Document:

Transition Services Agreement

 Exhibit 10.5 
 TRANSITION SERVICES AGREEMENT 
 BY AND BETWEEN 

CONOCOPHILLIPS 

AND 
 PHILLIPS 66

 DATED AS OF APRIL 26, 2012 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I      DEFINITIONS
	  	 	1	  
		
	 ARTICLE II      SERVICES
	  	 	4	  
			
	 2.1.
	 	Services	  	 	4	  
			
	 2.2.
	 	Additional Services	  	 	4	  
			
	 2.3.
	 	Services Not Included	  	 	4	  
			
	 2.4.
	 	Service Providers	  	 	5	  
			
	 2.5.
	 	Cooperation and Service Coordinators	  	 	6	  
			
	 2.6.
	 	Service Boundaries and Scope	  	 	8	  
			
	 2.7.
	 	Standard of Performance; Limitation of Liability	  	 	9	  
			
	 2.8.
	 	Precedence of Schedules	  	 	11	  
			
	 2.9.
	 	Leases and Subleases	  	 	11	  
		
	 ARTICLE III      SERVICE CHARGES
	  	 	11	  
			
	 3.1.
	 	Compensation	  	 	11	  
		
	 ARTICLE IV      PAYMENT
	  	 	12	  
			
	 4.1.
	 	Payment	  	 	12	  
			
	 4.2.
	 	Payment Disputes	  	 	13	  
			
	 4.3.
	 	Records; Review of Charges; Error Correction	  	 	13	  
			
	 4.4.
	 	Taxes	  	 	14	  
		
	 ARTICLE V      TERM
	  	 	15	  
			
	 5.1.
	 	Term	  	 	15	  
		
	 ARTICLE VI      DISCONTINUATION OF SERVICES
	  	 	15	  
			
	 6.1.
	 	Discontinuation or Termination of Services	  	 	15	  
			
	 6.2.
	 	Procedures Upon Discontinuation or Termination of Services	  	 	16	  
			
	 6.3.
	 	Transition From Services	  	 	16	  
		
	 ARTICLE VII      DEFAULT
	  	 	17	  
			
	 7.1.
	 	Termination for Default	  	 	17	  

  
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	 ARTICLE VIII      INDEMNIFICATION AND WAIVER
	  	 	17	  
			
	 8.1.
	 	Personnel of ConocoPhillips Group	  	 	17	  
			
	 8.2.
	 	Personnel of Phillips 66 Group	  	 	17	  
			
	 8.3.
	 	Property of ConocoPhillips Group	  	 	18	  
			
	 8.4.
	 	Property of Phillips 66 Group	  	 	18	  
			
	 8.5.
	 	Environmental Matters	  	 	18	  
			
	 8.6.
	 	Impact on Third Parties	  	 	18	  
			
	 8.7.
	 	Services Received	  	 	18	  
			
	 8.8.
	 	Waiver of Consequential Damages	  	 	19	  
			
	 8.9.
	 	Express Negligence	  	 	20	  
		
	 ARTICLE IX      CONFIDENTIALITY
	  	 	20	  
			
	 9.1.
	 	Confidentiality	  	 	20	  
			
	 9.2.
	 	Access to Computer Software	  	 	21	  
			
	 9.3.
	 	Data	  	 	21	  
			
	 9.4.
	 	Change Management	  	 	21	  
			
	 9.5.
	 	System Security	  	 	21	  
		
	 ARTICLE X      FORCE MAJEURE
	  	 	22	  
			
	 10.1.
	 	Performance Excused	  	 	22	  
			
	 10.2.
	 	Notice	  	 	22	  
			
	 10.3.
	 	Cooperation	  	 	22	  
		
	 ARTICLE XI      MISCELLANEOUS
	  	 	22	  
			
	 11.1.
	 	Entire Agreement	  	 	22	  
			
	 11.2.
	 	Binding Effect; No Third-Party Beneficiaries; Assignment	  	 	23	  
			
	 11.3.
	 	Amendment; Waivers	  	 	23	  
			
	 11.4.
	 	Notices	  	 	23	  
			
	 11.5.
	 	Counterparts	  	 	24	  
			
	 11.6.
	 	Severability	  	 	24	  
			
	 11.7.
	 	Governing Law	  	 	24	  
			
	 11.8.
	 	Dispute Resolution	  	 	24	  
			
	 11.9.
	 	Performance	  	 	24	  
			
	 11.10.
	 	Relationship of Parties	  	 	24	  

  
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	 11.11.
	 	Regulations	  	 	25	  
			
	 11.12.
	 	Interpretation	  	 	25	  
			
	 11.13.
	 	Effect if Separation does not Occur	  	 	25	  

  
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 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT (this “Agreement”) is entered into as of April 26, 2012, by and between
ConocoPhillips, a Delaware corporation (“ConocoPhillips”) and Phillips 66, a Delaware corporation and wholly-owned subsidiary of ConocoPhillips (“Phillips 66”). ConocoPhillips and Phillips 66 are sometimes referred
to herein individually as a “Party,” and collectively as the “Parties.” Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Article I. 

R E C I T A L S 

WHEREAS, the board of directors of ConocoPhillips (the “ConocoPhillips Board”) has determined that it would be in the
best interests of ConocoPhillips and its stockholders to separate the Phillips 66 Business from ConocoPhillips; 
 WHEREAS,
ConocoPhillips and Phillips 66 have entered into the Separation and Distribution Agreement dated April 26, 2012 (as amended, modified or supplemented from time to time in accordance with its terms, the “Separation and Distribution
Agreement”) in connection with the separation of the Phillips 66 Business from ConocoPhillips (the “Separation”) and the distribution of Phillips 66 Common Stock to stockholders of ConocoPhillips (the
“Distribution”); 
 WHEREAS, the Separation and Distribution Agreement also provides for the execution and
delivery of certain other agreements, including this Agreement, in order to facilitate and provide for the separation of Phillips 66 and its Subsidiaries from ConocoPhillips; and 

WHEREAS, in order to ensure an orderly transition under the Separation and Distribution Agreement, the Parties agree that it will be
advisable for the ConocoPhillips Group to provide to the Phillips 66 Group, and for the Phillips 66 Group to provide to the ConocoPhillips Group, certain goods and services described herein for a transitional period. 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below and other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, and intending to be legally bound, the Parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Unless otherwise defined in this Agreement, all capitalized terms used in this Agreement shall have the same meaning as in the Separation
and Distribution Agreement. The following capitalized terms used in this Agreement shall have the meanings set forth below: 

“Accessing Party” has the meaning set forth in Section 9.5(a). 

“Additional Services” has the meaning set forth in Section 2.2. 

 “Affiliate” (including, with a correlative meaning,
“affiliated”) means, when used with respect to a specified Person, a Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specified Person. For the
purpose of this definition, “control” (including, with correlative meanings, “controlled by” and “under common control with”), when used with respect to any specified Person means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by contract, agreement, obligation, indenture, instrument,
lease, promise, arrangement, release, warranty, commitment, undertaking or otherwise. For the avoidance of doubt, after the Distribution, the members of the ConocoPhillips Group and the members of the Phillips 66 Group shall not be deemed to be
under common control for purposes hereof due solely to the fact that ConocoPhillips and Phillips 66 have common shareholders. 

“Agreement” has the meaning set forth in the preamble. 

“Ancillary Agreement” means the Employee Matters Agreement, Indemnification and Release Agreement, Intellectual Property
Assignment and License Agreement, Separation and Distribution Agreement, Tax Sharing Agreement and Transfer Documents. 

“Business Day” means a day other than a Saturday, a Sunday or a day on which banking institutions located in Houston,
Texas or New York, New York are authorized or obligated by law or executive order to close. 
 “Claims” has the
meaning set forth in Section 8.1. 
 “ConocoPhillips” has the meaning set forth in the preamble.

 “ConocoPhillips Board” has the meaning set forth in the recitals. 

“ConocoPhillips Group” means ConocoPhillips and each Affiliate of ConocoPhillips after the Distribution Date.

 “Distribution” has the meaning set forth in the recitals. 

“Distribution Date” means the date and time determined in accordance with Section 3.3(a) of the Separation and
Distribution Agreement at which the Distribution occurs. 
 “Employees” has the meaning set forth in the
Employee Matters Agreement. 
 “Exhibits” means the Exhibits attached hereto. 

“Force Majeure Event” has the meaning set forth in Section 10.1. 

“Group” means either the ConocoPhillips Group or the Phillips 66 Group. 

“Indemnification and Release Agreement” means the Indemnification and Release Agreement, dated as of the date hereof,
between ConocoPhillips and Phillips 66. 

  
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 “Indemnified Party” has the meaning set forth in Section 11.10.

 “Indemnifying Party” has the meaning set forth in Section 11.10. 

“Initial Services” has the meaning set forth in Section 2.1. 

“Lease” has the meaning set forth in Section 2.9. 

“Louisiana Exception” has the meaning set forth in Section 2.4(c). 

“New Data” has the meaning set forth in Section 9.3. 

“Parties” and “Party” have the meaning set forth in the preamble. 

“Phillips 66” has the meaning set forth in the preamble. 

“Phillips 66 Group” means Phillips 66 and each Affiliate of Phillips 66 after the Distribution Date. 

“Schedules” means the Schedules attached hereto. 

“Security Regulations” has the meaning set forth in Section 9.5(a). 

“Separation” has the meaning set forth in the recitals. 

“Separation and Distribution Agreement” has the meaning set forth in the recitals. 

“Service Coordinator” has the meaning set forth in Section 2.5(c). 

“Service Provider” means a member of the ConocoPhillips Group or the Phillips 66 Group, as applicable, when it is
providing Services to a member of the other Party’s Group. 
 “Service Provider Group” means the
ConocoPhillips Group or the Phillips 66 Group, as applicable, when it is providing Services to a member of the other Party’s Group. 
 “Service Recipient” means a member of the Phillips 66 Group or the ConocoPhillips Group, as applicable, when it is receiving Services from a member of the other Party’s Group.

 “Service Recipient Group” means the Phillips 66 Group or the ConocoPhillips Group, as applicable, when it is
receiving Services from a member of the other Party’s Group. 
 “Services” means the Initial Services and
any Additional Services agreed to by the Parties in accordance with Section 2.2. 
 “Sublease” has the
meaning set forth in Section 2.9. 
 “Systems” has the meaning set forth in Section 9.5(a).

  
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 “Tax” has the meaning set forth in Section 4.4. 

“Third Party License” has the meaning set forth in Section 2.7(b). 

“Third Party Provider” means a Person that is not affiliated with either Group and that is retained by the Service
Provider to provide any portion of the Services under this Agreement, including any consultants, agents, contractors or subcontractors. 
 “Transition Coordinator” has the meaning set forth in Section 2.5(c). 
 ARTICLE II 
 SERVICES 

2.1. Services. 
 (a) Upon the terms and subject to the conditions of this Agreement, ConocoPhillips agrees to provide or to cause to be provided the services set forth in Schedules 1 through 52 to the applicable member of
the Phillips 66 Group, and Phillips 66 agrees to provide or to cause to be provided the services set forth in Schedules 1 through 52 to the applicable member of the ConocoPhillips Group (collectively, the “Initial Services”).

 (b) The Parties agree and acknowledge that the right to receive any Services (or portions thereof) may be assigned, allocated
and/or contributed, in whole or in part, to any Affiliate(s) of a relevant Party. To the extent so assigned, allocated and/or contributed, the relevant Affiliate shall be deemed the Service Recipient with respect to the relevant portion of such
Services. 
 2.2. Additional Services. A Party may request additional transitional Services (the “Additional
Services”) in addition to the Initial Services from the Service Provider by providing written notice. The Service Provider shall use commercially reasonable efforts to accommodate such request; it being understood, however, that the Service
Provider shall not be required to provide any Additional Services if the Parties are unable to reach agreement on the terms thereof. Upon the mutual written agreement as to the nature, cost, duration and scope of such Additional Services, the
Parties shall supplement in writing the Schedules hereto to include such Additional Services. A Service Provider’s obligations with respect to providing any such Additional Services shall become effective only upon a new Schedule or an
amendment to an existing Schedule being duly executed by the Parties. 
 2.3. Services Not Included. It is not the intent
of the Service Provider and the other members of the Service Provider Group to render, nor of the Service Recipient and the other members of the Service Recipient Group to receive from the Service Provider and the other members of the Service
Provider Group, professional advice or opinions, whether with regard to tax, legal, treasury, finance, employment or other business and financial matters, technical advice, whether with regard to information technology or other matters, or the
handling of or addressing environmental matters; the Service Recipient shall not rely on, or construe, any Service rendered by or on behalf of the Service Provider as such professional advice or opinions or technical advice; and the Service
Recipient shall seek all third-party professional advice and opinions or technical advice as it may desire or need. 

  
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 2.4. Service Providers. 

(a) Subject to Section 2.4(b), the Service Provider shall have the right (i) to provide the Services either directly and/or
through its Affiliates and their respective Employees, agents or Third Party Providers designated by any of them and (ii) to select the particular personnel and working hours of such personnel in providing the Services; provided that any
provision of Services through Third Party Providers shall not relieve the Service Provider of its obligations under this Agreement; and shall not decrease the quality or level of the Services provided to the Service Recipient. 

(b) Each Service Provider may determine, in its reasonable discretion, which of its or its Affiliates’ Employees, agents or Third
Party Providers will provide the applicable Services; provided that the Service Provider shall take into consideration reasonable requests of the Service Recipient in making such determinations. Without limiting the above and the provisions
of Section 2.6(a), the Service Provider shall take into consideration the following in making its determination in this regard: 
 (i) The Service Provider shall consult in good faith with the Service Recipient regarding the proposed hiring of any Third Party Provider that has not been involved in the activities relating to such
Service prior to the Distribution Date; provided, that, in the event that the Service Provider intends to subcontract a material portion of any of the Services set forth in one or more of the Schedules hereto where such subcontracting is
inconsistent with the practice applied by the Service Provider generally from time to time within its own organization, the Service Provider shall give notice to the Service Recipient of its intent to subcontract any portion of the Services and the
Service Recipient shall have twenty (20) calendar days (or such lesser period set forth in the notice as may be practicable in the event of exigent circumstances) to determine, in its sole discretion, whether to permit such subcontracting or
whether to cancel such Service in accordance with Article VI hereof. If the Service Recipient opts to cancel a Service as provided in the immediately preceding sentence, it shall not be liable to the Service Provider pursuant to Section 6.1 for
any costs or expenses the Service Provider or any member of the Service Provider Group remains obligated to pay to the Third Party Provider identified in the notice provided by the Service Provider as described above. The Service Provider shall not
be required to give notice of its intent to subcontract Services to any Third Party Provider listed on the applicable Schedule, nor shall the Service Recipient have any right to cancel any Service subcontracted to any such listed party pursuant to
this Section 2.4(b) (provided that this sentence shall not prevent the Service Recipient from cancelling any Service pursuant to Section 6.1), and the Parties agree that any such Third Party Providers are capable of providing a
quality or level of Services comparable to that provided by the Service Provider. 
 (ii) Except as provided in a particular
Schedule, the Service Provider shall take into consideration any reasonable requests of the Service Recipient with regard to attempting to maintain as much continuity of personnel or representatives that provide any of the applicable Services as is
reasonably practicable; provided, that the Service Provider will retain the right to determine which personnel or representatives will provide the Services in its reasonable discretion taking into consideration any competing needs and
requirements for its businesses. Each Service Provider shall be solely responsible for the payment of all benefits and any other direct and indirect compensation for such Service Provider personnel assigned to

  
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perform Services under this Agreement, as well as such personnel’s worker’s compensation insurance and employment taxes, and other employer liabilities relating to such personnel as
required by law. 
 (c) Without limiting the provisions of Section 11.10, at all times during the performance of the
Services, all Persons performing such Services (including agents, temporary employees and Third Party Providers) shall be construed as being independent from the Service Recipient and the other members of the Service Recipient Group, and (except as
stated in the Louisiana Exception below) such Persons shall not be entitled to any employee benefits or other forms of compensation of or from the Service Recipient or the other members of the Service Recipient Group nor, except as stated in the
Louisiana Exception below, be considered or deemed to be employees of the Service Recipient or any member of the Service Recipient Group as a result of this Agreement. In all cases where the Service Provider’s (or its Affiliates’)
employees (which shall be defined to include, but not be limited to, direct, borrowed, special or statutory employees) are covered by the Louisiana Worker’s Compensation Act, La. R.S. 23:1021 et seq. (the “Louisiana
Exception”): (i) the Parties agree that all Services performed by the Service Provider and its (or its Affiliates’) employees pursuant to this Agreement are an integral part of and are essential to the ability of the Service
Recipient to generate its goods, products and services for purposes of La. R.S. 23:1061(A)(1); (ii) the Service Recipient agrees that it is the principal or statutory employer of the Service Provider’s (or its Affiliates’) employees
who are performing services for the Service Recipient pursuant to this Agreement for purposes of La. R.S. 23:1061(A)(3); and (iii) this provision is included for the sole purpose of establishing a statutory employer relationship to gain the
benefits expressed in La. R.S. 23:1031 and La. R.S. 23:1061(A), and is not intended to create an employer-employee relationship for any other purpose. 
 (d) Unless expressly provided otherwise in this Agreement, although the Service Provider will direct the performance of its Employees, agents and Third Party Providers and will consult with and advise the
Service Recipient regarding the performance of the Services in accordance with this Agreement, the Service Recipient will be responsible for decision-making on behalf of any member of the Service Recipient Group. Furthermore, nothing in this
Agreement shall provide the Service Provider, or its Employees, agents and Third Party Providers that are performing the Services, the right directly or indirectly to control or direct the operations of the Service Recipient. Such Employees, agents
and Third Party Providers shall not be required to report to management of the Service Recipient nor be deemed to be under the management or direction of the Service Recipient (except as otherwise stated in the Louisiana Exception). The Service
Recipient acknowledges and agrees that, except as may be expressly set forth herein as a Service (including any Additional Services) or otherwise expressly set forth in the Separation and Distribution Agreement or another Ancillary Agreement, no
member of the Service Provider Group shall be obligated to provide, or cause to be provided, any service or goods to any member of the Service Recipient Group. 
 2.5. Cooperation and Service Coordinators. 
 (a) Subject to the
confidentiality provisions set forth in Article IX, during the term of this Agreement and for so long as any Services are being provided to members of the Service Recipient Group under this Agreement, the Service Recipient will provide the Service

  
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Provider and its authorized representatives reasonable access, during regular business hours and upon reasonable notice, to the Service Recipient Group and their Employees, representatives,
facilities and books and records as the Service Provider and its representatives may reasonably require in order to perform such Services. Similarly, and subject to the same restrictions and conditions set forth above, the Service Provider will
provide the Service Recipient and its authorized representatives reasonable access, during regular business hours and upon reasonable notice, to the members of the Service Provider Group and their Employees, representatives, facilities and books and
records as the Service Recipient may reasonably require in connection with performance of its obligations and exercise of its rights under this Agreement, including rights to confirm or verify the Services. 

(b) The Service Provider will devote such time and personnel as is reasonably necessary to carry out its obligations under this
Agreement. The Service Provider and the Service Recipient shall cooperate with one another and provide such further assistance as the other Party may reasonably request in connection with the provision of Services hereunder. 

(c) Each Party shall select in writing a representative to act as the primary contact with respect to the provision of the Services and
the resolution of disputes under this Agreement (each such person, a “Transition Coordinator”). The initial Transition Coordinators shall be Glenda M. Schwarz, for ConocoPhillips, and C. Doug Johnson, for Phillips 66. The Transition
Coordinators shall meet as expeditiously as possible to resolve any dispute hereunder; and any dispute that is not resolved by the Transition Coordinators within forty-five (45) calendar days shall be resolved in accordance with the dispute
resolution procedures set forth in Section 11.8. The Parties may elect to designate individual coordinators for individual Services or groups of Services by designating such individuals in the applicable Schedule. The authority of such
individual coordinator shall be limited to the designated Service or group of Services. Additionally, a Transition Coordinator may, by written notice to the other Transition Coordinator, designate one or more individuals as individual coordinators
for certain classes or types of Services. Such written notice will identify the area of responsibility and any limitations on the authority of the designated individual. In either case, each such individual coordinator will hereinafter be referred
to as a “Service Coordinator”. Each Party may treat an act of the Transition Coordinator (or of a Service Coordinator with respect to its assigned area of responsibility) of the other Party which is consistent with the provisions of
this Agreement as being authorized by such other Party without inquiring behind such act or ascertaining whether such Transition Coordinator or Service Coordinator had authority to so act; provided, however, that no such Transition
Coordinator or Service Coordinator shall have authority to amend this Agreement. The Service Provider and the Service Recipient shall advise each other promptly (in any case within no more than three (3) Business Days) in writing of any change
in their respective Transition Coordinators, setting forth the name of the replacement, and stating that the replacement Transition Coordinator is authorized to act for such Party in accordance with this Section2.5(c). Any change in Service
Coordinators shall be handled by similar written notification from the applicable Transition Coordinator. 
 (d) The Transition
Coordinators (and/or the Service Coordinators with respect to their assigned areas of responsibility) may establish, by mutual agreement, procedures and protocols for communication, invoicing, payment and other functions under this Agreement that
will supplement and implement the requirements and obligations specifically set forth in this Agreement. 

  
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 2.6. Service Boundaries and Scope. 

(a) Except as provided in a Schedule for a specific Service: (i) the Service Provider shall be required to provide, or cause to be
provided, the Services only at the locations such Services were being provided by any member of the Service Provider Group for any member of the Service Recipient Group immediately prior to the Distribution Date; provided, however,
that, to the extent any such Service is to be provided by an Employee of the Service Provider who did not work for the Service Provider prior to the Distribution Date or who was relocated by the Service Provider, such Service shall, to the extent
feasible, only be provided by such Employee from the location at which such Employee is based; and (ii) the Services shall be available only for purposes of conducting the business of the Service Recipient Group substantially in the manner in
which it was conducted immediately prior to the Distribution Date. Except as provided in a Schedule for a specific Service, in providing, or causing to be provided, the Services, the Service Provider shall not be obligated to: (A) maintain the
employment of any specific Employee or hire additional Employees or Third Party Providers; (B) purchase, lease or license any additional equipment (including computer equipment, furniture, furnishings, fixtures, machinery, vehicles, tools and
other tangible personal property), software or other assets, rights or properties; (C) make modifications to its existing systems or software; (D) provide any member of the Service Recipient Group with access to any systems or software
other than those to which had authorized access immediately prior to the Distribution Date; (E) pay any costs related to the transfer or conversion of data of any member of the Service Recipient Group or (F) devote the efforts of any
particular personnel providing the Services exclusively for the benefit of the Service Recipient, recognizing that such personnel may engage in other activities the Service Provider considers appropriate, whether or not related to this Agreement.
The Service Recipient acknowledges (on its own behalf and on behalf of the other members of the Service Recipient Group) that the Employees of the Service Provider or any other members of the Service Provider Group who may be assisting in the
provision of Services hereunder are at-will employees and, as such, may terminate or be terminated from employment with the Service Provider or any of the other members of the Service Provider Group at any time for any reason (it being understood
that, except as specifically provided in a Schedule to this Agreement, nothing in this Agreement shall preclude or in any way affect any right of a Service Provider to terminate any of its Employees, including those who may be assisting in the
provisions of Services hereunder, whether such Employee is or was employed at-will or otherwise). For the avoidance of doubt and except as may hereafter be designated as Additional Services in accordance with Section 2.2, the Services do not
include any services required for or that may result from any business acquisitions, divestitures, start-ups or terminations by the Service Recipient Group occurring following the Distribution Date. To the extent the Service Recipient desires the
Service Provider to provide any services in connection with any such acquisitions, divestitures, start-ups or terminations, the Service Recipient shall follow the procedures for requesting Additional Services pursuant to Section 2.2.

 (b) Subject to Sections 2.2, 2.6 and 2.7, the Parties acknowledge the transitional nature of the Services and that the
Service Provider may make changes from time to time in the manner of performing the Services; provided, that such changes do not materially decrease the quality or level of the Services provided to the Service Recipient. 

  
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 2.7. Standard of Performance; Limitation of Liability. 

(a) Unless otherwise provided to the contrary in a Schedule, the Service Provider warrants that the Services shall be performed with the
same general degree of care, at the same general level and at the same general degree of responsiveness, as when performed within the ConocoPhillips organization (including, for this purpose, Phillips 66 and its Subsidiaries) prior to the
Distribution Date, and, if any such Services wee not performed within the ConocoPhillips organization prior to the Distribution Date, then such Services shall be performed with the same degree of care and with substantially the same service levels
as the Service Provider performs comparable services for itself. It is understood and agreed that the Service Provider is not a professional provider of the types of services included in the Services and that the Service Provider personnel
performing Services have other responsibilities and will not be dedicated full-time to performing Services hereunder. 
 (b)
Notwithstanding anything to the contrary in this Agreement, no Service Provider shall be required to perform Services hereunder or take any actions relating thereto that conflict with or violate any applicable law, contract, license, authorization,
certification or permit or the Service Provider’s governance policies, as they may be amended from time to time. Without limiting the above, the provision of the Services may require consents, waivers, or approvals from certain third parties
under permits, licenses and agreements to which the Service Provider, the Service Recipient or one of their respective Affiliates is a party (a “Third Party License”) to enable the Service Provider to provide the Services. The
Parties shall promptly notify each other, providing reasonable detail of any specific impairment in the ability to provide any Services by reason of the limitations described in this Section2.7(b). The Parties will use commercially reasonable
efforts to develop a resolution that enables the Service Provider to continue the provision of the Services, including obtaining any required consents, waivers or approvals under a Third Party License, with the costs of obtaining such consents,
waivers or approvals being the responsibility of the Service Recipient. If no commercially reasonable resolution is available within sixty (60) calendar days of notice of such impairment, either Party may immediately terminate the affected
Service by providing written notice to the other Party. To the extent permitted by any applicable contracts of the Service Recipient, the Service Recipient hereby grants to the Service Provider a limited, nontransferable license, without the right
to sublicense (except to an Affiliate of the Service Provider or a Third Party Provider who is providing Services on the Service Provider’s behalf, solely to the extent necessary for such Affiliate or Third Party Provider to provide the
Services), for the term of this Agreement, to use the intellectual property owned by the Service Recipient solely to the extent necessary for the Service Provider to perform its obligations hereunder. 

(c) In the event the Services are not provided in accordance with the warranty set forth in Section 2.7(a), then, at the Service
Recipient’s request, the Service Provider shall re-perform such Services to the extent necessary to correct the failure as soon as reasonably practicable, with the same degree of care used in correcting a failure of a similar service for
itself, at no additional cost to the Service Recipient. The foregoing sets forth the sole and exclusive remedy of the Service Recipient with respect to any failure of the Service Provider to 

  
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meet the warranty and the Service Provider’s liabilities under this Section 2.7(c) are subject to the liability cap set forth in Section 2.7(h); provided, that in the event
the Service Provider defaults in the manner described in clause (ii) of Section 7.1, the Service Recipient shall have the further rights set forth in Article VII. 
 (d) Notwithstanding anything to the contrary in this Agreement, except to the extent caused by a Service Provider and to the extent such Service Provider is otherwise liable under this Agreement, the
Service Provider shall not be liable to the Service Recipient for any breach of any agreement by a Third Party Provider; provided, that the Service Provider shall use commercially reasonable efforts to enforce the terms of such agreements.

 (e) The Parties recognize that some of the Services are being provided by the Service Provider in conjunction with the
Employees of the Service Recipient and other members of the Service Recipient Group. To the extent that such Employees are not made available to provide the Services in conjunction with the Service Provider, then the Service Provider shall be
relieved of its obligations to provide such Services to the extent that such services were dependent on the availability of such Employees. 
 (f) It is the intent of the Service Provider to plan and staff such that the Service Provider can completely fulfill the needs of the Service Recipient as well as the Service Provider’s own needs,
and the Service Provider does not anticipate the need for any rationing or limitation of Services. Notwithstanding the foregoing, the Service Recipient acknowledges and agrees that the Service Provider shall have the right to establish reasonable
priorities between the needs of the Service Provider, on the one hand, and the needs of the Service Recipient, on the other hand, as to the provision of any Service if the Service Provider determines that such priorities are necessary to avoid any
adverse affect on the Service Provider. If any such priorities are established, the Service Provider shall advise the Service Recipient as soon as possible of any Service that will be materially delayed as a result of such prioritization, and will
use commercially reasonable efforts to minimize the duration and impact of such delays. 
 (g) IN CONSIDERATION OF THE EXPRESS
WARRANTY PROVIDED IN SECTION 2.7(A) AND THE EXPRESS REMEDY FOR BREACH THEREOF PROVIDED IN SECTION 2.7(C), NO OTHER REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND, EXPRESSED OR IMPLIED (INCLUDING THE WARRANTIES OF NON-INFRINGEMENT,
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR CONFORMITY TO ANY REPRESENTATION OR DESCRIPTION), ARE MADE BY THE SERVICE PROVIDER WITH RESPECT TO THE SERVICES, AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL SUCH REPRESENTATIONS,
WARRANTIES AND GUARANTEES ARE HEREBY WAIVED AND DISCLAIMED. THE SERVICE RECIPIENT (ON ITS OWN BEHALF AND ON BEHALF OF EACH OTHER MEMBER OF THE SERVICE RECIPIENT GROUP) HEREBY EXPRESSLY WAIVES ANY RIGHT SERVICE RECIPIENT OR ANY MEMBER OF THE SERVICE
RECIPIENT GROUP MAY OTHERWISE HAVE FOR ANY LOSSES, TO ENFORCE SPECIFIC PERFORMANCE OR TO PURSUE ANY OTHER REMEDY AVAILABLE IN CONTRACT, AT LAW OR IN EQUITY OTHER THAN THE SPECIFIC, LIMITED RIGHT AND REMEDY SET FORTH IN SECTION 2.7(C) IN THE EVENT OF
ANY INADEQUATE PERFORMANCE, FAULTY PERFORMANCE OR OTHER FAILURE OR BREACH BY THE SERVICE PROVIDER 

  
 -10-

 
UNDER OR RELATING TO THIS AGREEMENT, EVEN IF RESULTING FROM THE NEGLIGENCE (WHETHER SOLE OR JOINT OR CONCURRENT OR ACTIVE OR PASSIVE) OF THE SERVICE PROVIDER OR ANY THIRD PARTY PROVIDER AND
WHETHER DAMAGES ARE ASSERTED IN CONTRACT OR TORT, UNDER FEDERAL, STATE OR NON U.S. LAWS OR OTHER STATUTE. 
 (h) NOTWITHSTANDING
ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL THE MEMBERS OF THE SERVICE PROVIDER GROUP BE LIABLE TO THE MEMBERS OF THE SERVICE RECIPIENT GROUP PURSUANT TO THIS SECTION 2.6 FOR AMOUNTS IN THE AGGREGATE EXCEEDING THE AGGREGATE SERVICE
CHARGES PAID HEREUNDER BY THE MEMBERS OF THE SERVICE RECIPIENT GROUP. 
 2.8. Precedence of Schedules. Each Schedule
attached to or referenced in this Agreement is hereby incorporated into and shall form a part of this Agreement by reference; provided, however, that the terms contained in such Schedule shall only apply with respect to the Services
provided under that Schedule. In the event of a conflict between the terms contained in an individual Schedule and the terms in the body of this Agreement, the terms in the Schedule shall take precedence with respect to the Services under such
Schedule only. No terms contained in individual Schedules shall otherwise modify the terms of this Agreement. 
 2.9. Leases
and Subleases. Certain of the Schedules shall incorporate by reference separately executed lease arrangements (each, a “Lease”) or sublease agreements (each, a “Sublease”) with respect to certain office spaces
identified in the applicable Schedule in accordance with the specific language in the applicable Schedule. Each such Lease or Sublease shall be substantially in the form attached to the applicable Schedule, with modifications to the form as may be
necessary in order to comply with the requirements of the Group occupying the applicable space, or with the requirements of a particular Lease for any such space or of a third party landlord, or as may be beneficial to the Parties based on the
provisions of any such Lease. Notwithstanding the form attached to a Schedule, the executed Lease or Sublease shall be the document incorporated into the applicable Schedule, and, notwithstanding anything to the contrary contained in this Agreement
or the applicable Schedule, the rights and obligations of the Groups with respect to the occupancy of any particular office space shall be governed by the applicable Lease or Sublease. In the event of any inconsistency between the terms of this
Agreement, the applicable Schedule and/or the applicable Lease or Sublease, the terms of the applicable Lease or Sublease shall control and be binding on both Parties and their respective Groups. Each Party shall take all reasonable actions to
assure that all property occupied by personnel of both Groups are clearly marked to delineate the separation between them. 

ARTICLE III 

SERVICE CHARGES 

3.1. Compensation. Subject to the specific terms of this Agreement, the compensation to be received by the Service Provider for
each Service provided hereunder will be the fees or charges set forth in or calculated in the manner set forth in the Schedule relating to the particular Service, subject only to any escalation, reduction or other modifications provided for in such
Schedule. In consideration for the provision of a Service, each member of the Service Recipient 

  
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Group receiving such Service shall pay to the Service Provider, in the manner set forth in Article IV below, the fee or charge for such Service as set forth in or calculated in the manner set
forth in the applicable Schedule. 
 ARTICLE IV 
 PAYMENT 
 4.1. Payment. 

(a) Each month, the Transition Coordinator for ConocoPhillips shall prepare an invoice that identifies, with reasonable detail, all the
Services performed in the prior month by ConocoPhillips and the other members of the ConocoPhillips Group for Phillips 66 and the other members of the Phillips 66 Group along with the charges for each Service, and the Transition Coordinator for
Phillips 66 shall prepare an invoice that identifies, with reasonable detail, all the Services performed by Phillips 66 and the other members of the Phillips 66 Group for ConocoPhillips and the other members of the ConocoPhillips Group along with
the charges for each Service. Each such invoice shall be broken down to show the Services performed by the Service Provider pursuant to each Schedule, shall detail the charge for each Service in accordance with the applicable Schedule and shall be
supported by any applicable third party invoices and other documentation reasonably necessary for the Service Recipient to evaluate the charges. If the Service Provider incurs any out-of-pocket expenses (including any incremental license fees
incurred by the Service Provider in connection with performance of the Services and any travel expenses incurred at the request or with the consent of the Service Recipient) or remits funds to a third party on behalf of the Service Recipient, in
either case in connection with the rendering of Services, then the Service Provider shall include such amount in its monthly invoice to the Service Recipient, with reasonable supporting documentation. 

(b) Each invoice shall be directed to the Service Recipient’s Transition Coordinator or such other person designated in writing from
time to time by such Transition Coordinator. Except as otherwise set forth in Section 4.1(d) or 4.1(e), the Service Recipient shall pay the total amount of the invoice to the Service Provider no later than twenty (20) calendar days after
receipt of the invoice. Unless otherwise provided in this Agreement, the Service Recipient shall remit funds in payment of invoices provided hereunder either by wire transfer or Automated Clearing House in accordance with the payment instructions
provided in the invoice. Any obligation to make payment for Services provided hereunder shall survive the termination of this Agreement. 
 (c) Except as otherwise set forth in Section 4.1(d) or Section 4.1(e) below or in an applicable Schedule, all charges from all Schedules shall be accumulated as set forth in Section 4.1(a),
shall be invoiced as set forth in Section 4.1(b), shall be denominated in United States dollars, and shall be paid in United States dollars. 
 (d) Notwithstanding anything to the contrary above, the Service Provider shall have the option to forward the invoices of any Third Party Provider directly to the Service Recipient for its payment to the
Third Party Provider, rather than the procedures set forth in Sections 4.1(a) and (b). If the Service Provider makes such election, the Service Provider shall provide the Third Party Provider’s invoice promptly so that the Service Provide may
process and 

  
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provide payment to the Third Party in a timely manner, and the Service Recipient shall be responsible to pay the Third Party Provider directly in accordance with the terms of the applicable
agreement the Service Provider has with (and the invoice from) the Third Party Provider. 
 (e) Notwithstanding the requirements
in Sections 4.1(a) through (c) above, in the event the Services under a particular Schedule are performed by a particular Service Provider outside the United States and/or are received by a Service Recipient outside the United States, the
Service Provider and Service Recipient shall organize and implement alternative invoicing and payment procedures in order to comply with local requirements and/or minimize the overall tax exposure for any party. In such event, the Service Provider
and the Service Recipient shall provide both Transition Coordinators with contemporaneous copies of all correspondence, invoicing and proof of payment. 
 (f) Interest will accrue on any amounts remaining unpaid at the due date for such payment at five percent (5%) per annum (compounded monthly) or, if less, the maximum non-usurious rate of interest
permitted by applicable law, until such amounts, together with all accrued and unpaid interest thereon, are paid in full. 

4.2. Payment Disputes. The Service Recipient may object to any amounts for any Service at any time before, at the time of, or
after payment is made, provided such objection is made in writing to the Service Provider within one hundred twenty (120) calendar days following the date of the disputed invoice. The Service Recipient shall timely pay the disputed items
in full while resolution of the dispute is pending; provided, however, that the Service Provider shall pay interest at a rate of five percent (5%) per annum (compounded monthly) on any amounts it is required to return to
the Service Recipient upon resolution of the dispute. Payment of any amount shall not constitute approval thereof. The Transition Coordinators shall meet as expeditiously as possible to resolve any dispute. Any dispute that is not resolved by the
Transition Coordinators within forty-five (45) calendar days shall be resolved in accordance with the dispute resolution and arbitration procedures set forth in Section 11.8. Neither Party (nor any member of its respective Group) shall
have a right of set-off against the other Party (or any member of its respective Group) for billed amounts hereunder. Upon written request, the Service Provider will provide to the Service Recipient reasonable additional detail and support
documentation to permit the Service Recipient to verify the accuracy of an invoice. 
 4.3. Records; Review of Charges; Error
Correction. The Service Provider shall maintain true and correct records of all receipts, invoices, reports and other documents relating to the Services hereunder in accordance with its standard accounting practices and procedures, consistently
applied. Such records (including invoices of third parties) shall be sufficient to calculate, and allow the Service Recipient to verify, the amounts owed under this Agreement. The Service Provider shall retain such accounting records and make them
available to the Service Recipient’s authorized representatives and auditors for a period of not less than one year from the termination of this Agreement; provided, however, that the Service Provider may, at its option,
transfer such accounting records to the Service Recipient upon termination of this Agreement. From time to time during such period, the Service Recipient shall have the right to review such books and records to verify the accuracy of such amounts,
provided that such reviews shall not occur more frequently than once per calendar quarter. Each such review shall 

  
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be conducted during normal business hours and in a manner that does not unreasonably interfere with the operations of the Service Provider. If, as a result of any such review, the Service
Recipient determines that it overpaid any amount to the Service Provider, then the Service Recipient may raise an objection pursuant to the provisions of Section 4.2. The Service Recipient shall bear the cost and expense of any such review. The
Service Provider shall make adjustments to charges as required to reflect the discovery of errors or omissions in charges. By way of clarification, the procedure in Section 4.2 provides the only means by which the Service Recipient may
challenge specific charges in invoices from the Service Provider, and the procedures in this Section 4.3 are only for the purpose of correcting errors in calculations or documentation. 

4.4. Taxes. 
 (a) The Service Recipient shall be entitled to withhold from sums otherwise due to the Service Provider under this Agreement any income, excess profits and/or other taxes required by applicable law to be
withheld and shall pay the taxes withheld by the Service Recipient when due to the applicable taxing authorities. Further, the Service Recipient shall gross up its payment to the Service Provider so that the amount that the Service Provider receives
is the same that it would have received had the withholding taxes imposed by the applicable tax authorities not applied; provided, however, that the Service Recipient shall not be required to gross up its payment to the Service
Provider for any withholding taxes that are attributable to the failure of the Service Provider to comply with the final sentence of this Section 4.4(a). The Service Recipient shall provide the Service Provider with official governmental tax
receipts (or certified copies of such tax receipts) evidencing payment of taxes withheld or other evidence of such payment reasonably satisfactory to the Service Provider. Should the Service Provider be entitled to claim exemption from or reduction
of withholding under applicable law with respect to payments to the Service Provider under this Agreement, the Service Provider shall provide the Service Recipient (to the extent the Service Provider is entitled to do so under applicable law) with
all properly completed forms or other evidence as may be required by applicable law to substantiate that the Service Recipient is entitled to claim such exemption or reduction. 

(b) All transfer taxes, excises, fees or other charges (including value added, sales, use or receipts taxes, but not including any tax on
or measured by the income, net or gross revenues, business activity or capital of a member of the Service Provider Group), or any increase therein, now or hereafter imposed directly or indirectly by law upon any fees paid hereunder for Services,
which a member of the Service Provider Group is required to pay or incur in connection with the provision of Services hereunder (“Tax”), shall, to the extent allowed by law, be passed on to the Service Recipient as an explicit
surcharge and shall be paid by the Service Recipient in addition to any Service fee payment, whether included in the applicable Service fee payment, or added retroactively. If the Service Recipient submits to the Service Provider a timely and valid
resale or other exemption certificate acceptable to the Service Provider and sufficient to support the exemption from Tax, then such Tax will not be added to the Service fee; provided, however, that if a member of the Service
Provider Group is ever required to pay such Tax pursuant to a final determination by the applicable tax authorities, the Service Recipient will promptly reimburse the Service Provider for such Tax, including any interest, penalties and
attorney’s fees related thereto. 

  
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 (c) The Parties shall reasonably cooperate to minimize the imposition of any taxes with
respect to any fees paid for Services or to obtain a refund of such taxes. In the event that the Service Provider receives a refund of any taxes with respect to which the Service Recipient had grossed up its payment to the Service Provider under
Section 4.4(a) or any taxes paid by the Service Recipient under Section 4.4(b), the Service Provider shall pay over such refund to the Service Recipient (but only to the extent the additional amounts paid by the Service Recipient under
Section 4.4(a) or (b) with respect to taxes giving rise to such refund), net of all out of pocket expenses of the Service Provider (including any taxes imposed with respect to such refund) as is determined by the Servicer Provider in good
faith and its sole discretion; provided, however, that in the event the Service Provider is required to repay such refund to the applicable tax authorities, the Service Recipient will promptly reimburse the Service Provider the amount
of such refund paid over to the Service Recipient, including any interest or penalties related thereto imposed by the applicable tax authorities. 
 ARTICLE V 
 TERM 

5.1. Term. Subject to Articles VI and VII, the members of the Service Provider Group shall provide the specific Services to the
members of the Service Recipient Group pursuant to this Agreement for the time period set forth in the Schedule relating to the specific Service. In accordance with the Separation and Distribution Agreement and Article VI, the Service Recipient
shall use commercially reasonable efforts to provide, and to terminate as soon as reasonably practicable, the specified Services to the applicable Service Recipient. Unless a specific Service or group of related Services is specified in the
applicable Schedule to terminate earlier or a particular Service is extended beyond such date, all Services shall terminate one (1) year from the Distribution Date. Except as otherwise expressly agreed or unless sooner terminated, this
Agreement shall commence upon the Distribution Date and shall continue in full force and effect between the Parties for so long as any Service set forth in any Schedule hereto is being provided to a Service Recipient, and this Agreement shall
terminate upon the cessation of all Services provided hereunder; provided that Articles I, IV, VIII, IX and XI and Sections 2.7(g) and (h) will survive the termination of this Agreement and any such termination shall not affect any
obligation for the payment of Services rendered prior to termination. Notwithstanding any of the foregoing, including any extensions of this Agreement or of the period of performance of any particular Service, this Agreement cannot be extended
beyond, and all Services shall terminate no later than, eighteen (18) months from the Distribution Date. 
 ARTICLE VI

 DISCONTINUATION OF SERVICES 
 6.1. Discontinuation or Termination of Services. 
 (a) Unless otherwise
provided in the relevant Schedule for a particular Service, at any time after the Distribution Date, the Service Recipient may, without cause and in accordance with the terms and conditions hereunder and the Separation and Distribution Agreement
direct the discontinuation or termination of one or more specific Services by giving the Service Provider at least sixty (60) calendar days’ prior written notice or such other shorter notice specifically agreed by the Parties. Furthermore,
any such discontinuation or termination 

  
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will affect the amounts payable to the Service Provider under this Agreement in the following manner: (i) to the extent that the charges for the discontinued or terminated Services have been
separately identified in the applicable Schedule, such separately identified charges shall not apply following the discontinuation or termination of those Services; and (ii) from month to month, the Service Coordinators shall agree on the
percentage reduction in Services and a commensurate percentage reduction in the amounts payable by the Service Recipient with respect to any Services which have been partially discontinued or terminated or for which the scope or amount has been
narrowed. The Service Recipient shall be liable to the Service Provider for all costs and expenses the Service Provider or any member of the Service Provider Group remains obligated to pay in connection with any discontinued or terminated Service or
Services (including to a Third Party Provider), except in the case of a Service terminated by the Service Recipient pursuant to clause (ii) of the first sentence of Section 7.1. The Parties shall cooperate as reasonably required to
effectuate an orderly and systematic transfer to the Service Recipient Group of all of the duties and obligations previously performed by the Service Provider or a member of the Service Provider Group under this Agreement. 

(b) Upon a Change in Control of the Service Recipient or in the event the Service Recipient becomes a competitor of the Service Provider
or a member of the Service Provider Group or becomes affiliated with a competitor of the Service Provider or of a member of the Service Provider Group, the Service Provider shall have the right, in its sole discretion, to terminate this Agreement or
any or all of the applicable Services being provided under this Agreement upon thirty (30) calendar days’ prior written notice. For purposes of this Agreement, the term “Change in Control” shall have the meaning ascribed to such
term in the 2011 Omnibus Stock and Performance Incentive Plan of ConocoPhillips, as such plan exists as of the date hereof and with the term “Company” as used in such definition to mean either ConocoPhillips or Phillips 66 as applicable.

 6.2. Procedures Upon Discontinuation or Termination of Services. Upon the discontinuation or termination of a Service
hereunder, this Agreement shall be of no further force and effect with respect to such Service, except as otherwise provided in the Schedule for the specific Service and except as to obligations accrued prior to the date of discontinuation or
termination; provided, however, that Articles I, IV, VIII, IX and XI and Sections 2.7(g) and 2.7(h) of this Agreement shall survive such discontinuation or termination. Each Party shall, within sixty (60) calendar days
after discontinuation or termination of a Service, deliver to the other Party originals of all books, records, contracts, receipts for deposits and all other papers or documents in its Group’s possession which pertain exclusively to the
business of the other Group and relate to such Service; provided that a Party may retain copies of material provided to the other Party pursuant to this Section 6.2 as it deems necessary or appropriate in connection with its financial
reporting obligations or internal control practices and policies. 
 6.3. Transition From Services. It is the express
intent of the Parties and the members of their respective Groups that, notwithstanding the terms or schedules for performance of the Services provided or referenced in this Agreement, including in Article V and in the Schedules, the performance of
Services pursuant to this Agreement be terminated as soon as possible. Consequently, each Service Recipient agrees to use commercially reasonable efforts to reduce or eliminate its dependency on each Service as soon as reasonably practicable. Each
Party agrees, on its behalf and on behalf of the other members of its Group, to facilitate the smooth transition of the Services from being performed by the Service Provider to being performed by the Service Recipient for itself. 

  
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 ARTICLE VII 
 DEFAULT 
 7.1. Termination for Default. In the event (i) of a failure
of the Service Recipient to pay for Services in accordance with the terms of this Agreement, or (ii) any Party or member of its Group shall default, in any material respect, in the due performance or observance by it of any of the other terms,
covenants or agreements contained in this Agreement, then the non-defaulting Party shall have the right, at its sole discretion, to terminate the Service with respect to which the default occurred; provided that the defaulting Party shall
have the right to cure or cause the cure of such default within thirty (30) calendar days of receipt of the written notice of such default and thereby avoid the termination. The Service Recipient’s right to terminate this Agreement
pursuant to this Article VII and the rights set forth in Section 2.7 shall constitute the Service Recipient’s sole and exclusive rights and remedies for a breach by the Service Provider hereunder (including any breach caused by an
Affiliate of the Service Provider or a Third Party Provider). 
 ARTICLE VIII 

INDEMNIFICATION AND WAIVER 
 8.1. Personnel of ConocoPhillips Group. CONOCOPHILLIPS SHALL INDEMNIFY, DEFEND AND HOLD
HARMLESS EACH OF THE MEMBERS OF THE PHILLIPS 66 GROUP AND THEIR
RESPECTIVE OFFICERS AND EMPLOYEES FROM AND AGAINST ANY AND ALL CAUSES
OF ACTION, CLAIMS, SUITS, LOSSES, LIABILITIES, FINES, PENALTIES, COSTS, DAMAGES,
JUDGMENTS, AWARDS AND EXPENSES, INCLUDING, BUT NOT LIMITED TO, COURT COSTS
AND ATTORNEYS’ FEES (“CLAIMS”) ARISING OUT OF OR RELATED IN ANY
WAY TO PERSONAL INJURY, DISEASE OR DEATH OF THE EMPLOYEES OR OFFICERS
OF THE MEMBERS OF THE CONOCOPHILLIPS GROUP ARISING OUT OF OR
OCCURRING IN CONNECTION WITH THIS AGREEMENT AND/OR PERFORMANCE OF SERVICES
HEREUNDER, REGARDLESS OF THE TIMING OR NATURE OR STYLE OF SUCH CLAIMS
AND REGARDLESS OF THE IDENTITY OF THE CLAIMANT INCLUDING, BUT NOT
LIMITED TO, THE EMPLOYEE OR OFFICER HIMSELF AND THEIR RESPECTIVE REPRESENTATIVES,
AGENTS, HEIRS, BENEFICIARIES, ASSIGNS AND FAMILY MEMBERS. 
 8.2. Personnel of Phillips 66 Group. PHILLIPS 66 SHALL INDEMNIFY, DEFEND AND HOLD
HARMLESS EACH OF THE MEMBERS OF THE CONOCOPHILLIPS GROUP AND THEIR
RESPECTIVE OFFICERS AND EMPLOYEES FROM AND AGAINST ANY AND ALL CLAIMS
ARISING OUT OF OR RELATED IN ANY WAY TO PERSONAL INJURY, DISEASE
OR DEATH OF THE EMPLOYEES OR OFFICERS OF THE MEMBERS OF THE
PHILLIPS 66 GROUP ARISING OUT OF OR OCCURRING IN CONNECTION WITH THIS
AGREEMENT AND/OR PERFORMANCE OF SERVICES HEREUNDER, REGARDLESS OF THE TIMING
OR NATURE OR STYLE OF SUCH CLAIMS AND REGARDLESS OF THE IDENTITY
OF THE CLAIMANT INCLUDING, BUT NOT LIMITED TO, THE EMPLOYEE OR
OFFICER HIMSELF AND THEIR RESPECTIVE REPRESENTATIVES, AGENTS, HEIRS, BENEFICIARIES, ASSIGNS
AND FAMILY MEMBERS. 

  
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 8.3. Property Of Conocophillips Group.
CONOCOPHILLIPS SHALL BE LIABLE FOR AND SHALL INDEMNIFY, DEFEND AND
HOLD HARMLESS EACH OF THE MEMBERS OF THE PHILLIPS 66 GROUP AND THEIR
RESPECTIVE OFFICERS AND EMPLOYEES FROM AND AGAINST ANY AND ALL CLAIMS
ARISING OUT OF OR RELATED IN ANY WAY TO PHYSICAL DAMAGE TO
OR LOSS OF THE PROPERTY OF THE MEMBERS OF THE CONOCOPHILLIPS
GROUP OR THE PROPERTY OF THEIR RESPECTIVE EMPLOYEES OR OFFICERS, INCLUDING
ENVIRONMENTAL CONTAMINATION OF SUCH PROPERTY, ARISING OUT OF OR OCCURRING IN
CONNECTION WITH THIS AGREEMENT AND/OR PERFORMANCE OF SERVICES HEREUNDER. 

8.4. Property of Phillips 66 Group. PHILLIPS 66 SHALL BE LIABLE
FOR AND SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS EACH OF THE MEMBERS
OF THE CONOCOPHILLIPS GROUP AND THEIR RESPECTIVE OFFICERS AND EMPLOYEES
FROM AND AGAINST ANY AND ALL CLAIMS ARISING OUT OF OR RELATED
IN ANY WAY TO PHYSICAL DAMAGE TO OR LOSS OF THE PROPERTY
OF THE MEMBERS OF THE PHILLIPS 66 GROUP OR THE PROPERTY OF THEIR
RESPECTIVE EMPLOYEES OR OFFICERS, INCLUDING ENVIRONMENTAL CONTAMINATION OF SUCH PROPERTY,
ARISING OUT OF OR OCCURRING IN CONNECTION WITH THIS AGREEMENT AND/OR
PERFORMANCE OF SERVICES HEREUNDER. 
 8.5. Environmental
Matters. THE SERVICE RECIPIENT AND THE SERVICE PROVIDER AGREE THAT IN NO
EVENT SHALL THE SERVICE PROVIDER BE CONSIDERED TO BE THE GENERATOR OF
ANY WASTE MATERIAL AND ALL DECISIONS REGARDING THE SELECTION OF
OFF-SITE DISPOSAL SITES OR OPTIONS IN CONNECTION WITH THE SERVICES
SHALL BE MADE EXCLUSIVELY BY SERVICE RECIPIENT. ACCORDINGLY, EXCEPT AS SET
FORTH IN SECTIONS 8.1 THROUGH 8.4 ABOVE, THE SERVICE RECIPIENT SHALL BE LIABLE
FOR AND SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS EACH OF THE MEMBERS
OF THE SERVICE PROVIDER GROUP AND THEIR RESPECTIVE OFFICERS AND EMPLOYEES
FROM AND AGAINST ANY AND ALL CLAIMS RELATED TO OR ARISING OUT
OF ENVIRONMENTAL MATTERS, POLLUTION, OR NONCOMPLIANCE WITH ENVIRONMENTAL RULES, LAWS,
REGULATIONS OR AGREEMENTS IN CONNECTION WITH THIS AGREEMENT AND/OR PERFORMANCE
OF SERVICES HEREUNDER. 
 8.6. Impact on Third Parties.
THE SERVICE RECIPIENT ACKNOWLEDGES AND AGREES THAT THE SERVICES ARE OF
SIGNIFICANT VALUE TO THE SERVICE RECIPIENT’S BUSINESS AND ARE OF
NO MATERIAL VALUE TO THE SERVICE PROVIDER OR THE OTHER MEMBERS OF
THE SERVICE PROVIDER GROUP. THEREFORE, EXCEPT AS SET FORTH IN SECTIONS 8.1
THROUGH 8.5 ABOVE, THE SERVICE RECIPIENT SHALL BE LIABLE FOR AND SHALL
INDEMNIFY, DEFEND AND HOLD HARMLESS THE SERVICE PROVIDER, THE OTHER MEMBERS
OF THE SERVICE PROVIDER GROUP AND THEIR RESPECTIVE OFFICERS AND EMPLOYEES
FROM AND AGAINST ANY CLAIMS ARISING OUT OF OR CONNECTED WITH THE
IMPACT OF THE SERVICES OR THE RESULTS OF THE SERVICES ON ANY
THIRD PARTIES (PERSONS OTHER THAN MEMBERS OF THE SERVICE PROVIDER GROUP
OR THE SERVICE RECIPIENT GROUP OR THEIR RESPECTIVE OFFICERS OR EMPLOYEES),
INCLUDING PERSONAL INJURY OR DEATH, PROPERTY DAMAGE OR LOSS, AND MONETARY
LOSS OR IMPACT. 
 8.7. Services Received. The Service Recipient hereby
acknowledges and agrees that: 
 (a) the Service Provider’s liabilities with respect to the Services to be provided
hereunder are subject to and limited by the provisions of Section 2.7, Article VII and 

  
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the other provisions hereof, including the limitation of remedies available to the Service Recipient that restricts available remedies resulting from a Service not provided in accordance with the
terms hereof to non-payment and, in certain circumstances, the right to terminate this Agreement; 
 (b) the Services are being
provided solely to facilitate the transition of each of ConocoPhillips and Phillips 66 as separate companies as a result of the Distribution; 
 (c) the Service Recipient shall be responsible for and assume all risks associated with the Services, except to the limited extent set forth in Section 2.7 and Article VII and this Article VIII;

 (d) with respect to any software or documentation within the Services, the Service Recipient shall use such software and
documentation internally and for their intended purpose only, shall not distribute, publish, transfer, sublicense or in any manner make such software or documentation available to other organizations or persons, and shall not act as a service bureau
or consultant in connection with such software; and 
 (e) a material inducement to the Service Provider’s agreement to
provide the Services is the limitation of liability and the release provided by the Service Recipient in this Agreement. 

ACCORDINGLY, EXCEPT WITH REGARD TO THE
LIMITED REMEDIES EXPRESSLY SET FORTH IN SECTION 2.7, THE SERVICE RECIPIENT
SHALL ASSUME ALL LIABILITY FOR AND SHALL FURTHER RELEASE, DEFEND, INDEMNIFY
AND HOLD THE SERVICE PROVIDER, THE OTHER MEMBERS OF THE SERVICE
PROVIDER GROUP AND THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS AND AGENTS (ALL
INDEMNIFIED PARTIES) FREE AND HARMLESS FROM AND AGAINST ALL CLAIMS OF
THE SERVICE RECIPIENT AND THE OTHER MEMBERS OF THE SERVICE RECIPIENT
GROUP AND OF THIRD PARTIES RESULTING FROM, ARISING OUT OF OR RELATED
TO THE SERVICES PROVIDED BY ANY MEMBER OF THE SERVICE PROVIDER GROUP
TO ANY MEMBER OF THE SERVICE RECIPIENT GROUP, HOWSOEVER ARISING AND
WHETHER OR NOT CAUSED BY THE NEGLIGENCE OR GROSS NEGLIGENCE OF THE
SERVICE PROVIDER, ANY MEMBER OF THE SERVICE PROVIDER GROUP OR ANY
THIRD PARTY PROVIDER, OTHER THAN THOSE LOSSES CAUSED BY THE WILLFUL
MISCONDUCT OF THE INDEMNIFIED PARTY. 
 8.8.
Waiver of Consequential Damages. 
 (a) THE MEMBERS OF
THE CONOCOPHILLIPS GROUP SHALL NOT BE LIABLE TO THE MEMBERS OF
THE PHILLIPS 66 GROUP UNDER THIS AGREEMENT FOR ANY EXEMPLARY, PUNITIVE, SPECIAL,
INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES (INCLUDING IN RESPECT OF LOST
PROFITS OR REVENUES), HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY
(INCLUDING NEGLIGENCE OR GROSS NEGLIGENCE, STRICT LIABILITY AND STATUTORY) ARISING
IN ANY WAY OUT OF THIS AGREEMENT AND/OR PERFORMANCE HEREUNDER,
WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL
NOT LIMIT EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES TO THIRD
PARTIES AS SET FORTH IN THIS AGREEMENT, THE SEPARATION AND DISTRIBUTION
AGREEMENT OR ANY OTHER ANCILLARY AGREEMENT. 

  
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 (b) THE MEMBERS OF THE
PHILLIPS 66 GROUP SHALL NOT BE LIABLE TO THE MEMBERS OF THE
CONOCOPHILLIPS GROUP UNDER THIS AGREEMENT FOR ANY EXEMPLARY, PUNITIVE, SPECIAL,
INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES (INCLUDING IN RESPECT OF LOST
PROFITS OR REVENUES), HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY
(INCLUDING NEGLIGENCE OR GROSS NEGLIGENCE, STRICT LIABILITY AND STATUTORY) ARISING
IN ANY WAY OUT OF THIS AGREEMENT AND/OR PERFORMANCE HEREUNDER,
WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL
NOT LIMIT EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES TO THIRD
PARTIES AS SET FORTH IN THIS AGREEMENT, THE SEPARATION AND DISTRIBUTION
AGREEMENT OR ANY OTHER ANCILLARY AGREEMENT. 
 8.9. Express Negligence. IT IS THE EXPRESS INTENT OF THE PARTIES
(I) THAT THE INDEMNITIES, RELEASES, DISCLAIMERS AND LIMITATIONS OF LIABILITY
SET FORTH IN THIS AGREEMENT (INCLUDING THOSE SET FORTH IN ARTICLE II
AND IN THIS ARTICLE VIII) ARE TO BE ENFORCEABLE AGAINST THE PARTIES
IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF NOTWITHSTANDING ANY
EXPRESS NEGLIGENCE RULE OR ANY SIMILAR DIRECTIVE THAT WOULD PROHIBIT OR
OTHERWISE LIMIT INDEMNITIES, RELEASES, DISCLAIMERS OR LIMITATIONS OF LIABILITY; AND
(II) THAT SUCH INDEMNITIES, RELEASES, DISCLAIMERS AND LIMITATIONS SHALL APPLY
WHETHER THE CLAIMS ARISE OUT OF OR ARE BASED ON COMMON LAW,
CIVIL LAW, MARITIME LAW, STATUTE, BREACH OF CONTRACT, POLLUTION, BREACH OF
WARRANTY, OR OTHER SOURCE OR THEORY OF LAW OR LIABILITY AND EVEN
IF THE CLAIM OR THE INJURY, LOSS OR DAMAGE RELATED THERETO IS
CAUSED BY THE NEGLIGENCE OR GROSS NEGLIGENCE (WHETHER SOLE OR JOINT
OR CONCURRENT OR ACTIVE OR PASSIVE), STRICT LIABILITY OR OTHER LEGAL
FAULT OF THE PERSON RELEASED OR INDEMNIFIED THEREUNDER; PROVIDED, THAT
THE INDEMNITIES, RELEASES, DISCLAIMERS AND LIMITATIONS OF LIABILITY SHALL NOT APPLY
TO THE EXTENT THE CLAIM IS CAUSED BY OR RESULTS FROM THE
WILLFUL MISCONDUCT OF SUCH PERSON. 
 ARTICLE IX

 CONFIDENTIALITY 
 9.1. Confidentiality. The Parties each acknowledge and agree that in activities related to the performance of Services hereunder and in other interchanges between the Parties and their Groups as a
result of the Distribution, each of the Parties and the members of their respective Groups will have access to information of the members of the other Group that is considered confidential or proprietary. Therefore, each of the Parties agrees to
maintain all information of or regarding the other Group as confidential and not to use any such information for any purpose other than the performance of Services hereunder and/or necessary communications and cooperation between the Groups in
connection with the Distribution. Each Party shall cause the members of its Group to become familiar with these requirements and shall cause such other members to comply with the requirements hereof. Notwithstanding anything to the contrary set
forth above, the obligation of confidentiality shall not apply to any information which comes into the authorized possession of a Party (which, for purposes of this Article 9, shall include the Party

  
 -20-

 
itself and any member of its Group) from a source other than the other Party or which becomes part of the public domain other than due to breach of this Agreement by the Party. If a Party is
required by audit requirements, legal process or other lawful order to disclose information considered confidential hereunder, such Party shall give the other Party prompt notice of such requirement in order to allow the other Party to seek
elimination of such order or to seek protection of such information, but the Party receiving such process or order shall be permitted to comply with such process or order. 
 9.2. Access to Computer Software. A Service Provider, in its sole discretion, may limit access to and the right to use software supplied by the Service Provider in connection with the Services
solely to those Employees of the Service Recipient who need such access and right to use in connection with the provision of the Services. 
 9.3. Data. A Service Provider is authorized to have access to and make use of all data provided by the Service Recipient or created by the Service Provider solely on behalf of the Service Recipient
after the Distribution Date (“New Data”), as necessary and appropriate for the performance by a Service Provider of its obligations under this Agreement. A Service Provider may not use any New Data for any purpose other than
providing the Services. 
 9.4. Change Management. During the term of this Agreement, the Service Recipient shall abide
by the Service Provider’s documented internal change control management policies and procedures (copies of which shall be provided to the Service Recipient) in connection with its use of any software used in connection with the Services.

 9.5. System Security. 
 (a) If any Party is given access to the other Party’s computer systems or software (collectively, the “Systems”) in connection with the Services, the Party given access (the
“Accessing Party”) shall comply with all of the other Party’s system security policies, procedures and requirements that have been provided to the Accessing Party in advance and in writing (collectively, “Security
Regulations”), and shall not tamper with, compromise or circumvent any security or audit measures employed by such other Party. The Accessing Party shall access and use only those Systems of the other Party to which it has been granted the
right of access and use. 
 (b) Each Party shall use commercially reasonable efforts to ensure that only those of its personnel
who are specifically authorized to have access to the Systems of the other Party gain such access, and use commercially reasonable efforts to prevent unauthorized access, use, destruction, alteration or loss of information contained therein,
including notifying its personnel of the restrictions set forth in this Agreement and of the Security Regulations. 
 (c) If, at
any time, the Accessing Party determines that any of its personnel has sought to circumvent, or has circumvented, the Security Regulations, that any unauthorized Accessing Party personnel has accessed the Systems, or that any of its personnel has
engaged in activities that may lead to the unauthorized access, use, destruction, alteration or loss of data, information or software of the other Party, the Accessing Party shall promptly terminate any such person’s access to the Systems and
immediately notify the other Party. In addition, such 

  
 -21-

 
other Party shall have the right to deny personnel of the Accessing Party access to its Systems upon notice to the Accessing Party. The Accessing Party shall use commercially reasonable efforts
to cooperate with the other Party in investigating any apparent unauthorized access to such other Party’s Systems. 

ARTICLE X 
 FORCE
MAJEURE 
 10.1. Performance Excused. Continued performance of a Service, except for any obligation to pay amounts due,
may be suspended immediately to the extent the fulfillment of such Service is prevented, frustrated, hindered or delayed by any event or condition beyond the reasonable control of the Person suspending such performance (and not involving any willful
misconduct of such Person), including acts of God, pandemics, floods, fire, earthquakes, labor or trade disturbances, strikes, war, acts of terrorism, civil commotion, electrical shortages or blackouts, breakdown or injury to computing facilities,
compliance in good faith with any Law (whether or not it later proves to be invalid), unavailability of materials or bad weather (a “Force Majeure Event”). Unless the Service Provider Group incurs costs under agreements with its
Third Party Providers, the Service Recipient shall not be obligated to pay any amount for Services that it does not receive as a result of a Force Majeure Event (and the Parties shall negotiate reasonably to determine the amount applicable to such
Services not received). In addition to the reduction of any amounts owed by the Service Recipient hereunder, during the occurrence of a Force Majeure Event, to the extent the provision of any Service has been disrupted or reduced, during such
disruption or reduction, (a) the Service Recipient may replace any such affected Service by, at its own cost, providing any such Service for itself or engaging one or more third parties to provide such Service at the expense of the Service
Recipient and (b) the Service Provider shall cooperate with, provide such information to and take such other actions as may be reasonably required to assist such third parties to provide such substitute Service. 

10.2. Notice. The Party claiming suspension due to a Force Majeure Event will give prompt notice to the other of the occurrence of
the Force Majeure Event giving rise to the suspension and of its nature and anticipated duration. 
 10.3. Cooperation.
Upon the occurrence of a Force Majeure Event, the Parties shall cooperate with each other to find alternative means and methods for the provision of the suspended Service. 
 ARTICLE XI 
 MISCELLANEOUS 

11.1. Entire Agreement. This Agreement, together with the documents referenced herein (including the Separation and Distribution
Agreement and any other Ancillary Agreement), constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes all prior written and oral and all contemporaneous oral agreements and
understandings with respect to the subject matter hereof. 

  
 -22-

 11.2. Binding Effect; No Third-Party Beneficiaries; Assignment. This Agreement shall
inure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns; and nothing in this Agreement, express or implied, is intended to confer upon any other person or entity any rights, benefits or remedies
of any nature whatsoever under or by reason of this Agreement. Except as otherwise provided in Sections 2.1 and 2.4 with respect to the assignment of certain rights and obligations to a Party’s Affiliates, this Agreement may not be assigned by
either Party, except with the prior written consent of the other Party. 
 11.3. Amendment; Waivers. No change or
amendment may be made to this Agreement except by an instrument in writing signed on behalf of both of the Parties. Either Party may, at any time, (i) extend the time for the performance of any of the obligations or other acts of the other,
(ii) waive any inaccuracies in the representations and warranties of the other contained herein or in any document delivered pursuant hereto, and (iii) waive compliance by the other with any of the agreements, covenants or conditions
contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party to be bound thereby. No failure or delay on the part of either Party in the exercise of any right hereunder shall impair
such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement contained herein, nor shall any single or partial exercise of any such right preclude other or further exercise
thereof or of any other right. 
 11.4. Notices. Except for invoicing and payment, modifications to or additions to the
Schedules or Services (which shall be handled between the Transition Coordinators), other regular communications between the Groups as established pursuant to procedures and protocols adopted in accordance with this Agreement and as otherwise set
forth in this Agreement, all notices, requests, claims, demands or other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by
overnight courier service, by facsimile or electronic transmission with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11.4): 
 If to ConocoPhillips, to: 
 ConocoPhillips 

600 North Dairy Ashford Street 
 Houston, TX 77079 
 Attn: General Counsel 

If to Phillips 66 to: 
 Phillips 66 
 600 North Dairy Ashford Street 

Houston, TX 77079 

Attn: General Counsel 

  
 -23-

 Any Party may, by notice to the other Party, change the address and contact person to which any such notices
are to be given. 
 11.5. Counterparts. This Agreement, including the Schedules and Exhibits hereto and the other
documents referred to herein, may be executed in multiple counterparts, each of which when executed shall be deemed to be an original but all of which together shall constitute one and the same agreement. 

11.6. Severability. If any provision of this Agreement or any Ancillary Agreement or the application thereof to any Person or
circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or thereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those
as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the parties shall negotiate in good faith in an effort to agree
upon a suitable and equitable provision to effect the original intent of the parties. 
 11.7. Governing Law. This
Agreement (and any claims or disputes arising out of or related hereto or to the transactions contemplated hereby or to the inducement of any party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated
on common law, statute or otherwise) shall be governed by and construed and interpreted in accordance with the Laws of the State of Delaware irrespective of the choice of laws principles of the State of Delaware, including all matters of validity,
construction, effect, enforceability, performance and remedies. 
 11.8. Dispute Resolution. Any Dispute shall be resolved
in accordance with the procedures set forth in Article IV of the Indemnification and Release Agreement, which shall be the sole and exclusive procedures for the resolution of any such Dispute unless otherwise specified herein or in Article IV of the
Indemnification and Release Agreement. 
 11.9. Performance. Each Party shall cause to be performed, and hereby
guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Affiliate of such Party. 
 11.10. Relationship of Parties. In the performance of this Agreement, the Service Provider (and any other member of the Service Provider Group which performs Services hereunder) will at all
times act in its own capacity as an independent contractor, and nothing contained herein may be construed to make the Service Provider an agent, partner, fiduciary or joint venturer of the Service Recipient or the other members of the Service
Recipient Group. The Service Provider’s Employees which perform Services under this Agreement (a) will remain personnel of the Service Provider, (b) will not by reason of the performance of Services under this Agreement become
employees of any member of the Service Recipient Group and (c) will not be entitled to participate in any of the Service Recipient’s employee benefit or compensation plans, programs, agreements or arrangements, including pension, 401(k),
profit sharing, retirement, deferred compensation, medical, health, group insurance, disability, bonus, incentive compensation, vacation pay, severance pay and other similar plans, programs, agreements and arrangements, whether reduced to writing or
not. Similarly, any of the Service Recipient’s Employees that perform Services under this 

  
 -24-

 
Agreement pursuant to Section2.7(e), (i) will remain personnel of the Service Recipient, (ii) will not by reason of the performance of Services under this Agreement become employees of
any member of the Service Provider Group and (iii) will not be entitled to participate in any of the Service Provider’s employee benefit or compensation plans, programs, agreements or arrangements, including pension, 401(k), profit
sharing, retirement, deferred compensation, medical, health, group insurance, disability, bonus, incentive compensation, vacation pay, severance pay and other similar plans, programs, agreements or arrangements, whether reduced to writing or
not. Each Party (the “Indemnifying Party”) will indemnify and hold harmless the other Party and its affiliates and their officers, directors, employees, agents, successors and permitted assigns (the “Indemnified
Party”) from and against all losses, damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind (including reasonable attorneys’ fees) arising out of or resulting from
any claims asserted by, on behalf of, or in relation to the Employees of the Indemnifying Party that such Employees are employed by the Indemnified Party or one of its Affiliates, including any assertions of contingent worker or co-employment
relationships, and including any responsibility or liability to any Employee or governmental authority for alleged misclassification of any employment relationship. 
 11.11. Regulations. All Employees of the Service Provider and the members of the Service Provider Group shall, when on the property of the Service Recipient, conform to the rules and regulations of
the Service Recipient concerning safety, health and security that are made known to such Employees in advance in writing. All Employees of the Service Recipient and the other members of the Service Recipient Group shall, when on the property of the
Service Provider, conform to the rules and regulations of the Service Provider concerning safety, health and security that are made known to such Employees in advance in writing. 

11.12. Interpretation. In this Agreement, (a) words in the singular shall be held to include the plural and vice versa and
words of one gender shall be held to include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to
refer to this Agreement as a whole (including all of the Schedules, Exhibits and Appendices hereto) and not to any particular provision of this Agreement; (c) Article, Section, Exhibit, Schedule and Appendix references are to the Articles,
Sections, Exhibits, Schedules and Appendices to this Agreement unless otherwise specified; (d) the word “including” and words of similar import when used in this Agreement means “including, without limitation,”; (e) the
word “or” shall not be exclusive; (f) unless expressly stated to the contrary in this Agreement, all references to “the date hereof,” “the date of this Agreement,” “hereby” and “hereupon” and
words of similar import shall all be references to the date first stated in the preamble, regardless of any amendment or restatement hereof. 
 11.13. Effect if Separation does not Occur. If the Distribution does not occur, then all actions and events that are, under this Agreement, to be taken or occur effective as of or following the
Distribution Date, or otherwise in connection with the Distribution, shall not be taken or occur except to the extent specifically agreed in writing by the Parties and (in the absence of such specific written agreement) neither Party shall have any
liability or further obligation to the other Party under this Agreement. 

  
 -25-

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	CONOCOPHILLIPS
		
	By:	 	 /s/ Ryan M. Lance

	Name:	 	Ryan M. Lance
	Title:	 	Chairman and Chief Executive Officer
	
	PHILLIPS 66
		
	By:	 	 /s/ Greg C. Garland

	Name:	 	Greg C. Garland
	Title:	 	Chairman, President and Chief Executive Officer

  
 -26-Intellectual Property Assignment

 Exhibit 10.2 

 
  
 INTELLECTUAL PROPERTY ASSIGNMENT AND LICENSE AGREEMENT 
 BY AND BETWEEN

 CONOCOPHILLIPS 
 AND 
 PHILLIPS 66 

DATED AS OF APRIL 26, 2012 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	1	  
		
	ARTICLE II SOFTWARE	  	 	6	  
			
	2.1	  	Existing Software Ownership	  	 	6	  
			
	2.2	  	Allocation of Software Ownership Within a Group	  	 	6	  
			
	2.3	  	Software License Grants	  	 	6	  
			
	2.4	  	Furnishing of Software	  	 	7	  
			
	2.5	  	Subsequent Derivative Works	  	 	7	  
			
	2.6	  	Confidentiality of Software	  	 	8	  
			
	2.7	  	No Contravention of Existing License Agreements	  	 	8	  
		
	ARTICLE III PROPRIETARY INFORMATION	  	 	8	  
			
	3.1	  	Ownership of Existing Proprietary Information	  	 	8	  
			
	3.2	  	Allocation of Proprietary Information Within a Group	  	 	9	  
			
	3.3	  	License Grants for Proprietary Information	  	 	9	  
			
	3.4	  	Confidentiality Obligations	  	 	10	  
			
	3.5	  	Limitations on Confidentiality Restrictions	  	 	10	  
			
	3.6	  	Compelled Production	  	 	10	  
			
	3.7	  	Furnishing of Proprietary Information	  	 	11	  
			
	3.8	  	No Contravention of Existing License Agreements	  	 	11	  
		
	ARTICLE IV PATENTS	  	 	11	  
			
	4.1	  	Ownership of Existing Patents	  	 	11	  
			
	4.2	  	License to Existing Patents	  	 	11	  
		
	ARTICLE V TRADEMARKS	  	 	13	  
			
	5.1	  	Ownership of Trademarks	  	 	13	  
			
	5.2	  	Allocation of Trademarks Within a Group	  	 	13	  
			
	5.3	  	No rights in Phillips 66 Group Trademarks	  	 	13	  
			
	5.4	  	License to ConocoPhillips Group Trademarks	  	 	13	  
			
	5.5	  	Ownership of Domains	  	 	14	  
			
	5.6	  	License and Transfer-back of Certain Domain Names to ConocoPhillips	  	 	14	  
			
	5.7	  	FTC Matter Related to Certain Phillips 66 Group Trademarks	  	 	14	  
		
	ARTICLE VI IPR FUTURES AND ISSUES OF OWNERSHIP	  	 	14	  
			
	6.1	  	Ownership Unaffected by this Agreement	  	 	14	  
			
	6.2	  	No Rights or Licenses Granted	  	 	15	  
			
	6.3	  	Issues as to Ownership	  	 	15	  
		
	ARTICLE VII ASSIGNMENT AND SUBLICENSES	  	 	15	  
			
	7.1	  	Assignment Agreements	  	 	15	  
			
	7.2	  	Assignment of Phillips 66 IP Licenses	  	 	15	  
			
	7.3	  	Assignment of ConocoPhillips IP Licenses	  	 	16	  
			
	7.4	  	Sublicense of Phillips 66 IP Licenses	  	 	16	  

  
 i 

							
			
	7.5	  	Sublicense of ConocoPhillips IP Licenses	  	 	16	  
			
	7.6	  	Acquisition of Subsidiary by Phillips 66	  	 	17	  
			
	7.7	  	Failure of Assignment of Phillips 66 IP Licenses	  	 	17	  
			
	7.8	  	Failure of Assignment of ConocoPhillips IP Licenses	  	 	18	  
			
	7.9	  	Order of Precedence	  	 	19	  
		
	ARTICLE VIII ASSIGNMENT/SUBLICENSING	  	 	19	  
			
	8.1	  	Assignments	  	 	19	  
			
	8.2	  	Sublicense Rights	  	 	19	  
		
	ARTICLE IX INFRINGEMENT	  	 	19	  
		
	ARTICLE X NO WARRANTIES OR REPRESENTATIONS	  	 	20	  
		
	ARTICLE XI GOVERNING LAW; IP CLAIMS	  	 	20	  
			
	11.1	  	Choice of Law	  	 	20	  
			
	11.2	  	Intellectual Property Rights	  	 	20	  
			
	11.3	  	Equitable Remedies	  	 	20	  
			
	11.4	  	Bankruptcy	  	 	21	  
		
	ARTICLE XII NOTICE	  	 	21	  
		
	ARTICLE XIII FURTHER DUE DILIGENCE	  	 	22	  
		
	ARTICLE XIV FEES AND EXPENSES	  	 	22	  
		
	ARTICLE XV MISCELLANEOUS	  	 	22	  
			
	15.1	  	No Other Rights	  	 	22	  
			
	15.2	  	No Enforcement Against Third Party	  	 	22	  
			
	15.3	  	Further Assurances	  	 	22	  
			
	15.4	  	Rules of Construction	  	 	23	  
			
	15.5	  	Amendments	  	 	23	  
			
	15.6	  	No Waiver	  	 	24	  
			
	15.7	  	Third Party Beneficiaries	  	 	24	  
			
	15.8	  	Force Majeure	  	 	24	  
			
	15.9	  	Counterparts	  	 	24	  
			
	15.10	  	Severability	  	 	25	  
			
	15.11	  	Entire Agreement	  	 	25	  

  
 ii 

 INTELLECTUAL PROPERTY ASSIGNMENT AND LICENSE AGREEMENT 

THIS INTELLECTUAL PROPERTY ASSIGNMENT AND LICENSE AGREEMENT made and entered into effective as of April 26, 2012 (this
“Agreement”), is by and between ConocoPhillips, a Delaware corporation (“ConocoPhillips”), and Phillips 66, a Delaware corporation and wholly-owned subsidiary of ConocoPhillips (“Phillips 66”) (the
“Parties”). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Article I or in that certain Separation and Distribution Agreement between ConocoPhillips and Phillips 66 dated as
of April 26, 2012 (the “Separation and Distribution Agreement”). 
 R E C I T A L S 

WHEREAS, the board of directors of ConocoPhillips (the “ConocoPhillips Board”) has determined that it is in the best interests
of ConocoPhillips and its stockholders to create a new publicly traded company that shall operate the Phillips 66 Business; 

WHEREAS, Phillips 66 has been incorporated for this purpose and has not engaged in activities except in preparation for its corporate
reorganization and the distribution of its stock; 
 WHEREAS, in furtherance of the foregoing, the ConocoPhillips Board has
determined that it is appropriate and desirable for ConocoPhillips and its applicable Subsidiaries to transfer the Phillips 66 Assets, including the Phillips 66 Intellectual Property, to Phillips 66 and its applicable Subsidiaries, and for Phillips
66 and its applicable Subsidiaries to assume the Phillips 66 Liabilities, in each case, as more fully described in the Separation and Distribution Agreement, the Ancillary Agreements and the Associated Agreements; 

WHEREAS, Phillips 66 and its Subsidiaries desire to receive (and ConocoPhillips is willing to grant to Phillips 66 and its Subsidiaries)
certain rights under Patents and non-Patent Intellectual Property retained and owned by ConocoPhillips or its Subsidiaries on or after the Effective Date, and ConocoPhillips and its Subsidiaries desire to receive (and Phillips 66 is willing to grant
to ConocoPhillips and its Subsidiaries) certain rights under Patents and Non-Patent Intellectual Property Rights owned by Phillips 66 or its Subsidiaries on or after the Effective Date. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth below, and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 
 For the purpose of this Agreement, the following terms shall have the following meanings: 
 “Affiliate” has the meaning set forth in the Separation and Distribution Agreement. 

 “Agreement” shall have the meaning set forth in the preamble. 

“Ancillary Agreements” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Associated Agreements” shall mean the Copyright and Technology Assignment, the Patent Assignment, the Trademark and
Service Mark Assignment, and the Domain Name Assignment. 
 “Authorized Persons” shall have the meaning set
forth in Section 3.4. 
 “ConocoPhillips” shall have the meaning set forth in the preamble. 

“ConocoPhillips Board” shall have the meaning set forth in the recitals. 

“ConocoPhillips Business” shall have the meaning set forth in the Separation and Distribution Agreement. 

“ConocoPhillips Company” shall have the meaning set forth in the Separation and Distribution Agreement. 

“ConocoPhillips Group” shall have the meaning set forth in the Separation and Distribution Agreement. 

“ConocoPhillips Group Proprietary Information” shall have the meaning set forth in Section 3.1.1. 

“ConocoPhillips Group Software” shall have the meaning set forth in Section 2.1.1. 

“ConocoPhillips Group Trademarks” shall have the meaning set forth in Section 5.1.1. 

“ConocoPhillips IP Licenses” shall mean all (a) licenses, permissions and covenants granted by any Person,
including Phillips 66 Group members, to ConocoPhillips or any Subsidiary of ConocoPhillips to, in any way, exploit or use Intellectual Property owned, controlled or otherwise licensable by such Person, and the corresponding agreements by which such
licenses, permissions or covenants are granted, which are licenses, permissions or covenants to use or exploit Software, Patents or Proprietary Information and that primarily relate to, arise out of or result from the ConocoPhillips Business (such
licenses, permissions and covenants, and their corresponding agreements, being collectively referred to as “Inbound ConocoPhillips IP Licenses”); and (b) licenses, permissions and covenants granted by ConocoPhillips or any Subsidiary
of ConocoPhillips to any Person to, in any way, exploit or use Intellectual Property owned, controlled or otherwise licensable by the ConocoPhillips Group, and the corresponding agreements by which such licenses, permissions or covenants are
granted, which are licenses, permissions or covenants to use or exploit Software, Patents or Proprietary Information and that primarily relate to, arise out of or result from the ConocoPhillips Business (such licenses, permissions and covenants, and
their corresponding agreements, being collectively referred to as “Outbound ConocoPhillips IP Licenses”). Notwithstanding the foregoing, this Agreement shall not be deemed a ConocoPhillips IP License. 

  
 2 

 “Copyright and Technology Assignment” shall mean that certain Copyright and
Technology Assignment contemporaneously executed by ConocoPhillips Company and Phillips 66 Company in the form attached hereto as Exhibit I. 
 “Copyrights” shall mean all copyrights and related rights and interests in copyrights and related rights, moral rights, licenses and all other rights, privileges and priorities relating
to any works of authorship or any subject matter protected by related rights, including all works of authorship under Section 102 of Title 17 of the United States Code, under the copyright and related rights laws of every country and
jurisdiction throughout the world, now or hereafter known, whether registered or unregistered, for their entire term of protection, including all extensions, licenses, renewals or reversions thereof. 

“Derivative Work” shall mean a work which is based upon one or more preexisting works, and which is a derivative work,
including any revision, modification, translation, abridgment, condensation, expansion, collection, compilation, or any other form in which such preexisting works may be recast, transformed, or adapted, and which, if prepared without authorization
by the owner of a preexisting work, would constitute Copyright infringement. 
 “Distribution” shall have the
meaning set forth in the Separation and Distribution Agreement. 
 “Existing ConocoPhillips Group Patents”
shall have the meaning set forth in Section 4.1.1. 
 “Existing Phillips 66 Group Patents” shall have the
meaning set forth in Section 4.1.2. 
 “Governmental Authority” shall have the meaning set forth in the
Separation and Distribution Agreement. 
 “Group” shall have the meaning set forth in the Separation and
Distribution Agreement. 
 “Inbound ConocoPhillips IP Licenses” shall have the meaning set forth in the
definition of ConocoPhillips IP Licenses. 
 “Inbound Phillips 66 IP Licenses” shall have the meaning set forth
in the definition of Phillips 66 IP Licenses. 
 “Intellectual Property” shall have the meaning set forth in
the Separation and Distribution Agreement. 
 “Internal Contribution” shall have the meaning set forth in the
Separation and Distribution Agreement. 
 “Internal Contribution Date” shall mean the date on which the
Internal Contribution is effected. 
 “IPR Futures” shall have the meaning set forth in Section 6.1.1.

  
 3 

 “Licensee” shall mean a Party receiving a license of any Intellectual
Property hereunder. 
 “Licensor” shall mean a Party licensing any Intellectual Property hereunder. 

“Outbound ConocoPhillips IP Licenses” shall have the meaning set forth in the definition of ConocoPhillips IP Licenses.

 “Outbound Phillips 66 IP Licenses” shall have the meaning set forth in the definition of Phillips 66 IP
Licenses. 
 “Parties” shall have the meaning assigned to it in the preamble. 

“Patent Assignment” shall mean that certain Patent Assignment contemporaneously executed by ConocoPhillips Company and
Phillips 66 Company, in the form attached hereto as Exhibit II. 
 “Patents” shall mean patents and patent
applications, all foreign counterparts, continuations, divisions, reissues, reexaminations and renewals of such patents and patent applications, all prosecution files and databases for such patents and patent applications and all inventions created
or first reduced to practice as of the Distribution on which a patent later issues. 
 “Person” shall have the
meaning set forth in the Separation and Distribution Agreement. 
 “Phillips 66” shall have the meaning set
forth in the preamble. 
 “Phillips 66 Business” shall have the meaning set forth in the Separation and
Distribution Agreement. 
 “Phillips 66 Company” shall have the meaning set forth in the Separation and
Distribution Agreement. 
 “Phillips 66 Group” shall have the meaning set forth in the Separation and
Distribution Agreement. 
 “Phillips 66 Designee” shall have the meaning set forth in the Separation and
Distribution Agreement. 
 “Phillips 66 Group Domains” shall have the meaning set forth in Section 5.5.1.

 “Phillips 66 Group Proprietary Information” shall have the meaning set forth in Section 3.1.2.

 “Phillips 66 Group Software” shall have the meaning set forth in Section 2.1.2. 

“Phillips 66 Group Trademarks” shall have the meaning set forth in Section 5.1.2. 

  
 4 

 “Phillips 66 IP Licenses” shall mean all (a) licenses, permissions and
covenants granted by any Person, including ConocoPhillips Group members, to Phillips 66 or any Subsidiary of Phillips 66 to, in any way, exploit or use Intellectual Property owned, controlled or otherwise licensable by such Person, and the
corresponding agreements by which such licenses, permissions or covenants are granted, which are licenses, permissions or covenants to use or exploit Software, Patents or Proprietary Information and that primarily relate to, arise out of or result
from the Phillips 66 Business (such licenses, permissions and covenants, and their corresponding agreements, being collectively referred to as “Inbound Phillips 66 IP Licenses”); and (b) licenses, permissions and covenants granted by
Phillips 66 or any Subsidiary of Phillips 66 to any Person to, in any way, exploit or use Intellectual Property owned, controlled or otherwise licensable by the Phillips 66 Group, and the corresponding agreements by which such licenses, permissions
or covenants are granted, which are licenses, permissions or covenants to use or exploit Software, Patents or Proprietary Information and that primarily relate to, arise out of or result from the Phillips 66 Business (such licenses, permissions and
covenants, and their corresponding agreements, being collectively referred to as “Outbound Phillips 66 IP Licenses”). Notwithstanding the foregoing, this Agreement shall not be deemed a Phillips 66 IP License. 

“Proprietary Information” shall mean (i) business and technical information, including ideas, data, knowledge,
trade secrets, know-how and algorithms, existing as of the Distribution, which is proprietary and/or that derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other
persons who can obtain economic value from its disclosure or use and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy and (ii) all physical manifestations of the business and technical information
described in the preceding clause (i), including documents, specifications, designs, plans, records, drawings and databases. 

“Separation and Distribution Agreement” shall have the meaning set forth in the preamble. 

“Software” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Subsidiary” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Third Party” shall mean any Person other than a member of a Group. 

“Trademark” shall mean any word, name, corporate name, trade name, domain name (including, without limitation, IP
addresses and ASNs), logo, design, mark, trademark, service mark, symbol, device, trade dress, any common law marks, trademark or service mark application or registration, or any other indicia of origin or any combination thereof and all goodwill
associated therewith. 
 “Trademark and Service Mark Assignment” shall mean that certain Trademark and Service
Mark Assignment contemporaneously executed by ConocoPhillips Company and Phillips 66 Company in the form attached hereto as Exhibit III. 
 “Transaction Expenses” shall mean with respect to any Party, all out-of-pocket expenses (including, without limitation, all fees and expenses of counsel, accountants, investment bankers,
experts, consultants or agents to such Party or any of its Affiliates and including governmental 

  
 5 

 
transfer taxes, recording fees and other similar fees and impositions) incurred by such Party or its Affiliates (or on such Party’s or Affiliate’s behalf) in connection with or related
to the authorization, preparation, negotiation, execution or performance of this Agreement. 
 ARTICLE II 

SOFTWARE 
 2.1
Existing Software Ownership 
 As between the Phillips 66 Group and the ConocoPhillips Group, any Software existing as of
the Internal Contribution Date that was: 
 2.1.1. created by or for or assigned, transferred, conveyed to, or otherwise owned by
ConocoPhillips or any other member of either Group that primarily relates to, arises out of or results from the ConocoPhillips Business, shall be owned by ConocoPhillips Company or, at ConocoPhillips’ discretion, a Subsidiary of ConocoPhillips
(“ConocoPhillips Group Software”); 
 2.1.2. created by or for or assigned, transferred, conveyed to, or otherwise
owned by ConocoPhillips or any other member of either Group that primarily relates to, arises out of or results from the Phillips 66 Business shall be owned by Phillips 66 Company or, at Phillips 66’s discretion, a Phillips 66 Designee
(“Phillips 66 Group Software”); and 
 2.1.3. created by or for or assigned, transferred, conveyed to, or otherwise
owned by ConocoPhillips and that is not covered under Section 2.1.1 or Section 2.1.2 shall be owned by ConocoPhillips Company or, at ConocoPhillips’ discretion, a Subsidiary of ConocoPhillips. 

2.2 Allocation of Software Ownership Within a Group 
 Each Group may allocate ownership of Software owned by that Group to the appropriate member or members within that Group. 
 2.3 Software License Grants 
 2.3.1. Subject to the terms and conditions of
this Agreement, and subject to rights of Third Parties and licenses in effect as of the Internal Contribution Date, effective as of the Internal Contribution Date, ConocoPhillips hereby grants, and agrees to cause each other ConocoPhillips Group
member to grant, to Phillips 66 Company a non-exclusive, fully paid-up, worldwide, perpetual, non-sublicensable (except as provided in Section 8.2), non-assignable (except as provided in Section 8.1), royalty-free and irrevocable license
to, in the conduct of the Phillips 66 Business, use, reproduce, distribute, display and prepare Derivative Works based upon, any ConocoPhillips Group Software that is used in the Phillips 66 Business as of the Internal Contribution Date. 

  
 6 

 2.3.2. Subject to the terms and conditions of this Agreement, and subject to rights of Third
Parties and licenses in effect as of the Internal Contribution Date, effective immediately following the Internal Contribution Date, Phillips 66 hereby grants, and agrees to cause each other Phillips 66 Group member to grant to ConocoPhillips
Company a non-exclusive, fully paid-up, worldwide, perpetual, non-sublicensable (except as provided in Section 8.2), non-assignable (except as provided in Section 8.1), royalty-free and irrevocable license to, in the conduct of the
ConocoPhillips Business, use, reproduce, distribute, display and prepare Derivative Works based upon, any Phillips 66 Group Software that is used in the ConocoPhillips Business as of the Internal Contribution Date. 

2.3.3. Subject to the terms and conditions of this Agreement, and subject to rights of Third Parties and licenses in effect as of the
Internal Contribution Date, effective as of the Internal Contribution Date, ConocoPhillips hereby grants, and agrees to cause each other ConocoPhillips Group member to grant, to Phillips 66 Company a non-exclusive, fully paid-up, worldwide,
perpetual, fully-sublicensable, fully-assignable, royalty-free and irrevocable license to use, reproduce, distribute, display and prepare Derivative Works based upon any Software described under Section 2.1.3. The license granted in this
Section 2.3.3 shall not be restricted to any field of use. 
 2.4 Furnishing of Software 

Subject to reasonable confidentiality restrictions and Third Party rights, until the date that is twelve (12) months after the
Internal Contribution Date, a Group may request a copy of Software licensed pursuant to Section 2.3, including the source code, which Software such Group reasonably believes is required in the conduct of its business, and the other Group shall
provide a copy of such Software; provided that, in each case, such Software exists in the same form in which it existed as of the Internal Contribution Date. Following such twelve-month period, for an additional two-year period, each Group shall use
reasonable efforts to supply a copy of such Software to the requesting Group. Notwithstanding anything to the contrary herein, the Party in possession of the licensed Software need only furnish a copy of such software in the form in which it existed
as of the Internal Contribution Date and in no event shall a Party be required to furnish to the other Party any upgrades, updates, enhancements or other modifications to the licensed Software. 

2.5 Subsequent Derivative Works 
 After the Internal Contribution Date, a Group creating a Derivative Work of Software licensed from another Group shall own all rights in and to the particular modifications, additions or changes made to
such Software by the creating Group, subject to the Intellectual Property rights of the licensing Group. No license is granted hereunder to such modifications, additions or changes by the Group creating such a Derivative Work to the Group that owns
the Software on which such Derivative Work is based and the Group creating such a Derivative Work shall not, by virtue of creating any Derivative Work, gain any greater rights in and to such licensed Software than are expressly granted pursuant to
this Agreement. 

  
 7 

 2.6 Confidentiality of Software 

Each Group shall treat any source code for Software owned by the other Group as Proprietary Information of the other Group and shall hold
it in confidence in accordance with the terms of Section 3.4. 
 2.7 No Contravention of Existing License Agreements

 Nothing in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement changes, alters, limits or
expands any current rights that any ConocoPhillips Group member or any Phillips 66 Group member may have been granted as of the Internal Contribution Date by any Person to reproduce, distribute, display or otherwise use Software. For purposes of
clarity, the Parties understand and agree that the purpose of the Software licenses granted herein is to allow to continue after the Internal Contribution Date certain incidental uses by one Group of the other Group’s Software which have taken
place in the Groups prior to the Internal Contribution Date and neither Group shall seek to use any license to Software granted hereunder to exploit Software in a manner that was not granted prior to the Internal Contribution Date. 

ARTICLE III 

PROPRIETARY INFORMATION 
 3.1 Ownership of Existing Proprietary Information 
 As between the Phillips
66 Group and the ConocoPhillips Group, any Proprietary Information existing as of the Internal Contribution Date: 
 3.1.1.
created or developed by or for or assigned, transferred, conveyed to, or otherwise owned by ConocoPhillips Company or any other member of either Group that primarily relates to, arises out of or results from the ConocoPhillips Business, shall be
owned by ConocoPhillips Company or, at ConocoPhillips’ discretion, a Subsidiary of ConocoPhillips. Proprietary Information owned by the ConocoPhillips Company or another Subsidiary of ConocoPhillips pursuant to this Section 3.1.1 is
referred to as “ConocoPhillips Group Proprietary Information” and includes, but is not limited to the Proprietary Information listed in Schedule 3.1.1; 
 3.1.2. created or developed by or for or assigned, transferred, conveyed to, or otherwise owned by ConocoPhillips Company or any other member of either Group that primarily relates to, arises out of or
results from the Phillips 66 Business, shall be owned by Phillips 66 Company or, at Phillips 66’s discretion, a Phillips 66 Designee; Proprietary Information owned by Phillips 66 Company or another Phillips 66 Designee pursuant to this
Section 3.1.2 is referred to as “Phillips 66 Group Proprietary Information” and includes, but is not limited to the Proprietary Information listed in Schedule 3.1.2; and 

  
 8 

 3.1.3. created or developed by or for or assigned, transferred, conveyed to, or otherwise
owned by ConocoPhillips Company, and that is not covered under Section 3.1.1 or Section 3.1.2 shall be owned by ConocoPhillips Company or, at ConocoPhillips’s discretion, a Subsidiary of ConocoPhillips. 

3.2 Allocation of Proprietary Information Within a Group 
 Each Group may allocate ownership of Proprietary Information owned by that Group to the appropriate member or members within that Group. 

3.3 License Grants for Proprietary Information 
 3.3.1. Subject to the terms and conditions of this Agreement, and subject to rights of Third Parties and licenses in effect as of the Internal Contribution Date, effective as of the Internal Contribution
Date, ConocoPhillips hereby grants, and agrees to cause each other ConocoPhillips Group member to grant, to Phillips 66 Company a non-exclusive, fully paid-up, worldwide, perpetual, non-sublicensable (except as provided in Section 8.2),
non-assignable (except as provided in Section 8.1), royalty-free and irrevocable license to, in the conduct of the Phillips 66 Business, use any ConocoPhillips Group Proprietary Information that is used in the Phillips 66 Business as of the
Internal Contribution Date. 
 3.3.2. Subject to the terms and conditions of this Agreement, and subject to rights of Third
Parties and licenses in effect as of the Internal Contribution Date, effective immediately following the Internal Contribution Date, Phillips 66 hereby grants, and agrees to cause each other Phillips 66 Group member to grant, to ConocoPhillips
Company a non-exclusive, fully paid-up, worldwide, perpetual, non-sublicensable (except as provided in Section 8.2), non-assignable (except as provided in Section 8.1), royalty-free and irrevocable license to, in the conduct of the
ConocoPhillips Business, use any Phillips 66 Group Proprietary Information that is used in the ConocoPhillips Business as of the Internal Contribution Date. 
 3.3.3. Subject to the terms and conditions of this Agreement, and subject to rights of Third Parties and licenses in effect as of the Internal Contribution Date, effective as of the Internal Contribution
Date, ConocoPhillips hereby grants, and agrees to cause each other ConocoPhillips Group member to grant, to Phillips 66 Company an exclusive, fully paid-up, worldwide, perpetual, fully-sublicensable, fully-assignable, royalty-free and irrevocable
license to, in the conduct of the Phillips 66 Business, use any Proprietary Information described in Section 3.1.3 that is used in the ConocoPhillips Business as of the Internal Contribution Date. In addition, subject to rights of Third Parties
and licenses in effect as of the Internal Contribution Date, effective as of the Internal Contribution Date, ConocoPhillips hereby grants, and agrees to cause each other ConocoPhillips Group member to grant, to Phillips 66 Company a non-exclusive,
fully paid-up, 

  
 9 

 
worldwide, perpetual, fully-sublicensable, fully-assignable, royalty-free and irrevocable license to use any ConocoPhillips Group Proprietary Information described in Section 3.1.3 in any
field of use that does not fall within the ConocoPhillips Business and the Phillips 66 Business. 
 3.4 Confidentiality
Obligations 
 With respect to Proprietary Information owned by the other Group, each Group shall: 

3.4.1. restrict disclosure of such Proprietary Information to its employees, contractors, Affiliates and advisors with a need to know
(“Authorized Persons”) and obligate such Authorized Persons to conduct themselves in accordance with the obligations assumed herein, and 
 3.4.2. not disclose such Proprietary Information to any Third Party without the prior written approval of such other Group. 
 3.5 Limitations on Confidentiality Restrictions 
 The restrictions
concerning the use or disclosure of Proprietary Information contained in Section 3.4 shall not apply to information: 

3.5.1. lawfully received free of restriction from another source that was not legally or contractually prohibited from distribution of
such information; 
 3.5.2. after it has become generally available to the public without breach of this Agreement; 

3.5.3. independently developed or derived by the recipient without use of the Proprietary Information; or 

3.5.4. that the Group who owns such information agrees, in writing, may be used or disclosed and then only to the extent of such
agreement. 
 3.6 Compelled Production 
 The restrictions concerning the use or disclosure of Proprietary Information contained in Section 3.4 shall not preclude a member of either Group, on the good faith advice of counsel, from complying
with applicable law or other demand under lawful process, including a discovery request in a civil litigation or from a governmental agency or official, if the member first gives the Group owning the relevant Proprietary Information prompt notice of
the required disclosure and cooperates with the owning Group, at the owning Group’s sole expense, in seeking reasonable protective arrangements with the party requiring disclosure under applicable law or other demand under lawful process. In no
event shall such cooperation require any member of a Group to take any action which, on the advice of its counsel, could result in the imposition of any sanctions or other penalties against that member. 

  
 10 

 3.7 Furnishing of Proprietary Information 

Except as required by the terms of this Agreement, no member of any Group is required to furnish any physical manifestations of any
Proprietary Information to any member of any other Group. 
 3.8 No Contravention of Existing License Agreements

 Nothing in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement changes, alters, limits or
expands any current rights that any ConocoPhillips Group member or any Phillips 66 Group member may have been granted as of the Distribution by any Person to use Proprietary Information. For purposes of clarity, the Parties understand and agree that
the purpose of the licenses to use Proprietary Information granted herein is to allow to continue after the Internal Contribution Date certain incidental uses by one Group of the other Group’s Proprietary Information which have taken place in
the Groups prior to the Internal Contribution Date and neither Group shall seek to use any license to Proprietary Information granted hereunder to exploit Proprietary Information in a manner that was not granted prior to the Internal Contribution
Date. 
 ARTICLE IV 
 PATENTS 
 4.1 Ownership of Existing Patents 

As between the Phillips 66 Group and the ConocoPhillips Group, any Patents existing as of the Internal Contribution Date that: 

4.1.1. were invented or developed by or for or assigned, transferred, conveyed to, or otherwise owned by the ConocoPhillips Group and are
primarily related to the ConocoPhillips Business, including but not limited to, those set forth on Schedule 4.1.1 hereto, shall be owned by ConocoPhillips Company or, at ConocoPhillips’ discretion, a Subsidiary of ConocoPhillips (“Existing
ConocoPhillips Group Patents” as further defined in Exhibit II); 
 4.1.2. were invented or developed by or for or assigned,
transferred, conveyed to, or otherwise invented or developed for the benefit of the Phillips 66 Group and are primarily related to the Phillips 66 Business, including but not limited to, those set forth on Schedule 4.1.2 hereto, shall be owned by
Phillips 66 Company or, at Phillips 66’s discretion, a Phillips 66 Designee (“Existing Phillips 66 Group Patents” as further defined in Exhibit II). 
 4.2 License to Existing Patents 
 4.2.1. Subject to the terms and conditions
of this Agreement, and subject to rights of Third Parties and licenses in effect as of the Distribution, effective as of the Internal Contribution Date, ConocoPhillips hereby grants, and agrees to cause

  
 11 

 
each other ConocoPhillips Group member to grant, to Phillips 66 Company under Existing ConocoPhillips Group Patents, including, for the purpose of clarification, all counterparts, continuations,
divisions, reissues, reexaminations and renewals thereof, an exclusive, fully paid-up, worldwide, perpetual, fully-sublicensable, fully-assignable, royalty-free and irrevocable license to make, have made, use, have used, offer to sell, sell and
import any and all products and services in the conduct of the Phillips 66 Business, and limited to the scope of the Phillips 66 Business as of the Internal Contribution Date. For the purpose of clarification, ConocoPhillips reserves all rights, and
no license is granted herein to Phillips 66 Company under Existing ConocoPhillips Group Patents to make, have made, use, offer to sell, sell and import any and all products and services other than in the conduct of the Phillips 66 Business as of the
Internal Contribution Date. 
 4.2.2. Subject to the terms and conditions of this Agreement, and subject to rights of Third
Parties and licenses in effect as of the Internal Contribution Date, effective immediately following the Internal Contribution Date, Phillips 66 hereby grants, and agrees to cause each other Phillips 66 Group member to grant, to ConocoPhillips
Company under Existing Phillips 66 Group Patents, including, for the purpose of clarification, all counterparts, continuations, divisions, reissues, reexaminations and renewals thereof, an exclusive, fully paid-up, worldwide, perpetual,
fully-sublicensable, fully-assignable, royalty-free and irrevocable license to make, have made, use, have used, offer to sell, sell and import any and all products and services in the conduct of the ConocoPhillips Business, and limited to the scope
of the ConocoPhillips Business as of the Internal Contribution Date. For the purpose of clarification, Phillips 66 reserves all rights, and no license is granted herein to ConocoPhillips Company under Existing Phillips 66 Group Patents to make, have
made, use, offer to sell, sell and import any and all products and services other than in the conduct of the ConocoPhillips Business as of the Internal Contribution Date. 
 4.2.3. Should the owner of any Patent subject to the license grants in Section 4.2.1 or 4.2.2 not wish to prepare, file, prosecute, maintain or issue any patent application, or maintain a Patent
issuing from any such patent applications, in any particular country, the owning Party, in consideration for the then fair market value of such Patent, shall grant the other Party any necessary authority to file, prosecute, maintain or issue such
patent application, or maintain such Patent, in the name of non-owning Party and at its sole expense. 

  
 12 

 ARTICLE V 
 TRADEMARKS 
 5.1 Ownership of Trademarks 

As between the Phillips 66 Group and the ConocoPhillips Group, any Trademarks existing as of the Internal Contribution Date that:

 5.1.1. were created or developed by or for or assigned, transferred, conveyed to, or otherwise owned by the ConocoPhillips
Group and primarily relate to, arise out of or result from the ConocoPhillips Business, shall be owned by ConocoPhillips Company or, at ConocoPhillips’ discretion, a Subsidiary of ConocoPhillips. Trademarks owned by ConocoPhillips Company or
another Subsidiary of ConocoPhillips pursuant to this Section 5.1.1 are referred to as “ConocoPhillips Group Trademarks” and are listed in Schedule 5.1.1; and 
 5.1.2. were created or developed by or for or assigned, transferred, conveyed to, or otherwise owned by the Phillips 66 Group and primarily relate to, arise out of or result from the Phillips 66 Business,
shall be owned by Phillips 66 Company or, at Phillips 66’s discretion, a Phillips 66 Designee. Trademarks owned by Phillips 66 Company or another Phillips 66 Designee pursuant to this Section 5.1.2 are referred to as “Phillips 66
Group Trademarks” and are listed in Schedule 5.1.2. 
 5.2 Allocation of Trademarks Within a Group 

Each Group may allocate ownership of Trademarks owned by that Group to the appropriate member within that Group. 

5.3 No rights in Phillips 66 Group Trademarks 
 For the avoidance of doubt, and notwithstanding anything to the contrary herein, in any Ancillary Agreement or in the Separation and Distribution Agreement, all Trademarks other than the ConocoPhillips
Group Trademarks shall be exclusively owned by Phillips 66 Company or, at Phillips 66’s discretion, a Phillips 66 Designee. Nothing in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement changes, alters, limits
or expands any current rights that any ConocoPhillips Group member or any Phillips 66 Group Member may have been granted as of the Internal Contribution Date by any party to use Trademarks. 

5.4 License to ConocoPhillips Group Trademarks 
 Subject to the terms and conditions of this Agreement, and subject to rights of Third Parties and licenses in effect as of the Internal Contribution Date, effective as of the Internal Contribution Date,
ConocoPhillips hereby grants, and agrees to cause each other ConocoPhillips Group member to grant, to Phillips 66 Company under ConocoPhillips Group Trademarks that are used in the Phillips 66 Business as of the Internal Contribution Date, a
nonexclusive, fully paid-up, worldwide, non-sublicensable (except as provided in Section 8.2), non-assignable (except as provided in Section 8.1), royalty-free license to use the ConocoPhillips Group Trademarks in commerce in connection
with the offer to sell, sell and import of any and all products and services in the conduct of the Phillips 66 Business. Phillips 66 Company shall acquire no ownership rights in the ConocoPhillips Group Trademarks and all goodwill symbolized by and
connected with the use of the ConocoPhillips Group Trademarks by Phillips 66 Company shall inure solely to the benefit of ConocoPhillips Company. The term of the license granted in this Section 5.4 shall be thirty-six (36) months.

  
 13 

 5.5 Ownership of Domains 

As between the Phillips 66 Group and the ConocoPhillips Group, any domain names existing as of the Internal Contribution Date that:

 5.5.1. were created or developed by or for or assigned, transferred, conveyed to, or otherwise owned by the Phillips 66 Group
and primarily relate to, arise out of or result from the Phillips 66 Business, shall be owned by Phillips 66 Company or, at Phillips 66’s discretion, a Phillips 66 Designee, subject to the temporary license and transfer of the domain names
containing the trademark CONOCOPHILLIPS. Domain names owned by Phillips 66 Company or another Phillips 66 Designee pursuant to this Section 5.5.1 are referred to as “Phillips 66 Group Domains” and are listed in Schedule 5.5.1.

 5.6 License and Transfer-back of Certain Domain Names to ConocoPhillips 

Certain domain names identified in the Phillips 66 Group Domains schedule contain the mark CONOCOPHILLIPS and shall be temporarily
transferred and licensed for Phillips 66 Company’s control and during which the trademark license identified in Section 5.4 is active. Accordingly, ConocoPhillips grants a license to Phillips 66 Company to control and use the domain names
identified in the Phillips 66 Group Domains schedule during the term in which the trademark license in Section 5.4 remains active. Upon the expiration of the trademark license in Section 5.4, all domain names in the Phillips 66 Group
Domains schedule containing the trademark CONOCOPHILLIPS shall be transferred back to ConocoPhillips Company within one-hundred and twenty (120) days. 
 5.7 FTC Matter Related to Certain Phillips 66 Group Trademarks 
 Further to
Section 5.3 and in accordance with the Decision and Order of In the Matter of Conoco, Inc., a corporation, and Phillips Petroleum Company, a corporation, Docket No. C-4058, February 7, 2003, as modified November 14, 2011,
Phillips 66 Company shall succeed to the consent decree obligations set forth in the Order. 
 ARTICLE VI 

IPR FUTURES AND ISSUES OF OWNERSHIP 
 6.1 Ownership Unaffected by this Agreement 
 6.1.1. All Software,
Proprietary Information, Patents, and Trademarks (a) created, developed or made, or, (b) other than by operation of this Agreement, otherwise acquired or controlled, by a member of a Group after the Internal Contribution Date (“IPR
Futures”) shall be owned in accordance with applicable law or agreement and such ownership is not covered or in any way provided by this Agreement (other than Section 6.3 and Article VII below), the Separation and

  
 14 

 
Distribution Agreement or any Ancillary Agreement, except that (i) Patents issuing on applications contained in the definition of Existing ConocoPhillips Group Patents and all counterparts,
continuations, divisions, reissues, reexaminations and renewals of Existing ConocoPhillips Group Patents shall be owned by ConocoPhillips Company or, at ConocoPhillips’ discretion, a Subsidiary of ConocoPhillips and (ii) Patents issuing on
applications contained in the definition of Existing Phillips 66 Group Patents and all counterparts, continuations, divisions, reissues, reexaminations and renewals of Existing Phillips 66 Group Patents shall be owned by Phillips 66 Company or, at
Phillips 66’s discretion, a Phillips 66 Designee. 
 6.2 No Rights or Licenses Granted 

Other than as provided in the Patent Assignment, the Trademark and Service Mark Assignment, or the Copyright and Technology Assignment, no
rights or licenses under any IPR Futures are granted pursuant to this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement. 
 6.3 Issues as to Ownership 
 In the event that an issue should arise under
this Agreement as to the ownership of, or license rights in, particular Software, Proprietary Information, Copyrights, Patents, Trademarks or IPR Futures, the Parties shall discuss and negotiate reasonably in good faith to resolve any such issue.

 ARTICLE VII 
 ASSIGNMENT AND SUBLICENSES 
 7.1 Assignment Agreements 

By the Patent Assignment, the Copyright and Technology Assignment, the Trademark and Service Mark Assignment and the Domain Name
Assignment, as of the Internal Contribution Date, ConocoPhillips, on behalf of itself and each of its Subsidiaries (including ConocoPhillips Company), assigns to Phillips 66 Company any and all right, title and interest of ConocoPhillips and each of
its Subsidiaries (including ConocoPhillips Company) in, to and under the Existing Phillips 66 Group Patents, Phillips 66 Group Trademarks, Phillips 66 Group Software and Phillips 66 Group Proprietary Information. 

7.2 Assignment of Phillips 66 IP Licenses 
 ConocoPhillips, on behalf of itself and each of its Subsidiaries (including ConocoPhillips Company), does hereby assign, convey, transfer and deliver to Phillips 66 Company, effective as of the Internal
Contribution Date, all of ConocoPhillips’ and each of its Subsidiaries’ entire right, title and interest, to, in and under all Phillips 66 IP Licenses, in accordance with the terms of such licenses and only to the extent ConocoPhillips or
a Subsidiary of ConocoPhillips has the right to do so (subject to its obligations in Section 15.3.1), together with any and all rights and licenses granted to the Phillips 66 Group 

  
 15 

 
pursuant to this Agreement. Immediately after the assignment to Phillips 66 Company set forth in this Section 7.2, ConocoPhillips and the other ConocoPhillips Group members shall no longer
retain any rights or licenses granted to the Phillips 66 Group pursuant to this Agreement. 
 7.3 Assignment of
ConocoPhillips IP Licenses 
 Phillips 66, on behalf of itself and each Phillips 66 Designee (including Phillips 66 Company),
does hereby assign, convey, transfer and deliver to ConocoPhillips Company effective immediately following the Internal Contribution Date, all of Phillips 66’s and each Phillips 66 Designee’s entire right, title and interest, to, in and
under all ConocoPhillips IP Licenses, in accordance with the terms of such licenses and only to the extent Phillips 66 or a Phillips 66 Designee has the right to do so (subject to its obligations in Section 15.3.1), together with any and all
rights and licenses granted to the ConocoPhillips Group pursuant to this Agreement. Immediately after the assignment to ConocoPhillips Company set forth in this Section 7.3, Phillips 66 and the other Phillips 66 Group members shall no longer
retain any rights or licenses granted to the ConocoPhillips Group pursuant to this Agreement. 
 7.4 Sublicense of Phillips
66 IP Licenses 
 Effective immediately following the Internal Contribution Date and subject to the terms and conditions of
this Agreement, Phillips 66, on behalf of itself and each Phillips 66 Designee (including Phillips 66 Company), hereby grants to ConocoPhillips Company a non-exclusive, fully paid-up, worldwide, perpetual, non-sublicensable (except as provided in
Section 8.2), non-assignable (except as provided in Section 8.1), royalty-free and irrevocable sublicense to use Phillips 66 IP Licenses that were used in the ConocoPhillips Business as of the Internal Contribution Date, in accordance with
the terms set forth in such license agreements and only to the extent that Phillips 66 or a Phillips 66 Designee has the right to do so (subject to its obligations in Section 15.3.2 herein). 

7.5 Sublicense of ConocoPhillips IP Licenses 
 Effective as of the Internal Contribution Date and subject to the terms and conditions of this Agreement, ConocoPhillips, on behalf of itself and each other ConocoPhillips Group member, hereby grants to
Phillips 66 Company a non-exclusive, fully paid-up, worldwide, perpetual, non-sublicensable (except as provided in Section 8.2), non-assignable (except as set forth as provided in Section 8.1), royalty-free and irrevocable sublicense to
use ConocoPhillips IP Licenses that were used in the Phillips 66 Business as of the Internal Contribution Date, in accordance with the terms set forth in such license agreements and only to the extent ConocoPhillips or a member of the ConocoPhillips
Group has the right to do so (subject to its obligations in Section 15.3.2 herein). 

  
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 7.6 Acquisition of Subsidiary by Phillips 66 

The Parties recognize that one or more Subsidiaries of ConocoPhillips will no longer be Subsidiaries of ConocoPhillips following the
Internal Contribution Date but will become Subsidiaries of Phillips 66. Such Subsidiaries shall not be required to assign to Phillips 66 Company any Phillips 66 IP Licenses under Section 7.2 or any other Intellectual Property allocated to the
Phillips 66 Group pursuant to this Agreement because Phillips 66 Company will obtain control of such Phillips 66 IP License or other Intellectual Property through equity ownership of that Subsidiary. Accordingly, to the extent that Phillips 66
Company obtains as a Subsidiary a Subsidiary of ConocoPhillips Company, which Subsidiary would, but for the operation of this Section 7.6, have assigned to Phillips 66 its Phillips 66 IP Licenses by operation of Section 7.2 or other
Intellectual Property by operation of the Copyright and Technology Assignment, the Patent Assignment or the Trademark and Service Mark Assignment, then the assignment of such rights, and only such rights, shall not be deemed to have been made by
operation of the Copyright and Technology Assignment, the Patent Assignment, the Trademark and Service Mark Assignment or Section 7.2. Otherwise, the assignments of this Agreement are unaffected by this Section 7.6. 

7.7 Failure of Assignment of Phillips 66 IP Licenses 
 In the event that a particular Phillips 66 IP License cannot be assigned by ConocoPhillips or its Subsidiaries (including ConocoPhillips Company) to Phillips 66 or a Phillips 66 Designee (including
Phillips 66 Company) after assistance has been fully rendered in accordance with the obligations set forth in Section 15.3.1, then, with respect to such a Phillips 66 IP License that is 

7.7.1. an Outbound Phillips 66 IP License, ConocoPhillips hereby irrevocably appoints, and agrees to cause each of its Subsidiaries to
irrevocably appoint, Phillips 66 Company as ConocoPhillips’ and its Subsidiaries’ exclusive agent for administering such Outbound Phillips 66 IP License and hereby irrevocably assigns to Phillips 66 Company any and all right, title and
interest in and to all royalties and other payments to be paid to ConocoPhillips or any of its Subsidiaries pursuant to such Outbound Phillips 66 IP License. ConocoPhillips shall, on behalf of itself and each of its Subsidiaries, at any time without
charge to Phillips 66 Company, sign all papers, take all rightful oaths, and do all acts which Phillips 66 Company believes to be necessary, desirable or convenient to effect such appointment and assignment, including sending such letters as
Phillips 66 Company may request directing licensees under such Outbound Phillips 66 IP Licenses to make payments to Phillips 66 Company. 
 7.7.2. an Inbound Phillips 66 IP License, ConocoPhillips shall exercise, and agrees to cause each of its Subsidiaries to exercise, to the fullest extent permitted by such Inbound Phillips 66 IP License,
its rights for the maximum benefit and protection of Phillips 66 Company, and ConocoPhillips, to the fullest extent permitted without jeopardizing Phillips 66 Company’s license rights under such Inbound Phillips 66 IP License, hereby
irrevocably appoints, and agrees to cause each of its Subsidiaries to irrevocably appoint, Phillips 66 Company as an agent for ConocoPhillips and its Subsidiaries under such Inbound Phillips 66 IP License with full authority to act on behalf of
ConocoPhillips and its Subsidiaries to ensure that the Phillips 66 Group enjoys the maximum benefit and protection of 

  
 17 

 
such Inbound Phillips 66 IP License. ConocoPhillips shall, on behalf of itself and each of its Subsidiaries, at any time without charge to Phillips 66 Company, sign all papers, take all rightful
oaths, and do all acts which Phillips 66 Company believes to be necessary, desirable or convenient to effect such appointment, including sending such letters as Phillips 66 Company may request advising licensors of such appointment. 

7.8 Failure of Assignment of ConocoPhillips IP Licenses 
 In the event that a particular ConocoPhillips IP License cannot be assigned by Phillips 66 or a Phillips 66 Designee to ConocoPhillips Company after assistance has been fully rendered in accordance with
the obligations set forth in Section 15.3.1, then, with respect to such a ConocoPhillips IP License that is 
 7.8.1. an
Outbound ConocoPhillips IP License, Phillips 66 hereby irrevocably appoints, and agrees to cause each of the Phillips 66 Designees to irrevocably appoint, ConocoPhillips Company as Phillips 66 and its Subsidiaries’ exclusive agent for
administering such Outbound ConocoPhillips IP License and hereby irrevocably assigns to ConocoPhillips Company any and all right, title and interest in and to all royalties and other payments to be paid to Phillips 66 and its Subsidiaries pursuant
to such Outbound ConocoPhillips IP License. Phillips 66 shall, on behalf of itself and each of its Subsidiaries, at any time without charge to ConocoPhillips Company, sign all papers, take all rightful oaths, and do all acts which ConocoPhillips
Company believes to be necessary, desirable or convenient to effect such appointment and assignment, including sending such letters as ConocoPhillips Company may request directing licensees under such Outbound ConocoPhillips IP Licenses to make
payments to ConocoPhillips Company. 
 7.8.2. an Inbound ConocoPhillips IP License, Phillips 66 shall exercise, and agrees to
cause each of the Phillips 66 Designees to exercise, to the fullest extent permitted by such Inbound ConocoPhillips IP License, its rights for the maximum benefit and protection of ConocoPhillips Company, and Phillips 66, to the fullest extent
permitted without jeopardizing ConocoPhillips Company’s license rights under such Inbound ConocoPhillips IP License, hereby irrevocably appoints, and agrees to cause each of the Phillips 66 Designees to appoint, ConocoPhillips Company as an
agent for Phillips 66 and the Phillips 66 Designees under such Inbound ConocoPhillips IP License with full authority to act on behalf of Phillips 66 and the Phillips 66 Designees to ensure that the ConocoPhillips Group enjoys the maximum benefit and
protection of such Inbound ConocoPhillips IP License. Phillips 66 shall, on behalf of itself and each of its Subsidiaries, at any time without charge to ConocoPhillips Company, sign all papers, take all rightful oaths, and do all acts which
ConocoPhillips Company believes to be necessary, desirable or convenient to effect such appointment, including sending such letters as ConocoPhillips Company may request advising licensors of such appointment. 

  
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 7.9 Order of Precedence 

In the event of any inconsistency between the terms and conditions of this Agreement and those of the Patent Assignment, the Copyright and
Technology Assignment, or the Trademark and the Service Mark Assignment, the order of priority shall be first the Patent Assignment, the Copyright and Technology Assignment, or the Trademark and Service Mark Assignment, as applicable, and second
this Agreement. 
 ARTICLE VIII 
 ASSIGNMENT/SUBLICENSING 
 8.1 Assignments 

8.1.1. Except as expressly provided for elsewhere in this Agreement, neither Party shall assign its rights or obligations under this
Agreement without the prior written consent of the other Party, unless such assignment is to a Person who is or becomes an Affiliate of such Party. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
successors, legal representatives and permitted assigns of each of the Parties. 
 8.1.2. Except as provided in Section 8.2
below and subject to the terms and conditions of this Agreement and the Associated Agreements, as applicable, each Party shall have the right to assign, transfer, convey, license or use in any manner, any Intellectual Property, including Software,
Proprietary Information, Patents, and Trademarks, owned by such Party, whether as a result of allocations, assignments or transfers set forth in or contemplated by this Agreement, the Associated Agreements or otherwise. 

8.2 Sublicense Rights 
 Neither Party shall sublicense any of the Intellectual Property rights licensed to it pursuant to Sections 2.3.1, 2.3.2, 3.3.1, 3.3.2, 5.4, 7.4 or 7.5 hereof without the prior written consent of the other
Party, unless such sublicense is to a Person who is or becomes an Affiliate of such Party; provided that, the sublicense granted to such Person shall only be effective for so long as such Person remains an Affiliate of such Party. 

ARTICLE IX 

INFRINGEMENT 

ConocoPhillips and Phillips 66 agree to reasonably cooperate with each other, and to cause their respective Subsidiaries to reasonably
cooperate with each other, in the protection and enforcement of the Intellectual Property licensed to the other Party pursuant to this Agreement. Licensor may, in its sole discretion, commence or prosecute and effect the disposition of any claims or
suits relative to the infringement, misappropriation and/or unlawful use of the licensed Intellectual Property in its own name and may, with Licensee’s permission, such permission not to be unreasonably withheld or delayed, join Licensee as a
party in the prosecution of such claims or suits. Licensee agrees to reasonably cooperate with Licensor in connection with any 

  
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such claims or suits and undertakes to furnish reasonable assistance to Licensor in the conduct of all proceedings in regard thereto. Both Parties shall promptly notify the other party in writing
of any infringement, misappropriation or illegal uses by others of the licensed Intellectual Property. 
 ARTICLE X 

NO WARRANTIES OR REPRESENTATIONS 
 ALL SOFTWARE, PROPRIETARY INFORMATION, TRADEMARKS, AND PATENTS COVERED UNDER THIS AGREEMENT ARE FURNISHED “AS IS,” WITHOUT ANY SUPPORT, ASSISTANCE, MAINTENANCE OR WARRANTIES OF ANY KIND,
WHATSOEVER. EACH GROUP ASSUMES TOTAL RESPONSIBILITY AND RISK FOR ITS USE OF ANY SOFTWARE, PATENTS, TRADEMARKS, OR PROPRIETARY INFORMATION COVERED BY THIS AGREEMENT. NEITHER GROUP MAKES, AND EACH GROUP EXPRESSLY DISCLAIMS, ANY EXPRESS OR IMPLIED
WARRANTIES OF ANY KIND WHATSOEVER, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WARRANTIES OF TITLE OR NON-INFRINGEMENT, OR ANY WARRANTY THAT SUCH SOFTWARE, PATENTS, TRADEMARKS, OR
PROPRIETARY INFORMATION IS “ERROR FREE.” 
 ARTICLE XI 

GOVERNING LAW; IP CLAIMS 
 11.1 Choice of Law 
 This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware without regard to its principles of conflicts of law. Except as otherwise provided herein, ConocoPhillips and Phillips 66, each on behalf of itself and the members of its respective
Group, hereby irrevocably submit to the exclusive jurisdiction of the United States District Court for the Delaware, or absent subject matter jurisdiction in that court, the state courts of the State of Delaware for all actions, suits or proceedings
arising in connection with this Agreement. 
 11.2 Intellectual Property Rights 

Notwithstanding any provision in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement, in no event shall
any claims, disputes or controversies between the Parties which potentially concern the validity, enforceability, infringement or misappropriation of any Intellectual Property rights, including any rights protectable under Intellectual Property law
anywhere throughout the world such as Patent, Copyright, trade secret and Trademark law, be subject to resolution by arbitration. 
 11.3 Equitable Remedies 
 The Parties recognize that money damages alone may
not be an adequate remedy for any breach or threatened breach of any obligation hereunder involving Intellectual Property rights or either Party exceeding the scope of its license and rights hereunder. The Parties therefore agree that in addition to
any other remedies available hereunder, by law or otherwise, the non-breaching Party shall be entitled to seek injunctive relief against any such continued action by the other Parties. 

  
 20 

 11.4 Bankruptcy 

This Agreement constitutes a license of “intellectual property” within the meaning of Section 365(n) of the United States
Bankruptcy Code. If Section 365(n) of the United States Bankruptcy Code (or any successor provision) is applicable, and the trustee or debtor-in-possession has rejected this Agreement and if the Licensee has elected pursuant to
Section 365(n) to retain its rights hereunder, then upon written request of Licensee, to the extent Licensee is otherwise entitled hereunder, the trustee or debtor-in-possession shall provide to Licensee any intellectual property (including
embodiments thereof) held or controlled by the trustee or debtor-in-possession. 
 ARTICLE XII 

NOTICE 
 Unless
otherwise provided in this Agreement, all notices, consents, approvals, waivers and the like made hereunder shall be in written English addressed as provided below, shall reference this Agreement and shall be sent by any of the following methods:
(a) certified mail, postage-prepaid, return-receipt requested, (b) a delivery service which requires proof of delivery signed by the recipient or (c) properly-transmitted facsimile followed by written confirmation in accordance with
methods (a), (b) or first-class U.S. mail. The date of notice shall be deemed to be the date it was received (in the case of method (c) above, the date of notice shall be deemed to be the date that the facsimile copy is received). A Party
may change its address for notice by written notice delivered in accordance with this Article XII. 
 If to ConocoPhillips, to:

 ConocoPhillips 
 600 North Dairy Ashford Street 
 Houston, Texas 77079 

Attention: General Counsel 
 If to Phillips 66, to: 
 Phillips 66 

600 North Dairy Ashford Street 
 Houston, Texas 77079 
 Attention: General Counsel 

  
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 ARTICLE XIII 
 FURTHER DUE DILIGENCE 
 ConocoPhillips and Phillips 66 acknowledge that following
the execution of this Agreement and prior to the Distribution, ConocoPhillips and Phillips 66 will be conducting further due diligence into the Patents, and other Intellectual Property owned by the Groups. ConocoPhillips and Phillips 66 agree to
work in good faith to ensure that the Intellectual Property covered by this Agreement has been properly allocated, assigned and licensed to each Group according to principles set forth in this Agreement. 

ARTICLE XIV 
 FEES
AND EXPENSES 
 All Transaction Expenses incurred by either of the Parties or its Affiliates shall be paid by the Party
incurring the Transaction Expense. However, all out-of-pocket expenses incurred by a Party related to the filing, prosecution, registration, maintenance or recordation of Intellectual Property rights assigned to a Party by this Agreement shall be
paid by the Party to which such rights are assigned by this Agreement. 
 ARTICLE XV 

MISCELLANEOUS 

15.1 No Other Rights 
 EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT OR THE ASSOCIATED AGREEMENTS, NO OTHER RIGHTS OR LICENSES ARE GRANTED. 
 15.2 No Enforcement Against Third Party 
 Notwithstanding any provision of
this Agreement or the Associated Agreements, in no event shall any member of any Group be required to enforce or otherwise assert against any Person any Intellectual Property rights. 

15.3 Further Assurances 
 Each Party covenants to execute upon request any further documents reasonably necessary to effect the express terms and conditions of this Agreement, including such documents as are reasonably necessary
to vest title in Intellectual Property rights as provided in this Agreement. All expenses incurred in connection with such actions shall be paid in accordance with Article XIV. 
 15.3.1. Assistance with Assignment. ConocoPhillips, on behalf of itself and each other ConocoPhillips Group member, and Phillips 66, on behalf of itself and each other Phillips 66 Group member, shall, at
any time without charge to the other Party, sign all papers, take all rightful oaths, and do all acts which the other Party believes are necessary, desirable or convenient to assign, convey, transfer and deliver to such other Party any licenses to
be assigned pursuant to Section 7.2 or 7.3, and to record such assignments with the appropriate Governmental Authorities, including without limitation, using reasonable efforts to seek consent of any party to any such license for the assignment
of the same to the other Party. It is understood and agreed that neither Party shall be required to undertake 

  
 22 

 
extraordinary or unreasonable measures to obtain any necessary consent, including making any expenditures or accepting any material changes in the terms of any license agreement for which consent
is sought. 
 15.3.2. Assistance with Sublicense. ConocoPhillips, on behalf of itself and each other ConocoPhillips Group member,
and Phillips 66, on behalf of itself and each other Phillips 66 Group member, shall at any time without charge to the other Party, sign all papers, take all rightful oaths, and do all acts which the other Party believes is necessary, desirable or
convenient to sublicense to such other Party any licenses to be sublicensed pursuant to Section 7.4. or 7.5, including without limitation, using reasonable efforts to seek consent of any party to any such license for the sublicense of the same
to such other Party. It is understood and agreed that neither Party shall be required to undertake extraordinary or unreasonable measures to obtain any necessary consent, including making any expenditures or accepting any material changes in the
terms of any license agreement for which consent is sought. 
 15.4 Rules of Construction 

As used in this Agreement, (i) neutral pronouns and any derivations thereof shall be deemed to include the feminine and masculine and
all terms used in the singular shall be deemed to include the plural and vice versa, as the context may require; (ii) the words “hereof,” “herein,” “hereunder” and other words of similar import refer to this
Agreement as a whole, including all exhibits and schedules as the same may be amended or supplemented from time to time, and not to any subdivision of this Agreement; (iii) the word “including” or any variation thereof means
“including, without limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it; (iv) descriptive headings and titles used in this
Agreement are inserted for convenience of reference only and do not constitute a part of and shall not be utilized in interpreting this Agreement; (v) the words “Party” and “Parties” refer, respectively, to each or both
parties to this Agreement (vi) reference to a work of authorship or information as being created or developed by a Party means that the work of authorship or information is created or developed by employees of that Party or by such other
individuals, such as contractors, who have a duty to assign ownership in such work of authorship or information to such Party. This Agreement shall be fairly interpreted in accordance with its terms and without any strict construction in favor of or
against either Party. 
 15.5 Amendments 
 This Agreement may not be amended, changed, supplemented, waived or otherwise modified except by an instrument in writing signed by the Parties. 

  
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 15.6 No Waiver 

The failure of either Party to exercise any right, power or remedy provided under this Agreement or otherwise available in respect hereof
at law or in equity, or to insist upon compliance by the other Party with its obligations hereunder, and any custom or practice of the Parties at variance with the terms hereof, shall not constitute a waiver by such Party of its right to exercise
any such or other right, power or remedy or to demand such compliance. 
 15.7 Third Party Beneficiaries 

The provisions of this Agreement and each Ancillary Agreement are solely for the benefit of the Parties and are not intended to confer
upon any Person except the Parties any rights or remedies hereunder and there are no third party beneficiaries of this Agreement or any Ancillary Agreement and neither this Agreement nor any Ancillary Agreement shall provide any third person with
any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement or any Ancillary Agreement. No Party hereto shall have any right, remedy or claim with respect to any
provision of this Agreement or any Ancillary Agreement to the extent such provision relates solely to the other Party hereto or the members of such other Party’s respective Groups. No Party shall be required to deliver any notice under this
Agreement or under any Ancillary Agreement to any other Party with respect to any matter in which such other Party has no right, remedy or claim. 
 15.8 Force Majeure 
 No Party shall be deemed in default of this Agreement
or any Ancillary Agreement during the period of extension referred to in the next sentence to the extent that any delay or failure in the performance of its obligations under this Agreement or any Ancillary Agreement results from any cause beyond
its reasonable control and without its fault or negligence, such as acts of God, criminal or terrorist acts, acts of civil or military authority, embargoes, epidemics, war, riots, insurrections, fires, explosions, earthquakes, floods, unusually
severe weather conditions, labor problems or unavailability of parts, or, in the case of computer systems, any failure in electrical or air conditioning equipment. In the event of any such excused delay, the time for performance shall be extended
for a period equal to the time lost by reason of the delay, but in no event shall such period of extension exceed forty-five (45) days. 
 15.9 Counterparts 
 This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies each signed by less than all, but together signed by all, the Parties.

  
 24 

 15.10 Severability 

The provisions of this Agreement are severable, and in the event that any one or more provisions, or any portion thereof, are deemed
illegal or unenforceable, the remaining provisions or portions thereof, as the case may be, shall remain in full force and effect unless the deletion of such provision or portion thereof shall cause this Agreement to become materially adverse to
either Party, in which event the Parties shall use commercially reasonable efforts to arrive at an accommodation that best preserves for the Parties the benefits and obligations of the offending provision or portion thereof. 

15.11 Entire Agreement 
 This Agreement together with the Associated Agreements set forth the entire agreement and understanding between the Parties as to the subject matter hereof and thereof and merge all prior discussions
between them. Neither of the Parties shall be bound by any warranties, understandings or representations with respect to such subject matter other than as expressly provided herein, in prior written agreements, or in a writing executed with or
subsequent to the execution of this Agreement by an authorized representative of the Party to be bound thereby. 

  
 25 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed on their
behalf by one of their duly authorized representatives as of the date first written above. 
  

			
	CONOCOPHILLIPS
		
	By:	 	 /s/ Ryan M. Lance

	Name:	 	Ryan M. Lance
	Title:	 	Chairman and Chief Executive Officer
	
	PHILLIPS 66
		
	By:	 	 /s/ Greg C. Garland

	Name:	 	Greg C. Garland
	Title:	 	 Chairman, President and Chief

Executive Officer

  
 26

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