Document:

Phillips 66 Key Employee Supplemental Retirement Plan

 Exhibit 10.15 
 PHILLIPS 66 
 KEY EMPLOYEE SUPPLEMENTAL RETIREMENT PLAN 

The Phillips 66 Key Employee Supplemental Retirement Plan is hereby adopted effective as of the “Effective Time” defined in the Employee
Matters Agreement by and between ConocoPhillips and Phillips 66 (the “Effective Time”) and conditioned on the occurrence of the “Distribution” defined in such Employee Matters Agreement (the “Distribution”). See
Appendix B for special rules related to the spin-off of Phillips 66 from ConocoPhillips. 
 PURPOSE 

The purpose of the Phillips 66 Key Employee Supplemental Retirement Plan (the “Plan”) is to attract and retain key employees by providing them
with supplemental retirement benefits. This Plan is intended to be and shall be administered in part as an unfunded pension excess benefit plan within the meaning of ERISA Sections 3(36) and in part as an unfunded pension benefit plan maintained
primarily for a select group of management or highly compensated employees. 
 SECTION I. Definitions 

Terms used in this Plan shall have the same meaning they have in the relevant Title of the Phillips 66 Retirement Plan if they are not otherwise
specifically defined herein. 
 As used in this Plan: 
  

	(a)	“Board” shall mean the board of directors of the Company. 

  

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

 

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

 

	(d)	“Company” shall mean Phillips 66 Company, a Delaware corporation, or any successor corporation. The Company is a Subsidiary of Phillips 66.

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

  

	(f)	“Employee” shall mean a person who is an active participant or a terminated vested participant in the Retirement Plan. 

 

	(g)	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor statute. 

 

	(h)	“Final Average Earnings” shall mean “final average earnings” as that term is defined in Title I of the Phillips 66 Retirement Plan.

  

	(i)	“Incentive Compensation Plan” shall mean the Incentive Compensation Plan of Phillips Petroleum Company, the Annual Incentive Compensation Plan of Phillips
Petroleum Company, the Variable Cash Incentive Program of ConocoPhillips, the Phillips 66 Variable Cash Incentive Program, or successor plans or programs, or all, as the context may require. 

 

	(j)	“KEDCP” shall mean the Phillips 66 Key Employee Deferred Compensation Plan or a successor plan. 

 

	(k)	“Participant” shall mean an Employee who is eligible to receive a benefit from this Plan, whether as an active participant who is currently employed by a
member of the Controlled Group or as a terminated vested participant who was previously employed by a member of the Controlled Group. 

  

	(l)	“Participating Subsidiary” shall mean a Subsidiary that has adopted one or more plans making Participants eligible for participation in this Plan.

  

	(m)	“Phillips 66” shall mean Phillips 66, a Delaware corporation, or any successor corporation. Phillips 66 is a publicly held corporation and the parent of the
Company. 

  

	(n)	“Plan” shall mean the Phillips 66 Key Employee Supplemental Retirement Plan, the terms of which are stated in and by this document. The Plan is sponsored and
maintained by the Company. 

  
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	(o)	“Plan Administrator” shall mean the Manager, Benefits of the Company, or such person’s successor. 

 

	(p)	“Plan-age 55” shall mean the first of the calendar month after an Employee’s age 55 or, if earlier, the date the applicable title of the Retirement Plan
treats the Employee as being age 55. 

  

	(q)	“Restricted Stock” shall mean shares of Stock which have certain restrictions attached to the ownership thereof. 

 

	(r)	“Retirement Plan” shall mean the Phillips 66 Retirement Plan, which is qualified under Code Section 401(a). 

 

	(s)	“Salary” shall mean the monthly equivalent rate of pay for an Employee before adjustments for any before-tax voluntary reductions. 

 

	(t)	“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 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. For purposes of this Plan, Separation
from Service shall not include a separation caused by death. 

  
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	(u)	“Stock” means shares of common stock of Phillips 66, par value $.01. 

 

	(v)	“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. 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.

  

	(w)	“Title I” shall mean Title I of the Phillips 66 Retirement Plan (Phillips Retirement Income Plan). 

 

	(x)	“Title II” shall mean Title II of the Phillips 66 Retirement Plan (Cash Balance Account). 

 

	(y)	“Title III” shall mean Title III of the Phillips 66 Retirement Plan (Tosco Pension Plan). 

 

	(z)	“Title IV” shall mean Title IV of the Phillips 66 Retirement Plan (Retirement Plan of Conoco). 

 

	(aa)	 “Total Final Average Earnings” shall mean the sum of: (i) the average of the high 3 consecutive Annual Earnings, (including any
increases under Section II(b)(i)(bb), (ee), (ff) and (gg) of this Plan, but excluding Incentive Compensation Plan awards and any increases under Section II(b)(i)(aa), (cc), and (dd) of this Plan), paid or deemed to be paid in the Employee’s
final eleven calendar years of employment with the Company or a Participating Subsidiary including the calendar year in which the Employee’s last date of employment with the Company or a Participating Subsidiary occurs; plus (ii) the
average of the high 3 Incentive Compensation Plan awards (including any increases under Section II(b)(i)(aa), (cc), or (dd) of this Plan, but excluding any increases under Section II(b)(i)(bb), (ee), (ff) and (gg) of this Plan) paid or deemed to be
paid in the Employee’s 

  
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final eleven calendar years of employment with the Company or a Participating Subsidiary including the calendar year in which the Employee’s last date of employment with the Company or
Participating Subsidiary occurs. Provided, however, in determining Total Final Average Earnings, an Incentive Compensation Plan award (and any increases under the provisions of Section II(b)(i) cited above) shall be taken into consideration only if
the Employee to whom such award or increase applies, was at the time of the award or increase, classified in a Phillips 66 salary grade 19 or above job, ConocoPhillips salary grade 19 or above job, or any equivalent salary grade of Phillips
Petroleum Company. 

  

	(bb)	“Trustee” means the trustee of the grantor trust established for this Plan by the trust agreement between the Company and the trustee, or any successor
trustee. 

 SECTION II. Plan Accrued Benefit. 

 

	 	(a)	An Employee shall be entitled to payments under this Plan based on an accrued benefit with the following components: (i) his Title I-related accrued benefit,
(ii) his Title II-related accrued Benefit, (iii) his Title III-related accrued benefit (but only with regard to an Employee who, on or after July 1, 2007, performed an hour of service under Title III), and (iv) his Title
IV-related accrued benefit, each as defined below. An Employee shall be entitled to payments under this Plan to the same extent he is vested in his respective component under the Phillips 66 Retirement Plan. 

 

	 	(b)	“Title I-related accrued benefit shall mean the sum of (i), (ii), and (iii) below: 

 

	 	(i)	The difference between the Employee’s total accrued benefit under Title I and his actual accrued benefit under Title I. For this purpose, an Employee’s
“total accrued benefit under Title I” is the accrued benefit he would have if his accrued benefit under Title I were determined under the terms of Title I but with the following modifications: 

 

	 	(aa)	Include in Annual Earnings an award under the Incentive Compensation Plan which the employee deferred under the terms of the KEDCP. Include such award in the calendar
year in which the award would have been paid to the Employee if it had not been deferred. 

  
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	 	(bb)	Include in Annual Earnings salary that would have been paid to the Employee but for the fact that he voluntarily elected to defer receipt of that salary under the terms
of KEDCP. Include the deferred salary in Annual Earnings in the calendar year in which the salary would have been paid had it not been deferred. 

  

	 	(cc)	Include in Annual Earnings the initial value of a restricted stock or restricted stock unit award under the Incentive Compensation Plan. Include that value in Annual
Earnings in the calendar year in which the award was granted. 

  

	 	(dd)	Include in Annual Earnings the value of any special award specified by the Committee under the terms of the special award to be included for Annual Earnings purposes
under Title I in the year in which any applicable restrictions on the award lapse or, if deferred, in the year in which any applicable restrictions would have lapsed absent an election to defer. 

 

	 	(ee)	Disregard the limitations on compensation related to Code section 401(a)(17). 

 

	 	(ff)	Disregard the limitation on benefits related to Code section 415. 

  

	 	(gg)	 If an Employee is eligible to receive benefits under the Phillips 66 Executive Severance Plan or under the Phillips 66 Key Employee Change in Control
Severance Plan, include in Annual Earnings an amount determined by dividing the Employee’s Salary by 4.3333 times the number of weeks or partial weeks 

  
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from the date the Employee’s employment ends with the Employer to the end of that calendar year. Provided, however, this subsection (gg) shall be disregarded to the extent the benefit
created solely by operation of this subsection (gg) is provided under the terms of Title I. 

  

	 	(ii)	In the case of an Employee who terminated employment on or after February 8, 1993, the Title I-related accrued benefit shall include an additional supplemental
accrued benefit calculated under the terms of Title I, but disregarding the limitation on compensation that is taken into account, using as final average earnings the difference, if any, between the Total Final Average Earnings and the Final Average
Earnings used in Title I. 

  

	 	(iii)	The Title I-related accrued benefit shall also include any benefit provided under Section IV of this Plan. 

 

	 	(c)	“Title II-related accrued benefit” shall mean the difference between the Employee’s total accrued benefit under Title II and his actual accrued benefit
under Title II. For this purpose, an Employee’s “total accrued benefit under Title II” is the accrued benefit he would have if his accrued benefit under Title II were determined under the terms of Title II but with the following
modifications: 

  

	 	(i)	Include in Annual Earnings an award under the Incentive Compensation Plan which the Employee deferred under the terms of the KEDCP. Include such award in the calendar
month and year in which the award would have been paid to the Employee if it had not been deferred. 

  

	 	(ii)	Include in Annual Earnings salary that would have been paid to the employee but for the fact that he voluntarily elected to defer receipt of that salary under the terms
of KEDCP. Include the deferred salary in Annual Earnings in the calendar month and year in which the salary would have been paid had it not been deferred. 

  
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	 	(iii)	Include in Annual Earnings the initial value of a restricted stock or restricted stock unit award under the Incentive Compensation Plan. Include that value in Annual
Earnings in the calendar month and year in which the award was granted. 

  

	 	(iv)	Include in Annual Earnings the value of any special award specified by the Committee under the terms of the special award to be included for Annual Earnings purposes
under Title II in the year in which any applicable restrictions on the award lapse or, if deferred, in the year in which any applicable restrictions would have lapsed absent an election to defer. 

 

	 	(v)	Disregard the limitation on compensation related to Code section 401(a)(17). 

 

	 	(vi)	Disregard the limitation on benefits related to Code section 415. 

  

	 	(d)	“Title III-related accrued benefit” shall mean the difference between the Employee’s total accrued benefit under Title III and his actual accrued benefit
under Title III. For this purpose, an Employee’s “total accrued benefit under Title III” is the benefit he would have if his accrued benefit were determined under the provisions of Title III but with the following modifications:

  

	 	(i)	Include in Compensation salary that would have been paid to the Employee but for the fact that he voluntarily elected to defer receipt of that salary under the terms of
KEDCP or a similar predecessor program but only if such salary is not included in Compensation for purposes of calculating the Title III accrued benefit due to the election to defer. If applicable, include the deferred salary in the calendar month
and year in which the salary would have been paid had it not been deferred. 

  
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	 	(ii)	Disregard the limitation on compensation related to Code section 401(a)(17). 

 

	 	(iii)	Disregard the limitation on benefits related to Code section 415. 

  

	 	(e)	“Title IV-related accrued benefit” shall mean the difference between the Employee’s total accrued benefit under Title IV and his actual accrued benefit
under Title IV. For this purpose, an Employee’s “total accrued benefit under Title IV” is the benefit he would have if his accrued benefit were determined under the provisions of Title IV but with the following modifications:

  

	 	(i)	Include in Compensation salary that would have been paid to the Employee but for the fact that he voluntarily elected to defer receipt of that salary under the terms of
KEDCP or a similar predecessor program but only if such salary is not included in Compensation for purposes of calculating the Title IV accrued benefit due to the election to defer. If applicable, include the deferred salary in the calendar month
and year in which the salary would have been paid had it not been deferred. 

  

	 	(ii)	Include in Compensation any Incentive Compensation Plan award that would have been paid to the Employee but for the fact that he voluntarily elected to defer receipt of
that award under the terms of KEDCP or a similar predecessor program but only if such award is not included in Compensation for purposes of calculating the Title IV accrued benefit due to the election to defer. If applicable, include the deferred
award in the calendar month and year in which the award would have been paid had it not been deferred. 

  
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	 	(iii)	Include in Compensation the value of any special award specified by the Committee under the terms of the special award to be included for compensation purposes under
Title IV in the calendar month and year in which any applicable restrictions on the award lapse or, if deferred, in the calendar month and year in which any applicable restrictions would have lapsed absent an election to defer.

  

	 	(iv)	Disregard the limitation on compensation related to Code section 401(a)(17). 

 

	 	(v)	Disregard the limitation on benefits related to Code section 415. 

  

	 	(f)	Each of the components of the accrued benefit under this Plan (the Title I-related accrued benefit, the Title II-related accrued benefit, the Title III-related accrued
benefit, and the Title IV-related accrued benefit) shall be expressed as a straight life annuity starting at the age that is the normal retirement age under the applicable title of the Retirement Plan in accordance with the following rules:

  

	 	(i)	If the annuity starting date for the relevant Retirement Plan benefit occurs on or before the required commencement date under this Plan, the Title I-related accrued
benefit, the Title II-related accrued benefit, the Title III-related accrued benefit, or the Title IV-related accrued benefit, as is applicable, shall first be calculated as of the Retirement Plan annuity starting date related to that component
benefit and then shall be converted actuarially to a straight life annuity payable at age 65 applying actuarial assumptions that are consistent with the relevant Title of the Retirement Plan. The component accrued benefit so calculated shall not be
increased or decreased based on subsequent events. 

  
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	 	(ii)	If the annuity starting date for the relevant Retirement Plan benefit has not occurred on or before the required commencement date under this Plan, the Title I-related
accrued benefit, the Title II-related accrued benefit, the Title III-related accrued benefit, or the Title IV-related accrued benefit, as is applicable, shall be calculated as if the relevant Retirement Plan benefit had an annuity starting date and
a form of payment that is the same as the required commencement date and form of payment under this Plan. The resulting component benefit shall then be converted actuarially to an equivalent straight life annuity starting at age 65, and the
component accrued benefit so calculated shall be the component accrued benefit under this Plan and shall not be increased or decreased based on subsequent events. 

 

	 	(g)	The component accrued benefit described in subsection (f) above shall be converted to the actual benefit paid under this Plan applying the methodology specified in
the applicable title of the Retirement Plan. For this purpose, the terms of the applicable title of the Retirement Plan are those in effect as of the annuity starting date used in this Plan. If the applicable title of the Retirement Plan does not
provide a methodology, a reasonable methodology, as determined by the Plan Administrator, shall be used. 

 SECTION III. DEATH
BENEFIT 
 If an Employee dies prior to the date his accrued benefit under this Plan would otherwise commence, this Plan shall provide a death
benefit if the applicable title of the Retirement Plan provides a death benefit under that circumstance. Any death benefit under this Plan shall be paid in a lump sum on the first day of the first calendar month after death. If there is a delay in
payment of the lump sum, regardless of the reason, the Plan shall not make an adjustment to 

  
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reflect the time value of money. Except as described in the preceding sentence, the death benefit shall be the present value of the Employee’s entire accrued benefit under this Plan payable
in accordance with the following rules: 
  

	 	(a)	The present value shall be paid to the Employee’s named primary Beneficiary or beneficiaries or, if applicable, to the Employee’s named contingent beneficiary
or beneficiaries if the beneficiary or beneficiaries were named in a manner acceptable to the Plan Administrator. 

  

	 	(b)	If the Employee had not, prior to his death, named any beneficiary in a manner acceptable to the Plan Administrator, the present value shall be paid to the
Employee’s estate. 

  

	 	(c)	The present value shall be paid in a lump sum and shall be calculated using the first of the month after death as the annuity starting date and applying the rules
described in Section II(f) and (g) of this Plan for determining the amount to be paid. 

  

	 	(d)	If a beneficiary makes a “qualified disclaimer” as that term is defined in Section 2518 of the Code, and the Plan Administrator receives a copy of the
disclaimer within 9 months after the employee’s death and before payment of the death benefit under this Plan, at the place designated by the Plan Administrator, the Plan will be administered as if the disclaiming beneficiary had died before
the Employee. 

  
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 SECTION IV. Special Provision for former ARCO Alaska Employees. 

Notwithstanding any provisions to the contrary, in order to comply with the terms of the Master Purchase and Sale Agreement (“Sale Agreement”)
by which the ConocoPhillips Company acquired certain Alaskan assets of Atlantic Richfield Company, Inc. (“ARCO”), the following supplemental payments will be made: 

 

	(a)	The payments which would have been received under Article XXIV – ARCO Flight Crew of Title I of the Retirement Plan for those who were classified as an Aviation
Manager, Chief Pilot, Assistant Chief Pilot, Captain or Reserve Captain as of July 31, 2000 if they had been eligible for those benefits under Title I of the Retirement Plan, except that if they receive a limited social security makeup benefit
from Title I of the Retirement Plan it will be offset from the benefit payable from the Plan. 

  

	(b)	A final ARCO Supplemental Executive Retirement Plan (SERP) benefit will be calculated at the earlier of the time an Employee who had an ARCO SERP benefit terminates
employment or, 2 years following the ARCO/BP Amoco p.l.c. merger, April 17, 2002 (“calculation date”). The SERP benefit attributable to service through July 31, 2000 shall be paid by BP Amoco p.l.c. and the difference shall be
paid by this Plan. The SERP calculation will be done as if the Employee had continued to participate in the Atlantic Richfield Retirement Plan and SERP up to the calculation date. The ARCO Annual Incentive Plan (AIP) amount used will be:

  

	 	(i)	If the Employee terminates employment involuntarily prior to April 17, 2002, the highest of the actual AIP in the last 3 years including the AIP target payment
amount for years after 1999 or the payment received under Phillips Annual Incentive Compensation Plan. 

  

	 	(ii)	If the Employee terminates employment voluntarily prior to April 17, 2002, or if the calculation is made as of April 17, 2002, then the AIP will include the
highest 3 year average using the highest of the actual AIP, the AIP target payment amount for years after 1999, or the payment received under Phillips Annual Incentive Compensation Plan. Any benefit paid by this Plan under this Section IV(b)(ii) and
the SERP benefit paid by BP Amoco p.l.c. shall offset the benefit payable from this Plan. 

  
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 SECTION V. Payment of Benefits. 
 The benefit under this Plan shall be calculated and paid as follows: 
  

	(a)	Commencement — Unless the accrued benefit has been or will be paid on account of the Employee’s death as described in Section III, the present value of the
Employee’s accrued benefit shall be paid in a lump sum on the later of: the Employee’s Plan-age 55 or the first day of the seventh calendar month after the Employee’s Separation from Service; but in no event earlier than
November 1, 2006. 

  

	(b)	Annuity Starting Date for calculating the present value: 

  

	 	(i)	If the applicable commencement date for a Title I-related or a Title IV-related accrued benefit is the first day of the seventh calendar month after Separation from
Service, the annuity starting date used in calculating the present value shall be the later of: the Employee’s Plan-age 55 or the first day of the first calendar month after the Employee’s Separation from Service; and the Plan shall pay
interest from the annuity starting date to the commencement date at the 6 month T-Bill rate (as determined by the Plan Administrator) in effect on the annuity starting date. If the applicable commencement date for a Title-II-related accrued benefit
is the first day of the seventh calendar month after Separation from Service, the annuity starting date shall be the same as the commencement date. 

  

	 	(ii)	 Except as provided in the second sentence of this subsection (b)(ii), if the applicable commencement date is the Employee’s Plan-age 55 or
November 1, 2006, the annuity starting date used in calculating the present value shall be the 

  
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same as the commencement date. Provided, however, in the case of an Employee whose Separation from Service is in 2006 and whose commencement date under this Plan is November 1, 2006, the
annuity starting date used in calculating the present value shall be the later of: the Employee’s Plan-age 55 or the first day of the first calendar month after the Employee’s Separation from Service; and the Plan shall pay simple interest
from the annuity starting date to November 1, 2006, at the 6 month T-Bill rate (as determined by the Plan Administrator) in effect on the annuity starting date. 

 

	 	(iii)	Except as specifically provided in subsections (b)(i) and (ii), the Plan shall not make an adjustment of the benefit to reflect the time value of money if there is
delay in paying the benefit for any reason. 

 SECTION VI. Method of Providing Benefits. 

All amounts payable under this Plan shall be paid solely from the general assets of the Company and any rights accruing to an eligible Employee or
beneficiary under the Plan shall be those of a general creditor; provided, however, that the Company may establish a grantor trust to satisfy part or all of its Plan payment obligations so long as the Plan remains an unfunded excess benefit plan and
or an unfunded benefit plan for a select group of management or highly compensated employees for purposes of Title I of ERISA. 
 SECTION VII.
Nonassignability. 
 The right of an Employee, or beneficiary, or other person who becomes entitled to receive payments under this Plan,
shall not be assignable or subject to garnishment, attachment or any other legal process by the creditors of, or other claimants against, the Employee, beneficiary, or other such person. 

  
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 SECTION VIII. Administration. 

 

	(a)	The Plan shall be administered by the Plan Administrator. The Plan Administrator may adopt such rules, regulations and forms as deemed desirable for administration of
the Plan and shall have the discretionary authority to allocate responsibilities under the Plan to such other persons as may be designated. 

  

	(b)	Any claim for benefits hereunder shall be presented in writing to the Plan Administrator for consideration, grant or denial. In the event that a claim is denied in
whole or in part by the Plan Administrator, the claimant, within ninety days of receipt of said claim by the Plan Administrator, shall receive written notice of denial. Such notice shall contain: 

 

	 	(1)	a statement of the specific reason or reasons for the denial; 

  

	 	(2)	specific references to the pertinent provisions hereunder on which such denial is based; 

 

	 	(3)	a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary; and

  

	 	(4)	an explanation of the following claims review procedure set forth in paragraph (c) below. 

 

	(c)	 Any claimant who feels that a claim has been improperly denied in whole or in part by the Plan Administrator may request a review of the denial by
making written application to the Trustee. The claimant shall have the right to review all pertinent documents relating to said claim and to submit issues and comments in writing to the Trustee. Any person filing an appeal from the denial of a claim
must do so in writing within sixty days after receipt of 

  
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written notice of denial. The Trustee shall render a decision regarding the claim within sixty days after receipt of a request for review, unless special circumstances require an extension of
time for processing, in which case a decision shall be rendered within a reasonable time, but not later than 120 days after receipt of the request for review. The decision of the Trustee shall be in writing and, in the case of the denial of a claim
in whole or in part, shall set forth the same information as is required in an initial notice of denial by the Plan Administrator, other than an explanation of this claims review procedure. The Trustee shall have absolute discretion in carrying out
its responsibilities to make its decision of an appeal, including the authority to interpret and construe the terms hereunder, and all interpretations, findings of fact, and the decision of the Trustee regarding the appeal shall be final, conclusive
and binding on all parties. 

  

	(d)	Compliance with the procedures described in paragraphs (b) and (c) shall be a condition precedent to the filing of any action to obtain any benefit or enforce
any right which any individual may claim hereunder. Notwithstanding anything to the contrary in this Plan, these paragraphs (b), (c) and (d) may not be amended without the written consent of a seventy-five percent (75%) majority of
Participants and Beneficiaries and such paragraphs shall survive the termination of this Plan until all benefits accrued hereunder have been paid. 

 SECTION IX. Employment Not Affected by Plan. 
 Participation or nonparticipation in this
Plan shall neither adversely affect any person’s employment status, or confer any special rights on any person other than those expressly stated in the Plan. Participation in the Plan by an Employee of the Company or of a Participating
Subsidiary shall not affect the Company’s or the Participating Subsidiary’s right to terminate the Employee’s employment or to change the Employee’s compensation or position. 

  
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 SECTION X. Miscellaneous Provisions. 

 

	(a)	The Board reserves the right to amend or terminate this Plan at any time, if, in the sole judgment of the Board, such amendment or termination is deemed desirable;
provided that the Company shall remain liable for any benefits accrued under this Plan prior to the date of amendment or termination. 

  

	(b)	Except as otherwise provided herein, the Plan shall be binding upon the Company, its successors and assigns, including but not limited to any corporation which may
acquire all or substantially all of the Company’s assets and business or with or into which the Company may be consolidated or merged. 

  

	(c)	No amount accrued or payable hereunder shall be deemed to be a portion of an Employee’s compensation or earnings for the purpose of any other employee benefit plan
adopted or maintained by the Company, nor shall this Plan be deemed to amend or modify the provisions of the Retirement Plan. 

  

	(d)	The Plan shall be construed, regulated, and administered in accordance with the laws of the State of Texas except to the extent that said laws have been preempted by
the laws of the United States. 

  
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 SECTION XI. Effective Date of the Plan. 
 The Phillips 66 Key Employee Supplemental Retirement Plan is hereby adopted effective as of the Effective Time and conditioned on the occurrence of the Distribution. 

Executed this 24th day of April 2012, by a duly authorized officer of the Company. 

 

	
	 /s/ Chantal D. Veevaete

	Chantal D. Veevaete

  
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 APPENDIX A 
 SELECT NEW HIRES TO 
 PHILLIPS 66 KEY EMPLOYEE SUPPLEMENTAL RETIREMENT
PLAN 
 For Select New Hires, as set forth in resolutions adopted from time to time by the Human Resources and Compensation Committee of the
Board of Directors of Phillips 66, or its successor, the following provisions apply: 
 1. The Select New Hire will, effective on the first day
of employment with the Controlled Group, become a Participant in the Phillips 66 Key Employee Supplemental Retirement Plan. In addition to the benefits provided under the Plan, the Select New Hire will be eligible for a further benefit (the
“Further Benefit”), calculated in accordance with the provisions of this Appendix. 
 2. Further Benefit shall mean the difference
between the Putative Title I Benefit and the Offsetting Benefits, both as described below. In determining the Further Benefit, paragraphs (f) and (g) of the Plan shall apply. 
 3. The Putative Title I Benefit shall mean the sum of (i), (ii), and (iii) below: 
  

	 	(i)	The difference between the Select New Hire’s total accrued benefit under Title I and his actual accrued benefit under Title I. For this purpose, a Select New
Hire’s total accrued benefit under Title I is the accrued benefit he would have if his accrued benefit under Title I were determined under the terms of Title I but with the following modifications: 

 

	 	(aa)	Include in Annual Earnings an award under the Incentive Compensation Plan which the Select New Hire deferred under the terms of KEDCP. Include such award in the
calendar year in which the award would have been paid to the Select New Hire if it had not been deferred. 

  
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	 	(bb)	Include in Annual Earnings salary that would have been paid to the Select New Hire but for the fact that he voluntarily elected to defer receipt of that salary under
the terms of KEDCP. Include the deferred salary in Annual Earnings in the calendar year in which the salary would have been paid had it not been deferred. 

  

	 	(cc)	Include in Annual Earnings the initial value of a restricted stock or restricted stock unit award under the Incentive Compensation Plan. Include that value in Annual
Earnings in the calendar year in which the award was granted. 

  

	 	(dd)	Include in Annual Earnings the value of any special award specified by the Committee under the terms of the special award to be included for Annual Earnings purposes
under Title I in the year in which any applicable restrictions on the award lapse or, if deferred, in the year in which any applicable restrictions would have lapsed absent an election to defer. 

 

	 	(ee)	Disregard the limitations on compensation related to Code section 401(a)(17). 

 

	 	(ff)	Disregard the limitation on benefits related to Code section 415. 

  

	 	(gg)	If the Select New Hire is eligible to receive benefits under the Phillips 66 Executive Severance Plan or under the Phillips 66 Key Employee Change in Control Severance
Plan, include in Annual Earnings an amount determined by dividing the Select New Hire’s Salary by 4.3333 times the number of weeks or partial weeks from the date the Select New Hire’s employment ends with the Employer to the end of that
calendar year. Provided, however, this subsection (gg) shall be disregarded to the extent the benefit created solely by operation of this subsection (gg) is provided under the terms of Title 1. 

  
 21 

	 	(hh)	Determine service credited for purposes of benefit accrual as if the Select New Hire had originally been employed by the Controlled Group on the date that the Select
New Hire began employment with the company with which the Select New Hire was employed immediately prior to becoming employed by the Controlled Group. 

  

	 	(ii)	In the case of a Select New Hire who terminated employment on or after February 8, 1993, the Title I-related accrued benefit shall include an additional
supplemental accrued benefit calculated under the terms of Title I, but disregarding the limitation on compensation that is taken into account, using as final average earnings the difference, if any, between the Total Final Average Earnings and the
Final Average Earnings used in Title 1. 

  

	 	(iii)	The Title I-related accrued benefit shall also include any benefit provided under Section IV of this Plan. 

4. The Offsetting Benefits shall mean any benefit, other than the Further Benefit, provided to the Select New Hire under a defined benefit plan of
Phillips 66, including but not limited to the Phillips 66 Retirement Plan (and any successor plan) and the Phillips 66 Key Employee Supplemental Retirement Plan (and any successor plan), together with any benefit provided to the Select New Hire
under a “defined benefit plan” (as defined in section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (ERISA)), including any such plan regardless of whether it might also be considered an “excess benefit
plan” as defined in 
 section 3(36) of ERISA, of the company by which the Select New Hire was employed immediately prior to becoming
an employee of the Controlled Group. In determining the value of a benefit provided 

  
 22 

 
by an employer which is not a member of the Controlled Group, the Plan Administrator may make any reasonable assumptions necessary and use such information as may be publicly available, provided
by such employer, or provided by the Select New Hire, although it is within the discretion of the Plan Administrator to determine which such information and assumptions to use and to disregard any information which the Plan Administrator considers
invalid, incomplete, or otherwise suspect. 
 5. Nothing in this Appendix is intended to affect the other operations or provisions of the Plan.
If the Select New Hire is, under the provisions of the Plan, otherwise eligible to participate in the Plan, the Select New Hire will do so in accordance with those provisions. 

  
 23 

 APPENDIX B 
 CONOCOPHILLIPS SPIN-OFF 
  

	1.	Background. Phillips 66 was a subsidiary of ConocoPhillips (“COP”) prior to the Distribution. As a result of the Distribution, COP distributed its
interest in Phillips 66 to its shareholders. 

 As of 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 ConocoPhillips Key Employee Supplemental Retirement Plan (the “COP Plan”), 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 this Plan. The Participants whose benefits were transferred to this Plan on the Effective Time are referred to below as
“COP Participants.” The rules in this Appendix shall apply to COP Participants and certain other Plan terms notwithstanding any Plan provisions to the contrary. 

 

	2.	Plan Benefits. COP Participants who qualified as eligible employees under the COP Plan as of the Effective Time shall be eligible employees under this Plan on
such date. All service and compensation that would be taken into account for purposes of determining the amount of a COP Participant’s benefit under the COP Plan as of the Effective Time shall be taken into account for the same purposes under
this Plan. 

  
 24 

	3.	Distributions. The terms of this Plan shall govern the distribution of all benefits payable to a COP Participant or any other person with a right to receive such
benefits, including amounts accrued under the COP Plan and then transferred to this Plan. 

  

	4.	Separation from Service. For avoidance of doubt, no COP Participant shall be treated as incurring a separation from service, termination of employment,
retirement, or similar event for purposes of determining the right to a distribution (for amounts subject to Code section 409A or otherwise), benefits, or any other purpose under the Plan as a result of COP’s distribution of Phillips 66 shares
to COP’s shareholders or the COP Participant’s transfer of employment to the Company or any other subsidiary of Phillips 66. 

  

	5.	Participant Elections. All elections made by COP Participants under the COP Plan, including any payment elections or beneficiary designations, shall apply to the
same effect under this Plan as if made under the terms of this Plan. 

  

	6.	References to Plan. All references in this Plan to the “Plan” as in effect before the Effective Time shall be read as references to the COP Plan as it
was in effect at such time. 

  

	7.	Right to Benefits. With respect to any service or compensation used to determine a benefit provided or due under the COP Plan at any time, no benefit will be due
under the Plan except with respect to such service and compensation related to a liability transferred from the COP Plan to the Plan on the Effective Time. Additionally, on and after the Effective Time, COP, any subsidiary of COP that remains a
subsidiary after the Distribution (“COP Subsidiary”), the COP Plan, any directors, officers, or employees of COP or a COP Subsidiary, and any successors to any of the aforementioned entities or individuals shall have no further obligation
or liability to any COP Participant with respect to any benefit, amount, or right due under the COP Plan. 

  

	8.	ConocoPhillips Stock. For the period prior to the Distribution, “Stock” may also include any common stock of ConocoPhillips, par value $.01.

  
 25Phillips 66 Executive Severance Plan

 Exhibit 10.16 
 PHILLIPS 66 
 EXECUTIVE SEVERANCE PLAN 

The Phillips 66 Executive Severance Plan (the “Plan”) is hereby adopted effective as of the “Effective Time” defined in the Employee
Matters Agreement by and between ConocoPhillips and Phillips 66 (the “Effective Time”) and conditioned on the occurrence of the “Distribution” defined in such Employee Matters Agreement (the “Distribution”). 

Phillips 66 was a subsidiary of ConocoPhillips (“COP”) prior to the Distribution. As a result of the Distribution, COP distributed its interest
in Phillips 66 to its shareholders. Certain employees of ConocoPhillips Company and other subsidiaries of COP whose employment duties were primarily related to the business activities of Phillips 66 and its subsidiaries transferred employment to
Phillips 66 Company or other subsidiaries of Phillips 66 as of the Effective Time. No Eligible Employee shall be treated as incurring a Severance or Separation from Service as a result of (i) the Distribution, (ii) the Eligible
Employee’s transfer to the Controlled Group in connection with the Distribution, or (iii) the Eligible Employee’s transfer to ConocoPhillips Company or any other subsidiary of COP in connection with the Distribution. 

The Plan is adopted for the benefit of certain employees of the Company and its Subsidiaries. All capitalized terms used herein are defined in
Section 1 hereof. This Plan is intended to be a plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, within the meaning of Title I of the Employee
Retirement Income Security Act of 1974, as amended and shall be interpreted in a manner consistent with such intention. 
 SECTION 1.
DEFINITIONS. As hereinafter used: 
 1.1 “Board” means the Board of Directors of the Company. 

1.2 “Cause” means (i) the willful and continued failure by the Eligible Employee to substantially perform the Eligible Employee’s
duties with the Employer (other than any such failure resulting from the Eligible Employee’s incapacity due to physical or mental illness), or (ii) the willful engaging, not in good faith, by the Eligible Employee in conduct which is
demonstrably injurious to the Company or any of its Subsidiaries, monetarily or otherwise. 

  
 1 

 1.3 “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time.

 1.4 “Company” means Phillips 66 or any successors thereto. 
 1.5 “Controlled Group” shall mean Phillips 66 and its Subsidiaries. 
 1.6 “Credited
Compensation” of a Severed Employee means the aggregate of the Severed Employee’s annual base salary plus his or her annual incentive compensation, each as further described below. For purposes of this definition, (a) annual base
salary shall be determined immediately prior to the Severance Date and (b) annual incentive compensation shall be deemed to equal the Severed Employee’s most recently established target (determined at one hundred percent of target) for
annual incentive compensation for such employee prior to such employee’s Severance Date pursuant to the Variable Cash Incentive Program or its successor program maintained by the Employer. 

1.7 “Effective Date” means the date first stated above as the effective date of this Plan. 

1.8 “Eligible Employee” means any employee that is a Tier 1 Employee or a Tier 2 Employee, other than those employees who are listed
on Exhibit B. 
 1.9 “Employer” means the Company or any of its Subsidiaries. 

1.10 “Person” means any individual, firm, corporation, partnership, association, trust, unincorporated organization, or other entity.

 1.11 “Plan” means the Phillips 66 Executive Severance Plan, as set forth herein, as it may be amended from time to time.

 1.12 “Plan Administrator” means the person or persons appointed from time to time by the Board, which appointment may be revoked at
any time by the Board. 
 1.13 “Retirement Plans” means the Phillips 66 Retirement Plan and the Phillips 66 Key Employee Supplemental
Retirement Plan. 
 1.14 “Separation from Service” means 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

  
 2 

 
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. 
 1.15 “Severance” means the
termination of an Eligible Employee's employment with the Employer by the Employer other than for Cause. An Eligible Employee will not be considered to have incurred a Severance if his employment is discontinued by reason of the Eligible
Employee’s death or a physical or mental condition causing such Eligible Employee’s inability to substantially perform his duties with the Employer and entitling him or her to benefits under any long-term sick pay or disability income
policy or program of the Employer. Furthermore, an Eligible Employee will not be considered to have incurred a Severance if employment with the Employer is discontinued after the Eligible Employee has been offered employment with another employer
that has purchased a Subsidiary or division of the Company or all or substantially all of the assets of an a Subsidiary or division of the Company and the offer of employment from the other employer is at the same or greater salary and the same or
greater target bonus as the Eligible Employee has at that time from the Employer. An Eligible Employee will not be considered to have incurred a Severance as a result of (i) the Distribution, (ii) the Eligible Employee’s
transfer to the Controlled Group in connection with the Distribution, or (iii) the Eligible Employee’s transfer to ConocoPhillips Company or any other subsidiary of COP in connection with the Distribution. Still further, an Eligible
Employee will not be considered to have incurred a Severance if employment with the Employer is discontinued and the Eligible Employee is also eligible for payments under the Phillips 66 Key Employee Change in Control Severance Plan. Furthermore, in
order to be considered a Severance, the termination must also meet the requirements of a Separation from Service. 
 1.16 “Severance
Date” means the date on which an Eligible Employee incurs a Severance. 
 1.17 “Severance Pay” means the payment determined
pursuant to Section 2.1 hereof. 
 1.18 “Severed Employee” means an Eligible Employee who has incurred a Severance. 

1.19 “Subsidiary” means any corporation or other entity that is treated as a single employer with Phillips 66 after the Distribution, under
section 414(b) or (c) of the Code; provided, that in making this determination, in applying section 1563(a)(1), (2), and (3)

  
 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.

 1.20 “Tier 1 Employee” means any employee of the Employer who is in salary grade 26 or above (under the salary grade schedule of
the Company on the Effective Date, with appropriate adjustment for any subsequent change in such salary grade schedule) on the Severance Date. 

1.21 “Tier 2 Employee” means any employee of the Employer, other than a Tier 1 Employee, who is in salary grade 23 or above (under the salary
grade schedule of the Company on the Effective Date, with appropriate adjustment for any subsequent change in such salary grade schedule) on the Severance Date. 
 SECTION 2. BENEFITS. 
 2.1 Subject to Section 2.7, each Severed Employee shall be
entitled to receive Severance Pay equal to the sum of the amounts determined under Sections 2.1(a), (b), and (c). Furthermore, for purposes of Employer compensation plans, programs, and arrangements, each Severed Employee shall be considered to have
been laid off by the Employer. 
  

	 	(a)	The amount that is the Severed Employee’s Credited Compensation, multiplied by (i) 2, in the case of a Tier 1 Employee or (ii) 1.5 in the case of a
Tier 2 Employee. 

  
 4 

	 	(b)	The amount that is the present value, determined as of the Severed Employee’s Severance Date, of the increase in benefits under the Retirement Plans that would
result if the Severed Employee was credited with the following number of additional years of age and service under the Retirement Plans: (i) 2, in the case of a Tier 1 Employee or (ii) 1.5, in the case of a Tier 2 Employee;
provided, however, that in calculating (b), if the Severed Employee is entitled under the Retirement Plans to any additional credited service due to the circumstances of the Severed Employee’s termination, then the amount of the present value
of the increased benefits called for in the determination of (b) shall be reduced by the amount of the present value of the increased benefits under the Retirement Plans calculated after taking into account the circumstances of the Severed
Employee’s termination, but not below zero. Present value shall be determined based on the assumptions utilized under the Phillips 66 Retirement Plan for purposes of determining contributions under Code Section 412 for the most recently
completed plan year. 

  

	 	(c)	The amount that is equal to either (i) or (ii), as applicable, plus either (iii) or (iv), as applicable, plus (v), if applicable, plus (vi), if applicable:

  

	 	(i)	If the Severed Employee was enrolled in company-sponsored medical coverage on the Severance Date, an amount equal to 6 times the difference between the COBRA
participant contribution rate and the active employee contribution rate, each as of the Severance Date, for the type of coverage in which the Tier 2 Employee was enrolled. 

 

	 	(ii)	If the Severed Employee was not enrolled in company-sponsored medical coverage on the Severance Date, an amount equal to 18 times the difference between the COBRA
participant contribution rate and the active employee contribution rate, each as of the Severance Date, for PPO medical coverage. 

  

	 	(iii)	If the Severed Employee was enrolled in company-sponsored dental coverage on the Severance Date, an amount equal to 6 times the difference between the COBRA participant
contribution rate and the active employee contribution rate, each as of the Severance Date, for the type of coverage in which the Tier 2 Employee was enrolled. 

 

	 	(iv)	If the Severed Employee was not enrolled in company-sponsored dental coverage on the Severance Date, an amount equal to 18 times the difference between the COBRA
participant contribution rate and the active employee contribution rate, each as of the Severance Date, for dental coverage (using the Phillips 66 dental option coverage). 

  
 5 

	 	(v)	In the case of a Tier 1 Employee, an amount equal to the sum of 6 times the COBRA participant contribution rate, as of the Severance Date, for PPO medical coverage plus
6 times the COBRA participant contribution rate, as of the Severance Date, for dental coverage (using the Phillips 66 dental option coverage). 

  

	 	(vi)	If any persons qualified as eligible dependents of the Severed Employee under the applicable company-sponsored medical or dental coverage in which the Severed Employee
was enrolled on the Severance Date, an amount equal to the sum of the differences, for each such eligible dependent, between the COBRA eligible dependent contribution rate and the eligible dependent contribution rate for eligible dependents of
active employees, each as of the Severance Date, for the medical and/or dental coverage in which the Severed Employee was enrolled on the Severance Date, as applicable, times the factor set forth in the applicable Section 2.1(c)(i) or (ii),
(c)(iii) or (iv), and (c)(v); provided, that if the Severed Employee was not enrolled for medical or dental coverage, then the eligibility and amount for each dependent shall be determined as if the Severed Employee had been enrolled in the PPO
medical coverage or dental coverage (using the Phillips 66 dental option coverage), as applicable, on the Severance Date. 

 2.2
Subject to Section 2.7, Severance Pay (as well as any amount payable pursuant to Section 2.4 hereof) shall be paid to an eligible Severed Employee in a cash lump sum on the first business day immediately following 10 days after the end of
the period for executing and delivering the Severed Employee’s release, as set forth in Section 2.7. 
 2.3 Subject to
Section 2.7, for a period of (a) 24 months, in the case of a Tier 1 Employee or (b) 18 months, in the case of a Tier 2 Employee, beginning the first of the month following the termination of active employee benefits, the Company shall
arrange to provide the Severed Employee and his eligible dependents certain benefits, as enumerated below, similar to those the Severed Employee and his eligible dependents had immediately prior to the Severed Employee’s Severance Date. These
benefits will be provided at no greater cost to the Severed Employee than active employee rates for the plan year of coverage provided the benefits continue to be offered by the Company to active employees and the Severed Employee and his eligible
dependents meet the same eligibility criteria for the benefits as an active employee and dependents of an 

  
 6 

 
active employee. Depending on coverages prior to the Severed Employee’s Severance Date, these benefits could include the following, but do not include any other benefits offered by the
Company: Life Insurance, which includes Basic, Executive Basic, Supplemental, and Dependent Life; and Personal Accident Insurance. Severed employees may also continue Executive Life directly through the vendor to be paid for by the Severed Employee.
Nothing herein shall prevent a Severed Employee or eligible dependents of a Severed Employee from electing to receive COBRA continuation coverage of health benefits subject to COBRA, in accordance with the applicable provisions of the law and the
applicable plans. While as an active employee the Severed Employee may have been able to make employee contributions or pay premiums for certain coverage through a pre-tax salary reduction arrangement, that will not continue after the Severed
Employee’s Severance Date. The cost of these benefits will not be adjusted to reflect that the Severed Employee’s cost will no longer be pre-tax. All other active employee benefits, not specifically mentioned above, are excluded, although
if any of the benefits specifically mentioned above are replaced with a similar benefit after the Severed Employee’s Severance Date, such replacement benefits are to be considered as mentioned specifically above even though their names, terms,
and conditions may have been changed. Such benefits shall not be provided (except to the extent as may be required by law) during any period when the Severed Employee is eligible to receive such benefits from another employer or from an Employer or
if the Severed Employee has resumed working for an Employer. The Severed Employee is obligated to inform the Company when or if they become eligible to receive such benefits from another employer.  

2.4 Each Severed Employee shall be entitled to receive the employee’s full salary through the Severance Date and, subject to Section 2.7 but
notwithstanding any provision of the Company’s Variable Cash Incentive Program or similar annual bonus incentive plan to the contrary, shall be eligible for consideration for an award under such program or plan when awards are made with regard
to the fiscal year under such program or plan in which the Severance Date occurred. 
 2.5 Each party to any dispute concerning this Plan shall
be responsible for that party’s own legal fees and expenses; provided, however, that the arbitrator appointed pursuant to Section 3.2 of this Plan may award reasonable legal fees and expenses to an Eligible Employee if the arbitrator
determines that the Company’s denial of the claim of the Eligible Employee was not reasonable. 
 2.6 The Company shall be entitled to
withhold and/or to cause to be withheld from amounts to be paid to the Severed Employee hereunder any federal, state, or local withholding or other taxes or charges which it is from time to time required to withhold. 

  
 7 

 2.7 No Severed Employee shall be eligible to receive Severance Pay or other benefits under the Plan unless
he or she first executes a written release substantially in the form attached as Exhibit A hereto (or, if the Severed Employee was not a United States employee, a similar release which is in accordance with the applicable laws in the relevant
jurisdiction) and, to the extent such release is revocable by its terms, only if the Severed Employee does not revoke it, and unless he or she also, at the request of the Company, executes a written agreement not to compete with the Company, with
such terms and conditions as may be proposed by the Company at the time. Such release and, if requested, such agreement not to compete must be executed and delivered to the Company within 30 days of the Employee’s Severance Date. 

SECTION 3. PLAN ADMINISTRATION. 
 3.1 The
Plan Administrator shall administer the Plan and may interpret the Plan, prescribe, amend, and rescind rules and regulations under the Plan and make all other determinations necessary or advisable for the administration of the Plan, subject to the
provisions of the Plan. The Plan Administrator shall have absolute discretion and authority in carrying out its responsibilities, and all interpretations of the Plan, determinations of eligibility under the Plan, determinations to grant or deny
benefits under the Plan, or findings of fact or resolutions related to the Plan and its administration that are made by the Plan Administrator shall be binding, final, and conclusive on all parties. 

3.2 Claims Procedures. Any claim for benefits hereunder shall be presented in writing to the Plan Administrator for consideration, grant, or
denial. Claimants will be notified in writing of approved claims, which will be processed as claimed. A claim is considered approved only if its approval is communicated in writing to a claimant. 

 

	 	(a)	In the case of a denial of a claim respecting benefits paid or payable with respect to a Participant, a written notice will be furnished to the claimant within 90 days
of the date on which the claim is received by the Plan Administrator. If special circumstances (such as for a hearing) require a longer period, the claimant will be notified in writing, prior to the expiration of the 90-day period, of the reasons
for an extension of time; provided, however, that no extensions will be permitted beyond 90 days after the expiration of the initial 90-day period. A denial or partial denial of a claim will be dated and signed by the Plan Administrator and will
clearly set forth: 

  

	 	(i)	the specific reason or reasons for the denial; 

  
 8 

	 	(ii)	specific reference to pertinent Plan provisions on which the denial is based; 

 

	 	(iii)	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is
necessary; and 

  

	 	(iv)	an explanation of the procedure for review of the denied or partially denied claim set forth below. 

 

	 	(b)	Upon denial of a claim, in whole or in part, a claimant or his duly authorized representative will have the right to submit a written request to a committee of
individuals established by the Board (the “Claims Committee”) for a full and fair review of the denied claim by filing a written notice of appeal with the Claims Committee within 60 days of the receipt by the claimant of written notice of
the denial of the claim. A claimant or the claimant’s authorized representative will have, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim
for benefits and may submit issues and comments in writing. The review will take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was
submitted or considered in the initial benefit determination. If the claimant fails to file a request for review within 60 days of the denial notification, the claim will be deemed abandoned and the claimant precluded from reasserting it. If the
claimant does file a request for review, his request must include a description of the issues and evidence he deems relevant. Failure to raise issues or present evidence on review will preclude those issues or evidence from being presented in any
subsequent proceeding or judicial review of the claim. 

  

	 	(c)	The Claims Committee will provide a prompt written decision on review. If the claim is denied on review, the decision shall set forth: 

 

	 	(i)	the specific reason or reasons for the adverse determination; 

  

	 	(ii)	specific reference to pertinent Plan provisions on which the adverse determination is based; 

 

	 	(iii)	a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claimant’s claim for benefits; and 

  
 9 

	 	(iv)	a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain the information about such procedures.

  

	 	(d)	A decision will be rendered no more than 60 days after the Claims Committee’s receipt of the request for review, except that such period may be extended for an
additional 60 days if the Claims Committee determines that special circumstances (such as for a hearing) require such extension. If an extension of time is required, written notice of the extension will be furnished to the claimant before the end of
the initial 60-day period. 

  

	 	(e)	To the extent permitted by law, decisions reached under the claims procedures set forth in this Section shall be final and binding on all parties. No legal action for
benefits under the Plan shall be brought unless and until the claimant has exhausted his remedies under this Section. In any such legal action, the claimant may only present evidence and theories which the claimant presented during the claims
procedure. Any claims which the claimant does not in good faith pursue through the review stage of the procedure shall be treated as having been irrevocably waived. Judicial review of a claimant’s denied claim shall be limited to a
determination of whether the denial was an abuse of discretion based on the evidence and theories the claimant presented during the claims procedure. 

  

	 	(f)	Except as provided in the preceding portion of this Section 3.2, all disputes under this Plan shall be settled exclusively by binding arbitration in Houston,
Texas, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 

3.3 The Plan Administrator may delegate any of its duties hereunder to such person or persons from time to time as it may designate. 

3.4 The Plan Administrator is empowered, on behalf of the Plan, to engage accountants, legal counsel, and such other personnel as it deems necessary or
advisable to assist it in the performance of its duties under the Plan. The functions of any such persons engaged by the Plan Administrator shall be limited to the specified services and duties for which they are engaged, and such persons shall have
no other duties, obligations or responsibilities under the Plan. Such persons shall exercise no discretionary authority or discretionary control respecting the management of the Plan. All reasonable expenses thereof shall be borne by the Employer.

  
 10 

 SECTION 4. DURATION; AMENDMENT; AND TERMINATION. 

4.1 This Plan shall be effective on the Effective Date. This Plan shall continue in effect unless and until it is terminated as provided in
Section 4.2. 
 4.2 This Plan may be amended from time to time during its term by the Company acting through its Board of Directors or, to
the extent authorized by the Board of Directors, its officers. The Company may, by action of its Board of Directors, terminate this Plan at any time. 
 SECTION 5. GENERAL PROVISIONS. 
 5.1 Except as otherwise provided herein or by law, no right
or interest of any Eligible Employee under the Plan shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation by execution, levy, garnishment, attachment, pledge, or
in any manner; no attempted assignment or transfer thereof shall be effective; and no right or interest of any Eligible Employee under the Plan shall be liable for, or subject to, any obligation or liability of such Eligible Employee. When a payment
is due under this Plan to a Severed Employee who is unable to care for his or her affairs, payment may be made directly to his or her legal guardian or personal representative. 
 5.2 If any Employer is obligated by law or by contract to pay severance pay, a termination indemnity, notice pay, or the like, to a Severed Employee, or if any Employer is obligated by law to provide
advance notice of separation (“Notice Period”) to a Severed Employee, then any Severance Pay hereunder to such Severed Employee shall be reduced by the amount of any such severance pay, termination indemnity, notice pay, or the like, as
applicable, and by the amount of any compensation received during any Notice Period. This provision specifically includes any payments or obligations under the Phillips 66 Severance Pay Plan. Furthermore, if an Eligible Employee has willful and bad
faith conduct demonstrably injurious to Company or its Subsidiaries, monetarily or otherwise, after receiving Severance Pay, the Company may offset an amount equal to such Severance Pay against any other amounts due from other plans or programs,
unless otherwise required by law. 
 5.3 Neither the establishment of the Plan, nor any modification thereof, nor the creation of any fund,
trust, or account, nor the payment of any benefits shall be construed as giving any Eligible Employee, or any person whomsoever, the right to be retained in the service of the Employer, and all Eligible Employees shall remain subject to discharge to
the same extent as if the Plan had never been adopted. 

  
 11 

 5.4 If any provision of this Plan shall be held invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included. 
 5.5 This Plan shall be binding upon the heirs, executors, administrators, successors, and assigns of the parties, including each Eligible Employee, present and future, and any successor to the Employer.

 5.6 The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not
be employed in the construction of the Plan. 
 5.7 The Plan shall not be funded. No Eligible Employee shall have any right to, or interest in,
any assets of any Employer that may be applied by the Employer to the payment of benefits or other rights under this Plan. 
 5.8 Any notice or
other communication required or permitted pursuant to the terms hereof shall have been duly given when delivered or mailed by United States Mail, first-class, postage prepaid, addressed to the intended recipient at his, her or its last known
address. 
 5.9 This Plan shall be construed and enforced according to the laws of the State of Delaware. 

The Plan is hereby adopted effective as of the Effective Time and conditioned on the occurrence of the Distribution. 

Executed this 24th day of April 2012, by a duly authorized officer of the Company. 

 

	
	 /s/ Greg C. Garland

	Greg C. Garland, President

  
 12 

 Exhibit A 
 WAIVER AND RELEASE OF CLAIMS 
 In consideration of, and subject to,
the payments to be made to me by Phillips 66, a Delaware corporation (the “Company”) or any of its subsidiaries, pursuant to the Phillips 66 Executive Severance Plan (the “Plan”), which I acknowledge that I would not otherwise be
entitled to receive, I hereby waive any claims I may have for employment or re-employment by the Company or any subsidiary or parent of the Company after the date hereof, and I further agree to and do release and forever discharge the Company or any
subsidiary or parent of the Company, and their respective past and present officers, directors, shareholders, employees, and agents from any and all claims and causes of action, known or unknown, arising out of or relating to my employment with the
Company or any subsidiary or parent of the Company, or the termination thereof, including, but not limited to, wrongful discharge, breach of contract, tort, fraud, the Civil Rights Acts, Age Discrimination in Employment Act, Employee Retirement
Income Security Act, Americans with Disabilities Act, or any other federal, state, or local legislation or common law relating to employment or discrimination in employment or otherwise. 

Notwithstanding the foregoing or any other provision hereof, nothing in this Waiver and Release of Claims shall adversely affect
(i) my rights under the Plan; (ii) my rights to benefits other than severance benefits under plans, programs, and arrangements of the Company or any subsidiary or parent of the Company which are accrued but unpaid as of the date of my
termination; or (iii) my rights to indemnification under any indemnification agreement, applicable law and the certificates of incorporation and bylaws of the Company and any subsidiary or parent of the Company, and my rights under any
director’s and officers’ liability insurance policy covering me. 
 I acknowledge that I have signed this Waiver and
Release of Claims voluntarily, knowingly, of my own free will and without reservation or duress and that no promises or representations have been made to me by any person to induce me to do so other than the promise of payment set forth in the first
paragraph above and the Company’s acknowledgement of my rights reserved under the second paragraph above. 
  

			
	
Signature:                    
	  	Dated:                    

  
 13 

 Exhibit B 
 Employees Ineligible for Executive Severance Plan 
 [Reserved] 

  
 14

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