Document:

EX-10.5

 Exhibit 10.5 
 MPC OFFICER MPLX PSU 
 MPLX LP 

2012 INCENTIVE COMPENSATION PLAN 
 PERFORMANCE UNIT AWARD AGREEMENT 
 2013-2015 PERFORMANCE CYCLE

 MARATHON PETROLEUM CORPORATION OFFICER 
 Pursuant to this Award Agreement and the MPLX LP 2012 Incentive Compensation Plan (the “Plan”), MPLX GP LLC, a Delaware limited liability company (the “Company”), the general partner
of MPLX LP, a Delaware limited partnership (the “Partnership”) hereby grants to [NAME] (the “Participant”), an officer of Marathon Petroleum Corporation, the parent corporation of the Company (“MPC”) in
connection with benefits conferred on the Company and the Partnership for their service as an officer of MPC, on [DATE] (the “Grant Date”), [NUMBER] performance units (“Performance Units”), conditioned upon the
Company’s total unitholder return (or “TUR”) ranking relative the Peer Group for the Performance Cycle as established by the Board of Directors of the Company, 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 Board. 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 practical following the close of the Performance Cycle, the Board shall determine and certify the TUR Performance Percentile. The final Payout
Percentage will be the simple average of the Payout Percentage of the four performance periods, which are defined as: 
 (i) January 1, 2013 through December 31, 2013 
 (ii)
January 1, 2014 through December 31, 2014 
 (iii) January 1, 2015 through December 31, 2015

 (iv) January 1, 2013 through December 31, 2015 

The Board shall determine the Payout Percentage for each performance period as follows: 

(a) If the TUR Performance Percentile is below the 25th percentile, the Payout Percentage for that period shall be zero. 

(b) If the TUR Performance Percentile is at or above the
25th percentile, the Payout Percentage shall be equal to
the TUR Performance Percentile multiplied by 2. 

  
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 MPC OFFICER MPLX PSU 

 

 (c) Notwithstanding anything herein to the contrary, if the TUR calculated for the
performance period is negative, then the Payout Percentage for that performance period shall not exceed 100% regardless of the TUR Performance Percentile for the performance period. 

(d) Notwithstanding anything herein to the contrary, the Board 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 or 7 following the Board’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 units. The number of common units distributed shall be calculated by dividing 25% of the Payout Value by the closing price as
defined in the Plan as of the closing on the date on which the Payout Percentage is determined and certified by the Committee, rounding the units down to the nearest whole unit. The remainder shall be paid in cash. Such payments shall be
made as soon as administratively feasible following the Board’s determination under Paragraph 2 and, in any event, on or before March 15th following the end of the Performance Cycle. If, in accordance with the Board’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 payment, if any,
the rights of the Participant and the obligations of the Company under this Award Agreement shall be satisfied in full. 
 4.
Termination of Employment. If Participant’s Employment is terminated prior to the close of the Performance Cycle for any reason other than death or Retirement as set forth in Paragraphs 5 and 6 below, (or as set forth in Paragraph 7), the
Participant’s right to the Performance Units shall be forfeited in its entirety as of such termination, and the rights of the Participant and the obligations of the Company 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 on the first day of the third month following the death of the Participant. Such vesting shall satisfy the rights of the Participant and the obligations of the Company under this Award Agreement in full. 

6. Termination of Employment due to Retirement. In the event of the Retirement of the Participant after 50%
of the Performance Cycle has elapsed, the Participant’s Performance Units shall be paid-out based on the performance for the Performance Cycle and payable on a pro-rata basis as determined and certified by the Board at the close of the
Performance Cycle as described below. Subject to the negative discretion of the Board, 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 practical following the Board’s determination under Paragraph 2
and, in any event, on or before March 15th following
the end of the Performance Cycle. If, in accordance with the Board’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 Company 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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 MPC OFFICER MPLX PSU 

 

 7. Vesting Upon a Qualified Termination. Notwithstanding anything herein to the
contrary, upon a Participant’s Qualified Termination as defined under the Marathon Petroleum Corporation Amended and Restated Executive Change in Control Severance Benefits Plan 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 100%. A payment equal to the vested value of the Performance Units shall be made in accordance with
Paragraph 3 on the first day of the third month following the Qualified Termination. Such vesting shall satisfy the rights of the Participant and the obligations of the Company under this Award Agreement in full. 

8. Notwithstanding any other provision of this Award Agreement to the contrary, if the Participant is a “specified
employee” as determined by the Company in accordance with its established policy, any settlement of Awards described in this Award Agreement which 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 which 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 Employee’s separation from service or (ii) the date that otherwise complies with
the requirements of Section 409A of the Code. In addition, notwithstanding any provision of the Plan or this Award Agreement to the contrary, any settlement of this Award which would be a payment of deferred compensation within the meaning of
Section 409A of the Code with respect to the Participant and is a settlement as a result of the Participant’s separation from service in connection with a Change in Control, the term “Change in Control” under the Plan shall mean
a change in ownership or change in effective control for purposes 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. 
 9. Repayment or Forfeiture Resulting from Forfeiture Event. 

(a) If there is a Forfeiture Event either while the Participant is employed or within three years after termination of the
Participant’s Employment, then the Board 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 while the Participant is employed 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 Board may, but is not obligated to, require that the Participant pay to the Company an amount in cash
(the “Forfeiture Amount”) up to (but not in excess of) the amount paid in settlement of the Performance Units. 
 (c)
This Paragraph 9 shall apply notwithstanding any provision of this Award Agreement to the contrary and is meant to provide the Company with rights in addition to any other remedy which may exist in law or in equity. This Paragraph 9 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 Company may also require that the Participant repay to the Company any compensation paid to the Participant under this Award Agreement, as is required by the
provisions of the Dodd-Frank 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 units of the Partnership are listed for
trading. 

  
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 MPC OFFICER MPLX PSU 

 

 10. Taxes. Pursuant to the applicable provisions of the Plan, the Company or its
designated representative shall have the right to withhold applicable taxes from the cash amount otherwise payable to the Participant due to the vesting of Performance Units pursuant to Paragraph 2, or from other compensation payable to the
Participant, at the time of the vesting of the Performance Units and delivery of the cash settlement amount. Because the Participant is an employee of Marathon Petroleum Corporation, the parent corporation of the Company (“MPC”), and
provides beneficial services to the Company through Participant’s employment with MPC, MPC as the employer of Participant, shall be the designated representative for purposes of payroll administration of the Award and withholding of applicable
taxes at the time of vesting. 
 11. No Unitholder Rights. The Participant shall in no way be entitled to any of the
rights of a unitholder as a result of this Award Agreement. 
 12. 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. 
 13. No Employment Guaranteed. Nothing in this Award Agreement shall give the Participant any rights to (or impose any obligations for) continued Employment by the Company 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. 
 14. 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 Company, provided that no
modification may, without the consent of the Participant, adversely affect the rights of the Participant hereunder. 
 15.
Officer Holding Requirement. Participant agrees that any common units 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 common units (net of any common units 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. 
 16. Definitions. For purposes of this
Award Agreement: 
 “Beginning Unit Price” means the average of the daily closing price of a
common unit of the Partnership for the twenty (20) trading days immediately prior to the commencement of the Performance Cycle, historically adjusted, if necessary, for any split, dividend, recapitalizations, or similar corporate events that
occur during the measurement period. 
 “Employment” means employment with the Company or any of
its Subsidiaries or affiliates including but not limited to MPC and its Subsidiaries and affiliates. For purposes of this Award Agreement, Employment shall also include any period of time during which the Participant is on

  
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 MPC OFFICER MPLX PSU 

 

 
Disability status. The length of any period of Employment shall be determined by the Company or the Subsidiary or affiliate that either (i) employs the Participant or (ii) employed the
Participant immediately prior to the Participant’s termination of Employment. 
 “End Unit
Price” means the average of the daily closing price of a common unit of the Partnership 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 Company is
required, pursuant to a determination made by the Securities and Exchange Commission or by the Board, or any authorized subcommittee of the Board, to prepare a material accounting restatement due to the noncompliance of the Company with any
financial reporting requirement under applicable securities laws as a result of misconduct, and the Board 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 Board concludes that the Participant engaged in fraud, embezzlement or other similar misconduct materially detrimental to
the Company. 
 “Payout Percentage” means the percentage (between 0% and 200%) determined by the
Board in accordance with the procedures set forth in Paragraph 2, which shall be used to determine the value of each Performance Unit. 
 “Payout Value” means, for each Performance Unit, the product of the Payout Percentage and $1.00. 
 “Peer Group” means the group of companies that are pre-established by the Board which principally represent a group of selected peers, or such other group of companies as selected and
pre-established by the Board. 
 “Performance Cycle” means the period from January 1, 2013
to December 31, 2015. 
 “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 (the “CIC Plan”), as in effect on the Grant Date, and such definition and associated terms are
hereby incorporated into this Award Agreement by reference. Notwithstanding the definition of a “Change in Control” under the terms of the CIC Plan, for purposes of this Award Agreement such Change in Control for purposes of determining
whether a separation from service is a Qualified Termination shall include a Change in Control of either MPC, as the direct employer of the Participant, or a Change in Control of the Partnership, as the issuer of the Award. 

“Retirement” means (a) for an Employee with ten or more years of Employment, termination on or after
the Employee’s 50th birthday, or (b) termination on or after the Employee’s 65th birthday. 

“Total Unitholder Return” or “TUR” means the number derived using the following formula:

  

	
	(End Unit Price – Beginning Unit Price) + Cumulative Cash Distributions
	 Beginning Unit Price.

  
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 MPC OFFICER MPLX PSU 

 

 “TUR Performance Percentile” means the relative ranking
of the Company’s Total Unitholder Return for the Performance Cycle as compared to the Total Unitholder Return of the Peer Group companies during the Performance Cycle. 

 

			
	MPLX GP LLC
		
	By	 	  

		 	Authorized Officer

  
 6EX-10.1

 EXHIBIT 10.1 
 EXECUTION COPY 
 THIRD AMENDMENT
TO 
 AMENDED AND RESTATED REVOLVING
CREDIT AND SECURITY AGREEMENT 
 THIS
THIRD AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT,
dated as of March 29, 2013 (the “Amendment”), is made pursuant to that certain Amended and Restated Revolving Credit and Security Agreement dated as of May 14, 2012 (as amended, restated, modified or supplemented from time
to time, the “Agreement”), among PENNANTPARK FLOATING RATE FUNDING I, LLC, a Delaware limited liability company, as borrower (together with its permitted
successors and assigns, the “Borrower”); PENNANTPARK INVESTMENT ADVISERS, LLC, a Delaware limited liability company, as the collateral manager (together with its permitted
successors and assigns, the “Collateral Manager”); the LENDERS from time to time party thereto; SUNTRUST BANK (“SunTrust Bank”), as administrative agent
for the Secured Parties (in such capacity, together with its successors and assigns, the “Administrative Agent”), U.S. BANK NATIONAL ASSOCIATION, as collateral agent for the Secured
Parties (in such capacity, together with its successors and assigns, the “Collateral Agent”); U.S. BANK NATIONAL ASSOCIATION, as custodian (in such capacity, together with its successors
and assigns, the “Custodian”); U.S. BANK NATIONAL ASSOCIATION, as collateral administrator (in such capacity, together with its successors and assigns, the “Collateral
Administrator”); and U.S. BANK NATIONAL ASSOCIATION, as backup collateral manager (in such capacity, together with its successors and assigns, the “Backup Collateral Manager”).

 W I T N E S S E
T H : 
 WHEREAS, the Borrower, the Collateral Manager, the Lenders, the
Collateral Agent, the Backup Collateral Manager, the Custodian and the Administrative Agent have previously entered into and are currently party to the Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as
follows: 
 Section 1. Defined Terms. Unless otherwise amended by the terms of this Amendment, terms used in this
Amendment shall have the meanings assigned in the Agreement. 
 Section 2. Amendments. 

2.1. The defined term “Applicable Margin” appearing in Section 1.01 of the Agreement is hereby
amended and restated in its entirety and as so amended and restated shall read as follows: 

“Applicable Margin” means (a) during the Reinvestment Period, 2.00% per annum; and
(b) after the Reinvestment Period, 4.25% per annum; provided, however, that, upon the occurrence and continuation of an Event of Default, the Applicable Margin shall be 4.75% per annum. 

2.2. The defined term “Facility Amount” appearing in Section 1.01 of the Agreement is hereby amended and restated in
its entirety and as so amended and restated shall read as follows: 
 “Facility Amount” means
(a) on or prior to the Commitment Termination Date, $125,000,000 (as such amount may be reduced from time to time pursuant to Section 2.06) and (b) following the Commitment Termination Date, the outstanding principal balance of
all the Advances; provided that the Facility Amount may be increased by the Borrower from time to time in accordance with Section 2.15 hereof. 

 2.3. The defined term “Reinvestment Period”
appearing in Section 1.01 of the Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows: 
 “Reinvestment Period” means the period from and including the Closing Date to and including the earlier of (a) May 14, 2016 (or such later date as may be agreed by the Borrower and
each of the Lenders and notified in writing to the Agents) or (b) the date of the termination of the Commitments pursuant to Section 6.01. 
 Section 3. Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction (or waiver by the Administrative Agent) of all of the following conditions precedent:

 3.1. The Borrower shall have provided to the Administrative Agent a secretary’s certificate of the
Borrower certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its board of directors or members approving this Amendment, the Agreement and the other Facility Documents to which it is a party and
the transactions contemplated thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the date first set forth above (except to the
extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), (iv) no Default or Event of Default
has occurred nor is continuing or shall result after giving effect hereto, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents (and any subsequent amendments to
such documents) to which it is a party. 
 3.2. The Borrower shall have provided an executed legal opinion
(addressed to each of the Secured Parties) of Dechert LLP, New York counsel to the Borrower covering such matters as the Administrative Agent and its counsel shall reasonably request. 

3.3. The Administrative Agent shall have received a copy of this Amendment and the Lender Fee Letter dated as of the date
first set forth above. In each case, such document shall have been duly executed and delivered by the parties thereto, and such document shall be in full force and effect. 

3.4. The Borrower shall have paid to the Lenders in immediately available funds all fees called for by the Lender Fee
Letter. 
 Section 4. Representations of the Borrower and Collateral Manager. Each of Borrower and Collateral
Manager hereby represent and warrant to the parties hereto that as of the date hereof each of their respective representations and warranties contained in Article IV of the Agreement and any other Facility Documents to which it is a party are
true and correct in all material respects as of the date hereof and after giving effect to this Amendment (except to the extent that such representations and warranties relate solely to an earlier date, and then are true and correct as of such
earlier date). 
 Section 5. Agreement in Full Force and Effect. Except as expressly set forth herein, all terms and
conditions of the Agreement, as amended, shall remain in full force and effect. 
 Section 6. Execution in
Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be executed by the parties hereto and be deemed an original and all of which shall constitute together but one and the same
agreement. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment. 

Section 7. Governing Law. THIS AMENDMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REFERENCE TO CONFLICT OF LAW PRINCIPLES, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 8. Authorization. The Administrative Agent (on behalf of the Lenders) hereby authorizes and directs the Collateral Agent, Custodian, Collateral Administrator and Backup Collateral
Manager to enter into this Amendment. 
 [SIGNATURE PAGES TO FOLLOW]

 IN WITNESS WHEREOF, the parties hereto have
caused this Third Amendment to the Amended and Restated Revolving Credit and Security Agreement to be executed and delivered by their duly authorized officers as of the date hereof. 

 

					
	PENNANTPARK FLOATING RATE FUNDING I, LLC, as Borrower
	
	 By: PENNANTPARK FLOATING RATE CAPITAL
LTD., its Designated Manager

		
	By:	 	 /s/ Arthur Penn

		 	Name:	 	 Arthur Penn

		 	Title:	 	 CEO

	
	 PENNANTPARK INVESTMENT ADVISERS, LLC,
as Collateral
Manager

		
	By:	 	 /s/ Arthur Penn

		 	Name:	 	 Arthur Penn

		 	Title:	 	 Managing Member

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