Document:

Form of Restricted Stock Units Agreement dated May 8, 2012

 Exhibit 10.7 

 
 

 
 RESTRICTED STOCK PROGRAM 
 May 8, 2012 
 OFF CYCLE AWARD AGREEMENT 

Employee Name:  
 ID
Number:  
 Payroll Country: United States of America 
 Number of Restricted Stock Units Granted: 
 Grant Date: May 8, 2012 

Grant Price: $53.61 
 Vesting
Schedule: The restrictions lapse and the units vest on the third anniversary of the Grant Date. 
 Further Terms and
Conditions 
 This Key Employee Award Terms and Conditions describes terms and conditions of Restricted Stock or Restricted Stock Unit
Awards, as part of the ConocoPhillips Restricted Stock Program (Program), granted under the 2011 Omnibus Stock and Performance Incentive Plan of ConocoPhillips (referred to as the Plan) by ConocoPhillips (Company) to certain eligible Employees
(Employees). These Terms and Conditions, together with the Annual Award Summary given to each Employee receiving an Award, form the Award Agreement (the Agreement) relating to the Awards described. The Agreement covers both Restricted Stock and
Restricted Stock Units, and the term Employee covers recipients of Awards made either in Restricted Stock or Restricted Stock Units. 
  

	1.	Type and Size of Grant. Subject to the Plans and this Agreement, the Company grants to certain eligible Employees Restricted Stock or Restricted Stock
Units. Individual awards will be as set forth in the Annual Award Summary given to each Employee to whom an Award is granted. The Annual Award Summary for each Employee is made a part of this Agreement with regard to such Employee.

  

	2.	Grant Date, Price, and Plan. The Grant Date and the Grant Price are as set forth above. Awards are made under the Plan. 

 

	3.	Restrictions, Forfeiture, and Lapse of Restrictions. The Restricted Stock or Restricted Stock Units subject hereto may be canceled or forfeited as set
forth herein. Except as otherwise noted in this Agreement, the following summary table describes restrictions and terms, forfeiture, and lapse of restrictions, subject to the more detailed provisions set forth below: 

 
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 Summary Table 

 

					
	 Summary of Termination
Rules
  

	 Status
	  	 Termination Date
	  	
Forfeiture or Lapsing of Restrictions

			
	 Retirement (age 55 and 5 years of service)
	  	 Prior to
 6 months from
 grant date
	  	Canceled upon Termination
	  	 6 months from

grant date &

after
	  	Restrictions lapse on Termination date
			
	 Layoff
	  	 Prior to 6
 months from
 grant date
	  	Canceled upon Termination
	  	 6 months to 1
 year from grant
 date
	  	Award is prorated and restrictions on remaining stock/units lapse on Termination date
	  	 1 year from

grant date &

after
	  	Restrictions lapse on Termination date
			
	 Disability
	  	 Any date after

grant date
	  	Restrictions lapse on Termination date
			
	 Death
	  	 Any date after

grant date
	  	Restrictions lapse on Termination date
			
	 Divestitures, outsourcing, and moves to joint ventures
	  	 Any date after

grant date
	  	Canceled upon Termination, unless approval otherwise
			
	 All other Terminations
	  	 	  	Canceled upon Termination

  

	(a)	Restrictions and Terms. 

  

	 	(i)	The Award shall be held in escrow by the Company until the lapsing of restrictions placed upon the Award. The Employee shall not have the right to sell, transfer,
assign, or otherwise dispose of Restricted Stock or Restricted Stock Units granted in an Award until the escrow is terminated. Except as set forth below, the Award shall be forfeited and the related Restricted Stock or Restricted Stock Units
canceled upon the Employee’s Termination of Employment with the Company prior to the lapsing of restrictions. Restrictions shall lapse on the Restricted Stock or Restricted Stock Units granted in an Award on the third anniversary of the Grant
Date. Upon the lapsing of restrictions, the number of shares of unrestricted Stock equal to the number of shares of Restricted Stock or Restricted Stock Units for which the restrictions have so lapsed shall be registered in the Employee’s name,
and the related shares of Restricted Stock or Restricted Stock Units shall be canceled; provided, however, that the Administrator may choose instead to issue any Restricted Stock with the restrictions removed, rather than cancel such Restricted
Stock and issue unrestricted Stock; and further provided, however, that in places where it is determined by the Administrator that payout in the form of unrestricted Stock is prohibited by law, regulation, or decree, or where the cost of legal
compliance to issue the unrestricted Stock would be unreasonably expensive, the Fair Market Value of such unrestricted Stock shall be paid in cash instead of settlement of the Award in unrestricted Stock. Cash payouts are only permitted where such
legal restrictions exist. Settlement of the Award in unrestricted Stock or cash payout, if any, shall be made upon the lapsing of restrictions on the Award, but, in any event, shall be made no later than March 15 of the year following the year
in which such restrictions lapse. 

  
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	 	(ii)	Restricted Stock Units do not have any voting rights or other rights generally associated with Stock, and are merely an obligation of the Company to make settlement in
accordance with the terms and conditions applicable to such Restricted Stock Units. Restricted Stock Units granted to Employees who are resident in the United States or the United Kingdom on the Grant Date shall accrue a dividend equivalent at such
times as an ordinary quarterly cash dividend is paid on the Stock of the Company, which dividend equivalent shall be paid in cash to the Employee to whom the Award was made. Restricted Stock Units granted to Employees other than those described in
the previous sentence shall not accrue a dividend equivalent. Payment of a dividend equivalent, if any, shall be made on the first day of the third month of each calendar quarter (or, if the New York Stock Exchange is not open on such day, the first
day that the New York Stock Exchange is open thereafter), and, in any event, shall be made no later than March 15 of the year following the year in which the ordinary quarterly cash dividend is paid. 

 

	 	(iii)	When an Award is made of Restricted Stock, such Restricted Stock will be held in escrow for the Employee to whom the Award is made. The Employee to whom the Award is
made will have all rights of ownership to such stock including, but not limited to, voting rights and the right to receive dividends, except that the Employee to whom the Award is made shall not have the right to sell, transfer, assign, or otherwise
dispose of such shares until the escrow is terminated. The escrow shall end upon, and to the extent of, the lapsing of restrictions. 

  

	(b)	Termination of Employment. 

  

	 	(i)	General Rule for Termination. If, prior to the date on which restrictions lapse in accordance with the schedule set forth in the Award, the Employee’s
employment with a Participating Company shall be terminated for any reason except death, Disability, Retirement, or Layoff, any Restricted Stock or Restricted Stock Units remaining in escrow pursuant to such Award shall be canceled and all rights
thereunder shall cease; provided, however, that the Authorized Party may, in its or his sole discretion, determine that all or any portion of an Award shall not be canceled due to Termination of Employment. 

 

	 	(ii)	Layoff Within Six Months. If, prior to a date six months from the date an Award is granted, the Employee’s employment with a Participating Company shall be
terminated by reason of Layoff, such Award shall be canceled and all rights thereunder shall cease. 

  

	 	(iii)	Layoff Within One Year. If, on or after a date six months from the date an Award is granted but prior to a date one year from the date an Award is granted, the
Employee’s employment with a Participating Company shall be terminated by reason of Layoff, the Employee shall retain a prorated number of the Award shares or units granted. The number of Award shares or units retained will be computed by
multiplying the original number of Award shares or units granted by a fraction, the numerator of which is the number of full months of employment from the first day of the month in which the Award was granted until the date the employee is
terminated and the denominator of which is 12. Such calculation shall be rounded down to the nearest whole share. In such case, the restrictions on the prorated Award shall lapse on the date of Termination of the Employee from the employ of the
Company and its subsidiaries, and settlement shall be made in accordance with the settlement provisions above. 

  

	 	(iv)	Layoff After One Year. If, on or after a date one year from the date an Award is granted, the Employee’s employment with a Participating Company shall be
terminated by reason of Layoff, the Employee shall retain all rights provided by the Award at the time of such Termination of Employment. In such case, the restrictions on the Award shall lapse on the date of Termination of the Employee from the
employ of the Company and its subsidiaries, and settlement shall be made in accordance with the settlement provisions above. 

  

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	 	(v)	Retirement After Six Months. If, on or after a date six months after the Grant Date of an Award, the Employee’s employment with a Participating Company
shall be terminated by reason of Retirement, the Employee shall retain all rights provided by the Award at the time of such Termination of Employment. In such case, the restrictions on the Award shall lapse on the date of Termination of the Employee
from the employ of the Company and its subsidiaries, and settlement shall be made in accordance with the settlement provisions above. 

  

	 	(vi)	Disability. If, after the date the Award is granted, an Employee shall terminate employment following Disability of the Employee, the Employee shall retain all
rights provided by the Award at the time of such Termination of Employment. In such case, the restrictions on the Award shall lapse on the date of Termination of Employment from the employ of the Company and its subsidiaries, and settlement shall be
made in accordance with the settlement provisions above. 

  

	 	(vii)	Death. If, after the date an Award is granted, a Employee shall die while in the employ of a Participating Company, or after Termination of Employment by
reason of Retirement, Disability, or Layoff (and prior to the cancellation of the Award), the executor or administrator of the estate of the Employee or the person or persons to whom the Award shall have been validly transferred by the executor or
the administrator pursuant to will or the laws of descent and distribution shall have the right to settlement of the Award to the same extent the Employee would have, had the Employee not died. In such case, the restrictions on the Award shall lapse
upon the determination of death by the Administrator, and settlement shall be made in accordance with the settlement provisions above. No transfer of an Award, or of the unrestricted Stock or other proceeds of an Award, by the Employee by will or by
the laws of descent and distribution shall be effective to bind the Company unless the Administrator shall have been furnished with written notice thereof and a copy of the will and such other evidence as the Administrator may deem necessary to
establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions of such Award. 

  

	 	(viii)	Transfers and Leaves. Transfer of employment between Participating Companies shall not constitute Termination of Employment for the purpose of any Award granted
under the Program. Whether any leave of absence shall constitute Termination of Employment for the purposes of any Award granted under the Program shall be determined by the Administrator, in each case in accordance with applicable law and by
application of the policies and procedures adopted by the Company in relation to such leave of absence. 

  

	 	(ix)	Divestiture, Outsourcing, or Move to Joint Venture. If, after the date the Award is granted, a Employee ceases to be employed by Participating Company as a
result of (a) the outsourcing of a function, (b) the sale or transfer of all or a portion of the equity interest of such Participating Company (removing it from the controlled group of companies of which the Company is a part),
(c) the sale of all or substantially all of the assets of such Participating Company to another employer outside of the controlled group of corporations (whether the Employee is offered employment or accepts employment with the other employer),
(d) the Termination of the Employee by a Participating Company followed by employment within a reasonable time with a company or other entity in which the Company owns, directly or indirectly, at least a 50% interest, prior to exercise of an
Award, or (e) any other sale of assets determined by the Authorized Party to be considered a divestiture under this program, the Authorized Party may, in its or his sole discretion, determine that all or a portion of any such Award shall not be
canceled. In such cases, the restrictions on the Award shall lapse on the date of Termination of the Employee from the employ of the Company and its subsidiaries, and settlement shall be made in accordance with the settlement provisions above.

  
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	 	(x)	Change of Control. In the event of a Change of Control, as defined hereafter, unless explicitly provided otherwise in the applicable Award Agreement, all
restrictions and other limitations applicable to any Restricted Stock or Restricted Stock Units granted in any Award shall lapse. With regard to such Restricted Stock, it shall become free of all restrictions and become fully vested and transferable
to the full extent of the original grant. With regard to such Restricted Stock Units, the Employee shall be vested in the Restricted Stock Units and the Restricted Stock Units shall be non-forfeitable upon the Change of Control. Settlement in
unrestricted Stock or cash shall be made at the same times and upon the same events as it would otherwise have been made in accordance with the settlement provisions above. 

 

	 	(xi)	Notwithstanding anything herein to the contrary, in the event that this Award or the dividend equivalents associated with this Award are includible in income pursuant
to section 409A of the Internal Revenue Code, settlement of the Award or any other distribution hereunder due to Separation from Service with the Company and its subsidiaries shall not be made to a “specified employee” (as that term is
defined in section 409A(a)(2)(B)(i)) prior to six months after the specified employee’s Separation from Service from the Company and its subsidiaries (or, if earlier, the date of death of the specified employee). 

 

	(c)	Detrimental Activities and Suspension of Award. 

  

	 	(i)	If the Authorized Party determines that, subsequent to the grant of any Award, the Employee has engaged or is engaging in any activity which, in the sole judgment of
the Authorized Party, is or may be detrimental to the Company or a subsidiary, the Authorized Party may cancel all or part of the Restricted Stock or Restricted Stock Units held in escrow pursuant to the Award or Awards granted to that Employee.

  

	 	(ii)	If the Authorized Party, in its or his sole discretion, determines that the lapsing of restrictions on Restricted Stock or Restricted Stock Units held in escrow
pursuant to any Award has the possibility of violating any law, regulation, or decree pertaining to the Company or Employee, the Authorized Party may freeze or suspend the Employee’s right to settlement or payout of the Award until such time as
the lapse of restrictions would no longer, in the sole discretion of the Authorized Party, have the possibility of violating such law, regulation, or decree. 

 

	 	(iii)	Notwithstanding anything herein to the contrary, any Award is subject to forfeiture or recoupment, in whole or in part, under applicable law, including the
Sarbanes-Oxley Act and the Dodd-Frank Act. 

  

	4.	Assignment of Award Upon Death. Rights under the Plans and this Agreement cannot be assigned or transferred other than by (i) will or (ii) the
laws of descent and distribution. 

  

	5.	Tax Withholding. In all cases the Employee will be responsible to pay all required withholding taxes associated with an Award. Should a withholding tax
obligation arise with regard to an Award or the lapsing of restrictions on Restricted Stock or Restricted Stock Units granted in an Award, the withholding tax may be satisfied by withholding shares of Stock. The value of the shares of Stock withheld
for this purpose shall not exceed the minimum withholding amount required by applicable laws and regulations. In cases where a withholding tax obligation arises prior to the lapse of restrictions on Restricted Stock or Restricted Stock Units granted
in an Award, the withholding tax may be satisfied instead by payment of cash by the Employee. Payment of cash shall not be allowed unless the Employee has elected to make such payment by payroll withholding over a period of six months following the
date the obligation shall arise, which election must be made within thirty days of the Grant Date of the relevant Award. If any interest is required under local laws, regulations, or decrees to be charged on or imputed against the payroll
withholding, the Employee shall be responsible for paying such interest, which shall 

  
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be withheld from pay over the same six-month period. In cases where payment by payroll withholding cannot be made due to circumstances arising after the election or where the Administrator has
determined that such withholding would violate any applicable law, regulation, or decree, shares of Stock shall be withheld instead. When necessary, lapsing of restrictions may be accelerated by the Authorized Party to the extent necessary to
provide shares of Stock to satisfy any withholding tax obligation. This withholding tax obligation includes, but is not limited to, federal, state, and local taxes, including applicable non-U.S. taxes such as U.K. PAYE. 

 

	6.	Shareholder Rights for Restricted Stock Units. The Employee shall not have the rights of a shareholder until the Restricted Stock Unit has been canceled
and ownership of shares of Stock has been transferred to the Employee. As described above, the Company may pay dividend equivalents with regard to Restricted Stock Units in certain circumstances. 

 

	7.	Certain Adjustments. In the event certain corporate transactions, recapitalizations, or stock splits occur while Restricted Stock or Restricted Stock
Units are outstanding, the Grant Price and the number of shares of Restricted Stock or Restricted Stock Units shall be correspondingly adjusted. 

  

	8.	Relationship to the Plan. In addition to the terms and conditions described in this Agreement, Awards are subject to all other applicable provisions of
the Plan. The decisions of the Committee with respect to questions arising as to the interpretation of the Plan or this Agreement and as to findings of fact, shall be final, conclusive, and binding. 

 

	9.	No Employment Guarantee. No provision of this Agreement shall confer any right upon the Employee to continued employment with any Participating Company.

  

	10.	Governing Law. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware.

  

	11.	Amendment. Without the consent of the Employee, this Agreement may be amended or supplemented (i) to cure any ambiguity or to correct or supplement
any provision herein which may be defective or inconsistent with any other provision herein, or (ii) to add to the covenants and agreements of the Company for the benefit of an Employee or to add to the rights of an Employee or to surrender any
right or power reserved to or conferred upon the Company in this Agreement, provided, in each case, that such changes or corrections shall not adversely affect the rights of the Employee with respect to the grant of an Award evidenced hereby without
the Employee’s consent, or (iii) to make such other changes as the Company, upon advice of counsel, determines are necessary or advisable because of the adoption or promulgation of, or change in or of the interpretation of, any law or
governmental rule or regulation, including any applicable federal or state securities or tax laws. 

  
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 DEFINITIONS 

Capitalized terms not defined below shall have the meanings set forth in the Plan. 
 Authorized Party means the person who is authorized to approve an Award, exercise discretion or take action under the Administrative Procedure for the Restricted Stock Program and pursuant
to the Program. With regard to Senior Officers, the Committee is the Authorized Party. With regard to other Employees, the Chief Executive Officer, acting as the Special Equity Award Committee of the Board of Directors of the Company, is the
Authorized Party, although the Committee may act concurrently as the Authorized Party. 
 Award means any Restricted Stock or
Restricted Stock Units granted to an Employee pursuant to such applicable terms, conditions, and limitations as the Authorized Party may establish in order to fulfill the objectives of the Program. 

Change of Control has the meaning set forth in Attachment A to these Terms and Conditions. 

Committee means the Human Resources and Compensation Committee of the Board of Directors of the Company, or any successor committee to it.

 Company means ConocoPhillips, a Delaware corporation. 
 Disability means a disability for which the employee in question has been determined to be entitled to either (i) benefits under the applicable plan of long-term disability of the
Company or its subsidiaries or (ii) disability benefits under the Social Security Act. In the absence of any such determination, the Authorized Party may make a determination that the employee has a Disability. 

Fair Market Value means, as of a particular date, the mean between the highest and lowest sales price per share of such Stock
on the consolidated transaction reporting system for the principal national securities exchange on which shares of Stock are listed on that date, or, if there shall have been no such sale so reported on that date, on the next preceding date on which
such a sale was so reported, or, at the discretion of the Committee, the price prevailing on the exchange at a designated time. 

Grant Price means the Fair Market Value for one share of Stock as of the date of the grant of an Award. Grant price is not adjusted for any
restrictions applicable to the Award. 
 Layoff means an applicable Termination of Employment due to layoff under the
ConocoPhillips Severance Pay Plan, the ConocoPhillips Executive Severance Plan, or the ConocoPhillips Key Employee Change in Control Severance Plan, or layoff or redundancy under any similar layoff or redundancy plan which the Company or its
subsidiaries may adopt from time to time. If all or any portion of the benefits under the redundancy or layoff plan are contingent on the employee’s signing a general release of liability, such Termination shall not be considered as a
“Layoff” for purposes of this Award unless the employee executes and does not revoke a general release of liability, acceptable to the Company, under the terms of such layoff or redundancy plan. In order to be considered a layoff for
purposes of this Award, the Termination of Employment must also be considered a Separation from Service. 
 Participating
Company includes ConocoPhillips and its 100% owned subsidiaries, including both those directly owned and those owned through subsidiaries, whose participation has been approved by the Authorized Party. 

Restricted Stock means shares of Stock that have certain restrictions attached to the ownership thereof. 

Restricted Stock Unit means a unit equal to one share of Stock (as determined by the Authorized Party) that is subject to forfeiture
provisions or that has certain restrictions attached to the ownership thereof. 
  
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 Retirement means Termination at age 55 or older with a minimum
of 5 years service with a Participating Company; provided, however, that with regard to an Employee not on the United States payroll, the CEO may approve the use of a different definition. Service is defined by the policies of the Participating
Company. 
 Senior Officer means the Chairman of the Board, the CEO, all other executive officers of the Company (determined in
accordance with the Company’s custom and practice pursuant to section 16(b) of the Securities Exchange Act of 1934, as amended), all other employees of the Company who report directly to the CEO and whose salary grade is 23 or higher, and all
other employees of the Company whose salary grade is 26 or higher. 
 Separation from Service means “separation
from service” as that term is used in section 409A of the Internal Revenue Code. 
 Stock means shares of common stock of the
Company, par value $.01. Stock may also be referred to as “Common Stock.” 
 Termination and Termination of
Employment mean cessation of employment with the Participating Companies, determined in accordance with the policies and practices of the Participating Company for whom the Employee was last performing services. 

 
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 Attachment A 

Change of Control 
 The following definitions apply to the Change of Control provision in Paragraph 10 of the Plan. 
 Affiliate shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect at the time of determination. 

Associate shall mean, with reference to any Person, (a) any corporation, firm, partnership, association,
unincorporated organization or other entity (other than the Company or a subsidiary of the Company) of which such Person is an officer or general partner (or officer or general partner of a general partner) or is, directly or indirectly, the
Beneficial Owner of 10% or more of any class of equity securities, (b) any trust or other estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity and
(c) any relative or spouse of such Person, or any relative of such spouse, who has the same home as such Person. 

Beneficial Owner shall mean, with reference to any securities, any Person if: 

(a) such Person or any of such Person’s Affiliates and Associates, directly or indirectly, is the “Beneficial
Owner” of (as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange Act, as in effect at the time of determination) such securities or otherwise has the right to vote or dispose of such securities;

 (b) such Person or any of such Person’s Affiliates and Associates, directly or indirectly, has the right
or obligation to acquire such securities (whether such right or obligation is exercisable or effective immediately or only after the passage of time or the occurrence of an event) pursuant to any agreement, arrangement or understanding (whether or
not in writing) or upon the exercise of conversion rights, exchange rights, other rights, warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to “beneficially own,”
(i) securities tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange or (ii) securities issuable upon
exercise of Exempt Rights; or 
 (c) such Person or any of such Person’s Affiliates or Associates
(i) has any agreement, arrangement or understanding (whether or not in writing) with any other Person (or any Affiliate or Associate thereof) that beneficially owns such securities for the purpose of acquiring, holding, voting (except as set
forth in the proviso to subsection (a) of this definition) or disposing of such securities or (ii) is a member of a group (as that term is used in Rule 13d-5(b) of the General Rules and Regulations under the Exchange Act) that
includes any other Person that beneficially owns such securities; 
 provided, however, that nothing in this definition shall cause a Person
engaged in business as an underwriter of securities to be the Beneficial Owner of, or to beneficially own, any securities acquired through such Person’s participation in good faith in a firm commitment underwriting until the expiration of 40
days after the date of such acquisition. For purposes hereof, “voting” a security shall include voting, granting a proxy, consenting or making a request or demand relating to corporate action (including, without limitation, a demand for a
shareholder list, to call a shareholder meeting or to inspect corporate books and records) or otherwise giving an authorization (within the meaning of Section 14(a) of the Exchange Act) in respect of such security. 

The terms beneficially own and beneficially owning shall have meanings that are
correlative to this definition of the term Beneficial Owner. 
  

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 Board shall have the meaning set forth in the
foregoing Plan. 
 Change of Control shall mean any of the following occurring on or after May 11, 2011:

 (a) any Person (other than an Exempt Person) shall become the Beneficial Owner of 20% or more of the shares
of Common Stock then outstanding or 20% or more of the combined voting power of the Voting Stock of the Company then outstanding; provided, however, that no Change of Control shall be deemed to occur for purposes of this subsection (a) if such
Person shall become a Beneficial Owner of 20% or more of the shares of Common Stock or 20% or more of the combined voting power of the Voting Stock of the Company solely as a result of (i) an Exempt Transaction or (ii) an acquisition by a
Person pursuant to a reorganization, merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii) and (iii) of subsection (c) of this definition are satisfied;

 (b) individuals who, as of May 11, 2011, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to May 11, 2011 whose election, or nomination for election by the Company’s shareholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; provided, further, that there shall be excluded, for this purpose, any such
individual whose initial assumption of office occurs as a result of any actual or threatened Election Contest that is subject to the provisions of Rule 14a-11 of the General Rules and Regulations under the Exchange Act; 

(c) the Company shall consummate a reorganization, merger, or consolidation, in each case, unless, following such
reorganization, merger, or consolidation, (i) 50% or more of the then outstanding shares of common stock of the corporation, or common equity securities of an entity other than a corporation, resulting from such reorganization, merger, or
consolidation and the combined voting power of the then outstanding Voting Stock of such corporation or other entity are beneficially owned, directly or indirectly, by all or substantially all of the Persons who were the Beneficial Owners of the
outstanding Common Stock immediately prior to such reorganization, merger, or consolidation in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, or consolidation, of the outstanding Common
Stock, (ii) no Person (excluding any Exempt Person or any Person beneficially owning, immediately prior to such reorganization, merger, or consolidation, directly or indirectly, 20% or more of the Common Stock then outstanding or 20% or more of
the combined voting power of the Voting Stock of the Company then outstanding) beneficially owns, directly or indirectly, 20% or more of the then outstanding shares of common stock of the corporation, or common equity securities of an entity other
than a corporation, resulting from such reorganization, merger, or consolidation or the combined voting power of the then outstanding Voting Stock of such corporation or other entity, and (iii) at least a majority of the members of the board of
directors of the corporation, or the body which is most analogous to the board of directors of a corporation if not a corporation, resulting from such reorganization, merger, or consolidation were members of the Incumbent Board at the time of the
initial agreement or initial action by the Board providing for such reorganization, merger, or consolidation; or 

(d) (i) the shareholders of the Company shall approve a complete liquidation or dissolution of the Company unless
such liquidation or dissolution is approved as part of a plan of liquidation and dissolution involving a sale or disposition of all or substantially all of the assets of the Company to a corporation with respect to which, following such sale or
other disposition, all of the requirements of clauses (ii)(A), (B), and (C) of this subsection (d) are satisfied, or (ii) the Company shall consummate the sale or other disposition of all or substantially all of the assets
of the Company, other than to a corporation or other entity, with respect to which, following such sale or other disposition, (A) 50% or more of the then outstanding shares of common stock of such corporation, or common 

 
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equity securities of an entity other than a corporation, and the combined voting power of the Voting Stock of such corporation or other entity is then beneficially owned, directly or indirectly,
by all or substantially all of the Persons who were the Beneficial Owners of the outstanding Common Stock immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or
other disposition, of the outstanding Common Stock, (B) no Person (excluding any Exempt Person and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 20% or more of the Common Stock then
outstanding or 20% or more of the combined voting power of the Voting Stock of the Company then outstanding) beneficially owns, directly or indirectly, 20% or more of the then outstanding shares of common stock of such corporation, or common equity
securities of an entity other than a corporation, and the combined voting power of the then outstanding Voting Stock of such corporation or other entity, and (C) at least a majority of the members of the board of directors of such corporation,
or the body which is most analogous to the board of directors of a corporation if not a corporation, were members of the Incumbent Board at the time of the initial agreement or initial action of the Board providing for such sale or other disposition
of assets of the Company. 
 Common Stock shall have the meaning set forth in the foregoing Plan. 

Company shall have the meaning set forth in the foregoing Plan. 

Election Contest shall mean a solicitation of proxies of the kind described in Rule 14a-12(c) under the Exchange Act.

 Exchange Act shall mean the Securities Exchange Act of 1934, as amended. 

Exempt Person shall mean any of the Company, any subsidiary of the Company, any employee benefit plan of the Company or any
subsidiary of the Company, and any Person organized, appointed or established by the Company for or pursuant to the terms of any such plan. 
 Exempt Rights shall mean any rights to purchase shares of Common Stock or other Voting Stock of the Company if at the time of the issuance thereof such rights are not separable from such
Common Stock or other Voting Stock (i.e., are not transferable otherwise than in connection with a transfer of the underlying Common Stock or other Voting Stock), except upon the occurrence of a contingency, whether such rights exist as of
May 11, 2011 or are thereafter issued by the Company as a dividend on shares of Common Stock or other Voting Securities or otherwise. 
 Exempt Transaction shall mean an increase in the percentage of the outstanding shares of Common Stock or the percentage of the combined voting power of the outstanding Voting Stock of the
Company beneficially owned by any Person solely as a result of a reduction in the number of shares of Common Stock then outstanding due to the repurchase of Common Stock or Voting Stock by the Company, unless and until such time as (a) such
Person or any Affiliate or Associate of such Person shall purchase or otherwise become the Beneficial Owner of additional shares of Common Stock constituting 1% or more of the then outstanding shares of Common Stock or additional Voting Stock
representing 1% or more of the combined voting power of the then outstanding Voting Stock, or (b) any other Person (or Persons) who is (or collectively are) the Beneficial Owner of shares of Common Stock constituting 1% or more of the then
outstanding shares of Common Stock or Voting Stock representing 1% or more of the combined voting power of the then outstanding Voting Stock shall become an Affiliate or Associate of such Person. 

Person shall mean any individual, firm, corporation, partnership, association, trust, unincorporated organization or other
entity. 
 Voting Stock shall mean, (1) with respect to a corporation, all securities of such corporation of
any class or series that are entitled to vote generally in the election of, or to appoint by contract, directors 
  
 Effective 5/8/2012 

  
 Page 11

 Exhibit 10.7 

 
 
of such corporation (excluding any class or series that would be entitled so to vote by reason of the occurrence of any contingency, so long as such contingency has not occurred) and
(ii) with respect to an entity which is not a corporation, all securities of any class or series that are entitled to vote generally in the election of, or to appoint by contract, members of the body which is most analogous to the board of
directors of a corporation. 
  
 Effective 5/8/2012 

  
 Page 12Amendment and Restatement of Annex

 Exhibit 10.8 
 Annex to 
 Nonqualified Deferred Compensation Arrangements of 

ConocoPhillips 
 Preamble.

 ConocoPhillips is a Delaware corporation which has publicly traded stock. ConocoPhillips, while having its headquarters and substantial
operations, assets, and employees in the United States, operates through numerous subsidiaries throughout the world, some of which have, or have had, services performed by directors, officers, employees, and independent contractor personnel. In some
instances, compensation for services performed may include nonqualified deferred compensation plans as that term is defined in section 409A of the Internal Revenue Code and the regulations issued thereunder. The purpose of this Annex is to add
certain provisions to any nonqualified deferred compensation plan to which section 409A applies so as to make such plan compliant with the provisions of the law. In the event that the provisions herein conflict with provisions in a written plan
document governing a particular arrangement to which section 409A applies, the provisions herein shall apply, but only to the extent necessary to comply with section 409A. Even in situations where an arrangement is unwritten, the provisions herein
shall apply. Likewise, in situations where an arrangement generally falls outside of the scope of section 409A, but due to particular circumstances or conditions the arrangement becomes subject to section 409A, the provisions herein shall apply, but
only to the extent necessary to comply with section 409A. The provisions herein shall not apply to any arrangements that existed prior to the effective dates of section 409A and were grandfathered under section 409A so that the provisions of section
409A do not apply to such arrangements; provided, however, that in the event such an arrangement becomes subject to section 409A, for instance, through a material amendment (as that term is used in the regulations), then the provisions herein shall
apply to such arrangement, but only to the extent necessary to comply with section 409A. The provisions herein shall apply only to nonqualified deferred compensation arrangements maintained or sponsored by ConocoPhillips or any member of its
controlled group (as hereinafter defined). 
 Section 1. Definitions. 
 Unless otherwise specified in a particular document relating to an NQDC Arrangement, the following definitions will apply (1) to all NQDC Arrangements under which benefits are earned or vested on or
after January 1, 2005, and (2) to any other NQDC Arrangement to which there has been a “material modification” (as that term is used in section 409A of the Code and regulations thereunder) on or after October 3, 2004.

  

	 	(a)	 “Affiliated Company” shall mean any corporation or other entity that is not a Subsidiary but that would be treated as a single employer with

  
 1 

 Exhibit 10.8 

 

	 	
ConocoPhillips, under section 414(b) or (c) of the Code if, in making this determination, in applying section 1563(a)(1), (2), and (3) of the Code for purposes of determining a
controlled group of corporations under section 414(b) of the Code and for purposes of determining trades or businesses (whether or not incorporated) under common control under regulation section 1.414(c)-2 for purposes of section 414(c) of the Code,
the language “at least 50%” were used. 

  

	 	(b)	“Affiliated Group” shall mean ConocoPhillips, its Subsidiaries, and it’s Affiliated Companies. 

 

	 	(c)	“Board” shall mean the Board of Directors of ConocoPhillips. 

  

	 	(d)	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

 

	 	(e)	“Company” shall mean ConocoPhillips Company, a Delaware corporation, which is a Subsidiary of ConocoPhillips. 

 

	 	(f)	“ConocoPhillips” shall mean ConocoPhillips, a Delaware corporation. 

 

	 	(g)	“Consultant” shall mean Independent Contractor. 

  

	 	(h)	“Controlled Group” shall mean ConocoPhillips and its Subsidiaries. 

 

	 	(i)	“Director” shall mean a member of the Board of Directors of ConocoPhillips. 

 

	 	(j)	“Employee” shall mean an employee of ConocoPhillips or any of its Subsidiaries. 

 

	 	(k)	“Employer” shall mean ConocoPhillips or its Subsidiary or Affiliated Company, as the case may be, that employs an Employee. 

 

	 	(l)	“Independent Contractor” shall mean a person other than an Employee or a Nonemployee Director providing bona fide services to ConocoPhillips or any of its
Subsidiaries as a consultant, advisor, or other service provider, as applicable. 

  

	 	(m)	“International NQDC Arrangement” shall mean a compensation or benefit plan, program, or arrangement that is maintained by a Subsidiary for its Employees who
are performing services outside of the United States (or other jurisdictions subject to section 409A of the Code) which, if maintained for Employees of ConocoPhillips or its Subsidiaries who perform services within the United States (or other
jurisdictions subject to section 409A of the Code), would be considered a “nonqualified deferred compensation plan” under section 409A of the Code and the regulations issued thereunder. 

 

	 	(n)	“Non-Employee Director” shall mean a Director who is not also an Employee. 

 

	 	(o)	“NQDC Arrangement” shall mean a “nonqualified deferred compensation plan” within the meaning of section 409A of the Code and the regulations issued
thereunder that is sponsored or maintained by ConocoPhillips or any of its Subsidiaries. 

  

	 	(p)	“Participant” shall mean an Employee or other Service Provider who is eligible to participate in a particular NQDC Arrangement. 

 

	 	(q)	“Participating Company” shall mean a Subsidiary that has adopted a particular NQDC Arrangement and one or more Employees of which are Participants in the
particular NQDC Arrangement. 

  

	 	(r)	 “Separation from Service” shall mean the date on which the Participant separates from service with the Controlled Group within the meaning of
Code 

  
 2 

 Exhibit 10.8 

 

	 	
section 409A, whether by reason of death, disability, retirement, or otherwise. In determining Separation from Service, with regard to a bona fide leave of absence that is due to any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the Employee to be unable to perform the duties of his or
her position of employment or any substantially similar position of employment, a 29-month period of absence shall be substituted for the six-month period set forth in section 1.409A-1(h)(1)(i) of the regulations issued under section 409A of the
Code, as allowed thereunder. 

  

	 	(s)	“Specified Employee” shall mean an individual who is a “specified employee” under section 409A of the Code and the regulations issued thereunder.
For purposes of the spin-off of Phillips 66 from ConocoPhillips, a specified employee shall be determined in accordance with the special rules for spin-offs under Treas. Reg. §1.409A-1(i)(6)(iii), or any successor thereto, for the period
indicated in such regulation. 

  

	 	(t)	“Subsidiary” shall mean any corporation or other entity that is treated as a single employer with ConocoPhillips, under section 414(b) or (c) of the
Code; provided, that in making this determination, in applying section 1563(a)(1), (2), and (3) of the Code for purposes of determining a controlled group of corporations under section 414(b) of the Code and for purposes of determining trades
or businesses (whether or not incorporated) under common control under regulation section 1.414(c)-2 for purposes of section 414(c) of the Code, the language “at least 80%” shall be used without substitution as allowed under regulations
pursuant to section 409A of the Code. 

  

	 	(u)	“Wholly-Owned Subsidiary” shall mean a Subsidiary that also meets the following criteria, as applicable: (i) in the case of a corporation, any
corporation of which ConocoPhillips directly or indirectly owns shares representing 100% or more of the combined voting power of the shares of all classes or series of capital stock of such corporation which have the right to vote generally on
matters submitted to a vote of the shareholders of such corporation, or (ii) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which ConocoPhillips directly or indirectly owns 100%
or more of the voting, capital, or profits interests (whether in the form of partnership interests, membership interests or otherwise). 

  
 3 

 Exhibit 10.8 

 
 Section 2. Substitution of Language. 

Wherever in a particular document relating to an NQDC Arrangement the phrases “as soon as practicable,” “as soon as
possible,” or the like is used, it is hereby excised. Instead, the date of the related event or date or time otherwise specified in the document shall be set as the relevant date or time for an action to be performed or a determination to be
made. Participants shall have no right to complain or make a claim about an action or determination, including any payment due, that is to be made on a specified date or time if the action or determination is made no earlier than 30 days prior to
the specified date, time, or event and no later than the end of the calendar year in which such specified date, time, or event falls (or, if later, by the 15th day of the third calendar month following the specified date, time, or event). 

Section 3. No Suspension of Payments. 
 In the event that a particular NQDC Arrangement provides that there will be a suspension of any payment obligation upon the rehire of a former Employee on or after January 1, 2005, such provision
shall be given no force or effect and payment obligations shall be made as if the former Employee had not been rehired. 
 Section 4.
Payments to Specified Employees Due to Separation from Service. 
 In the event that a payment from an NQDC Arrangement is payable to an
Employee due to a Separation from Service and the Employee is a Specified Employee on the date of Separation from Service, no payment may be made to such Specified Employee from the NQDC Arrangement before the date that is six months after the date
of Separation from Service or, if earlier, the date of death; provided, however, that this does not apply to payments that are excepted pursuant to the last sentence of section 1.409A-3(i)(2)(i) of the regulations issued under section 409A of the
Code. 
 Section 5. Modification of Single Trigger Payments. 
 In the event that an NQDC Arrangement provides for payment due to a Change of Control, Change in Control, or similar term as defined in the NQDC Arrangement, then the definition of Change of Control,
Change in Control, or similar term in the NQDC Arrangement shall be replaced in determining whether such payment is due and shall have the same meaning as the term “change in the ownership or effective control of the corporation, or in the
ownership of a substantial portion of the assets of the corporation” under section 409A of the Internal Revenue Code; provided, however, that this provision shall not apply to payments made due to another reason, such as Separation from Service
or death, following the change event. 

  
 4 

 Exhibit 10.8 

 
 Section 6. International Plans and Employees. 

In the event that an Employee who is a taxpayer subject to the Code becomes a Participant in an International NQDC Arrangement, then, to the extent that
no exceptions or exclusions apply to prevent taxation pursuant to section 409A of the Code of the benefits under that International NQDC Arrangement, the Employee shall have the right to elect payment of the amount of the benefits earned or vested
under that International NQDC Arrangement that are in excess of the exceptions or exclusions from application of section 409A of the Code. Such payment, if elected, shall be made on December 31 of the year in which such benefits accrue.

 Section 7. Compliance with Code Section 409A. 
 It is intended that the NQDC Arrangements comply with section 409A of the Code and any regulations, guidance and transitional rules issued thereunder, and the NQDC Arrangements shall be interpreted and
operated consistently with that intent. If the any person with authority to interpret an NQDC Arrangement shall determine that any provisions of the NQDC Arrangement do not comply with the requirements of section 409A of the Code, such person shall
inform the person having authority to amend the NQDC Arrangement who may amend the NQDC Arrangement in any respect it deems necessary (including retroactively) in order to preserve compliance with said section 409A; provided, however, that any such
amendment affecting amounts previously deferred under the NQDC Arrangement shall be made in a manner that seeks to preserve the economic value of such deferred amounts to the Participant. 

The Annex was first executed on the 19th day of December, 2008, effective January 1, 2005 (or, in the case of a material modification to an NQDC
Arrangement made on or after October 3, 2004, effective October 3, 2004). The Annex is hereby amended and restated effective as of the “Effective Time” defined in the Employee Matters Agreement by and between ConocoPhillips and
Phillips 66 (the “Effective Time”) and conditioned on the occurrence of the “Distribution” defined in such Employee Matters Agreement (the “Distribution”). 

Executed this 19th day of April 2012, by a duly authorized officer of the Company. 

 

	
	     /s/ Carin S. Knickel

	Carin S. Knickel
	Vice President, Human Resources

  
 5

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