Document:

EX-10.6

 Exhibit 10.6 
 MARATHON PETROLEUM CORPORATION 
 AMENDED AND RESTATED 2011 INCENTIVE
COMPENSATION PLAN 
 NONQUALIFIED STOCK OPTION AWARD AGREEMENT 

[GRANT DATE] 
 Section 16 Officer 
 Pursuant to this Award Agreement, MARATHON
PETROLEUM CORPORATION (the “Corporation”) hereby grants to [NAME] (the “Optionee”), an employee of the Corporation or a Subsidiary, on [DATE] (the “Grant Date”), a right (the “Option”) to
purchase from the Corporation [NUMBER] shares of Common Stock of the Corporation at a grant price of $[PRICE] per share (the “Grant Price”), pursuant to the Marathon Petroleum Corporation Amended and Restated 2011 Incentive
Compensation Plan (the “Plan”), with such number of shares and such price per share being subject to adjustment as provided in Section 14 of the Plan, and further subject to the following terms and conditions: 

1. Relationship to the Plan. This Option is subject to all of the terms, conditions and provisions of the Plan and administrative
interpretations thereunder, if any, that have been adopted by the Committee. Except as defined herein (including in Paragraph 12 of this Award Agreement), capitalized terms shall have the same meanings ascribed to them under the Plan. To the extent
that any provision of this Award Agreement conflicts with the express terms of the Plan, the terms of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement shall be hereby deemed amended so as to carry out the
purpose and intent of the Plan. References to the Optionee also include the heirs or other legal representatives of the Optionee. 
 2. Exercise and Vesting Schedule. 
 (a) This Option shall become
exercisable in three cumulative annual installments, as follows: 
 (i) one-third of the Option Shares shall
become exercisable on the first anniversary of the Grant Date; 
 (ii) an additional one-third of the Option
Shares shall become exercisable on the second anniversary of the Grant Date; and 
 (iii) the remaining one-third
of the Option Shares shall become exercisable on the third anniversary of the Grant Date; 
 provided, however, that the Optionee must be in
continuous Employment from the Grant Date through the date of exercisability of each installment in order for the Option to become exercisable with respect to additional shares of Common Stock on such date. If the Employment of the Optionee is
terminated for any reason other than death or Retirement, any Option Shares that are not exercisable as of the date of such termination of Employment shall be forfeited to the Corporation. 

  
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 (b) This Option shall become fully exercisable, irrespective of the limitations set forth in
subparagraph (a) above, upon: 
 (i) termination of the Optionee’s Employment due to death; 

(ii) termination of the Optionee’s Employment due to Retirement; or 

(ii) a Change in Control of the Corporation, provided that as of such Change in Control the Optionee had been in
continuous Employment since the Grant Date. 
 3. Expiration of Option. 

(a) Expiration of Option Period. The Option Period shall expire on the tenth anniversary of the Grant Date. 

(b) Termination of Employment Due to Death or Retirement. If Employment of the Optionee is terminated due to death or Retirement,
the Option shall expire upon the earlier of (i) five years following the date of termination of Employment or (ii) expiration of the Option Period. The death of the Optionee following Retirement but prior to the expiration of the Option
shall have no effect on the expiration of the Option. 
 (c) Termination of Employment by the Corporation for Cause or Due to
Resignation. If Employment of the Optionee is terminated by the Corporation or any of its Subsidiaries for Cause or due to voluntary resignation by the Optionee, the Option shall expire upon the termination of Employment. 

(d) Termination of Employment by the Corporation Other Than For Cause. If Employment of the Optionee is terminated by the
Corporation or any of its Affiliates for any reason other than Cause, the Option shall expire upon the earlier of (i) 90 days following the date of termination of Employment or (ii) expiration of the Option Period. 

(e) Termination of Employment Following Change in Control. If Employment of the Optionee is terminated following a Change in
Control and, as a result, the Optionee is eligible for severance benefits under a Change in Control Agreement, the Option shall remain exercisable throughout the Option Period. 

4. Employment with a Competitor. Notwithstanding anything herein to the contrary, in the event the Committee, the Chief Executive
Officer, or an authorized officer determines that the Optionee has accepted or intends to accept employment with a competitor of any business unit of the Corporation, the Committee, the Chief Executive Officer, or the authorized officer may cancel
the Option by written notice to the Optionee. 
 5. Forfeiture or Repayment Resulting from Forfeiture Event.

 (a) Forfeiture of Unexercised Option. If a Forfeiture Event occurs during the Optionee’s Employment or within two
years following Optionee’s termination of Employment, the Committee may, but 

  
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is not obligated to, cause the Option granted under this Award Agreement to be forfeited with respect to some or all shares of Common Stock subject to the Option. 

(b) Repayment of Spread on Exercised Option. If a Forfeiture Event occurs during the Optionee’s Employment or within two
years following Optionee’s termination of Employment, the Committee may, but is not obligated to, require the Optionee to pay to the Corporation an amount up to (but not in excess of) the difference between the Grant Price and market price of
the Option on the date of exercise with respect to any shares for which the Option has been exercised (the “Forfeited Spread Amount”). Any Forfeited Spread Amount shall be paid by the Participant within sixty (60) days of receipt from
the Corporation of written notice requiring payment of such Forfeited Spread Amount. 
 (c) Application of Forfeiture
Provisions. This Paragraph 5 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Corporation with rights in addition to any other remedy which may exist in law or in equity. This
Paragraph 5 shall not apply to the Optionee following the effective time of a Change in Control. 
 6. Exercise of
Option. Subject to the limitations set forth herein and in the Plan, this Option may be exercised in whole or in part by providing notice to the Committee or its designated representative of the number of Option Shares to be exercised. Such
notice shall be accompanied by payment of the Grant Price of such Option Shares in cash or, at the election of the Optionee, in shares of Common Stock or any combination thereof. For purposes of determining the amount, if any, of the purchase price
satisfied by payment in Common Stock, such Common Stock shall be valued at its Fair Market Value on the date of exercise. Upon receipt of the purchase price, the Corporation or its designated representative shall issue or cause to be issued to the
Optionee a number of shares of Common Stock equal to the number of Option Shares then exercised. 
 7. Taxes. The
Corporation or its designated representative shall have the right to withhold applicable taxes from the shares of Common Stock otherwise payable to the Optionee upon exercise of the Option or from compensation otherwise payable to the Optionee at
the time of exercise pursuant to Section 11 of the Plan. 
 8. Shareholder Rights. The Optionee shall have no rights
of a shareholder with respect to the Option Shares unless and until such time as the Option has been exercised and shares of Common Stock have been issued to the Optionee in conjunction with the exercise of the Option. 

9. Nonassignability. During the Optionee’s lifetime, the Option may be exercised only by the Optionee or by the
Optionee’s guardian or legal representative. Upon the Optionee’s death, the Option shall be transferred to the Optionee’s estate. Otherwise, the Optionee may not sell, transfer, assign, pledge or otherwise encumber any portion of the
Option, and any attempt to sell, transfer, assign, pledge, or encumber any portion of the Option shall have no effect. 
 10.
No Employment Guaranteed. Nothing in this Award Agreement shall give the Optionee any rights to (or impose any obligations for) continued Employment by the Corporation or any Affiliate 

  
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thereof or successor thereto, nor shall it give such entities any rights (or impose any obligations) with respect to continued performance of duties by the Optionee. 

11. Modification of Agreement. Any modification of this Award Agreement shall be binding only if evidenced in writing and signed
by an authorized representative of the Corporation, provided that no modification may, without the consent of the Optionee, adversely affect the rights of the Optionee hereunder. 

12. Definitions. For purposes of this Award Agreement: 

“Cause” means termination from Employment by the Corporation or its Subsidiaries due to unacceptable
performance, gross misconduct, gross negligence, material dishonesty, material acts detrimental or destructive to the Corporation or its Subsidiaries, employees or property, or any material violation of the policies of the Corporation or its
Subsidiaries. 
 “Change in Control,” unless otherwise defined by the Committee, means a change
in control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended, whether or not the Corporation is then subject to such
reporting requirement; provided, that, without limitation, such a change in control shall be deemed to have occurred if: 
 (i) any person (as defined in Sections 13(d) and 14(d) of the Exchange Act) (a “Person”) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Corporation (not including in the amount of the securities beneficially owned by such person any such securities acquired directly from the Corporation or its affiliates) representing twenty percent
(20%) or more of the combined voting power of the Corporation’s then outstanding voting securities; provided, however, that for purposes of this Plan the term “Person” shall not include (A) the Corporation or any of its
subsidiaries, (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or any of its subsidiaries, (C) an underwriter temporarily holding securities pursuant to an offering of such securities,
or (D) a corporation owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation; and provided, further, however, that for purposes of this paragraph
(i), there shall be excluded any Person who becomes such a beneficial owner in connection with an Excluded Transaction (as defined in paragraph (iii) below); 

(ii) the following individuals cease for any reason to constitute a majority of the number of Directors then serving:
individuals who, on the date hereof, constitute the Board and any new Director (other than a Director whose initial assumption of office is in connection with an actual or threatened election contest including but not limited to a consent
solicitation, relating to the election of Directors of the Corporation) whose appointment or election by the Board or nomination for election by the Corporation’s stockholders was approved or recommended by a vote of at least two-thirds
(2/3) of the 

  
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directors then still in office who either were Directors on the date hereof or whose appointment, election or nomination for election was previously so approved; or 

(iii) there is consummated a merger or consolidation of the Corporation or any direct or indirect subsidiary thereof with
any other corporation, other than a merger or consolidation (an “Excluded Transaction”) which would result in the holders of the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving corporation or any parent thereof) at least 50% of the combined voting power of the voting securities of the entity surviving the merger or consolidation (or the
parent of such surviving entity) immediately after such merger or consolidation, or the stockholders of the Corporation approve a plan of complete liquidation of the Corporation, or there is consummated the sale or other disposition of all or
substantially all of the Corporation’s assets. 
 Notwithstanding any other provision to the contrary, in no
event shall the transfer of ownership interests in the Corporation in and of itself constitute a Change in Control under this Award Agreement. 
 “Change in Control Agreement” means any plan, program, agreement, or arrangement under which the Corporation or a Subsidiary agrees to provide benefits to the Optionee in the event he or
she is terminated following a Change in Control, as applicable to the Optionee at the relevant time. 

“Employment” means employment with the Corporation or any of its Affiliates. For purposes of this Option,
Employment shall also include any period of time during which the Optionee is on Disability status. 

“Forfeiture Event” means the occurrence of at least one of the following (a) the Corporation is
required, pursuant to a determination made by the Securities and Exchange Commission or by the Audit Committee of the Board, to prepare a material accounting restatement due to the noncompliance of the Corporation with any financial reporting
requirement under applicable securities laws as a result of misconduct, and the Committee determines that (1) the Optionee knowingly engaged in the misconduct, (2) the Optionee was grossly negligent with respect to such misconduct or
(3) the Optionee knowingly or grossly negligently failed to prevent the misconduct or (b) the Committee concludes that the Optionee engaged in fraud, embezzlement or other similar misconduct materially detrimental to the Corporation.

 “Option Period” means the period commencing upon the Optionee’s receipt of this Award
Agreement and ending on the date on which the Option expires pursuant to Paragraph 3(a). 
 “Option
Shares” means the shares of Common Stock covered by this Option. 

  
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 “Retirement” means (i) for an Employee participating
in the Retirement Plan, termination on or after the time at which the Employee is eligible for retirement under the Retirement Plan, or (ii) for an Employee not participating in the Retirement Plan, (a) for an Employee with ten or more
years of Employment, termination on or after the Employee’s 50th birthday or (b) termination on or after the Employee’s 65th birthday. 
 “Retirement Plan” means the Marathon Petroleum Retirement Plan or a successor plan, as applicable. 

 

			
	Marathon Petroleum Corporation
		
	By	 	
		 	Authorized Officer

  
 6Severance Agreement

 Exhibit 10.1 
 Severance Agreement 
 As of July 1, 2011 

William S. Sheridan 
 c/o Sotheby’s

 1334 York Avenue 
 New York, New York
10021 
 Dear Bill: 

This letter agreement (the “Agreement”) sets forth our understanding with respect to your rights and obligations in the event
of the termination of your employment with Sotheby’s (together with all of its subsidiaries and related entities, “Sotheby’s” or the “Company”). This Agreement is being provided to you because you are a key employee at
the Company and perform highly specialized and unique duties for the Company. Consequently, Sotheby’s is offering you the following terms and financial enhancements to ensure your continued loyalty to the Company, and so that you will focus
fully and exclusively on your job duties at Sotheby’s. Defined terms used herein are used with the meanings given to them in Exhibit A. 
  

	(1)	Severance Arrangements. 

  

	 	a)	If at any time from the date hereof through December 31, 2013 (the “Applicable Period”), your employment by the Company is terminated by you for Good
Reason or by the Company without Cause, the Company shall pay or provide you with the following: 

  

	 	(i)	Within fifteen (15) days of your termination date, payment of the sum of (x) any unpaid base salary through the date of termination and (y) any unpaid
and approved cash incentive compensation amount for the prior calendar year prior to your date of termination; and, within sixty (60) days of your termination date, reimbursement for any approved unreimbursed expenses incurred through the date
of termination (“Accrued Obligations”); 

  

	 	(ii)	 Two million and two hundred thousand dollars ($2,200,000) which shall be in lieu of any other payments or benefits to which you might otherwise be
entitled, including but not limited to, any payments or benefits for which you could be eligible under the 

	 	
Sotheby’s, Inc. Severance Plan, any amended version of such Plan, or successor plan applicable at the time of termination (the “Plan”). This amount shall be paid within
seventy-four (74) days of termination of employment, provided all conditions for receipt of this payment have been met; and 

  

	 	(iii)	Eighteen (18) months of Company paid continued coverage under Sotheby’s group medical and dental insurance plans pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) in accordance with the terms of the applicable medical and dental plans beginning when your coverage would terminate as an employee; provided that you timely and properly elect COBRA
continuation coverage. 

  

	 	b)	If during the Applicable Period, your employment is terminated by the Company for Cause, this Agreement shall terminate without further obligation to you, except that
the Company shall pay you any Accrued Obligations as defined above and shall continue to be obligated to you with respect to vested benefits in accordance with the terms of the applicable plans. Other than Accrued Obligations, you will not be
eligible for any incentive compensation for any period prior to or after the date of termination of your employment. 

  

	 	c)	If during the Applicable Period, your employment is terminated by the Company because of your permanent disability or death, this Agreement shall terminate without
further obligation to you, except that the Company shall pay you or your estate any Accrued Obligations as defined above and shall continue to be obligated to you or your estate with respect to vested benefits in accordance with the terms of the
applicable plans. Other than Accrued Obligations, you will not be eligible for any incentive compensation for any period prior to or after the date of termination of your employment. 

 

	 	d)	You hereby agree to waive irrevocably any rights or benefits under the Plan in its current form, as it may be amended from time to time, or under a successor plan.

  

	 	e)	Any payments payable pursuant to this Paragraph 1 beyond Accrued Obligations shall only be payable if you deliver to the Company a release, in a form acceptable to the
Company, as similarly required under the Plan, of any and all your claims (except with regard to claims for payments or benefits specifically payable or providable hereunder which are not yet paid as of the effective date of the release, claims for
vested accrued benefits, claims under COBRA, or claims relating to any rights of indemnification under the Company’s certificate of incorporation or by-laws or claims under any directors and officers liability insurance policy) occurring up to
the release date with regard to the Company and its respective past or present officers, directors and employees. 

	(2)	Certain Agreements. In consideration of the undertakings by the Company in Paragraph (1), you agree to be bound by the covenants and agreements set forth in
Exhibit B hereto. 

  

	(3)	Miscellaneous. You may not assign your rights or delegate your obligations under this Agreement. Sotheby’s shall be entitled to withhold from any payments
or deemed payments under this Agreement any amount of withholding required by law. This Agreement constitutes the entire agreement between you and Sotheby’s concerning the subject matter of your employment and supersedes any prior employment,
severance, or notice and non-compete agreement between the parties . Any waiver or amendment of any provision of this Agreement must be in writing and signed by both parties. 

 

	(4)	Legal and Equitable Remedies. Sotheby’s shall be entitled to enjoin a violation by you of any provision hereof, including, but not limited to, the
obligations in Exhibit B. Moreover, the parties hereto acknowledge that the damages suffered by Sotheby’s as a result of any violation of this Agreement may be difficult to ascertain. Accordingly, the parties agree that in the event of a breach
of this Agreement by you, Sotheby’s shall be entitled to specific enforcement by injunctive relief of your obligations to Sotheby’s. The remedies referred to above shall not be deemed to be exclusive of any other remedies available to
Sotheby’s, including to enforce the performance or observation of the covenants and agreements contained in this Agreement. 

  

	(5)	Arbitration. Any dispute, controversy or claim arising out of or relating to this agreement, or breach thereof (other than an action or proceeding for an
injunction or other equitable relief pursuant to Paragraph 4 hereof), shall be settled by arbitration in New York City in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association by a
single arbitrator. Any rights, defenses, or remedies available in a court of competent jurisdiction shall also be available to the parties in arbitration. The arbitrator’s award shall be final and binding upon both parties, and judgment upon
the award may be entered in any court of competent jurisdiction in any state of the United States or country or application may be made to such court for a judicial acceptance of the award and such enforcement as the law of such jurisdiction may
require or allow. 

  

	(6)	Severability. If at any time there is a judicial determination by any court of competent jurisdiction that any provision of this Agreement is unenforceable
against you, the other provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum extent as the court may judicially determine or indicate to be enforceable under New York law.

  

	(7)	Choice of Law/Choice of Forum. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of New York irrespective of
the principles of conflicts of law, and you consent to the jurisdiction of the state and federal courts situated in New York City for the purpose of adjudicating any dispute relating to this Agreement. 

	(8)	Binding on Successor Company. This Agreement shall remain in effect and be binding upon any successor or assign of Sotheby’s including any entity that
(whether directly or indirectly, by purchase, merger, reorganization, consolidation, acquisition of property or stock, liquidation or otherwise) is the survivor of the Company or that acquires the Company and/or substantially all the assets of the
Company, and such successor entity shall be deemed the “Company” for purposes of this Agreement. 

  

	(9)	Notices. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be delivered
personally or mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed to you at the address set forth on the initial page of this Agreement and to the Company at Sotheby’s, 1334 York Avenue,
New York, New York 10021, Attention: General Counsel, or to such other address as either party may have furnished to the other in writing in accordance herewith. Any such notice shall be deemed given when so delivered personally, or, if mailed, five
(5) days after the date of deposit in the United States mail, except that notice of change of address shall be effective only upon receipt. 

 Please review this Agreement carefully and, if it correctly states our agreement, sign and return to me the enclosed copy. 

 

			
	Very truly yours,
	
	SOTHEBY’S
		
	By: 	 	/s/ William F. Ruprecht
		 	 William F. Ruprecht

President and Chief Executive Officer

 Read, accepted and agreed to this  
 30th day of June, 2011 

	
	
	/s/ William S. Sheridan
	 William S. Sheridan

 EXHIBIT A 
 DEFINITIONS 
 “Cause” shall mean and be limited to: 

 

	 	a)	conviction of a felony crime; 

  

	 	b)	fraud, willful malfeasance, gross negligence, or any other act in connection with performance of your duties which is materially injurious to the Company; or

  

	 	c)	any material breach of this Agreement by you. 

“Good Reason” shall mean the occurrence of any of the following events: 

 

	 	a)	any material breach of this Agreement by the Company; 

  

	 	b)	your being required to relocate to a principal place of business more than fifty (50) miles outside New York, New York without your express consent;

  

	 	c)	any action by the Company that results in a material diminution in your position, base salary, and/or incentive targets (unless the percentage decrease in the target(s)
is consistent with those of other similar level corporate officers) without your express consent (except in connection with the termination of your employment for Cause or as a result of your death or Permanent Disability or temporarily as a result
of your illness or other absence); and 

  

	 	d)	failure of the Company to maintain directors and officers liability insurance for your benefit on a basis no less favorable than the basis on which it generally
maintains such insurance for the benefit of other senior executives of the Company. 

 provided, however, that you
shall provide the Company thirty (30) days’ prior written notice from the date one of the above-referenced events occurs constitiuting Good Reason that you are terminating your employment for Good Reason, and the Company shall have thirty
(30) days following the receipt of that wtitten notice to correct such circumstances. 
 “Permanent Disability” shall mean, and
be limited to, any physical or mental illness, disability or impairment that has prevented you from continuing the performance of the essential functions of your position with reasonable accommodation for a period in excess of six
(6) consecutive months. 

 EXHIBIT B 
 CERTAIN AGREEMENTS 
 Notice, Non-Compete and Non-Solicitation Agreement. 

You agree to give the Company not less than six months’ prior written notice to terminating your employment without Good Reason. 

Because you have specialized, unique confidential knowledge vital to the Company and the special nature of the services that you provide to the Company,
you agree that during your employment and for twelve (12) months following your date of termination (“the Restricted Period”), you will not, without the consent of the Company, directly or indirectly: consult for, become employed by,
provide services for, or solicit or accept any funds, loans or other consideration from 
  

	 	a)	Christie’s, Bonhams, or Phillips de Pury & Company or any affiliate or successor of any of those entities anywhere in the world; or

  

	 	b)	another entity engaged in conducting auctions, dealing in or making private sales of, collecting or advising with respect to any core collecting category in which the
Company sells property within the last twelve (12) months in the United States, United Kingdom, Hong Kong, Switzerland or France. 

 In addition to the foregoing, during the Restricted Period, you agree that you will not, either alone or in concert with others, and will not cause another to, in any such case, directly or indirectly

  

	 	a)	hire, recruit, solicit or induce any Sotheby’s employees to terminate their employment with Sotheby’s; 

 

	 	b)	solicit the business of, do business with, or seek to do business with, any client of the Company; 

 

	 	c)	encourage or assist any competitor of the Company to solicit or service any client of the Company; or 

 

	 	d)	otherwise induce any client of the Company to cease doing business with, or lessen its business with, the Company. 

If at any time there is a judicial determination by any court of competent jurisdiction that the time period, geographical scope, or any other
restriction contained in this Agreement is unenforceable 

 
against you, the provisions of this Agreement shall not be deemed void but shall be deemed amended to apply as to such maximum time period, geographical scope and to such other maximum extent as
the court may judicially determine or indicate to be enforceable. You understand and agree that, during the Restricted Period, you are not prohibited from obtaining alternative employment subject to the provisions above. 

Confidentiality Agreement. 
 As a
condition to your continued employment by the Company and in consideration for this Agreement, you reaffirm your agreement to be bound by the Company’s Confidentiality Agreement, Compliance Policies, including but not limited to, its Auction
Rules, Code of Business Conduct and Ethics, Conflicts of Interest Policy, and Human Resources polices.

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