November 12, 2020Retention Bonus Agreement • November 18th, 2020 • Marathon Petroleum Corp • Petroleum refining • Ohio
As you know, on August 2, 2020, Marathon Petroleum Corporation (“MPC”) and 7-Eleven, Inc. (“7-Eleven”) entered into a purchase and sale agreement (the “Purchase Agreement”), pursuant to which 7-Eleven will acquire the Speedway business (the “Speedway Sale”). Because retention of key employees of Speedway is an essential consideration for us during this period and you are a valued Speedway employee, we have developed an employee protection program (the “Protection Program”) and are providing you with the opportunity to earn the retention bonus described in this letter (this “Retention Letter”). As used in this Retention Letter, “Speedway” refers to the legal entity operating the Speedway business (whether as a standalone business or a component of a larger business) currently and at any time after the date of consummation of the Speedway Sale (the “Closing Date”).
