Document:

Exhibit

Exhibit 10.76
Conversion Notice
Effective October 1, 2018, Andeavor was acquired by Marathon Petroleum Corporation (“MPC”) by merger, with Andeavor LLC (also referred to here as “Andeavor”) being the surviving corporate entity.  This transaction was the “Merger.”  In connection with the Merger, MPC and Andeavor filed relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including MPC’s registration statement on Form S-4 (the “Registration Statement”) that includes a definitive joint proxy statement/prospectus and was declared effective by the SEC on August 3, 2018.  You may obtain the documents free of charge at the SEC’s website, www.sec.gov, from MPC at its website, www.marathonpetroleum.com, or by contacting MPC’s Investor Relations at 419.421.2414.
As a result of and at the effective time of the Merger, various outstanding equity and equity-type awards were converted. Awards under the Andeavor Amended and Restated 2011 Long-Term Incentive Plan (“2011 LTIP”) and the Tesoro Corporation 2006 Long-Term Incentive Plan (“2006 LTIP”), and various inducement option awards granted by Andeavor, were converted as explained below.  This notice applies to you, as applicable to the type(s) of equity and/or equity-type awards you may hold under the 2011 LTIP and/or the 2006 LTIP and/or as the holder of any inducement option awards.
1.  Andeavor Market Stock Unit Awards under the 2011 LTIP (each an “Andeavor MSU”).
Each outstanding Andeavor MSU in respect of Andeavor common stock was adjusted as follows:
		
	•
	first, to account for the effect of the Merger, the Andeavor MSU was converted into a time-based restricted stock unit (“RSU”) award with the number of restricted stock units earned based on the greater of (i) the target number of MSUs or (ii) actual performance at the time of the Merger, with actual performance determined by the multiplying factor of the average closing stock price for the 30 trading days prior to the Merger over the average closing stock price for the 30 trading days prior to the Grant Date, capped at 200%; and

		
	•
	second, converted to an award denominated in shares of MPC common stock with the number of shares of MPC common stock covered by the award as the product (rounded down to the nearest whole number) of (a) 1.87 multiplied by (b) the number of shares of Andeavor common stock covered by the award.

The number of converted Andeavor MSUs was determined by Andeavor’s Compensation Committee in consultation with the Chief Executive Officer of MPC and in accordance with the Andeavor MSU award agreements.  The number of RSUs under the converted Andeavor MSU is reflected in the award holder’s Fidelity Stock Plan account.
2.  Andeavor Performance Share Awards under the 2011 LTIP (each an “Andeavor PSA”).
Each outstanding Andeavor PSA in respect of Andeavor common stock was adjusted as follows:

1

		
	•
	first, to account for the effect of the Merger, converted into a time-based Andeavor RSU award with the number of RSUs earned based on the greater of (i) the target number of RSUs or (ii) actual performance at the time of the Merger; and

		
	•
	second, converted the award to an award denominated in shares of MPC common stock and calculated the number of shares of MPC common stock covered by the award as the product (rounded down to the nearest whole number) of (a) 1.87 multiplied by (b) the number of shares of Andeavor common stock covered by the award. 

The number of converted Andeavor PSAs was determined by Andeavor’s Compensation Committee in consultation with the Chief Executive Officer of MPC and in accordance with the Andeavor PSA award agreements.  The number of RSUs under the converted Andeavor PSA is reflected in the award holder’s Fidelity Stock Plan account.
3.  Andeavor Restricted Stock Unit Awards under the 2011 LTIP (each an “Andeavor RSU”).
Each outstanding Andeavor RSU in respect of Andeavor common stock was adjusted as follows:
		
	•
	first, to account for the effect of the Merger, converted into a time-based Andeavor RSU award; and

		
	•
	second, converted the award to an award denominated in shares of MPC common stock and calculated the number of shares of MPC common stock covered by the award as the product (rounded down to the nearest whole number) of (a) 1.87 multiplied by (b) the number of shares of Andeavor common stock covered by the award. 

The number of RSUs under the converted Andeavor RSU is reflected in the award holder’s Fidelity Stock Plan account.
4.  Andeavor Restricted Stock Awards under the 2011 LTIP (each an “Andeavor RSA”).
Each outstanding Andeavor RSA in respect of Andeavor common stock was adjusted by converted the award to an award denominated in shares of MPC common stock and calculated the number of shares of MPC common stock covered by the award as the product (rounded down to the nearest whole number) of (a) 1.87 multiplied by (b) the number of shares of Andeavor common stock covered by the award. 
The number of restricted shares of MPC common stock under the converted Andeavor RSA is reflected in the award holder’s Fidelity Stock Plan account.
5.  Andeavor Option Awards under the 2006 LTIP (each an “Andeavor Option”).
Each outstanding Andeavor Option in respect of Andeavor common stock was adjusted as follows:
		
	•
	first, to account for the effect of the Merger, converted into an award of nonqualified stock options to purchase MPC common stock;

2

		
	•
	second, the number of shares of MPC common stock covered by the converted award was calculated as the product (rounded down to the nearest whole number) of (a) 1.87 multiplied by (b) the number of shares of Andeavor common stock covered by the award; and

		
	•
	third, the exercise price per share of the converted award was set an amount equal to (rounded up to the nearest whole cent) (a) the exercise price per share applicable to the award divided by (b) 1.87. 

The exercise price and number of shares of MPC common stock covered by the converted Andeavor Option is reflected in the award holder’s Fidelity Stock Plan account.
6.  Andeavor Inducement Option Awards (each an “Andeavor Inducement Option”).
Each outstanding Andeavor Inducement Option in respect of Andeavor common stock was adjusted as follows:
		
	•
	first, to account for the effect of the Merger, converted into an award of nonqualified stock options to purchase MPC common stock;

		
	•
	second, the number of shares of MPC common stock covered by the converted award was calculated as the product (rounded down to the nearest whole number) of (a) 1.87 multiplied by (b) the number of shares of Andeavor common stock covered by the award; and

		
	•
	third, the exercise price per share of the converted award was set an amount equal to (rounded up to the nearest whole cent) (a) the exercise price per share applicable to the award divided by (b) 1.87. 

The exercise price and number of shares of MPC common stock covered by the converted Andeavor Inducement Option is reflected in the award holder’s Fidelity Stock Plan account.
Terms of Converted Awards.
Each converted continues to be governed by the underlying award agreement, as modified by this document.  Generally, each such converted award differs from the related award prior to its conversion in the following ways, as applicable to the specific award type as based on the original award’s provisions:
		
	1.
	The Andeavor MSUs and Andeavor PSAs are now time-based RSU awards denominated in shares of MPC common stock, which means that the converted award represents the right to receive a specified number of shares of MPC common stock upon the satisfaction of the time-based vesting and continuous employment criteria set forth in the award agreement, but it is no longer subject to adjustment based on stock price or the achievement of any other performance criteria described in the award agreement.

3

		
	2.
	The Merger constituted a “Change in Control” as defined in the applicable award and the protections contained in the award that apply following a Change in Control are now in effect for the duration specified in the award, to the extent not otherwise modified by any separate agreement entered into by the award holder and MPC and any of its affiliates. 

		
	3.
	References to any “severance plan sponsored by the Company” or similar phrases in the applicable award will include severance plans sponsored by MPC and its affiliates, including Andeavor.

		
	4.
	You will not be in violation of the restrictive covenant (if any) contained in an applicable award by providing the services prohibited in the restrictive covenant to MPC or MPLX LP.

		
	5.
	Any notices related to a converted award should be directed to the following:

Marathon Petroleum Company LP 
539 South Main Street
Findlay, OH 45840 
Attention: Jonathan M. Osborne

For the avoidance of doubt (a) if your employment transfers to MPC or its affiliates, that will not be considered a termination of employment or ceasing to be an employee of Andeavor or its subsidiaries for purposes of the applicable converted award and active employment with MPC or its affiliates will be considered active employment with Andeavor and its subsidiaries for purposes of the applicable converted award and (b) the Administrator of each converted award is the Compensation Committee of the Board of Directors of MPC.

4Exhibit

Exhibit 10.77

FIRST AMENDMENT TO 
FOURTH AMENDED AND RESTATED OMNIBUS AGREEMENT
This First Amendment to the Fourth Amended and Restated Omnibus Agreement (this “Amendment”) is entered into as of 00:01 a.m. Eastern Standard Time on January 1, 2019, by and among Andeavor LLC, a Delaware limited company (“Andeavor”), on behalf of itself and the other Andeavor Entities (as defined herein), Tesoro Refining & Marketing Company LLC, a Delaware limited liability company and formerly known as Tesoro Refining and Marketing Company (“TRMC”), Tesoro Companies, Inc., a Delaware corporation (“Tesoro Companies”), Tesoro Alaska Company LLC, a Delaware limited liability company and formerly known as Tesoro Alaska Company (“Tesoro Alaska”), Andeavor Logistics LP, a Delaware limited partnership (the “Partnership”), Tesoro Logistics GP, LLC, a Delaware limited liability company (the “General Partner” and together with Andeavor, the Andeavor Entities, TRMC, Tesoro Companies, Tesoro Alaska and the Partnership, the “Original Parties”), and Marathon Petroleum Company LP, a Delaware limited partnership (“MPCLP”).  The above-named entities are sometimes referred to in this Amendment each as a “Party” and collectively as the “Parties.”  Capitalized terms used and not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Omnibus Agreement (as that term is defined below).
WHEREAS, the Original Parties are parties to that certain Fourth Amended and Restated Omnibus Agreement, dated as of October 30, 2017 (the “Omnibus Agreement”);
WHEREAS, pursuant to Section 9.5 of the Omnibus Agreement, the Omnibus Agreement may be amended by the written agreement of all of the Original Parties; and
WHEREAS, the Parties, including all of the Original Parties, wish to amend the Omnibus Agreement as set forth herein.
NOW, THEREFORE, in consideration of the promises, mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, as set forth herein, the Parties agree as follows:
		
	1.
	The preamble to the Omnibus Agreement is hereby amended to add MPCLP as a party to the Omnibus Agreement, and MPCLP, by its signature below, agrees to be bound by, and subject to, all of the covenants, terms and conditions of the Omnibus Agreement as though an original party thereto.

		
	2.
	Section 4.1 in the Omnibus Agreement is hereby amended and restated in its entirety as follows:

(a)    MPCLP agrees to provide, for the Partnership Group’s benefit, centralized corporate services that Andeavor and the applicable Andeavor Entities, or MPCLP, as applicable, have traditionally provided in connection with the Assets including, without limitation, the general and administrative services listed on Schedule IV to this Agreement. As consideration for such services, the Partnership will pay MPCLP a monthly administrative fee in the amount set forth in Schedule VIII to this Agreement (the “Administrative Fee”), payable on or before the tenth business day of each month, commencing in the first month following the date hereof. Andeavor may increase the 

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Administrative Fee on July 1 of each year, commencing on July 1, 2018, by a percentage equal to the positive change, if any, in the CPI-U (All Urban Consumers) for the prior calendar year, rounded to the nearest one-tenth (1/10) of one percent (1%), or to reflect any increase in the cost of providing centralized corporate services to the Partnership Group due to changes in any law, rule or regulation applicable to MPCLP or the Partnership Group, including any interpretation of such laws, rules or regulations.  
(b)    At the end of each calendar year, the Partnership will have the right to submit to MPCLP a proposal to reduce the amount of the Administrative Fee for that year if the Partnership believes, in good faith, that the centralized corporate services performed by MPCLP for the benefit of the Partnership Group for the year in question do not justify payment of the full Administrative Fee for that year.  If the Partnership submits such a proposal to MPCLP, MPCLP agrees that it will negotiate in good faith with the Partnership to determine if the Administrative Fee for that year should be reduced and, if so, the amount of such reduction.  If the Parties agree that the Administrative Fee for that year should be reduced, then Andeavor shall promptly pay to the Partnership the amount of any reduction for that year.  
(c)    The Partnership Group shall reimburse Andeavor and MPCLP, as applicable, without duplication of any reimbursements made pursuant to Section 7.4 of the Partnership Agreement, for all other direct or allocated costs and expenses incurred by the Andeavor Entities or MPCLP on behalf of the Partnership Group, including, but not limited to the following; provided, however, that the costs and expenses described in subsections (i) through (vi) below shall not apply with respect to employees of MPCLP that are providing the services listed on Schedule IV:
(i)    salaries of employees of MPCLP, to the extent, but only to the extent, such employees perform services for the Partnership Group, provided that for employees that do not devote all of their business time to the Partnership Group, such expenses shall be based on the annual weighted average of time spent and number of employees devoting services to the Partnership Group;
(ii)    except as otherwise provided in Section 4.1(c)(vi) below, the cost of employee benefits relating to employees of MPCLP, including 401(k), pension, bonuses and health insurance benefits (but excluding Marathon Petroleum Corporation (“MPC”) stock-based compensation expense), to the extent, but only to the extent, such employees perform services for the Partnership Group, provided that for employees that do not devote all of their business time to the Partnership Group, such expenses shall be based on the annual weighted average of time spent and number of employees devoting their services to the Partnership Group;
(iii)    any expenses incurred or payments made by MPCLP or the applicable Andeavor Entities for insurance coverage with respect to the Assets or the business of the Partnership Group;
(iv)    all expenses and expenditures incurred by MPCLP or the applicable Andeavor Entities as a result of the Partnership becoming and continuing as a publicly traded entity, including, but not limited to, costs associated with annual and quarterly 

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reports, independent auditor fees, partnership governance and compliance, registrar and transfer agent fees, tax return and Schedule K-1 preparation and distribution, legal fees and independent director compensation;
(v)    all sales, use, excise, value added or similar taxes, if any, that may be applicable from time to time with respect to the services provided by MPCLP to the Partnership Group pursuant to Section 4.1(a);
(vi)    any severance or similar amounts (“Severance Amounts”) due to the President of the General Partner or the Vice President, Operations of the General Partner in the event of a Change of Control (or similar term, in each case as defined in the applicable management stability agreement) of Andeavor under the terms of their respective management stability agreements with Andeavor or MPCLP, provided that such reimbursement shall be based on the percentage of time spent by such employee on the business of the Partnership Group during the last completed payroll period immediately preceding the date of such Change of Control. Notwithstanding anything in this Agreement to the contrary, in no event will the Partnership Group reimburse Andeavor or MPCLP for, or otherwise in any way be responsible for, (A) any Severance Amounts due to any employee of MPCLP or the applicable Andeavor Entities (other than the President of the General Partner or the Vice President, Operations of the General Partner) in the event of a Change of Control (or similar term, in each case as defined in the applicable Employment Agreement) of Andeavor, or (B) any Andeavor or MPC stock-based compensation expense related to accelerated vesting of Andeavor or MPC equity awards.  For the purposes of this Section 4.1(c)(vi), the term “Employment Agreement” shall include any employment agreement, management stability agreement or similar agreement between Andeavor or MPCLP and any employee of MPCLP or the applicable Andeavor Entities; and
(vii)    any other expenses listed on Schedule IV and identified as applicable to this clause (vii).
Such reimbursements shall be made on or before the tenth business day of the month following the month such costs and expenses are incurred or accrued.  For the avoidance of doubt, the costs and expenses set forth in Section 4.1(c) shall be paid by the Partnership Group in addition to, and not as a part of or included in, the Administrative Fee.
		
	3.
	Section 9.2 of the Omnibus Agreement is amended to add the following notice information at the end of the section:

If to MPCLP:

Marathon Petroleum Company LP
539 South Main St.
Findlay, OH 45840
Attn:  General Counsel
		
	4.
	Section 9.3 of the Omnibus Agreement is amended to add “, MPCLP” after “Andeavor” in the first sentence of such section.

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	5.
	Schedule 4.1(a) to the Omnibus Agreement is amended to replace “Andeavor” with “MPCLP” in the first clause.

		
	6.
	The provisions of Article IX of the Omnibus Agreement, as amended by this Amendment, are incorporated herein by reference and apply to the terms of this Amendment mutatis mutandis.

 [Signature page follows]

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IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by as of the date first set forth above.

	
		
	ANDEAVOR LLC

	 
	 

	By:
	/s/ Molly R. Benson

	Name:
	Molly R. Benson

	Title:
	Vice President and Secretary

	 
	 

	TESORO REFINING & MARKETING COMPANY LLC

	 
	 

	By:
	/s/ Molly R. Benson

	Name:
	Molly R. Benson

	Title:
	Vice President and Secretary

	 
	 

	TESORO COMPANIES, INC.

	 
	 

	By:
	/s/ Molly R. Benson

	Name:
	Molly R. Benson

	Title:
	Vice President and Secretary

	 
	 

	TESORO ALASKA COMPANY LLC

	 
	 

	By:
	/s/ Molly R. Benson

	Name:
	Molly R. Benson

	Title:
	Vice President and Secretary

Signature Page to First Amendment

	
		
	ANDEAVOR LOGISTICS LP

	 
	 

	By:
	Tesoro Logistics GP, LLC, its general partner

	 
	 

	 
	 

	By:
	/s/ Don J. Sorensen

	 
	Don J. Sorensen

	 
	President

	 
	 

	TESORO LOGISTICS GP, LLC

	 
	 

	By:
	/s/ Don J. Sorensen

	 
	Don J. Sorensen

	 
	President

	 

Signature Page to First Amendment

	
		
	MARATHON PETROLEUM COMPANY LP

	 
	 

	 
	 

	By:
	/s/ Molly R. Benson

	Name:
	Molly R. Benson

	Title:
	Vice President, Chief Securities, Governance & Compliance Officer and Corporate Secretary

	 
	 

	 
	 

	 
	 

	 

	 
	 

	 
	 

	 
	 

	 
	 

	 

Signature Page to First Amendment

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