Document:

LETTER AGREEMENT, EFFECTIVE AS OF DECEMBER 10, 2010

 Exhibit 10.47 
 [MMC Letterhead] 
 November 22, 2010 
 Daniel S. Glaser 
 [Address] 
 [City, State Zip Code] 
 Subject:
            Terms of Employment 
 Dear Dan: 

This letter agreement is intended to set forth the terms of your continued employment by Marsh Inc. (“Marsh”) as its Chairman and Chief
Executive Officer, Marsh Inc. This position reports to the Chief Executive Officer of Marsh & McLennan Companies, Inc. (“MMC”, and together with its subsidiaries and affiliates, the “Company”). Your current
principal work location is in New York, NY. The terms of this letter agreement are effective upon the expiration of the term of the Employment Agreement dated as of December 10, 2007 between you and MMC, as amended (the “Prior
Agreement”) on December 10, 2010. 
  

	1.	Duties and Responsibilities 

You will continue to devote all of your attention and time during working hours to the affairs and business of Marsh and the Company and use
your best efforts to perform such duties and responsibilities as are consistent with your position and as shall, from time to time, be reasonably assigned to you by the Chief Executive Officer of MMC. In addition, you agree to serve, without
additional compensation, as an officer and director for any member of the Affiliated Group. For purposes of this letter agreement, the term “Affiliated Group” means MMC and any corporation, partnership, joint venture, limited
liability company, or other entity in which MMC has a 10% or greater direct or indirect interest. You may not serve on corporate, civic or charitable boards or committees without the prior written consent of MMC. 

 

	2.	Compensation and Benefits 

 Your
compensation and benefits are as set forth below and in Exhibit A. 
  

	 	a.	Annual base salary: You will receive an annual base salary of the amount set forth on Exhibit A, payable in installments in accordance with the Company’s
payroll procedures in effect from time to time. Your base salary will be considered for adjustment in succeeding years as part of your normal performance management process. 

 

	 	b.	Vacation: You are entitled to 5 weeks of vacation annually, in accordance with our Company policy. 

 

	 	c.	 Annual bonus: You are eligible for an annual bonus on the terms set forth on Exhibit A. Bonus awards are discretionary and may be paid in the form
of cash, deferred cash or MMC stock units, or a combination thereof. Except as provided in this paragraph and in 

 November 22, 2010 
 Daniel S. Glaser 
 Page 2 of 7 

 

	 	 
Section 3(a), to qualify for an annual bonus you must remain continuously and actively employed by the Company through the date of the bonus payment. The annual bonus shall be paid no later
than March 15 of the year following the year for which such bonus is earned. In the event of your Permanent Disability (as defined below) or death, the Company shall pay you (or your estate in the case of death) a prorated target annual bonus
for the year in which your termination occurs based on the portion of the year elapsed as of the date of your termination. Any such bonus amount shall be paid within 30 days of your death. In the event of your Permanent Disability, your prorated
annual bonus payment is conditioned upon, and subject to, your execution and delivery to the Company within 30 days of the date of such event a valid confidential waiver and release of claims agreement (including restrictive covenants) in a form
satisfactory to the Company (the “Release”) and such Release has become irrevocable as provided therein (the “Release Date”). Payment of any such annual bonus amount shall then be paid within 30 days following the Release
Effective Date. 

 As used in this letter agreement, “Permanent Disability” will be deemed to occur when
it is determined (by MMC’s disability carrier or the primary long-term disability plan or program applicable to you because of your employment with the Company) that you are unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

 

	 	d.	Annual Long-Term Incentive Compensation: You are eligible to participate in MMC’s long-term incentive program with a target long-term incentive compensation
award as set forth on Exhibit A. Long-term incentive awards are discretionary and are governed by terms and conditions approved by the Compensation Committee as set forth in the award agreement and in MMC’s 2000 Senior Executive Incentive and
Stock Award Plan (or other plan under which the long-term incentive award is granted). In accordance with Company practice, you will be required to enter into a “Restrictive Covenants Agreement” in connection with the grant.

  

	 	e.	Benefit Programs: You and your eligible family members are eligible for participation in employee benefit plans, policies and programs provided by the Company on
such terms and conditions as are generally provided to similarly situated employees of the Company. Please be aware that nothing in this letter agreement shall limit the Company’s ability to change, modify, cancel or amend any such policies or
plans. In addition, you will be eligible to participate in the MMC Financial Services Program, as in effect from time to time. 

  

	3.	Termination of Employment 

  

	 	a.	 You will be designated as a “Key Employee” under the Marsh & McLennan Companies, Inc. Senior Executive Severance Pay Plan (the
“Senior Executive Severance Pay Plan”). In the event that your employment with the Company terminates for any reason, the Senior Executive Severance Plan will exclusively govern the terms under which you may be eligible to receive
severance and/or other transition benefits from the Company. In 

  

 November 22, 2010 
 Daniel S. Glaser 
 Page 3 of 7 

 

	 	 
the event that the reason for your termination of employment entitles you to receive severance benefits under Article 5 of the Senior Executive Severance Plan, the Company shall also pay you the
earned annual bonus, if any, for the calendar year that preceded your termination to the extent not theretofore paid. 

  

	 	b.	Upon the termination of your employment for any reason, you shall immediately resign, as of your date of termination, from all positions that you then hold with any member
of the Affiliated Group. You hereby agree to execute any and all documentation to effectuate such resignations upon request by the Company, but you shall be treated for all purposes as having so resigned upon your date of termination, regardless of
when or whether you execute any such documentation. 

  

	 	c.	During the term of this letter agreement, and, subject to any other business obligations that you may have, following your date of termination, you agree to assist the
Affiliated Group in the investigation and/or defense of any claims or potential claims that may be made or threatened to be made against any member of the Affiliated Group, including any of their officers or directors (a
“Proceeding”), and will assist the Affiliated Group in connection with any claims that may be made by any member of the Affiliated Group in any Proceeding. You agree, unless precluded by law, to promptly inform MMC if you are asked
to participate in any Proceeding or to assist in any investigation of any member of the Affiliated Group. In addition, you agree to provide such services as are reasonably requested by the Company to assist any successor to you in the transition of
duties and responsibilities to such successor. Following the receipt of reasonable documentation, the Company agrees to reimburse you for all of your reasonable out-of-pocket expenses associated with such assistance. Your request for any
reimbursement, including reasonable documentation, must be submitted as soon as practicable and otherwise consistent with Company policy. In any event, your request for a taxable reimbursement, including reasonable documentation, must be submitted
by the October 31st of the year following the year in which the expense is incurred. The Company will generally reimburse such expenses within 60 days of the date they are submitted, but in no event will they be reimbursed later than the
December 31st of the year following the year in which the expense is incurred. 

  

	4.	Restrictive Covenants 

 You are
subject to existing restrictions with respect to confidentiality, noncompetition or nonsolicitation under confidentiality, noncompetition, nonsolicitation, or other agreements. Such restrictions, including specifically the restrictions and
provisions included in Section 4 of the Prior Agreement (including subsection (iii) of the definition of “Competitive Activity” in Section 4.1(a) of the Prior Agreement, which provides that your acceptance of employment with
an insurance carrier following a termination of employment with the Company is not a competitive activity), shall remain in full force and effect; provided, however, that the noncompetition and nonsolicitation period in Section 4.1(a) of the
Prior Agreement shall be for 12 months following your termination of employment. By your execution of this letter agreement, you hereby reaffirm and ratify such restrictions. 

  

 November 22, 2010 
 Daniel S. Glaser 
 Page 4 of 7 

 

	5.	Miscellaneous 

  

	 	a.	Notices. Notices given pursuant to this letter agreement shall be in writing and shall be deemed received when personally delivered, or on the date of written
confirmation of receipt by (i) overnight carrier, (ii) telecopy, (iii) registered or certified mail, return receipt requested, postage prepaid, or (iv) such other method of delivery as provides a written confirmation of delivery.
Notice to the Company shall be directed to: 

 Peter J. Beshar 

Executive Vice President & General Counsel 
 Marsh & McLennan Companies, Inc. 
 1166 Avenue of the Americas 

New York, NY 10036 

Notices to or with respect to you will be directed to you, or in the event of your death, your executors, personal representatives or
distributees, at your home address as set forth in the records of the Company. 
  

	 	b.	Assignment of this Agreement. This letter agreement is personal to you and shall not be assignable by you without the prior written consent of MMC. This letter
agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns. MMC may assign this letter agreement, without your consent, to any member of the Affiliated Group or to any other respective successor
(whether directly or indirectly, by agreement, purchase, merger, consolidation, operation of law or otherwise) to all, substantially all or a substantial portion of the business and/or assets of Marsh or the Company, as applicable. If and to the
extent that this letter agreement is so assigned, references to “Marsh” or the “Company” throughout this letter agreement shall mean Marsh or the Company as hereinbefore defined and any successor to its business and/or assets as
applicable. 

  

	 	c.	Merger of Terms. Except as set forth in Section 4 above, this letter agreement supersedes all prior discussions and agreements between you and the Company with
respect to the subject matters covered herein, including, without limitation, the Prior Agreement. 

  

	 	d.	Indemnification. The Company shall indemnify you to the extent permitted by its bylaws with respect to the work you have performed for, or at the request of, the
Company or any member of the Affiliated Group during the term of this letter agreement. 

  

	 	e.	Governing Law; Amendments. This letter agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to
principles of conflict of laws. The captions of this letter agreement are not part of the provisions hereof and shall have no force or effect. This letter agreement may not be amended or modified other than by a written agreement executed by you and
an authorized employee of MMC. 

  

 November 22, 2010 
 Daniel S. Glaser 
 Page 5 of 7 

 

	 	f.	Choice of Forum. The Company and you each hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York state court or federal court
of the United States of America sitting in the State of New York, and any appellate court thereof, in any action or proceeding arising out of or relating to this letter agreement or for recognition or enforcement of any judgment relating thereto,
and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York state court or, to the extent permitted by law, in such federal
court. The Company and you agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

 

	 	g.	Severability; Captions. In the event that any provision of this letter agreement is determined to be invalid or unenforceable, in whole or in part, the remaining
provisions of this letter agreement will be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. The captions in this letter agreement are not part of the provisions of this letter agreement and will
have no force or effect. 

  

	 	h.	Section 409A. 

 The
provisions of this paragraph will only apply if and to the extent required to avoid the imposition of taxes, interest and penalties on you under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).
Section 409A applies to nonqualified deferred compensation which exists if an individual has a “legally binding right” to compensation that is or may be payable in a later year. In furtherance of the objective of this paragraph, to
the extent that any regulations or other guidance issued under Section 409A would result in your being subject to payment of taxes, interest or penalties under Section 409A, you and the Company agree to use our best efforts to amend this
letter agreement in order to avoid or limit the imposition of any such taxes, interest or penalties, while maintaining to the maximum extent practicable the original intent of the applicable provisions. This paragraph does not guarantee that you
will not be subject to taxes, interest or penalties under Section 409A with respect to compensation or benefits described or referenced in this letter agreement. 
 Furthermore and notwithstanding any provision of this letter agreement to the contrary, to the extent necessary to avoid the imposition of taxes, interest and penalties on you under Section 409A, if at
the time of the termination of your employment you are a “specified employee” (as defined in Section 409A), you will not be entitled to any payments upon termination of employment until the first day of the seventh month after the
termination of employment and any such payments to which you would otherwise be entitled during the first six months following your termination of employment will be accumulated and paid without interest on the first day of the seventh month after
the termination of employment. 
  

	 	i.	Withholding Requirements. All amounts paid or provided to you under this Agreement shall be subject to any applicable income, payroll or other tax withholding
requirements. 

  

 November 22, 2010 
 Daniel S. Glaser 
 Page 6 of 7 

 

 Please acknowledge your agreement with the terms of this letter agreement by signing and dating the
enclosed copy and returning it to me on or before December 10, 2010. 
  

	
	Sincerely,
	
	/s/ Brian Duperreault
	Brian Duperreault
	President and Chief Executive Officer
	Marsh & McLennan Companies, Inc

  

	
	Accepted and Agreed:
	
	/s/ Daniel S. Glaser
	(Signature)
	
	11/22/10
	(Date)

  

 Exhibit A 

 

			
	 Base Salary
	  	$1,000,000
		
	 Target Bonus Opportunity
	  	 Bonus awards are discretionary.

Anticipated target bonus of $2,250,000. Actual bonus may range from 0% - 200% of target, based on individual and company performance targets (including, but
not limited to, targets related to your performance and MMC’s financial performance) as MMC may establish from time to time.

		
	 Target Long Term Incentive Opportunity
	  	 Long term incentive awards are discretionary.
 Anticipated target grant-date value of $3,000,000.Form of Non-Qualified Stock Option Agreement

 Exhibit 10.5 
 MARATHON OIL CORPORATION 
 2007 INCENTIVE COMPENSATION PLAN

 NONQUALIFIED STOCK OPTION AWARD AGREEMENT 
 [GRANT DATE] 
 Section 16 Officer 

Pursuant to this Award Agreement, MARATHON OIL CORPORATION (the “Corporation”) hereby grants to [NAME]
(the “Optionee”), an employee of the Corporation or a Subsidiary, on February 24, 2010 (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 Oil Corporation 2007 Incentive Compensation Plan (the “Plan”), with such number of shares and such price per share being
subject to adjustment as provided in Section 16 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 11 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. 

  
 1 

 (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. 
  

  
 2 

 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 three years following Optionee’s termination of Employment, the Committee may, but is not obligated to, cause all or any portion of the Option granted under this Award Agreement to be forfeited. 

(b) Repayment of Spread on Exercised Option. If a Forfeiture Event occurs during the Optionee’s Employment or
within three 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 in cash 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 13 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. 

  
 3 

 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 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 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 

  
 4 

 (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). 

  
 5 

 “Option Shares” means the shares of Common
Stock covered by this Option. 
 “Retirement” means (i) for an Employee
participating in the Retirement Plans, termination on or after the time at which the Employee is eligible for retirement under the Retirement Plans, or (ii) for an Employee not participating in the Retirement Plans, (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 Plans” means the Retirement Plan of Marathon Oil Company, the Marathon
Petroleum Company LLC Retirement Plan, or a successor plan to either of such plans, as applicable. 
  

			
	 Marathon Oil Corporation

		
	 By
	 	
 

	Authorized Officer

  
 6

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