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These excerpts taken from the MRO 10-K filed Feb 27, 2009. ARTICLE III. Excess Benefits
The amount of a Participants benefit under this Section 3.1 (the Excess Benefit) shall be determined as of the Participants Separation from Service, as follows: (a) The amount of Excess Benefit which a Participant or Beneficiary (as defined in Section 3.3(b)) is entitled to receive shall be equal to the excess of (1) over (2) below:
(b) The following individuals shall be entitled to an additional Excess Benefit equal to the difference between (1) and (2) below (Special Excess Bonus Recognition): (i) Eligible Grandfather Employees; and (ii) after November 1, 2006, any Grade 19 and above employee of Speedway SuperAmerica LLC, who is recommended by the Vice President of Human Resources of Marathon Oil Corporation and approved by the President of Marathon Oil Corporation.
Final Average Pay shall be the highest pay, excluding bonuses, of a member for any consecutive 36-month period during the last ten years of employment plus the highest three bonuses paid out of the last 10 years (not necessarily consecutive), divided by 36.
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For purposes of the calculations in (1) and (2) of this Section 3.1(b) Eligible Grandfather Employee means any Speedway SuperAmerica Grade 19 employee eligible for Special Excess Bonus Recognition under Article III, Section A of this Plan prior to November 1, 2006. However, an individuals Eligible Grandfather Employee status shall permanently cease upon termination, retirement, or death as an employee. (c) Compensation updates under the provisions of the Retirement Plan (relating to the Petroleum Marketing Retirement Plan which was merged into the Retirement Plan) which are unavailable under the Retirement Plan due to certain Code limitations.
A Participant shall be entitled to a cash distribution of the Participants Excess Benefit as provided in this Section 3.2. (a) Except as otherwise provided in this Section 3.2, a Participants Excess Benefit shall be paid in a lump sum within 90 days of Separation from Service for any reason other than death. (b) In the event of the death of a Participant, the Participants Excess Benefit shall be paid to the Participants applicable Beneficiary in a lump sum within 90 days of the Participants death or, if earlier, within the 90-day period following the Participants Separation from Service as described in Section 3.2(a) (or, in the event of a Separation from Service of a Specified Employee (as defined below) not on account of death, the 90-day period described in Section 3.2(c)). The Participants Beneficiary shall be designated in accordance with guidelines established by the Plan Administrator. Each Participant shall have the right to designate, or to rescind or change the designation of, a primary and a contingent Beneficiary to receive benefits payable in the event of the Participants death. Such designation, or rescission or change of designation, shall be made in writing and shall be filed with the Plan Administrator. The designation, rescission, or change of designation shall be effective as of the date filed with the Plan Administrator and shall be controlling over any disposition by will or otherwise. In the event there shall be no Beneficiary so designated by such Participant living at the time of such Participants death, then and in either of said events, any such benefits shall be paid to the person or persons comprising the first surviving class of the following classes: (1) the Participants surviving spouse; (2) the Participants surviving natural born and legally adopted children; (3) the Participants surviving parents; (4) the Participants surviving brothers and sisters; and (5) the executor or administrator of the Participants estate.
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(c) Distribution of the Excess Benefit of a Participant who the Plan Administrator determines is a Specified Employee (other than such Participants Grandfathered Accruals) shall be paid in a lump sum within the 90-day period following the first of the month following 6 months after Separation from Service (other than a Separation from Service on account of the death of Participant). In the event of a Separation from Service of a Specified Employee on account of death, payment shall be made pursuant to Section 3.2(b). Payment of a Specified Employees Grandfathered Accruals shall be made in accordance with Section 3.2(a). (d) A Participant must be vested under the Retirement Plan in order for an Excess Benefit to be payable. The amount of any lump sum payment hereunder shall be determined by using the same factors and assumptions which would be used by the Retirement Plan for such Participant or Beneficiary at the Participants Separation from Service. The balance of any Excess Benefit not paid at the Participants Separation from Service shall accrue interest beginning at the Participants Separation from Service at a rate used under the Retirement Plan to determine the actuarial equivalent lump sum of a life only monthly annuity. (e) Distributions of 409A Accruals prior to January 1, 2009 were made under reasonable good faith interpretations of Code section 409A and transition guidance provided thereunder. Notwithstanding any contrary provisions of this Section 3.2, to the extent the Plan Administrator permitted a Participant to submit an election to receive payment in a form of distribution other than a lump sum and such payment commenced prior to 2009, the distribution of such Participants Excess Benefit after 2008 shall be governed by procedures established by the Plan Administrator. ARTICLE III. Excess Benefits
The amount of a Participants FACE="Times New Roman" SIZE="2">(a) The amount of Excess Benefit which a Participant or Beneficiary (as defined in Section 3.3(b)) is entitled to receive shall be equal to the excess of (1) over (2) below: STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">
Excess Bonus Recognition): (i) Eligible Grandfather Employees; and (ii) after November 1, 2006, any Grade 19 and above employee of Speedway SuperAmerica LLC, who is recommended by the Vice President of Human Resources of Marathon Oil Corporation and approved by the President of Marathon Oil Corporation.
Final Average Pay shall be the highest pay, Page 3
For purposes of the calculations in (1) and SIZE="2">(c) Compensation updates under the provisions of the Retirement Plan (relating to the Petroleum Marketing Retirement Plan which was merged into the Retirement Plan) which are unavailable under the Retirement Plan due to certain Code
A Participant shall be entitled to a (a) Except as otherwise provided in this FACE="Times New Roman" SIZE="2">(b) In the event of the death of a Participant, the Participants Excess Benefit shall be paid to the Participants applicable Beneficiary in a lump sum within 90 days of the Participants death or, if
Page 4 (c) Distribution of the Excess Benefit of a Participant who the Plan Administrator determines is a (d) A Participant must be vested under the Retirement Plan in order for an (e) Distributions of 409A Accruals prior to January 1, | EXCERPTS ON THIS PAGE:
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