Termination of Employment due to Mandatory Retirement Clause Example from Business Contracts

This example Termination of Employment due to Mandatory Retirement clause appears in 4 contracts from 2 companies

Termination of Employment due to Mandatory Retirement. In the event the Participant's Employment is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant's right to receive the Performance Units shall vest in full, and such vested and shall be settled based on the Payout Value determined under Paragraph 3. Payment of such vested value of Performance Units under this Paragraph 9 shall otherwise be made in accordance with Paragraph 4. If, in accordance with the Board's determinations under Paragraph ...3, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units. Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 9 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 9. View More Arrow
Found in Marathon Petroleum contract
Marathon Petroleum Contracts

Form of MPLX LP Performance Unit Award Agreement 2020-2022 Performance Cycle - MPC Officer (Filed With SEC on May 7, 2020)

MPLX LP Contracts

Form of 2020 MPLX LP Performance Unit Award Agreement 2020-2022 Performance Cycle - MPLX Officer (Filed With SEC on May 7, 2020)

Form of MPLX LP Performance Unit Award Agreement 2020-2022 Performance Cycle - MPC Officer (Filed With SEC on May 7, 2020)

CEO Performance Unit Award Agreement 2020-2022 Performance Cycle, as Amended (Filed With SEC on May 3, 2022)