Common use of Termination of Employment Due to Death Clause in Contracts

Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

Appears in 3 contracts

Samples: Performance Unit Award Agreement (Marathon Petroleum Corp), Performance Unit Award Agreement (Marathon Petroleum Corp), Performance Unit Award Agreement (Marathon Petroleum Corp)

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Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation Company under this Award Agreement in full.

Appears in 3 contracts

Samples: 2012 Incentive Compensation Plan (MPLX Lp), 2012 Incentive Compensation Plan (Marathon Petroleum Corp), 2012 Incentive Compensation Plan (MPLX Lp)

Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the 2005-2007 Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The As soon as administratively feasible thereafter, a cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant3. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

Appears in 2 contracts

Samples: Performance Unit Award Agreement (Marathon Oil Corp), Performance Unit Award Agreement (Marathon Oil Corp)

Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the July 2011 – December 2013 Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

Appears in 2 contracts

Samples: Performance Unit Award Agreement (Marathon Oil Corp), Incentive Compensation Plan (Marathon Oil Corp)

Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the July 2011 – December 2012 Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

Appears in 2 contracts

Samples: Performance Unit Award Agreement (Marathon Oil Corp), Performance Unit Award Agreement (Marathon Oil Corp)

Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the 2010-2012 Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

Appears in 2 contracts

Samples: Performance Unit Award Agreement (Marathon Oil Corp), Performance Unit Award Agreement (Marathon Oil Corp)

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Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the 2007-2009 Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Marathon Oil Corp)

Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

Appears in 1 contract

Samples: Marathon Petroleum Corp

Termination of Employment Due to Death. If Participant’s Employment is terminated by reason of death prior to the close of the 2012-2014 Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%. The A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Marathon Oil Corp)

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