Document:

EX-10.1

 Exhibit 10.1 

April 27, 2018 

AMENDED AND RESTATED WAIVER AND CONSENT
NO. 1 
 Reference is made to the Waiver and Consent No. 1 to the Credit Agreement, dated as of March 28, 2018
(the “Original Waiver”), by and among the Agent (as defined below), the Lenders (as defined below) party thereto and the Borrower (as defined below), providing a waiver and consent to that certain Credit Agreement, dated as of
August 22, 2013 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), among Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the
“Borrower”), the lenders party thereto (the “Lenders”) and DEUTSCHE BANK AG NEW YORK BRANCH, in its capacity as administrative agent (the “Agent”). Capitalized terms used and not otherwise defined
herein shall have the meanings assigned to them in the Credit Agreement. The parties to the Original Waiver hereby agree to amend and restate the Original Waiver to read in its entirety as set forth below (as so amended and restated, the
“Waiver”). 
 WHEREAS, the Borrower has requested and the Agent and the Required Lenders agree, in accordance with
Section 10.01 of the Credit Agreement, to grant a one-time temporary waiver (a) until May 15, 2018 or May 22, 2018, as applicable, of compliance with certain information and delivery
requirements with respect to the Borrower’s fiscal year ending December 31, 2017 and (b) until May 29, 2018 or June 5, 2018, as applicable, of compliance with certain information and delivery requirements with respect to the
Borrower’s fiscal quarter ending March 31, 2018; 
 NOW, THEREFORE, in consideration of the premises and covenants contained
herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Waiver and Consent. Subject to the satisfaction of the conditions set forth in
Section 4 hereof, the Required Lenders hereby grant a one-time temporary waiver of compliance by the Borrower with the financial statement, Compliance Certificate and other information and delivery
requirements set forth in Section 6.01(a), Section 6.01(b), Section 6.01(c), Section 6.01(d), Section 6.02(a) and Section 6.02(d) of the Credit Agreement for the Borrower’s fiscal year ending December 31, 2017
and fiscal quarter ending March 31, 2018; provided that (i) (A) all such information and delivery requirements with respect to the Borrower’s fiscal year ending December 31, 2017 required pursuant to Section 6.01(a),
Section 6.01(c), Section 6.01(d), and Section 6.02(d) of the Credit Agreement shall instead be required to be satisfied no later than May 15, 2018 and (B) all such information and delivery requirements with respect to the
Borrower’s fiscal quarter ending March 31, 2018 required pursuant to Section 6.01(b), Section 6.01(d), and Section 6.02(d) of the Credit Agreement shall instead be required to be satisfied no later than May 29, 2018,
(ii) (A) the Compliance Certificate with respect to the Borrower’s fiscal year ending December 31, 2017 required pursuant to Section 6.02(a) shall instead be required to be delivered no later than May 22, 2018 and
(B) the Compliance Certificate with respect to the Borrower’s fiscal quarter ending March 31, 2018 required pursuant to Section 6.02(a) shall instead be required to be delivered no later than June 5, 2018, and (iii) in
the event that (A) the foregoing requirements with respect to the Borrower’s fiscal year ending December 31, 2017 are not satisfied on or prior to May 15, 2018 or May 22, 2018, as applicable,

 
this Waiver shall be disregarded for purposes of Section 8.01(a)(6) of the Credit Agreement and the Required Lenders shall be deemed to have delivered the written notice set forth therein on
March 31, 2018 or (B) the foregoing requirements with respect to the Borrower’s fiscal quarter ending March 31, 2018 are not satisfied on or prior to May 29, 2018 or June 5, 2018, as applicable, this Waiver shall be
disregarded for purposes of Section 8.01(a)(6) of the Credit Agreement and the Required Lenders shall be deemed to have delivered the written notice set forth therein on May 15, 2018. 

Section 2. Representations and Warranties. The Borrower represents and warrants that as of the date
hereof and the Waiver Effective Date (as defined below): 
 (a) After giving effect to this Waiver, the representations and warranties of
each Loan Party contained in Article V of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects on and as of the Waiver Effective Date; provided that, to the extent that such representations
and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further that any representation and warranty that is qualified as to “materiality,”
“Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates. 

(b) After giving effect to this Waiver, no Default or Event of Default shall exist or would result from the Waiver. 

Section 3. Conditions to Effectiveness. 

This Waiver shall become effective on the date (the “Waiver Effective Date”) on which the following conditions have been
satisfied or waived: 
 (a) The Agent shall have received executed counterparts of and/or consents to this Waiver by (A) the Borrower,
(B) the Agent and (C) the Required Lenders, each of which shall be originals or facsimiles or other electronic form (i.e., TIF or PDF or other similar communication). 

(b) After giving effect to this Waiver, the representations and warranties of the Borrower set forth in Section 2 of this Waiver shall be
true and correct on and as of the Waiver Effective Date. 
 (c) After giving effect to this Waiver, no Default or Event of Default shall
exist, or would result from this Waiver. 
 The Agent shall notify the Borrower and the Lenders of the Waiver Effective Date and such notice
shall be conclusive and binding. 
 Section 4. Fees and Expenses. 

The Borrower agrees to reimburse the Agent for its reasonable and documented
out-of-pocket expenses incurred by it in connection with this Waiver, including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP,
counsel for the Agent. 

  
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 Section 5. Counterparts. 

This Waiver may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Waiver by facsimile transmission or other electronic communication (i.e., TIF or PDF or other similar
communication) shall be effective as delivery of a manually executed counterpart of this Waiver. 
 Section 6. Governing Law and
Waiver of Right to Trial by Jury. 
 THIS WAIVER AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION ARISING UNDER OR
RELATED TO THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Section 10.16 and Section 10.17 of the Credit Agreement, including the jurisdiction and waiver of right to trial by jury
provisions set forth therein, are incorporated herein by reference mutatis mutandis. 
 Section 7. Headings.

 The headings of this Waiver are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 8. Effect of Waiver; References to the Credit Agreement. 

Except as expressly set forth herein, this Waiver shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise
affect the rights and remedies of the Lenders or the Agent under the Credit Agreement or any other Loan Document, and except as expressly provided in this Waiver, shall not alter, modify, amend or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. The
parties hereto agree that this Waiver shall not constitute a novation of the Credit Agreement or any other Loan Document. 
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed as of the date
first above written. 
  

			
	 CLEAR CHANNEL OUTDOOR HOLDINGS,

INC., as the Borrower

		
	By:	 	 /s/ Brian D. Coleman

		 	Name: Brian D. Coleman
		 	Title:   Senior Vice President and Treasurer

  
 [CCOH – AMENDED AND
RESTATED WAIVER NO. 1 TO CREDIT AGREEMENT] 

 
			
	DEUTCHE BANK AG NEW YORK BRANCH, as Administrative Agent and a Lender
		
	By:	 	 /s/ Marguerite Sutton

		 	Name: Marguerite Sutton
		 	Title:   Vice President
		
	By:	 	 /s/ Alicia Schug

		 	Name: Alicia Schug
		 	Title:   Vice President

  
 [CCOH – AMENDED AND
RESTATED WAIVER NO. 1 TO CREDIT AGREEMENT]Exhibit

Exhibit 10.3
MARATHON PETROLEUM CORPORATION
PERFORMANCE UNIT AWARD AGREEMENT
2016- 2018 PERFORMANCE CYCLE

As evidenced by this Award Agreement and under the Marathon Petroleum Corporation 2012 Incentive Compensation Plan (the “Plan”), MARATHON PETROLEUM CORPORATION (the “Corporation”) has granted to [NAME] (the “Participant”), an employee of the Corporation or a Subsidiary, on [DATE] (the “Grant Date”), [NUMBER] performance units (“Performance Units”), conditioned upon the Corporation’s TSR ranking relative to the Peer Group for the Performance Cycle as established by the Compensation Committee of the Board of Directors of the Corporation (the “Committee”), and as set forth herein.  The Performance Units are subject to the following terms and conditions:
1.    Relationship to the Plan.  This grant of Performance Units is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, that have been adopted by the Committee. Except as otherwise defined in this Award Agreement, capitalized terms shall have the same meanings given to them under the Plan. To the extent that any provision of this Award Agreement conflicts with the express terms of the Plan, the terms of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement shall be hereby deemed amended so as to carry out the purpose and intent of the Plan. References to the Participant also include the heirs or other legal representatives of the Participant.
2.    Determination of Payout Percentage.  As soon as administratively feasible following the close of the Performance Cycle, the Committee shall determine and certify the TSR Performance Percentile.  The final Payout Percentage will be the simple average of the Payout Percentage of the four performance periods, which are as follows:
		
	(i)
	January 1, 2016 through December 31, 2016

		
	(ii)
	January 1, 2017 through December 31, 2017

		
	(iii)
	January 1, 2018 through December 31, 2018

		
	(iv)
	January 1, 2016 through December 31, 2018

The Committee shall determine the TSR Performance Percentile and the Payout Percentage for each performance period as follows:
(a)      First, the Committee shall determine the TSR Performance Percentile, and then the Payout Percentage as follows (using straight-line interpolation between the 30th percentile and the 50th percentile and between the 50th percentile and the 100th percentile:
	
		
	TSR Performance Percentile
	Payout Percentage

	Ranked below 30th percentile
	0%

	Ranked at 30th percentile
	50%

	Ranked at 50th percentile
	100%

	Ranked at the 100th percentile
	200%

(b)     Notwithstanding anything herein to the contrary, if the Corporation’s TSR calculated for the performance period is negative, then the Payout Percentage for that performance period shall not exceed 100% regardless of the TSR 

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Performance Percentile for the performance period.

(c)    Notwithstanding anything herein to the contrary, the Committee has sole and absolute authority and discretion to reduce the Payout Percentage as it may deem appropriate.

3.    Vesting of Performance Units.  Unless the Participant’s right to the Performance Units is previously forfeited or vested in accordance with Paragraphs 4, 5, 6,7 or 8, following the Committee’s determinations pursuant to Paragraph 2, the Participant shall vest in and be entitled to receive a payment equal to the Payout Value.  The Payout Value shall be distributed 75% in cash and 25% in Common Stock.  The number of shares of Common Stock distributed shall be calculated by dividing 25% of the Payout Value by the Fair Market Value of the Common Stock on the date on which the Payout Percentage is certified by the Committee, rounding down to the nearest whole share.  The remainder shall be paid in cash.  Such payments shall be made as soon as administratively feasible following the Committee’s determination under Paragraph 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle.  If, in accordance with the Committee’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units.  Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 3 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be satisfied in full.

4.    Termination of Employment.  Except as provided in paragraphs 5, 6, 7, or 8, if Participant’s Employment is terminated prior to the close of the Performance Cycle, the Participant’s right to the Performance Units shall be forfeited in its entirety as of the date of such termination, and the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be terminated. 

5.    Termination of Employment due to Death.  If Participant’s Employment is terminated by reason of death prior to the close of the Performance Cycle, the Participant’s right to receive the Performance Units shall vest in full as of the date of death and the Payout Percentage shall be 100%.  The payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3 within 75 days of the Participant’s death; provided, however, that the timing of the payment within such 75-day period shall be determined in the sole discretion of the Committee and the Participant shall not directly or indirectly designate the taxable year of payment. Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.  

6.    Termination of Employment due to Retirement.  In the event of the Retirement of the Participant after nine months of the Performance Cycle have elapsed, the Participant’s Performance Units shall be settled based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Committee after the close of the Performance Cycle, as described below.  Subject to the negative discretion of the Committee, the Participant will be entitled to receive a payment equal to the product of (i) the pro-rata vesting percentage equal to the days of Participant’s Employment during the Performance Cycle divided by the total days in the Performance Cycle and (ii) the Payout Value.  Such payment shall be made as soon as administratively feasible following the Committee’s determination under Paragraph 2 and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle.  If, in accordance with the Committee’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units.  Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 6 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be satisfied in full.  The death of the Participant following Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 6.
    

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7.    Vesting Upon a Qualified Termination.  Notwithstanding anything herein to the contrary, upon a Participant’s Qualified Termination prior to the end of the Performance Cycle, the Participant’s right to receive the Performance Units, unless previously forfeited pursuant to Paragraph 4, shall vest in full and the Payout Percentage shall be determined as follows: (i) for the time period from the beginning of the Performance Cycle to the date of the Change in Control, the Payout Percentage shall be based upon actual TSR Performance Percentile; and (ii) for the time period from the date of the Change in Control to the Qualified Termination, the Payout Percentage shall be 100%.  A payment equal to the vested value of the Performance Units shall be made in accordance with Paragraph 3, except that it shall be made 100% in cash and between January 1 and March 15 immediately following the end of the Performance Cycle.  Such vesting shall satisfy the rights of the Participant and the obligations of the Corporation under this Award Agreement in full.

8.    Termination of Employment due to Mandatory Retirement. In the event the Participant’s Employment is terminated as a result of Mandatory Retirement prior to the end of the Performance Cycle, the Participant’s Performance Units shall be settled based on the TSR Performance Percentile for the Performance Cycle. Following the Committee’s determinations pursuant to Paragraph 2, the Participant shall vest in and be entitled to receive a payment equal to the Payout Value. The payment shall be made as soon as administratively feasible following the Committee’s determination and, in any event, between January 1 and March 15 immediately following the end of the Performance Cycle.  If, in accordance with the Committee’s determination under Paragraph 2, the Payout Value is zero, the Participant shall immediately forfeit any and all rights to the Performance Units.  Upon the vesting and/or forfeiture of the Performance Units pursuant to this Paragraph 8 and the making of the related cash payment, if any, the rights of the Participant and the obligations of the Corporation under this Award Agreement shall be satisfied in full.  The death of the Participant following Mandatory Retirement but prior to the close of the Performance Cycle shall have no effect on this Paragraph 8. 

9.    Specified Employees. Notwithstanding any other provision of this Award Agreement to the contrary, if the Participant is a “specified employee” as determined by the Corporation in accordance with its established policy, any settlement of Awards under this Award Agreement that would be a payment of deferred compensation within the meaning of Section 409A of the Code with respect to the Participant as a result of the Participant’s “separation from service” as defined under Section 409A of the Code (other than as a result of death) and that would otherwise be paid within six months of the Participant’s separation from service shall be payable on the date that is one day after the earlier of (i) the date that is six months after the Participant’s separation from service, or (ii) the date that otherwise complies with the requirements of Section 409A of the Code. The payment of Award amounts under this Award Agreement described herein is hereby designated as a “separate payment” for purposes of Section 409A of the Code.

10.    Repayment or Forfeiture Resulting from Forfeiture Event.  

(a)    If there is a Forfeiture Event either during the Participant’s Employment or within three years after termination of the Participant’s Employment, then the Committee may, but is not obligated to, cause some or all of the Participant’s outstanding Performance Units to be forfeited by the Participant.  

(b)    If there is a Forfeiture Event either during the Participant’s Employment or within three years after termination of the Participant’s Employment and a payment has previously been made in settlement of Performance Units granted under this Award Agreement, the Committee may, but is not obligated to, require that the Participant pay to the Corporation an amount in cash (the “Forfeiture Amount”) up to (but not in excess of) the amount paid in settlement of the Performance Units.

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(c)     This Paragraph 10 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Corporation with rights in addition to any other remedy which may exist in law or in equity.  This Paragraph 10 shall not apply to the Participant following the effective time of a Change in Control.

(d)    Notwithstanding the foregoing or any other provision of this Award Agreement to the contrary, the Participant agrees that the Corporation may also require that the Participant repay to the Corporation any compensation paid to the Participant under this Award Agreement, as is required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations thereunder or any other “clawback” provisions as required by law or by the applicable listing standards of the  exchange on which the Common Stock is listed for trading.  

11.    Taxes.  Pursuant to the applicable provisions of the Plan, the Corporation or its designated representative shall have the right to withhold applicable taxes from the shares of Common Stock and cash otherwise payable to the Participant, or from other compensation payable to the Participant (to the extent consistent with Section 409A of the Code), at the time of the vesting and delivery of such cash payment and shares.

12.    No Shareholder Rights.  The Participant shall in no way be entitled to any of the rights of a shareholder as a result of this Award Agreement unless and until such time as shares of Common Stock have been issued to the Participant in settlement of the Performance Units.  

13.    Nonassignability.  Upon the Participant’s death, the Performance Units may be transferred by will or by the laws governing the descent and distribution of the Participant’s estate.  Otherwise, the Participant may not sell, transfer, assign, pledge or otherwise encumber any portion of the Performance Units, and any attempt to sell, transfer, assign, pledge, or encumber any portion of the Performance Units shall have no effect.

14.    No Employment Guaranteed. Nothing in this Award Agreement shall give the Participant any rights to (or impose any obligations for) continued Employment by the Corporation or any affiliate thereof or successor thereto, nor shall it give such entities any rights (or impose any obligations) with respect to continued performance of duties by the Participant.

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

16.    Officer Holding Requirement.  Participant agrees that any shares received by the Participant in settlement of this Award shall be subject an additional holding period of one year from the date on which the Award is settled, during which holding period such shares (net of shares used to satisfy the applicable tax withholding requirements) may not be sold or transferred by the Participant.  This holding requirement shall cease to apply upon the death, retirement or other separation from service of the Participant during the holding period.

17.    Definitions.  For purposes of this Award Agreement:

“Beginning Stock Price” means the average of the daily closing price of common stock for the twenty (20) trading days immediately prior to the commencement of the Performance Cycle, historically adjusted, if necessary, for any stock split, stock dividend, recapitalizations, or similar corporate events 

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that occur during the measurement period.

“Change in Control” for purposes of this Award Agreement shall have the same definition as under the Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan, as in effect on the Grant Date, and such definition and associated terms are hereby incorporated into this Award Agreement by reference. 

 “Employment” means employment with the Corporation or any of its Subsidiaries.  For purposes of this Award Agreement, Employment shall also include any period of time during which the Participant is on Disability status. The length of any period of Employment shall be determined by the Corporation or the Subsidiary that either (i) employs the Participant or (ii) employed the Participant immediately prior to the Participant’s termination of Employment.

“Ending Stock Price” means the average of the daily closing price of common stock for the twenty (20) trading days prior to the end of the Performance Cycle.

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

“Mandatory Retirement” means, as determined by the Board of Directors of the Corporation (or its delegate), a Participant’s mandatory retirement under the Marathon Petroleum Corporation Mandatory Retirement Policy, or equivalent thereto, provided such Mandatory Retirement constitutes a separation from service within the meaning of Section 409A of the Code..

 “Payout Percentage” means the percentage (from 0% to 200%) determined by the Committee in accordance with the procedures set forth in Paragraph 2, which shall be used to determine the Payout Value.

“Payout Value” means the product of the Payout Percentage, the number of Performance Units, and $1.00.

“Peer Group” means the group of companies that are pre-established by the Committee which principally represent a group of selected peers, or such other group of companies as selected and pre-established by the Committee.  Such pre-established Peer Group is subject to the following adjustments:

(a) If a member of the Peer Group is substantially acquired by another company, the acquired 

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Peer Group company will be removed from the Peer Group for the performance periods not yet completed and for the entire 36-month Performance Cycle. 
(b) If a member of the Peer Group sells, spins-off, or disposes of a portion of its business, then such Peer Group company will remain in the Peer Group for the Performance Cycle unless such disposition(s) results in the disposition of more than 50% of such company’s total assets during the Performance Cycle. 
(c) If a member of the Peer Group acquires another company, the acquiring Peer Group company will remain in the Peer Group for the Performance Cycle, unless the newly formed company’s primary business no longer satisfies the criteria for which such member was originally selected as a member of the Peer Group, then in such case the company shall be removed from the Peer Group.  
(d) If a member of the Peer Group is delisted on all major U.S. stock exchanges, or is no longer publically traded, such company will be removed from the Peer Group for the Performance Cycle. 
(e) If any member of the Peer Group splits its stock, such company’s TSR performance will be adjusted for the stock split so as not to give an advantage or disadvantage to such company by comparison to the other companies. 
(f) Members of the Peer Group that file for bankruptcy, liquidation or reorganization during the Performance Cycle will remain in the Peer Group positioned below the lowest performing non-bankrupt member of the Peer Group for performance periods note yet completed and for the entire 36-month Performance Cycle. 

In addition, the Compensation Committee shall have the discretionary authority to make other appropriate adjustments in response to a change in circumstances after the commencement of the Performance Cycle that results in a member of the Peer Group no longer satisfying the criteria for which such member was originally selected.  In applying the described adjustments, the event that any adjustment is made to the Peer Group during any Performance Cycle, MPC’s relative TSR ranking within the peer group will be calculated for any incomplete or future performance periods (including the entire 36-month Performance Cycle) as if that company was not a peer at the start of each incomplete performance period.  Relative TSR ranking for performance periods completed prior to the removal of the peer will not be recalculated.  

“Performance Cycle” means the period from January 1, 20__ to December 31, 20__.

“Qualified Termination” for purposes of this Award Agreement shall have the same definition as under the Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan, as in effect on the Grant Date, and such definition and associated terms are hereby incorporated into this Award Agreement by reference. 

"Retirement" means (a) for a Participant with ten or more years of Employment, termination on or after the Participant's 50th birthday, or (b) termination on or after the Participant's 65th birthday, provided that such termination constitutes a separation from service within the meaning of Section 409A of the Code.

 

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“Total Shareholder Return” or “TSR” means for the Corporation and each entity in the Peer Group, the number derived using the following formula:

(End Stock Price – Beginning Stock Price) + Cumulative Dividends
Beginning Stock Price

“TSR Performance Percentile” means the percentile ranking of the Corporation’s Total Shareholder Return for a performance period among the Total Shareholder Returns of the Peer Group companies, ranked in descending order, for the performance period as determined at the end of the Performance Cycle.  

	
			
	 
	Marathon Petroleum Corporation

	 
	 
	 

	 
	 
	 

	 
	By
	 

	 
	 
	Authorized Officer

	 
	 
	 

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