8-KLeadership ChangesExhibits & Filings

MPLX LP 8-K Report, Executive Changes (Mar 5, 2018)

Filed March 5, 2018For Securities:MPLXMPLXP

Summary

MPLX LP (MPLX) filed an 8-K on March 5, 2018, to announce the adoption of the MPLX LP 2018 Incentive Compensation Plan (the "MPLX 2018 Plan"). This new plan, effective March 15, 2018, replaces the previous 2012 plan and will remain in effect for ten years, unless terminated earlier by the Board of Directors. The MPLX 2018 Plan is designed to incentivize employees, officers, and directors of MPLX and its affiliates, including its sponsor Marathon Petroleum Corporation (MPC), through various unit-based awards. The plan authorizes the granting of awards such as unit options, restricted units, and performance units, with a cap of 16 million common units that can be delivered under the plan. This initiative is intended to align the interests of key personnel with those of MPLX unitholders by providing them with equity-based compensation tied to the performance and value of the Partnership's common units. Investors should monitor how these awards are utilized and their potential impact on dilution and executive compensation.

Key Highlights

  • 1MPLX LP adopted the 2018 Incentive Compensation Plan, effective March 15, 2018.
  • 2The new plan replaces the MPLX LP 2012 Incentive Compensation Plan.
  • 3The MPLX 2018 Plan will be in effect for ten years, until February 28, 2028, unless terminated earlier.
  • 4The plan allows for various unit-based awards, including options, restricted units, and performance units.
  • 5Eligible recipients include employees, officers, and directors of MPLX, its affiliates, and Marathon Petroleum Corporation (MPC).
  • 6A total of up to 16 million common units can be delivered under the MPLX 2018 Plan.
  • 7The plan aims to incentivize and retain key personnel by aligning their interests with those of MPLX unitholders.

Frequently Asked Questions

The primary purpose of the MPLX 2018 Incentive Compensation Plan is to incentivize and retain key employees, officers, and directors of MPLX LP and its affiliates, including Marathon Petroleum Corporation, by providing them with unit-based awards. This is intended to align their interests with those of MPLX unitholders.

The MPLX 2018 Incentive Compensation Plan becomes effective on March 15, 2018, and will continue in effect for ten years, until February 28, 2028, unless terminated earlier by the Board of Directors.

The plan authorizes the Board of Directors to grant a variety of unit-based awards, including unit options, unit appreciation rights, restricted units, phantom units, distribution equivalent rights, unit awards, profits interest units, and performance units.

Yes, the MPLX 2018 Plan stipulates that no more than 16 million common units representing limited partnership interests in MPLX LP may be delivered under the plan.