First Amendment to Marathon Oil Corporation Executive Change in Control Severance Benefits Plan (Effective October 26, 2011)
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Summary
This amendment updates the Marathon Oil Corporation Executive Change in Control Severance Benefits Plan by revising the definition of "Employee." Now, only senior executives at grade 88 or higher are eligible, except those with individual agreements on the same subject or those hired or promoted to grade 88 or higher after October 26, 2011. The amendment clarifies who can participate in the severance benefits plan in the event of a change in control at the company.
EX-10.3 3 ex10-3.htm FIRST AMENDMENT TO THE MARATHON OIL CORPORATION EXECUTIVE CHANGE IN CONTROL SEVERANCE BENEFITS PLAN, EFFECTIVE OCTOBER 26, 2011 ex10-3.htm
Exhibit 10.3
First Amendment to the
Marathon Oil Corporation
Executive Change in Control Severance Benefits Plan
Effective October 26, 2011, the Marathon Oil Corporation Executive Change in Control Severance Benefits Plan (the “Plan”) is amended as follows:
The definition of “Employee” under the Plan is amended to read:
Employee: Senior executives of the Corporation who are grade 88 or higher, provided that any senior executive who is either (a) a party to an individual agreement concerning the subject matter hereof or (b) initially hired or promoted into a position with a grade level of 88 or higher after October 26, 2011 shall not participate in the Plan.
