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    Lee M. Tillman

    Chairman, President, and CEO at MRO
    Board
    Since August 2013
    Age
    62 years
    Education
    Earned a B.S. in Chemical Engineering from Texas A&M University and a Ph.D. in Chemical Engineering from Auburn University.
    Tenure
    Joined MRO in August 2013 as President and Chief Executive Officer and was promoted to Chairman on February 1, 2019.

    Also at MRO

    RLW
    Rob L. White
    EVP and CFO
    ZD
    Zach Dailey
    VP, Controller, and Chief Accounting Officer

    About

    At 62 years old as of February 1, 2024 , this executive has built a robust career in the oil and gas industry, underpinned by solid technical and managerial expertise. He holds a B.S. in Chemical Engineering from Texas A&M University and a Ph.D. in Chemical Engineering from Auburn University.

    Beginning his career at Exxon Corporation in 1989, he advanced through a variety of significant roles, including serving as Vice President of Engineering and acting as North Sea Production Manager, which underscored his ability to lead large-scale, complex projects.

    In August 2013, he joined MRO as President and Chief Executive Officer, where his strategic vision and operational excellence have steered the company through evolving market dynamics. Later, on February 1, 2019, he was further entrusted with the role of Chairman, solidifying his leadership and long-term commitment to guiding the company.

    $MRO Performance Under Lee M. Tillman

    Past Roles

    OrganizationRoleDate RangeDetails
    Marathon Oil Corporation Director 2013-2019 Held position before becoming CEO
    ExxonMobil Development Company Vice President of Engineering 2010-2013 N/A
    ExxonMobil subsidiaries, Stavanger, Norway North Sea Production Manager and Lead Country Manager 2007-2010 N/A
    ExxonMobil Upstream Research Company Acting Vice President 2006-2007 N/A
    Exxon Corporation Research Engineer (various roles) 1989 - (various) Held multiple positions of increasing responsibility

    External Roles

    OrganizationRoleDate RangeDetails
    Houston American Heart Association Board Member N/A N/A
    Southwest Region American Heart Association Board Member N/A N/A
    American Petroleum Institute Board Member and Executive Committee Member N/A N/A
    American Exploration & Production Council Chairman and Board Member N/A N/A
    Texas A&M University Member, Engineering & Chemical Engineering Advisory Councils N/A N/A
    National Petroleum Council Member N/A N/A
    Society of Petroleum Engineers Member N/A N/A
    Barbara Bush Houston Literacy Foundation Member, Celebration of Reading Committee N/A N/A
    Spindletop Charities Emeritus Board Member N/A N/A

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Salary$1,200,000 AnnualFixed annual salary for 2023
    All Other Compensation$384,190 AnnualBreakdown: Company Physicals: $1,072; Tax & Financial Planning: $15,000; Miscellaneous (car service): $52,808; Company Contributions to Defined Contribution Plans: $295,800; Matching Contributions: $19,510

    Performance Compensation

    Data from  FY 2023

    Annual Cash Bonus

    MetricDetail
    Quantitative Weight80% with 70% weighted payout
    Qualitative Weight20% with 40% weighted payout
    Bonus Eligible Earnings$1,200,000
    Target Bonus Opportunity$1,800,000 (150% of eligible earnings)
    Actual Bonus Payout$1,980,000
    Company Performance Factor110%

    TSR Performance Share Units (PSUs)

    MetricDetail
    Performance PeriodJanuary 1, 2023 – December 31, 2025
    Peer GroupIncludes APA, Chesapeake, Devon, Diamondback, EOG, Murphy, Ovintiv, S&P 500 and S&P 500 Energy; Hess and Pioneer removed
    Payout StructureRanked 1st/2nd: 200% of target; Ranked 3rd–7th: Linear interpolation between 35% and 200%; 8th: 35%; 9th/10th: 0%
    Units Granted93,059 target units (maximum 186,118 units)
    Grant DateMarch 1, 2023
    Grant Date Fair Value$3,068,155
    VestingCliff vesting at end of performance period on December 31, 2025
    Additional NoteMaximum payout example: $8,993,222 at a stock price of $24.16

    Free Cash Flow (FCF) Performance Share Units (PSUs)

    MetricDetail
    Performance PeriodJanuary 1, 2023 – December 31, 2024
    Threshold (20% payout)$386 million FCF
    Target (100% payout)$5,153 million FCF
    Maximum (200% payout)$7,084 million FCF
    Units Granted93,059 target units
    Grant DateMarch 1, 2023
    Grant Date Fair Value$2,399,992
    SettlementSettled in cash based on average stock price over final 30 days of the performance period
    Additional NotePayout determined by linear interpolation between thresholds

    Restricted Stock Units (RSUs)

    MetricDetail
    Metric NatureTime-based vesting (not performance-based)
    Units Granted124,079 RSUs
    Grant DateMarch 1, 2023
    Grant Date Fair Value$3,199,997
    Grant Date Stock Price$25.79
    Vesting ScheduleVest in one-third increments over three years: March 2024, 2025, and 2026

    *This detailed breakdown covers the performance compensation components for 2023, including bonus, TSR PSUs, FCF PSUs, and RSUs with their respective performance metrics, targets, thresholds, weights, vesting schedules, and evaluation periods. *