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This excerpt taken from the MRO 8-K filed Jun 16, 2005. $670,000 (Six Hundred Seventy Thousand
Dollars and No Cents), subject to appropriate payroll deductions
including withholding for federal, state, local, social security, and Medicare
taxes. I understand that this payment
will be made as soon as administratively feasible and prudent after this
release becomes irrevocable so long as the terms of this General Release remain
in effect. I understand and agree that
payment under this Release may not be accelerated and that the Consideration is
not assignable.
2) Payment of $15,000 in lieu of executive outplacement services.
3) Payment of $15,000 in lieu of 2005 Executive Tax Assistance and Financial Planning.
4) Payment of $3,000 in lieu of 2006 Executive Tax Assistance.
5) Payment of $10,000 in recognition of 12 months of COBRA health plan contributions.
The foregoing items shall be referred to collectively as the “Consideration.”
I agree that my employment with Marathon Oil Company (“Marathon”) ended immediately prior to midnight on May 31, 2005, and I also agree that I am not eligible for, nor eligible to elect to receive, any benefits under the Termination Allowance Plan of Marathon Oil Company.
I have received and reviewed this General Release and I have also had the opportunity to ask any questions I have had regarding this General Release.
I understand that I will be entitled to the Consideration referenced above only if I sign an unaltered copy of this General Release, in the presence of a notary public, and then submit the General Release to R. L. Sovine of Marathon Oil Company’s Human Resources Organization, on or before June 28, 2005. I understand that if I submit the General Release by mail, it must be postmarked no later than that date.
I further understand that the above-described Consideration is above and beyond any benefits or payments that would be provided to me by Marathon upon the termination of employment if I did not sign this General Release. By receiving the Consideration provided through this General Release, I understand that I will not be eligible for a benefit under the Termination Allowance Plan.
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