Common use of Determination of Payout Percentage Clause in Contracts

Determination of Payout Percentage. As soon as administratively feasible following the close of the Performance Cycle, the Board shall determine and certify the TUR Performance Percentile. The final Payout Percentage will be the simple average of the Payout Percentage of the four performance periods, which are defined as: (i) January 1, 2016 through December 31, 2016 (ii) January 1, 2017 through December 31, 2017 (iii) January 1, 2018 through December 31, 2018 (iv) January 1, 2016 through December 31, 2018 The Board shall determine the TUR Performance Percentile and the Payout Percentage for each performance period as follows: (a) First, the Board shall determine the TUR Performance Percentile, and then the Payout Percentage as follows (using straight-line interpolation between levels above threshold): Ranked below 25th percentile 0% Ranked at 25th percentile 50% Ranked at 50th percentile 100% Ranked at the 100th percentile 200% (b) Notwithstanding anything herein to the contrary, if the TUR calculated for the performance period is negative, then the Payout Percentage for that performance period shall not exceed 100% regardless of the TUR Performance Percentile for the performance period. (c) Notwithstanding anything herein to the contrary, the Board has sole and absolute authority and discretion to reduce the Payout Percentage as it may deem appropriate.

Appears in 2 contracts

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

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Determination of Payout Percentage. As soon as administratively feasible following the close of the Performance Cycle, the Board Committee shall determine and certify the TUR TSR Performance Percentile. The final Payout Percentage will be the simple average of the Payout Percentage of the four performance periods, which are defined asas follows: (i) January 1, 2016 2019 through December 31, 20162019; (ii) January 1, 2017 2020 through December 31, 20172020; (iii) January 1, 2018 2021 through December 31, 20182021; and (iv) January 1, 2016 2019 through December 31, 2018 2021. The Board Committee shall determine the TUR TSR Performance Percentile and the Payout Percentage for each performance period as follows: (a) First, the Board Committee shall determine the TUR TSR Performance Percentile, and then the Payout Percentage as follows (using straight-line interpolation between levels above threshold): the 30th percentile and the 50th percentile and between the 50th percentile and the 100th percentile: Ranked below 25th 30th percentile 0% Ranked at 25th 30th percentile 50% Ranked at 50th percentile 100% Ranked at the 100th percentile 200% (b) Notwithstanding anything herein to the contrary, if the TUR Corporation’s TSR calculated for the performance period is negative, then the Payout Percentage for that performance period shall not exceed 100% regardless of the TUR TSR Performance Percentile for the performance period. (c) Notwithstanding anything herein to the contrary, the Board Committee has the sole and absolute authority and discretion to reduce the Payout Percentage as it may deem appropriate.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Marathon Petroleum Corp)

Determination of Payout Percentage. As soon as administratively feasible following the close of the Performance Cycle, the Board Committee shall determine and certify the TUR TSR Performance Percentile. The final Payout Percentage will be the simple average of the Payout Percentage of the four performance periods, which are defined asas follows: (i) January 1, 2016 through December 31, 2016 (ii) January 1, 2017 through December 31, 2017 (iii) January 1, 2018 through December 31, 2018 (iv) January 1, 2016 through December 31, 2018 The Board Committee shall determine the TUR TSR Performance Percentile and the Payout Percentage for each performance period as follows: (a) First, the Board Committee shall determine the TUR TSR Performance Percentile, and then the Payout Percentage as follows (using straight-line interpolation between levels above threshold): the 30th percentile and the 50th percentile and between the 50th percentile and the 100th percentile: Ranked below 25th 30th percentile 0% Ranked at 25th 30th percentile 50% Ranked at 50th percentile 100% Ranked at the 100th percentile 200% (b) Notwithstanding anything herein to the contrary, if the TUR Corporation’s TSR calculated for the performance period is negative, then the Payout Percentage for that performance period shall not exceed 100% regardless of the TUR TSR Performance Percentile for the performance period. (c) Notwithstanding anything herein to the contrary, the Board Committee has sole and absolute authority and discretion to reduce the Payout Percentage as it may deem appropriate.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Marathon Petroleum Corp)

Determination of Payout Percentage. As soon as administratively feasible following the close of the Performance Cycle, the Board Committee shall determine and certify the TUR TSR Performance Percentile. The final Payout Percentage will be the simple average of the Payout Percentage of the four performance periods, which are defined asas follows: (i) January 1, 2016 through December 31, 2016 (ii) January 1, 2017 through December 31, 2017 (iii) January 1, 2018 through December 31, 2018 (iv) January 1, 2016 through December 31, 2018 The Board Committee shall determine the TUR TSR Performance Percentile and the Payout Percentage for each performance period as follows: (a) First, the Board Committee shall determine the TUR TSR Performance Percentile, and then the Payout Percentage as follows (using straight-line interpolation between levels above threshold): Ranked below 25th percentile 0% Ranked at 25th percentile 50% Ranked at 50th percentile 100% Ranked at the 100th percentile 200% (b) Notwithstanding anything herein to the contrary, if the TUR Corporation’s TSR calculated for the performance period is negative, then the Payout Percentage for that performance period shall not exceed 100% regardless of the TUR TSR Performance Percentile for the performance period. (c) Notwithstanding anything herein to the contrary, the Board Committee has sole and absolute authority and discretion to reduce the Payout Percentage as it may deem appropriate.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Marathon Petroleum Corp)

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Determination of Payout Percentage. As soon as administratively feasible following the close of the Performance Cycle, the Board shall determine and certify the TUR Performance Percentile. The final Payout Percentage will be the simple average of the Payout Percentage of the four performance periods, which are defined as: (i) January 1, 2016 through December 31, 2016 (ii) January 1, 2017 through December 31, 2017 (iii) January 1, 2018 through December 31, 2018 (iv) January 1, 2016 through December 31, 2018 The Board shall determine the TUR Performance Percentile and the Payout Percentage for each performance period as follows: (a) First, the Board shall determine the TUR Performance Percentile, and then the Payout Percentage as follows (using straight-line interpolation between levels above threshold): Ranked below 25th percentile 0% Ranked at 25th percentile 50% Ranked at 50th percentile 100% Ranked at the 100th percentile 200% (b) Notwithstanding anything herein to the contrary, if the Partnership’s TUR calculated for the performance period is negative, then the Payout Percentage for that performance period shall not exceed 100% regardless of the TUR Performance Percentile for the performance period. (c) Notwithstanding anything herein to the contrary, the Board has sole and absolute authority and discretion to reduce the Payout Percentage as it may deem appropriate.

Appears in 1 contract

Samples: Performance Unit Award Agreement (MPLX Lp)

Determination of Payout Percentage. As soon as administratively feasible following the close of the Performance Cycle, the Board Committee shall determine and certify the TUR TSR Performance Percentile. The final Payout Percentage will be the simple average of the Payout Percentage of the four performance periods, which are defined asas follows: (i) January 1, 2016 2020 through December 31, 20162020; (ii) January 1, 2017 2021 through December 31, 20172021; (iii) January 1, 2018 2022 through December 31, 20182022; and (iv) January 1, 2016 2020 through December 31, 2018 2022. The Board Committee shall determine the TUR TSR Performance Percentile and the Payout Percentage for each performance period as follows: (a) First, the Board Committee shall determine the TUR TSR Performance Percentile, and then the Payout Percentage as follows (using straight-line interpolation between levels above threshold): the 30th percentile and the 50th percentile and between the 50th percentile and the 100th percentile: Ranked below 25th 30th percentile 0% Ranked at 25th 30th percentile 50% Ranked at 50th percentile 100% Ranked at the 100th percentile 200% (b) Notwithstanding anything herein to the contrary, if the TUR Corporation’s TSR calculated for the performance period is negative, then the Payout Percentage for that performance period shall not exceed 100% regardless of the TUR TSR Performance Percentile for the performance period. (c) Notwithstanding anything herein to the contrary, the Board Committee has the sole and absolute authority and discretion to reduce the Payout Percentage as it may deem appropriate.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Marathon Petroleum Corp)

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