This excerpt taken from the MRO DEF 14A filed Mar 13, 2007.
Marathon employees are eligible for retirement once they reach age 50 and have ten or more years of service with the Company. The only named executive officer who is currently retirement-eligible is Mr. Heminger.
Upon retirement, officers are entitled to receive their vested benefits that have accrued under Marathons broad-based and executive benefit programs. For more information about the retirement and deferred compensation programs, see pages 61-65.
In addition, upon retirement, officers stock options and stock appreciation rights either continue vesting according to their normal vesting schedule or become immediately exercisable depending on the grant terms. All other long-term incentive awards are forfeited upon retirement. If Mr. Heminger had retired on December 31, 2006, the value of his stock options that would have immediately vested was $1,788,662 and the value of his stock-settled SARs that would have vested on the scheduled vesting date was $767,572, based on the year-end closing stock price.