Determination of Payout Percentage. As soon as administratively feasible following the close of the Performance Cycle, the Board shall determine and certify the Payout Percentage. The final Payout Percentage will be the simple average of the TUR Payout Percentage and the DCF Payout Percentage, each as determined in accordance with this Section 2. (a) The “TUR Payout Percentage” shall be the simple average of the TUR Period Percentages for each of the following four performance periods: (i) January 1, 2017 through December 31, 2017 (ii) January 1, 2018 through December 31, 2018 (iii) January 1, 2019 through December 31, 2019 (iv) January 1, 2017 through December 31, 2019 The Board shall determine the TUR Period Percentage for each performance period as follows: (I) First, the Board shall determine the TUR Performance Percentile, and then the TUR Period Percentage as follows (using straight-line interpolation between threshold level (30th percentile) and target level (50th percentile) and between target level and maximum (100th percentile)):
Appears in 4 contracts
Samples: Performance Unit Award Agreement (MPLX Lp), Performance Unit Award Agreement (Marathon Petroleum Corp), Performance Unit Award Agreement (MPLX Lp)
