Document:

Annex to the Phillips 66 Nonqualified Deferred Compensation Arrangements

 Exhibit 10.23 
 Annex to the Phillips 66 
 Nonqualified Deferred Compensation Arrangements

 Preamble. 
 Phillips 66 was a
subsidiary of ConocoPhillips (“COP”) prior to the Distribution defined in the Employee Matters Agreement by and between ConocoPhillips and Phillips 66 (the “Distribution”). As a result of the Distribution, COP distributed its
interest in Phillips 66 to its shareholders. 
 As of the Effective Time defined in the Employee Matters Agreement by and between ConocoPhillips
and Phillips 66 (the “Effective Time”), pursuant to an agreement between Phillips 66 and COP that was conditioned on the Distribution occurring, the liabilities for certain participants’ benefits under the nonqualified plans of COP,
including amounts grandfathered from Code section 409A (i.e., amounts deferred and vested prior to January 1, 2005), were transferred to the Company and to respective mirror plans established by the Company. This Annex applies to all such plans
established by the Company or any other member of Phillips 66 controlled group, as well as such other arrangements as described below. 

Phillips 66 is a Delaware corporation which has publicly traded stock. Phillips 66, while having its headquarters and substantial operations, assets, and
employees in the United States, operates through numerous subsidiaries throughout the world, some of which have, or have had, services performed by directors, officers, employees, and independent contractor personnel. In some instances, compensation
for services performed may include nonqualified deferred compensation plans as that term is defined in section 409A of the Internal Revenue Code and the regulations issued thereunder. The purpose of this Annex is to add certain provisions to any
nonqualified deferred compensation plan to which section 409A applies so as to make such plan compliant with the provisions of the law. In the event that the provisions herein conflict with provisions in a written plan document governing a
particular arrangement to which section 409A applies, the provisions herein shall apply, but only to the extent necessary to comply with section 409A. Even in situations where an arrangement is unwritten, the provisions herein shall apply. Likewise,
in situations where an arrangement generally falls outside of the scope of section 409A, but due to particular circumstances or conditions the arrangement becomes subject to section 409A, the provisions herein shall apply, but only to the extent
necessary to comply with section 409A. The provisions herein shall not apply to any arrangements that existed prior to the effective dates of section 409A and were grandfathered under section 409A so that the provisions of section 409A do not apply
to such arrangements; provided, however, that in the event such an arrangement becomes subject to section 409A, for instance, through a material amendment (as that term is used in the regulations), then the provisions herein shall apply to such
arrangement, but only to the extent necessary to comply with section 409A. The provisions herein shall apply only to nonqualified deferred compensation arrangements maintained or sponsored by Phillips 66 or any member of its controlled group (as
hereinafter defined). 

  
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 Section 1. Definitions. 
 Unless otherwise specified in a particular document relating to an NQDC Arrangement, the following definitions will apply (1) to all NQDC Arrangements under which benefits are earned or vested on or
after January 1, 2005, and (2) to any other NQDC Arrangement to which there has been a “material modification” (as that term is used in section 409A of the Code and regulations thereunder) on or after October 3, 2004.

  

	 	(a)	“Affiliated Company” shall mean any corporation or other entity that is not a Subsidiary but that would be treated as a single employer with Phillips 66,
under section 414(b) or (c) of the Code if, in making this determination, in applying section 1563(a)(1), (2), and (3) of the Code for purposes of determining a controlled group of corporations under section 414(b) of the Code and for
purposes of determining trades or businesses (whether or not incorporated) under common control under regulation section 1.414(c)-2 for purposes of section 414(c) of the Code, the language “at least 50%” were used.

  

	 	(b)	“Affiliated Group” shall mean Phillips 66, its Subsidiaries, and its Affiliated Companies. 

 

	 	(c)	“Board” shall mean the Board of Directors of Phillips 66. 

  

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

 

	 	(e)	“Company” shall mean Phillips 66 Company, a Delaware corporation, which is a Subsidiary of Phillips 66. 

 

	 	(f)	“Consultant” shall mean Independent Contractor. 

  

	 	(g)	“Controlled Group” shall mean Phillips 66 and its Subsidiaries. 

  

	 	(h)	“Director” shall mean a member of the Board of Directors of Phillips 66. 

 

	 	(i)	“Employee” shall mean an employee of Phillips 66 or any of its Subsidiaries. 

 

	 	(j)	“Employer” shall mean Phillips 66 or its Subsidiary or Affiliated Company, as the case may be, that employs an Employee. 

 

	 	(k)	“Independent Contractor” shall mean a person other than an Employee or a Nonemployee Director providing bona fide services to Phillips 66 or any of its
Subsidiaries as a consultant, advisor, or other service provider, as applicable. 

  

	 	(l)	“International NQDC Arrangement” shall mean a compensation or benefit plan, program, or arrangement that is maintained by a Subsidiary for its Employees who
are performing services outside of the United States (or other jurisdictions subject to section 409A of the Code) which, if maintained for Employees of Phillips 66 or its Subsidiaries who perform services within the United States (or other
jurisdictions subject to section 409A of the Code), would be considered a “nonqualified deferred compensation plan” under section 409A of the Code and the regulations issued thereunder. 

 

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

  
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	 	(n)	“NQDC Arrangement” shall mean a “nonqualified deferred compensation plan” within the meaning of section 409A of the Code and the regulations issued
thereunder that is sponsored or maintained by Phillips 66 or any of its Subsidiaries. 

  

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

 

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

  

	 	(q)	“Phillips 66” shall mean Phillips 66, a Delaware corporation. 

  

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

 

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

  

	 	(t)	“Subsidiary” shall mean any corporation or other entity that is treated as a single employer with Phillips 66, under section 414(b) or (c) of the Code;
provided, that in making this determination, in applying section 1563(a)(1), (2), and (3) of the Code for purposes of determining a controlled group of corporations under section 414(b) of the Code and for purposes of determining trades or
businesses (whether or not incorporated) under common control under regulation section 1.414(c)-2 for purposes of section 414(c) of the Code, the language “at least 80%” shall be used without substitution as allowed under regulations
pursuant to section 409A of the Code. 

  

	 	(u)	“Wholly-Owned Subsidiary” shall mean a Subsidiary that also meets the following criteria, as applicable: (i) in the case of a corporation, any
corporation of which Phillips 66 directly or indirectly owns shares representing 100% or more of the combined voting power of the shares of all classes or series of capital stock of such corporation which have the right to vote generally on matters
submitted to a vote of the shareholders of such corporation, or (ii) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which Phillips 66 directly or indirectly owns 100% or more of
the voting, capital, or profits interests (whether in the form of partnership interests, membership interests or otherwise). 

  
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 Section 2. Substitution of Language. 

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

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

  
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 Section 6. International Plans and Employees. 

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

 Section 7. Compliance with Code Section 409A. 
 It is intended that the NQDC Arrangements comply with section 409A of the Code and any regulations, guidance and transitional rules issued thereunder, and the NQDC Arrangements shall be interpreted and
operated consistently with that intent. If any person with authority to interpret an NQDC Arrangement shall determine that any provisions of the NQDC Arrangement do not comply with the requirements of section 409A of the Code, such person shall
inform the person having authority to amend the NQDC Arrangement who may amend the NQDC Arrangement in any respect it deems necessary (including retroactively) in order to preserve compliance with said section 409A; provided, however, that any such
amendment affecting amounts previously deferred under the NQDC Arrangement shall be made in a manner that seeks to preserve the economic value of such deferred amounts to the Participant. 
 This Annex to the Phillips 66 Nonqualified Deferred Compensation Arrangements is hereby adopted effective as of the “Effective Time” and conditioned on the occurrence of the
“Distribution” as those terms are defined in the Employee Matters Agreement by and between ConocoPhillips and Phillips 66. 
 Executed
this 24th day of April 2012, by a duly authorized officer of the Company. 
 /s/ Chantal D. Veevaete 

Chantal D. Veevaete 

  
 5Free Trade Zone Direct User Agreement

 Exhibit 10.17 
 FREE TRADE ZONE DIRECT USER AGREEMENT 
 AGUADA PARK (ITSEN S.A.)

 This Free Trade Zone Direct User Agreement is entered into by and between: FOR THE ONE PART: “ITSEN S.A.”,
Uruguayan Taxpayer ID (RUT) No. 215229500014, herein represented by Francisco Guillermo RAVECCA JONES, holder of Uruguayan ID Card No. 2.912.303-3, in his capacity as agent, with offices at Paraguay 2141 in this City (hereinafter,
“Itsen” or the “Exploiter”). 
 AND FOR THE OTHER PART: “MELI URUGUAY S.R.L.”, RUT No. 21
674887 0015, herein represented by Marcos Eduardo Galperín, holder of ID Card No. 22.432.311, in his capacity as Chairman of the Board of Directors, establishing its address for the purpose of this agreement at Paraguay 2141 piso
4o, oficina 408, Montevideo, República Oriental del Uruguay (hereinafter, “MELI” or the “Direct User”); in the city of Montevideo, Oriental Republic of Uruguay, on August 29, 2011, subject to the conditions set forth
below, Law No. 15,921 on Free Trade Zones, its regulatory decree No. 454/988, and all other provisions consistent with, supplementary and applicable to contracts of this nature. 
 I. GENERAL TERMS AND CONDITIONS 
 1. Background 

Under Executive Resolution No. 486 dated July 31, 2007, “Itsen S.A.” was authorized to exploit a private services
free trade zone pursuant to the provisions of Law No. 15,921, its Regulatory Decree No. 454/988 and other applicable provisions, over an area of 6420 m2 and 85 dm2, comprised within plot No. 422.308 in the Montevideo department, Montevideo cadastral district (hereinafter, the
“Free Trade Zone”). 
 2. Purpose 
 The Exploiter grants the User and the User accepts the right to operate as a Direct User within the referred Free Trade Zone for the purpose of conducting services-related activities permitted under the
legislation currently in force, in accordance with Article 2(c) of Law No. 15,921, as amended by Article 65 of Law No. 17,292. 

3. Plot and office space in Building One. 
 In order to perform such activities, the Exploiter grants the User the right to use the office identified with No. 408, located on the
4th floor of Building One of the Free Trade Zone, as per
the floor plan dated September 2008 drawn by Architect Enrique Cohe and the specifications attached to this Agreement as Annex I, with a surface area of 77.5 m2 plus a terrace of 148.3 m2. 

  

 4. Term 
 This Agreement shall remain in full force and effect for three years from the date of approval by the Area of Free Trade Zones of the General Trade Bureau. 

The Exploiter hereby undertakes to inform the User of the resolution issued by the Area of Free Trade Zones of the General Trade Bureau approving the
agreement within 72 business hours following receipt of notice thereof. 
 The User may terminate the Agreement at any time
without cause upon notice to the Exploiter 60 days in advance, in which case the User shall pay a penalty to the Exploiter in an amount to be determined as follows: a) should the Agreement be terminated within the first 3 months, the equivalent to 6
months of the contract price; b) should the Agreement be terminated between the 4th and 12th
month included, the equivalent to 4 months of the contract price; c) should the Agreement be terminated between the
13th and 24th month included, the equivalent to 3 months of the contract price;
and d) should the Agreement be terminated from the 25th
month, the equivalent to 2 months of the contract price. 
 In all cases, the entire furniture shall remain in the office and the User may only
remove electronic equipment (computers, servers, phones, switches, and the like). 
 The Exploiter hereby undertakes to inform the Area of Free
Trade Zones of the General Trade Bureau of the termination of the Agreement within 30 business days following notice thereof. 
 5. Price

 The User shall pay the Exploiter the monthly amount of USD 1,278 (one thousand two hundred and seventy eight US dollars). The referred
price shall be adjusted pursuant to Section 5 of Chapter II hereof. 
 Monthly common expenses: Monthly common expenses shall be
paid in accordance with Section 6 of Chapter II hereof. 
 6. Resolution by the Area of Free Trade Zones dated October 19, 1993

 6.1 The parties hereby represent that they acknowledge and accept the Resolution issued by the Area of Free Trade Zones dated
October 19, 1993, as amended and supplemented and, particularly, the provisions of Article 16 of Law No. 15,921, which is an integral part hereof. 

  

 7. Liability 
 7.1 The User assumes civil and administrative liability before the State, the Exploiter and third parties for all damage, harm and illegal events, acts or omissions related to the User’s
activities and such property as it may introduce into, withdraw from or keep at the Free Trade Zone, as well as that of its Indirect Users, irrespective of any liability imposed on them. 
 7.2 The user shall be further liable for any damage inflicted on persons, buildings, facilities, infrastructure and/or other property located within the Free Trade Zone resulting from the
performance of its activities within the Free Trade Zone. This liability further comprises the damage caused by its employees, its hired personnel or any other person or company the User may retain. In this regard, all property owned by the User at
the Free Trade Zone shall be used to repair any damage caused by the User, notwithstanding the provisions of Section 2372 of the Uruguayan Civil Code. 
 7.3 The Direct and/or Indirect User shall also be liable before the Area of Free Trade Zones of the General Trade Bureau, the Uruguayan Customs Office, the Communication Services Regulatory
Authority, the Ministry of Defense, the Municipality of Montevideo and any other relevant authorities for any violation of statutory and regulatory provisions during the performance of its activities within the Free Trade Zone. Should the Exploiter
be subject to a claim grounded on an act or omission or a violation of the current legislation by the Direct and/or Indirect User, the Exploiter may require the Direct and/or Indirect User to reimburse any amount paid by the Exploiter by reason of
such claim. 
 7.4 The revocation of the Authorization shall entail the termination of the Agreement and shall therefore release the
State from the responsibility assigned to it under Article 25 of Law No. 15,921 of December 17, 1987. 
 8. User Card

 The capacity of Direct User shall be exclusively evidenced by the User Card issued by the Area of Free Trade Zones and the User may not
act in such capacity without this card. Upon termination of the user agreement, the User shall return the User Card to the Area of Free Trade Zones. The Exploiter hereby undertakes to inform the Area of Free Trade Zones of the termination of the
contractual relation within a term not exceeding 10 days from the date thereof. All operations conducted by the Direct User prior to registering the agreement and simultaneously receiving the User Card, or subsequent to the termination of the
agreement, shall be taxable in accordance with the fiscal and customs provisions in force at the time. 

  

 9. Authorization 
 The parties hereby indistinctively authorize Cristina Valiño, notary, holder of Uruguayan ID Card No. 1.765.947-8; Sandra Sum, notary, holder of Uruguayan ID Card No. 1.908.069-7; Carol
Zanger, attorney-at-law, holder of Uruguayan ID Card No. 3.177.964-2; Alejandra Rodríguez, accountant, holder of Uruguayan ID Card No. 3.306.348-3 and Sofía Kramer, holder of Uruguayan ID Card No. 4.333.789-8 to examine
the procedures related to the administrative approval of this Agreement, to receive notice of resolutions, to examine records, to file written submissions and notes, to produce evidence and to fulfill any procedure or measure in furtherance of the
approval of this Agreement, as well as to get the pertaining User Card. 
 10. User’s address for tax purposes 

The User hereby establishes its address for tax purposes at Paraguay 2141 Piso 4 Oficina 408. 
 II. SPECIAL TERMS AND CONDITIONS 
 The parties set forth the Special Terms and Conditions
below, which shall govern this Agreement, and expressly represent that the General Terms and Conditions shall prevail over the Special Terms and Conditions in the event of inconsistencies. 
 1. Annexes 
 The following documents are attached as annexes hereto and, having been signed
by the parties, are an integral part of this Agreement; provided, however, that the Exploiter may unilaterally amend them should it deem it necessary or convenient: 
 Annex I – Floor Plan dated September 2008 drawn by Architect Enrique Cohe 
 Annex II –
Free Trade Zone User Rules 
 Annex III – Blueprints of the facilities and specifications drafted by Architectural Firm Vector Interior
Solutions. 
 2. Maximum term 

Under no circumstances may the term of this Agreement be extended beyond July 31, 2037, on account of successive extensions, except where the
Executive or any entity replacing it extends the authorization granted for the Exploiter to continue exploiting the Free Trade Zone. 

  

 3. Delivery of the offices to the Exploiter 
 Upon lapse of the original term of this Agreement or of any extensions thereof or upon any other event of termination hereof, the User shall immediately return the office space and the pertaining
facilities to the Exploiter pursuant to Section 8 of this Chapter. Should the User breach the referred obligation, a monthly penalty equivalent to 75% of the monthly price agreed upon shall apply, in addition to the main obligation to pay,
which shall survive until the User vacates the Exploiter’s facilities. 
 The User’s overstay, even upon payment of the referred
penalty, shall not prevent the Exploiter from pursuing such court or out-of-court measures as may be necessary for the User to vacate the facilities. Under no circumstances may the User’s overstay be construed as an implicit renewal of the
Agreement. 
 4. Interpretation and User Rules 
 The User hereby accepts and undertakes to comply with all provisions and instructions notified by the Exploiter in writing, both those set forth in the User Rules attached as Annex II and such other
provisions and instructions as may subsequently amend or supplement such Rules. In the event of inconsistencies between the User Rules and this Agreement, the provisions set forth herein shall prevail. 

5. Form and time of payment 
 5.1
The price agreed upon in Section 5 of the General Terms and Conditions shall be paid in advance within the first ten (10) calendar days of each month. The User shall make all payments in the manner and at the place specified by the
Exploiter or at the Exploiter’s offices within the Free Trade Zone. 
 5.2 The price shall be automatically adjusted on an annual
basis as per the variation of the Consumer Price Index of the United States of America (Consumer Price Index – All Urban Areas) published by the US Bureau of Labor Statistics (BLS). 

Adjustments shall be calculated on the basis of a calendar year (January 1st through December 31st), except during the first year of the contract if it does not extend over a complete calendar year. In such case, the
adjustment shall be calculated over the period running between the effective date of this Agreement under Section 4 of the General Terms and Conditions and December 31st of the year this Agreement becomes effective, applying the annual index proportionately to such period. The following
year, the adjustment shall be made as explained in the first part of this paragraph. 
 5.3 The delay in the payment of the price shall
result in a penalty being imposed in favor of the Exploiter in an amount equivalent to 15% of the amount due. In addition, without any kind of court or out-of-court notice, and solely on account of the expiration of the relevant term, such delay
shall accrue interest in a percentage equivalent to the LIBOR RATE (360-day term) effective at the time payment is made plus 15% from the commencement of the delay until the date payment is effectively made. 

  

 6. Common services 
 6.1 The Exploiter shall (directly or through non-user third companies) provide the following services to the User within common areas, including, without limitation: general maintenance of the
building; water; lighting; cleaning of exterior surface glass; cleaning of halls, parking lots and other common areas; general security; maintenance of gardens and parks; garbage collection, among others. The specific terms and scope of the common
services are set forth in the User Rules. 
 6.2 By way of consideration for the provision of the referred common services, the User
shall pay the Exploiter the pertaining common expenses, which amount to the monthly sum of UYU 80 (eighty Uruguayan pesos) per square meter (in accordance with Section 3 of the General Terms and Conditions). 

6.3 Common expenses shall be paid jointly and indivisibly and at the time and within the term set forth in Section 5 of the General Terms and
Conditions with regard to the payment of the agreed upon price, pursuant to Section 5 of the Special Terms and Conditions. 
 6.4
Common expenses shall be automatically adjusted on a biannual basis as follows: 50% thereof shall be adjusted as per the variation of the Uruguayan Consumer Price Index and the remaining 50% shall be adjusted as per the variation of the Uruguayan
Average Wage Index. 
 6.5 The delay in the payment of common expenses shall result in a penalty being imposed in favor of the Exploiter
in an amount equivalent to 15% of the amount due. In addition, without any kind of court or out-of-court notice, and solely on account of the expiration of the relevant term, such delay shall accrue interest in a percentage equivalent to the LIBOR
RATE (360-day term) effective at the time payment is made plus 15% from the commencement of the delay until the date payment is effectively made. 
 7. Individual services 
 7.1 The parties hereby acknowledge and accept that any other
services the Exploiter may individually provide to the User (such as electricity, cleaning of offices, and the like) are not included in the price paid for common expenses. 

  

 7.2 Notwithstanding the provisions set forth in the paragraph above, as a general criterion regarding
the case-by-case execution of agreements for individual services, the delay in payment thereof shall result in a penalty being imposed in favor of the Exploiter in an amount equivalent to 15% of the amount due. In addition, without any kind of court
or out-of-court notice, and solely on account of the expiration of the relevant term, such delay shall in all cases accrue interest in a percentage equivalent to the LIBOR RATE (360-day term) effective at the time payment is made plus 15% from the
commencement of the delay until the date payment is effectively made. 
 8. Constructions and improvements 

8.1 The User shall request the Exploiter’s express and written authorization to carry out (useful and/or maintenance) improvements in the
office space subject to this Agreement (Section 3 of the General Terms and Conditions). To such end, the User shall submit to the Exploiter the specifications and blueprints of the projected works. 

The Exploiter shall submit the modifications proposed by the User and approved by the architectural firm entrusted with its works to the Area of Free
Trade Zones of the General Trade Bureau for approval. Should the office be vacated for any reason, the User shall return the premises to the Exploiter in the exact conditions they were received (except for reasonable wear and tear). The Exploiter
hereby reserves the right to receive the Premises with any modifications introduced without bearing any cost or assuming any obligation with respect to the User or third parties on account of the exercise of such right. 

8.2 The User and the Exploiter shall be jointly and severally liable at all times for the strict and unqualified compliance with the legislation
in force now or hereafter with regard to the performance of improvements. Notwithstanding the foregoing, the Exploiter may request the User to evidence strict abidance by the current legislation at any time. 

The User shall exclusively bear all taxes, penalties, surcharges or any other item stemming from the performance of improvements. 

8.3 In the event that the User fails to fulfill its obligations, to strictly comply with the current legislation or to pay taxes, penalties,
surcharges or any other amount due on account of improvements and that any third party, whether a public or private entity, demands the Exploiter’s compliance or payment in its capacity as owner of the building located at the Free Trade Zone,
the User shall directly pay such amounts and any related costs incurred by the Exploiter (such as attorneys’ or accountants’ fees, among others). In addition, the Exploiter may also demand damages. 

  

 8.4 In any event, the User shall be responsible for assuming its own defense, under both judicial and
administrative proceedings, and shall indemnify and hold the Exploiter harmless in all cases, so that the Exploiter may be released from such proceedings. Should the Exploiter have to appear before any public or private judicial or administrative
institution despite the provisions set forth herein, the User shall bear all expenses incurred by the Exploiter on that account (including, without limitation, attorneys’ fees, transportation, taxes, and others). 

9. Electric power 
 The User shall
request the connection of electric power through the Exploiter and the latter agrees to provide such service at the same rate published by UTE on its website under Tariff Schedule. In addition, the User shall benefit from a backup supply of 20% of
the hired energy provided by the generator. 
 10. Breach by the User 
 Breach by the User of its obligations under this Agreement and, by reference, of the User Rules and/or such other applicable provisions or regulations as may be issued, shall entitle the Exploiter to, at
its own discretion: (a) warn the User, (b) admonish the User, (c) collect any penalties imposed under this Agreement, (d) suspend the provision of services of any nature in full or in part until the User fulfills its outstanding
obligations, (e) in the event of non-payment of two monthly amounts or two invoices for services of any nature, terminate the Agreement without incurring liability for such direct or indirect damages as the User or any third party related to
the User may suffer on account of such termination, (f) in the event of non-payment of any of the charges set forth in Section 8.3 or of breach of any of the obligations set forth therein, terminate the Agreement without incurring
liability for such direct or indirect damages as the User or any third party related to the User may suffer. 
 In the event that, for reasons
attributable to the User, the User forfeits its capacity as such or any of its benefits or that this Agreement is terminated, the User shall, nevertheless, pay the price agreed upon, until the expiration of the term hereof. 

11. Indirect Users 
 11.1 The User
may enter into Indirect User agreements with the Exploiter’s prior written consent. Failure to comply with this provision shall render the Indirect User agreement unenforceable against the Exploiter. In such case, the Exploiter may immediately
terminate the agreement without incurring liability on any grounds, irrespective of the rights granted to it by the law and this Agreement, whether of economic or other nature. 

  

 11.2 The Exploiter shall not unreasonably withhold the consent required in the preceding paragraph.
Notwithstanding the aforesaid, the Exploiter shall verify whether the proposed indirect user contributes to the development of the Free Trade Zone and of the User, as well as of their business. Under no circumstances may the term of the Indirect
User Agreement exceed that of the Direct User Agreement. In all cases, Indirect Users shall have the same obligations and prohibitions set forth with respect to the User and, as in the case of Direct Users, Indirect Users shall be previously
authorized by the relevant authorities. 
 11.3 The Direct User shall pay the Exploiter an annual fee for each Indirect User agreement it
enters into or maintains effective, by way of authorization for such Indirect User to conduct its activities within the Free Trade Zone. The Direct User hereby undertakes to include a provision in the agreement entered into with the Indirect User
setting forth that both shall be jointly and severally liable for the payment of the referred fee. 
 Failure to comply with the preceding
paragraph shall entitle the Exploiter to resort to the mechanisms, procedures and penalties provided for in Sections 5 and 9 of these Special Terms and Conditions. 
 12. Insurance and fires 
 12.1 The Exploiter hereby undertakes to maintain on its own
account and at its own expense an insurance policy against specific risks covering the buildings and other property of its own located within the Free Trade Zone. 
 12.2 The Exploiter has taken out an insurance policy against “Specified Risks” that covers such personal and real property as the Insured may own or be legally responsible for, including
the consequential loss of benefits, in thorough compliance with the requirements set forth by the Area of Free Trade Zones. 
 The User hereby
undertakes to become a party to the policy within 72 business hours from the effective date of this Agreement and to pay the premium pertaining to the amount insured and the current general rate. The User hereby represents that it has read the
Policy, especially with regard to its scope, and accepts it in full. 
 12.3 Breach by the User of the referred provisions on insurance
or of the conditions for the acceptance of a loss claim under the policy shall constitute grounds for the termination of the Agreement at the Exploiter’s sole discretion. In such case, the User shall pay by way of penalty an amount equivalent
to twelve months of the price agreed upon in Section 5 of the General Terms and Conditions hereof. Upon the lapse of 60 days following the breach (as evidenced by any sufficient means), the Exploiter may, at its own discretion, purchase the
referred insurance on behalf of the User and shall invoice the resulting premium jointly with the individual services referred to in Section 7 of these Special Terms and Conditions, applying the provisions set forth therein in the event of
breach by the User. 

  

 12.4 The Exploiter has furnished Building One with a centralized smoke and fire detection system
covering the entire common areas with centralized control and surveillance 24 hours a day and left a connection open for the User’s office. 
 The Exploiter shall provide the User, on the latter’s account and at the latter’s expense, with the installation of smoke and fire detectors within the User’s offices. The number of
detectors shall be determined jointly by the Exploiter and the Uruguayan Fire Department. The cost of the installation amounts to USD 10 (ten US dollars) per sensor per month and includes maintenance and monitoring from the surveillance room. This
amount shall be paid in accordance with Section 5 and shall be subject to the same penalties provided with regard to services under Section 7 of these Special Terms and Conditions. 
 12.5 The Exploiter has installed a sprinklers network in the entire Building One, including the client’s offices as a big open space, free of charge to the client. The User shall have the
internal network fitted to the final design of its office by a company specified by the Exploiter, on the User’s own account and at the User’s expense. 
 13. Penalties and damages 
 The penalties set forth in this Agreement may not be deemed an
anticipated liquidation of damages. 
 In all cases and at all times, the Exploiter shall have the right to demand the User payment of such
damages as the User may inflict on the Exploiter, in addition to any penalties it may be entitled to under this Agreement. 
 14. Performance
bond 
 14.1 In order to guarantee the performance of its obligations, the User submits the amount of USD 6,390 (six thousand three
hundred and ninety US dollars) to the Exploiter upon the execution of this Agreement, an amount equal to 5 months of the price set forth in Section 5 of the General Terms and Conditions. This instrument constitutes acknowledgement of receipt
thereof. 
 Such amount shall be paid, at the Exploiter’s discretion, at its Offices or through a bank deposit to an account specified by
the Exploiter. 
 The User hereby agrees that the referred bond shall be earmarked for the payment of the obligations undertaken with respect to
both the Exploiter (price, common expenses, individual services, penalties, delinquent interest, damages, among others) and any company to which the Exploiter may have entrusted the provision of some of the services rendered to the User in
furtherance of the performance of its activities within the premises. The bond shall be released, less any discounts as may apply in accordance with the foregoing, within no longer than 30 days from the date the premises are delivered by the User,
except that the premises delivery statement certifies the existence of damage to be paid for with the bond or that the User owes any debts to the Exploiter or any of the companies rendering services within the Free Trade Zone on behalf of the
Exploiter. The Exploiter shall release the bond by reimbursing the User an amount equivalent to that received (in whole or in part, as the case may be), denominated in the same currency. 

  

 Should both parties agree to increase the contract price or should the adjustment provided for herein be
made, the bond shall also increase, proportionately to the rise in the price. 
 14.2 Breach of the provisions set forth in the preceding
paragraphs shall constitute grounds for the termination of the Agreement by the Exploiter, without liability. 
 15. Transfer and assignment

 15.1 The User may only assign its rights and obligations in whole or in part upon the Exploiter’s prior written consent, which
the latter shall not withhold without reason. In any event, any restriction or approval by the Area of Free Trade Zones of the General Trade Bureau shall apply. 
 15.2 The Exploiter may, without requesting the User’s consent, assign any of its credits against the User in whole or in part, which shall not entail the assignment of the Agreement. Such
assignment shall be conducted in accordance with Sections 1757 et seq. of the Uruguayan Civil Code. 
 16.
Automatic default 
 The parties shall be deemed in default by operation of law, without any kind of judicial or out-of-court notice, upon
the lapse of the terms set forth in this Agreement or upon any acts or omissions counter to the obligations hereby undertaken. 
 17.
Confidentiality 
 17.1 The parties hereby undertake to refrain from directly or indirectly disclosing to third parties any
confidential information stemming from this Agreement or any information related to the contract per se or to the activities conducted by the companies involved, as well as to devote their best efforts to prevent the involuntary disclosure of the
referred information by any member or employee of the company. Such confidential information may comprise past, present and future information on the financial and business standing of the company, the client portfolio, plans, projects, technology,
know-how and creations protected under the intellectual property legal system, as well as any other information which the parties involved may deem confidential at their own discretion. In turn, the parties shall refrain from using or distributing
within their own companies such confidential information, 

  

 
with the sole exception of those cases where the fulfillment of the purpose under the Agreement binding them so requires. Notwithstanding the aforesaid, each party shall be released from the duty
of confidentiality undertaken with respect to the other by providing sufficient evidence that: a) the information was in the public domain when it was relayed, b) the party obtained such information from a third party, c) the information was
conveyed to the other party free of any subsequent duty of confidentiality, d) the information was developed by employees, hired personnel or agents of any of the parties, separately and with no information from the other, e) the information was
transmitted by one of the parties to a third party, free of any duty of confidentiality, and f) in any event, five years after the termination of the business relation between the parties. In addition, the duty of confidentiality shall not apply in
the following cases: (i) whenever the information is obtained by third parties as a result of the registration of the User Agreement with the Registry Office of the Area of Free Trade Zones of the General Trade Bureau, and (ii) whenever
the information deemed confidential is requested by the Courts or by the competent administrative agencies. 
 17.2 The parties hereby
agree that failure to comply with the foregoing provisions shall be deemed a serious breach and shall constitute grounds for the termination of the Agreement, notwithstanding any other penalties and actions as may apply. 

18. Notices and address for notice 
 All
communications and notices between the parties shall be sent by telegram with a copy and acknowledgement of receipt or through notarial or judicial means. The parties hereby establish address for the purpose of this Agreement at the addresses
specified in the introduction hereof. 
 The Exploiter hereby undertakes to inform the Area of Free Trade Zones of the General Trade Bureau of
the termination of the contractual relation evidenced herein within no longer than 10 business days, except where the Instructions dated October 19, 1993, specify otherwise. 
 19. Signatures and request for notarial certification 
 In witness whereof, the parties have
executed this Agreement in five counterparts and request the notarial certification of the signatures affixed hereto. 
  

							
	 On behalf of the Exploiter
	  		  	On behalf of the User	  	
				
	 /s/ Francisco Guillermo Ravecca Jones
	  		  	 /s/ Marcos Eduardo Galperín
	  	

  

 AMENDMENT TO THE FREE TRADE ZONE DIRECT USER AGREEMENT 

AGUADA PARK (ITSEN S.A.) 

This Amendment to the Free Trade Zone Direct User Agreement entered into by and between Itsen and Meli on August 29, 2011, is agreed upon by:
FOR THE ONE PART: “ITSEN S.A.”, Uruguayan Taxpayer ID (RUT) No. 215229500014, herein represented by Francisco Guillermo RAVECCA JONES, holder of Uruguayan ID Card No. 2.912.303-3, in his capacity as agent,
with offices at Paraguay 2141 in this City (hereinafter, “Itsen” or the “Exploiter”). 
 AND FOR THE OTHER PART:
“MELI URUGUAY S.R.L.”, RUT No. 216748870015, herein represented by Marcos Eduardo GALPERÍN, holder of Argentine ID Card No. 22.432.311, in his capacity as Chairman of the Board of Directors, establishing its address
for the purpose of this agreement at Paraguay 2141 Piso 20 Of. 2001 in this city (hereinafter, “Meli” or the “Direct User”); in the city of Montevideo, Oriental Republic of Uruguay, on October 27, 2011, subject to the
conditions set forth below, Law No. 15,921 on Free Trade Zones, its regulatory decree No. 454/988, and all other provisions consistent with, supplementary and applicable to contracts of this nature. 

1. Background 
 In
accordance with the agreement entered into on August 29, 2011, approved under a Resolution issued by the Area of Free Trade Zones of the General Trade Bureau on October 18, 2011, and registered with the Contracts Registry under
No. 39/11 on Pages 387 through 397, Itsen conferred Meli the right to operate as a Direct User within the “Aguada Park” Free Trade Zone in order to conduct services-related activities pursuant to Article 2(c) of Law No. 15,921,
granting it, to that end, the use of the office identified with No. 408, located on the 4th floor of Building One of the Free Trade Zone, with a surface area of 77.5
m2 plus a terrace of 148.3 m2, for a term of three years and a monthly price of USD 1,278.

 2. Amendment to the Agreement 

The parties agree to amend the referred Direct User Agreement as follows: 
 I) Office space. Originally assigned office No. 408 is hereby replaced by office No. 2001, located on the 20th floor of Building One at the Free Trade Zone, with a surface area of 836 m2, as per
the floor plan dated September 2008 and the specifications prepared by Architect Enrique Cohe (Annex II) and the facilities’ blueprints and specifications prepared by the architectural firm to be determined by Meli (Annex II).

 II) Term. The Agreement shall remain in full force and effect for ten years from the date of approval of this
amendment by the Area of Free Trade Zones of the General Trade Bureau. 

  

 The User may only terminate the Agreement upon any annual term expiration insofar as it legitimately
informs the Exploiter of its desire to do so in writing no less than 60 days prior to the expiration of the current annual term, without giving rise to any right to compensation or penalty. Notwithstanding the aforesaid, and only in the event that
the User terminates the Agreement upon the expiration of the first or second year, the entire furniture shall remain in the office and the User may only remove electronic equipment (computers, servers, phones and switches). This penalty shall not
apply in the event that the contract is terminated from the third year of effectiveness onwards. 
 III) Price. The contract price shall
amount to USD 17,556 (seventeen thousand five hundred and fifty-six US dollars) per month during the first year and to USD 22,070 (twenty-two thousand and seventy US dollars) per month from the second year, and shall be adjusted thereafter in
accordance with Section 5.2 of the original Agreement. 
 The User shall make all payments as specified in the document attached
hereto as “Annex I”, which, having been signed by the parties, is an integral part of the Agreement. 
 IV) Performance Bond. A
bond shall be posted in the amount of USD 110,350 (one hundred ten thousand three hundred and fifty US dollars). The User hereby deposits with the Exploiter the amount of USD 104,010 (one hundred four thousand and ten US dollars) in order to fully
pay such bond. This instrument constitutes acknowledgement of receipt thereof. 
 User’s address for tax purposes. The User
hereby establishes its address for tax purposes at Paraguay 2141 Piso 20 Oficina 2001. 
 3. The remaining provisions of the
abovementioned original contract that have not been hereby amended remain in full force and effect. 
 4. In witness whereof, the parties
execute five identical copies hereof and request the notarial certification of their signatures. 
  

							
	 On behalf of the Exploiter
	 		 	On behalf of the User	  	
				
	 /s/ Francisco Guillermo Ravecca
Jones
	 		 	 /s/ Marcos Eduardo Galperín
	  	

  

 AMENDMENT TO THE FREE TRADE ZONE DIRECT USER AGREEMENT 

AGUADA PARK (ITSEN S.A.) 

This Amendment to the Direct User Agreement is entered into by and between: FOR THE ONE PART: “ITSEN S.A.,” Uruguayan
Taxpayer ID (RUT) No. 215229500014, herein represented by Francisco Guillermo RAVECCA JONES, holder of Uruguayan ID Card No. 2.912.303-3, in his capacity as agent, with offices at Paraguay 2141 in this City (hereinafter,
“Itsen” or the “Exploiter”). 
 AND FOR THE OTHER PART: “MELI URUGUAY S.R.L.,” RUT
No. 216748870015, herein represented by Marcos Eduardo GALPERÍN, holder of Argentine ID Card No. 22.432.311, in his capacity as Chairman of the Board of Directors, establishing its address for the purpose of this agreement at
Paraguay 2141 Piso 20 Of. 2001 in this city (hereinafter, “Meli” or the “Direct User”); in the city of Montevideo, Oriental Republic of Uruguay, on May 21, 2012. 
 1. Background 
 1.1 In accordance with the agreement entered into
on August 29, 2011, approved under a Resolution issued by the Area of Free Trade Zones of the General Trade Bureau on October 18, 2011, and registered with the Contracts Registry under No. 39/11 on Pages 387 through 397, Itsen
conferred Meli the right to operate as a Direct User within the “Aguada Park” Free Trade Zone in order to conduct services-related activities pursuant to Article 2(c) of Law No. 15,921, granting it, to that end, the use of the office
identified with No. 408, located on the 4th floor of
Building One of the Free Trade Zone, with a surface area of 77.5 m2 plus a terrace of 148.3 m2, for a term of three years and a monthly price of USD 1,278. 
 1.2 On
October 27, 2011, the parties amended the abovementioned Agreement, replacing the office originally assigned to the User with office No. 2001, located on the 20th floor of Building One, with a surface area of 836 m2, for the monthly price of USD 17,556 during the first year and USD 22,070 as from the second year. 

The Agreement was further amended to include a ten-year term from the date of approval of such amendment by the Area of Free Trade Zones of the General
Trade Bureau. 
 2. Amendment to the term of the Agreement 
 The parties hereby agree to further amend the Direct User Agreement to provide that it shall remain in full force and effect for ten (10) years from the date of the resolution issued by the Area
of Free Trade Zones of the General Trade Bureau under which the referred Agreement was authorized, dated October 18, 2011. 

  

 The User may only terminate the Agreement upon any annual term expiration insofar as it legitimately
informs the Exploiter of its desire to do so in writing no less than 60 days prior to the expiration of the current annual term, without giving rise to any right to compensation or penalty. Notwithstanding the aforesaid, and only in the event that
the User terminates the Agreement upon the expiration of the first twelve or twenty-four months from this date, the entire furniture shall remain in the office and the User may only remove electronic equipment (computers, servers, phones and
switches). This penalty shall not apply in the event that the contract is terminated from the twenty-fifth month following the date hereof. 

3. The remaining provisions of the original contract as amended on October 27, 2011, remain in full force and effect. 

4. In witness whereof, the parties execute five identical copies hereof and request the notarial certification of their signatures. 

 

							
	 On behalf of the Exploiter
	  		  	On behalf of the User	  	
				
	 /s/ Francisco Guillermo Ravecca Jones
	  		  	 /s/ Marcos Eduardo Galperín
	  	

  

 AMENDMENT TO THE FREE TRADE ZONE DIRECT USER AGREEMENT 

AGUADA PARK (ITSEN S.A.) 

This Amendment to the Direct User Agreement is entered into by and between: FOR THE ONE PART: “ITSEN S.A.,” Uruguayan
Taxpayer ID (RUT) No. 215229500014, herein represented by Francisco Guillermo RAVECCA JONES, holder of Uruguayan ID Card No. 2.912.303-3, in his capacity as agent, with offices at Paraguay 2141 in this City (hereinafter,
“Itsen” or the “Exploiter”). 
 AND FOR THE OTHER PART: “MELI URUGUAY S.R.L.,” RUT
No. 216748870015, herein represented by Marcos Eduardo GALPERÍN, holder of Argentine ID Card No. 22.432.311, in his capacity as Chairman of the Board of Directors, establishing its address for the purpose of this agreement at
Paraguay 2141 Piso 20 Of. 2001 in this city (hereinafter, “Meli” or the “Direct User”); in the city of Montevideo, Oriental Republic of Uruguay, on May 22, 2012, in accordance with the following provisions. 

1. Background 

1.1 In accordance with the agreement entered into on August 29, 2011, approved under a Resolution issued by the Area of
Free Trade Zones of the General Trade Bureau on October 18, 2011, and registered with the Contracts Registry under No. 39/11 on Pages 387 through 397, Itsen conferred Meli the right to operate as a Direct User within the “Aguada
Park” Free Trade Zone in order to conduct services-related activities pursuant to Article 2(c) of Law No. 15,921, granting it, to that end, the use of the office identified with No. 408, located on the 4th floor of Building One of the Free Trade Zone, with a surface area of
77.5 m2 plus a terrace of 148.3 m2, for a term of three years and a monthly price of USD 1,278.

 1.2 On October 27, 2011, the parties amended the abovementioned Agreement, replacing the office originally
assigned to the User with office No. 2001, located on the 20th floor of Building One, with a surface area of 836 m2, for the monthly price of USD 17,556 during the first year and USD 22,070 as from the second year. 
 The term of the Agreement was further amended to ten years from the date of approval of such amendment by the Area of Free Trade Zones of the General Trade Bureau. 

1.3 On May 21, 2012, the parties further amended the Direct User Agreement establishing a term of ten years for the partnership from the date
of the resolution issued by the Area of Free Trade Zones of the General Trade Bureau under which the referred Agreement was authorized, dated October 18, 2011. 

  

 2. Amendment to the Direct User Agreement 

2.1 Irrespective of the use of office No. 2001 granted to the User as replacement for originally assigned office
No. 408 (as per the amendment to the Agreement introduced on October 27, 2011), the Exploiter further grants to the User the use of office No. 1901, located on the 19th floor of Building One, with a surface area of 836 m2, as per the floor plan dated September 2008 drawn by
Architect Enrique Cohe and the specifications executed by the parties jointly with this instrument and attached hereto as Annex I. 
 The facilities’ blueprints and specifications prepared by Architect José Pinciroli are also attached hereto (Annex II). 
 2.2 The User hereby furnishes to the Exploiter the amount of USD 50,000 (fifty thousand US dollars) to reserve the referred office from July through December of this year. This instrument
constitutes acknowledgement of receipt thereof. 
 2.3 From January 1, 2013, the User shall pay USD 22,154 (twenty-two thousand one
hundred and fifty-four US dollars) monthly for office No. 1901, within the term, in the manner and under the conditions set forth in Section 5 of the Special Terms and Conditions under the original Agreement. 

In addition, from the referred date, the User shall pay all common expenses related to the office, which shall amount to a UYU 89.02 (eighty-nine
Uruguayan pesos and two cents) per square meter monthly, plus any adjustments made in July 2012 and January 2013. 

2.4 By way of the performance bond set forth in Section 14 of the Direct User Agreement, with regard to office
No. 1901, the User shall deposit with the Exploiter the amount of USD 110,772 (one hundred ten thousand seven hundred and seventy-two US dollars), which shall be paid in 6 equal, monthly and consecutive installments of USD 18,462 (eighteen
thousand four hundred and sixty-two US dollars) each, the first of them being due in July 2012. All payments shall be made before the 10th day of each month. 
 2.5 In the event that the User occupies the office prior to January 1, 2013, in order to conduct installation works, it shall pay the common expenses referred to in Section 2.3 from that
date. Should the User occupy the office for operative purposes before the referred date, it shall further pay the monthly price set forth in such Section. 
 The moment it occupies the office, the User shall pay to the Exploiter the pertaining “installation fee” of USD 22,154. 
 3. The remaining provisions of the original contract as amended on October 27, 2011, and May 21, 2012, that have not been hereby amended remain in full force and effect. 

  

 4. In witness whereof, the parties have executed this Agreement in five counterparts and request the
notarial certification of their signatures. 
  

							
	 On behalf of the Exploiter
	  		  	On behalf of the User	  	
				
	 /s/ Francisco Guillermo Ravecca Jones
	  		  	 /s/ Marcos Eduardo Galperín

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