MPLX LP
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Appointment of Principal Financial Officer
On July 30, 2021 , the board of directors of MPLX GP LLC , the general partner of
MPLX LP ("MPLX"), appointed John J. Quaid as Executive Vice President and Chief
Financial Officer, effective September 1, 2021 . In this capacity, Mr. Quaid will
be MPLX's principal financial officer.
Mr. Quaid , 49, has served as Senior Vice President and Controller of Marathon
Petroleum Corporation ("MPC"), the ultimate parent company of MPLX GP LLC , since
April 2020 , having previously served as Vice President and Controller of MPC
since 2014. Before joining MPC, Mr. Quaid was Vice President of Iron Ore at
United States Steel Corporation, an integrated steel producer, beginning in
2014, and Vice President and Treasurer beginning in 2011.
MPLX does not directly employ any of the personnel responsible for managing and
operating its business. Rather, MPLX contracts with MPC to provide the necessary
personnel, all of whom are directly employed by MPC or one of its affiliates.
Mr. Quaid will receive an annual base salary from MPC of $575,000 and is
eligible to participate in MPC's annual cash bonus ("ACB") program with a target
bonus opportunity equal to 70% of his base salary. His actual bonus will be
based on performance relative to the performance goals established under the ACB
program. Mr. Quaid's target award value under MPC's long-term incentive ("LTI")
program is expected to be $1,200,000 , beginning in 2022. Descriptions of the ACB
and LTI programs are included in MPLX's Annual Report on Form 10-K for the year
ended December 31, 2020 (the "2020 10-K").
Mr. Quaid will also continue to be eligible to participate in MPC's other
benefit plans and programs such as health and life insurance, income protection
in a circumstance of long-term and short-term disability, retirement plans and
executive severance benefits plans, descriptions of which are included in the
2020 10-K.
Other than with respect to the compensation matters described above, there are
no arrangements or understandings between Mr. Quaid and any other persons
pursuant to which Mr. Quaid was appointed MPLX's Executive Vice President and
Chief Financial Officer. There are no family relationships between Mr. Quaid and
any director or executive officer of MPLX, and Mr. Quaid has no direct or
indirect interest in any transaction or proposed transaction required to be
disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Quaid will succeed Pamela K.M. Beall , who is retiring effective September 1,
2021 as MPLX's Chief Financial Officer following more than 25 years of service
with MPC and MPLX. Ms. Beall will continue to be employed in an advisory
capacity through November 30, 2021 to assist with the transition.
Appointment of Principal Accounting Officer
On July 30, 2021 , the board of directors of MPLX GP LLC appointed Kelly D.
Wright as Vice President and Controller, effective September 1, 2021 . In this
capacity, Ms. Wright will be MPLX's principal accounting officer.
Ms. Wright , 39, has served as Assistant Controller of MPC since February 2019 ,
having previously served as Senior Director Accounting Operations Excellence
since October 2018 . Prior to MPC's acquisition of Andeavor in October 2018 , Ms.
Wright served in various roles of increasing responsibility at Andeavor ,
including Deputy Controller of Value Chain Accounting from April 2018 to October
2018 , Director of M&A Finance Integration from January 2017 to April 2018 , and
Assistant Controller Logistics from March 2015 to January 2017 . Prior to joining
Andeavor in 2010, she spent five years in public accounting with KPMG LLP .
As noted above, MPC employs and provides the necessary personnel to operate
MPLX's business. Ms. Wright will continue to receive an annual base salary from
MPC and participate in MPC's ACB and LTI programs. Descriptions of the ACB and
LTI programs are included in the 2020 10-K. Ms. Wright will also continue to be
eligible to participate in MPC's other benefit plans and programs such as health
and life insurance, income protection in a circumstance of long-term and
short-term disability, retirement plans and general employee severance benefits
plans.
Other than with respect to the compensation matters described above, there are
no arrangements or understandings between Ms. Wright and any other persons
pursuant to which Ms. Wright was appointed MPLX's Vice President and Controller.
There are no family relationships between Ms. Wright and any director or
executive officer of MPLX, and Ms. Wright has no direct or indirect interest in
any transaction or proposed transaction required to be disclosed pursuant to
Item 404(a) of Regulation S-K.
Ms. Wright will succeed C. Kristopher Hagedorn , who will resign as MPLX's Vice
President and Controller effective September 1, 2021 to accept a role as MPC's
Senior Vice President and Controller, also effective September 1, 2021 .
Item 7.01 Regulation FD Disclosure
On
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of that section, nor shall it be deemed incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing. Item 9.01 Financial Statements and Exhibits
(d) Exhibits. Exhibit Number Description 99.1 Press Release issued byMPLX LP onAugust 4, 2021 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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