SEC Contract Filing

Filing Date: 2018-04-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>5
<FILENAME>mpc-20180331xex106.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
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<div><a name="s538B9E39315163D5F75EF8941C7A8FDE"></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 10.6</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;">PHANTOM UNIT AWARD AGREEMENT </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:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">MARATHON PETROLEUM CORPORATION &#8211; OFFICER (3-year pro-rata vesting)</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 Marathon Petroleum Corporation, the parent corporation of the Company (&#8220;MPC&#8221;) in connection with benefits conferred on the Company and the Partnership for their service as an officer of MPC, on </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">[DATE] </font><font style="font-family:inherit;font-size:10pt;">(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;Phantom Units, 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:</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 Phantom 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 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="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;">2.&#160;&#160;&#160;&#160;Vesting and Forfeiture of Phantom Units. </font></div><div style="line-height:145%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:145%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a)&#160;&#160;&#160;&#160;The Phantom Units shall vest in three cumulative annual installments, as follows:</font></div><div style="line-height:145%;text-align:justify;padding-left:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:145%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(i)&#160;&#160;&#160;&#160;one-third of the Phantom Units shall vest on the first anniversary of the Grant Date;</font></div><div style="line-height:145%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:145%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(ii) &#160;&#160;&#160;&#160;an additional one-third of the Phantom Units shall vest on the second anniversary of the &#160;&#160;&#160;&#160;Grant Date; and</font></div><div style="line-height:145%;text-align:justify;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><