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Title: |
Annual Incentive Compensation Plan |
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Date: |
2002 |
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Price: |
$30 |
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ID: |
#313437 |
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Marathon Oil Corporation Senior Executive Officer
Annual Incentive Compensation Plan
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(As Amended and Restated Effective January 1, 2002)
1. Purpose
The objectives of the Marathon Oil Corporation Senior Executive Officer
Annual Incentive Compensation Plan, formerly named the USX Corporation Senior
Executive Officer Annual Incentive Compensation Plan (the "Plan"), are to
advance the interests of the Corporation by providing Plan Participants with
annual incentive opportunities linked directly to specific results. It is
intended that the Plan will:
(a) reinforce the Corporation's goal-setting and strategic planning
process,
(b) recognize the efforts of senior executive officers in achieving
objectives, and
(c) aid in attracting and retaining competent senior executive officers,
thus ensuring the long-range success of the Corporation.
2. Definitions
The following definitions will apply:
Award - An award granted under the Senior Executive Officer Annual
Incentive Compensation Plan.
Board - The Board of Directors of Marathon Oil Corporation.
Committee - The Compensation & Organization Committee of the Board of
Directors of Marathon Oil Corporation, which will consist
of not less than three directors of the Corporation who are
appointed by the Board of Directors and who will not be and
will not have been an officer or an employee of the
Corporation. In addition, in order to be a member of the
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