Repayment or Forfeiture Resulting from Forfeiture Event Clause Example with 12 Variations from Business Contracts

This page contains Repayment or Forfeiture Resulting from Forfeiture Event clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
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

Variations of a "Repayment or Forfeiture Resulting from Forfeiture Event" Clause from Business Contracts

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. (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 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. 3 (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 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 2 Contracts from Marathon Petroleum