SEC Contract Filing

Filing Date: 2018-04-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>6
<FILENAME>mpc-20180331xex107.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
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<div><a name="sBC95266800E2A6EDA936F8AEF8F739CC"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.7</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">MPLX LP <br>2012 INCENTIVE COMPENSATION PLAN</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PERFORMANCE UNIT AWARD AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018-2020 PERFORMANCE CYCLE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:145%;text-align:justify;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As evidenced by this Award Agreement and under the MPLX LP 2012 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;) has granted to </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">[NAME] </font><font style="font-family:inherit;font-size:10pt;">(the &#8220;Participant&#8221;), an officer of the company, on </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">[DATE]</font><font style="font-family:inherit;font-size:10pt;">&#32;(the &#8220;Grant Date&#8221;), </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">[NUMBER]</font><font style="font-family:inherit;font-size:10pt;">&#32;performance units (&#8220;Performance Units&#8221;), conditioned upon the Company&#8217;s total unitholder return (or &#8220;TUR&#8221;) ranking relative to the Peer Group and the DCF Payout Percentage for the Performance Cycle as established by the Board, and as set forth herein. The Performance Units are subject to the following terms and conditions:</font></div><div style="line-height:145%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:145%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1.&#160;&#160;&#160;&#160;Relationship to the Plan. </font><font style="font-family:inherit;font-size:10pt;">This grant of Performance Units 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 otherwise 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. References to the Participant also include the heirs or other legal representatives of the Participant.</font></div><div style="line-height:145%;text-align:justify;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:145%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2.&#160;&#160;&#160;&#160;Determination of Payout Percentage. </font><font style="font-family:inherit;font-size:10pt;">As soon as administratively feasible following the close of the Performance Cycle, the Board shall determine and certify the Payout Percentage. The final Payout Percentage will be the simple average of the TUR Payout Percentage and the DCF Payout Percentage, each as determined in accordance with this Section 2.</font></div><div style="line-height:145%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:145%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#32;(a)&#160;&#160;&#160;&#160;The &#8220;TUR Payout Percentage&#8221; shall be the simple average of the TUR Period Percentages for each of the following four performance periods:</font></div><div style="line-height:145%;text-align:justify;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:justify;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(i)&#160;&#160;&#160;&#160;January 1, 2017 through December 31, 2017</font></div><div style="line-height:138%;text-align:justify;padding-left:168px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:justify;text-indent:97px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(ii)&#160;&#160;&#160;&#160;January 1, 2018 through December 31, 2018</font></div><div style="line-height:138%;text-align:left;padding-l