performance, revenue, or immediate financial outlook.

While the 8-K filing itself announces the amendments, investors can refer to Exxon Mobil's 2006 Proxy Statement, dated April 12, 2006, for a narrative discussion and summary of the coverage and benefits provided by the Pension Plan.

No, the amendments are focused on aligning existing executive and supplemental retirement plans with tax law changes from the American Jobs Creation Act and making necessary technical adjustments. They are not indicative of new strategic initiatives or changes in business segments.