Nonassignability. Upon the Participant’s death, the Performance Units may be transferred by will or by the laws governing the descent and distribution of the Participant’s estate. Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Units, and any attempt to sell, transfer, assign, pledge or encumber any portion of the Performance Units shall have no effect.
Appears in 20 contracts
Samples: 2018 Incentive Compensation Plan (MPLX Lp), Incentive Compensation Plan (Marathon Petroleum Corp), 2012 Incentive Compensation Plan (MPLX Lp)
Nonassignability. Upon the Participant’s death, the Performance Units may be transferred by will or by the laws governing the descent and distribution of the Participant’s estate. Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Units, and any attempt to sell, transfer, assign, pledge pledge, or encumber any portion of the Performance Units shall have no effect.
Appears in 20 contracts
Samples: Award Agreement (Marathon Petroleum Corp), Performance Unit Award Agreement (Marathon Petroleum Corp), Performance Unit Award Agreement (Marathon Oil Corp)
Nonassignability. Upon the Participant’s 's death, the Performance Units may be transferred by will or by the laws governing the descent and distribution of the Participant’s 's estate. Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Units, and any attempt to sell, transfer, assign, pledge pledge, or encumber any portion of the Performance Units shall have no effect.
Appears in 4 contracts
Samples: Performance Unit Award Agreement (Marathon Oil Corp), Performance Unit Award Agreement (Marathon Oil Corp), Performance Unit Award Agreement (Marathon Oil Corp)
Nonassignability. Upon the Participant’s death, the Performance Share Units may be transferred by will or by the laws governing the descent and distribution of the Participant’s estate. Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Share Units, and any attempt to sell, transfer, assign, pledge pledge, or encumber any portion of the Performance Share Units shall have no effect.
Appears in 2 contracts
Samples: Performance Share Unit Award Agreement (Marathon Petroleum Corp), Performance Share Unit Award Agreement (Marathon Petroleum Corp)
Nonassignability. Upon the Participant’s death, the Performance Units Shares may be transferred by will or by the laws governing the descent and distribution of the Participant’s estate. Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance UnitsShares, and any attempt to sell, transfer, assign, pledge pledge, or encumber any portion of the Performance Units Shares shall have no effect.
Appears in 1 contract
Samples: Performance Share Award Agreement (Marathon Oil Corp)
