Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

SECOND AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT 

dated as of 
 December 18,
2013 
 between 
 MARATHON
PETROLEUM COMPANY LP, 
 as Originator 

and 
 MPC TRADE RECEIVABLES
COMPANY LLC, 
 as Buyer 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I        AMOUNTS AND TERMS OF THE PURCHASES
	  	 	2	  
			
	 Section 1.1
	 	 Purchases of Receivables
	  	 	2	  
	 Section 1.2
	 	 Payment for the Purchases
	  	 	3	  
	 Section 1.3
	 	 Purchase Price Credit Adjustments
	  	 	5	  
	 Section 1.4
	 	 Payments and Computations, Etc
	  	 	5	  
	 Section 1.5
	 	 Transfer of Records
	  	 	5	  
	 Section 1.6
	 	 Characterization
	  	 	6	  
	 Section 1.7
	 	 Certain Reconveyances
	  	 	7	  
		
	 ARTICLE II       REPRESENTATIONS AND WARRANTIES
	  	 	7	  
			
	 Section 2.1
	 	 Representations and Warranties of Originator
	  	 	7	  
		
	 ARTICLE III     CONDITIONS OF PURCHASE
	  	 	13	  
			
	 Section 3.1
	 	 Conditions Precedent to Initial Purchase
	  	 	13	  
	 Section 3.2
	 	 Conditions Precedent to Purchases
	  	 	13	  
	 Section 3.3
	 	 Conditions Precedent to Amendment and Restatement of Amended and Restated RSA
	  	 	14	  
		
	 ARTICLE IV     COVENANTS
	  	 	14	  
			
	 Section 4.1
	 	 Affirmative Covenants of Originator
	  	 	14	  
	 Section 4.2
	 	 Negative Covenants of Originator
	  	 	20	  
		
	 ARTICLE V      TERMINATION EVENTS
	  	 	22	  
			
	 Section 5.1
	 	 Termination Events
	  	 	22	  
	 Section 5.2
	 	 Remedies
	  	 	23	  
		
	 ARTICLE VI     INDEMNIFICATION
	  	 	24	  
			
	 Section 6.1
	 	 Indemnities by Originator
	  	 	24	  
		
	 ARTICLE VII    MISCELLANEOUS
	  	 	27	  
			
	 Section 7.1
	 	 Waivers and Amendments
	  	 	27	  
	 Section 7.2
	 	 Notices
	  	 	27	  
	 Section 7.3
	 	 Protection of Ownership Interests of Buyer
	  	 	27	  
	 Section 7.4
	 	 Confidentiality
	  	 	28	  
	 Section 7.5
	 	 Bankruptcy Petition
	  	 	30	  
	 Section 7.6
	 	 Limitation of Liability
	  	 	30	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 7.7
	 	 CHOICE OF LAW
	  	 	30	  
	 Section 7.8
	 	 CONSENT TO JURISDICTION
	  	 	30	  
	 Section 7.9
	 	 WAIVER OF JURY TRIAL
	  	 	31	  
	 Section 7.10
	 	 Integration; Binding Effect; Survival of Terms
	  	 	31	  
	 Section 7.11
	 	 Subordination
	  	 	32	  
	 Section 7.12
	 	 Amendment and Restatement
	  	 	32	  

  
 -ii- 

 EXHIBITS AND SCHEDULES 
  

			
	Exhibit I	  	Definitions
		
	Exhibit II	  	Form of Subordinated Note
	Schedule A-I	  	List of Documents to be Delivered to Buyer Prior to Initial Purchase
	Schedule A-Il	  	List of Documents to be Delivered to Buyer Prior to Amendment and Restatement
	Schedule B	  	Notice Addresses
	Schedule C	  	Places of Business; Location(s) of Records; FEIN
	Schedule D	  	Lock-Boxes; Collection Accounts; Collection Banks

 SECOND AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT 

THIS SECOND AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT, dated as of December 18, 2013, is by and between MARATHON PETROLEUM COMPANY
LP, a Delaware limited partnership (“MPC LP”), as originator (in such capacity, “Originator”) and MPC TRADE RECEIVABLES COMPANY LLC, a Delaware limited liability company (“Buyer”). Unless defined
elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I hereto (or, if not defined in Exhibit I hereto, the meaning assigned to such term in the Purchase Agreement). 

PRELIMINARY STATEMENTS 
 WHEREAS,
Originator and Buyer are parties to that certain Receivables Sale Agreement dated as of July 1, 2011 (as heretofore amended, restated, supplemented or otherwise modified from time to time, the “Original RSA”). 

WHEREAS, Originator and Buyer amended and restated the Original RSA on October 1, 2011 (as heretofore amended, restated, supplemented or
otherwise modified from time to time, the “Amended and Restated RSA”). 
 WHEREAS, subject to the terms and conditions set
forth herein, Originator and Buyer have agreed to amend and restate the Amended and Restated RSA in its entirety. 
 WHEREAS, Originator now
owns, and from time to time hereafter will own, Receivables, including, without limitation, Receivables acquired by Originator pursuant to that certain Amended and Restated Receivables Transfer Agreement of even date herewith (as amended, restated,
supplemented or otherwise modified from time to time, the “Transfer Agreement”) by and between Marathon Petroleum Trading Canada LLC (“Marathon Canada”), as seller, and MPC LP, as buyer. Originator wishes to sell or
contribute and assign to Buyer, and Buyer wishes to purchase or receive from Originator, all of Originator’s right, title and interest in and to such Receivables, together with the Related Security and Collections with respect thereto. 

WHEREAS, Originator and Buyer intend the transactions contemplated hereby to be true sales or capital contributions of the Receivables from
Originator to Buyer, providing Buyer with the full benefits of ownership of the Receivables, and Originator and Buyer do not intend these transactions to be, or for any purpose to be characterized as, loans from Buyer to Originator. 

WHEREAS, following each sale or contribution of the Receivables from Originator, Buyer will sell undivided interests therein and in the
associated Related Security and Collections pursuant to that certain Receivables Purchase Agreement of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”) by and
among Buyer, as Seller, MPC LP, as initial Servicer, the commercial paper conduits from time to time party thereto as Conduit Purchasers, the entities from time to time party thereto as Committed Purchasers, the financial institutions from time to
time party thereto as Managing Agents and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent for the Purchasers thereunder or any successor agent appointed pursuant to the terms of the Purchase Agreement (the
“Administrative Agent”). 

 NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein
contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 AMOUNTS AND TERMS OF
THE PURCHASES 
 SECTION 1.1 Purchases of Receivables. 

(a) (i) Effective on the date hereof, in consideration for the Purchase Price, in the case of purchases hereunder, and upon the terms and
subject to the conditions set forth herein, Originator does hereby sell, assign, transfer, set-over and otherwise convey to Buyer, without recourse (except to the extent expressly provided herein), and Buyer does hereby purchase or receive as a
contribution of capital, as applicable, from Originator, all of Originator’s right, title and interest in and to all Receivables existing as of the close of business on the Business Day immediately prior to the date hereof (the “Initial
Cutoff Date”) and all Receivables thereafter arising through and including the Termination Date, together with all Related Security relating thereto and all Collections thereof. In accordance with the preceding sentence, on the date hereof
Originator shall sell or contribute and assign to Buyer, and Buyer shall acquire, all of Originator’s right, title and interest in and to all Receivables existing as of the Initial Cutoff Date together with all Related Security and Collections
related thereto, and on each Business Day after the date hereof, Originator shall sell or contribute and assign to Buyer, and Buyer shall acquire, all of Originator’s right, title and interest in and to all Receivables arising on the date
hereof and arising on each date thereafter through and including the Termination Date, together with all Related Security relating thereto and all Collections thereof. Buyer shall be obligated to pay the Purchase Price for the Receivables purchased
hereunder in accordance with Section 1.2. In connection with the payment of the Purchase Price for any Receivables purchased hereunder, Buyer may request that Originator deliver, and Originator shall deliver, such information, reports or
documents as Buyer (or its assigns) may reasonably request relating to the Receivables, Related Security or Collections in order to protect or more fully evidence or describe the interests of Buyer (or its assigns) as contemplated by this Agreement.

 (ii) Buyer and Originator agrees that the title of the Lock-Boxes and Collection Accounts may include the name of Marathon Petroleum
Company LP as Servicer on the books and records of the account bank; provided, that Originator acknowledges and agrees that Buyer owns all right, title and interest in and to such Lock-Boxes and Collection Accounts notwithstanding such
titling. 
 (b) It is the intention of the parties hereto that each sale or contribution of Receivables made hereunder shall constitute a
“sale of accounts” (as such term is used in Article 9 of the UCC), which sale or contribution is absolute and irrevocable and provides Buyer with the full benefits of ownership of the Receivables. Except for the Purchase Price Credits owed
by Originator pursuant to Section 1.3, the sales and contributions of Receivables hereunder are made without recourse to Originator; provided, however, that (i) Originator shall be liable to Buyer for all
representations, warranties, covenants and indemnities made by Originator pursuant to the terms of the Transaction Documents to which Originator is a party, and (ii) such sale or contribution does not constitute and is not intended to result in
an assumption by Buyer or any 

  
 - 2 - 

 
assignee thereof of any obligation of Originator or any other Person arising in connection with the Receivables, the related Contracts and/or other Related Security or any other obligations of
Originator. In view of the intention of the parties hereto that the Purchases of Receivables made hereunder shall constitute sales or capital contributions of such Receivables rather than loans secured thereby, Originator agrees that it will, on or
prior to the date hereof, mark its master data processing records relating to the Receivables with a legend in accordance with Section 4.1(e)(ii) and comply with Section 4.1(k). Upon the request of Buyer or the Administrative
Agent (as Buyer’s assignee), Originator shall execute and/or file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect and
maintain the perfection of Buyer’s ownership interest in the Receivables and the Related Security and Collections with respect thereto, or as Buyer or the Administrative Agent (as Buyer’s assignee) may reasonably request. 

(c) As to Receivables in existence on the Initial Cutoff Date, the terms of this Agreement shall apply thereto as if such Receivables were sold
or contributed hereunder on the date hereof. 
 SECTION 1.2 Payment for the Purchases. 

(a) The Purchase Price for the purchase of Receivables in existence on the Initial Cutoff Date shall be payable in full by Buyer to Originator
on the date hereof, and shall be paid to Originator in the manner provided in the following paragraphs (b), (c) and (d). Each Receivable coming into existence after the Initial Cutoff Date, shall be sold or contributed to the Buyer on the
Business Day occurring immediately after the day such Receivable is originated and the Purchase Price for such Receivable shall be due and owing in full by Buyer to Originator or its designee on such Business Day (except that Buyer may, with respect
to any such Purchase Price, offset against such Purchase Price any amounts owed by Originator to Buyer hereunder and which have become due but remain unpaid) and shall be paid to Originator in the manner provided in the following paragraphs (b),
(c) and (d). 
 (b) With respect to any Receivables sold or contributed by Originator hereunder, on the date of such
Purchase, Buyer shall pay the Purchase Price therefor to Originator in accordance with Section 1.2(d) and in the following manner: 

(i) first, (x) by delivery of immediately available funds and/or (y) at the request of Originator, by causing
the issuance of a Letter of Credit in accordance with Section 1.2(g) hereof, in each case, to the extent of funds or letters of credit available to Buyer from its subsequent sale of an interest in the Receivables to the Administrative
Agent for the benefit of the Purchasers under the Purchase Agreement or other cash on hand; and 
 (ii) second,
(A) by accepting (x) a contribution to its capital in an amount equal to the remaining unpaid balance of such Purchase Price or (y) the proceeds of a Subordinated Loan in an amount not to exceed the lesser of (1) the remaining
unpaid portion of such Purchase Price, and (2) the maximum Subordinated Loan that could be borrowed without rendering Buyer’s Net Worth less than the Required Capital Amount or (B) a combination of (A)(x) and (A)(y), in relative
amounts to be determined by Servicer. 

  
 - 3 - 

 
Originator is hereby authorized by Buyer to endorse on the schedule attached to the Subordinated Note an appropriate notation evidencing the date and amount of each advance thereunder, as well as
the date of each payment with respect thereto, provided that the failure to make such notation shall not affect any obligation of Buyer thereunder. 

(c) From and after the Termination Date, Originator shall not be obligated to (but may, at its option) (i) sell Receivables to Buyer, or
(ii) contribute Receivables to Buyer’s capital pursuant to the clause (ii) of Section 1.2(b) unless Originator reasonably determines that the Purchase Price therefor will be satisfied with funds available to Buyer from
sales of interests in the Receivables pursuant to the Purchase Agreement, Collections, proceeds of Subordinated Loans, other cash on hand or otherwise. 

(d) Although the Purchase Price for each Receivable coming into existence after the Initial Cutoff Date shall be due and payable in full by
Buyer to Originator on the date such Receivable is purchased, settlement of the Purchase Price between Buyer and Originator shall be effected on a monthly basis no later than each Settlement Date with respect to all Receivables sold or contributed
during the Calculation Period most recently ended prior to such Settlement Date and based on the information contained in the Monthly Report delivered by the Servicer pursuant to Article VIII of the Purchase Agreement for such Calculation
Period. Although settlement shall be effected on a monthly basis, any contribution of capital by Originator to Buyer made pursuant to Section 1.2(b) or increases (or decreases) in the amount owing under the Subordinated Note shall be
deemed to have occurred and shall be effective as of the last Business Day of the Calculation Period to which such settlement relates. 
 (e)
Each contribution of a Receivable by Originator to Buyer shall be deemed to be a Purchase of such Receivable by the Buyer for all purposes of this Agreement and the capital account of Originator shall be increased in an amount equal to the Purchase
Price of such Receivable (to the extent paid as a capital contribution under clause (ii) of Section 1.2(b)). The Buyer hereby acknowledges that Originator shall have no obligation to make further capital contributions to the Buyer,
in respect of Originator’s equity interest in the Buyer or otherwise, in order to provide funds to pay the Purchase Price to Originator under this Agreement or for any other reason. 

(f) At all times prior to the Termination Date, notwithstanding any delay in the making of any payment of the Purchase Price in respect of any
Purchase, all right, title and interest of Originator in and to each Receivable shall be sold or contributed, as applicable, assigned and otherwise transferred to Buyer effective immediately and automatically upon the creation of such Receivable,
without any further action of any type or kind being required on the part of any Person. The monthly settlement contemplated in this Section 1.2 has been devised solely for the administrative convenience of the parties hereto. Buyer and
Originator may at any time, as may agreed between themselves, elect to effect settlement on a more (but not less) frequent basis. 
 (g) In
connection with any Purchase hereunder, Originator may request that all or a portion of the Purchase Price be paid by Buyer by causing an L/C Issuer to issue a Letter of Credit, subject to the terms and conditions (including any limitations therein
on the amount of any such issuance) for issuing Letters of Credit under the Purchase Agreement, in favor of 

  
 - 4 - 

 
beneficiaries selected by Originator in the Stated Amount requested by Originator and naming Originator (or an Affiliate thereof as may be designated by Originator in writing delivered to Buyer
prior to the issuance thereof) as account party. Neither Originator nor any Affiliate of Originator which is an account party for a Letter of Credit shall have any reimbursement obligations in respect of any Letter of Credit. In the event Originator
requests that any Purchase be paid for by the issuance of a Letter of Credit as described herein, Originator shall, and shall cause the Affiliate of Originator which is an account party for such Letter of Credit, if applicable, to, on a timely
basis, (i) provide Buyer with such information as is necessary for Buyer to obtain such Letter of Credit from the applicable L/C Issuer and (ii) execute such documentation, including, without limitation, the applicable Letter of Credit
Application, as the L/C Issuer of such Letter of Credit may request or require. 
 SECTION 1.3 Purchase Price Credit
Adjustments. If, on any day, Originator is deemed to have received an Originator Deemed Collection with respect to any Receivable sold or contributed by it to the Buyer hereunder, then, in such event, Buyer shall be entitled to a credit (each, a
“Purchase Price Credit”) against the Purchase Price otherwise payable to Originator hereunder in an amount equal to such Originator Deemed Collections. Subject to Section 1.2(d), if such Purchase Price Credit exceeds the
Purchase Price for the Receivables sold or contributed by Originator on any such day, then (a) first, Originator shall apply any remaining amount of such Purchase Price Credit against any subsequent Purchase Price or Purchase Prices
otherwise payable to Originator hereunder in the five (5) Business Day period thereafter, (b) second, to the extent that any Purchase Price Credit is remaining after the application described in clause (a), so long as the
Termination Date shall not have occurred, Originator shall, at the end of such five (5) Business Day period deduct the remaining amount of such Purchase Price Credit from any indebtedness owed to it under the Subordinated Note and
(c) third, to the extent that any Purchase Price Credit is remaining after the application described in clauses (a) and (b), then Originator shall, at the end of such five (5) Business Day period, pay the remaining amount of
such Purchase Price Credit in cash. 
 SECTION 1.4 Payments and Computations, Etc. All amounts to be paid or deposited by Buyer
to Originator hereunder shall be paid or deposited in accordance with the terms hereof on the day when due in immediately available funds to the account designated from time to time, or as otherwise directed, by Originator. In the event that any
payment owed by any Person hereunder becomes due on a day that is not a Business Day, then such payment shall be made on the next succeeding Business Day. If any Person fails to pay any amount hereunder when due, such Person agrees to pay, on
demand, the Default Fee in respect thereof until paid in full; provided, however, that such Default Fee shall not at any time exceed the maximum rate permitted by applicable law. All computations of interest payable hereunder shall be
made on the basis of a year of 365 days for the actual number of days (including the first but excluding the last day) elapsed. 

SECTION 1.5 Transfer of Records. 

(a) In connection with the Purchases of Receivables hereunder, Originator hereby sells or contributes, as applicable, transfers, assigns and
otherwise conveys to Buyer all of Originator’s right and title to and interest in the Records relating to all Receivables sold or contributed by it hereunder, without the need for any further documentation in connection with

  
 - 5 - 

 
the Purchases. In connection with such transfer, Originator hereby grants to each of Buyer, the Administrative Agent (as Buyer’s assignee) and the Servicer an irrevocable, non-exclusive
license to use, without royalty or payment of any kind, all software used by Originator to account for the Receivables, to the extent necessary to administer the Receivables, whether such software is owned by Originator or is owned by others and
used by Originator under license agreements with respect thereto, provided, that should the consent of any licensor of such software be required for the grant of the license described herein, to be effective, Originator hereby agrees that
upon the request of Buyer (or Buyer’s assignee), Originator will use its reasonable efforts to obtain the consent of such third-party licensor. The license granted hereby shall be irrevocable until the payment in full in cash of the Aggregate
Unpaids, and shall terminate on the Final Payout Date. 
 (b) Originator (i) shall take such action reasonably requested by Buyer and/or
the Administrative Agent (as Buyer’s assignee), from time to time hereafter, that may be necessary or appropriate to ensure that Buyer and its assigns under the Purchase Agreement have an enforceable ownership and/or security interest in the
Records relating to the Receivables purchased hereunder, and (ii) shall use its reasonable efforts to ensure that Buyer, the Administrative Agent (as Buyer’s assignee) and the Servicer each has an enforceable right (whether by license or
sublicense or otherwise) to use all of the computer software used by Originator to account for the Receivables and/or to recreate such Records. 

SECTION 1.6 Characterization. 

(a) If, notwithstanding the intention of the parties expressed in Section 1.1(b), any sale or capital contribution by Originator to
Buyer of Receivables hereunder shall be characterized as a secured loan and not a sale or capital contribution or such sale or capital contribution shall for any reason be ineffective or unenforceable (any of the foregoing being a
“Recharacterization”), then this Agreement shall be deemed to constitute a security agreement under the UCC and other applicable law. For this purpose and without being in derogation of the parties’ intention that each sale or
capital contribution of Receivables hereunder shall constitute a true sale or capital contribution thereof, as applicable, Originator hereby grants to Buyer a valid security interest in all of Originator’s right, title and interest, whether now
owned or hereafter acquired, in, to and under all Receivables now existing and hereafter arising (including, without limitation, all Receivables sold hereunder after the Termination Date), all Collections, all Related Security with respect thereto,
each Lock-Box and Collection Account and all other rights and payments relating to such Receivables and all proceeds of the foregoing, and all other assets in which Buyer has acquired, may hereafter acquire and/or purports pursuant to the terms and
provisions of this Agreement to have acquired an interest under this Agreement to secure all payment and performance obligations of Originator hereunder (including (a) the obligation to remit all Collections with respect to such Receivables to
Buyer and (b) the obligation to transfer such Receivables to Buyer with a value at least equal to the Purchase Price thereof) which security interest shall be prior to all other Adverse Claims thereto. Buyer and its assigns shall have, in
addition to the rights and remedies which they may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies shall be cumulative. In the case of any
Recharacterization, Originator and Buyer each represent and warrant that each remittance of Collections and other property by Originator to Buyer hereunder shall have been (i) in payment of a debt incurred by Originator in the ordinary course
of business or financial affairs of Originator and Buyer and (ii) made in the ordinary course of business or financial affairs of Originator and Buyer. 

  
 - 6 - 

 (b) Originator hereby authorizes Buyer (and any of its assigns), within the meaning of
Section 9-509 of any applicable enactment of the UCC, as secured party, to file the UCC financing statements contemplated hereby. 
 (c)
Originator acknowledges (i) that Buyer, pursuant to the Purchase Agreement, shall assign as collateral security to the Administrative Agent, for the benefit of the Purchasers under the Purchase Agreement, all of its rights, remedies, powers and
privileges (but none of its obligations) hereunder and (ii) that the Administrative Agent may further assign such rights, remedies, powers and privileges to the extent permitted in the Purchase Agreement. Originator agrees that the
Administrative Agent, as the collateral assignee of Buyer, shall, subject to the terms of the Purchase Agreement, have the right to enforce this Agreement and to exercise directly all of Buyer’s rights and remedies under this Agreement
(including, without limitation, the right to give or withhold any consents or approvals of Buyer to be given or withheld hereunder) and Originator agrees to cooperate fully with the Administrative Agent and the Purchasers in the exercise of such
rights and remedies. Originator further agrees to give to the Administrative Agent copies of all notices it is required to give to Buyer hereunder. 

SECTION 1.7 Certain Reconveyances. 

The parties hereby acknowledge that certain Receivables may, from time to time, be subject to some form of third-party protection (including
but not limited to insurance, surety bonds and guarantees) with respect to the credit of the underlying Obligor. The Originator shall provide the Buyer and its assigns written notice of any claim pending with respect to any credit protection on any
Receivable and shall notify the Buyer and its assigns of its request for release of such Receivable from the interests of the Administrative Agent (on behalf of the Purchasers) under the Purchase Agreement. The Buyer and its assigns shall be deemed
to have automatically sold and assigned any such Receivable to the Buyer and the Buyer and its assigns shall be deemed to have released its security interest in such Receivable upon the payment by the Buyer of the Outstanding Balance of such
Receivable (whether by, as identified by the Originator, a Deemed Collection or Collections in the form of proceeds from the related credit protection). The Buyer and its assigns shall at the expense of the Originator take any other actions
reasonably requested by the Originator to evidence the sale, assignment and release of any Receivable as contemplated in this Section 1.7. 

ARTICLE II 
 REPRESENTATIONS AND
WARRANTIES 
 SECTION 2.1 Representations and Warranties of Originator. Originator hereby represents and warrants to Buyer on
the date hereof, and on the date of each Purchase hereunder that: 
 (a) Corporate Existence and Power. Originator is a limited
partnership, duly organized, validly existing, organized solely and in good standing under the laws of the State of Delaware. Originator is duly qualified to do business and is in good standing as a foreign limited

  
 - 7 - 

 
partnership, and has and holds all limited partnership power and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which
its business is conducted, except where the failure to so qualify or be in good standing or the failure to so have or hold would not reasonably be expected to have a Material Adverse Effect. Originator constitutes a “registered
organization” (within the meaning of Section 9-102(a) of the UCC) of its state of organization. 
 (b) Power and Authority; Due
Authorization, Execution and Delivery. The execution and delivery by Originator of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and Originator’s
use of the proceeds of the Purchases made hereunder are within its limited partnership powers and authority, and have been duly authorized by all necessary limited partnership action on its part. This Agreement and each other Transaction Document to
which Originator is a party has been duly executed and delivered by Originator. 
 (c) No Conflict. The execution and delivery by
Originator of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder (i) do not contravene or violate (A) its certificate of limited partnership,
partnership agreement or other organizational documents, (B) any law, rule or regulation applicable to it, (C) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is
bound, or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, except, in the case of clauses (B), (C) and (D), where such contravention or violation would not reasonably be expected to
have a Material Adverse Effect, and (ii) do not result in the creation or imposition of any Adverse Claim on assets of Originator or its Subsidiaries (except as created hereunder or under the Purchase Agreement); and no transaction contemplated
hereby requires compliance with any bulk sales act or similar law. 
 (d) Governmental Authorization. Other than (i) the filing
of the financing statements required hereunder and under the Purchase Agreement and (ii) such authorizations, approvals, notices, filings or other actions as have been obtained, made or taken prior to the date hereof, no authorization or
approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution and delivery by Originator of this Agreement and each other Transaction Document to which it is a party and the performance of
its obligations hereunder and thereunder. 
 (e) Actions, Suits. There are no actions, suits or proceedings pending, or to the
knowledge of any officer of Originator, threatened, against or affecting Originator, or any of its properties, in or before any court, arbitrator or other body, as to which there is a reasonable possibility of an adverse determination and that, if
adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. Originator is not in default with respect to any order of any Governmental Authority which default would not reasonably be
expected to have a Material Adverse Effect. 
 (f) Binding Effect. This Agreement and each other Transaction Document to which
Originator is a party constitute the legal, valid and binding obligations of Originator enforceable against Originator in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

  
 - 8 - 

 (g) Accuracy of Information. No written reports, financial statements, certificates or
other written information (collectively, the “Information”) furnished by or on behalf of Originator to the Buyer, the Administrative Agent, any Managing Agent or any Purchaser in connection with the negotiation of this Agreement,
any other Transaction Document, any transaction contemplated hereby or thereby or otherwise delivered hereunder or thereunder (as modified or supplemented by other Information so furnished) contained, as of the date such Information was furnished
(or, if such Information expressly related to a specific date, as of such specific date) any material misstatement of fact or omitted to state, as of the date such Information was furnished (or, if such Information expressly related to a specific
date, as of such specific date), any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that with respect to projected financial information,
Originator represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time. 

(h) Use of Proceeds. No proceeds of any Purchases hereunder will be used (i) to purchase or carry “margin stock” as
defined in Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or in a manner that violates any such regulation or (ii) to acquire any security in any transaction which is subject to
Sections 12, 13 or 14 of the Exchange Act. 
 (i) Good Title. Immediately prior to each Purchase hereunder, Originator will be the
legal and beneficial owner of the Receivables to be sold or contributed by it to Buyer under this Agreement and the Related Security with respect thereto, in each case, free and clear of any Adverse Claim, except for (a) any Adverse Claim
created under this Agreement, under the Purchase Agreement or under the Transfer Agreement and (b) Permitted Liens. There have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any
comparable law) of all appropriate jurisdictions to perfect Buyer’s interest in each Receivable and, to the extent that a security interest therein may be perfected by the filing of such financing statements, its Collections and the Related
Security. 
 (j) Perfection. This Agreement, together with the filing of the financing statements contemplated hereby, is effective
to, and shall, upon each Purchase hereunder, transfer to Buyer (and Buyer shall acquire from Originator) legal and equitable title to, with the right to sell and encumber, each Receivable existing and hereafter arising, and to the Related Security
and the Collections with respect thereto, in each case, free and clear of any Adverse Claim, except for (a) any Adverse Claim created under this Agreement, the Purchase Agreement or the Transfer Agreement and (b) Permitted Liens. There
have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Buyer’s ownership interest in the Receivables, the Related
Security and the Collections. Originator has not, within a period of one year prior to the date hereof, (i) changed the location of its principal place of business or chief executive office or, except as set forth on Schedule C hereto,
its organizational structure, (ii) except as set forth on Schedule C hereto, changed its legal name or used any corporate names, trade names or assumed 

  
 - 9 - 

 
names other than the name in which it has executed this Agreement, (iii) changed its “location” (within the meaning of Section 9-307 of the UCC as in effect in all applicable
jurisdictions) or its jurisdiction of organization, or (iv) become a “new debtor” (as defined in Section 9-102(a)(56) of the UCC as in effect in all applicable jurisdictions) with respect to a currently effective security
agreement previously entered into by any other Person. 
 (k) Places of Business and Location of Records. The principal places of
business and chief executive officer of Originator and the offices where it keeps all of its Records are located at the address(es) listed on Schedule C or such other locations of which Buyer has been notified in accordance with
Section 4.2(a). Originator’s Federal Employer Identification Number is correctly set forth on Schedule C. 
 (l)
Collections. The names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts at each Collection Bank and the post office box number of each Lock-Box, are listed on Schedule D (as such Schedule D
may be amended or supplemented from time to time by Originator by delivery of a new Schedule D to Buyer and the Administrative Agent). ). Originator has not granted any Person, other than Buyer (and its assigns) as contemplated by this Agreement,
dominion or “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of, or the right to give instructions with respect to the disposition of funds, without the consent of any other Person, with
respect to any Lock-Box or Collection Account, or the right to take dominion or “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any such Lock-Box or Collection Account at a future time or
upon the occurrence of a future event. Originator has taken all steps necessary to ensure that the Administrative Agent (as Buyer’s assignee) has “control” (within the meaning of Section 9-104 of the UCC as in effect of all
applicable jurisdictions) of or the right to give instructions with respect to the disposition of funds without the consent of any other Person with respect to any such Lock-Box or Collection Accounts at a future time or upon the occurrence of a
future event. The Administrative Agent has a valid and perfected first priority security interest in each Lock-Box and Collection Account. Originator has the ability to identify all amounts that are received in any Lock-Box of Originator or
deposited to any Collection Account of Originator as constituting Collections or non­Collections within one (1) Business Day of receipt or deposit. Except for amounts deposited in any Collection Account in error (which shall be
electronically swept or otherwise transferred out of such Collection Account within one (1) Business Day of being identified as such in accordance with Section 4.1(i)), no funds other than the proceeds of Receivables are deposited to any
Collection Account. 
 (m) Material Adverse Effect. (i) Originator has heretofore furnished to the Administrative Agent and the
Managing Agents Marathon’s consolidated or combined balance sheet and consolidated or combined statements of income, comprehensive income, stockholders equity and cash flows (A) as of and for the fiscal year ended December 31, 2012,
reported on by PricewaterhouseCoopers LLP, independent registered public accounting firm, and (B) as of and for the fiscal quarter and the portion of the fiscal year most recently ended prior to the date hereof for which quarterly financial
statements of Marathon are available, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of Marathon and its consolidated
Subsidiaries as of such dates and for such periods on a consolidated basis in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (B) above. 

  
 - 10 - 

 (ii) Since December 31, 2012, no event, condition or other circumstance in respect of
Originator has occurred or exists that would have a Material Adverse Effect. 
 (n) [Reserved]. 

(o) Ownership of Buyer. Originator directly owns 100% of the issued and outstanding equity interests of the Buyer, free and clear of any
Adverse Claim, other than Permitted Liens. Such equity interests are validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire equity interests of the Buyer. 

(p) Not an Investment Company. Originator is not an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940, as amended, or any successor statute. 
 (q) Compliance with Law. Originator has complied in all
respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply would not reasonably be expected to have a Material Adverse Effect.
Each Receivable, together with the Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to truth in lending, fair credit billing, fair
credit reporting, equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or regulation, except where such contravention or violation would not reasonably be expected
to have a Material Adverse Effect. 
 (r) Compliance with Credit and Collection Policy. Originator has complied in all material
respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any material change in or material amendment to such Credit and Collection Policy, except such change or amendment as to which
Buyer (and the Administrative Agent pursuant to the terms of the Purchase Agreement) has been notified and any necessary consents have been obtained in accordance with Section 4.1(a)(vii). 

(s) Payments to Originator. With respect to each Receivable transferred to MPC LP under the Transfer Agreement or to Buyer hereunder,
the purchase price paid therefor constitutes reasonably equivalent value in consideration therefor and no such transfer was made for or on account of an antecedent debt. No transfer by Marathon Canada of any Receivable under the Transfer Agreement
or by Originator of any Receivable hereunder is or may be voidable as a fraudulent transfer under Section 547 of the Federal Bankruptcy Code or a voidable preference under Section 548 of the Federal Bankruptcy Code. 

(t) Enforceability of Contracts. Each Contract with respect to each Receivable is effective to create, and has created, a legal, valid
and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such enforcement may be
limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or
at law). 

  
 - 11 - 

 (u) Eligible Receivables. Each Receivable included in the Net Receivables Balance as an
Eligible Receivables on the date of its Purchase hereunder was an Eligible Receivable on such date. 
 (v) Accounting. Originator
treats the transactions contemplated by this Agreement as sales and/or capital contributions for all purposes, including, without limitation, accounting purposes; provided, however, that the consolidated financial statements of
Marathon and Buyer are prepared in accordance with GAAP and, as a result of the consolidation required by GAAP, the transfers shall be reflected as a financing by Marathon in its consolidated financial statements, and, in respect of financial
statements that are prepared on or after the date of this Agreement, (i) Marathon has made appropriate notations in any such consolidated financial statements (or in the accompanying notes) to indicate that Buyer is a separate legal entity from
Marathon and to indicate that the assets and credit of Buyer are not available to satisfy the debts and obligations of Marathon and (ii) Originator has listed the assets of Buyer separately on any balance sheet of Originator prepared on a
standalone basis. 
 (w) No Termination Event. No event has occurred and is continuing that constitutes a Termination Event or a
Potential Termination Event. 
 (x) Identification of Receivables. Originator identifies the Receivables sold or contributed (or
purported to be sold or contributed) to Buyer hereunder and which are included in the Net Receivables Balance on its books and records (including, without limitation, its master data processing records) as having been sold or contributed, as
applicable, to the Buyer. 
 (y) Solvency. After giving effect to each sale or contribution of Receivables hereunder, Originator
(i) is not “insolvent” (as such term is defined in the Federal Bankruptcy Code), (ii) is able to pay its debts as they become due and (iii) does not have unreasonably small capital for the business in which it is engaged or
for any business or transaction in which it reasonably expects to engage. 
 (z) Taxes. Each of Originator and its Subsidiaries has
filed or caused to be filed all Tax returns and reports required to have been filed by it and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes or the filing of Tax returns or reports that are being
contested in good faith by appropriate proceedings and for which Originator or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so would not reasonably be expected to
result in a Material Adverse Effect. Originator has paid when due any taxes payable by Originator in connection with the Receivables. 
 (aa)
ERISA. No ERISA Event has occurred or is reasonably expected to occur that would reasonably be expected to result in a Material Adverse Effect. 

(bb) OFAC. Originator and each of its Subsidiaries is and will be in compliance, in all material respects, with (i) the Trading
with the Enemy Act and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any 

  
 - 12 - 

 
other enabling legislation or executive order relating thereto, and (ii) the PATRIOT Act. None of the Originator nor any of its Subsidiaries nor, to the knowledge of the Originator, any
director, officer, agent, employee or Affiliate of the Originator or any of its respective Subsidiaries, is currently subject to any U.S. sanctions administered by OFAC that would, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect. No part of the proceeds of the sales made hereunder will be used, directly or indirectly, or otherwise made available (A) for any payments to any officer or employee of a Governmental Authority, or any Person
controlled by a Governmental Authority, or any political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper
advantage, in violation of the United States Foreign Corrupt Practices Act of 1977 or (B) to any Person for the purpose of financing the activities of any Person currently subject to any United States sanctions administered by OFAC. 

ARTICLE III 
 CONDITIONS OF
PURCHASE 
 SECTION 3.1 Conditions Precedent to Initial Purchase. The parties hereto acknowledge and agree that the initial
Purchase hereunder shall occur upon satisfaction of each of the following conditions precedent: (a) Buyer shall have received on or before the date of such Purchase those documents listed on Schedule A-I, (b) all of the conditions
to the initial Credit Event under the Purchase Agreement have been satisfied or waived in accordance with the terms thereof and (c) Originator shall have marked its books and records with a legend satisfactory to Buyer (and the Administrative
Agent, pursuant to the terms of the Purchase Agreement) identifying Buyer’s ownership interest in the Receivables, Related Security and Collections. 

SECTION 3.2 Conditions Precedent to Purchases. Buyer’s obligation to pay for Receivables coming into existence after the
Initial Cutoff Date shall be subject to the satisfaction of further conditions precedent that (a) the Administrative Agent, pursuant to the terms of the Purchase Agreement, shall have received all reports as and when due thereunder; and
(b) on the date of each Purchase, the following statements shall be true (and acceptance of the proceeds of any payment for such Receivable shall be deemed a representation and warranty by Originator that such statements are then true): 

(a) the representations and warranties set forth in Article II shall be true and correct in all material respects (except that the
materiality standard in this clause (a) shall not apply to any such representation or warranty that is expressly qualified by a materiality standard or contains any carve-out or exception based on the absence of a Material Adverse Effect by its
express terms) on and as of the date of such Purchase (unless such representation and warranty refers to an earlier date, in which case such representation or warranty shall be true and correct in all material respects on and as of such earlier
date); 
 (b) no event has occurred and is continuing, or would result from such Purchase, that constitutes a Termination Event or a
Potential Termination Event; and 
 (c) the Facility Termination Date has not occurred. 

  
 - 13 - 

 Notwithstanding the foregoing conditions precedent, upon payment of the Purchase Price for any
Receivable (whether by payment of cash, through proceeds of Subordinated Loans, by offset of amounts owed to Buyer and/or through capital contributions), title to such Receivable and the Related Security and Collections with respect thereto shall
vest in Buyer, whether or not the conditions precedent to Buyer’s obligation to pay for such Receivable were in fact satisfied. The failure of Originator to satisfy any of the foregoing conditions precedent, however, shall give rise to a right
of Buyer to rescind the related Purchase and direct Originator to pay to Buyer an amount equal to the Purchase Price payment made with respect to any Receivables related thereto. 

SECTION 3.3 Conditions Precedent to Amendment and Restatement of Amended and Restated RSA. The effectiveness of the amendment and
restatement of the Amended and Restated RSA as set forth in this Agreement is subject to the conditions precedent that Buyer shall have received those documents listed on Schedule A-II. 

ARTICLE IV 
 COVENANTS 

SECTION 4.1 Affirmative Covenants of Originator. Until the Final Payout Date, Originator hereby covenants as set forth below: 

(a) Financial Reporting. Originator will maintain, or cause to be maintained, for itself and each of its Subsidiaries, a system of
accounting established and administered in accordance with GAAP, and furnish or cause to be furnished to Buyer (and its assigns): 

(i) Annual Reporting. Within ninety (90) days after the end of each fiscal year of Marathon, its audited
consolidated balance sheet and related statements of income, comprehensive income, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year,
all reported on by PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope
of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of Marathon and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied (provided, that the requirements of this Section 4.1 (a)(i) with respect to the delivery of financial statements shall be deemed satisfied by publicly filing Marathon’s Form 10-K for such Fiscal
Year with the SEC, and such financial statements shall be deemed to have been delivered to each Managing Agent and the Administrative Agent under this Section 4.1(a)(i) on the date such Form 10-K has been posted on the SEC website
accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto). 
 (ii)
Quarterly Reporting. Within forty-five (45) days after the end of the first three (3) quarterly periods of each fiscal year of Marathon, its unaudited consolidated balance sheet and related statements of income, comprehensive
income, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed 

  
 - 14 - 

 
portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the
previous fiscal year, all certified by one of its financial officers as presenting fairly, in all material respects, the financial condition and results of operations of Marathon and its consolidated Subsidiaries on a consolidated basis in
accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes (provided, that the requirements of this Section 4.1(a)(ii) with respect to the delivery of financial statements
shall be deemed satisfied by publicly filing Marathon’s Form 10-Q for such fiscal quarter with the SEC, and such financial statements shall be deemed to have been delivered to each Managing Agent the Administrative Agent under this
Section 4.1(a)(ii) on the date such Form 10-Q has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto). 

(iii) [Reserved]. 

(iv) Shareholders Statements and Reports and SEC Filings. Promptly after the same become publicly available, copies of
all periodic and other reports, proxy statements and other materials filed by Marathon with the SEC, or distributed by Marathon to its shareholders generally, as the case may be (provided, that the requirements of this clause (iv) shall
be deemed satisfied by publicly filing such documents with the SEC, and such documents shall be deemed to have been delivered to the Administrative Agent under this clause (iv) on the date such documents have been posted on the SEC website
accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto). 
 (v)
[Reserved]. 
 (vi) Copies of Notices. Promptly upon its receipt of any notice, request for consent, certification,
report or other communication under or pursuant to any Transaction Document from any Person other than the Administrative Agent, any L/C Issuer, any Managing Agent or any other Purchaser, copies of the same. 

(vii) Change in Credit and Collection Policy. At least thirty (30) days prior to the effectiveness of any material
change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment would be
reasonably likely to adversely affect the collectability of the Receivables generally or any material portion of the Receivables or decrease the credit quality of any newly created Receivables generally or any material portion of the Receivables,
requesting Buyer’s consent thereto. 
 (viii) Other Information. Promptly, from time to time, such other
information, documents, Records or reports relating to the Receivables or Originator’s condition or operations, financial or otherwise, as Buyer (or its assigns) may from time to time reasonably request in order to protect the interests of
Buyer (and its assigns) under or as contemplated by this Agreement or by the Purchase Agreement. 

  
 - 15 - 

 (b) Notices. Originator will notify Buyer and the Administrative Agent in writing of any
of the following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 

(i) Termination Events or Potential Termination Events. The occurrence of each Termination Event and each Potential
Termination Event, in each case of which any Authorized Officer of Originator obtains knowledge, and a statement of an Authorized Officer of Originator describing the nature of such occurrence and the actions, if any, being taken or to be taken in
connection therewith. 
 (ii) Judgment and Proceedings. (1) The entry of any judgment or decree against Originator or any of its
respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against Originator and its Subsidiaries exceeds $100,000,000 after deducting (a) the amount with respect to which Originator or any such Subsidiary is
insured and with respect to which the insurer has assumed responsibility in writing, and (b) the amount for which Originator or any such Originator is otherwise indemnified, and (2) the institution of any litigation, arbitration proceeding
or governmental proceeding against Originator as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect. 
 (iii) Material Adverse Effect. The occurrence of any event or condition that has had, or would reasonably be expected to
have, a Material Adverse Effect. 
 (iv) Termination Date; Draw on Letter of Credit. The occurrence of the Termination Date hereunder,
the “Termination Date” under and as defined in the Transfer Agreement, or any draw on a Letter of Credit. 
 (v) Defaults Under
Other Agreements. The occurrence of an event of default or an event that with the passage of time or giving of notice would give rise to a payment default or acceleration of indebtedness under any other financing arrangement (in respect of an
amount in excess of $100,000,000) pursuant to which Originator is a debtor or an obligor. 
 (vi) Downgrade of Marathon. Any downgrade
in the rating of any Indebtedness of Marathon by S&P or by Moody’s, setting forth the Indebtedness affected and the nature of such change. 

(vii) Revolving Credit Agreement. Any amendment, restatement, waiver of the occurrence of an “Event of Default” under, or
replacement of the Revolving Credit Agreement, together with a copy of the same; provided, that the notice requirements of this Section 4.1(b)(vii) shall be deemed satisfied by publicly filing a special periodic report with the
SEC describing such an amendment, restatement, waiver of the occurrence of an “Event of Default” under, or replacement of the Revolving Credit Agreement, and such notice shall be deemed to have been delivered to the Administrative Agent
under this Section 4.1(b)(vii) on the date such special periodic report has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC thereto). 

  
 - 16 - 

 (c) Compliance with Laws and Preservation of Existence. Originator will comply in all
respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply would not reasonably be expected to have a Material Adverse Effect.
Originator will preserve and maintain its limited partnership existence, and its rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign limited partnership, in each
jurisdiction in which such qualification is necessary in view of its business and operations or the ownership of its properties; provided Originator shall not be required to so preserve and maintain such rights, franchises and privileges or
to remain so qualified if the failure to do so would not reasonably be expected to have a Material Adverse Effect. 
 (d) Audits.
Originator will furnish to Buyer (or its assigns) from time to time such information with respect to it and the Receivables as Buyer (or its assigns) may reasonably request. Originator will, from time to time during regular business hours as
requested by Buyer (or its assigns) upon reasonable notice and subject to any applicable restrictions or limitations on access to any facility or information that is classified or restricted by contract or by law, regulation or governmental
guidelines, and at the sole cost of Originator, permit Buyer (or its assigns) or their respective agents or representatives (i) to examine and make copies of and abstracts from all Records in the possession or under the control of Originator
relating to the Receivables and the Related Security, including, without limitation, the related Contracts, and (ii) to visit the offices and properties of Originator for the purpose of examining such materials described in clause
(i) above, and to discuss matters relating to Originator’s financial condition or the Receivables and the Related Security or any Person’s performance under any of the Transaction Documents or any Person’s performance under the
Contracts and, in each case, with any of the officers or employees of Originator having knowledge of such matters; provided, that at all times other than during the continuation of a Termination Event, Originator shall only be required to
permit one (1) such visit during any calendar year in the aggregate hereunder and under the Transfer Agreement and the Purchase Agreement and shall only be responsible for the cost of one (1) such visit during any calendar year whether
hereunder or under the Transfer Agreement or the Purchase Agreement; provided, further, that notwithstanding that no Termination Event is then continuing, if (x) a visit previously conducted during any calendar year produced audit
results that (A) were not reasonably satisfactory to Buyer (or its assigns), (B) were incomplete as a result of the failure of Originator to furnish information reasonably requested by Buyer (or its assigns) or (C) otherwise indicated
the existence of any circumstance reasonably warranting additional investigation or (y) Buyer (or its assigns) notifies Originator of the existence of any circumstance reasonably warranting additional investigation, then Originator shall permit
one (1) additional visit during such calendar year hereunder or under the Transfer Agreement or the Purchase Agreement (for a total of two (2) such visits in the aggregate hereunder and under the Transfer Agreement and the Purchase
Agreement during such calendar year). For the avoidance of doubt, the exercise of a visitation right hereunder shall count as an exercise of a visitation right for purposes of Section 4.1(d) of the Transfer Agreement or
Section 7.1(d) of the Purchase Agreement. Information obtained during the course of an audit conducted pursuant to this Section 4.1(d) shall be subject to the provisions of Section 7.4. 

  
 - 17 - 

 (e) Keeping and Marking of Books and Records. 

(i) Originator will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate
Records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, Records and other information reasonably necessary or advisable for the collection of all Receivables (including,
without limitation, Records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable). Originator will give Buyer (and its assigns) written notice of any material
change in the administrative and operating procedures referred to in the previous sentence. 
 (ii) Originator will on or prior to the date
hereof, mark its master data processing records and other books and records relating to the Receivables with a legend, acceptable to Buyer (and its assigns), describing Buyer’s ownership interests in such Receivables and further describing the
interests of the Administrative Agent (on behalf of the Administrative Agent, the Managing Agents and the Purchasers) under the Purchase Agreement. 

(f) Compliance with Contracts and Credit and Collection Policy. Originator will timely and fully (i) perform and comply with all
provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and (ii) comply in all respects with the Credit and Collection Policy in regard to each Receivable and the related Contract.

 (g) Ownership. Originator will take all necessary action to (i) vest legal and equitable title to the Receivables, the Related
Security and the Collections acquired under the Transfer Agreement (prior to giving effect to the sale and/or contribution thereof to Buyer hereunder) irrevocably in Originator, free and clear of any Adverse Claims (other than (a) Permitted
Liens and (b) Adverse Claims in favor of Buyer and the Administrative Agent (on behalf of the Purchasers)), including, without limitation, the filing of all financing statements or other similar instruments or documents necessary
under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Originator’s interest in such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of
Originator therein as Buyer (or its assigns) may reasonably request, and (ii) vest legal and equitable title to the Receivables, the Related Security and the Collections, irrevocably in Buyer, free and clear of any Adverse Claims (other than
(a) Permitted Liens and (b) Adverse Claims in favor of Buyer and the Administrative Agent (on behalf of the Purchasers)), including, without limitation, the filing of all financing statements or other similar
instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Buyer’s (and its assigns’) interest in such Receivables, Related Security and Collections and such other action to
perfect, protect or more fully evidence the interest of Buyer (or its assigns) therein as Buyer (or its assigns) may reasonably request. 

(h) Purchasers’ Reliance. Originator acknowledges that the Administrative Agent, the Managing Agents and the Purchasers are
entering into the transactions contemplated by the Purchase Agreement and the other Transaction Documents in reliance upon Buyer’s identity as a legal entity that is separate from any other Person. Therefore, from and after the date of
execution and delivery of this Agreement, Originator will take all reasonable steps, including, 

  
 - 18 - 

 
without limitation, all steps that Buyer (or its assigns) may from time to time reasonably request, to maintain Buyer’s identity as a separate legal entity and to make it manifest to third
parties that Buyer is an entity with assets and liabilities distinct from those of each Related Entity and not just a division of any Related Entity. Without limiting the generality of the foregoing and in addition to the other covenants set forth
herein, Originator will: 
 (i) not hold itself out to third parties as liable for the debts of Buyer nor purport to own the
Receivables and other assets acquired by Buyer, and 
 (ii) take all other actions necessary on its part to ensure that Buyer
is at all times in compliance with the covenants set forth in Section 7.1(i) of the Purchase Agreement. 
 (i)
Collections. Originator will, and will cause Marathon Canada to, (1) direct all Obligors to remit Collections directly to a Lock-Box or Collection Account, (2) cause all proceeds from all Lock­ Boxes to be directly deposited by
a Collection Bank into a Collection Account and (3) cause each Lock­Box and Collection Account to be subject at all times to a Collection Account Agreement that is in full force and effect. In the event any payments relating to Receivables
are remitted directly to Originator or any Affiliate thereof, Originator will remit (or will cause all such payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within two (2) Business Days following
receipt thereof, and, at all times prior to such remittance, Originator will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of Buyer and its assigns. Originator shall not grant the right to take
dominion and control of any Lock-Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except to Buyer (or its assigns) as contemplated by this Agreement and the Purchase Agreement. Originator shall take
all steps necessary to ensure that the Administrative Agent (as Buyer’s assignee) has “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) over each Collection Account and Lock-Box. 

(j) Taxes. Originator will, and will cause each of its Subsidiaries to, pay its Tax liabilities and other governmental obligations
which, if unpaid, would reasonably be expected to result in an Adverse Claim upon any property of Originator or such Subsidiary before the same shall become delinquent or in default, except to the extent that (a) the validity or amount thereof
is being contested in good faith by appropriate proceedings and Originator or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (b) the failure to make such payment would not reasonably
be expected to result in a Material Adverse Effect. Originator will file all Tax returns and reports required by law to be filed by it and will promptly pay all Taxes and other governmental charges at any time owing. 

(k) Accounting. Originator shall treat the transactions contemplated hereby as a sale and/or capital contribution, for all purposes,
including, without limitation, accounting purposes, notwithstanding the fact that the consolidated financial statements of Marathon and Buyer shall be prepared in accordance with GAAP and, as a result of the consolidation required by GAAP, the
transfers will be reflected as a financing by Marathon in its consolidated financial statements, and Originator agrees that (i) appropriate notations shall be made in any such consolidated financial statements (or in the accompanying notes) to
indicate that Buyer is a separate legal 

  
 - 19 - 

 
entity from Marathon and its Affiliates (other than Buyer) and to indicate that the assets and credit of Buyer are not available to satisfy the debts and obligations of Marathon and its
Affiliates (other than Buyer) and (ii) the assets of Buyer shall be listed separately on any balance sheet of Originator prepared on a standalone basis. 

(l) Insurance. Originator will maintain in effect, or cause to be maintained in effect, at Originator’s own expense, such casualty
and liability insurance as Originator shall deem appropriate in its good faith business judgment. 
 (m) Payment to Marathon Canada.
With respect to any Receivable purchased by Originator from Marathon Canada, such sale shall be effected under, and in compliance with the terms of, the Transfer Agreement, including, without limitation, the terms relating to the
amount and timing of payments to be made to Marathon Canada in respect of the purchase price for such Receivable. 
 (n) Performance and
Enforcement of Transfer Agreement. Originator will, and will require Marathon Canada to, perform each of their respective obligations and undertakings under and pursuant to the Transfer Agreement, will acquire Receivables thereunder in
compliance with the terms thereof and will enforce the rights and remedies accorded to MPC LP and to Buyer (by assignment from MPC LP hereunder) under the Transfer Agreement. Originator will take all actions to perfect and enforce its rights and
interests (and the rights and interests of Buyer and the Administrative Agent, the Managing Agents and the Purchasers as assignees of Buyer) under the Transfer Agreement as Buyer or the Administrative Agent or any Managing Agent may from time to
time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Transfer Agreement. 

SECTION 4.2 Negative Covenants of Originator. Until the Final Payout Date, Originator hereby covenants that: 

(a) Name Change, Offices and Records. Originator will not make any change to its name (within the meaning of Sections 9-503 and 9-507(c)
of any applicable enactment of the UCC), type or jurisdiction of organization, become a “new debtor” (as defined in Section 9-102(a)(56) of any applicable enactment of the UCC) with respect to a currently effective security agreement
previously entered into by any other Person, change its “location” (within the meaning of Section 9-307 of any applicable enactment of the UCC) or change the location where the majority of its books and Records are maintained unless,
at least forty-five (45) days prior to the effective date of any such name change, change in type or jurisdiction of organization, or change in location of its books and records, Originator notifies the Buyer and the Administrative Agent and
(except with respect to a change of location of books and records) delivers to the Buyer and the Administrative Agent (i) such financing statements (Forms UCC-1 and UCC-3) as the Buyer or the Administrative Agent may reasonably request to
reflect such name change or change in type or jurisdiction of organization, (ii) if the Buyer or the Administrative Agent shall so request, an opinion of counsel, in form and substance satisfactory to the Buyer and the Administrative Agent, as
to Originator’s valid existence and good standing and the perfection and priority of the Buyer’s ownership or security interest in the Receivables, the Related Security and Collections, and (iii) such other documents and instruments
as the Buyer or the 

  
 - 20 - 

 
Administrative Agent may reasonably request in connection therewith, and has taken all other steps to ensure that the Buyer and the Administrative Agent, for the benefit of itself and the
Purchasers, continues to have a first priority, perfected ownership or security interest in the Receivables, the Related Security related thereto and any Collections thereon. 

(b) Change in Payment Instructions to Obligors. Except as may be required by the Administrative Agent pursuant to Section 8.2(b) of
the Purchase Agreement, Originator will not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock-Box or Collection Account, unless Buyer (and its assigns) shall
have received, at least ten (10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection Account or
Lock-Box, an executed Collection Account Agreement with respect to the new Collection Account or Lock-Box; provided, however, that Originator may make changes in instructions to Obligors regarding payments without notice to Buyer (or
its assigns) if such new instructions require such Obligor to make payments to another existing Collection Account or Lock-Box. 
 (c)
Modifications to Contracts and Credit and Collection Policy. Originator will not make any change in or amendment to the Credit and Collection Policy that would be reasonably likely to adversely affect the collectibility of the Receivables or
decrease the credit quality of any newly created Receivables, except such change or amendment as to which Buyer (and the Administrative Agent) have been notified and any necessary consents have been obtained in accordance with
Section 4.1(a)(vii). Except as otherwise permitted in its capacity as Servicer pursuant to Section 8.2 of the Purchase Agreement, Originator will not extend, amend or otherwise modify the terms of any Receivable or any
Contract related thereto other than in accordance with the Credit and Collection Policy. 
 (d) Sales, Liens. Originator will not
sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim (other than Permitted Liens) upon (including, without limitation, the filing of any
financing statement) or with respect to, any Receivable, Related Security or Collections, or upon or with respect to any Contract under which any Receivable arises, or any Lock-Box or Collection Account, or assign any right to receive income with
respect thereto (other than, in each case, the creation of the interests therein in favor of Buyer provided for herein and in favor of the Administrative Agent (on behalf of itself, the Managing Agents and the Purchasers) provided for in the
Purchase Agreement), and Originator will defend the right, title and interest of Buyer (and the Administrative Agent (on behalf of itself, the Managing Agents and the Purchasers)) in, to and under any of the foregoing property, against all claims of
third parties claiming through or under Originator. Originator will not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar arrangement on any of its inventory or the financing or lease of
which gives rise to any Receivable. 
 (e) Collections. Originator will not deposit or otherwise credit, or cause or permit to be so
deposited or credited, to any Collection Account cash or cash proceeds other than Collections (except for amounts deposited in any Collection Account in error, so long as such amounts are removed from such Collection Account promptly upon the
identification thereof). Except as provided under Section 4.1(i) or as may be directed by the Administrative Agent, Originator will not, at any time, deposit or otherwise credit, or cause or permit to be so deposited or credited, any
Collections or proceeds thereof to any lock­box account or to any other account not covered by a Collection Account Agreement. 

  
 - 21 - 

 (f) Termination Date Determination. Originator will not designate the “Termination
Date” (as defined in the Transfer Agreement), or send any written notice to Marathon Canada in respect thereof, without the prior written consent of Buyer, the Administrative Agent and the Required Managing Agents, except with respect to the
occurrence of such Termination Date arising pursuant to Section 5.1(d) of the Transfer Agreement. 
 ARTICLE V 

TERMINATION EVENTS 

SECTION 5.1 Termination Events. The occurrence of any one or more of the following events shall constitute a “Termination
Event”: 
 (a)     (i) Originator shall fail to make any payment or deposit required hereunder when due and
such failure continues for three (3) Business Days; or 
 (ii) Originator shall fail to perform or observe any term, covenant or
agreement hereunder (other than as referred to in clause (i) of this paragraph (a) and paragraph (e)) and such failure shall continue for five (5) consecutive Business Days. 

(b) Any representation or warranty made by the Originator in this Agreement, any other Transaction Document or any amendment or modification
thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Transaction Document or any amendment or modification thereof or waiver thereunder shall prove to have
been incorrect in any material respect when made or deemed made (except that the materiality standard in this clause (b) shall not apply to any such representation or warranty that is expressly qualified by a materiality standard or contains
any carve-out or exception based on a Material Adverse Effect by its express terms). 
 (c) (i) Failure of Originator to make any
payment in excess of $1,000,000 in the aggregate (whether of principal, interest or fees) in respect of any Indebtedness in an aggregate principal amount exceeding $100,000,000, when and as the same shall become due and payable, and such failure
shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or (ii) any event or condition occurs that results in any Indebtedness of Originator in an aggregate principal
amount exceeding $100,000,000 becoming due prior to its scheduled maturity; provided, that this clause (ii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness or is voluntarily prepaid in full. 
 (d) (i) Originator shall generally not pay its debts as such debts
become due or shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors; (ii) any involuntary proceeding shall be instituted by or against Originator seeking to adjudicate it
bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts, or of a substantial part of its assets, under any law relating to bankruptcy, insolvency or
reorganization or relief of 

  
 - 22 - 

 
debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian, sequestrator, conservator or other similar official for it or any substantial part of
its property, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered or deemed entered by such court; (iii) Originator
shall (A) voluntarily commence any proceeding or file any petition seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts, or of a substantial part of its assets, under any
law relating to bankruptcy, insolvency or reorganization or relief of debtors, (B) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in subclause (ii) of this clause
(d), (C) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or other similar official for it or any substantial part of its property, or (D) file an answer admitting the material
allegations of a petition filed against it in any such proceeding or (iv) Originator shall take any limited liability company, limited partnership corporate action, as applicable, to authorize or for the purpose of effecting any of the actions
set forth in clauses (i), (ii) or (iii) above in this subsection (d). 
 (e) (i) A Change of Control shall occur;
(ii) Marathon shall cease to own, directly or indirectly, 100% of the equity interests of Buyer, MPC LP, Servicer (if Servicer is MPC LP or an Affiliate of Marathon) or Originator; or (iii) MPC LP shall cease to directly own 100% of the
equity interests of Buyer. 
 (f) One or more final judgments for the payment of money in an amount in excess of $100,000,000, individually
or in the aggregate, shall be entered against Originator on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for thirty
(30) consecutive days without a stay of execution. 
 (g) This Agreement or any other Transaction Document to which Originator is a
party shall terminate in whole or in part (except in accordance with its terms or with the consent of the parties thereto and, other than with respect to a Letter of Credit or Letter of Credit Application, the Administrative Agent), or shall cease
to be effective or to be the legally valid, binding and enforceable obligation of Originator, or Originator shall directly or indirectly contest in any manner such effectiveness, validity, binding nature or enforceability of this Agreement or any
other such Transaction Document, or Buyer shall cease to have a valid and perfected first priority ownership or security interest in the Receivables, the Related Security and the Collections with respect thereto and the Collection Accounts, free and
clear of any Adverse Claims (except for (a) any Adverse Claim created under this Agreement, under the Purchase Agreement or under the Transfer Agreement and (b) Permitted Liens). 

SECTION 5.2 Remedies. Upon the occurrence and during the continuation of a Termination Event, Buyer may take any of the following
actions: (i) declare the Termination Date to have occurred, whereupon the Termination Date shall forthwith occur, without demand, protest or further notice of any kind, all of which are hereby expressly waived by Originator; provided,
however, that upon the occurrence of a Termination Event described in Section 5.1(d), the Termination Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by
Originator and (ii) to the fullest extent permitted by applicable law, declare that the Default Fee shall accrue with respect to any 

  
 - 23 - 

 
amounts then due and owing by Originator to Buyer. The aforementioned rights and remedies shall be without limitation and shall be in addition to all other rights and remedies of Buyer and its
assigns otherwise available under any other provision of this Agreement or any other Transaction Document, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all rights and
remedies provided under the UCC in effect in any jurisdiction, all of which rights shall be cumulative. 
 ARTICLE VI 

INDEMNIFICATION 
 SECTION 6.1
Indemnities by Originator. Without limiting any other rights that Buyer or its assigns may have hereunder or under applicable law, Originator hereby agrees to indemnify (and pay promptly after demand to) Buyer and its assigns and their
respective assigns, successors, officers, directors, agents, employees and Affiliates (each an “Indemnified Party”) from and against any and all damages, losses, claims, taxes, liabilities, out-of-pocket costs, expenses and for all
other amounts payable, including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a
result of this Agreement or the acquisition, either directly or indirectly, by Buyer of an interest in the Receivables, Contracts or Related Security, excluding, however in all of the foregoing instances: 

(a) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts resulted from
gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification or material breach by such Indemnified Party of the express terms of the Transaction Documents; 

(b) Indemnified Amounts to the extent the same includes losses in respect of Receivables that are uncollectible on account of the insolvency,
bankruptcy or lack of creditworthiness of the related Obligor; or 
 (c) taxes imposed by the jurisdiction in which such Indemnified
Party’s principal executive office is located, on or measured by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the
acquisition by the Administrative Agent, for the benefit of the Purchasers and the L/C Issuers, of interests in the Receivables as a loan or loans made by the Purchasers to the Buyer secured by the Receivables, the Related Security, the Collections
and the Collection Accounts; 
 provided, however, that nothing contained in this sentence shall limit the liability of Originator or limit the
recourse of the Indemnified Parties to Originator for amounts otherwise specifically provided to be paid by Originator under the terms of this Agreement or any other Transaction Document. Without limiting the generality of the foregoing
indemnification, but subject to the exclusions set forth in clauses (a) through (c) above, Originator shall indemnify each Indemnified Party for Indemnified Amounts (including, without limitation, losses in respect of uncollectible
Receivables, regardless of whether reimbursement therefor would constitute recourse to Originator) relating to or resulting from: 

  
 - 24 - 

 (i) any representation or warranty made by Originator (or any officers of
Originator) under or in connection with this Agreement, any other Transaction Document or any other information or report delivered by Originator pursuant hereto or thereto that shall have been false or incorrect when made or deemed made; 

(ii) the failure by Originator, to comply with any applicable law, rule or regulation with respect to any Receivable or
Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of Originator to keep or perform any of its obligations, express or implied, with respect
to any Contract; 
 (iii) any failure of Originator to perform its duties, covenants or other obligations in accordance with
the provisions of this Agreement or any other Transaction Document; 
 (iv) any products liability, personal injury or damage
suit, or other similar claim arising out of or in connection with merchandise, insurance or services that are the subject of any Contract or any Receivable; 

(v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of
any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim
resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 

(vi) the commingling of Collections of Receivables at any time with other funds; 

(vii) any investigation, litigation or proceeding related to or arising from this Agreement or any other Transaction Document,
the transactions contemplated hereby or thereby, the use of the proceeds of any Purchase or any draw under a Letter of Credit, the ownership of the Receivables or any interest therein or any other investigation, litigation or proceeding relating to
Originator in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby or by any other Transaction Document; 

(viii) any inability to litigate any claim against any Obligor in respect of any Receivable as a result of such Obligor being
immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 

(ix) any Termination Event or Potential Termination Event described in Section 5.1(d); 

(x) (i) any failure to vest and maintain vested in Buyer, or to transfer to Buyer, legal and equitable title to, and
ownership of, any Receivable and the Related Security, Collection Accounts and the Collections with respect thereto, in each case, free and clear of any Adverse Claim (other than as created by the Transaction Documents), or any

  
 - 25 - 

 
failure of Buyer to give reasonably equivalent value to Originator hereunder in consideration of the transfer by Originator of any Receivable, or any attempt by any Person to void such transfer
under statutory provisions or common law or equitable action; or (ii) any failure of MPC LP to acquire and maintain legal and equitable title to, and ownership of any Receivable and the Related Security and Collections with respect thereto from
Marathon Canada, free and clear of any Adverse Claim (other than as created hereunder), or any failure of MPC LP to give reasonably equivalent value to Marathon Canada under the Transfer Agreement in consideration of the transfer by Marathon Canada
of any Receivable, or any attempt by any Person to void such transfer under statutory provisions or common law or equitable action; 

(xi) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under
the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivable, the Related Security and Collections with respect thereto, and the proceeds of any thereof, whether at the time of any Purchase or at any subsequent
time; 
 (xii) any action or omission (other than as expressly contemplated by this Agreement or any other Principal
Transaction Document) by Originator which reduces or impairs the rights of Buyer (or any of its assigns) with respect to any Receivable or the value of any such Receivable; 

(xiii) any attempt by any Person to void any Purchase hereunder under statutory provisions or common law or equitable action;

 (xiv) the failure of any Receivable included in the calculation of the Net Receivables Balance as an Eligible Receivable
to be an Eligible Receivable at the time so included; or 
 (xv) any Letter of Credit issued in connection herewith or the
use of the proceeds thereof by the applicable beneficiary or any affiliate, agent, employee or assignee thereof. THE FOREGOING INDEMNIFICATION SHALL APPLY WHETHER OR NOT SUCH LIABILITIES AND COSTS ARE IN ANY WAY OR TO ANY EXTENT, IN WHOLE OR IN
PART, CAUSED BY ANY NEGLIGENT ACT OR OMISSION OF ANY L/C ISSUER, ANY PURCHASER, THE ADMINISTRATIVE AGENT, ANY MANAGING AGENT OR THEIR RESPECTIVE AFFILIATES. 

(d) Other Costs and Expenses. Originator shall pay to Buyer on demand all reasonable costs and out-of-pocket expenses in
connection with the preparation, execution, delivery and administration of this Agreement, the transactions contemplated hereby and the other documents to be delivered hereunder, including, without limitation, reasonable fees of the rating agencies,
reasonable fees and out-of-pocket expenses of legal counsel to the Administrative Agent, the Managing Agents, the L/C Issuers and the Purchasers with respect thereto and with respect to advising the Administrative Agent, each Managing Agent, each
L/C Issuer and each Purchaser as to its respective rights and remedies hereunder and under the other Transaction Documents; provided, that in connection with the closing of the transactions contemplated hereby and the other Transaction
Documents, Originator shall only be obligated to 

  
 - 26 - 

 
reimburse the costs and expenses of one primary law firm serving as external counsel to the Administrative Agent, the Managing Agents, the L/C Issuers and the Purchasers and such special local
counsel as the Administrative Agent and the Managing Agents may deem necessary in connection therewith. Originator shall pay to the Administrative Agent, each Managing Agent, each L/C Issuer and each Purchaser on demand any and all costs and
expenses of the Administrative Agent, the Managing Agents, the L/C Issuers and the Purchasers, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement, the other Transaction Documents and the other
documents delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following a Termination Event. Anything herein to the contrary notwithstanding, in no
event shall Originator be required to reimburse the Buyer for the costs of collecting on Receivables purchased under this Agreement. 

ARTICLE VII 
 MISCELLANEOUS 

SECTION 7.1 Waivers and Amendments. 

(a) No failure or delay on the part of Buyer (or its assigns) in exercising any power, right or remedy under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative
and nonexclusive of any rights or remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 

(b) No provision of this Agreement may be amended, supplemented, modified or waived except in writing signed by Originator and Buyer and, to
the extent required under the Purchase Agreement, the Managing Agents. 
 SECTION 7.2 Notices. All communications and notices
provided for hereunder shall be in writing (including email, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on Schedule
B hereto or at such other address, facsimile or telecopy number or email address as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be effective
(i) if given by telecopy or electronic mail, upon the receipt thereof, (ii) if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (iii) if given
by any other means, when received at the address specified in this Section 7.2. 
 SECTION 7.3 Protection of Ownership
Interests of Buyer. 
 (a) Originator agrees that from time to time, at its expense, it shall promptly execute and deliver all
instruments and documents, and take all actions, that may be necessary or desirable, or that Buyer (or its assigns) may reasonably request, to perfect, protect or more fully evidence the interest of Buyer hereunder and the interests of the
Administrative Agent, the Managing Agents and the Purchasers, or to enable Buyer (or its assigns) to exercise and enforce 

  
 - 27 - 

 
their rights and remedies hereunder. Without limiting the foregoing, Originator shall, upon the request of Buyer (or its assigns), file such financing or continuation statements, or amendments
thereto or assignments thereof, and execute and file such other instruments and documents, that may be necessary or desirable, or that Buyer (or its assigns) may reasonably request, to perfect, protect or evidence such interests. At any time after
the occurrence of the Amortization Date, Buyer (or its assigns) may or shall, at the written direction of the Required Managing Agents, direct Originator to notify the Obligors of Receivables of the ownership interests of Buyer under this Agreement
and may also direct that payments of all amounts due or that become due under any or all Receivables be made directly to Buyer or its designee. 

(b) If Originator fails to perform any of its obligations hereunder, Buyer (or its assigns) may (but shall not be required to)
perform, or cause performance of, such obligations, and Buyer’s (or such assigns’) costs and expenses incurred in connection therewith shall be payable by Originator as provided in Section 6.1(d). Originator irrevocably
authorizes Buyer (and its assigns) at any time and from time to time in the sole and absolute discretion of Buyer (or its assigns), and appoints Buyer (and its assigns) as its attorney-in-fact, to act on behalf of Originator (i) to authorize
and/or execute on behalf of Originator as debtor and to file financing or continuation statements necessary or desirable in Buyer’s (or its assigns’) sole and absolute discretion to perfect and to maintain the perfection and priority of
the interest of Buyer in the Receivables, the Related Security and the Collections and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables, the Related Security
and the Collections as a financing statement in such offices as Buyer (or its assigns) in its sole and absolute discretion deems necessary or desirable to perfect and to maintain the perfection and priority of Buyer’s interests in the
Receivables, the Related Security and the Collections. This appointment is coupled with an interest and is irrevocable. The Buyer agrees that it (and its assigns) shall not exercise the rights under the foregoing appointment except after the
occurrence and during the continuance of an Amortization Event. 
 SECTION 7.4 Confidentiality. 

(a) Buyer agrees (and any assignee of Buyer shall agree, by accepting any such assignment, to comply with this Section) to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to any Administrative Agent, Managing Agent, L/C Issuer or Purchaser and to its and their respective Affiliates’ directors,
officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) upon the request or demand of any regulatory authority having jurisdiction over such Buyer, Administrative Agent, Managing Agent, L/C Issuer or Purchaser, as applicable, or its Affiliates (in which case such
Person shall, except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, (i) promptly notify Originator in advance of such
disclosure, to the extent permitted by law, and (ii) so furnish only that portion of such information which the applicable Person is legally required to disclose), (c) to the extent required by any legal, judicial, administrative
proceeding or other process or otherwise as required by applicable laws or regulations or by any subpoena or similar legal process (in which case such Buyer, Administrative Agent, Managing Agent, L/C Issuer or Purchaser, as applicable, shall
(i)

  
 - 28 - 

 
promptly notify Originator in advance of such disclosure, to the extent permitted by law, and (ii) so furnish only that portion of such information which the applicable Person is legally
required to disclose), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder,
(f) subject to an agreement containing provisions no less restrictive than those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under the Purchase
Agreement, (g) to the rating agencies, any commercial paper dealer, providers of credit enhancement or liquidity to any Conduit Purchaser and any equity investor in any Conduit Purchasers, (h) to a nationally recognized statistical rating
organization in compliance with Rule 17g-5 under the Exchange Act (or to any other rating agency in compliance with any similar rule or regulation in any relevant jurisdiction), (i) with the consent of Originator, or (j) to the extent such
Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Managing Agent, any L/C Issuer or any Purchaser on a nonconfidential basis from a
source other than Originator or one of its Affiliates; provided, that (notwithstanding the foregoing) no such nonpublic information which contains projections or forecasts with respect to Originator or any of its Affiliates shall be
disclosed, disseminated or otherwise made available pursuant to clause (f) above. For the purposes of this Section, “Information” means all information received from Marathon or any of its Subsidiaries relating to Marathon or
any of its Affiliates (including, without limitation, MOC, to the extent MOC is an Affiliate of Marathon) or their business, other than any such information that is available to the Administrative Agent, any Managing Agent, any L/C Issuer or any
Purchaser on a nonconfidential basis prior to disclosure by Marathon or any of its Affiliates. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

(b) Each of Originator and Buyer (and each Managing Agent and each Purchaser) shall maintain and shall cause each of its directors, officers,
employees and agents to maintain the confidentiality of this Agreement and the other Transaction Documents and the other confidential or proprietary information with respect to the Administrative Agent, each Managing Agent, each L/C Issuer and each
Purchaser and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that Originator, Buyer, such Managing Agent, such L/C Issuer and such
Purchaser and its officers and employees may disclose such information to Originator’s, Buyer’s, such Managing Agent’s, such L/C Issuer’s and such Purchaser’s external accountants and attorneys and as required by any
applicable law or order of any judicial or administrative proceeding, and each Purchaser may disclose such information in accordance with the provisions of this Section. Anything herein to the contrary notwithstanding, each of Originator, Buyer,
each Purchaser, each Managing Agent, each L/C Issuer, the Administrative Agent, each Indemnified Party and any successor or assign of any of the foregoing (and each employee, representative or other agent of any of the foregoing) may disclose to any
and all Persons, without limitation of any kind, the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated herein and all materials of
any kind (including opinions or other tax analyses) that are or have been provided to any of the foregoing relating to such tax treatment or tax structure, and it is hereby confirmed that each of the foregoing have been so authorized since the
commencement of discussions regarding the transactions. 

  
 - 29 - 

 SECTION 7.5 Bankruptcy Petition. 

(a) Originator and Buyer each hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all
outstanding senior indebtedness of any Conduit Purchaser or, if applicable, any Related CP Issuer, it will not institute against, or join any other Person in instituting against, any Conduit Purchaser or any Related CP Issuer any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 

(b) Originator hereby covenants and agrees that, prior to the date that is one year and one day after the Final Payout Date, it shall not
institute against Buyer, or join any other Person in instituting against Buyer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the
United States. 
 SECTION 7.6 Limitation of Liability. No claim may be made by Originator or its Affiliates, directors,
officers, employees, attorneys or agents against the Administrative Agent or any Managing Agent, any Purchaser, any L/C Issuer, any Funding Sources or their respective Affiliates, directors, officers, employees, attorneys or agents for any special,
indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in
connection therewith; and Originator hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

SECTION 7.7 CHOICE OF LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES). 
 SECTION 7.8 CONSENT TO JURISDICTION. (a) ORIGINATOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A 

  
 - 30 - 

 
FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
AGREEMENT SHALL AFFECT ANY RIGHT THAT BUYER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ORIGINATOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(b) ORIGINATOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (a) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(c) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.2. NOTHING
IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

SECTION 7.9 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER. 
 SECTION 7.10 Integration; Binding Effect; Survival of Terms. 

(a) This Agreement and the Transaction Documents contain the final and complete integration of all prior expressions by the parties hereto with
respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 

(b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns
(including any trustee in bankruptcy). Originator may not assign any of its rights and obligations hereunder or any interest herein without the prior written consent of Buyer and the Managing Agents. Buyer may assign at any time its rights and
obligations hereunder and interests herein to any other Person without the consent of Originator. Without limiting the foregoing, Originator acknowledges that Buyer, pursuant to the Purchase Agreement, may assign as collateral security to the
Administrative Agent, for the benefit of the Purchasers, its rights, remedies, powers and privileges (but none of its obligations) hereunder and that the Administrative Agent may further 

  
 - 31 - 

 
assign such rights, remedies, powers and privileges to the extent permitted in the Purchase Agreement. Originator agrees that the Administrative Agent, as the collateral assignee of Buyer, shall,
subject to the terms of the Purchase Agreement, have the right to enforce this Agreement and to exercise directly all of Buyer’s rights and remedies under this Agreement (including, without limitation, the right to give or withhold any consents
or approvals of Buyer to be given or withheld hereunder) and Originator agrees to cooperate fully with the Administrative Agent in the exercise of such rights and remedies. This Agreement shall create and constitute the continuing obligations of the
parties hereto in accordance with its terms and shall remain in full force and effect until terminated in accordance with its terms; provided, however, that the rights and remedies with respect to (i) any breach of any
representation and warranty made by Originator pursuant to Article II; (ii) the indemnification and payment provisions of Article VI; and (iii) Sections 7.4, 7.5 and 7.6 shall be continuing and shall
survive any termination of this Agreement. 
 (c) Counterparts; Severability; Section References. This Agreement may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Delivery of an
executed counterpart of a signature page to this Agreement by facsimile or electronic mail in .pdf format shall be effective as delivery of a manually executed counterpart of this Agreement. Any provisions of this Agreement which are prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all references herein to “Article,” “Section,” “Schedule” or “Exhibit”
shall mean articles and sections of, and schedules and exhibits to, this Agreement. 
 SECTION 7.11 Subordination. Originator
shall have the right to receive, and Buyer shall make, any and all payments relating to any indebtedness, obligation or claim Originator may from time to time hold or otherwise have against Buyer or any assets or properties of Buyer, whether arising
hereunder or otherwise existing, provided that, after giving effect to any such payment, the aggregate Outstanding Balance of Receivables owned by Buyer at such time exceeds the sum of the Aggregate Unpaids under the Purchase Agreement.
Originator hereby agrees that at any time during which the condition set forth in the proviso of the immediately preceding sentence shall not be satisfied, Originator shall be subordinate in right of payment to the prior payment of any indebtedness
or obligation of Buyer owing to the Administrative Agent, any Managing Agent, any L/C Issuer or any Purchaser under the Purchase Agreement. 

SECTION 7.12 Amendment and Restatement. This Agreement amends, restates and supersedes in its entirety the Amended and Restated
RSA and shall not constitute a novation thereof. It is the intent of each of the parties hereto that all references to the Amended and Restated RSA in any Transaction Document to which such party is a party and which becomes or remains effective on
or after the date hereof shall be deemed to mean and be references to this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 - 32 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by
their duly authorized officers as of the date hereof. 
  

			
	 MPC TRADE RECEIVABLES COMPANY LLC,

as Buyer

		
	By: 	 	/s/ Timothy T. Griffith
	Name:	 	 Timothy T. Griffith 

	Title:	 	Vice President
	
	 MARATHON PETROLEUM COMPANY LP,
 as
Originator

		
	By:	 	MPC INVESTMENT LLC, its general partner
		
	By: 	 	/s/ Timothy T. Griffith
	Name:	 	 Timothy T. Griffith 

	Title:	 	Vice President of Finance and Treasurer

 Signature Page to Second Amended and Restated Receivables Sale Agreement 

 Exhibit I 

Definitions 
 As used in
this Agreement and the Exhibits, Schedules and Annexes thereto, capitalized terms have the meanings set forth in this Exhibit I (such meanings to be equally applicable to the singular and plural forms thereof). If a capitalized term is used in this
Agreement, or any Exhibit, Schedule or Annex thereto, and not otherwise defined therein or in this Exhibit I, such term shall have the meaning assigned thereto in the Purchase Agreement. 

“Administrative Agent” has the meaning set forth in the Preliminary Statements hereto. 

“Agreement” means this Second Amended and Restated Receivables Sale Agreement, dated as of December 18, 2011, by and
between Originator and Buyer, as the same may be further amended, restated, supplemented or otherwise modified from time to time. 

“Amended and Restated RSA” has the meaning set forth in the Preliminary Statements hereto. 

“Buyer” has the meaning set forth in the preamble to this Agreement. 

“Calculation Period” means each calendar month or portion thereof which elapses during the term of this Agreement. The first
Calculation Period shall commence on the date of the initial Purchase of Receivables hereunder and the final Calculation Period shall terminate on the Termination Date. 

“Collections” means, with respect to any Receivable, all cash collections and other cash proceeds in respect of such
Receivable, including, without limitation, all yield, principal, Finance Charges, recoveries or other related amounts accruing in respect thereof and all cash proceeds of Related Security with respect to such Receivable and any Originator Deemed
Collections. 
 “Default Fee” means a per annum rate of interest equal to the sum of (i) the Prime Rate, plus
(ii) 2% per annum. 
 “Discount Factor” means a percentage calculated to provide Buyer with a reasonable return
on its investment in the Receivables after taking account of (i) the time value of money based upon the anticipated dates of collection of the Receivables and the cost to Buyer of financing its investment in the Receivables during such period
and (ii) the risk of nonpayment by the Obligors. Originator and Buyer may agree from time to time to change the Discount Factor based on changes in one or more of the items affecting the calculation thereof, provided that any change to
the Discount Factor shall take effect as of the commencement of a Calculation Period, shall apply only prospectively and shall not affect the Purchase Price payment made prior to the Calculation Period during which Originator and Buyer agree to make
such change. 
 “Facility Termination Date” means the “Amortization Date” as defined in the Purchase
Agreement. 

 “Indemnified Amounts” has the meaning set forth in Section 6.1 of
this Agreement. 
 “Indemnified Party” has the meaning set forth in Section 6.1 of this Agreement. 

“Information” has the meaning set forth in Section 7.4(a) of this Agreement. 

“Initial Cutoff Date” has the meaning set forth in Section 1.1(a) of this Agreement. 

“Marathon Canada” has the meaning set forth in the Preliminary Statements hereto. 

“MPC LP” has the meaning set forth in the preamble hereto. 

“Net Worth” means as of the date of any Purchase, the remainder, if any, of (a) the Buyer’s total assets at such
time (including any assets to be acquired on such date), minus (b) the aggregate outstanding principal balance of the Subordinated Loans (including any Subordinated Loan proposed to be made on the date of determination). 

“Original RSA” has the meaning set forth in the Preliminary Statements hereto. 

“Originator” has the meaning set forth in the preamble hereto. 

“Originator Deemed Collections” means the aggregate of all amounts Originator shall have been deemed to have received as a
Collection of a Receivable. Originator shall be deemed to have received a Collection (i) if at any time the Outstanding Balance of any such Receivable is either (x) reduced as a result of any defective or rejected goods or services, any
discount or any adjustment or otherwise by Originator (other than cash Collections on account of the Receivables) or (y) reduced or canceled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the
same or a related transaction or an unrelated transaction), such Originator Deemed Collection being equal to the amount of such reduction, discount or other adjustment, (ii) if any of the representations or warranties in clauses (i), (j), (q),
(r), (s), (t), (u) and (z) of Section 2.1 hereof are not true with respect to any Receivable on the date of its purchase or contribution hereunder, in an amount equal to the Outstanding Balance of such Receivable or (iii) any
such Receivable is subject to an insurance claim pursuant to Section 1.7 hereof, in each case in an amount equal to the Outstanding Balance of such Receivable. 

“Potential Termination Event” means an event which, with the passage of time or the giving of notice, or both, would
constitute a Termination Event. 
 “Purchase” means each purchase pursuant to Section 1.1 of this Agreement by
Buyer from Originator of the Receivables and the Related Security and Collections related thereto, together with all related rights in connection therewith. 

“Purchase Agreement” has the meaning set forth in the Preliminary Statements hereto. 

  
 - 2 - 

 “Purchase Price” means, with respect to each Purchase, the aggregate price to be
paid by Buyer to Originator for such Purchase in accordance with Section 1.2 of this Agreement for the Receivables, Collections and Related Security being sold by Originator to Buyer, which price shall equal on any date (i) the
product of (x) the Outstanding Balance of such Receivables on such date, multiplied by (y) one minus the Discount Factor in effect on such date, minus (ii) any Purchase Price Credits to be credited against the Purchase Price otherwise
payable in accordance with Section 1.3 of this Agreement. 
 “Purchase Price Credit” has the meaning set forth
in Section 1.3 of this Agreement. 
 “Receivable” means, all indebtedness and other obligations, other than
Excluded Receivables, owed to Originator (at the time it arises or, in the case of indebtedness and other obligations acquired under the Transfer Agreement, at the time of acquisition thereof by Originator, and, in each case, before giving effect to
any transfer or conveyance under this Agreement) or in which Originator (at the time it arises or, in the case of indebtedness and other obligations acquired under the Transfer Agreement, at the time of acquisition thereof by Originator, and, in
each case, before giving effect to any transfer or conveyance under this Agreement) has a security interest or other interest, including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument
or general intangible, arising in connection with the sale of crude oil, condensate or refined petroleum products or the rendering of services in connection therewith by Originator or Marathon Canada, as applicable, and further includes, without
limitation, the obligation to pay any Finance Charges with respect thereto. Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by
an individual invoice, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other rights and obligations arising from any other transaction; provided, that any indebtedness, rights or obligations
referred to in the immediately preceding sentence shall be a Receivable regardless of whether the account debtor, Marathon Canada or Originator treats such indebtedness, rights or obligations as a separate payment obligation. 

“Related Security” means, with respect to any Receivable: 

(i) all of Originator’s interest in the inventory and goods (including returned or repossessed inventory or goods), if
any, the sale, financing or lease of which by Originator gave rise to such Receivable, and all insurance contracts with respect thereto, 

(ii) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment
of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and security agreements describing any collateral securing such Receivable, 

(iii) all guaranties, letters of credit, letter of credit rights, “supporting obligations” (within the meaning of
Section 9-102(a) of the UCC of all applicable jurisdictions), insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to
such Receivable or otherwise, 

  
 - 3 - 

 (iv) all service contracts and other contracts and agreements associated with
such Receivable, 
 (v) all Records related to such Receivable, 

(vi) all of Originator’s right, title and interest in and to each Lock-Box and each Collection Account and any and all
agreements related thereto, 
 (vii) all of Originator’s rights, remedies, powers and privileges (but none of its
obligations) under the Transfer Agreement in respect of such Receivable, including, without limitation, any security interests granted thereunder, and 

(viii) all proceeds of any of the foregoing. 

“Required Capital Amount” means, as of any date of determination, an amount equal to the product of 3% and the Net
Receivables Balance on such date. 
 “Settlement Date” means, with respect to each Calculation Period, the date that two
(2) Business Days after a Monthly Report is due. 
 “Subordinated Loan” means a subordinated revolving loan advanced
by Originator to Buyer and evidenced by, and payable in accordance with the terms and provisions of, the Subordinated Note. 

“Subordinated Note” means the promissory note in substantially the form of Exhibit II as more fully described in
Section 1.2, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Termination
Date” means the earliest to occur of (i) the Facility Termination Date, (ii) the Business Day immediately prior to the occurrence of a Termination Event set forth in Section 5.1(d), (iii) the Business Day
specified in a written notice from Buyer to Originator following the occurrence of any other Termination Event, (iv) the date which is five (5) Business Days after Buyer’s receipt of written notice from Originator that it wishes to
terminate the facility evidenced by this Agreement and (v) the “Termination Date” under and as defined in the Transfer Agreement. 

“Termination Event” has the meaning set forth in Section 5.1 of this Agreement. 

“Transaction Documents” means, collectively, this Agreement, the Transfer Agreement, each Letter of Credit, each Letter of
Credit Application, the Subordinated Note, each Collection Account Agreement and all other instruments, documents and agreements executed and delivered in connection herewith. 

“Transfer Agreement” has the meaning set forth in the Preliminary Statements hereto. 

  
 - 4 - 

 All accounting terms not specifically defined herein shall be construed in accordance with GAAP.
All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 

  
 - 5 - 

 Exhibit II 

Form of Subordinated Note 

SUBORDINATED NOTE 

December 18, 2013 
 1.
Note. FOR VALUE RECEIVED, the undersigned, MPC Trade Receivables Company LLC, a Delaware limited liability company (“SPV”), hereby unconditionally promises to pay to the order of Marathon Petroleum Company LP, a Delaware
limited partnership (“MPC LP” or “Originator”), in lawful money of the United States of America and in immediately available funds, on the first date which follows the Termination Date that is one year and one day
after the date on which (i) the Outstanding Balance of all Receivables sold under the “Sale Agreement” referred to below has been reduced to zero and (ii) Originator has paid to Buyer all indemnities, adjustments and other
amounts which may be owed thereunder in connection with any Purchase (the “Collection Date”), the aggregate unpaid principal sum outstanding of all “Subordinated Loans” made from time to time by Originator to SPV pursuant
to and in accordance with the terms of that certain Second Amended and Restated Receivables Sale Agreement dated as of December 18, 2013, by and between Originator and SPV (as amended, restated, supplemented or otherwise modified from time to
time, the “Sale Agreement”). Reference to the Sale Agreement, including, without limitation, Section 1.2 thereof, is hereby made for a statement of the terms and conditions under which the loans evidenced hereby have been and
will be made. All terms which are capitalized and used herein and which are not otherwise specifically defined herein shall have the meanings ascribed to such terms in the Sale Agreement. 

2. Interest. SPV further promises to pay interest on the outstanding unpaid principal amount hereof from the date hereof until payment
in full hereof at a rate equal to the Note Rate (as hereinafter defined); provided, however, that if SPV shall default in the payment of any principal hereof, SPV promises to pay, on demand, interest at a rate equal to the sum of the
Note Rate plus 2.00% per annum on any such unpaid amounts, from the date such payment is due to the date of actual payment. Interest shall be payable on the first Business Day of each month in arrears; provided, however, that SPV
may elect on the date any interest payment is due hereunder to defer such payment and upon such election the amount of interest due but unpaid on such date shall constitute principal under this Subordinated Note. The outstanding principal of any
loan made under this Subordinated Note shall be due and payable on the Collection Date and may be repaid or prepaid at any time without premium or penalty. As used herein, “Note Rate” means, with respect to any interest due hereunder for
any calendar month, the London Interbank Offered Rate (LIBOR Rate) for dollar deposits with a one (1) month term, as published by Bloomberg or if not so published by Bloomberg, then such rate as published by the Financial Times of London on the
first Business Day of such calendar month, plus 2.25% or such other rate as Originator and SPV may agree, as approved in writing by the Administrative Agent, from time to time. Interest shall be calculated on the basis of a year of 360 days
and paid for the actual number of days elapsed (including the first day but excluding the last day). 

  
 EXH. II - 1 

 3. Principal Payments. Originator is authorized and directed by SPV to enter on the grid
attached hereto, or, at its option, in its books and records, the date and amount of each loan made by it which is evidenced by this Subordinated Note and the amount of each payment of principal made by SPV, and absent manifest error, such entries
shall constitute prima facie evidence of the accuracy of the information so entered; provided that neither the failure of Originator to make any such entry or any error therein shall expand, limit or affect the obligations of SPY hereunder.

 4. Subordination. The indebtedness evidenced by this Subordinated Note is subordinated to the prior payment in full of all of
Aggregate Unpaids under (and as defined in) that certain Receivables Purchase Agreement dated as of December [•], 2013, by and among SPV, MPC LP, as Servicer, the entities from time to time party thereto as Conduit Purchasers, the entities from
time to time party thereto as Committed Purchasers, the entities from time to time party thereto as Managing Agents and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Administrative Agent (as amended, restated, supplemented or otherwise
modified from time to time, the “Purchase Agreement”). The subordination provisions contained herein are for the direct benefit of, and may be enforced by, the Administrative Agent and the Purchasers and/or any of their respective
permitted assignees (collectively, the “Senior Claimants”) under the Purchase Agreement. Until the date on which all “Capital” outstanding under the Purchase Agreement has been repaid in full and all other obligations of
SPV and/or the Servicer thereunder and under the “Fee Letter” referenced therein, including, without limitation, the Aggregate Unpaids (all such obligations, collectively, the “Senior Claim”) have been indefeasibly paid
and satisfied in full, Originator shall not exercise any remedy under this Subordinated Note or take any action or proceeding to enforce the same and shall not demand, accelerate, sue for, take, receive or accept from SPV, directly or indirectly, in
cash or other property or by set-off or any other manner (including, without limitation, from or by way of collateral) any payment or security of all or any of the indebtedness under this Subordinated Note or exercise any remedies or take any action
or proceeding to enforce the same; provided, however, that (i) Originator hereby agrees that it will not institute against SPV any proceeding of the type described in Section 5.1(d) of the Sale Agreement unless and
until the Collection Date has occurred and (ii) nothing in this paragraph shall restrict SPV from paying, or Originator from requesting, any payments under this Subordinated Note so long as SPV is not required under the Purchase Agreement to
set aside for the benefit of, or otherwise pay over to, the funds used for such payments to any of the Senior Claimants and further provided that the making of such payment would not otherwise violate the terms and provisions of the Purchase
Agreement. Should any payment, distribution or security or proceeds thereof be received by Originator in violation of the immediately preceding sentence, Originator agrees that such payment shall be segregated, received and held in trust for the
benefit of, and deemed to be the property of, and shall be immediately paid over and delivered to the Administrative Agent for the benefit of the Senior Claimants. 

5. Bankruptcy; Insolvency. Upon the occurrence of any proceeding of the type described in Section 5.1(d) of the Sale
Agreement involving SPV as debtor, then and in any such event the Senior Claimants shall receive payment in full of all amounts due or to become due on or in respect of Capital and the Senior Claim (including “CP Costs” and
“Yield” as defined and as accruing under the Purchase Agreement after the commencement of any such proceeding, whether or not any or all of such CP Costs or Yield is an allowable claim in any such

  
 EXH. II - 2 

 
proceeding) before Originator is entitled to receive payment on account of this Subordinated Note, and to that end, any payment or distribution of assets of SPV of any kind or character, whether
in cash, securities or other property, in any applicable insolvency proceeding, which would otherwise be payable to or deliverable upon or with respect to any or all indebtedness under this Subordinated Note, is hereby assigned to and shall be paid
or delivered by the Person making such payment or delivery (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Administrative Agent for application to, or as collateral for the payment of, the
Senior Claim until such Senior Claim shall have been paid in full and satisfied. 
 6. Amendments. This Subordinated Note shall not be
amended or modified except in accordance with Section 7.1 of the Sale Agreement. The terms of this Subordinated Note may not be amended or otherwise modified without the prior written consent of the Administrative Agent for the benefit
of the Purchasers. 
 7. GOVERNING LAW. THIS SUBORDINATED NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
SUBORDINATED NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPLES), BUT IF ANY PROVISION OF THIS SUBORDINATED NOTE SHALL BE PROHIBITED BY OR INVALID UNDER APPLICABLE LAW, SUCH PROVISION SHALL BE INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY, WITHOUT INVALIDATING THE
REMAINDER OF SUCH PROVISION OR THE REMAINING PROVISIONS OF THIS SUBORDINATED NOTE. 
 8. Waivers. All parties hereto, whether as
makers, endorsers, or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor. Originator additionally expressly waives all notice of the acceptance by any Senior Claimant of the subordination and other provisions
of this Subordinated Note and expressly waives reliance by any Senior Claimant upon the subordination and other provisions herein provided. 

9. Assignment. This Subordinated Note may not be assigned, pledged or otherwise transferred to any party other than Originator without
the prior written consent of the Administrative Agent, and any such attempted transfer shall be void. 
 [SIGNATURE PAGE FOLLOWS] 

  
 EXH. II - 3 

 
			
	MPC TRADE RECEIVABLES COMPANY LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXH. II - 4 

 Schedule 

to 
 SUBORDINATED NOTE 

SUBORDINATED LOANS AND PAYMENTS OF PRINCIPAL 
  

									
	 Date
	 	 Amount of

Subordinated
 Loan
	 	 Amount of

Principal
 Paid
	 	 Unpaid

Principal
 Balance
	 	 Notation made

by

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

  
 EXH. II - 5 

 Schedule A-I 

List of Documents to be Delivered to Buyer Prior to the Initial Purchase 

(see Schedule B to the Purchase Agreement) 

 Schedule A-II 

List of Documents to be Delivered to Buyer Prior to the Amendment and Restatement 

(see Schedule B to the Purchase Agreement) 

 Schedule B 

Notice Addresses 
 Originator: 

Marathon Petroleum Company LP 

539 South Main Street 
 Findlay,
Ohio 45840 
 Attention: Peter Gilgen 

Fax: (419) 421-3997 
 Email:
PGilgen@MarathonPetroleum.com 
 Buyer: 

MPC Trade Receivables LLC 
 539
South Main Street, Suite 1091-M 
 Findlay, Ohio 45840 

Attention: Peter Gilgen 
 Fax:
(419) 421-3997 
 Phone: (855) 623-9009 

Email: PGilgen@MarathonPetroleum.com 

 Schedule C 

Places of Business; Location(s) of Records; Federal Employer Identification Number 

 

			
	 Places of
Business/Chief Executive Offices Within
 Past Year:
	  	 539 S. Main
Street
 Findlay, Ohio 45840

	 	 
	Record Locations:	  	 539 S. Main Street

Findlay, Ohio 45840

	 	 
	Prior Names Within Past Year:	  	None.
	 	 
	 Changes in Organizational Structure Within Past

Year:
	  	None.
	 	 
	 Changes in Jurisdiction of Organization Within

Past Year:
	  	None.
	 	 
	Currently-Effective Security Agreements to which Originator has become a “New Debtor” Within Past Year:	  	None.

 Schedule D 

Lock-Boxes; Collection Accounts; Collection Banks 
  

							
	
Name of

Collection Bank
	  	 Address of

Collection Bank
	  	 Account Numbers of

Accounts (Type of Account)
	  	
PO Box Numbers of

Lock-Boxes

	 	 	 	 
	 PNC Bank, National

Association
	  	 155 East Broad Street

Columbus, OH 43215
	  	(Electronic Deposits)	  	N/A
	 	 	 	 
	 Bank of America,

N.A.
	  	 90 I Main Street

7th Floor
 Dallas, TX 75202
	  	 (ACH Depository & Lockbox)

 
 (AIR Lockbox- Checks)
	  	 
	 	 	 	 
	Fifth Third Bank	  	 38 Fountain Square

Plaza
 Cincinnati, OH 45202
	  	(Local Lockbox- Findlay)	  	 
	 	 	 	 
	 JPMorgan Chase

Bank, N.A.
	  	 1 Chase Manhattan Plaza

New York, NY I 0005
	  	(Electronic Deposits)	  	N/A
	 	 	 	 
	 JPMorgan Chase

Bank, N.A.
	  	 200 Bay Street

Royal Bank Plaza
 South Tower, Suite
1300
 Toronto, Ontario CA
	  	(Electronic Deposits)	  	N/AEX-10.10

 Exhibit 10.10 

INOGEN, INC. 
 AMENDED
AND RESTATED EMPLOYMENT AGREEMENT 
 This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and
effective as of October 1, 2013 (the “Effective Date”), by and between Inogen, Inc., a Delaware corporation (the “Company”), and Ray Huggenberger (the “Executive”). 

WITNESSETH: 
 WHEREAS, the
Company and Executive previously entered into an employment agreement, dated January 2, 2007, and amended by addendum dated September 23, 2008 (the “Original Agreement”). 

WHEREAS, the Company desires to amend and restate the Original Agreement embodying the terms of Executive’s employment from and after the
Effective Date, and Executive desires to enter into this Agreement make such amendments. 
 NOW, THEREFORE, in consideration of the promises
and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows: 

Section 1. Definitions. 

(a) “Accrued Obligations” shall mean (i) all accrued but unpaid Base Salary through the date of termination of
Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 7 below, (iii) any benefits provided under the Company’s employee benefit plans, and (iv) any benefits under policies
upon a termination of employment, in accordance with the terms contained therein, including, without limitation, rights with respect to accrued but unused vacation. 

(b) “Annual Bonus” shall have the meaning set forth in Section 4(b) below. 

(c) “Base Salary” shall mean the salary provided for in Section 4(a) below or any increased salary granted to Executive
pursuant to Section 4(a). 
 (d) “Board” shall mean the Board of Directors of the Company. 

(e) “Cause” shall mean (i) Executive’s conviction of any crime (A) constituting a felony or (B) that has,
or could reasonably be expected to result in, an adverse impact on the performance of Executive’s duties to the Company, or otherwise has, or could reasonably be expected to result in, an adverse impact to the business or reputation of the
Company; (ii) conduct of the Executive, in connection with his employment, that has, or could reasonably be expected to result in, material injury to the business or reputation of the Company, including, without limitation, act(s) of fraud,
embezzlement, misappropriation and breach of fiduciary duty; (iii) any material violation of the operating and ethics policies of the Company, including, but not limited to those relating to sexual harassment and the disclosure or misuse of
confidential information; (iv) willful 

 
neglect in the performance of Executive’s duties or willful or repeated failure or refusal to perform such duties; or (v) Executive’s breach of any material provision of this
Agreement, including, without limitation, any provision of Section 9. 
 (f) “Change of Control” shall mean, following
an IPO, the occurrence of any of the following events during the Post-IPO Period: 
 (i) A change in the ownership of the
Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than
fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than fifty percent
(50%) of the total voting power of the stock of the Company will not be considered a Change of Control; or 
 (ii) A
change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person
will not be considered a Change of Control; or 
 (iii) A change in the ownership of a substantial portion of the
Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total
gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the
following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a
transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of
which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the
total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of
the assets being disposed of, determined without regard to any liabilities associated with such assets. 
 For purposes of
this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

  
 -2- 

 Notwithstanding the foregoing, a transaction will not be deemed a Change of
Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service
guidance that has been promulgated or may be promulgated thereunder from time to time. 
 Further and for the avoidance of
doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company’s securities immediately before such transaction. 
 (g) “Change of
Control Period” shall mean, following an IPO, the period beginning on the date three (3) months prior to, and ending on the date that is twelve (12) months following, a Change of Control. 

(h) “Change of Control Severance Term” shall mean the thirty-six (36) months following Executive’s termination by
the Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason, provided such termination occurred within the Change of Control Period. 

(i) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(j) “Company” shall have the meaning set forth in the preamble hereto. 

(k) “Compensation Committee” shall mean the committee of the Board designated to make compensation decisions relating to
senior executive officers of the Company. Prior to any time that such a committee has been designated, the Board shall be deemed the Compensation Committee for purposes of this Agreement. 

(l) “Competitive Activities” shall mean any business activities in which the Company is engaged (or has committed plans to
engage) during the Term of Employment. 
 (m) “Confidential Information” shall mean confidential or proprietary trade
secrets, client lists, client identities and information, information regarding service providers, investment methodologies, marketing data or plans, sales plans, management organization information, operating policies or manuals, business plans or
operations or techniques, financial records or data, or other financial, commercial, business or technical information (i) relating to the Company, or (ii) that the Company may receive belonging to suppliers, customers or others who do
business with the Company, but shall exclude any information that is in the public domain or hereafter enters the public domain, in each case without the breach by Executive of Section 9(a) below. 

(n) “Developments” shall have the meaning set forth in Section 9(b) below. 

(o) “Disability” shall mean any physical or mental disability or infirmity that prevents the performance (with or without
reasonable accommodation) of Executive’s performance 

  
 -3- 

 
of the essential functions of Executive’s duties for a period of (i) ninety (90) consecutive days or (ii) one hundred twenty (120) non-consecutive days during any twelve
(12) month period. Any question as to the existence, extent or potentiality of Executive’s Disability upon which Executive and the Company cannot agree shall be determined by a qualified, independent physician selected by the Company and
approved by Executive (which approval shall not be unreasonably withheld). 
 (p) “Effective Date” shall have the meaning
set forth in the preamble hereto. 
 (q) “Executive” shall have the meaning set forth in the preamble hereto. 

(r) “Good Reason” shall mean, without Executive’s consent, (i) a substantial and material diminution in
Executive’s duties or responsibilities (which shall exclude any diminution in connection with the change in Executive’s position as contemplated in Section 3(a) hereof); (ii) a reduction in Base Salary or Annual Bonus opportunity
of 10% or more; or (iii) the failure of the Company to pay any compensation when due. 
 (s) “Interfering Activities”
shall mean directly or indirectly soliciting any individual employed by the Company, provided that the foregoing shall not be violated by general advertising not targeted at employees of the Company. 

(t) “MIP” shall have the meaning set forth in Section 4(b) below. 

(u) “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust (charitable or non-charitable), unincorporated organization or other form of business entity. 
 (v)
“Post-IPO Period” shall mean the period of time immediately following the occurrence of the effective date of the registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission in connection with an
initial public offering of the Company’s securities (an “IPO”). 
 (w) “Pre-IPO Period” shall mean
the period of time beginning on the Effective Date and ending upon the effective date of an IPO. 
 (x) “Release Expiration
Date” shall mean the date which is twenty-one (21) days following the date upon which the Company delivers Executive the release contemplated in Section 8(h) below, or, in the event that such termination of employment is “in
connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date which is forty-five (45) days following such delivery date. 

(y) “Restricted Area” shall mean any State of the United States of America or any other jurisdiction in which the Company
engages (or has committed plans to engage) in business during the Term of Employment. 

  
 -4- 

 (z) “Restricted Period” shall mean the period commencing on January 2, 2007
and extending to the nine (9) month anniversary of Executive’s termination of employment for any reason. 
 (aa)
“Severance Term” shall mean: 
 (i) During the Pre-IPO Period, the twelve (12) months following
Executive’s termination by the Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason, assuming no such termination had occurred. 

(ii) During the Post-IPO Period, the twenty-four (24) months following the Executive’s termination by the Company
without Cause (other than by reason of death or Disability) or by Executive for Good Reason, assuming no such termination had occurred. 

(bb) “Term of Employment” shall mean the period specified in Section 2 below. 

Section 2. Term of Employment. 

The Company agrees to employ Executive and Executive agrees to serve the Company on the terms and conditions set forth herein. The term of the
Executive’s employment hereunder shall continue until terminated as hereinafter specified in Section 8. 
 Section 3.
Position, Duties and Responsibilities; Place of Performance. 
 (a) During the Term of Employment, Executive shall serve as the Chief
Executive Officer of the Company, together with such other position or positions consistent with Executive’s title as the Board shall specify from time to time, and shall have such duties typically associated with such title. Executive also
shall serve as a member of the Company’s Board, and as an officer and/or director of any subsidiary of the Company, in each case, without additional compensation. 

(b) Executive shall devote his full business time, attention, skill and best efforts to the performance of his duties under this Agreement and
shall not engage in any other business or occupation during the Term of Employment that (x) conflicts with the interests of the Company, (y) interferes with the proper and efficient performance of his duties for the Company, or
(z) interferes with the exercise of his judgment in the Company’s best interests. Notwithstanding the foregoing, nothing herein shall preclude Executive from (i) serving, with the prior written consent of the Board, as a member of the
board of directors or advisory board (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing
his personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii) and (iii) shall be limited by Executive so as not to materially interfere, individually or in the aggregate, with the
performance of his duties and responsibilities hereunder. 
 (c) Executive’s principal place of employment shall be in Goleta,
California, although Executive understands and agrees that he may be required to travel from time to time for business reasons. 

  
 -5- 

 Section 4. Compensation. During the Term of Employment, Executive shall be entitled
to the following compensation: 
 (a) Base Salary. 

(i) Commencing as of the Effective Date and continuing during the Pre-IPO Period, Executive shall be paid an annualized Base
Salary, payable in accordance with the regular payroll practices of the Company, of $400,000, less applicable withholdings. 

(ii) During the Post-IPO Period, Executive shall be paid an annualized Base Salary, payable in accordance with the regularly
payroll practices of the Company, of not less than $440,000, less applicable withholdings. 
 The Base Salary shall be
subject to annual review by the Board or the Compensation Committee for increase, but not decrease, based on both Executive and Company performance. 

(b) Annual Bonus. 

(i) Executive is eligible for an annual performance bonus award (the “Annual Bonus”), determined pursuant to
the Company’s Management Incentive Plan (the “MIP”). Executive’s current year target Annual Bonus is 40% of Executive’s Base Salary (the “Bonus Target”) and is effective from January 1, 2013
through September 30, 2013. 
 (ii) Commencing as of the Effective Date and continuing during the Pre-IPO Period, the
Bonus Target shall equal 50% of Executive’s Base Salary. 
 (iii) During the Post-IPO Period, the Bonus Target shall
equal 60% of Executive’s Base Salary. 
 The actual Annual Bonus payable shall be between 0% and Executive’s Bonus Target, with
specific financial targets for the MIP which are mutually agreed upon between the Executive and the Board. To the extent that such targets are financial and quantifiable, such Annual Bonus is payable on a sliding scale mutually agreed upon between
the Executive and the Board. The Annual Bonus, or installments thereof, is earned as of the end of any applicable fiscal year and paid to Executive following the annual audit for such fiscal year at such time as annual bonuses are paid to other
senior executives of the Company. 
 (c) Liquidation Fee. In the event of a Change of Control, liquidation, dissolution, or winding
up on the Company occurring prior to an IPO (a “Deemed Liquidation Event”), as described in Section 4.2.2 of the Company’s Certificate of Incorporation, as amended and restated (the “Certificate”), which
is consummated during the term of this Agreement, the Company shall pay to Executive on the closing of such Deemed Liquidation Event a cash bonus (the “Liquidation Bonus”), in the same form or forms of payment and in the same
proportions paid by the purchaser(s) to the holders of the Company’s equity securities upon the transaction, whether such distribution is at closing or a delayed distribution pursuant to the application of any escrow, earn-out or other similar
arrangement. The Liquidation Bonus shall be calculated as follows: 
 (i) For a Deemed Liquidation Event in which the assets
or funds available for distribution to the holders of the Company’s capital stock following the payment of all expenses and indebtedness of the Company (the “Available Funds”) is less than or equal to $30,000,000, the
Liquidation Bonus shall be $100,000; and 
 (ii) For a Deemed Liquidation Event in which the aggregate Available Funds is
greater than $30,000,000, the Liquidation Fee shall be an amount equal to the greater of (A) $100,000 or (B) an amount equal to one percent (1%) of the difference between the Available Funds and $30,000,000. 

  
 -6- 

 Section 5. Executive Benefits. 

During the Term of Employment, Executive shall be entitled to participate in health, insurance, retirement and other benefits provided to
other senior executives of the Company, including the same number of holidays, sick days and other benefits as are generally allowed to senior executives of the Company in accordance with the Company policy in effect from time to time. Executive
also shall be entitled to four (4) weeks’ paid vacation per each 12 month period. Unused vacation may be carried over from year to year, but at no time can Executive accrue more than seven (7) weeks of unused vacation at any one time.
Once that limit is reached, Executive may not accrue any further vacation unless and until Executive has used some or all of his accrued vacation. 

Section 6. Key-Man Insurance. 

At any time during the Term of Employment, the Company shall have the right to insure the life of Executive for the sole benefit of the
Company, in such amounts, and with such terms, as it may determine. All premiums payable thereon shall be the obligation of the Company. Executive shall have no interest in any such policy, but agrees to cooperate with the Company in taking out such
insurance by submitting to physical examinations, supplying all information required by the insurance company, and executing all necessary documents, provided that no financial obligation is imposed on Executive by any such documents. 

Section 7. Payment and Reimbursement of Business Expenses. 

Executive is authorized to incur reasonable business expenses in carrying out his duties and responsibilities under this Agreement and the
Company shall pay, or if Executive shall have paid, shall promptly reimburse Executive for any and all such reasonable business expenses for business, entertainment, promotion, professional association dues and travel incurred by Executive in
connection with carrying out the business of the Company, subject to documentation in accordance with the Company’s policy, as in effect from time to time, and subject to the consent of the Board. 

  
 -7- 

 Section 8. Termination of Employment. 

(a) General. The Term of Employment shall terminate upon the earliest to occur of (i) Executive’s death, (ii) a
termination by reason of a Disability, (iii) a termination by the Company with or without Cause, or (iv) a termination by Executive with or without Good Reason. Upon any termination of Executive’s employment for any reason, except as
may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall resign from any and all directorships, committee memberships or any other positions Executive holds with the Company. The payment hereunder
of any deferred compensation (within the meaning of Section 409A of the Code) upon a termination of employment shall not be paid to Executive until such time as Executive has undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h). 
 (b) Termination due to Death or Disability. Executive’s employment
shall terminate automatically upon his death. The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Executive’s receipt of written notice of such
termination. In the event Executive’s employment is terminated due to his death or Disability, Executive or his estate or his beneficiaries, as the case may be, shall be entitled to: 

(i) The Accrued Obligations; 

(ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has ended prior to the date of such termination,
which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company; and 
 Following such termination of
Executive’s employment by the reason of death or Disability, except as set forth in this Section 8(b), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(c) Termination by the Company for Cause. 

(i) The Company may terminate Executive’s employment at any time for Cause, effective upon Executive’s receipt of
written notice of such termination; provided, however, that with respect to any termination for Cause which is described in clause (iv) or, to the extent capable of being cured, clause (v) of the definition of Cause set forth in
Section 1(e) above, Executive shall be given not less than ten (10) days written notice by the Board of the intention to terminate him for Cause, such notice to state in detail the particular act or acts or failure or failures to act that
constitute the grounds on which the proposed termination for Cause is based, and such termination shall be effective at the expiration of such ten (10) day notice period unless Executive has fully cured such acts or failure or failures to act
that give rise to Cause during such period. 
 (ii) In the event the Company terminates Executive’s employment for
Cause, he shall be entitled only to the Accrued Obligations. Following such termination of Executive’s employment for Cause, except as set forth in this Section 8(c)(ii), Executive shall have no further rights to any compensation or any
other benefits under this Agreement. 

  
 -8- 

 (d) Termination by the Company without Cause Unrelated to a Change of Control. The Company
may terminate Executive’s employment at any time without Cause, effective upon Executive’s receipt of written notice of such termination. In the event Executive’s employment is terminated by the Company without Cause (other than due
to death or Disability) outside of the Change of Control Period, Executive shall be entitled to: 
 (i) The Accrued
Obligations; 
 (ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has ended prior to the date of
such termination, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company; 

(iii) Continuation of payment of Base Salary during the Severance Term, payable in accordance with the Company’s regular
payroll practices, it being agreed that each installment of Base Salary payable hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code; and 

(iv) Continuation, during the period of time permitted under the Consolidated Omnibus Budget Reconciliation Act of 1986 (the
“COBRA Period”), of the medical benefits provided to Executive and his covered dependants under the Company’s health plans in effect as of the date of such termination, it being understood and agreed that Executive shall be
required to pay that portion of the cost of such medical benefits as Executive was required to pay (including through customary deductions from Executive’s paycheck) as of the date of Executive’s termination of employment with the Company.
Notwithstanding the foregoing, the Company’s obligation to provide such continuation of benefits shall terminate prior to the expiration of the COBRA Period in the event that Executive becomes eligible to receive any such or similar benefits
while employed by or providing service to, in any capacity, any other business or entity during the COBRA Period. 

Notwithstanding anything in this Section 8(d)(iv) to the contrary, if the Company determines, in its sole discretion, that
it cannot provide the foregoing benefit related to COBRA premiums without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act, the Patient
Protection and Affordable Car Act, and the Health Care and Education Reconciliation Act of 2010), the Company will in lieu thereof provide to Executive a taxable monthly payment, payable on the last day of a given month (except as provided by the
following sentence), in an amount equal to the portion of the monthly COBRA premium that Executive would be required to pay to continue the group health coverage for Executive and his eligible dependents at coverage levels in effect immediately
prior to Executive’s termination (which amount will equal the excess of the full monthly COBRA premium cost Executive would be required to pay and the monthly medical premium costs that Executive was required to pay as of immediately prior to
the date of Executive’s termination of employment with the Company), which payments will be made regardless of whether 

  
 -9- 

 
Executive or his eligible dependents elect COBRA continuation coverage on the first payroll date following Executive’s termination of employment (subject to any delay as may be required by
Section 13 of this Agreement) and will end on the earlier of (x) the date upon which Executive obtains other employment or (y) the end of the COBRA Period. For the avoidance of doubt, the taxable payments in lieu of COBRA subsidies
may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings. 

Notwithstanding the foregoing, the payments and benefits described in clauses (ii), (iii) and (iv) above shall immediately terminate, and the
Company shall have no further obligations to Executive with respect thereto, in the event that Executive breaches any provision of Section 9 hereof. Following such termination of Executive’s employment by the Company without Cause, except
as set forth in this Section 8(d), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(e) Termination by Executive with Good Reason Unrelated to a Change of Control. Executive may terminate his employment with Good Reason
by providing the Company thirty (30) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice, to be effective, must be provided to the Company within thirty (30) days
of the occurrence of such event. During such thirty (30) day notice period, the Company shall have a cure right (if curable), and if not cured within such period, Executive’s termination will be effective upon the expiration of such cure
period, and, if such termination occurs outside of the Change of Control Period, Executive shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination by the Company without Cause, subject to the same
conditions on payment and benefits as described in Section 8(d) above. Following such termination of Executive’s employment by Executive with Good Reason, except as set forth in this Section 8(e), Executive shall have no further
rights to any compensation or any other benefits under this Agreement. 
 (f) Termination by Company without Cause or by Executive with
Good Reason in Connection with a Change of Control. In the event Executive’s employment is terminated by the Company without Cause (other than due to death or Disability) or Executive terminates his employment with Good Reason (by providing
thirty (30) days written notice to the Company and with such cure period as described in subsection 8(e), above) during the Change of Control Period, Executive shall be entitled to the same payments and benefits as described in
Section 8(d) above, provided, however, that payment of Executive’s of Base Salary shall continue through the Change of Control Severance Term, rather than the Severance Term. Such continuing payments shall be payable in accordance with the
Company’s regular payroll practices, it being agreed that each installment of Base Salary payable hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code. Any payments previously made to Executive under
Section 8(d) or 8(e) above, shall offset the payments and benefits due to Executive under this Section 8(f), if any. 
 (g)
Termination by Executive without Good Reason. Executive may terminate his employment without Good Reason by providing the Company thirty (30) days’ written notice of such termination. In the event of a termination of employment by
Executive under this Section 8(g), Executive shall be entitled only to the Accrued Obligations. In the event of termination of 

  
 -10- 

 
Executive’s employment under this Section 8(g), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination and still have it treated as
a termination without Good Reason. Following such termination of Executive’s employment by Executive without Good Reason, except as set forth in this Section 8(g), Executive shall have no further rights to any compensation or any other
benefits under this Agreement. 
 (h) Release. Notwithstanding any provision herein to the contrary, the Company may require that,
prior to payment of any amount or provision of any benefit pursuant to subsection (d), (e), or (f) of this Section 8 (other than the Accrued Obligations), Executive shall have executed, on or prior to the Release Expiration Date, a
customary general release in favor of the Company in the form attached hereto as Exhibit A, and any waiting periods contained in such release shall have expired. To the extent that the Company requires execution of such release, the Company
shall deliver such release to Executive within ten (10) business days following the termination of Executive’s employment hereunder. In the event that Executive fails to execute such release on or prior to the Release Expiration Date,
Executive shall not be entitled to any payments or benefits pursuant to subsection (d), (e), or (f) of this Section 8 (other than the Accrued Obligations). Notwithstanding anything contained in this Section 8 to the contrary in
any case where the date of termination and the Release Expiration Date fall in two separate taxable years, any payments required to be made to Executive that are treated as deferred compensation for purposes of Section 409A of the Code shall be
made in the later taxable year. 
 Section 9. Restrictive Covenants. Executive acknowledges and agrees that (A) the
agreements and covenants contained in this Section 9 are (i) reasonable and valid in geographical and temporal scope and in all other respects, and (ii) essential to protect the value of the business and assets of the Company, and
(B) by his employment with the Company, Executive will obtain knowledge, contacts, know-how, training and experience and there is a substantial probability that such knowledge, know-how, contacts, training and experience could be used to the
substantial advantage of a competitor of the Company and to the substantial detriment of the Company. 
 (a) Confidential
Information. At any time during and after the end of the Term of Employment, without the prior written consent of the Board, except to the extent required by an order of a court having jurisdiction or under subpoena from an appropriate
government agency, in which event, Executive shall use his best efforts to consult with the Board prior to responding to any such order or subpoena, and except as required in the performance of his duties hereunder, Executive shall not disclose to
or use for the benefit of any third party any Confidential Information. 
 (b) Non-Competition. Executive covenants and agrees that
during the Term of Employment, Executive shall not, directly or indirectly, individually or jointly, own any interest in, operate, join, control or participate as a partner, director, principal, officer, or agent of, enter into the employment of,
act as a consultant to, or perform any services for any Person (other than the Company), that engages in any Competitive Activities within the Restricted Area. Notwithstanding anything herein to the contrary, this Section 9(b) shall not prevent
Executive from acquiring as an investment securities representing not more than three percent (3%) of the outstanding voting securities of any publicly-held corporation, or serving as a member of the boards of directors of other companies;
provided that such service does not create a conflict of interest with his employment with the Company. 

  
 -11- 

 (c) Non-Solicitation; Non-Interference. During the Restricted Period, Executive shall not,
directly or indirectly, for his own account or for the account of any other Person, engage in Interfering Activities. 
 (d) Return of
Documents. In the event of the termination of Executive’s employment for any reason, Executive shall deliver to the Company all of (i) the property of the Company, and (ii) the documents and data of any nature and in whatever
medium of the Company, and he shall not take with him any such property, documents or data or any reproduction thereof, or any documents containing or pertaining to any Confidential Information. 

(e) Works for Hire. Executive agrees that the Company shall own all right, title and interest throughout the world in and to any and
all inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets, whether or not patentable or registrable under copyright or similar laws, which Executive may solely or jointly conceive or develop or
reduce to practice, or cause to be conceived or developed or reduced to practice during the Term of Employment, whether or not during regular working hours, provided they either (i) relate at the time of conception or development to the actual
or demonstrably proposed business or research and development activities of the Company; (ii) result from or relate to any work performed for the Company; or (iii) are developed through the use of Confidential Information and/or Company
resources or in consultation with any personnel of the Company (collectively referred to as “Developments”). Executive hereby assigns all right, title and interest in and to any and all of these Developments to the Company.
Executive agrees to assist the Company, at the Company’s expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned. Executive hereby
irrevocably designates and appoints the Company and its agents as attorneys-in-fact to act for and on Executive’s behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of the foregoing with
the same legal force and effect as if executed by Executive. In addition, and not in contravention of any of the foregoing, Executive acknowledges that all original works of authorship which are made by him (solely or jointly with others) within the
scope of employment and which are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act (17 USC Sec. 101). To the extent allowed by law, this includes all rights of paternity,
integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights.” To the extent Executive retains any such moral rights under applicable law, Executive hereby waives such moral rights and
consents to any action consistent with the terms of this Agreement with respect to such moral rights, in each case, to the full extent of such applicable law. Executive will confirm any such waivers and consents from time to time as requested by the
Company. 
 (f) Blue Pencil. If any court of competent jurisdiction shall at any time deem the duration or the geographic scope of
any of the provisions of this Section 9 unenforceable, the other provisions of this Section 9 shall nevertheless stand and the duration and/or geographic scope set forth herein shall be deemed to be the longest period and/or greatest size
permissible by law under the circumstances, and the parties hereto agree that such court shall reduce the time period and/or geographic scope to permissible duration or size. 

  
 -12- 

 Section 10. Injunctive Relief. 

Without limiting the remedies available to the Company, Executive acknowledges that a breach of any of the covenants contained in
Section 9 hereof may result in material irreparable injury to the Company for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or
threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction, without the necessity of proving irreparable harm or injury as a result of such breach or threatened breach of
Section 9 hereof, restraining Executive from engaging in activities prohibited by Section 9 hereof or such other relief as may be required specifically to enforce any of the covenants in Section 9 hereof. 

Section 11. Taxes. 

The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment and
social insurance taxes, as shall be required by law. Executive acknowledges and represents that the Company has not provided any tax advice to him in connection with this Agreement and that he has been advised by the Company to seek tax advice from
his own tax advisors regarding this Agreement and payments that may be made to him pursuant to this Agreement, including specifically, the application of the provisions of Section 409A of the Code to such payments. 

Section 12. Set Off; Mitigation. 

The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall be subject to
set-off, counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates. Executive shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment or otherwise
and, except as provided in Section 8(d)(v) hereof, the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation earned as a result of Executive’s other employment or otherwise. 

Section 13. Section 409A. 

(a) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any,
pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Code (as defined below) Section 409A, and the final regulations and any guidance
promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A. 

  
 -13- 

 (b) Any severance payments or benefits under this Agreement that would be considered Deferred
Payments will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as
required by Section 13(c). Except as required by Section 13(c), any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for
the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments shall be made as provided in this Agreement. 

(c) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of
Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Payments that are payable within the first six (6) months following Executive’s separation from service, will become payable on the
first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment
schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month anniversary of the separation from service,
then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment
schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

(d) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of subsection (a) above. 

(e) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of subsection (a) above. 

(f) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and
benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider
amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 

(g) For purposes of this Agreement, “Section 409A Limit” will mean two (2) times the lesser of:
(i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of his or his separation from service as determined under
Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to
Section 401(a)(17) of the Code for the year in which Executive’s separation from service occurred. 

  
 -14- 

 Section 14. Successors and Assigns; No Third-Party Beneficiaries. 

(a) The Company. This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this
Agreement nor any of the rights, obligations or interests arising hereunder may be assigned by the Company without Executive’s prior written consent (which shall not be unreasonably withheld, delayed or conditioned), to a person or entity other
than an affiliate or parent entity of the Company, or their respective successors or assigns; provided, however, that, in the event of the merger, consolidation, transfer or sale of all or substantially all of the assets of the Company with
or to any other individual or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties and
obligations of the Company hereunder, it being agreed that in such circumstances, the consent of Executive shall not be required in connection therewith. 

(b) Executive. Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or
otherwise, without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s
devisee, legatee or other designee or, if there be no such designee, to Executive’s estate. 
 (c) No Third-Party Beneficiaries.
Except as otherwise set forth in Section 8(b) or Section 15(b) hereof, nothing expressed or referred to in this Agreement will be construed to give any person or entity other than the Company and Executive any legal or equitable right,
remedy or claim under or with respect to this Agreement or any provision of this Agreement. 
 Section 15. Waiver and
Amendments. 
 Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made in
writing and signed by each of the parties hereto; provided, however, that any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their
rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 

Section 16. Severability. 

If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of
competent jurisdiction: (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that
comes closest to expressing the intention of the invalid or unenforceable term or provision hereof. 

  
 -15- 

 Section 17. Governing Law and Jurisdiction. 

This Agreement is governed by and is to be construed under the laws of the State of California, without regard to conflict of laws rules. Any
dispute or claim arising out of or relating to this Agreement or claim of breach hereof (other than claims for injunctive relief, which shall be governed by Section 10 hereof) shall be brought exclusively in the Federal court in the State
of California. By execution of the Agreement, the parties hereto, and their respective affiliates, consent to the exclusive jurisdiction of such court, and waive any right to challenge jurisdiction or venue in such court with regard to any suit,
action, or proceeding under or in connection with the Agreement. Each party to this Agreement also hereby waives any right to trial by jury in connection with any suit, action or proceeding under or in connection with this Agreement. 

Section 18. Notices. 

(a) Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for
whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided that, unless and until some other address be so designated, all notices or
communications by Executive to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices or communications by the Company to Executive may be given to Executive personally or may be mailed to
Executive at Executive’s last known address, as reflected in the Company’s records. 
 (b) Any notice so addressed shall be deemed
to be given: (i) if delivered by hand, on the date of such delivery; (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing; and (iii) if mailed by registered or certified mail, on
the third business day after the date of such mailing. 
 Section 19. Section Headings. 

The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part
thereof, affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
 Section 20. Entire
Agreement. 
 This Agreement, together with any exhibits attached hereto, constitutes the entire understanding and agreement of the
parties hereto regarding the employment of Executive. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of this Agreement.

 Section 21. Survival of Operative Sections. 

Upon any termination of Executive’s employment, the provisions of Section 8 through Section 23 of this Agreement (together with
any related definitions set forth in Section 1 hereof) shall survive to the extent necessary to give effect to the provisions thereof. 

  
 -16- 

 Section 22. Limitation on Payments. 

In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute
“parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 22, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits will
be either: 
 (a) delivered in full, or 

(b) delivered as to such letter extent which would result in no portion of such severance benefits being subject to the excise tax under
Section 4999 of the Code, 
 whichever of the foregoing amounts, taking into account the applicable federal, state and local income
taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under
Section 4999 of the Code. If a reduction in the severance and other benefits constituting “parachute payments” is necessary so that no portion of such severance benefits is subject to the excise tax under Section 4999 of the
Code, the reduction shall occur in the following order: (1) reduction of the cash severance payments; (2) cancellation of accelerated vesting of equity awards; and (3) reduction of continued employee benefits. In the event that
acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s equity awards. Notwithstanding the foregoing, to the extent the
Company submits any payment or benefit payable to Executive under this Agreement or otherwise to the Company’s stockholders for approval in accordance with Treasury Regulation Section 1.280G-1 Q&A 7, the foregoing provisions shall not
apply following such submission and such payments and benefits will be treated in accordance with the results of such vote, except that any reduction in, or waiver of, such payments or benefits required by such vote will be applied without any
application of discretion by Executive and in the order prescribed by this Section 22. 
 Unless the Company and Executive otherwise
agree in writing, any determination required under this Section 22 will be made in writing by an independent firm (the “Firm”), whose determination will be conclusive and binding upon Executive and the Company for all purposes.
For purposes of making the calculations required by this Section 22, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of
Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section 22. The Company will bear all costs the
Firm may reasonably incur in connection with any calculations contemplated by this Section 22. 
 Section 23. Counterparts.

 This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature. 

  
 -17- 

 *    *    * 

[Signatures to appear on the following page.] 

  
 -18- 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

	
	COMPANY:
	
	Inogen, Inc.
	
	 /s/ Alison Bauerlein

	By: Alison Bauerlein
	Title: Chief Financial Officer
	
	EXECUTIVE:
	
	 /s/ Raymond Huggenberger

	Raymond Huggenberger

  
 -19- 

 EXHIBIT A 

FORM OF RELEASE 

 SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (“Agreement”) is made by and between [EMPLOYEE NAME] (“Employee”) and Inogen, Inc.
(the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”). 

RECITALS 
 WHEREAS,
Employee was employed by the Company; 
 WHEREAS, Employee signed an Amended and Restated Employment Agreement with the Company on [DATE]
(the “Employment Agreement”); 
 WHEREAS, the Company terminated Employee’s employment with the Company effective [DATE] (the
“Termination Date”); and 
 WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges,
actions, petitions, and demands that the Employee may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Employee’s employment with or
separation from the Company; 
 NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Employee hereby agree
as follows: 
 COVENANTS 

1. Consideration. 
 [PER
TERMS OF SECTION 8 OF EMPLOYMENT AGREEMENT] 
 2. Payment of Salary and Receipt of All Benefits. Employee acknowledges and represents
that, other than the consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement
costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee. 

3. Release of Claims. Employee agrees that the foregoing consideration represents settlement in full of all outstanding obligations
owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries,
and predecessor and successor corporations and assigns (collectively, the “Releasees”). Employee, on his/her own behalf and on behalf of his/her respective heirs, family members, executors, agents, and assigns, hereby and forever releases
the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or
unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement, including, without
limitation: 
 a. any and all claims relating to or arising from Employee’s employment relationship with the Company and the termination
of that relationship; 

  
 Page 1 of 8 

 b. any and all claims relating to, or arising from, Employee’s right to purchase, or actual
purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;

 c. any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment;
retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional
misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment;
conversion; and disability benefits; 
 d. any and all claims for violation of any federal, state, or municipal statute, including, but not
limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act;
the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the
Sarbanes-Oxley Act of 2002; the Immigration Control and Reform Act; the California Family Rights Act; the California Labor Code; the California Workers’ Compensation Act; and the California Fair Employment and Housing Act; 

e. any and all claims for violation of the federal or any state constitution; 

f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

g. any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any of the
proceeds received by Employee as a result of this Agreement; and 
 h. any and all claims for attorneys’ fees and costs. 

Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters
released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Employee’s right to file a charge with or
participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment,

  
 Page 2 of 8 

 
against the Company (with the understanding that any such filing or participation does not give Employee the right to recover any monetary damages against the Company; Employee’s release of
claims herein bars Employee from recovering such monetary relief from the Company). Notwithstanding the foregoing, Employee acknowledges that any and all disputed wage claims that are released herein shall be subject to binding arbitration in
accordance with Paragraph 15, except as required by applicable law. Employee represents that he/she has made no assignment or transfer of any right, claim, complaint, charge, duty, obligation, demand, cause of action, or other matter waived or
released by this Section. 
 4. Acknowledgment of Waiver of Claims under ADEA. [delete this entire paragraph if Employee is
UNDER 40]. Employee acknowledges that he/she is waiving and releasing any rights he/she may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Employee
agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given for this waiver and release is in addition to
anything of value to which Employee was already entitled. Employee further acknowledges that he/she has been advised by this writing that: (a) he/she should consult with an attorney prior to executing this Agreement; (b) he/she has
twenty-one (21) days within which to consider this Agreement; (c) he/she has seven (7) days following his/her execution of this Agreement to revoke this Agreement; (d) this Agreement shall not be effective until after the
revocation period has expired; and (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent,
penalties, or costs for doing so, unless specifically authorized by federal law. In the event Employee signs this Agreement and returns it to the Company in less than the 21-day period identified above, Employee hereby acknowledges that he/she has
freely and voluntarily chosen to waive the time period allotted for considering this Agreement. Employee acknowledges and understands that revocation must be accomplished by a written notification to the person executing this Agreement on the
Company’s behalf that is received prior to the Effective Date. The parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period. 

5. California Civil Code Section 1542. Employee acknowledges that he/she has been advised to consult with legal counsel and is
familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides as follows: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Employee, being aware of
said code section, agrees to expressly waive any rights he/she may have thereunder, as well as under any other statute or common law principles of similar effect. 

6. No Pending or Future Lawsuits. Employee represents that he/she has no lawsuits, claims, or actions pending in his/her name, or on
behalf of any other person or entity, against the Company or any of the other Releasees. Employee also represents that he/she does not intend to bring any claims on his/her own behalf or on behalf of any other person or entity against the Company or
any of the other Releasees. 

  
 Page 3 of 8 

 7. Application for Employment. Employee understands and agrees that, as a condition of
this Agreement, Employee shall not be entitled to any employment with the Company, and Employee hereby waives any right, or alleged right, of employment or re-employment with the Company. Employee further agrees not to apply for employment with the
Company and not otherwise pursue an independent contractor or vendor relationship with the Company. 
 8. Confidentiality. Employee
agrees to maintain in complete confidence the existence of this Agreement, the contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as “Separation Information”). Except as
required by law, Employee may disclose Separation Information only to his/her immediate family members, the Court in any proceedings to enforce the terms of this Agreement, Employee’s attorney(s), and Employee’s accountant and any
professional tax advisor to the extent that they need to know the Separation Information in order to provide advice on tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third parties.
Employee agrees that he/she will not publicize, directly or indirectly, any Separation Information. 
 9. Trade Secrets and Confidential
Information/Company Property. Employee reaffirms and agrees to observe and abide by the terms of the Employment Agreement, specifically including the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential
and proprietary information, and nonsolicitation of Company employees. Employee’s signature below constitutes his/her certification under penalty of perjury that he/she has returned all documents and other items provided to Employee by the
Company, developed or obtained by Employee in connection with his/her employment with the Company, or otherwise belonging to the Company. 

10. No Cooperation. Employee agrees that he/she will not knowingly encourage, counsel, or assist any attorneys or their clients
in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so [or as related directly to the ADEA
waiver in this Agreement] (<<delete this bracketed clause if Employee is UNDER 40>>). Employee agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three
(3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints
against any of the Releasees, Employee shall state no more than that he/she cannot provide counsel or assistance. 
 11.
Nondisparagement. Employee agrees to refrain from any disparagement, defamation, libel, or slander of any of the Releasees, and agrees to refrain from any tortious interference with the contracts and relationships of any of the Releasees.
Employee shall direct any inquiries by potential future employers to the Company’s human resources department. 
 12.
Breach. In addition to the rights provided in the “Attorneys’ Fees” section below, Employee acknowledges and agrees that any material breach of this Agreement, [unless such breach constitutes a legal action by Employee
challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA,] (<<delete this bracketed clause if Employee is 

  
 Page 4 of 8 

 
UNDER 40>>) or of any provision of the Confidentiality Agreement shall entitle the Company immediately to recover and/or cease providing the consideration provided to Employee under
this Agreement and to obtain damages, [except as provided by law] [<<delete this bracketed clause if Employee is UNDER 40>>]. 

13. No Admission of Liability. Employee understands and acknowledges that this Agreement constitutes a compromise and settlement of any
and all actual or potential disputed claims by Employee. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or
potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Employee or to any third party. 

14. Costs. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the
preparation of this Agreement. 
 15. ARBITRATION. THE PARTIES AGREE THAT ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS
AGREEMENT, THEIR INTERPRETATION, AND ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT TO ARBITRATION IN SANTA BARBARA COUNTY, BEFORE JUDICIAL ARBITRATION & MEDIATION SERVICES (“JAMS”), PURSUANT TO ITS EMPLOYMENT ARBITRATION
RULES & PROCEDURES (“JAMS RULES”). THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES. THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN ACCORDANCE WITH CALIFORNIA LAW, INCLUDING THE CALIFORNIA
CODE OF CIVIL PROCEDURE, AND THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL CALIFORNIA LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO ANY CONFLICT-OF-LAW PROVISIONS OF ANY JURISDICTION. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH
CALIFORNIA LAW, CALIFORNIA LAW SHALL TAKE PRECEDENCE. THE DECISION OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION. THE PARTIES AGREE THAT THE PREVAILING PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO
INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS
RESPECTIVE COUNSEL FEES AND EXPENSES; PROVIDED, HOWEVER, THAT THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN
THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND
THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS AGREEMENT AND THE AGREEMENTS INCORPORATED HEREIN BY REFERENCE. SHOULD ANY PART OF THE ARBITRATION AGREEMENT CONTAINED IN THIS PARAGRAPH CONFLICT WITH ANY OTHER ARBITRATION AGREEMENT BETWEEN THE
PARTIES, THE PARTIES AGREE THAT THIS ARBITRATION AGREEMENT SHALL GOVERN. 

  
 Page 5 of 8 

 16. Tax Consequences. The Company makes no representations or warranties with respect to
the tax consequences of the payments and any other consideration provided to Employee or made on his/her behalf under the terms of this Agreement. Employee agrees and understands that he/she is responsible for payment, if any, of local, state,
and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. Employee further agrees to indemnify and hold the Company harmless from any claims, demands, deficiencies,
penalties, interest, assessments, executions, judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Employee’s failure to pay or delayed payment of federal or state taxes, or
(b) damages sustained by the Company by reason of any such claims, including attorneys’ fees and costs. 
 17. Authority.
The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that
he/she has the capacity to act on his/her own behalf and on behalf of all who might claim through him/her to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or
assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 
 18. No
Representations. Employee represents that he/she has had an opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Employee has not relied upon any
representations or statements made by the Company that are not specifically set forth in this Agreement. 
 19. Severability. In the
event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall
continue in full force and effect without said provision or portion of provision. 
 20. Attorneys’ Fees. [Except with
regard to a legal action challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA] (<<delete this bracketed clause if Employee is UNDER 40>>), in the event that either Party brings
an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees
incurred in connection with such an action. 
 21. Entire Agreement. This Agreement represents the entire agreement and
understanding between the Company and Employee concerning the subject matter of this Agreement and Employee’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces
any and all prior agreements and understandings concerning the subject matter of this Agreement and Employee’s relationship with the Company, with the exception of the Employment Agreement, except as modified herein. 

22. No Oral Modification. This Agreement may only be amended in a writing signed by Employee and the Company’s Chief Executive
Officer. 

  
 Page 6 of 8 

 23. Governing Law. This Agreement shall be governed by the laws of the State of
California, without regard for choice-of-law provisions. Employee consents to personal and exclusive jurisdiction and venue in the State of California. 

24. Effective Date. Employee understands that this Agreement shall be null and void if not executed by him/her within twenty one
(21) days. Each Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Employee signed this Agreement, so long as it has been signed by the
Parties and has not been revoked by either Party before that date (the “Effective Date”). 
 (<<OR, if Employee is
UNDER 40, use the bracketed language>>) 
 [Employee understands that this Agreement shall be null and void if not executed by him/her within
seven (7) days. This Agreement will become effective on the date it has been signed by both Parties (the “Effective Date”).] 

25. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have the
same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 26.
Voluntary Execution of Agreement. Employee understands and agrees that he/she executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of
releasing all of his/her claims against the Company and any of the other Releasees. Employee acknowledges that: 
  

	 	(a)	he/she has read this Agreement; 

  

	 	(b)	he/she has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of his/her own choice or has elected not to retain legal counsel; 

 

	 	(c)	he/she understands the terms and consequences of this Agreement and of the releases it contains; and 

  

	 	(d)	he/she is fully aware of the legal and binding effect of this Agreement. 

  
 Page 7 of 8 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

 

							
		 		 	[EMPLOYEE NAME], an individual
				
	Dated:                     , 201    	 		 	 	 	 
		 		 	[Employee Name]
			
		 		 	INOGEN, INC.
				
	Dated:                     , 201    	 		 	By	 	 
		 		 		 	[Officer Name]
		 		 		 	[Officer Title]

  
 Page 8 of 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]