Back to top

SPEEDWAY SUPERAMERICA LLC EXCESS BENEFIT PLAN

Employee Benefits Plan Agreement

SPEEDWAY SUPERAMERICA LLC EXCESS BENEFIT PLAN | Document Parties: MARATHON OIL CORP You are currently viewing:
This Employee Benefits Plan Agreement involves

MARATHON OIL CORP

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: SPEEDWAY SUPERAMERICA LLC EXCESS BENEFIT PLAN
Date: 3/6/2006
Industry: Oil and Gas Operations     Sector: Energy

50 of the Top 250 law firms use our Products every day
 

Exhibit 10.31

Speedway SuperAmerica LLC
Excess Benefit Plan

As
Amended and Restated

Generally Effective
January 1,1999
1

Counterpart 5 of 5

 

 

 

 

1

 

For amendments made relating to recognizing non-consecutive Group I bonuses and deferred compensation amounts in the 36 months prior to retirement, the effective date is April 1, 1997.

 


 

SPEEDWAY SUPERAMERICA LLC
EXCESS BENEFIT PLAN

ARTICLE I

I.

 

Purpose

This Plan, formerly known as the Emro Marketing Company Excess Benefit Plan, has been amended and restated to become the Speedway SuperAmerica LLC Excess Benefit Plan effective January 1, 1999 and to include amendments made to the plan effective January 1, 1997 relating to the provision of additional benefits for amounts deferred under the Company’s existing and former deferred compensation plans as well as amendments made to recognize non-consecutive bonuses in calculating Final Average Pay. The purpose of this Plan is to compensate employees for the loss of benefits under the Retail Provisions of the Marathon Ashland Petroleum Retirement Plan (the “Retail Sub-Plan”) due to certain limits placed by the Internal Revenue Code (“IRC”) and in certain cases to provide benefits relating to compensation updates under the provisions of that Plan relating to the former Petroleum Marketing Retirement Plan which was merged into the MAP Plan’s Retail Sub-Plan but which are unavailable under the qualified plan due to certain IRC limitations. The term “Company” as referred to herein shall mean Speedway SuperAmerica LLC (and its predecessor Emro Marketing Company where appropriate) and any other company which has been authorized to participate in the Retail Provisions of the MAP Plan, including the former PMRP.

This Speedway SuperAmerica LLC Excess Benefit Plan (“Excess Benefit Plan”) sets forth the terms and conditions under which benefits designed to compensate employees for the aforementioned losses of benefits shall be accrued and paid by the Company.

Page 1


 

ARTICLE II

II.

 

Eligibility

Every individual who qualifies for a benefit under the terms of the Retail Provisions of the MAP Plan (and the analogous provisions of the former PMRP) and whose benefit as determined under Article IV, Sections A, B, C, D or E of the Retail Sub-Plan of the MAP Plan is reduced by any of the following limitations, is eligible to accrue Excess Benefit Plan benefits:

 

1.

 

IRC §415,

 

 

 

 

 

2.

 

The annual compensation limit as set forth under IRC §401(a)(17),

 

 

 

 

 

3.

 

Employees excluded from receiving the benefits described in Article IV(B) entitled, “Grandfathered or Prior Plan Benefit for Former Petroleum Marketing Retirement Plan Participants” and Article IV(C) entitled “Transition Provision For Former SuperAmerica Employees Who Were Ashland Inc. and Associate Plan Participants on December 31, 1998” solely due to their status as highly compensated employees or being deemed as highly compensated employees.

Every individual who is eligible to receive benefits under this Excess Benefit Plan by reason of their active employment with the Company shall be known as a Participant. Every individual who becomes eligible to receive benefits under this Excess Benefit Plan in the event of the death of a Participant shall be known as a Beneficiary. The Beneficiary of a Participant under this Excess Benefit Plan shall be such Beneficiary as may be provided under Article VI, Section B of this Plan.

ARTICLE III

III.

 

Excess Retail Sub-Plan Benefits

 

A.

 

Amount of Excess Retail Sub-Plan Benefit

The amount of Excess Retail Sub-Plan Benefit which a Participant or Beneficiary is entitled to receive shall be equal to the excess of (1) over (2) below:

Page 2


 

 

(1)

 

The amount of benefit which such Participant or Beneficiary would be entitled to receive under the Retail Sub-Plan if such benefit were computed without giving effect to the limitations referenced under Article II, of this Plan; less

 

 

 

 

 

(2)

 

The amount of benefit which such Participant or Beneficiary is entitled to received under the Retail Sub-Plan.

     In determining the Excess Benefits the following shall apply to (1) above:

 

a)

 

The Excess Benefit calculation shall include in Compensation amounts any Participant shall have contributed to a non-qualified deferred compensation plan sponsored by Speedway SuperAmerica LLC or previously sponsored by Emro Marketing Company during the previous 36 month period used to calculate the Participant’s benefit under the Retail Sub-Plan; and

 

 

 

 

 

b)

 

For employees of the Company at Grade 19 and above, the definition of “Final Average Pay for calculating the Excess Benefit shall be the highest monthly pay, excluding bonuses, of a member for any consecutive thirty-six months period during the last ten years of employment


SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Close this window