Common use of Vesting Upon a Change of Control Clause in Contracts

Vesting Upon a Change of Control. Notwithstanding anything herein to the contrary, upon the occurrence of a Change in Control prior to the end of the 2005-2007 Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be 100%. As soon as administratively feasible thereafter, a cash payment shall be made in accordance with Paragraph 3. 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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Vesting Upon a Change of Control. Notwithstanding anything herein to the contrary, upon the occurrence of a Change in Control prior to the end of the 2005-2007 July 2011 – December 2012 Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be 100%. As soon as administratively feasible thereafter, a A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 33 on the first day of the third month following the Change in Control. 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)

Vesting Upon a Change of Control. Notwithstanding anything herein to the contrary, upon the occurrence of a Change in Control prior to the end of the 20052010-2007 2012 Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be 100%. As soon as administratively feasible thereafter, a A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 33 on the first day of the third month following the Change in Control. 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)

Vesting Upon a Change of Control. Notwithstanding anything herein to the contrary, upon the occurrence of a Change in Control prior to the end of the 2005-2007 July 2011 – December 2013 Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be 100%. As soon as administratively feasible thereafter, a A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 33 on the first day of the third month following the Change in Control. 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)

Vesting Upon a Change of Control. Notwithstanding anything herein to the contrary, upon the occurrence of a Change in Control prior to the end of the 20052012-2007 2014 Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be 100%. As soon as administratively feasible thereafter, a A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 33 on the first day of the third month following the Change in Control. 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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Vesting Upon a Change of Control. Notwithstanding anything herein to the contrary, upon the occurrence of a Change in Control prior to the end of the 2005-2007 Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be 100%. As soon as administratively feasible thereafter, a cash A payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 33 on the first day of the third month following the Change in Control. 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 Petroleum Corp)

Vesting Upon a Change of Control. Notwithstanding anything herein to the contrary, upon the occurrence of a Change in Control prior to the end of the 2005-2007 Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be 100%. As soon as administratively feasible thereafter, a A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 33 on the first day of the third month following the Change in Control. 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

Vesting Upon a Change of Control. Notwithstanding anything herein to the contrary, upon the occurrence of a Change in Control prior to the end of the 20052007-2007 2009 Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be 100%. As soon as administratively feasible thereafter, a A cash payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 33 on the first day of the third month following the Change in Control. 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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