This excerpt taken from the MRO 8-K filed May 14, 2007.
Each share of Marathon common stock has one vote in the election of each director and on all other matters voted on generally by the stockholders. No share of common stock affords any cumulative voting rights. This means that the holders of a majority of the voting power of the shares voting for the election of directors can elect all directors to be elected if they choose to do so. Marathons board of directors may grant holders of preferred stock, in the resolutions creating the series of preferred stock, the right to vote on the election of directors or any questions affecting Marathon.
Holders of common stock will be entitled to dividends in such amounts and at such times as Marathons board of directors in its discretion may declare out of funds legally available for the payment of dividends. Dividends on the common stock will be paid at the discretion of Marathons board of directors after taking into account various factors, including:
· Marathons financial condition and performance;
· Marathons cash needs and capital investment plans;
· Marathons obligations to holders of any preferred stock it may issue;
· income tax consequences; and
· the restrictions Delaware and other applicable laws.
In addition, the terms of the loan agreements, indentures and other agreements Marathon enters into from time to time may restrict the payment of cash dividends.
If Marathon liquidates or dissolves its business, the holders of common stock will share ratably in all assets available for distribution to stockholders after Marathons creditors are paid in full and the holders of all series of its outstanding preferred stock, if any, receive their liquidation preferences in full.
The common stock has no preemptive rights and is not convertible or redeemable or entitled to the benefits of any sinking or repurchase fund.
Marathons outstanding shares of the common stock are listed on the New York Stock Exchange and the Chicago Stock Exchange and trade under the symbol MRO.
The transfer agent and registrar for the common stock is National City Bank.