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Wednesday, April 29, 2020
10 a.m. Eastern Daylight Time (EDT)
Auditorium
Marathon Petroleum Corporation539 South Main Street
Findlay, OH 45840
2020NOTICE OF ANNUAL MEETING
AND PROXY STATEMENT
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At MPC, we're proud of the things we do to
support the communities in which we live.
Our employees are making a diff erence. We are
building and maintaining wildlife habitats, being
advocates for diversity and inclusion, helping
communities rebuild after natural disasters,
supporting local science, technology, engineering
and math (STEM) programs and much more.
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The Board met 14 times in 2019. Average director attendance at all Board andccoommmmiitttteeee mmeeeettiinnggss iinn 22001199 wwaass 9977%%.. EEaacchh ooff oouurr ddiirreeccttoorrss aatttteennddeedd aatt lleeaasstt7755%% ooff tthhee mmeeeettiinnggss ooff tthhee BBooaarrdd aanndd ccoommmmiitttteeeess oonn wwhhiicchh hhee oorr sshhee sseerrvveeddiinn 22001199..
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How the Board Conducts Its Business
CORPORATE GOVERNANCE
2020 Proxy Statement 15
Board Leadership StructureOur Corporate Governance Principles provide the Board with the flexibility to exercise its business judgment onbehalf of shareholders and choose the optimal leadership for the Board depending upon the Company’s particularneeds and circumstances at a given time. The independent members of the Board elect the Chairman and, as partof this election, review whether to combine or separate the positions of Chairman and CEO. When the Board haselected the CEO as Chairman, the independent directors have also elected a Lead Director from amongthemselves.
Throughout our history as a public company, the Board has selected the leadership structure it determined was bestat the time. From 2011, when we became a public company, to 2016, the Board was led by an independentChairman, because the Board determined that was the best leadership structure given the Company’scircumstances at that time. More recently, from 2016 and until the conclusion of the Annual Meeting, our currentCEO, Mr. Heminger, has served as Chairman. The Board believes Mr. Heminger has been in the best positionduring this time to lead the Board due to his unique and in-depth knowledge of the history and growth of ourCompany, coupled with his industry expertise in key areas of strategic importance to our business. Theseadjustments to leadership structure over time demonstrate the Board’s thoughtful approach in evaluating andimplementing the best leadership structure for the Board depending upon the Company’s circumstances at a giventime.
Role of the Lead Director
The Lead Director is an independent director, elected by the independent members of the Board. Mr. Rohr hasserved as the Board’s Lead Director since 2018.
The Lead Director has the following key authorities and responsibilities:
▶ Serving as the principal liaison between the Chairman/CEO and the independent directors.
▶ Consulting with the Chairman/CEO on and approving meeting agendas, schedules and information sent to theBoard.
▶ The authority to call meetings of the independent directors.
▶ Presiding over all meetings of the Board in the Chairman/CEO’s absence, including executive sessions.
▶ Providing leadership to the Board in any situation where the Chairman and CEO roles may be perceived to bein conflict.
▶ Directly communicating with significant shareholders, as appropriate.
Board Meetings and Attendance2019 Board and Committee
Meeting Attendance
Board Meetings and Attendance2019 Board and Committee
Meeting Attendance
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97%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Q1 2019 Q2 2019 Q3 2019 Q4 2019
MPC Median of Performance Unit Peer Group S&P 500 Energy Index
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2015 2016 2017 2018 2019
MPC Median of Performance Unit Peer Group S&P 500 Energy Index
-25%
0%
25%
50%
75%
100%
125%
150%
175%
200%
225%
250%
2011 2012 2013 2014 2015 2016 2017 2018 2019
CEO Compensation MPC TSR
-30%
-20%
-10%
0%
10%
20%
30%
40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
MPC Median of Performance Unit Peer Group S&P 500 Energy Index
MPC Median of Performance Unit Peer Group S&P 500 Energy Index
2017 2017 2018 2018 2019 2019
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GHG Intensity
SUSTAINABILITYMetric 20%
5%
Measures our ability to identify, understand and control process hazards.
5%
5%
5%
Marathon Safety Performance
Index
Designated Environmental
Incidents
Measures our success and commitment to employee safety. Goals are set annually at best-in-class industry performance, focusing on continual improvement and include common industry metrics.
Process Safety Events Rate
Measures environmental performance by tracking certain releases of hazardous substances into air, water or land; permit exceedances; government agency enforcement actions; and proper operation of emission monitoring equipment.
Measures how efficiently we operate our facilities and implement a business plan that promotes a lower carbon-intensive future. Based on Scope 1 & Scope 2 greenhouse gas (GHG) emissions divided by the manufacturing inputs processed at our petroleum refineries, renewable fuel refineries and natural gas processing and fractionation plants.
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Compensation Philosophy
Compensation Consultant
Peer Group & Market Data
CEO Input
Compensation Committee Decisions
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50th Percentile
Revenue
Market Capitalization
100th Percentile
100th Percentile
80th
45th
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From Toledo / Detroit – I-75 South toward Dayton – Take exit 157 for OH-12 toward Findlay / Columbus Grove – Turn left onto OH-12 East, West Main Cross St., 1.2 miles – Turn right onto South Main St. at Hancock County courthouse – Turn left onto Hardin St. Watch for visitor parking signs.
From Lima / Dayton – I-75 North toward Toledo – Take exit 157 for OH-12 toward Columbus Grove / Findlay – Turn right onto OH-12 East, West Main Cross St., 1.1 miles – Turn right onto South Main St. at Hancock County courthouse – Turn left onto Hardin St. Watch for visitor parking signs.
From Marion / Columbus – US-23 North – Slight right to stay on US-23 North – Continue onto OH-15 West – Take the US-68 ramp toward Kenton / South Main St. – Turn right onto South Main St. – Continue to follow South Main St. – Turn right onto Hardin St. Watch for visitor parking signs.
From Cleveland – I-90 West to OH-4 South. Take exit 110 from I-90 West – Continue on OH-4 South to Scipio Township – Follow US-224 West to Main St., turn left on Main St. – Turn left onto Hardin St. Watch for visitor parking signs.
N
Trenton Ave.
FINDLAYHIGH
SCHOOL
Hardin St.Lincoln St.
COURTHOUSE
HOSPITAL
FINDLAY AIRPORT
568
224
224
12
37
568
12
568
Bla
ncha
rd S
t.Blanchard Ave.
Mai
n St
.
E. Sandusky St.W. Sandusky St.
Tiffin Ave.
Sixth St.
Lima A
ve.
75
Osb
orneMain Cross St.
Fosto
ria Ave
.
Marathon PetroleumCorporation
75
75
15
68
To US-23 /OH-15 Columbus
Mai
n St
.
EXIT156
EXIT157
EXIT159
To Lima /Dayton
Township Rd. 99
To Toledo /Detroit
Visitor Parking Lot
539 South Main StreetFindlay, OH 45840
419-422-2121
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