Repayment or Forfeiture Resulting from Forfeiture Event Contract Clauses (30)

Grouped Into 1 Collection of Similar Clauses From Business Contracts

This page contains Repayment or Forfeiture Resulting from Forfeiture Event clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Repayment or Forfeiture Resulting from Forfeiture Event. (a) If there is a Forfeiture Event either during the Participant's Employment or within three years after termination of the Participant's Employment, then the Board may, but is not obligated to, cause some or all of the Participant's outstanding Performance Units to be forfeited by the Participant. (b) If there is a Forfeiture Event either during the Participant's Employment or within three years after termination of the Participant's Employment and a payment has previously been made in settlem...ent of Performance Units granted under this Award Agreement, the Board may, but is not obligated to, require that the Participant pay to the Company an amount in cash (the "Forfeiture Amount") up to (but not in excess of) the amount paid in settlement of the Performance Units. (c) This Paragraph 10 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Company with rights in addition to any other remedy which may exist in law or in equity. This Paragraph 10 shall not apply to the Participant following the effective time of a Change in Control. (d) Notwithstanding the foregoing or any other provision of this Award Agreement to the contrary, the Participant agrees that the Company may also require that the Participant repay to the Company any compensation paid to the Participant under this Award Agreement, as is required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder or any other "clawback" provisions as required by law or by the applicable listing standards of the exchange on which the common units of the Partnership are listed for trading. View More Arrow
Found in Marathon Petroleum contract
View All 12 Similar Clauses
Repayment or Forfeiture Resulting from Forfeiture Event. (a) If there is a Forfeiture Event either during the Participant's Employment or within three years after termination of the Participant's Employment, then the Board Committee may, but is not obligated to, cause some or all of the Participant's outstanding Performance Units to be forfeited by the Participant. 5 (b) If there is a Forfeiture Event either during the Participant's Employment or within three years after termination of the Participant's Employment and a payment has previously been mad...e in settlement of Performance Units granted under this Award Agreement, the Board Committee may, but is not obligated to, require that the Participant pay to the Company Corporation an amount in cash (the "Forfeiture Amount") up to (but not in excess of) the amount paid in settlement of the Performance Units. (c) This Paragraph 10 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Company Corporation with rights in addition to any other remedy which may exist in law or in equity. This Paragraph 10 shall not apply to the Participant following the effective time of a Change in Control. (d) Notwithstanding the foregoing or any other provision of this Award Agreement to the contrary, the Participant agrees that the Company Corporation may also require that the Participant repay to the Company Corporation any compensation paid to the Participant under this Award Agreement, as is required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder or any other "clawback" provisions as required by law or by the applicable listing standards of the exchange on which the common units of the Partnership are Common Stock is listed for trading. View More Arrow
Found in Marathon Petroleum contract
Repayment or Forfeiture Resulting from Forfeiture Event. (a) If there is a Forfeiture Event either during while the Participant's Employment Participant is employed or within three two years after termination of the Participant's Employment, then the Board Committee may, but is not obligated to, cause some or all of the Participant's outstanding Performance Units to be forfeited by the Participant. (b) If there is a Forfeiture Event either during while the Participant's Employment Participant is employed or within three two years after termination of ...the Participant's Employment and a payment has previously been made in settlement of 5 2016 Plan – Section 16 Officer PSU with 3-year cliff vesting (2019 grant) Performance Units granted under this Award Agreement, the Board Committee may, but is not obligated to, require that the Participant pay to the Company Corporation an amount in cash (the "Forfeiture Amount") up to (but not in excess of) the amount paid in settlement of the Performance Units. (c) This Paragraph 10 11 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Company Corporation with rights in addition to any other remedy which may exist in law or in equity. This Paragraph 10 11 shall not apply to the Participant following the effective time of a Change in Control. (d) Notwithstanding the foregoing or any other provision of this Award Agreement to the contrary, the Participant agrees that the Company may also require that the Participant repay to the Company any compensation paid to the Participant under this Award Agreement, as is required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder or any other "clawback" provisions as required by law or by the applicable listing standards of the exchange on which the common units of the Partnership are listed for trading. View More Arrow
Found in Marathon Oil Corp. contract
Repayment or Forfeiture Resulting from Forfeiture Event. (a) If there is a Forfeiture Event either during the Participant's Employment or within three years after termination of the Participant's Employment, then the Board may, but is not obligated to, cause some or all of the Participant's outstanding Performance Units to be forfeited by the Participant. (b) If there is a Forfeiture Event either during the Participant's Employment or within three years after termination of the Participant's Employment and a payment has previously been made in settlem...ent of Performance Units granted under this Award Agreement, the Board may, but is not obligated to, require that the Participant pay to the Company an amount in cash (the "Forfeiture Amount") up to (but not in excess of) the amount paid in settlement of the Performance Units. (c) This Paragraph 10 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Company with rights in addition to any other remedy which may exist in law or in equity. This Paragraph 10 shall not apply to the Participant following the effective time of a Change in Control. (d) Notwithstanding the foregoing or any other provision of this Award Agreement to the contrary, the Participant agrees that the Company may also require that the Participant repay to the Company any compensation paid to the Participant under this Award Agreement, as is required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder or any other "clawback" provisions as required by law or by the applicable listing standards of the exchange on which the common units of the Partnership are listed for trading. 4 11. Taxes. Pursuant to the applicable provisions of the Plan, the Company or its designated representative shall have the right to withhold applicable taxes from the common units and cash amount otherwise payable to the Participant due to the vesting of Performance Units pursuant to Paragraph 2, or from other compensation payable to the Participant (to the extent consistent with Section 409A of the Code), at the time of the vesting of the Performance Units and delivery of the cash settlement amount. Because the Participant is an employee of MPC, , and provides beneficial services to the Company through Participant's employment with MPC, MPC as the employer of Participant, shall be the designated representative for purposes of payroll administration of the Award and withholding of applicable taxes at the time of vesting. View More Arrow
Found in MPLX LP contract
View Variations (12) Arrow