MRO » Topics » ARTICLE IV. Other Contributions

These excerpts taken from the MRO 10-K filed Feb 27, 2009.

ARTICLE IV. Other Contributions

 

4.1. Thrift Plan Make-up Matching Contributions

 

  (a) During each year that a Participant is eligible to participate under Article II, such Participant shall be credited with an amount equal to any match that would have been made under the Thrift Plan, the Marathon Petroleum Company LLC Excess Benefit Plan, or any other similar plan maintained by an Affiliated Company but that is not made solely because of limitations under the Code or any compensation limit imposed on deferrals in the Thrift Plan.

 

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  (b) Eligible Employees (a) who are limited to contributing an amount to their MSP Account (as defined in the Thrift Plan) which is less than the maximum potential amount of contributions that could be matched under the Thrift Plan (i) because of the results of the Actual Deferral Percentage test, or (ii) because of the attainment of the annual dollar limitation on MSP Contributions, (b) who (i) continue to contribute their maximum permissible amount to the MSP Account as determined under the Thrift Plan, and (ii) are not suspended from making After-Tax Contributions under the terms of the Thrift Plan, and (c) who submit an election with the Plan Administrator in accordance with such procedures as the Plan Administrator shall prescribe, consistent with Code section 409A, indicating that the Participant does not wish to contribute the maximum amount of After-Tax Contributions under the Thrift Plan, will be treated as being subject to the limitations of the Code for purposes of Section 4.1(a) upon making the maximum permissible amount of MSP Contributions.

 

  (c) The match credited under this Section 4.1 shall be determined at the rate of the maximum potential match under the Thrift Plan.

 

4.2. Matching Contributions for New Hires in Waiting Period

New hires who are eligible for this Plan under Section 2.1 and who, except for the provisions governing the Thrift Plan’s “waiting period,” would otherwise be eligible to participate in the Thrift Plan, shall be credited with a Company match equal to the maximum potential Company match under the Thrift Plan multiplied by the Participant’s gross pay (as defined in the Thrift Plan but disregarding any limitations on eligible compensation as may be imposed by the Code) during the Thrift Plan’s waiting period. This accrual shall cease to the extent that, upon the first date of participation eligibility in the Thrift Plan, the employee is eligible under the Plan for the Thrift Plan Company matching contributions.

 

4.3. Matching Contributions on Salary Deferrals

A Participant shall be credited each year with a match equal to such Participant’s Salary Deferrals during the year multiplied by the rate of the maximum potential match under the Thrift Plan.

 

4.4. Manner of Deferral

Matching contributions under this Article IV may be credited on a pay-period basis or in any other manner determined by the Plan Administrator; provided that such matching contributions during the Plan Year, in the aggregate, reflect the correct amount determined under this Article IV.

ARTICLE IV. Other Contributions

 

4.1. Thrift Plan Make-up Matching Contributions

 

  (a) During each year that a Participant is eligible to participate under Article II, such Participant shall be credited with an amount equal to any match that would have been made under the Thrift Plan, the Marathon Oil Company Excess Benefit Plan, or any other similar plan maintained by an Affiliated Company but that is not made solely because of limitations under the Code or any compensation limit imposed on deferrals in the Thrift Plan.

 

  (b) Eligible Employees (a) who are limited to contributing an amount to their MSP Account (as defined in the Thrift Plan) which is less than the maximum potential amount of contributions that could be matched under the Thrift Plan (i) because of the results of the Actual Deferral Percentage test, or (ii) because of the attainment of the annual dollar limitation on MSP Contributions, (b) who (i) continue to contribute their maximum permissible amount to the MSP Account as determined under the Thrift Plan, and (ii) are not suspended from making After-Tax Contributions under the terms of the Thrift Plan, and (c) who submit an election with the Plan Administrator in accordance with such procedures as the Plan Administrator shall prescribe, consistent with Code section 409A, indicating that the Participant does not wish to contribute the maximum amount of After-Tax Contributions under the Thrift Plan, will be treated as being subject to the limitations of the Code for purposes of Section 4.1(a) upon making the maximum permissible amount of MSP Contributions.

 

  (c) The match credited under this Section 4.1 shall be determined at the rate of the maximum potential match under the Thrift Plan.

 

4.2. Matching Contributions for New Hires in Waiting Period

New hires who are eligible for this Plan under Section 2.1 and who, except for the provisions governing the Thrift Plan’s “waiting period,” would otherwise be eligible to participate in the Thrift Plan, shall be credited with a Company match equal to the maximum potential Company match under the Thrift Plan multiplied by the Participant’s gross pay (as defined in the Thrift Plan but disregarding any limitations on eligible compensation as may be imposed by the Code) during the Thrift Plan’s waiting period. This accrual shall cease to the extent that, upon the first date of participation eligibility in the Thrift Plan, the employee is eligible under the Plan for the Thrift Plan Company matching contributions.

 

4.3. Matching Contributions on Salary Deferrals

A Participant shall be credited each year with a match equal to such Participant’s Salary Deferrals during the year multiplied by the rate of the maximum potential match under the Thrift Plan.

 

4.4. Manner of Deferral

Matching contributions under this Article IV may be credited on a pay-period basis or in any other manner determined by the Plan Administrator; provided that such matching contributions during the Plan Year, in the aggregate, reflect the correct amount determined under this Article IV.

 

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ARTICLE IV. Other Contributions

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 





4.1.Thrift Plan Make-up Matching Contributions

 






 (a)During each year that a Participant is eligible to participate under Article II, such Participant shall be credited with an amount equal to any match that would have been made under
the Thrift Plan, the Marathon Oil Company Excess Benefit Plan, or any other similar plan maintained by an Affiliated Company but that is not made solely because of limitations under the Code or any compensation limit imposed on deferrals in the
Thrift Plan.

 






 (b)Eligible Employees (a) who are limited to contributing an amount to their MSP Account (as defined in the Thrift Plan) which is less than the maximum potential amount of
contributions that could be matched under the Thrift Plan (i) because of the results of the Actual Deferral Percentage test, or (ii) because of the attainment of the annual dollar limitation on MSP Contributions, (b) who
(i) continue to contribute their maximum permissible amount to the MSP Account as determined under the Thrift Plan, and (ii) are not suspended from making After-Tax Contributions under the terms of the Thrift Plan, and (c) who submit
an election with the Plan Administrator in accordance with such procedures as the Plan Administrator shall prescribe, consistent with Code section 409A, indicating that the Participant does not wish to contribute the maximum amount of After-Tax
Contributions under the Thrift Plan, will be treated as being subject to the limitations of the Code for purposes of Section 4.1(a) upon making the maximum permissible amount of MSP Contributions.
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 






 (c)The match credited under this Section 4.1 shall be determined at the rate of the maximum potential match under the Thrift Plan.
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





4.2.Matching Contributions for New Hires in Waiting Period

SIZE="2">New hires who are eligible for this Plan under Section 2.1 and who, except for the provisions governing the Thrift Plan’s “waiting period,” would otherwise be eligible to participate in the Thrift Plan, shall be credited
with a Company match equal to the maximum potential Company match under the Thrift Plan multiplied by the Participant’s gross pay (as defined in the Thrift Plan but disregarding any limitations on eligible compensation as may be imposed by the
Code) during the Thrift Plan’s waiting period. This accrual shall cease to the extent that, upon the first date of participation eligibility in the Thrift Plan, the employee is eligible under the Plan for the Thrift Plan Company matching
contributions.

 





4.3.Matching Contributions on Salary Deferrals

A
Participant shall be credited each year with a match equal to such Participant’s Salary Deferrals during the year multiplied by the rate of the maximum potential match under the Thrift Plan.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





4.4.Manner of Deferral

Matching contributions under
this Article IV may be credited on a pay-period basis or in any other manner determined by the Plan Administrator; provided that such matching contributions during the Plan Year, in the aggregate, reflect the correct amount determined under this
Article IV.

 


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ARTICLE IV. Other Contributions

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 





4.1.Thrift Plan Make-up Matching Contributions

 






 (a)During each year that a Participant is eligible to participate under Article II, such Participant shall be credited with an amount equal to any match that would have been made under
the Thrift Plan, the Marathon Petroleum Company LLC Excess Benefit Plan, or any other similar plan maintained by an Affiliated Company but that is not made solely because of limitations under the Code or any compensation limit imposed on deferrals
in the Thrift Plan.

 


- 3 -














 (b)Eligible Employees (a) who are limited to contributing an amount to their MSP Account (as defined in the Thrift Plan) which is less than the maximum potential amount of
contributions that could be matched under the Thrift Plan (i) because of the results of the Actual Deferral Percentage test, or (ii) because of the attainment of the annual dollar limitation on MSP Contributions, (b) who
(i) continue to contribute their maximum permissible amount to the MSP Account as determined under the Thrift Plan, and (ii) are not suspended from making After-Tax Contributions under the terms of the Thrift Plan, and (c) who submit
an election with the Plan Administrator in accordance with such procedures as the Plan Administrator shall prescribe, consistent with Code section 409A, indicating that the Participant does not wish to contribute the maximum amount of After-Tax
Contributions under the Thrift Plan, will be treated as being subject to the limitations of the Code for purposes of Section 4.1(a) upon making the maximum permissible amount of MSP Contributions.
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> 






 (c)The match credited under this Section 4.1 shall be determined at the rate of the maximum potential match under the Thrift Plan.
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





4.2.Matching Contributions for New Hires in Waiting Period

SIZE="2">New hires who are eligible for this Plan under Section 2.1 and who, except for the provisions governing the Thrift Plan’s “waiting period,” would otherwise be eligible to participate in the Thrift Plan, shall be credited
with a Company match equal to the maximum potential Company match under the Thrift Plan multiplied by the Participant’s gross pay (as defined in the Thrift Plan but disregarding any limitations on eligible compensation as may be imposed by the
Code) during the Thrift Plan’s waiting period. This accrual shall cease to the extent that, upon the first date of participation eligibility in the Thrift Plan, the employee is eligible under the Plan for the Thrift Plan Company matching
contributions.

 





4.3.Matching Contributions on Salary Deferrals

A
Participant shall be credited each year with a match equal to such Participant’s Salary Deferrals during the year multiplied by the rate of the maximum potential match under the Thrift Plan.

STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 





4.4.Manner of Deferral

Matching contributions under
this Article IV may be credited on a pay-period basis or in any other manner determined by the Plan Administrator; provided that such matching contributions during the Plan Year, in the aggregate, reflect the correct amount determined under this
Article IV.

EXCERPTS ON THIS PAGE:

10-K (4 sections)
Feb 27, 2009
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