Document:

Asset Purchase Agreement

EXHIBIT 10.1

Asset Purchase Agreement 

  

THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is made on October 28, 2014 among As Seen on TV, Inc., a Florida corporation, with its principal place of business at 14044 Icot Blvd., Clearwater, Florida (“ASTV”), TV Goods, Inc., a Florida corporation, within its principal place of business at 14044 Icot Blvd., Clearwater, Florida (“TV Goods” and, together with ASTV, the “Sellers” and each a “Seller”), and Telebrands Corp., a New Jersey corporation, with its principal place of business at 79 Two Bridges Road, Fairfield, NJ 07004 (the “Buyer”). 

  

IN CONSIDERATION of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

  

1. Purchase of Assets. 

At the Closing, the Sellers shall sell, transfer and assign to Buyer, and Buyer shall purchase from the Sellers, on the terms set forth in this Agreement, all of the Sellers’ respective rights, title and interest in and to the assets set forth on Schedule 1 hereto (the “Property”), free and clear of any Liens (as defined below).  “Lien” shall mean any security interest, pledge, charge, hypothecation, mortgage, lien, encumbrance, claim or cause of action. 

  

Other than those liabilities arising under the Assumed Agreement (as defined below) after the Closing, the Buyer shall not assume any liabilities or obligations of the Sellers or their respective individual shareholders, directors, officers, affiliates, creditors, parent or subsidiary companies, of any kind, whether known or unknown, contingent, matured or otherwise, whether currently existing or hereinafter created (the “Excluded Liabilities”). 

  

2. Purchase Price. 

a.

Purchase Price. Upon the terms and subject to the conditions contained in this Agreement, as consideration for the sale, transfer and assignment of the Property and in full payment therefor, the Buyer shall pay to the Sellers $3,000,000.00 (the “Purchase Price”), which shall be payable on the Closing Date in cash in immediately available funds by wire transfer to an account designated by the Sellers at least one (1) business day prior to Closing. 

b.

Allocation of Purchase Price.   The Sellers and the Buyer agree to allocate the Purchase Price among the Property for all purposes (including tax and financial accounting) in accordance with Schedule 2.b. hereof. The Sellers and the Buyer shall file all tax returns (including amended returns and claims for refund) and information reports in a manner consistent with such allocation.

c.

Withholding Tax.   The Buyer shall be entitled to deduct and withhold from the Purchase Price all taxes that the Buyer may be required to deduct and withhold under any applicable tax law, which have been identified and agreed to by Seller prior to Closing. All such withheld amounts shall be treated as delivered to the Sellers hereunder.

  

3.  Assumption of Contract and Royalty Payment. 

As of the Closing, the Buyer will assume all of the Sellers’ respective rights, interests and obligations under that certain E-Commerce Joint Venture Partnership agreement by and between TV Goods and Delivery Agent, Inc. (“Delivery Agent”) dated May 27, 2011, as amended as of July 19, 2011 and August 27, 2012 (the “Assumed Agreement”).   Notwithstanding anything to the contrary set forth herein, the Sellers shall retain any revenue share payments payable by Delivery Agent pursuant to Section 10 of the Assumed Agreement with respect to product sales made during the period commencing on October 1, 2014 and ending on December 31, 2014 (the “Fourth Quarter Period”); provided, however, that if such revenue share payments attributable to the Fourth Quarter Period shall exceed $200,000 in the aggregate, the Sellers shall pay to the Buyer promptly upon receipt thereof, any and all of such excess.  For the avoidance of doubt, the Buyer shall have no obligation to pay to the Sellers with respect to any shortfall or amounts owed by Delivery Agent to the Sellers other than as provided above, and all revenue share payments payable by Delivery Agent under the Assumed Agreement with respect to any periods after the Fourth Quarter Period shall be payable directly to the Buyer.

  

4. Closing. 

a.

Closing Date.  The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place on the date hereof (the “Closing Date”). 

b.

Closing Deliveries. 

i.

At the Closing, the Buyer shall pay an amount equal to the Purchase Price in accordance with this Agreement and shall deliver to the Sellers the Transaction Documents (as defined below) duly executed by the Buyer.

ii.

At the Closing, the Sellers shall deliver to Buyer (A) the Property; (B) Transaction Documents duly executed by the Seller party thereto; and (C) all consents and waivers set forth on Schedule 4.b.ii attached hereto.

iii.

“Transaction Documents” shall mean (A) an assignment and assumption agreement in the form of Exhibit A hereto, effecting the assignment to and assumption by the Buyer of the Assumed Agreement; and (B) an intellectual property assignment in the form of Exhibit B hereto, transferring all of the Sellers' respective rights, title and interests in and to the intellectual property and the domain name registrations included in the Property to Buyer.

  

2

5. Representations by the Sellers. 

As an inducement to the Buyer to enter into this Agreement and to consummate the transactions contemplated herein, the Sellers, jointly and severally, represent and warrant to the Buyer, as of the date of this Agreement as follows: 

a.

The Sellers are the sole and exclusive owners of, and have good and marketable title to, the Property, free and clear of any Liens, with full right to sell or dispose of it as the Sellers may choose, and no other person or entity has any claim, right, title, interest, or Lien in, to, or on the Property. The Sellers have the valid right to use, possess, reproduce, make or have made, modify, display, market, perform, publish, transmit, broadcast, sell, license, sublicense, distribute or otherwise exploit (collectively ”Exploit” or “Exploitation”) all of the Property.  No third party has made any claim or assertion challenging the Sellers’ sole and exclusive ownership of all right, title and interest in and to the Property.

b.

The Sellers have no undischarged obligations affecting the Property, other than as disclosed in Schedule 5.b. 

c.

There are no Liens against the Property and, other than the Assumed Agreement, the Property is not the subject of any license. 

d.

Consents. No consent from or other approval or authorization of any governmental entity, board of directors, or any other person is necessary in connection with the execution of this Agreement or the Transaction Documents, or the consummation of the transactions contemplated hereby and thereby, other than the consent of the Boards of Directors of the Sellers. 

e.

Property. The Property is merchantable and fit for its intended use and is free of any material defects in workmanship.  The Property is sufficient for the conduct of Sellers’ business on the www.asseenontv.com website (the “Site”) as currently conducted and as currently proposed to be conducted.  Other than the Assumed Agreement, there are no other contracts or agreements governing or relating to the Property.  Other than as set forth in the Assumed Agreement, no assets necessary for or related to the conduct of business relating to the Property are owned or used by any individual or entity other than the Sellers. No royalties, commissions, fees or other payments are or shall become payable by the Sellers to any third party by reason of the Exploitation of any of the Property in the conduct of the Sellers’ business on the Site as currently conducted and as currently proposed to be conducted.

 

f.

Payment of Taxes. The Sellers and their respective subsidiaries have (i) filed all tax returns for the periods prior to and including the Closing Date, and (ii) paid, or will arrange for the full payment of, all taxes owed by the Sellers with respect to the Property with respect to all periods prior to and including the Closing Date. 

3

g.

Insurance. At the time of signing this Agreement, the Sellers will provide the Buyer with a copy of the most current insurance policy, if any, covering the Property. 

h.

Licenses, Permits and Consents. There are no licenses or permits currently required by the Sellers for the consummation of the transactions contemplated by this Agreement or the Transaction Documents. 

i.

Litigation. There are no actions, suits, proceedings, or investigations pending or, to the knowledge of the Sellers, threatened against or involving any of the Sellers or brought by any Seller or affecting any of the Property at law or in equity or admiralty or before or by any federal, state, municipal, or other governmental department, commission, board, agency, or instrumentality, domestic or foreign, nor has any such action, suit, proceeding, or investigation been pending during the 24-month period preceding the date hereof. The Sellers are not operating its business under or subject to, or in default with respect to, any order, writ, injunction, or decree of any court of federal, state, municipal, or governmental department, commission, board, agency, or instrumentality, domestic or foreign. 

j.

Compliance with Laws. The Sellers are not in violation of any laws, regulations, and orders applicable to the Property or the transactions contemplated by this Agreement, and the present uses by the Sellers of the Property do not violate any such laws, regulations, and orders. The Sellers have no knowledge of any material present or future expenditures that will be required with respect to the Property to achieve compliance with any present statute, law, or regulation, including those relating to the environment or occupational health and safety. 

k.

Organization and Good Standing.  Each Seller is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Florida, with full corporate power and authority to conduct it business as it is presently being conducted and to own and use the Property.

l.

Authority.  Each Seller has all requisite corporate power and authority, and has taken all corporate action necessary, to execute and deliver this Agreement, to consummate the transactions contemplated by this Agreement and the Transaction Documents and to perform its obligations hereunder and thereunder.  The execution and delivery by each Seller of this Agreement and the Transaction Documents, and the consummation by the Sellers of the transactions contemplated hereby and thereby, have been duly authorized and approved by the Board of Directors of each Seller.  No other corporate proceedings on the part of any Seller, including the consent or approval of the stockholders of each Seller, are necessary to authorize this Agreement and the Transaction Documents and the transactions contemplated hereby and thereby.  This Agreement and the Transaction Documents have been duly executed and delivered by the Sellers and are the legal, valid and binding obligations of each Seller enforceable against such Seller in accordance with their terms, except that such enforceability may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting or relating to creditors’ rights generally, and is subject to general principles of equity.

4

m.

Non-Contravention.  The execution, delivery and performance by each Seller of this Agreement and the Transaction Documents does not and will not (i) contravene or conflict with such Seller’s certificate of incorporation or bylaws or any resolution adopted by the Board of Directors of such Seller; (ii) contravene or conflict with or constitute a violation of any provision of any applicable law binding upon the Sellers or the Property; (iii) result in the creation or imposition of any Lien on any of the Property; or (iv) contravene, conflict with or constitute a violation or breach of any agreement to which such Seller is a party.  

n.

Financial Information.  The financial information of the Sellers provided to the Buyer, comprised of the spreadsheets attached as Exhibit C hereto, is true and accurate business records of the Sellers, and, to the best of the Sellers’ knowledge, contain true and accurate information regarding the Sellers’ business relating to the Property.

 

o.

Seller IP Registrations.  All registrations and applications made by or on behalf of the Sellers for the Property in any jurisdiction for any patents, copyrights, mask works, trademarks, service marks, design rights, domain names are set forth on Schedule 1 (“Seller IP Registrations”).  All of the Seller IP Registrations are valid, enforceable and subsisting.  Other than as described on Schedule 5.o. hereto, to the best of Sellers' knowlege, there are no actions that must be taken by the Sellers or Buyer within ninety (90) days after the date of this Agreement for the purpose of obtaining, maintaining, perfecting, preserving or renewing any Seller IP Registration. Schedule 1 also sets forth all trademarks, trade names, service marks, logos, domain names, design rights or other identifiers currently or previously used by the Sellers on the Site but for which no registration has been sought.

p.

Infringement.  To the best of Sellers’ knowledge, the Exploitation of the Property (i) does not and shall not conflict with, infringe, violate or interfere with or misappropriate any right (including any intellectual property right), title or interest of any third party and (ii) does not and shall not constitute unfair competition or unfair trade practices under any laws to which the Sellers are subject.  There is no pending or, to the knowledge of the Sellers, threatened claim that any of the Property is invalid or contesting the ownership or right of the Sellers to Exploit any of Property, nor is there any basis for any such claim. The Sellers have not received any, and, to the knowledge of the Sellers, there are no, claims, notices or complaints regarding the Sellers’ information practices or the disclosure, retention or misuse of any personal information.

q.

Disclosure. No representation or warranty by the Sellers contained in this Agreement, and no statement contained in any certificate or other instrument furnished or to be furnished to Buyer pursuant hereto, or in connection with the transactions contemplated hereby, contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact that is necessary in order to make the statements contained therein not misleading. 

5

6. Representations by Buyer. 

As an inducement to the Sellers to enter into this Agreement and to consummate the transactions contemplated herein, the Buyer represents and warrants to the Sellers, as of the date of this Agreement as follows: 

a.

 Consents. No consent from or other approval or authorization of any governmental entity, board of directors, or any other person is necessary in connection with the execution of this Agreement or the Transaction Documents, or the consummation of the transactions contemplated hereby and thereby, other than the consent of the Board of Directors of the Buyer. 

b.

Licenses, Permits and Consents. There are no licenses or permits currently required by the Buyer for the consummation of the transactions contemplated by this Agreement or the Transaction Documents. 

c.

Organization and Good Standing.  The Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of the State of New Jersey, with full corporate power and authority to conduct it business as it is presently being conducted and to own and use the Property.

d.

Authority.  The Buyer has all requisite corporate power and authority, and has taken all corporate action necessary, to execute and deliver this Agreement, to consummate the transactions contemplated by this Agreement and the Transaction Documents and to perform its obligations hereunder and thereunder.  The execution and delivery by the Buyer of this Agreement and the Transaction Documents, and the consummation by Buyer of the transactions contemplated hereby and thereby, have been duly authorized and approved by the Board of Directors of the Buyer.  No other corporate proceedings on the part of the Buyer are necessary to authorize this Agreement and the Transaction Documents and the transactions contemplated hereby and thereby.  This Agreement and the Transaction Documents have been duly executed and delivered by the Buyer and are the legal, valid and binding obligations of the Buyer enforceable against Buyer in accordance with their terms, except that such enforceability may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting or relating to creditors’ rights generally, and is subject to general principles of equity.

e.

Non-Contravention.  The execution, delivery and performance by the Buyer of this Agreement and the Transaction Documents does not and will not (i) contravene or conflict with the Buyer’s certificate of incorporation or bylaws or any resolution adopted by the Board of Directors of the Buyer; (ii) contravene or conflict with or constitute a violation of any provision of any applicable law binding upon the Buyer; or (iii) contravene, conflict with or constitute a violation or breach of any agreement to which the Buyer is a party.  

6

f.

Disclosure. No representation or warranty by the Buyer contained in this Agreement, and no statement contained in any certificate or other instrument furnished or to be furnished to Buyer pursuant hereto, or in connection with the transactions contemplated hereby, contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact that is necessary in order to make the statements contained therein not misleading. 

    

7. Covenants. 

a.

All Property enumerated in Exhibit A shall, upon consummation of this Agreement, be transferred by the Sellers to the Buyer free and clear of all Liens.

b.

The Sellers shall assume all risk of loss, damage, or destruction to the Property subject to this Agreement until the Closing. 

c.  

The Sellers and the Buyer agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be reasonably necessary in order to consummate or implement on a timely basis the transactions contemplated by this Agreement and the Transaction Documents. 

d.

Unless otherwise required by applicable law, neither party hereto shall make any public announcements regarding this Agreement or the Transaction Documents or the transactions contemplated hereby or thereby without the prior written consent of the other party (which consent shall not be unreasonably withheld or delayed).  It is understood by the parties hereto that the Property constitutes a material portion of the Sellers’ assets, and as such certain disclosures will be required by applicable law; provided, however, that the Sellers shall provide the Buyer a reasonable opportunity to review such disclosure before it is publicly disseminated or filed with the Securities and Exchange Commission, and the Sellers shall give due consideration to the reasonable additions, deletions and other changes suggested thereto by the Buyer.

e.

Bulk Sales Laws.   The parties hereby waive compliance with the provisions of any bulk sales, bulk transfer or similar laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Property to Buyer.

f.

All transfer, documentary, sales, use, stamp, registration, value added and other such taxes and fees (including any penalties and interest) incurred in connection with this Agreement and the Transaction Documents and the documents to be delivered hereunder shall be borne and paid by Sellers when due. The Sellers shall, at their own expense, timely file any tax return or other document with respect to such taxes or fees (and Buyer shall cooperate with respect thereto as necessary).

7

g.

Release of Security Interests.  The Sellers hereby authorize the Buyer to prepare and file any and all UCC financing statement amendments with respect to all UCC financing statements which include liens on any or all of the Property naming any Seller as debtor that are currently filed of record in order to effectuate the release by any creditor of its security interests and liens upon the Property.

    

8. Indemnification

a.

Sellers’ Agreement to Indemnify.  The Sellers shall, jointly and severally, indemnify and hold harmless the Buyer and its affiliates, directors, managers, stockholders, officers, employees, customers, suppliers, attorneys, agents, representatives, successors and permitted assigns (collectively, the “Buyer Indemnitees”) in respect of any and all losses, liabilities, claims, damages or expenses (collectively, “Damages”) reasonably incurred by any Buyer Indemnitee in connection with, or resulting from, any or all of (i) any breach of any representation or warranty made by any Seller in this Agreement or the Transaction Documents; (ii) any breach in the performance of any covenant, agreement or obligation of any Seller contained in this Agreement or the Transaction Documents; (iii) any Excluded Liabilities; and (iv) any liabilities relating to the Property arising prior to the Closing Date.

b.

Buyer’s Agreement to Indemnify.  The Buyer shall indemnify and hold harmless each Seller and their respective affiliates, directors, managers, stockholders, officers, employees, customers, suppliers, attorneys, agents, representatives, successors and permitted assigns (collectively, the “Seller Indemnitees”) in respect of any and all Damages reasonably incurred by any Seller Indemnitee in connection with, or resulting from, any or all of (i) any breach of any representation or warranty made by the Buyer in this Agreement or the Transaction Documents; (ii) any breach in the performance of any covenant, agreement or obligation of the Buyer contained in this Agreement or the Transaction Documents; and (iii) any liabilities relating to the Property arising on or after the Closing Date.

c.

Survival of Representations, Warranties and Covenants.  All representations, warranties, covenants, agreements and obligations of each party hereto contained in this Agreement and the Transaction Documents and all claims of any Buyer Indemnitee or Seller Indemnitee in respect of any breach of any such representation, warranty, covenant, agreement or obligation, shall survive the execution of this Agreement, and shall expire 30 days after the expiration of all applicable statutes of limitations, including extensions thereof.

9. Schedules. 

Schedules and other documents attached or referred to in this Agreement are an integral part of this Agreement. 

  

8

10. Entire Agreement. 

This Agreement and the Transaction Documents constitute the sole and entire agreement between Buyer and the Sellers with respect to the transactions contemplated hereby and thereby, and supersedes any prior agreements, whether written or oral with respect thereto. Any additional agreements or representations with respect to the transactions contemplated by this Agreement or the Transaction Documents are null and void, unless otherwise required by law. Both parties agree to waive rights as to any conflicting laws which may nullify this Agreement to the full extent allowable by law.   

11. Jurisdiction; Waiver of Jury Trial. 

a.

Jurisdiction.  Any legal suit, action or proceeding arising out of or based upon this Agreement or the Transaction Documents or the transactions contemplated hereby or thereby shall be instituted in the federal courts of the United States of America or the courts of the State of New York in each case located in the city of New York in the Borough of Manhattan, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.  Each of the Buyer and the Sellers hereby (i) waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts, or that this Agreement or any of the other Transaction Documents or the subject matter hereof and thereof may not be enforced in or by such court, and (ii) agrees to commence any such action only before one of the above-named courts. 

b.

Waiver of Jury Trial.  Each party hereto acknowledges and agrees that any controversy which may arise under this Agreement or the Transaction Documents is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the Transaction Documents or the transactions contemplated hereby or thereby.

  

12. Costs and Expenses. 

Except as expressly provided to the contrary in this Agreement, each party shall pay all of its own costs and expenses incurred with respect to the negotiation, execution and delivery of this Agreement and the exhibits hereto. 

  

9

13. Miscellaneous Provisions. 

a.

Applicable Law. This Agreement shall be construed under and in accordance with the laws of the State of New York, without regard to the conflict of law rules thereof. 

b.

Parties Bound. This Agreement shall be binding on and inure to the benefit of the parties to this Agreement and their respective heirs, executors, administrators, legal representatives, successors and assigns as permitted by this Agreement. 

c.

No Third-party Beneficiaries.  This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

d.

Legal Construction. This Agreement shall be construed as to effectuate the intended purpose of the Agreement. In the event any one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, this Agreement shall be modified to otherwise effectuate the sale under the original intentions of the Parties. This may include striking the invalid, illegal, or unenforceable provision as if they had never been contained in this Agreement, or modifying the invalid, illegal or unenforceable provisions to make them compliant without modifying the original purpose of the Parties. 

d.

Amendments. This Agreement may be amended only by a written agreement duly executed by all parties hereto. 

e.

Notice.  All notices, requests and other communications to either party hereunder shall be in writing (including facsimile, PDF or e-mail) and shall be addressed to the applicable party at the address set forth in the introduction to this Agreement or as otherwise provided by such party in writing.  

f.

Specific Performance.   The parties agree that irreparable damage would occur if any provision of this Agreement or any of the Transaction Documents were not performed in accordance with the terms hereof and thereof and that the parties shall be entitled to specific performance of the terms hereof and thereof, in addition to any other remedy to which they are entitled at law or in equity. 

g.

Counterparts.  This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto were upon the same instrument.  

[Signature Page Follows.]

10

IN WITNESS WHEREOF, the parties hereto caused this Agreement to be duly executed by their respective authorized officers as of the date first written above. 

 

 

				
	Sellers: 

	 
	 

	 
	 
	 
	 

	As Seen on TV, Inc. 

	 
	 

	  

	 
	 
	 

	  

	 
	 
	 

	By: 

	/s/ Robert DeCecco

	Date:  

	10/28/2014

	Name:  

	Robert DeCecco 

	 
	 

	Title:

	Chief Executive Officer

	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	TV Goods, Inc.

	 
	 

	  

	 
	 
	 

	  

	 
	 
	 

	By: 

	/s/ Robert DeCecco

	Date:  

	10/28/2014

	Name:

	Robert DeCecco 

	 
	 

	Title:

	Chief Executive Officer

	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	Buyer: 

	 
	 

	 
	 
	 
	 

	Telebrands Corp.

	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	By: 

	/s/ Bala Iyer

	Date:  

	10/28/2014

	Name:

	Bala Iyer 

	 
	 

	Title:

	Executive Vice President

	 
	 

  

[Signature Page to Asset Purchase Agreement]

Schedule 1

1.

Domain Names

		
	ASSEENONTV.COM

	ASSEENONTV.COFFEE

	ASSEENONTVKIDS.US

	ASSEENONTV.EQUIPMENT

	ASSEENONTVLIVE.NET

	ASSEENONTV.HOUSE

	ASSEENONTVLIVE.TV

	ASSEENONTV.TIPS

	ASSEENONTVMD.COM

	ASSEENONTV.ZONE

	ASSEENONTVO.COM

	0ASSEENONTV.COM

	ASSEENONTVPHONECARDS.COM

	1-800SEENONTV.COM

	ASSEENONTVSHOPPINGCHANNEL.COM

	1800ASSEENONTV.COM

	ASSEENONV.COM

	1800ASSEENONTV.ME

	ASSEENONVT.COM

	2ASSEENONTV.NET

	ASSEENONYV.COM

	866-ASSEENONTV.COM

	ASSEENONZTV.COM

	866-ASSEENONTV.NET

	ASSEENOTNV.COM

	866ASSEENONTV.COM

	ASSEENOTTV.COM

	866ASSEENONTV.NET

	ASSEENOTVWHOLESALE.COM

	AS-SEEN-ON-TV-OFFERS.COM

	ASSEEONNTV.COM

	AS-SEENONTV.COM

	ASSEESONTV.COM

	ASAEENONTV.COM

	ASSESENONTV.COM

	ASASEENONTV.COM

	ASSHEENONTV.COM

	ASCEENONTV.COM

	ATSEENONTV.COM

	ASEEENONTV.COM

	EENONTV.NET

	ASEENONTV.CO

	ISSEENONTV.COM

	ASEENONTV.INFO

	MASSEENONTV.COM

	ASEENONTV.ORG

	NAPKINMILLIONAIRESYSTEM.COM

	ASSEENANTV.COM

	OFFICIALASEENONTVDIRECTRIPOFF.COM

	ASSEENIONTV.COM

	OFFICIALASEENONTVDIRECTRIPOFF.NET

	ASSEENONATV.COM

	OFFICIALASSEENONTVDIRECT.COM

	ASSEENONITV.COM

	OFFICIALASSEENONTVDIRECT.NET

	ASSEENONT-V.COM

	OFFICIALASSEENONTVDIRECTSCAM.COM

	ASSEENONTB.COM

	OFFICIALASSEENONTVDIRECTSCAM.NET

	ASSEENONTCV.COM

	POWERED-BY-ASSEENONTV.COM

	ASSEENONTOV.COM

	POWERED-BY-ASSEENONTV.INFO

	ASSEENONTV-ADULTS.COM

	POWERED-BY-ASSEENONTV.NET

	ASSEENONTV-ADULTS.NET

	POWERED-BY-SEENONTV.COM

	ASSEENONTV-ADULTS.US

	POWERED-BY-SEENONTV.INFO

	ASSEENONTV-DEALS.COM

	POWERED-BY-SEENONTV.NET

	ASSEENONTV-DIRECT.COM

	POWEREDBYASSEENONTV.COM

	ASSEENONTV-DIRECT.NET

	POWEREDBYASSEENONTV.INFO

	ASSEENONTV-GUY.COM

	POWEREDBYASSEENONTV.NET

	ASSEENONTV-GUYS.COM

	POWEREDBYSEENONTV.COM

	ASSEENONTV-INC.COM

	POWEREDBYSEENONTV.INFO

	ASSEENONTV-INC.NET

	SEEENONTV.COM

	ASSEENONTV-INFO.COM

	SEENONTV-INC.COM

	ASSEENONTV-KIDS.COM

	SEENONTVGUYS.COM

		
	ASSEENONTV-KIDS.NET

	SEENONTVPC.INFO

	ASSEENONTV-KIDS.US

	SEENONTVSUPERSTORE.COM

	ASSEENONTV-OFFERS.INFO

	SEENONTVWHOLESALER.COM

	ASSEENONTV-OFFERS.NET

	SENNONTV.COM

	ASSEENONTV-OFFERS.ORG

	SENONTV.COM

	ASSEENONTV-PC.COM

	SSEENONTV.COM

	ASSEENONTV-WHOLESALER.COM

	THEASEENONTVDIRECT.COM

	ASSEENONTV1.NET

	THEASEENONTVDIRECT.NET

	ASSEENONTVADULT.TV

	THEASEENONTVDIRECTRIPOFF.COM

	ASSEENONTVADULTS.COM

	THEASEENONTVDIRECTRIPOFF.NET

	ASSEENONTVADULTS.NET

	THEASSEENONTVDIRECT.COM

	ASSEENONTVADULTS.TV

	THEASSEENONTVDIRECT.NET

	ASSEENONTVADULTS.US

	THEASSEENONTVDIRECTSCAM.COM

	ASSEENONTVAMBASSADOR.COM

	THEASSEENONTVDIRECTSCAM.NET

	ASSEENONTVCALLINGCARDS.COM

	THEOFFICIALASSEENONTV.CO.UK

	ASSEENONTVDEAL.COM

	THEOFFICIALASSEENONTV.COM

	ASSEENONTVDIRECTSCAM.COM

	THEOFFICIALASSEENONTVDIRECT.COM

	ASSEENONTVDIRECTSCAM.NET

	THEOFFICIALASSEENONTVDIRECT.NET

	ASSEENONTVE.COM

	TVGOODSINC.CO

	ASSEENONTVGOODS.COM

	TVGOODSINC.COM

	ASSEENONTVGOODS.NET

	TVGOODSINC.NET

	ASSEENONTVINFO.COM

	USEENONTV.COM

	ASSEENONTVKIDS.NET

	USSEENONTV.COM

	ASSEENONTVKIDS.TV

	WWWSEENONTV.COM

	 
	YOUWILLNOTBESEENONTV.COM

2.

Trademarks

·   ASSEENONTV.COM

·   

·   1 (866) ASSEENONTV

3.

Phone Number

·

The phone number (866) 277-3366.

4.

Agreement

·

E-Commerce Joint Venture Partnership agreement by and between TV Goods, Inc. and Delivery Agent, Inc. (“Delivery Agent”) dated May 27, 2011, as amended as of July 19, 2011 and August 27, 2012.

5.

Customer/Marketing Information

·

Any and all customer and marketing information owned or used by the Sellers arising pursuant to or in connection with the E-Commerce Joint Venture Partnership agreement by and between TV Goods and Delivery Agent, Inc. dated May 27, 2011, as amended as of July 19, 2011 and August 27, 2012. 

Schedule 2.b. 

Tax Allocation

100% of the Purchase Price shall be allocated to the Domain Name.

Schedule 4.b.ii.

1.

Written consent and resolution of the Board of Directors of each Seller approving the execution, delivery and performance of this Agreement, the Transaction Documents and the transactions contemplated hereby and thereby.

2.

Waiver by Delivery Agent, Inc. of its right of first refusal to purchase the domain name “www.asseenontv.com” under the Assumed Agreement.

3.

Release of Lien on the domain name “www.asseenontv.com” granted to MIG7 Infusion, LLC (“MIG7”) pursuant to that certain Security Agreement, by and among ASTV, MIG 7 and the other parties thereto, dated as of April 3, 2014.

4.

Release of Lien on the domain name “www.asseenontv.com” granted to Vicis Capital Master Fund pursuant to that certain Third Amended and Restated Security Agreement, by and between Infusion Brands International, Inc. and Vicis Capital Master Fund, dated as of March 6, 2014.

Schedule 5.b.

None.

Schedule 5.o.

1.

Provide access to Email accounts (Hosted via Google Apps) and assign administrative rights to Telebrands tech contact.

2.

Registration for the following domains will need to be renewed within 90 calendar days following the Closing Date.

		
	Domain Name

	Renewal Deadline

	AS-SEENONTV.COM 

	12/18/2014

	ASAEENONTV.COM

	12/13/2014

	ASEENONTV.INFO 

	12/17/2014

	ASEENONTV.ORG 

	12/17/2014

	ASSEENONTV-ADULTS.COM

	1/2/2015

	ASSEENONTV-ADULTS.NET 

	1/2/2015

	ASSEENONTV-ADULTS.US 

	1/1/2015

	ASSEENONTV-KIDS.COM

	12/30/2014

	ASSEENONTV-KIDS.NET

	12/30/2014

	ASSEENONTV-KIDS.US 

	12/29/2014

	ASSEENONTVADULTS.COM

	1/2/2015

	ASSEENONTVADULTS.NET 

	1/2/2015

	ASSEENONTVADULTS.US 

	1/1/2015

	ASSEENONTVDIRECTSCAM.COM

	1/21/2015

	ASSEENONTVDIRECTSCAM.NET

	1/21/2015

	ASSEENONTVKIDS.NET

	12/30/2014

	ASSEENONTVKIDS.US 

	12/29/2014

	ASSEESONTV.COM 

	1/8/2015

	OFFICIALASSEENONTVDIRETRIPOFF.COM

	1/21/2015

	OFFICIALASSEENONTVDIRECTRIPOFF.NET

	1/21/2015

	OFFICIALASSEENONTVDIRECT.COM

	1/21/2015

	OFFICIALASSEENONTVDIRECT.NET   

	1/21/2015

	OFFICIALASSEENONTVDIRECTSCAM.COM/NET

	1/21/2015

	THEASEENONTVDIRECT.COM/NET

	1/21/2015

	THEASSEENONTVDIRECTRIPOFF.COM/NET

	1/21/2015

	THEASSEENONTVDIRECT.COM/NET 

	1/21/2015

	THEASSEENONTVDIRECTSCAM.COM/NET 

	1/21/2015

	THEOFFICIALASSEENONTV.CO.UK 

	12/28/2014

	THEOFFICIALASSEENONTV.COM 

	12/28/2014

	THEOFFICIALASSEENONTVDIRECT.COM/NET 

	1/21/2015

EXHIBIT A

ASSIGNMENT AND ASSUMPTION AGREEMENT

EXHIBIT B

INTELLECTUAL PROPERTY ASSIGNMENT

EXHIBIT C

SELLER FINANCIAL INFORMATIONMPC-2014.09.30-EX4.1

                                                                                                            
Exhibit 4.1

FIRST SUPPLEMENTAL INDENTURE
THIS FIRST SUPPLEMENTAL INDENTURE, dated as of September 5, 2014 (this “Supplemental Indenture”), is between Marathon Petroleum Corporation, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”).
WITNESSETH
WHEREAS, pursuant to the Indenture, dated as of February 1, 2011, between the Company and the Trustee (the “Indenture”), the Company may from time to time issue and sell Securities in one or more series;
WHEREAS, the Company desires to create and authorize three new series of Securities entitled “3.625% Senior Notes due 2024” (the “2024 Notes”), limited initially to $750,000,000 in aggregate principal amount, “4.750% Senior Notes due 2044” (the “2044 Notes”), limited initially to $800,000,000 in aggregate principal amount, and “5.000% Senior Notes due 2054” (the “2054 Notes” and, together with the 2024 Notes and the 2044 Notes, the “Notes”), limited initially to $400,000,000 in aggregate principal amount, and to provide the terms and conditions upon which the Notes are to be executed, registered, authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Supplemental Indenture;
WHEREAS, the 2024 Notes, the 2044 Notes and the 2054 Notes are three series of Securities and are being issued under the Indenture, as supplemented by this Supplemental Indenture, and are subject to the terms contained therein and herein;
WHEREAS, the 2024 Notes, the 2044 Notes and the 2054 Notes are to be substantially in the form attached hereto as Exhibit A, Exhibit B and Exhibit C, respectively; and
WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by or on behalf of the Trustee as provided in the Indenture and this Supplemental Indenture, the valid, binding and legal obligations of the Company, and to make this Supplemental Indenture a legal, binding and enforceable agreement, have been done and performed.
NOW, THEREFORE, in order to declare the terms and conditions upon which the Notes are executed, registered, authenticated, issued and delivered, and in consideration of the foregoing premises and the purchase of such Notes by the Holders thereof, the Company and the Trustee mutually covenant and agree, for the equal and proportionate benefit of the Holders from time to time of the Notes, as follows:
Section 1.Definitions. Terms used in this Supplemental Indenture and not defined herein shall have the respective meanings given such terms in the Indenture. 
Section 2.    Creation and Authorization of Series. 

(a)    There is hereby created and authorized the following three new series of Securities to be offered and issued under the Indenture, to be designated as the “3.625% Senior Notes due 2024,” the “4.750% Senior Notes due 2044” and the “5.000% Senior Notes due 2054.”
(b)    The 2024 Notes shall be limited initially to $750,000,000 in aggregate principal amount, the 2044 Notes shall be limited initially to $800,000,000 in aggregate principal amount and the 2054 Notes shall be limited initially to $400,000,000 in aggregate principal amount.  Notwithstanding the foregoing initial aggregate principal amounts, the Company may, from time to time, without notice to or consent of the Holders of the Notes, increase the principal amounts of the Notes that may be issued under this Supplemental Indenture and issue such increased principal amounts (or any portion thereof), in which case any additional Notes so issued will have the same terms and conditions other than the public offering price, original interest accrual date and initial interest payment date,  and the same CUSIP numbers as the applicable series of Notes previously issued, will be fungible with the applicable series of Notes previously issued for U.S. federal income tax purposes, and will carry the same right to receive accrued and unpaid interest as the Notes previously issued, and such additional notes will form a single series with the Notes of such series previously issued, including, without limitation, for purposes of waivers, amendments, redemptions and, if any, offers to purchase, and will rank equally and ratably with the Notes of such series previously issued.
(c)    The date on which the principal is payable on each series of the Notes, unless accelerated pursuant to the Indenture, shall be as provided in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C.
(d)    The Notes shall bear interest as provided in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C.  The Interest Payment Dates and the Regular Record Dates for the determination of Holders of the Notes to whom such interest is payable shall be as provided in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C.
(e)    The Notes shall be redeemable at the option of the Company as set forth in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C.  The Notes shall be subject to special mandatory redemption by the Company as set forth in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C, upon a Redemption Event (as defined in such form of security). 
(f)    The provisions of Article XII of the Indenture shall not be applicable to the Notes.  
(g)    The Notes will be issued only in fully registered form, without coupons, in denominations provided herein and in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. 
(h)    The Events of Default and covenants specified in the Indenture will apply to the Notes.  In addition, with respect to the Notes of each series, the occurrence of the following event also shall constitute an “Event of Default”:  if the Company fails to redeem the Notes of such series  pursuant to the terms set forth in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C upon a Redemption Event.

2

(i)    With respect to the Notes of each series, any waiver or modification by the Company of the provisions relating to the special mandatory redemption upon a Redemption Event as set forth in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C shall constitute a waiver or modification requiring the consent of the Holder of each Outstanding Security affected thereby under Section 9.02 of the Indenture. 
(j)    The defeasance and covenant defeasance provisions of Article XIII of the Indenture, including both Sections 13.02 and 13.03 of the Indenture, will apply to the Notes. 
(k)    The Notes of each series shall be issued in the form of one or more Global Securities substantially in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Notes.  Additional provisions applicable to the Notes issued in the form of a Global Security are set forth in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. 
(l)    The Notes shall be issuable only in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  
(m)    The Trustee will initially act as the Security Registrar for the Notes of each series and as the Paying Agent with respect to the Notes of each series.  The Place of Payment will be The Bank of New York Mellon Trust Company, N.A., 101 Barclay Street, New York, New York 10286.
(n)    Except as otherwise set forth herein and in the Notes, the terms of the Notes shall be as set forth in the Indenture, including those made part of the Indenture by reference to the Trust Indenture Act.
Section 3.    Effect of Supplemental Indenture. The provisions of this Supplemental Indenture are intended to supplement those of the Indenture as in effect immediately prior to the execution and delivery hereof.  The Indenture shall remain in full force and effect except to the extent that the provisions of the Indenture are expressly modified by the terms of this Supplemental Indenture.
Section 4.    Governing Law. This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the law of the State of New York, without giving effect to any principles of conflicts of laws thereunder to the extent the application of the laws of another jurisdiction would be required thereby.
Section 5.    Trustee Not Responsible for Recitals or Issuance of Notes. The recitals and statements contained herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes other than with respect to the Trustee’s authentication and execution. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof.

3

Section 6.    Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Supplemental Indenture, the latter provision shall control. If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Supplemental Indenture as so modified or to be excluded, as the case may be.
Section 7.    Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of this Supplemental Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall be deemed to be their original signatures for all purposes of the Supplemental Indenture as to the parties hereto and may be used in lieu of the original.
[The remainder of this page is left blank intentionally]

4

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.
	
		
	MARATHON PETROLEUM CORPORATION

	 

	By:
	/s/ Timothy T. Griffith

	 
	Name:  Timothy T. Griffith

	 
	Title:  Vice President, Finance and Investor  Relations, and Treasurer

  
	
		
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

	 

	By:
	/s/ Lawrence M. Kusch

	 
	Name: Lawrence M. Kusch

	 
	Title: Vice President

5

Exhibit A 
 
MARATHON PETROLEUM CORPORATION  
3.625% Senior Notes due 2024
	
		
	No.
	$[●]

CUSIP No. 56585AAG7

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR NOMINEE THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED.  AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
MARATHON PETROLEUM CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [●] [Insert if Global Security:  CEDE & CO.], or registered assigns, the principal sum of [●] Dollars ($[●]),or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities attached hereto, on September 15, 2024, and to pay interest thereon from September 5, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year commencing March 15, 2015, at the rate of 3.625% per annum, until the principal hereof is paid or made available for payment.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or 

2

September 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange all as more fully provided in said Indenture.  If an Interest Payment Date, a Stated Maturity or a Redemption Date with respect to this Security falls on a day that is not a Business Day, the payment will be made on the next Business Day and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity or Redemption Date.
Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (1) payments on any Global Security shall be made by electronic (same-day) funds transfer to the Depositary and (2) at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by electronic funds transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written instructions.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
Dated:  
	
	
	MARATHON PETROLEUM CORPORATION,

	By: ___________________________________

	

	Attest: _________________________________

CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
Dated: 

	
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
as Trustee

	By: ____________________________________

	   Authorized Signatory

MARATHON PETROLEUM CORPORATION 
3.625% Senior Notes due 2024
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of February 1, 2011, as supplemented by the First Supplemental Indenture, dated as of September 5, 2014 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $750,000,000.
Prior to June 15, 2024, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at any time or in part from time to time, at the election of the Company, at a Redemption Price equal to the greater of (1) 100% of the principal amount of such Securities to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 20 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date.
On or after June 15, 2024, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at any time or in part from time to time, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date.
“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York, New York or Findlay, Ohio are authorized or obligated by law or executive order to close.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities.

2

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average, as determined by the Company, of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the the Company obtains fewer than six such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time.
“Reference Treasury Dealer” means each of RBS Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, a dealer in U.S. Government securities selected by Mitsubishi UFJ Securities (USA), Inc. and two additional dealers in U.S. Government securities selected by the Company (each a “Primary Treasury Dealer”) and their respective successors that the Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.
“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to:  (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Securities to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.  The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date.
Notice of the redemption will be mailed to holders of Securities by first-class mail at least 30 and not more than 60 days prior to the date fixed for redemption.  If 

3

fewer than all of the Securities are to be redeemed, the Trustee will select, not more than 45 days prior to the Redemption Date, the particular Securities or portions thereof for redemption from the outstanding Securities not previously called by such method as the Trustee deems fair and appropriate.
Unless the Company defaults in payment of the redemption price, on or after the redemption date, interest will cease to accrue on the Securities or portions thereof called for redemption.
In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.
In the event that (a) the Acquisition is not consummated on or prior to September 30, 2015 or (b) if prior to September 30, 2015 the Purchase Agreement is terminated, other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced (each event, a “Redemption Event”), the Securities of this series will be redeemed at the special mandatory redemption price equal to 101% of the principal amount of such Securities plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or provided for, whichever is later, to, but excluding, the Special Mandatory Redemption Date.  
The Company, either directly or through the Trustee on the Company’s behalf, will cause a notice of the special mandatory redemption to be sent, with a copy to the Trustee, not later than five Business Days after the occurrence of the Redemption Event to each Holder at its registered address. Such notice will also specify the Special Mandatory Redemption Date. If funds sufficient to pay the special mandatory redemption price of all Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying Agent on or before such Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, such Securities will cease to bear interest and all rights under such Securities shall terminate.
“Acquisition” means the pending acquisition of Hess Retail Holdings LLC by Speedway LLC pursuant to the Purchase Agreement.
“Purchase Agreement” means the purchase agreement, dated May 21, 2014, between Speedway LLC and Hess Corporation, pursuant to which Speedway LLC has agreed to purchase from Hess Corporation all of the outstanding membership interest of Hess Retail Holdings LLC.  
“Special Mandatory Redemption Date” means the date no later than the tenth Business Day following the earlier to occur of (a) September 30, 2015 or (b) the date that the Purchase Agreement is terminated other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced.

4

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or of certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.  
The Indenture contains provisions permitting the Company and the Trustee to modify the Indenture or any supplemental indenture without the consent of the Holders for one or more of the following purposes:  (1) to evidence the succession of another corporation to the Company; (2) to add to the covenants of the Company; (3) to add additional events of default for the benefit of Holders of all or any series of Securities; (4) to add to or change provisions of the Indenture to allow for the issuance of Securities in other forms; (5) to add to, change or eliminate any of the provisions of the Indenture in respect of one or more series of Securities thereunder, under certain conditions specified therein; (6) to secure the Securities pursuant to the requirements of Section 10.05 of the Indenture or otherwise; (7) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Indenture; (8) to evidence the appointment of a successor Trustee; and (9) to cure any ambiguity, to correct or supplement any provision of the Indenture which may be defective or inconsistent with any other provision of the Indenture, or to make any other provisions with respect to matters or questions arising under the Indenture as shall not adversely affect the interests of the Holders in any material respect.
The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, 

5

and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but, subject to any applicable provisions of the Indenture, the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this Security which are defined in the Indenture shall have the meaning assigned to them in the Indenture.

FORM OF ASSIGNMENT
ABBREVIATIONS
Customary abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).
Additional abbreviations may also be used though not in the above list.
_________________

FOR VALUE RECEIVED, the undersigned hereby sell(s), 
assign(s) and transfer(s) unto

_____________________________
Please insert Social Security or
other identifying number of assignee

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE
    
    
    
    
the within Security and all rights thereunder, hereby irrevocably constituting and appointing                                                               attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.
Dated:
Notice:  This signature to the assignment must correspond with the name as written on the face of the within instrument in every particular, without alteration or enlargement, or any change whatever.

SCHEDULE OF INCREASES OR DECREASES IN THE PRINCIPAL AMOUNT  
OF SECURITIES
The original principal amount of this Security is [●] U.S. Dollars ($[●]).  The following increases or decreases in the principal amount of this Security have been made:
	
					
	Date of
increase or
decrease
	Amount of
decrease in
principal amount
of this
Security
	Amount of
increase in
principal amount
of this
Security
	Principal amount
of this
Security following
such decrease
or increase
	Signature of authorized
signatory of
Trustee or
Depositary

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Exhibit B 
 
MARATHON PETROLEUM CORPORATION  
4.750% Senior Notes due 2044
	
		
	No.
	$[●]

CUSIP No. 56585AAH5

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR NOMINEE THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED.  AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
MARATHON PETROLEUM CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [●] [Insert if Global Security:  CEDE & CO.], or registered assigns, the principal sum of [●] Dollars ($[●]),or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities attached hereto, on September 15, 2044, and to pay interest thereon from September 5, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year commencing March 15, 2015, at the rate of 4.750% per annum, until the principal hereof is paid or made available for payment.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or 

2

September 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange all as more fully provided in said Indenture.  If an Interest Payment Date, a Stated Maturity or a Redemption Date with respect to this Security falls on a day that is not a Business Day, the payment will be made on the next Business Day and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity or Redemption Date.
Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (1) payments on any Global Security shall be made by electronic (same-day) funds transfer to the Depositary and (2) at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by electronic funds transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written instructions.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
Dated:  
	
	
	MARATHON PETROLEUM CORPORATION,

	By: ___________________________________

	

	Attest: _________________________________

CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
Dated:  

	
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
as Trustee

	By:_____________________________________

	   Authorized Signatory

MARATHON PETROLEUM CORPORATION 
4.750% Senior Notes due 2044
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of February 1, 2011, as supplemented by the First Supplemental Indenture, dated as of September 5, 2014 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $800,000,000.
Prior to March 15, 2044, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at any time or in part from time to time, at the election of the Company, at a Redemption Price equal to the greater of (1) 100% of the principal amount of such Securities to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 25 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date.
On or after March 15, 2044, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at any time or in part from time to time, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date.
“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York, New York or Findlay, Ohio are authorized or obligated by law or executive order to close.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities.

2

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average, as determined by the Company, of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the the Company obtains fewer than six such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time.
“Reference Treasury Dealer” means each of RBS Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, a dealer in U.S. Government securities selected by Mitsubishi UFJ Securities (USA), Inc. and two additional dealers in U.S. Government securities selected by the Company (each a “Primary Treasury Dealer”) and their respective successors that the Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.
“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to:  (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Securities to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.  The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date.
Notice of the redemption will be mailed to holders of Securities by first-class mail at least 30 and not more than 60 days prior to the date fixed for redemption.  If 

3

fewer than all of the Securities are to be redeemed, the Trustee will select, not more than 45 days prior to the Redemption Date, the particular Securities or portions thereof for redemption from the outstanding Securities not previously called by such method as the Trustee deems fair and appropriate.
Unless the Company defaults in payment of the redemption price, on or after the redemption date, interest will cease to accrue on the Securities or portions thereof called for redemption.
In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.
In the event that (a) the Acquisition is not consummated on or prior to September 30, 2015 or (b) if prior to September 30, 2015 the Purchase Agreement is terminated, other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced (each event, a “Redemption Event”), the Securities of this series will be redeemed at the special mandatory redemption price equal to 101% of the principal amount of such Securities plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or provided for, whichever is later, to, but excluding, the Special Mandatory Redemption Date.  
The Company, either directly or through the Trustee on the Company’s behalf, will cause a notice of the special mandatory redemption to be sent, with a copy to the Trustee, not later than five Business Days after the occurrence of the Redemption Event to each Holder at its registered address. Such notice will also specify the Special Mandatory Redemption Date. If funds sufficient to pay the special mandatory redemption price of all Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying Agent on or before such Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, such Securities will cease to bear interest and all rights under such Securities shall terminate.
“Acquisition” means the pending acquisition of Hess Retail Holdings LLC by Speedway LLC pursuant to the Purchase Agreement.
“Purchase Agreement” means the purchase agreement, dated May 21, 2014, between Speedway LLC and Hess Corporation, pursuant to which Speedway LLC has agreed to purchase from Hess Corporation all of the outstanding membership interest of Hess Retail Holdings LLC.  
“Special Mandatory Redemption Date” means the date no later than the tenth Business Day following the earlier to occur of (a) September 30, 2015 or (b) the date that the Purchase Agreement is terminated other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced.

4

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or of certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.  
The Indenture contains provisions permitting the Company and the Trustee to modify the Indenture or any supplemental indenture without the consent of the Holders for one or more of the following purposes:  (1) to evidence the succession of another corporation to the Company; (2) to add to the covenants of the Company; (3) to add additional events of default for the benefit of Holders of all or any series of Securities; (4) to add to or change provisions of the Indenture to allow for the issuance of Securities in other forms; (5) to add to, change or eliminate any of the provisions of the Indenture in respect of one or more series of Securities thereunder, under certain conditions specified therein; (6) to secure the Securities pursuant to the requirements of Section 10.05 of the Indenture or otherwise; (7) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Indenture; (8) to evidence the appointment of a successor Trustee; and (9) to cure any ambiguity, to correct or supplement any provision of the Indenture which may be defective or inconsistent with any other provision of the Indenture, or to make any other provisions with respect to matters or questions arising under the Indenture as shall not adversely affect the interests of the Holders in any material respect.
The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, 

5

and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but, subject to any applicable provisions of the Indenture, the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this Security which are defined in the Indenture shall have the meaning assigned to them in the Indenture.

FORM OF ASSIGNMENT
ABBREVIATIONS
Customary abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).
Additional abbreviations may also be used though not in the above list.
_________________

FOR VALUE RECEIVED, the undersigned hereby sell(s), 
assign(s) and transfer(s) unto

_____________________________
Please insert Social Security or
other identifying number of assignee

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE
    
    
    
    
the within Security and all rights thereunder, hereby irrevocably constituting and appointing                                                               attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.
Dated:
Notice:  This signature to the assignment must correspond with the name as written on the face of the within instrument in every particular, without alteration or enlargement, or any change whatever.

SCHEDULE OF INCREASES OR DECREASES IN THE PRINCIPAL AMOUNT  
OF SECURITIES
The original principal amount of this Security is [●] U.S. Dollars ($[●]).  The following increases or decreases in the principal amount of this Security have been made:
	
					
	Date of
increase or
decrease
	Amount of
decrease in
principal amount
of this
Security
	Amount of
increase in
principal amount
of this
Security
	Principal amount
of this
Security following
such decrease
or increase
	Signature of authorized
signatory of
Trustee or
Depositary

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Exhibit C 
 
MARATHON PETROLEUM CORPORATION  
5.000% Senior Notes due 2054
	
		
	No.
	$[●]

CUSIP No. 56585AAJ1

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR NOMINEE THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED.  AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
MARATHON PETROLEUM CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [●] [Insert if Global Security:  CEDE & CO.], or registered assigns, the principal sum of [●] Dollars ($[●]),or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities attached hereto, on September 15, 2054, and to pay interest thereon from September 5, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year commencing March 15, 2015, at the rate of 5.000% per annum, until the principal hereof is paid or made available for payment.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or 

2

September 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange all as more fully provided in said Indenture.  If an Interest Payment Date, a Stated Maturity or a Redemption Date with respect to this Security falls on a day that is not a Business Day, the payment will be made on the next Business Day and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity or Redemption Date.
Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (1) payments on any Global Security shall be made by electronic (same-day) funds transfer to the Depositary and (2) at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by electronic funds transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written instructions.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
Dated:  
	
	
	MARATHON PETROLEUM CORPORATION,

	By: ___________________________________

	

	Attest: ________________________________

CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
Dated:  

	
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
as Trustee

	By: ____________________________________

	   Authorized Signatory

MARATHON PETROLEUM CORPORATION 
5.000% Senior Notes due 2054
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of February 1, 2011, as supplemented by the First Supplemental Indenture, dated as of September 5, 2014 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $400,000,000.
Prior to March 15, 2054, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at any time or in part from time to time, at the election of the Company, at a Redemption Price equal to the greater of (1) 100% of the principal amount of such Securities to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 30 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date.
On or after March 15, 2054, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at any time or in part from time to time, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date.
“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York, New York or Findlay, Ohio are authorized or obligated by law or executive order to close.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities.

2

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average, as determined by the Company, of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the the Company obtains fewer than six such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time.
“Reference Treasury Dealer” means each of RBS Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, a dealer in U.S. Government securities selected by Mitsubishi UFJ Securities (USA), Inc. and two additional dealers in U.S. Government securities selected by the Company (each a “Primary Treasury Dealer”) and their respective successors that the Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.
“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to:  (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Securities to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.  The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date.
Notice of the redemption will be mailed to holders of Securities by first-class mail at least 30 and not more than 60 days prior to the date fixed for redemption.  If 

3

fewer than all of the Securities are to be redeemed, the Trustee will select, not more than 45 days prior to the Redemption Date, the particular Securities or portions thereof for redemption from the outstanding Securities not previously called by such method as the Trustee deems fair and appropriate.
Unless the Company defaults in payment of the redemption price, on or after the redemption date, interest will cease to accrue on the Securities or portions thereof called for redemption.
In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.
In the event that (a) the Acquisition is not consummated on or prior to September 30, 2015 or (b) if prior to September 30, 2015 the Purchase Agreement is terminated, other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced (each event, a “Redemption Event”), the Securities of this series will be redeemed at the special mandatory redemption price equal to 101% of the principal amount of such Securities plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or provided for, whichever is later, to, but excluding, the Special Mandatory Redemption Date.  
The Company, either directly or through the Trustee on the Company’s behalf, will cause a notice of the special mandatory redemption to be sent, with a copy to the Trustee, not later than five Business Days after the occurrence of the Redemption Event to each Holder at its registered address. Such notice will also specify the Special Mandatory Redemption Date. If funds sufficient to pay the special mandatory redemption price of all Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying Agent on or before such Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, such Securities will cease to bear interest and all rights under such Securities shall terminate.
“Acquisition” means the pending acquisition of Hess Retail Holdings LLC by Speedway LLC pursuant to the Purchase Agreement.
“Purchase Agreement” means the purchase agreement, dated May 21, 2014, between Speedway LLC and Hess Corporation, pursuant to which Speedway LLC has agreed to purchase from Hess Corporation all of the outstanding membership interest of Hess Retail Holdings LLC.  
“Special Mandatory Redemption Date” means the date no later than the tenth Business Day following the earlier to occur of (a) September 30, 2015 or (b) the date that the Purchase Agreement is terminated other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced.

4

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or of certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.  
The Indenture contains provisions permitting the Company and the Trustee to modify the Indenture or any supplemental indenture without the consent of the Holders for one or more of the following purposes:  (1) to evidence the succession of another corporation to the Company; (2) to add to the covenants of the Company; (3) to add additional events of default for the benefit of Holders of all or any series of Securities; (4) to add to or change provisions of the Indenture to allow for the issuance of Securities in other forms; (5) to add to, change or eliminate any of the provisions of the Indenture in respect of one or more series of Securities thereunder, under certain conditions specified therein; (6) to secure the Securities pursuant to the requirements of Section 10.05 of the Indenture or otherwise; (7) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Indenture; (8) to evidence the appointment of a successor Trustee; and (9) to cure any ambiguity, to correct or supplement any provision of the Indenture which may be defective or inconsistent with any other provision of the Indenture, or to make any other provisions with respect to matters or questions arising under the Indenture as shall not adversely affect the interests of the Holders in any material respect.
The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, 

5

and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but, subject to any applicable provisions of the Indenture, the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this Security which are defined in the Indenture shall have the meaning assigned to them in the Indenture.

SCHEDULE OF INCREASES OR DECREASES IN THE PRINCIPAL AMOUNT  
OF SECURITIES
The original principal amount of this Security is [●] U.S. Dollars ($[●]).  The following increases or decreases in the principal amount of this Security have been made:
	
					
	Date of
increase or
decrease
	Amount of
decrease in
principal amount
of this
Security
	Amount of
increase in
principal amount
of this
Security
	Principal amount
of this
Security following
such decrease
or increase
	Signature of authorized
signatory of
Trustee or
Depositary

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

FORM OF ASSIGNMENT
ABBREVIATIONS
Customary abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).
Additional abbreviations may also be used though not in the above list.
_________________

FOR VALUE RECEIVED, the undersigned hereby sell(s), 
assign(s) and transfer(s) unto

_____________________________
Please insert Social Security or
other identifying number of assignee

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE
    
    
    
    
the within Security and all rights thereunder, hereby irrevocably constituting and appointing                                                               attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.
Dated:
Notice:  This signature to the assignment must correspond with the name as written on the face of the within instrument in every particular, without alteration or enlargement, or any change whatever.

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