SEC Contract Filing

Filing Date: 2024-11-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>mpc-20240930xex104.htm
<DESCRIPTION>EX-10.4
<TEXT>
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<title>Document</title></head><body><div id="i360d0d51853c407aa1143c5a0dd2650a_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt;text-align:right"><font><br></font></div><div style="margin-bottom:8pt;text-align:right"><font><br></font></div><div style="margin-bottom:8pt;text-align:right"><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Exhibit 10.4</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">MPLX LP</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2018 INCENTIVE COMPENSATION PLAN</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">MPC NON-EMPLOYEE DIRECTOR PHANTOM UNIT AWARD POLICY</font></div><div style="margin-bottom:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">(Amended and Restated effective as of October 1, 2024)</font></div><div style="margin-bottom:18pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Pursuant to this MPC Non-Employee Director Phantom Unit Award Policy (the &#8220;Award Policy&#8221;) and the MPLX LP 2018 Incentive Compensation Plan (the &#8220;Plan&#8221;), MPLX GP LLC, a Delaware limited liability company (the &#8220;Company&#8221;), the general partner of MPLX LP, a Delaware limited partnership (the &#8220;Partnership&#8221;), hereby grants to each of the non-employee directors of Marathon Petroleum Corporation (&#8220;MPC&#8221;), the parent corporation of the Company, serving on the Board of Directors of MPC on the Grant Date (each a &#8220;Participant&#8221;), on the first trading day of each calendar quarter (each a &#8220;Grant Date&#8221;), that number of Phantom Units determined by dividing $4,625 by the closing market price of a Common Unit of the Partnership as reported on the Consolidated Tape System on the Grant Date. The number of Phantom Units awarded is subject to proration in the event an MPC non-employee director commences service on the MPC Board of Directors during the applicable calendar quarter (in which case, pro-ration will be calculated based on the number of days that the Participant is expected to serve on the MPC Board of Directors during the applicable calendar quarter relative to the total days in such calendar quarter, and the Grant Date shall be the date of the Participant&#8217;s commencement of service on the MPC Board of Directors) and adjustment as provided in the Plan, and the Phantom Units hereby granted are also subject to the following terms and conditions&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">1. Relationship to the Plan.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">&#160;The grants of Phantom Units under this Award Policy are subject to all of the terms, conditions and provisions of the Plan and administrative interpretations, if any, that have been adopted by the &#8220;Committee,&#8221; as such term is defined in the Plan. Except as defined in this Award Policy, capitalized terms shall have the same meanings given to them under the Plan. To the extent any provision of this Award Policy conflicts with the express terms of the Plan, the terms of the Plan shall control and, if necessary, the applicable provisions of this Award Policy shall be hereby deemed amended so as to carry out the purpose and intent of the Plan. For the avoidance of doubt, Phantom Units under this Award Policy shall be subject to provisions in the Plan that are required to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), and in particular&#58; &#8220;separation from service&#8221; as used under this Award Policy shall have the same meaning as used under Section 409A of the Code&#59; and those provisions regarding distributions to &#8220;specified employees&#8221; under Section 409A of the Code shall apply to distributions under this Award Policy.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2. Settlement of Phantom Units.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">&#160;The Phantom Units granted under this Award Policy shall be settled in full in the form of a Common Unit of the Partnership for each Phantom Unit subject to this Award Policy upon the earlier of the Participant&#8217;s separation from service from the Company or the Participant&#8217;s death.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">3. Dividends and Cash Distributions.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">&#160;During the period of time between the Grant Date and the date the Phantom Units are settled, for any dividends and&#47;or cash distributions paid by the Partnership on outstanding Common Units of the Partnership, the Participant shall be credited