Repayment or Forfeiture Resulting from Forfeiture Event Clause Example from Business Contracts

This example Repayment or Forfeiture Resulting from Forfeiture Event clause appears in 4 contracts from 1 company

Repayment or Forfeiture Resulting from Forfeiture Event. (a) If there is a Forfeiture Event either while the Participant is employed or within two years after termination of the Participant's Employment, then the 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 while the Participant is employed or within two 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 Committee may, but is not obligated to, require that the Participant pay to the Corporation an amount (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 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. View More Arrow
Found in Marathon Oil Corp. contract
Marathon Oil Corp. Contracts

2022 Form of Marathon Oil Corporation 2019 Incentive Compensation Plan Performance Unit Award Agreement 2022 - 2023 Performance Cycle for Section 16 Officers (Filed With SEC on May 5, 2022)

Form of Marathon Oil Corporation 2016 Incentive Compensation Plan Performance Unit Award Agreement for Section 16 Officers (Filed With SEC on February 22, 2018)

MARATHON OIL CORPORATION 2012 INCENTIVE COMPENSATION PLAN PERFORMANCE UNIT AWARD AGREEMENT 2014 - 2016 PERFORMANCE CYCLE Section 16 Officer (Filed With SEC on May 7, 2014)

MARATHON OIL CORPORATION 2012 INCENTIVE COMPENSATION PLAN PERFORMANCE UNIT AWARD AGREEMENT 2013 - 2015 PERFORMANCE CYCLE Section 16 Officer (Filed With SEC on May 10, 2013)