Document:

Form of Transition Services Agreement

 Exhibit 10.3 
 TRANSITION SERVICES AGREEMENT 
 THIS TRANSITION SERVICES AGREEMENT is made
as of [•], 2011 by and between Marathon Oil Corporation, a Delaware corporation (“Marathon Oil”), and Marathon Petroleum Corporation, a Delaware corporation (“Marathon Petroleum”). 

WHEREAS, Marathon Oil, through its Subsidiaries (other than Marathon Petroleum and its Subsidiaries), is engaged in the businesses
of crude oil and natural gas exploration and production, integrated natural gas, and oil sands mining (collectively, the “Marathon Oil Business”); 
 WHEREAS, Marathon Petroleum, through its Subsidiaries, is engaged in the business of petroleum refining, marketing and transportation (the “Marathon Petroleum Business”); 

WHEREAS, the Board of Directors of Marathon Oil has determined that it would be advisable and in the best interests of Marathon Oil and
its stockholders for Marathon Oil to distribute on a pro rata basis to the holders of Marathon Oil’s common stock all of the outstanding shares of Marathon Petroleum common stock owned by Marathon Oil (the “Distribution”);

 WHEREAS, Marathon Oil and Marathon Petroleum have entered into a Separation and Distribution Agreement dated as of the date
hereof (the “Distribution Agreement”) in order to carry out, effect and consummate the foregoing transactions; 
 WHEREAS, to facilitate the transactions described above, Marathon Oil and Marathon Petroleum deem it to be appropriate and in the best interests of Marathon Oil and Marathon Petroleum that Marathon Oil
provide certain Services to Marathon Petroleum and Marathon Petroleum provide certain Services to Marathon Oil, on the terms and conditions set forth herein; and 
 WHEREAS, it is the intent of the Parties that the Services be provided at cost, and therefore the Fees set forth on Annex B and Annex C were calculated to reflect costs. 

NOW, THEREFORE, in consideration of the forgoing and the mutual agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 
 Section 1.1 Definitions. Unless otherwise defined herein, each capitalized term shall have the meaning specified for such term in the Distribution Agreement. As used in this Agreement:

  

	 	(a)	“Additional Services” means the Additional Marathon Oil Services (as defined in Section 3.2(a)) or the Additional Marathon Petroleum
Services (as defined in Section 3.2(b)), individually, or the Additional Marathon Oil Services and the Additional Marathon Petroleum Services, collectively, as the context may indicate. Any Additional Services provided pursuant to this
Agreement shall be deemed to be “Services” under this Agreement. 

  

	 	(b)	“Agreement” means this Transition Services Agreement together with those portions of the Distribution Agreement referenced herein and all
Annexes attached hereto and incorporated herein by this reference and all amendments, modifications and changes hereto and thereto. 

  
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	 	(c)	“Authorized Representative” means, for each Party, any of the individuals listed on Annex A under the name of such Party.

  

	 	(d)	“Availed Party” has the meaning set forth in Section 8.2(a) of this Agreement. 

 

	 	(e)	“Fees” for a particular Service shall be as set forth on Annex B or Annex C, as the case may be. 

 

	 	(f)	“Marathon Oil Services” means the Services generally described on Annex B and any other Service provided by Marathon Oil or any of its
Subsidiaries pursuant to this Agreement. 

  

	 	(g)	“Marathon Petroleum Services” means the Services generally described on Annex C and any other Service provided by Marathon Petroleum or
any of its Subsidiaries pursuant to this Agreement. 

  

	 	(h)	“Partial Termination” has the meaning set forth in Section 3.3(a) of this Agreement. 

 

	 	(i)	“Party” means Marathon Oil or Marathon Petroleum, as applicable. “Parties” means Marathon Oil and Marathon Petroleum.

  

	 	(j)	“Security Regulations” has the meaning set forth in Section 8.2(a) of this Agreement. 

 

	 	(k)	“Services” means the Marathon Oil Services or the Marathon Petroleum Services, individually, or the Marathon Oil Services and the Marathon
Petroleum Services, collectively, as the context may indicate. 

  

	 	(l)	“Systems” has the meaning set forth in Section 8.2(a) of this Agreement. 

Section 1.2 Interpretation. (a) In this Agreement, unless the context clearly indicates otherwise: 

(i) words used in the singular include the plural and words used in the plural include the singular; 

(ii) references to any Person include such Person’s successors and assigns but, if applicable, only if such
successors and assigns are permitted by this Agreement, and a reference to such Person’s “Subsidiaries” shall be deemed to mean such Person’s Subsidiaries following the Distribution; 

(iii) any reference to any gender includes the other gender and the neuter; 

(iv) the words “include,” “includes” and “including” shall be deemed to be followed by the
words “without limitation”; 
 (v) the words “shall” and “will” are used
interchangeably and have the same meaning; 
 (vi) the word “or” shall have the inclusive meaning
represented by the phrase “and/or”; 

  
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 (vii) any reference to any Article, Section or Annex means such Article or
Section of, or such Annex to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition; 

(viii) the words “herein,” “hereunder,” “hereof,” “hereto” and words of similar
import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision of this Agreement; 
 (ix) any reference to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the
provisions thereof and by this Agreement; 
 (x) any reference to any law (including statutes and ordinances)
means such law (including all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability; 

(xi) relative to the determination of any period of time, “from” means “from and including,”
“to” means “to but excluding” and “through” means “through and including”; 
 (xii) accounting terms used herein shall have the meanings historically ascribed to them by Marathon Oil and its Subsidiaries, including Marathon Petroleum and its Subsidiaries, in its and their internal
accounting and financial policies and procedures in effect as of the date of this Agreement; 
 (xiii) if there
is any conflict between the provisions of the Distribution Agreement and this Agreement, the provisions of this Agreement shall control with respect to the subject matter hereof; if there is any conflict between the provisions of the main body of
this Agreement and the Annexes hereto, the provisions of the main body of this Agreement shall control unless explicitly stated otherwise in such Annex; 
 (xiv) the titles to Articles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the meaning or
interpretation of this Agreement; 
 (xv) any portion of this Agreement obligating a Party to take any action or
refrain from taking any action, as the case may be, shall mean that such Party shall also be obligated to cause its relevant Subsidiaries to take such action or refrain from taking such action, as the case may be (and, accordingly, if Services are
provided by Subsidiaries of Marathon Oil, references to “Marathon Oil” shall be deemed to be references to such Subsidiaries which provide the Services under this Agreement; if Services are provided by Subsidiaries of Marathon Petroleum,
references to “Marathon Petroleum” shall be deemed to be references to such Subsidiaries which provide the Services under this Agreement); 
 (xvi) unless otherwise specified in this Agreement, all references to dollar amounts herein shall be in respect of lawful currency of the United States; and 

(xvii) the language of this Agreement shall be deemed to be the language the Parties hereto have chosen to express their
mutual intent, and no rule of strict construction shall be applied against either Party. 

  
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 ARTICLE II 
 TERM 
 Section 2.1 Term. The term of this Agreement
shall commence on the Distribution Date and end on the first anniversary of the Distribution Date (the “Term”). 

ARTICLE III 

PERFORMANCE OF SERVICES 
 Section 3.1 General. (a) During the Term, and subject to the terms and conditions of this Agreement, Marathon Oil will use commercially reasonable efforts to provide, or cause to
be provided, the Marathon Oil Services to Marathon Petroleum and its Subsidiaries. Unless specifically provided to the contrary on Annex B (including any performance standards set forth therein), all Marathon Oil Services provided pursuant to
this Agreement shall be performed or provided, as applicable: (i) with the use of reasonable care; (ii) consistent with this Agreement and in substantially the same manner (including as to level, quality and timeliness) as such Services
have been provided to the Marathon Petroleum Business by the Marathon Oil Parties on or prior to the Distribution Date (except to the extent that such level of care and diligence will be reduced by reason of the fact that Marathon Oil is not
providing executive management services to Marathon Petroleum and its Subsidiaries from and after the Distribution Date); (iii) in material compliance with applicable laws, rules and regulations; and (iv) with substantially the same
priority under comparable circumstances as it provides such services to itself and its Subsidiaries. 
 (b) During the Term, and
subject to the terms and conditions of this Agreement, Marathon Petroleum will use commercially reasonable efforts to provide, or cause to be provided, the Marathon Petroleum Services to Marathon Oil and its Subsidiaries. Unless specifically
provided to the contrary on Annex C (including any performance standards set forth therein), all Marathon Petroleum Services provided pursuant to this Agreement shall be performed or provided, as applicable: (i) with the use of
reasonable care; (ii) consistent with this Agreement and in substantially the same manner (including as to level, quality and timeliness) as such Services have been provided to the Marathon Oil Business by the Marathon Petroleum Parties on or
prior to the Distribution Date; (iii) in material compliance with applicable laws, rules and regulations; and (iv) with substantially the same priority under comparable circumstances as it provides such services to itself and its
Subsidiaries. 
 (c) Notwithstanding anything to the contrary in this Agreement, neither Marathon Oil nor Marathon Petroleum
(nor any of their respective Subsidiaries) shall be required to perform Services hereunder or take any actions relating thereto that conflict with or violate any applicable law, contract, license, sublicense, authorization, certification or permit.

 Section 3.2 Additional Services. (a) If Marathon Petroleum reasonably determines that additional
transition services (not listed on Annex B) of the type previously provided by the Marathon Oil Parties to the Marathon Petroleum Business are necessary to conduct the Marathon Petroleum Business and Marathon Petroleum or its Subsidiaries are
not able to provide such services to the Marathon Petroleum Business, then Marathon Petroleum may provide written notice thereof to Marathon Oil. Upon receipt of such notice by Marathon Oil, if Marathon Oil is willing, in its sole discretion, to
provide such additional service during the Term, the Parties will negotiate in good faith an amendment to Annex B setting forth the additional service (each such service an “Additional Marathon Oil Service”), the terms and
conditions for the provision of such Additional Marathon Oil Service and the Fees payable by Marathon Petroleum for such Additional Marathon 

  
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Oil Service, such Fees to be determined on an arm’s-length basis with the intent that they reflect costs. 
 (b) If Marathon Oil reasonably determines that additional transition Services (not listed on Annex C) of the type previously provided by the Marathon Petroleum Parties to the Marathon Oil Business
are necessary to conduct the Marathon Oil Business and Marathon Oil or its Subsidiaries are not able to provide such services to the Marathon Oil Business, then Marathon Oil may provide written notice thereof to Marathon Petroleum. Upon receipt of
such notice by Marathon Petroleum, if Marathon Petroleum is willing, in its sole discretion, to provide such additional service during the Term, the Parties will negotiate in good faith an amendment to Annex C setting forth the additional
service (each such service an “Additional Marathon Petroleum Service”), the terms and conditions for the provision of such Additional Marathon Petroleum Service and the Fees payable by Marathon Oil for such Additional Marathon
Petroleum Service, such Fees to be determined on an arm’s-length basis with the intent that they reflect costs. 

Section 3.3 Procedure. (a) Any requests by a Party to the other Party regarding (i) the Services or
(ii) any modification or alteration to the provision of the Services must be made by an Authorized Representative (it being understood that the receiving Party shall not be obligated to agree to any modification or alteration requested
thereby). A Party receiving Services shall provide no less than 30 days written notice (unless a shorter time is mutually agreed upon by the Parties) to the other Party of any Services that, prior to the expiration of the Term, are no longer needed
from the other Party, in which case this Agreement shall terminate as to such Services, provided that the Party providing such Services must consent to such early termination, such consent not to be unreasonably withheld, conditioned or
delayed (a “Partial Termination”). The Parties shall mutually agree as to the effective date of any Partial Termination. In the event of any termination prior to the scheduled expiration of the Term or of any Partial Termination
hereunder, (x) with respect to any terminated Services in which the Fee for such terminated Services is charged as a flat monthly rate, if termination occurs other than the end of the month, the Fee for that month shall be pro rated to reflect
a partial month, and (y) with respect to any other terminated Services, all amounts due pursuant to the terms hereof with respect to the terminated Services shall be appropriately pro rated and reduced to reflect such shortened period during
which such Services are actually provided hereunder, and each Party shall refund to the other Party an appropriate pro rated amount for any such Services that have been paid for by such other Party in advance. Notwithstanding the immediately
preceding sentence, to the extent any amounts due or advances made hereunder related to costs or expenses that have been or will be incurred and that cannot be recovered by a Party providing Services, such amounts due or advances made shall not be
pro rated or reduced and such Party shall not be required to refund to the other Party any pro rated amount for such costs or expenses; and the terminating Party shall reimburse the Party providing such Service for any Third-Party cancellation or
similar charges incurred as a result of such early termination. Notwithstanding anything to the contrary hereunder, each Party may avail itself of the remedies set forth in Sections 3.4(b) and 10.2 without fulfilling the notice
requirements of this Section 3.3(a). 
 (b) In the event of a Partial Termination, this Agreement shall remain in
full force and effect with respect to the Services which have not been terminated by the Parties as provided herein. 
 (c) Each
Party acknowledges and agrees that certain of the Services to be provided under this Agreement have been, and will continue to be provided (in accordance with this Agreement) to the Marathon Oil Business or the Marathon Petroleum Business, as
applicable, by Third Parties designated by the Party responsible for providing such Services hereunder. To the 

  
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extent so provided, the Party responsible for providing such Services shall use commercially reasonable efforts to (a) cause such Third Parties to provide such Services under this Agreement
and/or (b) enable the Party seeking the benefit of such Services and its Subsidiaries to avail itself of such Services; provided, however, that if any such Third Party is unable or unwilling to provide any such Services, the
Parties agree to use their commercially reasonable efforts to determine the manner, if any, in which such Services can best be provided (it being acknowledged and agreed that any costs or expenses to be incurred in connection with obtaining a Third
Party to provide any such Services shall be paid by the Party to which such Services are provided; provided that the Party responsible for providing such Services shall use commercially reasonable efforts to communicate the costs or expenses
expected to be incurred in advance of incurring such costs or expenses). 
 Section 3.4 Disclaimer of Warranties:
Force Majeure. 
 (a) Except as expressly set forth in this Agreement: (i) each Party acknowledges and agrees that
the other Party makes no warranties of any kind with respect to the Services to be provided hereunder; and (ii) each Party hereby expressly disclaims all warranties, expressed or implied, of any kind with respect to the Services to be provided
hereunder, including any warranty of non-infringement, merchantability, fitness for a particular purpose or conformity to any representation or description as to the Services provided hereunder. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE
SERVICES TO BE PROVIDED UNDER THIS AGREEMENT WILL BE PROVIDED AS IS, WHERE IS, WITH ALL FAULTS, AND WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
CONFORMITY TO ANY REPRESENTATION OR DESCRIPTION, TITLE OR ANY OTHER WARRANTY WHATSOEVER. 
 (b) If either Party, any of its
Subsidiaries or any Third-Party service provider is prevented from or delayed in complying, either totally or in part, with any of the terms or provisions of this Agreement by reason of fire, flood, storm, strike, walkout, lockout or other labor
trouble or shortage, delays by unaffiliated suppliers or carriers, shortages of fuel, power, raw materials or components, equipment failure, any law, order, proclamation, regulation, ordinance, demand, seizure or requirement of any Governmental
Authority, riot, civil commotion, war, rebellion, act of terrorism, nuclear or other accident, explosion, casualty, pandemic, or act of God, or act, omission or delay in acting by any governmental or military authority or the other Party or any of
its Subsidiaries or any other cause, whether or not of a class or kind listed in this sentence, beyond the reasonable control and without the fault of the otherwise defaulting Party, then upon notice to the other Party, the affected provisions
and/or other requirements of this Agreement shall be suspended during the period of such disability and, unless otherwise set forth herein to the contrary, the otherwise defaulting Party shall have no liability to the other Party, its Subsidiaries
or any other Person in connection therewith. Each Party shall use commercially reasonable efforts to promptly remove such disability as soon as possible; provided, however, that nothing in this Section 3.4(b) will be
construed to require the settlement of any strike, walkout, lockout or other labor dispute on terms which, in the reasonable judgment of the affected Party, are contrary to its interest. It is understood that the settlement of a strike, walkout,
lockout or other labor dispute will be entirely within the discretion of the affected Party. If a Party is unable to provide any of the Services due to a disability described in the first sentence of this Section 3.4(b), each Party shall
use commercially reasonable efforts to cooperatively seek a solution that is mutually satisfactory to the Parties. In addition, upon becoming aware of a disability causing a delay in performance or preventing performance of any obligations of a
Party under this Agreement, the otherwise defaulting Party shall promptly notify the other Party in writing of the existence of such disability and the anticipated 

  
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duration of the disability. The Party entitled to the benefit of the Services shall have the right, but not the obligation, to engage subcontractors to perform such obligations for the duration
of the period during which such disability delays or prevents the performance of such obligation by the otherwise defaulting Party, it being agreed that the Fees paid or payable under this Agreement with respect to the Service affected by the
disability shall be reduced (or refunded, if applicable) on a dollar-for-dollar basis for all amounts paid by the Party entitled to the benefit of the Services to such subcontractors, provided that the otherwise defaulting Party shall not be
responsible for the amount of fees charged by any such subcontractors to perform such Services to the extent they exceed the Fees for the applicable period of disability. Notwithstanding anything to the contrary hereunder, each Party shall make the
mitigation and resolution of any disability affecting its ability to perform hereunder a high priority and shall use efforts of a type, intensity and duration which, taking into account the type of Services and the significance of such Services to
the other Party’s business, represent a reasonably appropriate response to such disability, but in any event no less than commercially reasonable efforts. In addition and notwithstanding anything hereunder to the contrary, the Parties agree
that this Section 3.4(b) shall not be construed so as to excuse a Party from complying with any of its obligations under Article VIII. 
 Section 3.5 Transition of Responsibilities. Each Party agrees to use commercially reasonable efforts to reduce or eliminate its and its Subsidiaries’ dependency on each Service as
soon as is reasonably practicable. Each Party agrees to cooperate with the other Party to facilitate the smooth transition of the Services being provided to such Party by the other Party. 

Section 3.5 Employee Status. During the Term of this Agreement: 

(i) No employee of a Party shall be deemed an employee of the other Party by reason of such employee’s involvement in
providing Services provided hereunder. The employing Party shall bear the sole responsibility for payment of each such employee’s wages, benefits, all withholding obligations to federal, state and local taxation and insurance authorities and
all other costs and expenses associated with such employees. 
 (ii) No workers’ compensation insurance
shall be obtained by either Party for the employees of the other Party in connection with the Services provided hereunder. 
 (iii) Each Party shall retain control over the time, manner and method of the employment of its employees. This retained control shall include the right to review employees’ performance, determine
employees’ compensation and benefits, discipline employees and determine whether or not to continue employees’ employment. 
 (iv) This Agreement shall not be construed as an agreement granting employees any employment rights for a specific duration, and shall not constrain a Party’s right to terminate the employment
relationship with any of its employees. 
 (v) A Party’s employees may be considered for transfers or bids
by employees for positions listed on such Party’s job posting system. 
 (vi) Each employee shall be
entitled to take vacation and other time off in accordance with the policies of his or her employer, including sick leave and military leave. 
 ARTICLE IV 
 COOPERATION 

Section 4.1 Cooperation. Each Party shall, and shall cause its Subsidiaries to, use good faith efforts

  
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to provide reasonable cooperation to the other Party in all matters relating to the provision and receipt of the Services, including providing information and documentation reasonably requested
by the other Party, other than information and documentation protected by attorney-client privilege, sufficient for the other Party to provide the Services and making available, as reasonably requested by the other Party, timely decisions, approvals
and acceptances in order that the other Party and its Subsidiaries may perform their respective obligations under this Agreement in a timely manner. 
 Section 4.2 Consents. (a) Each Party shall, and shall cause its Subsidiaries to, provide reasonable cooperation to obtain all Third-Party Consents for any Third-Party software or
other Third-Party intellectual property related to the provision of the Services sufficient to enable the Parties to perform the Services in accordance with this Agreement; provided, however, that neither Party shall be obligated under
this Agreement to pay any consideration, grant any concession or incur any Liability to any Third Party to obtain any such Third-Party Consent. 
 (b) In the event that any Third-Party Consent or any Governmental Approval and Consent required for the provision of Services hereunder is not obtained, then, unless and until such Third-Party Consent or
Governmental Approval and Consent is obtained, the Parties shall, to the extent practicable, provide reasonable cooperation to each other in achieving a reasonable alternative arrangement for the Party entitled to the benefit of the Services to
continue to process its work and for the Party providing the Services to perform such Services. 
 Section 4.3
Informal Dispute Resolution. The Authorized Representatives of Marathon Oil and Marathon Petroleum (each of whom shall have the authority to legally bind the Party it represents) shall meet as often as shall reasonably be requested by
either Party to review the performance of the other Party under this Agreement. In the event of any dispute or disagreement between the Parties either with respect to the interpretation of any provision of this Agreement, or with respect to the
performance by Marathon Oil or Marathon Petroleum hereunder, then upon the written request of Marathon Oil or Marathon Petroleum each Party shall appoint within 14 days a designated officer whose task it shall be to meet for the purpose of
endeavoring to resolve such dispute or to negotiate for an adjustment to such provision of the Agreement. The Parties shall use commercially reasonable efforts to cause their respective designated officers to meet within 15 days following
identification of the designated officers. The designated officers shall meet as often as the Parties reasonably deem necessary in order to gather and furnish to the other all information with respect to the matter in issue which the Parties believe
to be appropriate and germane in connection with its resolution. Such officers shall discuss the problem and/or negotiate in good faith in an effort to resolve the dispute or renegotiate the applicable provision without the necessity of any formal
proceeding relating thereto. During the course of such negotiation, subject to the Parties’ respective confidentiality obligations and subject to the provisions of Section 4.1, all reasonable requests made by either Party to the
other for information shall be honored in order that each of the Parties may be fully advised in the matter. The specific format for such discussions shall be left to the discretion of the designated officers but may include the preparation of
agreed upon statements of fact or written statements of position furnished to the other Party. Except for claims arising under Articles VIII, the Parties agree to follow the dispute resolution process set forth in this Section 4.3
prior to the commencement of any Action under Section 12.13. 
 ARTICLE V 

FEES 

Section 5.1 Fees. Each Party shall pay the other Party the Fees for the Services provided by such other Party under
this Agreement. The Fees for the Marathon Oil Services are set forth on Annex B and the Fees for the Marathon Petroleum Services are set forth on Annex C. 

  
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 Section 5.2 Taxes. To the extent required or permitted by applicable law,
there shall be added to any Fees due under this Agreement, and each Party agrees to pay to the other, amounts equal to any taxes, however designated or levied, based upon such Fees, or upon this Agreement or the Services provided under the
Agreement, or their use, including state and local privilege or excise taxes based on gross revenue and any taxes or amounts in lieu thereof paid or payable by the Party providing Services hereunder. In the event taxes are not added to an invoice
from the Party providing Services hereunder, the Party being provided such Services is responsible to remit to the appropriate tax jurisdiction any additional amounts due including tax, interest and penalty. The Parties shall cooperate with each
other to minimize any of these taxes to the extent reasonable. If additional amounts are determined to be due on the Services provided hereunder as a result of an audit by a tax jurisdiction, the Party provided the Services hereunder agrees to
reimburse the Party who provided the Services for the additional amounts due including tax, interest and penalty. The Party obligated to make such reimbursement shall have the right to contest the assessment with the tax jurisdiction at its own
expense. The Party providing Services hereunder will be responsible for penalty or interest associated with its failure to remit invoiced taxes. The Parties further agree that, notwithstanding the foregoing, neither Party shall be required to pay
any franchise taxes, taxes based on the net income of the other Party or personal property taxes on property owned or leased by a Party and used by such Party to provide Services. Notwithstanding anything else in this Agreement to the contrary, the
obligations of this Section 5.2 shall remain in effect until the expiration of the relevant statutes of limitation. 

ARTICLE VI 

INVOICE AND PAYMENT; AUDIT 
 Section 6.1 Invoices and Payment. Within 20 days following the end of each month during the Term (or within 20 days after receipt of a Third Party supplier’s invoice in the case of
Services that are provided by a Third-Party supplier), each Party will submit to the other Party for payment a written statement of amounts due under this Agreement for such month. The statement will set forth the Fees, in the aggregate and
itemized, based on the descriptions set forth on Annex B or Annex C, as the case may be. Each statement will specify the nature of any amounts due for any Fees as set forth on Annex B or Annex C and will contain
reasonably satisfactory documentation in support of such amounts as specified therein and such other supporting detail as the other Party may reasonably require to validate such amounts due. 

Section 6.2 Timing of Payment; No Offsets. Each Party will pay all amounts due pursuant to this Agreement within 10
days after the date upon which each such statement that is required to be provided hereunder is received by such Party. Neither Party shall offset any amounts owing to it by the other Party or any of its Subsidiaries against amounts payable by such
Party hereunder or any other agreement or arrangement. All timely payments under this Agreement shall be made without early payment discount. 
 Section 6.3 Non-Payment. If either Party fails to pay the full amount of any invoice within 30 days after its receipt of the invoice, such failure shall be considered a material
default under this Agreement. The remedies provided to each Party by this Section 6.3 and by Section 10.2 shall be without limitation of any other applicable provisions of this Agreement. Payments made after the date they are
due shall bear interest at a rate per annum equal to the Prime Rate plus 2.0% (compounded monthly). 
 Section 6.4
Payment Disputes. Either Party may object to any amounts for any Service 

  
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invoiced to it at any time before, at the time of, or after payment is made, provided such objection is made in writing to the other Party within 60 days following the end of the Term. The
disputing Party shall timely pay the disputed items in full while resolution of the dispute is pending; provided, however, that the other Party shall pay interest at a rate per annum equal to the Prime Rate plus 2.0% (compounded
monthly) on any amounts it is required to return to the disputing Party upon resolution of the dispute. Payment of any amount shall not constitute approval thereof. Any dispute under this Section 6.4 shall be resolved in accordance with
the provisions of Section 4.3. 
 Section 6.5 Audit Rights. (a) Each Party may, at its own
cost and expense, audit (or cause an independent Third Party auditor to audit) the books, records and facilities of the other Party to the extent necessary to determine the other Party’s compliance with this Agreement with respect to Fees paid
or payable pursuant to this Article VI or the performance of its other obligations set forth in this Agreement. For any given Service, each Party shall have the right to audit the books, records and facilities of the other Party pertaining to
such Service once for each twelve-month period during which payment obligations are due (and at such other times as may be required by applicable law); provided, however, that any such audit shall not be commenced later than six months
after the termination of such Service. 
 (b) Any audit shall be conducted during regular business hours and in a manner that
complies with the building and security requirements of, and does not unreasonably interfere with the operations of, the Party being audited. Such audits shall not interfere unreasonably with the operations of the Party being audited. The Party
desiring to conduct an audit shall provide notice to the Party to be audited not less than 30 days prior to the commencement of the audit and shall specify the date on which the audit will commence. If the audit concludes that an overpayment or
underpayment has occurred during the audited period, then the Party that conducted the audit may raise an objection pursuant to the provisions of Section 6.4. 
 ARTICLE VII 
 INDEPENDENCE; OWNERSHIP OF ASSETS 

Section 7.1 Independence. The Parties are independent contractors. All employees and representatives of a Party and
any of its Subsidiaries involved in providing services shall be under the exclusive direction, control and supervision of the Party or its Subsidiaries (or their subcontractors) providing such Services, and not of the Party receiving such Services.
In accordance with Section 3.5, the Party or its Subsidiaries (or their subcontractors) providing the Services will have the sole right to exercise all authority with respect to the employment (including termination of employment),
assignment and compensation of such employees and representatives. 
 Section 7.2 Assets. All procedures,
methods, systems, strategies, tools, equipment, facilities and other resources used by a Party, any of its Subsidiaries or any Third-Party service provider in connection with the provision of the Services hereunder shall remain the property
of such Party, its Subsidiaries or such service providers and, except as otherwise provided herein, shall at all times be under the sole direction and control of such Party, its Subsidiaries or such Third-Party service provider. No license under any
patents, know-how, trade secrets, copyrights or other rights is granted by this Agreement or any disclosure in connection with this Agreement by either Party. 
 ARTICLE VIII 
 CONFIDENTIALITY 

Section 8.1 Confidentiality. Each Party agrees that the specific terms and conditions of this

  
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Agreement and any information conveyed or otherwise received by or on behalf of a Party in conjunction herewith are confidential and are subject to the terms of the confidentiality provisions set
forth in Section 13.8 of the Distribution Agreement. 
 Section 8.2 System Security. 

(a) If any Party is given access to the other Party’s computer systems or software (collectively, “Systems”) in
connection with the Transition Services, the Party given access (the “Availed Party”) shall comply with all of the other Party’s system security policies, procedures and requirements that have been provided to the Availed Party
in advance and in writing (collectively, “Security Regulations”), and shall not tamper with, compromise or circumvent any security or audit measures employed by such other Party. The Availed Party shall access and use only those
Systems of the other Party for which it has been granted the right to access and use. 
 (b) Each Party shall use commercially
reasonable efforts to ensure that only those of its personnel who are specifically authorized to have access to the Systems of the other Party gain such access, and use commercially reasonable efforts to prevent unauthorized access, use,
destruction, alteration or loss of information contained therein, including notifying its personnel of the restrictions set forth in this Agreement and of the Security Regulations. 

(c) If, at any time, the Availed Party determines that any of its personnel has sought to circumvent, or has circumvented, the Security
Regulations, that any unauthorized Availed Party personnel has accessed the Systems, or that any of its personnel has engaged in activities that may lead to the unauthorized access, use, destruction, alteration or loss of data, information or
software of the other Party, the Availed Party shall promptly terminate any such person’s access to the Systems and promptly notify the other Party. In addition, such other Party shall have the right to deny personnel of the Availed Party
access to its Systems upon notice to the Availed Party in the event that the other Party reasonably believes that such personnel have engaged in any of the activities set forth above in this Section 8.2(c) or otherwise pose a security
concern. The Availed Party shall use commercially reasonable efforts to cooperate with the other Party in investigating any apparent unauthorized access to such other Party’s Systems. 

ARTICLE IX 

NO PARTNERSHIP OR AGENCY RELATIONSHIP 
 Section 9.1 No Partnership or Agency Relationship. Nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency, franchise or joint venture relationship
between the Parties or any of their Subsidiaries. Neither Party shall have power to control the activities and operations of the other Party or its Subsidiaries, nor to bind or commit the other Party or its Subsidiaries. 

ARTICLE X 

TERMINATION 
 Section 10.1 General. Subject to the provisions of Section 10.4, this Agreement shall terminate, and the obligation of each Party to provide all Services shall cease, on the
earliest to occur of (i) the date on which the provision of all Services has been terminated by the Parties pursuant to Section 3.3, subject to the terms of Section 3.3, or (ii) the date on which the Term of this
Agreement has ended pursuant to Section 2.1 or 10.2. 
 Section 10.2 Termination of Entire
Agreement. Subject to the provisions of Section 10.4, a Party shall have the right to terminate this Agreement or effect a Partial Termination effective upon delivery of written notice to the other Party if the other Party:
(a) makes an assignment for the 

  
 11 

 
benefit of creditors, or becomes bankrupt or insolvent, or is petitioned into bankruptcy, or takes advantage of any state, federal or foreign bankruptcy or insolvency act, or if a receiver or
receiver/manager is appointed for all or any substantial part of its property and business and such receiver or receiver/manager remains undischarged for a period of 30 days; or (b) materially defaults in the performance of any of its covenants
or obligations contained in this Agreement (or, in the case of a Partial Termination, with respect to the Services being terminated) and such default is not remedied to the nondefaulting Party’s reasonable satisfaction within 45 days after
receipt of written notice by the defaulting Party informing such Party of such default, or if such default is not capable of being cured within 45 days, if the defaulting Party has not promptly begun to cure the default within such 45-day period and
thereafter proceeded with all diligence to cure the same. 
 Section 10.3 Procedures on Termination.
Following any termination of this Agreement or Partial Termination, each Party will cooperate with the other Party as reasonably necessary to avoid disruption of the ordinary course of the other Party’s and its Subsidiaries’
businesses. Termination shall not affect any right to payment for Services provided prior to termination. 

Section 10.4 Effect of Termination. Section 4.3, Article V (with respect to Fees and Taxes
attributable to periods prior to termination), Sections 6.1, 6.2, 6.4, 6.5 and 10.3, this Section 10.4 and Articles I, VII, VIII, XI and XII shall survive any termination of
this Agreement. For the avoidance of doubt, neither (a) termination of a particular Service hereunder nor (b) termination of this Agreement with respect to the Services provided under one Annex, but not the other Annex, shall be a
termination of this Agreement. 
 ARTICLE XI 
 INDEMNIFICATION 
 Section 11.1 Indemnification by Marathon
Petroleum. Marathon Petroleum shall indemnify, defend and hold harmless each of the Marathon Oil Indemnified Parties for any Losses and Expenses incurred by them in connection with or arising out of any: (i) material breach of this
Agreement by Marathon Petroleum; (ii) Marathon Petroleum’s, its Subsidiaries’, employees’, suppliers’ or contractors’ gross negligence, willful misconduct or bad faith in the provision of the Marathon Petroleum Services
by Marathon Petroleum, its Subsidiaries, employees, suppliers or contractors pursuant to this Agreement; (iii) any Action that determines that the provision by any Marathon Petroleum Party and/or the receipt by any of the Marathon Oil
Indemnified Parties of any Marathon Petroleum Services infringes upon or misappropriates the intellectual property of any Third Party, to the extent that any such Losses and Expenses are determined to have resulted from Marathon Petroleum’s,
its Subsidiaries’, employees’, suppliers’ or contractors’ gross negligence, willful misconduct or bad faith; and (iv) Third-Party claims arising out of the provision of the Marathon Oil Services, except to the extent that
such Third-Party claims for Losses and Expenses are finally determined by a final non-appealable decision of a court having jurisdiction over Marathon Petroleum and Marathon Oil or pursuant to Article XII of the Distribution Agreement to have arisen
out of the material breach of this Agreement, gross negligence willful misconduct or bad faith of Marathon Oil, its Subsidiaries, employees, suppliers or contractors in providing the Marathon Oil Services. 

Section 11.2 Indemnification by Marathon Oil. Marathon Oil shall indemnify, defend and hold harmless the Marathon
Petroleum Indemnified Parties for any Losses and Expenses incurred by them in connection with or arising out of: (i) any material breach of this Agreement by Marathon Oil; (ii) Marathon Oil’s, its Subsidiaries’, employees’,
suppliers’ or contractors’ gross negligence, willful misconduct or bad faith in the provision of the Marathon Oil Services by 

  
 12 

 
Marathon Oil, its Subsidiaries, employees, suppliers or contractors pursuant to this Agreement; (iii) any Action that determines that the provision by any Marathon Oil Party and/or the
receipt by any of the Marathon Petroleum Indemnified Parties of any Marathon Oil Services infringes upon or misappropriates the intellectual property of any Third Party, to the extent that any such Losses and Expenses are determined to have resulted
from Marathon Oil’s, its Subsidiaries’, employees’, suppliers’ or contractors’ gross negligence, willful misconduct or bad faith; and (iv) Third-Party claims arising out of the provision of the Marathon Petroleum
Services, except to the extent that such Losses and Expenses are finally determined by a final non-appealable decision of a court having jurisdiction over Marathon Oil and Marathon Petroleum or pursuant to Article XII of the Distribution Agreement
to have arisen out of the material breach of this Agreement, gross negligence, willful misconduct or bad faith of Marathon Petroleum, its Subsidiaries, employees, suppliers or contractors in providing the Marathon Petroleum Services. 

Section 11.3 Limitations and Liability. (a) Each Party shall have a duty to mitigate the Losses and
Expenses for which the other is responsible hereunder. Except for Losses or Expenses arising out of or related to the gross negligence, willful misconduct or bad faith of the defaulting Party or in respect of Article VIII, in no event shall a
Party’s (including its Subsidiaries’, employees’, contractors’ or suppliers’) cumulative aggregate liability arising under or in connection with this Agreement (or the provision of Services hereunder) exceed the greater of
$10,000,000 and the amount of payments due to such Party from the other Party pursuant to this Agreement. IN NO EVENT SHALL EITHER PARTY OR ANY OF THEIR RESPECTIVE SUBSIDIARIES BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL
(INCLUDING LOSS OF REVENUES OR PROFITS, LOSS OF DATA, LOSS OF GOODWILL AND LOSS OF CAPITAL, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), EXEMPLARY OR PUNITIVE DAMAGES OR THE LIKE ARISING UNDER ANY LEGAL OR
EQUITABLE THEORY OR ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT (OR THE PROVISION OF SERVICES HEREUNDER), ALL OF WHICH ARE HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES REGARDLESS OF WHETHER OR NOT ANY PARTY TO THIS AGREEMENT HAS BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. 
 (b) It is not the intent of either Party to receive from the other Party, or any of its officers, employees, Subsidiaries or representatives, professional opinions, whether with regard to tax, legal,
treasury, finance, employment or other business and financial matters, or technical advice, whether with regard to information technology or other matters; neither Party shall rely on, or construe, any Service provided to it as such professional
advice or opinions or technical advice; and each Party shall seek all third-party professional advice and opinions or technical advice as it may desire or need in connection with its business and operations. 

Section 11.4 Indemnification Is Exclusive Remedy. Except for equitable relief and rights pursuant to
Section 5.2, Section 6.3 or Article VIII, the indemnification provisions of this Article XI shall be the exclusive remedy for breach of this Agreement. 

Section 11.5 Risk Allocation. Each Party agrees that the Fees charged under this Agreement reflect the allocation of
risk between the Parties, including the disclaimer of warranties in Section 3.4(a) and the limitations on liability in Section 11.3. Modifying the allocation of risk from what is stated here would affect the Fees that each
Party charges, and in consideration of those Fees, each Party agrees to the stated allocation of risk. 

  
 13 

 Section 11.6 Indemnification Procedures. All claims for indemnification
pursuant to this Article XI shall be made in accordance with the provisions set forth in Sections 11.2 and 11.3 of the Distribution Agreement. Notwithstanding anything to the contrary hereunder, no cause of action, dispute or claim for
indemnification may be asserted against either Party or submitted to arbitration or legal proceedings which accrued more than two years after the later of (a) the occurrence of the act or event giving rise to the underlying cause of action,
dispute or claim and (b) the date on which such act or event was, or should have been, in the exercise of reasonable due diligence, discovered by the Party asserting the cause of action, dispute or claim. 

Section 11.7 Express Negligence. THE INDEMNITY, RELEASES AND LIMITATIONS OF LIABILITY IN THIS AGREEMENT (INCLUDING
ARTICLES III AND THIS ARTICLE XI) ARE INTENDED TO BE ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF NOTWITHSTANDING ANY EXPRESS NEGLIGENCE RULE OR ANY SIMILAR DIRECTIVE THAT WOULD PROHIBIT OR OTHERWISE LIMIT
INDEMNITIES BECAUSE OF THE NEGLIGENCE OR GROSS NEGLIGENCE (WHETHER SOLE, JOINT OR CONCURRENT OR ACTIVE OR PASSIVE) OR OTHER FAULT OR STRICT LIABILITY OF ANY OF THE INDEMNIFIED PARTIES. 

ARTICLE XII 

MISCELLANEOUS 
 Section 12.1 Entire Agreement. This Agreement, including the Annexes hereto and the sections of the Distribution Agreement referenced herein, constitutes the entire agreement between
the Parties with respect to the subject matter of this Agreement, and supersedes all prior agreements, negotiations, discussions, understandings and commitments, written or oral, between the Parties with respect to such subject matter. 

Section 12.2 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISION OR RULE THEREOF THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 

Section 12.3 Amendment. This Agreement shall not be amended, modified or supplemented except by a written instrument
signed by an authorized representative of each of Marathon Oil and Marathon Petroleum. 
 Section 12.4
Waiver. Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by the Party or Parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently given for the
purposes of this Agreement if, as to either Party, it is in writing signed by an authorized representative of such Party. The failure of either Party to enforce at any time any provision of this Agreement shall not be construed to be a waiver of
such provision, or in any way to affect the validity of this Agreement or any part hereof or the right of either Party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a
waiver of any other or subsequent breach. 
 Section 12.5 Partial Invalidity. Wherever possible, each
provision hereof shall be interpreted in such a manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such provision or provisions shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of 

  
 14 

 
such provision or provisions or any other provisions hereof, unless such a construction would be unreasonable. 
 Section 12.6 Execution in Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original instrument, but all of which shall be
considered one and the same agreement, and shall become binding when one or more counterparts have been signed by and delivered to each of the Parties. 
 Section 12.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns; provided,
however, that the rights and obligations of either Party under this Agreement shall not be assignable by such Party without the prior written consent of the other Party. The successors and permitted assigns hereunder shall include any
permitted assignee as well as the successors in interest to such permitted assignee (whether by merger, liquidation (including successive mergers or liquidations) or otherwise). 

Section 12.8 Third-Party Beneficiaries. Except to the extent otherwise provided in Article XI and
Section 12.12, the provisions of this Agreement are solely for the benefit of the Parties and their respective Subsidiaries, successors and permitted assigns and shall not confer upon any Third Party any remedy, claim, liability,
reimbursement or other right in excess of those existing without reference to this Agreement. 
 Section 12.9
Notices. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given when delivered or mailed in accordance with the provisions of Section 14.9 of the Distribution Agreement.

 Section 12.10 Performance. Each Party shall cause to be performed, and hereby guarantees the performance
of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary of such Party. 

Section 12.11 No Public Announcement. Neither Marathon Oil nor Marathon Petroleum shall, without the approval of the
other, make any press release or other public announcement concerning the transactions contemplated by this Agreement, except as and to the extent that either Party shall be so obligated by law or the rules of any regulatory body, stock exchange or
quotation system, in which case the other Party shall be advised and the Parties shall use commercially reasonable efforts to cause a mutually agreeable release or announcement to be issued; provided, however, that the foregoing shall
not preclude communications or disclosures necessary to implement the provisions of this Agreement or to comply with applicable law, accounting and SEC disclosure obligations or the rules of any stock exchange. 

Section 12.12 Limited Liability. Notwithstanding any other provision of this Agreement, no individual who is a
stockholder, director, employee, officer, agent or representative of Marathon Petroleum or Marathon Oil, in such individual’s capacity as such, shall have any liability in respect of or relating to the covenants or obligations of such Party
under this Agreement and, to the fullest extent legally permissible, each of Marathon Petroleum and Marathon Oil, for itself and its respective stockholders, directors, employees, officers and Subsidiaries, waives and agrees not to seek to assert or
enforce any such liability that any such Person otherwise might have pursuant to applicable law. 
 Section 12.13
Dispute Resolution. The Parties agree that any dispute, controversy or claim between them with respect to the matters covered hereby shall be governed by and resolved in accordance with the procedures set forth in Section 4.3
hereof and in Article XII of the Distribution Agreement. 

  
 15 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their authorized
representatives as of the date first above written. 
  

			
	MARATHON OIL CORPORATION
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
	
	MARATHON PETROLEUM CORPORATION
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  
 16 

 Annex A 
 AUTHORIZED REPRESENTATIVES 
 [Intentionally omitted] 

  
 A-1

 Annex B 
 MARATHON OIL SERVICES AND FEES 
 [Intentionally omitted] 

  
 B-1

 Annex C 
 MARATHON PETROLEUM SERVICES AND FEES 
 [Intentionally omitted] 

  
 C-1Form of Marathon Petroleum Corporation 2011 Incentive Compensation Plan

 Exhibit 10.4 
 MARATHON PETROLEUM CORPORATION (“MPC”) 
 2011 INCENTIVE
COMPENSATION PLAN 
 1. Objectives. This Marathon Petroleum Corporation 2011 Incentive Compensation Plan (this
“Plan”) is adopted by Marathon Petroleum Corporation (the “Corporation”) in order to retain employees and directors with a high degree of training, experience, and ability; to attract new employees and directors whose services
are considered particularly valuable; to encourage the sense of proprietorship of such persons; and to promote the active interest of such persons in the development and financial success of the Corporation and its Subsidiaries. These objectives are
to be accomplished by making Awards under this Plan and thereby providing Participants with a proprietary interest in the growth and performance of the Corporation and its Subsidiaries. 

2. Definitions. As used herein, the terms set forth below shall have the following respective meanings: 

“Administrator” means: (i) with respect to Employee Awards, the Committee, and (ii) with respect to
Director Awards, the Board. 
 “Authorized Officer” means the Chief Executive Officer of the
Corporation (or any other senior officer of the Corporation to whom he or she shall delegate the authority to execute any Award Agreement, where applicable). 
 “Award” means an Employee Award or a Director Award. 

“Award Agreement” means any Employee Award Agreement or Director Award Agreement. 

“Board” means the Board of Directors of the Corporation. 

“Cash Award” means an award denominated in cash. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” means the Compensation Committee of the Board and any successor committee to the Compensation
Committee, as may be designated by the Board to administer this Plan in whole or in part. 
 “Common
Stock” means Marathon Petroleum Corporation common stock, par value $.01 per share. 

“Corporation” has the meaning set forth in paragraph 1 hereof. 

“Director Award” means any Nonqualified Stock Option, Stock Appreciation Right, Stock Award, Restricted Stock
Unit Award, Cash Award or Performance Award granted, whether singly, in combination or in tandem, to a Participant who is a Non-Employee Director pursuant to such applicable terms, conditions and limitations (including treatment as a Performance
Award) as the Board may establish in order to fulfill the objectives of the Plan. 

 “Director Award Agreement” means an agreement (in written or
electronic form) setting forth the terms, conditions, and limitations applicable to a Director Award, to the extent the Board determines such agreement is necessary. 

“Disability” means either (a) a condition that renders the Participant wholly and continuously disabled for
a period of at least two years, to the extent that the Participant is unable to engage in any occupation or perform any work for gainful compensation or profit for which they are, or may become, reasonably qualified by education, training, or
experience; or (b) a condition for which the Participant has obtained a Social Security determination of disability. 
 “Dividend Equivalents” means, with respect to shares of Restricted Stock or Restricted Stock Units, with respect to which shares are to be issued at the end of the Restriction Period, an amount
equal to all dividends and other distributions (or the economic equivalent thereof) that are payable to stockholders of record during the Restriction Period on a like number of shares of Common Stock granted in the Award. 

“Employee” means an employee of the Corporation or any of its Subsidiaries or an individual who has agreed to
become an employee of the Corporation or any of its Subsidiaries and actually becomes such an employee within the following six months. However, the term “Employee” shall not include any individual who owns directly or indirectly stock
possessing more than five percent (5%) of the total combined voting power or value of all classes of stock of the Corporation or any Subsidiary 
 “Employee Award” means any Option, Stock Appreciation Right, Stock Award, Restricted Stock Unit Award, Cash Award or Performance Award granted, whether singly, in combination or in tandem, to a
Participant who is an Employee pursuant to such applicable terms, conditions and limitations (including treatment as a Performance Award) that the Committee may establish in order to fulfill the objectives of the Plan. 

“Employee Award Agreement” means an agreement (in written or electronic form) setting forth the terms,
conditions, and limitations applicable to an Employee Award, to the extent the Committee determines such agreement is necessary or advisable. 
 “Equity Award” means any Option, Stock Appreciation Right, Stock Award, or Performance Award (other than a Performance Award denominated in cash) granted to a Participant under the Plan.

 “Executive Officer” means a “covered employee” within the meaning of Code
§ 162(m)(3) or any other executive officer designated by the Committee for purposes of exempting compensation payable under this Plan from the deduction limits of Code § 162(m). 

“Fair Market Value” of a share of Common Stock means, as of a particular date: (i) if Common Stock is
listed on a national securities exchange, the closing sales price per share of such Common Stock on the consolidated transaction reporting system for the principal national securities exchange on which shares of Common Stock are listed on that date,
or, if there shall have been no such sale so reported on that date, on the next succeeding date on which such a sale is so reported, or, at the discretion of the Administrator, the price prevailing on the exchange at the time of exercise;
(ii) if Common Stock is not so listed but is quoted on a national securities market, the 

  
 2 | Page

 
closing sales price per share of Common Stock reported such market for such date, or, if there shall have been no such sale so reported on that date, on the next succeeding date on which such a
sale is so reported; or (iii) if Common Stock is not so listed or quoted, the most recent value determined by an independent appraiser appointed by the Corporation for such purpose. 

“Grant Date” means the effective date of the grant of an Award to a Participant pursuant to the Plan, which may
be later than but shall never be earlier than the date on which the Committee (or its delegate) met or otherwise took action to effect the grant of such Award. 
 “Grant Price” means the price at which a Participant may exercise his or her right to receive cash or Common Stock, as applicable, under the terms of an Award. 

“Incentive Stock Option” means an Option that is intended to comply with the requirements set forth in Code
§ 422. 
 “Non-Employee Director” means an individual serving as a member of the Board who is
not then an Employee of the Corporation or any of its Subsidiaries. 
 “Nonqualified Stock Option”
means an Option that is not an Incentive Stock Option. 
 “Option” means a right to purchase a
specified number of shares of Common Stock at a specified Grant Price. 
 “Participant” means an
Employee or Non-Employee Director to whom an Award has been granted under this Plan. 
 “Performance
Award” means an Award made pursuant to this Plan, which Award is subject to the attainment of one or more Performance Goals. 
 “Performance Goal” means a standard established by the Committee to determine in whole or in part whether a Performance Award shall be earned. 

“Plan” has the meaning set forth in paragraph 1 hereof. 

“Restricted Stock” means Common Stock that is restricted or subject to forfeiture provisions. 

“Restricted Stock Unit” means a unit evidencing the right to receive in specified circumstances one share of
Common Stock or equivalent value (as determined by the Administrator) that is restricted or subject to forfeiture provisions. 
 “Restricted Stock Unit Award” means an Award in the form of Restricted Stock Units. 
 “Restriction Period” means a period of time beginning on the Grant Date of an Award of Restricted Stock or Restricted Stock Unit Award and ending on the date upon which the Common Stock subject
to such Award, or equivalent value, is issued (if not previously issued), paid or is no longer restricted or subject to forfeiture provisions. 

  
 3 | Page

 “Retirement” means termination of employment of an Employee on or
after the time at which the Employee either (a) is eligible for retirement under the Marathon Petroleum Retirement Plan (or for employees of Marathon Oil Corporation or its subsidiaries who have received awards under this Plan in conjunction
with the spin-off of the Corporation from Marathon Oil Corporation, the Retirement Plan of Marathon Oil Company), or a successor retirement plan or (b) has attained age 50 and completed ten years of employment with the Corporation or its
Subsidiaries, as applicable. However, the term Retirement does not include an event immediately following which the Participant remains an Employee. 
 “Stock Appreciation Right” means a right to receive a payment, in cash or Common Stock, equal to the excess of the Fair Market Value or other specified valuation of a specified number of shares
of Common Stock on the date the right is exercised over a specified Grant Price. 
 “Stock Award” means
an Award in the form of, or denominated in, or by reference to, shares of Common Stock, including an award of Restricted Stock. 
 “Subsidiary” means: (i) in the case of a corporation, a “subsidiary corporation” of the Corporation as defined in Code § 424(f); and (ii) in the case of a
partnership or other business entity not organized as a corporation, any such business entity of which the Corporation directly or indirectly owns 50% or more of the voting, capital, or profits interests (whether in the form of partnership
interests, membership interests, or otherwise). 
 3. Eligibility. All Employees of the Corporation or a Subsidiary are
eligible for Employee Awards under this Plan in the sole discretion of the Committee. All Non-employee Directors of the Corporation are eligible for Director Awards under this Plan in the sole discretion of the Board. 

4. Common Stock Available for Awards. Subject to the provisions of paragraph 14 hereof, there shall be available for Awards under
this Plan granted wholly or partly in Common Stock (including rights or options that may be exercised for or settled in Common Stock) an aggregate of 25 million shares of Common Stock. No more than 10 million shares of Common Stock may be
the subject of Awards that are not Options or Stock Appreciation Rights. In the sole discretion of the Committee, 10 million shares of Common Stock may be granted as Incentive Stock Options. 

(a) In connection with the granting of an Option or other Award, the number of shares of Common Stock available for issuance under this
Plan shall be reduced by the number of shares of Common Stock in respect of which the Option or Award is granted or denominated. For example, upon the grant of stock-settled Stock Appreciation Rights, the number of shares of Common Stock available
for issuance under this Plan shall be reduced by the full number of Stock Appreciation Rights granted, and the number of shares of Common Stock available for issuance under this Plan shall not thereafter be increased upon the exercise of the Stock
Appreciation Rights and settlement in shares of Common Stock, even if the actual number of shares of Common Stock delivered in settlement of the Stock Appreciation Rights is less than the full number of Stock Appreciation Rights exercised. However,
Awards that by their terms do not permit settlement in shares of Common Stock shall not reduce the number of shares of Common Stock available for issuance under this Plan. 

  
 4 | Page

 (b) Any shares of Common Stock that are tendered by a Participant or withheld as full or
partial payment of withholding or other taxes or as payment for the exercise or conversion price of an Award under this Plan shall not be added back to the number of shares of Common Stock available for issuance under this Plan. 

(c) Whenever any outstanding Option or other Award (or portion thereof) expires, is cancelled or forfeited or is otherwise terminated for
any reason without having been exercised or payment having been made in the form of shares of Common Stock, the number of shares of Common Stock available for issuance under this Plan shall be increased by the number of shares of Common Stock
allocable to the expired, forfeited, cancelled or otherwise terminated Option or other Award (or portion thereof). To the extent that any Award is forfeited, or any Option or Stock Appreciation Right terminates, expires or lapses without being
exercised, the shares of Common Stock subject to such Awards will not be counted as shares delivered under this Plan. 
 (d)
Shares of Common Stock delivered under the Plan in settlement of an Award issued or made: (i) upon the assumption, substitution, conversion or replacement of outstanding awards under a plan or arrangement of an acquired entity; or (ii) as
a post-transaction grant under such a plan or arrangement of an acquired entity, shall not reduce or be counted against the maximum number of shares of Common Stock available for delivery under the Plan, to the extent that the exemption for
transactions in connection with mergers and acquisitions from the stockholder approval requirements of the New York Stock Exchange for equity compensation plans applies. 
 (e) Awards valued by reference to Common Stock that may be settled in equivalent cash value will count as shares of Common Stock delivered to the same extent as if the Award were settled in shares of
Common Stock. 
 (f) Awards granted in connection with the spin-off of the Corporation from Marathon Oil Corporation shall
reduce the maximum number of shares of Common Stock available for delivery under the Plan. 
 Consistent with the requirements specified in this
paragraph 4, the Committee may from time to time adopt and observe such procedures concerning the counting of shares against this Plan maximum as it may deem appropriate, including rules more restrictive than those set forth above to the extent
necessary to satisfy the requirements of any national securities exchange on which the Common Stock is listed or any applicable regulatory requirement. The Committee and the appropriate officers of the Corporation shall be authorized to, from time
to time, take all such actions as any of them may determine are necessary or appropriate to file any documents with governmental authorities, stock exchanges, and transaction reporting systems as may be required to ensure that shares of Common Stock
are available for issuance pursuant to Awards. 
 5. Administration. 

(a) Authority of the Committee. Subject to the terms of this Plan, the Committee shall have the full and exclusive power and
authority to administer this Plan with respect to Employee Awards and to take all actions that are specifically contemplated by this Plan or are necessary or appropriate in connection with the administration of this Plan. The Committee shall also
have the full and exclusive authority to interpret this Plan and outstanding Employee Award Agreements and to adopt such rules, regulations and guidelines for carrying out this Plan as it may deem

  
 5 | Page

 
necessary or appropriate. The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Employee Award Agreement in the manner and to the
extent the Committee deems necessary or desirable to further Plan purposes. Any decision of the Committee in the interpretation and administration of this Plan or any Employee Award Agreement shall lie within its sole discretion and shall be final,
conclusive, and binding on all parties concerned. All decisions and selections made by the Committee pursuant to the provisions of the Plan shall be made by a majority of its members unless subject to the Committee’s delegation of authority
pursuant to paragraph 6 herein. The powers of the Committee shall include the authority (within the limitations described in this Plan): 
  

	 	•	 	 to determine the time when Employee Awards are to be granted and any conditions that must be satisfied before an Employee Award is granted;

  

	 	•	 	 except as otherwise provided in paragraphs 7(a) and 12, to modify the terms of Employee Awards made under this Plan; and 

 

	 	•	 	 to determine the guidelines and/or procedures for the payment or exercise of Employee Awards. 

(b) Limitation of Liability. No member of the Board or the Committee or officer of the Corporation to whom the Board or the
Committee has delegated authority in accordance with the provisions of paragraph 6 of this Plan shall be liable for anything done or omitted to be done by him or her, by any member of the Board or the Committee or by any officer of the Corporation
in connection with the performance of any duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute. 
 (c) Authority of the Board. The Board shall have the same powers, duties, and authority to administer and interpret the Plan and all Director Awards outstanding under the Plan as the Committee
retains with respect to Employee Awards, as described above. 
 (d) Prohibition on Repricing of Awards. No Option or
Stock Appreciation Right may be repriced, replaced, regranted through cancellation, or modified without stockholder approval (except as contemplated in paragraph 14 of this Plan), if the effect would be to reduce the exercise price for the shares
underlying such Option or Stock Appreciation Right. 
 6. Delegation of Authority. The Committee may delegate to a
subcommittee, the Chief Executive Officer or other senior officers of the Corporation, or to another committee of the Board, its duties or authority under this Plan with respect to Employee Awards, subject to such conditions or limitations as the
Committee may establish; provided, however, that to the extent the Committee determines that it is necessary or desirable to exempt compensation payable under this Plan from the deduction limits of Code § 162(m), the Committee will carry out
such duties as may be required under Code § 162(m). The Board may delegate to the Committee, the Chief Executive Officer or other senior officers of the Corporation, or to another committee of the Board, its administrative functions under this
Plan with respect to Director Awards subject to such conditions or limitations as the Board may establish. The Committee or the Board or their delegates, as applicable, may engage or authorize engagement of a third party administrator to carry out
administrative functions under the Plan. 

  
 6 | Page

 7. Employee Awards. 

(a) The Committee shall determine the type or types of Employee Awards to be made under this Plan and shall designate from time to time
the Participants who are to be the recipients of such Employee Awards. Each Employee Award shall be evidenced in an Employee Award Agreement, which shall contain such terms, conditions, and limitations as shall be determined by the Committee in its
sole discretion, and may be signed by an Authorized Officer on behalf of the Corporation. Employee Awards may consist of those listed in this paragraph 7(a) and may be granted singly, in combination or in tandem. Employee Awards may also be made in
combination or in tandem with, in replacement of, or as alternatives to, grants or rights under this Plan or any other plan of the Corporation or any of its Subsidiaries, including the plan of any acquired entity; provided that, except as
contemplated in paragraph 14 hereof, no Option or Stock Appreciation Right may be issued in exchange for the cancellation of an Option or Stock Appreciation Right with a higher exercise price nor may the exercise price of any Option or Stock
Appreciation Right be reduced. No Option or Stock Appreciation Right may include provisions that “reload” the Option or Stock Appreciation Right upon exercise or that extend the term of an Option or Stock Appreciation Right beyond ten
years from its Grant Date. All or part of an Employee Award may be subject to conditions established by the Committee, which may include, but are not limited to, continuous service with the Corporation and its Subsidiaries and achievement of
specific Performance Goals. Upon the termination of employment by a Participant who is an Employee, any unexercised, deferred, unvested, or unpaid Awards shall be treated as set forth in the applicable Employee Award Agreement. 

(i) Option. An Employee Award may be in the form of an Option. An Option awarded to an Employee pursuant to this Plan may consist
of an Incentive Stock Option or a Non-Qualified Stock Option and will be designated accordingly at the time of grant. The Grant Price of an Option shall be not less than the Fair Market Value of the Common Stock on the Grant Date. The term of an
Option shall not exceed ten years from the Grant Date. 
 (ii) Stock Appreciation Right. An Employee Award may be in the
form of a Stock Appreciation Right. The Grant Price for a Stock Appreciation Right shall not be less than the Fair Market Value of the Common Stock on the Grant Date. The term of a Stock Appreciation Right shall not exceed ten years from the Grant
Date. 
 (iii) Stock Award. An Employee Award may be in the form of a Stock Award. Any Stock Award which is not a
Performance Award shall have a minimum Restriction Period of three years from the Grant Date, provided that: (i) the Committee may provide for earlier vesting following a change of control or other specified events involving the Corporation or
upon an Employee’s termination of employment by reason of death, Disability, or Retirement; and (ii) vesting of a Stock Award may occur incrementally over the three-year minimum Restricted Period, provided, no portion of any Stock Award
will have a Restriction Period of less than one year. 
 (iv) Restricted Stock Unit Award. An Employee Award may be in
the form of a Restricted Stock Unit Award. Any Restricted Stock Unit Award which is not a Performance Award shall have a minimum Restriction Period of three years from the Grant Date, provided that: (i) the Committee may provide for earlier
vesting following a change of control or other specified events involving the Corporation or upon an Employee’s termination of employment by reason of death, Disability, or Retirement; and (ii) vesting of a Restricted Stock Unit Award may
occur 

  
 7 | Page

 
incrementally over the three-year minimum Restricted Period, provided, no portion of any Restricted Stock Unit Award will have a Restriction Period of less than one year. 

(v) Cash Awards. An Employee Award may be in the form of a Cash Award. 

(vi) Performance Award. Without limiting the type or number of Employee Awards that may be made under the other provisions of this
Plan, an Employee Award may be in the form of a Performance Award. Any Stock Award which is a Performance Award shall have a minimum Restriction Period of one year from the Grant Date, provided that the Committee may provide for earlier vesting
following a change of control or other specified events involving the Corporation, or upon a termination of employment by reason of death, Disability, or Retirement. The Committee shall set Performance Goals in its sole discretion which, depending
on the extent to which they are met, may determine the value and/or amount of Performance Awards that will be paid out to the Participant and/or the portion of a Performance Award that may be exercised. A Performance Goal may include one or
more of the following and need not be the same for each Participant: 
  

	 	•	 	 revenue and income measures (which include revenue, gross margin, income from operations, net income, net sales, earnings per share, earnings before
interest, depreciation, taxes, and amortization (“EBIDTA”), and economic value added (“EVA”); 

  

	 	•	 	 expense measures (which include costs of goods sold, selling, finding and development costs, general and administrative expenses, and overhead costs);

  

	 	•	 	 operating measures (which include refinery throughput, mechanical availability, productivity, operating income, funds from operations, cash from
operations, after-tax operating income, market share, margin, and sales volumes); 

  

	 	•	 	 margins (which include crack-spread measures); 

  

	 	•	 	 refined product measures; 

  

	 	•	 	 cash flow measures (which include net cash flow from operating activities and working capital); 

 

	 	•	 	 liquidity measures (which include earnings before or after the effect of certain items such as interest, taxes, depreciation and amortization, and free
cash flow); 

  

	 	•	 	 leverage measures (which include debt-to-equity ratio and net debt); 

 

	 	•	 	 market measures (which include market share, stock price, growth measure, total stockholder return, and market capitalization measures);

  

	 	•	 	 return measures (which include return on equity, return on assets, and return on invested capital); 

 

	 	•	 	 corporate value and sustainability measures (which include compliance, safety, environmental, and personnel matters) 

  
 8 | Page

	 	•	 	 project completion measures (which may include measures regarding whether interim milestones regarding budgets and deadlines are met, as well as
whether projects are completed on time and on or under budget); and 

  

	 	•	 	 other measures such as those relating to acquisitions, dispositions, or customer satisfaction. 

Unless otherwise stated, such a Performance Goal need not be based upon an increase or positive result under a particular business criterion and could
include, for example, maintaining the status quo, performance relative to a peer group determined by the Committee, or limiting economic losses (measured, in each case, by reference to specific business criteria). In interpreting Plan provisions
applicable to Performance Goals and qualified Performance Awards, this Plan is intended to conform with Code § 162(m), including, without limitation, Treasury Regulations § 1.162-27(e), as to grants pursuant to this subsection
and the Committee in establishing such goals and interpreting the Plan shall be guided by such provisions. Prior to the payment of any compensation based on the achievement of Performance Goals applicable to qualified Performance Awards, the
Committee must certify in writing that applicable Performance Goals and any of the material terms thereof were, in fact, satisfied. Subject to the foregoing provisions, the terms, conditions, and limitations applicable to any Performance Awards
intended to qualify as performance-based compensation for purposes of Code § 162(m) shall be determined by the Committee to the extent required by Code § 162(m). 

(b) The Committee shall adjust the Performance Goals (either up or down) and the level of the Performance Award that a Participant may
earn under this Plan if it determines that the occurrence of external changes or other unanticipated business conditions have materially affected the fairness of the goals and have unduly influenced the Corporation’s ability to meet them,
including without limitation, events such as material acquisitions, changes in the capital structure of the Corporation, and extraordinary accounting changes; provided, however, that Performance Awards granted to Executive Officers shall be adjusted
only to the extent permitted under Code § 162(m). In addition, Performance Goals and Performance Awards shall be calculated without regard to any changes in accounting standards that may be required by the Financial Accounting Standards
Board after such Performance Goals are established. 
 (c) Notwithstanding anything to the contrary contained in this Plan, no
Participant who is an Employee may be granted, during any one-year period, Employee Awards collectively consisting of: (i) Options or Stock Appreciation Rights that are exercisable for more than 6,000,000 shares of Common Stock; or
(ii) Stock Awards covering or relating to more than 2,000,000 shares of Common Stock (the limitation in clauses (i) and (ii) being collectively referred to as the “Stock-based Awards Limitations”). No Plan Participant who is
an Employee may be granted Employee Awards consisting of cash (including Cash Awards that are granted as Performance Awards) in respect of any calendar year having a value determined on the Grant Date in excess of $20,000,000. 

8. Director Awards. 
 (a) The Board shall determine the type or types of Director Awards to be made under this Plan and shall designate from time to time the Participants who are to be the recipients of such Director Awards.
Each Director Award shall be evidenced in a Director Award Agreement, which shall contain such terms, conditions, and limitations as shall be determined by the Board in its sole 

  
 9 | Page

 
discretion, and may be signed by an Authorized Officer on behalf of the Corporation. Director Awards may consist of those listed in this paragraph 8(a) and may be granted singly, in combination
or in tandem. Director Awards may also be made in combination or in tandem with, in replacement of, or as alternatives to, grants or rights under this Plan or any other plan of the Corporation or any of its Subsidiaries, including the plan of any
acquired entity; provided that, except as contemplated in paragraph 14 hereof, no Option or Stock Appreciation Right may be issued in exchange for the cancellation of an Option or Stock Appreciation Right with a higher exercise price nor may the
exercise price of any Option or Stock Appreciation Right be reduced. No Option or Stock Appreciation Right may include provisions that “reload” the Option or Stock Appreciation Right upon exercise or that extend the term of an Option or
Stock Appreciation Right beyond ten years from its Grant Date. All or part of a Director Award may be subject to conditions established by the Board, which may include, but are not limited to, continuous service with the Corporation and its
Subsidiaries and achievement of specific Performance Goals. Upon the termination of service by a Participant who is a Director, any unexercised, deferred, unvested, or unpaid Awards shall be treated as set forth in the applicable Employee Award
Agreement. 
 (i) Option. A Director Award may be in the form of an Option. An Option awarded to a Director pursuant to
this Plan shall be a Non-Qualified Stock Option. The Grant Price of an Option shall be not less than the Fair Market Value of the Common Stock on the Grant Date. The term of an Option shall not exceed ten years from the Grant Date. 

(ii) Stock Appreciation Right. A Director Award may be in the form of a Stock Appreciation Right. The Grant Price for a Stock
Appreciation Right shall not be less than the Fair Market Value of the Common Stock on the Grant Date. The term of a Stock Appreciation Right shall not exceed ten years from the Grant Date. 

(iii) Stock Award. A Director Award may be in the form of a Stock Award. Terms, conditions and limitations applicable to a Stock
Award granted to a Non-Employee Director pursuant to this Plan shall be determined by the Board. 
 (iv) Restricted Stock
Unit Award. A Director Award may be in the form of a Restricted Stock Unit Award. Terms, conditions and limitations applicable to a Restricted Stock Unit Award granted to a Non-Employee Director pursuant to this Plan shall be determined by the
Board. 
 (v) Cash Awards. A Director Award may be in the form of a Cash Award. 

(vi) Performance Award. Without limiting the type or number of Director Awards that may be made under the other provisions of this
Plan, a Director Award may be in the form of a Performance Award. Terms, conditions and limitations applicable to any Performance Award granted to a Non-Employee Director pursuant to this Plan shall be determined by the Board. The Board shall set
performance goals in its discretion which, depending on the extent to which they are met, may determine the value and/or amount of Performance Awards that will be paid out to the Non-Employee Directors. 

9. Award Payment; Dividends; Substitution; Fractional Shares. 

(a) General. Payment of Awards may be made in the form of cash or Common Stock, or a combination thereof, and may include such
restrictions as the Administrator shall determine, 

  
 10 | Page

 
including, in the case of Common Stock, restrictions on transfer and forfeiture provisions. If payment of an Award is made in the form of Restricted Stock, such shares may be issued at the
beginning or end of the Restriction Period. In the event that shares of Restricted Stock are to be issued at the beginning of the Restriction Period, the certificates evidencing such shares (to the extent that such shares are so evidenced) shall
contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable to such shares. In the event that shares of Restricted Stock are to be issued at the end of the Restricted Period, the right to
receive such shares shall be evidenced by book entry registration or in such other manner as the Administrator may determine. 

(b) Dividends and Interest. Rights to dividends or Dividend Equivalents may be extended to and made part of any Award consisting
of shares of Common Stock or units denominated in shares of Common Stock, subject to such terms, conditions, and restrictions as the Administrator may establish. The Administrator may also establish rules and procedures for the crediting of interest
on deferred cash payments and Dividend Equivalents for Awards consisting of shares of Common Stock or units denominated in shares of Common Stock. 
 (c) Fractional Shares. No fractional shares shall be issued or delivered pursuant to any Award under this Plan. The Administrator shall determine whether cash, Awards, or other property shall be
issued or paid in lieu of fractional shares, or whether fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 10. Stock Option Exercise. The Grant Price of an Option shall be paid in full at the time of exercise in cash or, if elected by the Participant, the Participant may purchase such shares by means of
tendering Common Stock valued at Fair Market Value on the date of exercise, or any combination thereof. The Administrator, in its sole discretion, shall determine acceptable methods for Participants to tender Common Stock. Subject to applicable law,
Options may also be exercised through “cashless exercise” procedures approved by the Administrator involving a broker or dealer approved by the Administrator. 
 11. Taxes. The Corporation or its third party administrator shall have the right to deduct applicable taxes from any Award payment and withhold, at the time of delivery or vesting of cash or shares
of Common Stock under this Plan, an appropriate amount of cash or number of shares of Common Stock or a combination thereof for payment of taxes required by law or to take such other action as may be necessary in the opinion of the Corporation to
satisfy all obligations for withholding of such taxes. The Administrator may also permit withholding to be satisfied by the transfer to the Corporation of shares of Common Stock owned by the holder of the Award with respect to which withholding is
required. If shares of Common Stock are used to satisfy tax withholding, such shares shall be valued at Fair Market Value on the date when the tax withholding is required to be made. 

12. Amendment, Modification, Suspension or Termination. The Board or the Committee may amend, modify, suspend or terminate this
Plan for the purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by law, except that: (i) no amendment or alteration that would materially adversely affect the rights of any Participant under
any Award previously granted to such Participant shall be made without the consent of such Participant; and (ii) no amendment or alteration shall be effective prior to its approval by the stockholders of the Corporation to the extent
stockholder approval is otherwise 

  
 11 | Page

 
required by applicable legal requirements or the requirements of any exchange on which the Common Stock is listed. Notwithstanding the foregoing, no amendment may cause an Option or Stock
Appreciation Right to be repriced, replaced, regranted through cancellation, or modified without stockholder approval (except as provided in paragraph 14), if the effect of such amendment would be to reduce the exercise price for the shares
underlying such Option or Stock Appreciation Right. 
 13. Assignability. Unless otherwise determined by the Committee in
the Award Agreement, no Award or any other benefit under this Plan shall be assignable or otherwise transferable, except by will or the laws of descent and distribution. Any attempted assignment of an Award or any other benefit under this Plan in
violation of this paragraph 13 shall be null and void. 
 14. Adjustments. 

(a) The existence of this Plan and Awards granted hereunder shall not affect in any way the right or power of the Corporation or its
stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Corporation’s capital structure or its business, or any merger or consolidation of the Corporation, or any issue of bonds,
debentures, preferred, or prior preference stocks ahead of or affecting the shares of Common Stock or the rights thereof, or the dissolution or liquidation of the Corporation, or any sale or transfer of all or any part of its assets or business, or
any other corporate act or proceeding, whether of a similar character or otherwise. 
 (b) Except as provided in this Plan, the
issue by the Corporation of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services, either upon direct sale or upon exercise of rights or warrants to subscribe
therefor, or upon conversion of shares or obligations of the Corporation convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Common Stock
subject to Awards granted hereunder. 
 (c) If the Corporation shall effect a subdivision or consolidation of shares or other
capital adjustments, adoption of any plan of exchange affecting Common Stock, a distribution to holders of Common Stock of securities or other property (other than normal cash dividends), the payment of a stock dividend or other increase or
reduction of the number of shares of the Common Stock outstanding without receiving compensation in money, services or property, then (i) the number of shares of Common Stock subject to this Plan, (ii) the Stock-based Awards Limitations,
(iii) the number of shares of Common Stock covered by outstanding Awards, (iv) the Grant Prices of all outstanding Awards, and (v) the appropriate Fair Market Values determined for such Awards shall each be adjusted proportionately by
the Board as appropriate to reflect such transaction. 
 (d) In the event of a corporate merger, consolidation, acquisition of
property or stock, separation, reorganization or liquidation, the Board may make such adjustments to Awards or other provisions for the disposition of Awards as it deems equitable, and shall be authorized, in its sole discretion: (i) to provide
for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Board determines) for an Award or the assumption of the Award, regardless of whether in a transaction to which Code
§ 424(a) applies; (ii) to provide, prior to the transaction, for the acceleration of the vesting and exercisability 

  
 12 | Page

 
of, or lapse of restrictions with respect to, the Award; or (iii) to cancel any such Awards and to deliver to the Participants cash in an amount that the Board shall determine in its sole
discretion is equal to the fair market value of such Awards on the date of such event, which in the case of Options or Stock Appreciation Rights shall be the excess of the Fair Market Value of Common Stock on such date over the exercise price of
such Award. For the avoidance of doubt, if the exercise price is less than Fair Market Value the Option or Stock Appreciation Right may be canceled for no consideration. 
 (e) Notwithstanding the foregoing: (i) any adjustments made pursuant to this paragraph 14 to Awards that are considered “deferred compensation” within the meaning of Code
§ 409A shall be made in a manner which is intended to not result in accelerated or additional tax to a Participant pursuant to Code § 409A and (ii) any adjustments made pursuant to this paragraph 14 to Awards that are
not considered “deferred compensation” subject to Code § 409A shall be made in such a manner intended to ensure that after such adjustment, the Awards either: (A) continue not to be subject to Code § 409A; or
(B) do not result in accelerated or additional tax to a Participant pursuant to Code § 409A. 
 15.
Restrictions. No Common Stock or other form of payment shall be issued and no payment shall be made with respect to any Award unless the Corporation shall be satisfied based on the advice of its counsel that such issuance will be in
compliance with the rules of any securities exchange on which the Common Stock is listed and applicable laws, including United States federal and state securities laws. Certificates (if any) or other writings evidencing shares of Common Stock
delivered under this Plan (to the extent that such shares are so evidenced) may be subject to such stop transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements of the
Securities and Exchange Commission, any securities exchange or transaction reporting system upon which the Common Stock is then listed or to which it is admitted for quotation and any applicable federal or state securities law. The Administrator may
cause a legend or legends to be placed upon such certificates or other writings to make appropriate reference to such restrictions. 
 16. Unfunded Plan. This Plan shall be unfunded. Although bookkeeping accounts may be established with respect to Participants who are entitled to cash, Common Stock or rights thereto under this
Plan, any such accounts shall be used merely as a bookkeeping convenience. The Corporation shall not be required to segregate any assets that may at any time be represented by cash, Common Stock, or rights thereto, nor shall this Plan be construed
as providing for such segregation, nor shall the Corporation, the Board, or the Committee be deemed to be a trustee of any cash, Common Stock, or rights thereto to be granted under this Plan. Any liability or obligation of the Corporation to any
Participant with respect to an Award of cash, Common Stock, or rights thereto under this Plan shall be based solely upon any contractual obligations that may be created by this Plan and any Award Agreement, and no such liability or obligation of the
Corporation shall be deemed to be secured by any pledge or other encumbrance on any property of the Corporation. Neither the Corporation nor the Board nor the Committee shall be required to give any security or bond for the performance of any
obligation that may be created by this Plan. 
 17. Code Section 409A. This Plan is intended to provide compensation
which is exempt from or which complies with Code § 409A, and ambiguous provisions of this Plan or any Award Agreeement, if any, shall be construed in a manner that would cause Awards to be compliant with

  
 13 | Page

 
or exempt from the application of Code § 409A, as appropriate. For purposes of Code § 409A, each payment under this Plan shall be deemed to be a separate payment. 

Notwithstanding any provision of this Plan to the contrary, if a Participant is a “specified employee” within the meaning of
Code § 409A as of the date of such Participant’s termination of employment and the Corporation determines, in good faith, that immediate payment of any amounts or benefits under this Plan would cause a violation of Code
§ 409A, then any amounts or benefits which are payable under this Plan upon the Participant’s “separation from service” within the meaning of Code § 409A which: (i) are subject to the provisions of Code
§ 409A; (ii) are not otherwise excluded under Code § 409A; and (iii) would otherwise be payable during the first six-month period following such separation from service, shall be paid on the first business day next
following the earlier of: (1) the date that is six months and one day following the date of termination; or (2) the date of the Participant’s death. 
 18. Governing Law. This Plan and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by mandatory provisions of the Code or the securities laws of the
United States, shall be governed by and construed in accordance with the laws of the State of Delaware. 
 19. No Right to
Employment. Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Corporation or a Subsidiary to terminate any Participant’s employment or other service relationship at any time, nor confer
upon any Participant any right to continue in the capacity in which he or she is employed or otherwise serves the Corporation or any Subsidiary. 
 20. Successors. All obligations of the Corporation under this Plan with respect to Awards granted hereunder shall be binding on any successor to the Corporation, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Corporation. 
 21. Tax Consequences. Nothing in this Plan or an Award Agreement shall constitute a representation by the Corporation to a Participant regarding the tax consequences of any Award received by a
Participant under this Plan. Although the Corporation may endeavor to: (i) qualify a Performance Award for favorable United States or foreign tax treatment; or (ii) avoid adverse tax treatment (e.g., under Code § 409A),
the Corporation makes no representation to that effect and expressly disavows any covenant to maintain favorable or unavoidable tax treatment. The Corporation shall be unconstrained in its corporate activities without regard to the potential
negative tax impact on holders of Performance Awards under this Plan. 
 22. Non-United States Participants. The Board or
Committee may grant awards to persons outside the United States under such terms and conditions as may, in the judgment of the Board or Committee, as applicable, be necessary or advisable to comply with the laws of the applicable foreign
jurisdictions and, to that end, may establish sub-plans, modified vesting, exercise or settlement procedures and other terms and procedures. Notwithstanding the above, neither the Board nor the Committee may take any actions under this Plan, and no
Awards shall be granted, that would violate the Securities Exchange Act of 1934, the Code or any other applicable law. 

  
 14 | Page

 23. Effectiveness. This Plan is effective June 30, 2011, subject to the
completion of the spin-off of the Corporation from Marathon Oil Corporation. This Plan shall continue in effect for a term of ten years after the date on which the stockholders of the Corporation approve this Plan, unless sooner terminated by action
of the Board. 

  
 15 | Page

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