SEC Contract Filing

Filing Date: 2025-05-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>mplx-2025331xex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i2d7fd05103ef43f0993941eac3aa8ce6_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Exhibit 10.1</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">MPLX LP</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">PHANTOM UNIT AWARD AGREEMENT</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">SENIOR LEADERS (CEO, DESIGNATED POSITIONS &#38; EXECUTIVE RESOURCES) </font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:195%">As evidenced by this Award Agreement and under the MPLX LP 2018 Incentive Compensation Plan, as amended (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;) has granted to </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:195%">&#123;Participant Name&#125; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:195%">(the &#8220;Participant&#8221;), an Employee and&#47;or Officer of the Company, Partnership or an Affiliate, on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:195%">&#123;Grant Date&#125;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:195%"> (the &#8220;Grant Date&#8221;), </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:195%">&#123;Number of Awards Granted&#125; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:195%">Phantom Units (the &#8220;Award&#8221;), with each Phantom Unit representing the right to receive a Unit of the Partnership, subject to the terms and conditions in the Plan and this Award Agreement. The number of Phantom Units awarded is subject to 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:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:195%">1.&#160;&#160;&#160;&#160;Relationship to the Plan.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:195%"> This Award is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, that have been adopted by the Board. Except as defined in this Award Agreement, capitalized terms shall have the same meanings given to them under the Plan. To the extent that any provision of this Award Agreement conflicts with the express terms of the Plan, the terms of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan.</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:195%">2.&#160;&#160;&#160;&#160;Vesting and Forfeiture of Phantom Units.</font></div><div style="margin-bottom:10pt;text-align:justify;text-indent:28.8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:195%">(a)&#160;&#160;&#160;&#160;Subject to Paragraph 3, the Phantom Units shall vest as follows&#58;</font></div><div style="padding-left:86.4pt;text-align:justify;text-indent:-28.8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:14.45pt">(i)&#160;&#160;&#160;&#160;one-third of the Phantom Units shall vest on the first anniversary of the Grant Date&#59;</font></div><div style="padding-left:86.4pt;text-align:justify;text-indent:-28.8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:14.45pt">(ii)&#160;&#160;&#160;&#160;an additional one-third of the Phantom Units shall vest on the second anniversary of the Grant Date&#59; and</font></div><div style="margin-bottom:10pt;padding-left:86.4pt;text-align:justify;text-indent:-28.8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:14.45pt">(iii)&#160;&#160;&#160;&#160;all remaining Phantom Units shall vest on the third anniversary of the Grant Date&#59;</font></div><div style="margin-bottom:10pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:195%">provided, however, that the Participant must be in continuous Employment from the Grant Date through the applicable vesting date in order for the applicable Phantom Units to vest. If the Participant&#8217;s Employment terminates for any reason other than one listed in subparagr