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PTRY > SEC Filings for PTRY > Form 8-K on 2-Jul-2013All Recent SEC Filings

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Form 8-K for PANTRY INC


2-Jul-2013

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement.

On June 27, 2013, The Pantry, Inc. (the "Company") entered into an Amended and Restated Master Conversion Agreement (the "MCA") and an Amended and Restated Guaranteed Supply Agreement (the "GSA" and collectively with the MCA, the "Amendments") with Marathon® Petroleum Company LP ("Marathon"). The principal changes included in the Amendments, which also supersede and replace the original Master Conversion Agreement dated July 26, 2010, as amended, between the Company and Marathon and the original Guaranteed Supply Agreement dated July 26, 2010, as amended, between the Company and Marathon, are as follows:

• Marathon has been granted the option to extend the term of each of the GSA and the MCA for an additional year through December 31, 2018.

• Additional locations have been added to the Branded Product Supply and Trademark License Agreement dated July 26, 2010, as amended, between the Company and Marathon (the "Product Supply Agreement"), which relates to the supply of the Company's Marathon branded locations, bringing the total number of Marathon branded sites to 364.

• The Marathon branded sites must remain Marathon sites for the term of the MCA so long as the Company directly or indirectly provides fuel to them. The Company intends to exercise its right to extend the term of the Product Supply Agreement from its current expiration date of June 30, 2016 until December 31, 2017. Marathon's exercise of its right to extend the MCA will operate to extend the Product Supply Agreement for an additional year.

• The minimum volumes required for the Company to obtain the volume based rebates available under the arrangements have been adjusted.

This summary of the Amendments is not intended to be complete and is qualified in its entirety by reference to the Amendments, copies of which the Company intends to file as exhibits to its Quarterly Report on Form 10-Q for the fiscal quarter ending June 27, 2013.


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