Amendments to Awards. Subject to 7(a) above, the Committee may waive any conditions or rights under, amend any terms of, or alter any Award theretofore granted, provided that no change, other than pursuant to 7(c) below, in any Award shall materially reduce the rights or benefits of a Participant with respect to an Award without the consent of such Participant. No Option Award may be repriced, replaced, regranted through cancellation or modified without approval of the unitholders of the Partnership (except as contemplated in 7(c) below), if the effect would be to reduce the exercise price for the Units underlying such Award.
Appears in 5 contracts
Samples: Retention Agreement (MPLX Lp), Award Agreement (Marathon Petroleum Corp), Retention Agreement (MPLX Lp)
