Summary
Exxon Mobil Corporation (XOM) filed an 8-K report on October 28, 2009, to disclose an amendment to its standing resolution regarding cash fees for non-employee directors. This change, effective for the 2010 fiscal year, primarily impacts the Presiding Director role. Specifically, the Presiding Director will receive an additional annual retainer of $10,000 for their services. This new compensation is in addition to any other fees they might receive. Notably, the cash compensation for all other non-employee directors, including those serving as Chairs of the Audit or Compensation Committees, remains unchanged.
Key Highlights
- 1Exxon Mobil amended its compensation policy for non-employee directors, effective 2010.
- 2The Presiding Director will receive an additional retainer of $10,000 annually.
- 3This additional compensation for the Presiding Director is a new provision.
- 4Cash compensation for other non-employee directors remains unchanged.
- 5Compensation for committee chairs (Audit and Compensation) is also unaffected by this amendment.
- 6The amendment was filed on October 28, 2009, with the SEC.
Frequently Asked Questions
The main purpose of this 8-K filing is to inform investors about an amendment to Exxon Mobil's compensation plan for its non-employee directors, specifically concerning the role of the Presiding Director.
Starting in 2010, the Presiding Director will receive an additional annual retainer of $10,000 for their services in that capacity.
No, the cash compensation for all other non-employee directors, including those serving as Chairs of the Audit or Compensation Committees, remains unchanged.
This amendment to the standing resolution for non-employee director cash fees becomes effective commencing with the year 2010.