Document:

d033121dex102

 

Exhibit 10. 
2 

1
 
ORIGINAL FOR EXECUTION 
APPROVED 
VICE PRESIDENT 
HUMAN 
RESOURCES 
EFFECTIVE JANUARY 
15, 
202 
1 
 
 
CONOCOPHILLIPS 
EXECUTIVE SEVERANCE PLAN 
 
(Amended and Restated Effective as of January 
15, 
202 
1) 
 
 
Effective 
October 
1, 2004, 
the Company 
adopted 
the 
ConocoPhillips 
Executive 
Severance 
Plan 
(the 
"Plan") 
for 
the 
benefit 
of 
certain 
employees 
of 
the 
Company 
and 
its 
subsidiaries. 
It was amended and 
restated effective January 1, 
2005 and December 31, 2008. 
This 
amendment 
and 
restatement 
of 
the 
Plan 
shall 
be 
effective 
January 
15, 
202 
1. 
Any 
Eligible 
Employee 
(as 
defined 
below) having 
a Severance 
Date 
(as defined 
below) prior 
to January 
15, 
202 
1, shall have benefits under 
this Plan determined in 
accordance with the 
provisions of this Plan 
as 
they 
existed 
prior 
to 
this 
amendment 
and 
restatement. 
Any 
Eligible Employee 
(as 
defined 
below) 
having 
a 
Severance 
Date 
(as 
defined 
below) 
on 
or 
after 
January 
15, 
202 
1, shall 
have 
benefits 
under this Plan determined in accordance with the provisions of this Plan 
pursuant to this 
amendment 
and restatement. 
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 hereinafte
r 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
.3
 
"Code" means the 
Internal Revenue Code of 1986, 
as it 
may be amended from time 
to 
time.
 
 
1
.4
 
"Company" 
means ConocoPhillips or any successors 
thereto.
 
 
1.5
 
“Controlled 
Group” 
shall mean 
ConocoPhillips
 
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 
maintain 
ed by the Employer 
. 
 

Exhibit 10. 
2 

2
 
1.
7
 
"Effective 
Date" means, as applicable, 
the date first stated above 
as the original 
effective 
date of this Plan or the effective 
date of this Plan as amended and restated. 
 
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" 
mean
s 
any 
individual, 
firm, 
corporation, 
partnership, 
association, 
trust, 
unincorporated 
organization, or other entity. 
 
1
.1
1
 
"Plan" means 
the ConocoPhillips 
Executive 
Severance Plan, as set forth herein, as it may 
be amended 
from time to time. 
 
1
.1
2
 
"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
.1
3
 
"Retirement 
Plans" 
means the ConocoPhillips Retirement 
Plan 
and the 
ConocoPhillips 
Key 
Employee 
Supplemental Retirement Plan. 
 
1.14
 
“
Salary 
Grade
”
 
means 
a 
classification 
level 
for 
Employees 
under 
the 
practices 
of 
the 
Company 
[this is 
ConocoPhillips 
Company]. 
Where Salary 
Grades 
are used 
in 
this Procedure, 
they are depicted 
under the U.S. 
practices for the Company. 
Practices may vary in 
other countries 
or particular subsidiaries, and Salary 
Grades shall 
be transposed as 
necessary to reflect the 
practice 
in the relevan 
t 
country 
or subsidiary. 
 
1.1
5
 
"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 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 
substa 
ntially 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
.1
6
 
"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 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. 
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 
ConocoPhillips 
Key 
Employee 
Change 
in 
Control 
Severance 
Plan, effective October 1, 2004, or as subsequently amended, or under the Conoco Inc. 
Key 
Employee 
Severance 
Plan, 
as 
amended 
and 
restated 
effective 
October 
1, 
2001, 
and 
as 

 

Exhibit 10. 
2 

3
 
subsequently 
amende 
d. 
Furthermore, in order to be considered a Severance, the termination must 
also meet the requirements 
of a Separation from Service. 
 
1
.1
7
 
"Severance 
Date" means the date on which an Eligible Employee incurs a Severance.
 
 
1
.1
8
 
"Severance 
Pay" means the payment determined pursuant to Section
 
2.1 hereof.
 
 
1
.1
9
 
"Severed Employee" 
means an Eligible Employee who has incurred a Severance.
 
 
1.
20
 
"Subsi
di
ary" means 
any 
corporation or other entity 
that is 
treated as 
a single employer with 
ConocoPhillips 
, 
under 
section 
414(b) 
or 
(c) 
of 
the 
Code; 
provided, 
that 
in 
making 
this 
determination, in applying section 1563(a)(1), (2), and 
(3) of 
the Code 
for purposes of determining 
a 
controlled 
group 
of 
corporations 
under 
section 
414(b) 
of 
the 
Code 
and 
for 
purposes 
of 
determining 
trades 
or 
businesses 
(whether 
or 
not 
incorporated) 
under 
common 
control 
under 
regulation 
section 1.414(c) 
-2 for purposes 
of section 
414(c) of 
the Code, 
the 
language “at 
least 
80%” shall be used 
without substitution as allowed under regulations pursuant to section 409A 
of 
the Code. 
 
1
.
2
1
 
"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
.
2
2
 
"Tier 
2 Employee" means 
any employee 
of the Empl
oyer, 
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. 
 
SECTI
ON 
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. 
 
(b)
 
The 
amount 
that 
is th
e 
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 
ConocoPhillips 
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: 

Exhibit 10. 
2 

4
 
(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 
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. 
(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 
medical coverage 
plus 6 times the COBRA participant contribution rate, 
as of the Severance 
Date, for dental 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 medical coverage or dental 
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 

 

Exhibit 10. 
2 

5
 
meet the same eligibility criteria for the benefits 
as an active employee and dependents of an 
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 Insur 
ance. 
Severed employees may also continue Long Term Care 
and 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 lon 
ger 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 
Vari 
able 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 en
titled 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. 
 
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 

 

 

Exhibit 10. 
2 

6
 
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
 

 
In the event of a claim by an Eligible Employee as to 
the amount or timi
ng of any payment 
or benefit, 
such Eligible Employee 
shall present the 
reason for 
his or 
her claim in 
writing to 
the 
Plan 
Administrator. 
The 
Plan Administrator 
shall, within 
14 days 
after 
receipt 
of 
such 
written 
claim, send a 
written notification to the 
Eligible Employee as 
to 
its disposition. 
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. 
 
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 

Exhibit 10. 
2 

7
 
any 
compensation 
received 
during any 
Notice 
Period. 
This 
provision 
specifically 
includes 
any 
payments 
or obligations 
under 
the 
ConocoPhillips 
Severance 
Pay Plan, 
as 
effective 
March 13, 
2004, 
and as 
subsequently 
amended. 
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. 
 
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, 
addresse 
d 
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.
 
 
 
CONOCOPHILLIPS 

 
 
By:___________
__________________________ 
 
 
Dated:_______________________
 
 
Heather G. Sirdashney
 
 
Vice President, 
Human Resources
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 10. 
2 

8
 
Exhibit A 
 
 
 
 
 
Date of Delivery 
to Employee: 
_______________
Deadline 
for Receipt by 
the 
Company: 
________________
 
 
WAIVER AND 
RELEASE OF 
CLAIMS 
 
Introduction and 
General Information to 
Employee. 
Signing this Waiver 
and 
Release of 
Claims is 
one 
condition to 
receiving certain benefit 
payments (“Benefits”) 
under 
the ConocoPhillips 
Executive Severance 
Plan (the 
“Plan”) 
offered 
by 
ConocoPhillips (the 
“Company”). 
You 
should thoroughly 
review 
and 
understand 
the 
effect of 
this 
Waiver 
and 
Release of Claims and consult with 
an attorney before signing it. 
To the 
extent you have any claims covered 
by this 
Waiver 
and 
Release of 
Claims, you will 
be giving up 
potentially valuable rights 
by 
signing. 
You 
may take 
time to 
consider whether 
or not to sign this Waiver and Release of Claims. 
If you sign this Waiver and Release of Claims 
and 
deliver it to the 
Company as 
set forth below, and if the 
Company’s 
designated 
recipient 
receives 
the Waiver and Release 
of Claims on or before the date indicated 
above as the “Deadline for Receipt 
by the Company,” and you do not revoke 
the Waiver and Release 
of Claims 
within seven 
(7) days following 
receipt, you 
will 
be entitled 
to Benefits 
under the 
Plan 
if you 
are 
otherwise eligible. 
If the 
signed Waiver 
and Release 
of Claims 
is not 
received by 
the deadline, 
or if 
you revoke 
it during the seven 
(7) day period following receipt, no Benefits 
will be paid. 
 
1.
 
General Release. 
In consideration of, and subject to, the 
payments to be made to 
me by the 
Company or 
any of its 
subsidiaries, pursuant to 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, 
agents, and assigns, as well as any 
employee benefit plans maintained by the Company or any subsidiary or parent of 
the Company and fiduciaries, employees, and agents of such 
plans, and any related parties (all 
of which are hereafter 
referred to as 
the “Released 
Parties”) 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 (including 
the termination 
of 
that employment), except claims 
that the law 
does 
not permit 
me to waive 
by signing 
this Waiver 
and Release 
of Claims. 

Such possible 
claims or causes 
of action include, but 
are not limited to, 
wrongful 
discharge, contract, 
breach 
of contract, 
tort, fraud, the Civil Rights Acts 
(including, but not limited to, Title 
VII of the 
Civil Rights Act of 
1964 and sections 
1981 and 1983 
of the Civil 
Rights Act of 1866), 
the Age Discrimination in Employment Act (“ADEA”), 
the Worker 
Adjustment and 
Retraining Notification Act 
(“WARN”), the 
Employee 
Retirement Income 
Security Act 
(“ERISA”), 
the 
Americans with 
Disabilities Act 
(“ADA”), the 
Americans with 
Disabilities Act 
Amendments Act 
(“ADAAA”), the 
Family and Medical Leave Act (“FMLA”), the Texas Labor Code, and any other federal, state, 
or local legislation or 
common law relating to employment 
or discrimination in employment 
or otherwise, except 
as specifically excluded in 
paragraph 4 below. 
2.
 
Extent of 
Release. 
For the 
purpose 
of implementing 
a 
full and 
complete 
release 
and 
discharge 
of the 
Released 
Parties, I expressly 
acknowledge 
that the release 
I am giving in 
this 
document is 
intended to include 
in its effect, 
without 
limitation, 
all claims I 
may 
have against 
the Released 
Parties, whether 
known, unknown, 
or suspected at 
the 
time I 
delivered to 
the 
designated recipient 
for the 
Company this 
signed Waiver 
and 
Release of 
Claims, 
and 
regardless of 
whether the knowledge 
of such 
claims, or the 
facts upon 
which they 
might be based, 
would materially have 
affected 
my 
decision to sign this Waiver and Release of Claims, and that the consideration given 
under this Waiver and Release of 
Claims is also 
for the release 
of those claims 
and contemplates 
the extinguishment 
of any such 
claims. In furtherance 
of 
this Waiver and Release of Claims, I waive any rights provided 
by California Civil Code section 1542 
or other similar 
local, state, provincial, or federal law. Section 1542 states: 
“A general release 
does not extend to claims which the creditor does not know or suspect to 
exist 
in 
his 
favor 
at the 
time 
of 
executing 
the 
release, 
which if 
known 
by 
him 
must 
have 
materially affected his settlement with the debtor.” 
 
PLEASE READ CAREFULLY 
THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS 

 

 

 

Exhibit 10. 
2 

9
 
Some of the types of 
claims that I acknowledge 
I am releasing, although there 
may be 
others not listed here, are 
claims 
I may have under any 
applicable labor 
agreement and claims under 
any federal, state, or local statute, 
ordinance, order, 
or law arising 
out of or relating 
to the terms 
and conditions 
of my 
employment 
with the Company 
and the 
termination 
of 
my employment, including claims 
such as: 
a.
 
Discrimination on the basis of sex, race, 
color, national origin, 
religion, sexual orientation, disability, 
veteran status, 
or any other legally 
protected 
status; 
b.
 
Harassment, 
wrongful discharge, 
or retaliation, 
including 
retaliatory 
discharge, 
arising 
under 
local, state, 
or federal law, including any worker’s compensation 
or whistleblower 
statute; 
c.
 
Any 
other possible 
restrictions on 
the Company’s 
ability to 
end 
its 
employees’ employment 
at will, 
including but not limited to (i) violation of public 
policy, (ii) 
breach of any express 
or implied covenant of the 
employment contract, and 
(iii) breach of any covenant 
of good faith and 
fair dealing; 
d.
 
Unpaid wages, 
including, but not limited to claims 
for unpaid 
overtime, 
break, meal, or 
rest periods; 
e.
 
Amounts determined under an incentive compensation or bonus program of 
the Company, 
including, 
but not limited to, the 
varying amounts at 
its 
discretion; 
f.
 
Civil claims of 
negligence, defamation, business disparagement, invasion of privacy, personal injury, 
fraud, misrepresentation, or infliction of emotional 
or mental distress; 

g.
 
Matters for which a civil action 
may be brought under section 502 
or section 510 of ERISA, except as 
specifically excluded 
in paragraph 4 
below (“Exceptions 
to Release”); 
and 
h.
 
Claims for breach 
of any agreement(s) 
ancillary to my 
employment with the 
Company. 
3.
 
Release 
of Claims 
under 
Age 
Discrimination 
in 
Employment Act. 
In consideration 
for receiving 
the 
Benefits 
from the Company or any of its subsidiaries, I specifically waive all existing rights and claims I may have against the 
Released Parties 
under the Age 
Discrimination in Employment Act, 29 USC 
§ 621 
et seq., and 
any 
other applicable 
federal, state, 
or local 
statute or 
law 
involving age 
discrimination. 
I acknowledge 
that 
the 
Benefits 
constitute 
independent 
consideration for 
this 
release of 
liability and 
are 
in addition to 
any 
other payment to 
which I 
am 
entitled. 
I further 
acknowledge 
that I have 
been advised 
to consult 
with an attorney 
of my own choosing 
before executing this 
Waiver and 
Release of Claims. 

4.
 
Exceptions to Release. 
The Waiver and Release 
of Claims 
does not release 
any claims related 
to: 
a.
 
The business expense 
reimbursement policy of the 
Company or any 
of its subsidiaries; 
b.
 
Claims pursuant to 
section 502(a)(1)(B) of ERISA to recover benefits 
under the terms 
of the employee 
benefit plans 
of 
the 
Company or 
any 
of its 
subsidiaries as applicable 
to 
me 
on the 
date of 
my employment 
termination; 
c.
 
Claims made for work-related injuries under 
applicable worker’s 
compensation 
statutes; 
d.
 
Any claim that 
may arise 
after the 
date this 
signed Waiver 
and Release of Claims 
is delivered to the 
designated 
recipient for the Company; 
and 
e.
 
My rights to indemnification under any 
indemnification agreement, 
applicable law, and the 
certificates 
of incorporation and bylaws of 
the 
Company or of 
any subsidiary of the 
Company, and my 
rights under any 
directors’ and officers’ liability insurance 
policy covering me. 
Nothing in this Waiver and Release of Claims, however, will limit my right to report possible violations 
of law to any 
governmental agency, make other 
disclosures 
that are protected under the 
whistleblower provisions of federal, state, 
or 
local law, or 
testify, assist, 
or participate 
in an investigation, 
hearing, or 
proceeding 
conducted 
by 
the EEOC, EPA, DOL, 
SEC, IRS, or any other governmental agency. 
Nothing in this 
Waiver and Release 
of Claims 
limits my right to receive 
an award 
or incentive payment 
for information provided to any governmental 
agency. 

5.
 
Review Period and Revocation 
Period. 
I acknowledge 
that I have been given a period of twenty-one (21) 
calendar 
days within 
which to 
review 
and consider 
the provisions 
of this 
Waiver and 
Release 
of Claims, 
whether 
I choose 
to do 
so or not. 
I understand 
and acknowledge 
that 
the Company 
has advised 
me in writing 
that 
I have 
seven 
(7) calendar 
days following the timely delivery to 
the designated representative of the 
Company of this properly executed 
Waiver 
and Release of Claims 
to revoke my acceptance 
of this Waiver and Release of 
Claims. 
I understand the 
revocation can 
be made by delivering 
a written notice of revocation 
to ConocoPhillips, Attn: Dan 
Mecham, 
925 N. Eldridge Parkway, 
Houston, Texas 
77079. 
I understand and 
acknowledge 
that Dan Mecham 
is the 
designated 
recipient for 
the Company 
of 
this Waiver 
and Release 
of Claims 
and that 
I must 
deliver 
to him 
at the foregoing 
address 
this signed 
Waiver and Release 
of Claims 
on or before the 
deadline set 
out above 
in order to be 
entitled to receive 
the Benefits. 
I understand that 
for 
the 
revocation to be effective, the Company through the designated recipient must receive written notice no later than the 
close of business 
on the seventh day after I deliver to the 
designated recipient for the 
Company this 
signed Waiver and 
Release of Claims. 
This 
Waiver and Release 
of Claims 
shall not 
become effective or 
enforceable, and the 
Plan Benefits 

 

Exhibit 10. 
2 

10
 
will not become payable until aft 
er the seven-day revocation period has expired, but in no event prior to 
the effective 
date of my termination of employment, whether designated 
as a layoff or other form 
of termination of employment. 
I 
acknowledge 
that I have had 
adequate time 
to read and consider this 
Waiver and Release of Claims 
before executing it. 

I acknowledge 
that I have signed this Waiver and Release of Claims voluntarily, knowingly, 
of my own free 
will, with 
the intent to be 
legally bound by the same, 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 
Benefits set forth 
in the 
first 
paragraph above 
and the 
Company’s acknowledgment 
of my rights reserved 
under the fourth paragraph above. 
6.
 
Choice of 
Laws. 
I understand, 
acknowledge, and agree that 
this Waiver 
and 
Release of Claims 
shall be 
construed, interpreted, governed, and enforced 
in accordance 
with the laws of 
the State of Texas, without giving effect 
to any conflict 
of law principles. 
I agree that 
all disputes 
and actions 
arising out 
of or 
relating 
to this Waiver 
and Release 
of Claims 
shall be 
litigated solely 
and exclusively 
in the state 
or federal courts 
located in 
Harris 
County, Texas. 
I submit 
to the personal 
jurisdiction of said 
courts for purposes 
of any such disputes 
or actions. 
 
 
 
 
 
Employee Signature: 
____________________________ 
Date: 
________________________ 
 
 
Employee Name Printed: 
________________________ 
Employee No: 
________________ 

Exhibit 10. 
2 

11
 
Exhibit B 
 
Employees 
Ineligible for Executive Severance Plan 
 
Employees 
of Concho 
Resources Inc. or any 
of its subsidiaries, 
including but not limited to COG 
Operating LLC, who are participants 
in but do not waive all benefits 
under the Concho 
Resources 
Inc. Executiv 
e 
Severance Plan.d033121dex103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 10. 
3 

1
 
 
 
January 15, 2021 
INDUCEMENT 
GRANT 
AGREEMENT 
 
 
 
Employee 
Name:
 

 
ID Number: 
 

Payroll Country:
 
United States 
of America
 
 

Number 
of Restricted Stock Units 
Granted: 
 
Grant Date:
 

Grant Price: 

 
Vesting Schedule:
 
The 
restrictions lapse 
and the units 
vest on 
the third anniversary of the Grant 
Date. 
 
 
Further Terms 
and Conditions 
 
1.
 
Type and Size of Grant
. 
Subject to the 
2014 Omnibus Stock 
and Performance 
Incentive 
Plan 
(the 
Plan) 
and 
this 
Agreement, 
the 
Company 
grants 
to 
the 
employee 
named 
above 
(the 
Employee) 
Restricted 
Stock Units, 
the number of which 
is set forth above. 
2.
 
Grant Date, Price, and Plan
. 
The Grant 
Date and 
the Grant Price are 
as set 
forth 
above 
. 
Awards 
are made 
under the Plan. 
This 
Award is made in lieu of a 
bonus. 
3.
 
Vesting, 
Restrictions, Forfeiture, 
and Lapse of 
Restrictions
. 
The Restricted Stock Units subject 
hereto may be 
canceled or forfeited as 
set forth herein. 
Except as 
otherwise noted 
in this Agreement 
, 
the 
following 
summary 
table 
describes restrictions 
and 
terms, 
forfeiture, 
and 
lapse of 
restrictions, 
subject to the more 
detailed provisions 
set forth below: 
 
 
Summary 
Table 
Summary of Termination 
Rules 
Status 
Termination 
Date 
Forfeiture or Lapsing 
of Restrictions 
Layoff 
Any date after 
Grant Date 
Restrictions lapse 
on 
Termination 
date 
Disability 
Any date after 
Grant Date 
Restrictions lapse 
on 
Termination 
date 
Death 
Any date after 
Grant Date
Restrictions lapse 
on 
Termination 
date 
Divestitures, 
outsourcing, 
and 
moves to joint ventures 
Any date after 
Grant Date
Canceled upon Termination, 
unless 
approval 
otherwise 
All other Terminations 
To the extent 
vested 
Restrictions lapse 
on 
vesting 
date, 

To the extent not 
vested 
Canceled upon Termination 

 

 

 

 

 

 

 

 

Exhibit 10. 
3 

2
 
(a)
 
Vesting. 
The Restricted 
Stock Units granted 
under this Agreement 
shall vest as set forth in 
the 
Vesting 
Schedule above. 
All 
vesting shall 
be 
in 
whole 
shares, and 
fractions 
shall be 
rounded 
down to nearest 
whole share. 

(b)
 
Restrictions 
and Terms. 
(i)
 
The 
Award 
shall 
be 
held 
in 
escrow 
by 
the 
Company 
until 
the 
lapsing of 
restrictions 
placed upon 
the Award. 
The 
Employee shall not 
have the 
right to sell, transfer, assign, or 
otherwise 
dispose 
of 
Restricted 
Stock 
Units 
granted 
in 
the 
Award 
until 
the 
escrow is 
terminated. 
Except 
as 
set 
forth 
below, 
the 
Award 
shall 
be 
forfeited 
and 
the 
related 
Restricted 
Stock Units canceled 
upon the Employee’s Termination of Employment 
with 
the Company 
prior to vesting in 
accordance 
with paragraph (a) above. 
Restrictions shall 
lapse on the 
Restricted 
Stock Units as 
they become 
vested in accordance 
with paragraph 
(a) above. 
Restrictions 
shall lapse 
on the Restricted Stock 
Units granted 
in the Award 
on 
the day following the Employee’s Termination of Employment 
with the Company, if the 
Award 
has 
not 
been 
canceled 
prior 
to 
that 
day. 
Upon 
the 
lapsing of 
restrictions, 
the 
number of shares 
of unrestricted Stock equal 
to the number 
of shares 
of Restricted Stock 
Units 
for 
which 
the 
restrictions 
have 
so 
lapsed 
shall be 
registered 
in 
the 
Employee’s 
name, 
and 
the 
related 
shares 
of 
Restricted 
Stock 
Units 
shall 
be 
canceled; 
provided, 
however, 
that 
in 
places where 
it 
is determined 
by 
the 
Administrator that 
payout in the 
form of unrestricted Stock is 
prohibited by law, regulation, or decree, 
or where the 
cost of 
legal 
compliance to 
issue the 
unrestricted 
Stock 
would 
be 
unreasonably expensive, the 
Fair 
Market Value 
of such unrestricted Stock 
shall be paid in 
cash instead of settlement 
of 
the 
Award 
in 
unrestricted 
Stock. 
Cash payouts are only permitted 
where such legal 
restrictions exist. 
Settlement of the Award in unrestricted 
Stock or cash 
payout, 
if 
any, 
shall be 
made when 
the 
restrictions 
lapse, but in 
any event, shall be 
made no later 
than 
March 15 of the year 
following the 
year in which 
such restrictions 
lapse. 
(ii)
 
Restricted 
Stock Units do 
not have any voting 
rights or other rights generally 
associated 
with 
Stock, 
and 
are 
merely 
an 
obligation 
of 
the 
Company 
to 
make 
settlement 
in 
accordance 
with 
the 
terms 
and 
conditions 
applicable 
to 
such 
Restricted 
Stock 
Units. 

Restricted 
Stock Units shall accrue 
a dividend equivalent 
at such times 
as a cash dividend 
is 
paid 
on 
the 
Stock 
of 
the 
Company, 
which 
dividend 
equivalent shall 
be 
credited 
as 
reinvested in 
additional Restricted 
Stock Units as of the 
date such dividends 
are payable, 
and 
such 
Restricted 
Stock 
Units 
shall 
be 
subject 
to 
these 
terms 
and 
conditions. 
The 
number 
of 
Restricted 
Stock 
Units 
acquired 
through 
this 
reinvestment 
of 
dividend 
equivalents shall 
be 
calculated using 
the 
Fair 
Market Value 
at the time 
of the dividend 
equivalent is 
accrued. 
Restricted 
Stock Units acquired 
from dividend equivalents 
shall be 
paid at the time and 
in the manner 
of settlement of 
the Restricted 
Stock Units as 
set forth 
in section 3(b)(i). 

(c)
 
Termination of Employment. 
(i)
 
General 
Rule 
for 
Termination. 
If, 
prior 
to 
the 
date on 
which 
in 
accordance with 
the 
schedule 
set 
forth 
in 
the 
Award, 
the 
Employee's 
employment 
with 
a 
Participating 
Company 
shall 
be 
terminated 
for 
any 
reason except 
death, 
Disability, 
or 
Layoff, 
any 
Restricted 
Stock Units remaining 
in escrow 
pursuant to such 
Award shall be canceled and 
all rights thereunder shall 
cease; provided that the 
Authorized Party may, in its or his 
sole 
discretion, 
determine 
that 
all 
or 
any 
portion 
of 
an 
Award 
shall not 
be 
canceled due to 
Termination of Employment. 
(ii)
 
Layoff. 
If, 
after 
the 
date 
the 
Award 
is 
granted, 
the 
Employee's employment 
with 
a 
Participating Company shall 
be terminated by 
reason of Layoff, the 
Employee shall retain 
all 
rights 
provided 
by 
the 
Award 
at 
the 
time 
of 
such 
Termination 
of E 
mployment. 
In 
such 
case, 
the 
restrictions 
on 
the 
Award 
shall lapse 
on 
the 
date of 
Termination 
of 
the 
Employee from the employ of the 
Company and 
its subsidiaries, 
and settlement shall 
be 
made in accordance 
with the settlement 
provisions above. 

 

 

 

 

 

Exhibit 10. 
3 

3
 
(iii)
 
Disability
. 
 
If, 
after 
the 
date 
the 
Award 
is 
granted, 
the
 
Employee
 
shall 
terminate 
employment 
following 
Disability 
of the Employee 
, 
the Employee 
shall retain all rights 
provided by the 
Award at the time of such Termination of Employment. 
In such 
case, the 
restrictions on the 
Aw 
ard shall 
lapse on the 
date of Termination of Employment from the 
employ of the 
Company and 
its subsidiaries, 
and settlement shall 
be made in accordance 
with the settlement 
provisions above. 
(iv)
 
Death. 
If, after the date an 
Award is granted, the Employee shall 
die while in 
the employ 
of a Participating Company
, 
or after Termination of Employment 
by reason 
of Disability, 
or 
Layoff (and 
prior 
to the cancellation of 
the Award), 
the executor or 
administrator of 
the estate of the 
Employee or the person 
or persons 
to whom the 
Award shall 
have 
been 
validly 
transferred 
by 
the 
executor 
or 
the 
administrator 
pursuant 
to will 
or the laws of 
descent and distribution 
shall have 
the right to settlement 
of the Award to the same 
extent 
the Employee would have, 
had the Employee 
not died. 
In such 
case, the 
restrictions 
on 
the 
Award 
shall 
lapse 
upon 
the 
determination 
of 
death 
by 
the 
Administrator, 
and 
settlement shall 
be made in accordance 
with the settlement 
provisions above. 
No transfer 
of 
an 
Award, 
or 
of 
the 
unrestricted 
Stock 
or 
other 
proceeds 
of 
an 
Award, 
by 
the 
Employee by will or by 
the laws 
of descent and 
distribution shall be 
effective to bind 
the 
Company unless 
the Administrator shall 
have been 
furnished with written notice thereof 
and a copy of 
the will and 
such other evidence 
as the Administrator may 
deem necessary 
to establish the 
validity of the transfer 
and the 
acceptance 
by the transferee or transferees 
of the terms 
and conditions 
of such Award. 
(v)
 
Transfers and 
Leaves. 
Transfer 
of 
employment between Participating 
Companies shall 
not constitute Termination of Employment for the purpose 
of any Award granted 
under 
the Program. 
Whether any 
leave of absence 
shall constitute 
Termination of Employment 
for 
the 
purposes of 
any 
Award 
granted 
under 
the 
Program 
shall be 
determined 
by the 
Administrator, 
in each case in accordance with applicable law and 
by application of 
the 
policies and 
procedures adopted 
by the Company in 
relation to such 
leave of absence. 
(vi)
 
Divestiture, 
Outsourcing, 
or 
Move 
to 
Joint 
Venture 
. 
If, 
after 
the 
date the 
Award 
is 
granted, the Employee ceases 
to be employed by 
Participating Company as 
a result 
of (a) 
the 
outsourcing 
of 
a 
function, 
(b) 
the 
sale or 
transfer 
of 
all 
or 
a 
portion 
of 
the equity 
interest 
of 
such 
Participating 
Company 
(removing 
it 
from 
the 
controlled 
group 
of 
companies 
of which the 
Company is a 
part), (c) the sale 
of all or substantially 
all 
of 
the 
assets of such 
Participating Company to 
another employer outside 
of the controlled group 
of 
corporations 
(whether 
the 
Employee 
is offered 
employment or 
accepts employment 
with 
the 
other 
employer), 
(d) 
the 
Termination 
of 
the 
Employee 
by 
a 
Participating 
Company followed 
by 
employment 
within 
a 
reasonable time 
with 
a 
company or other 
entity in which 
the Company 
owns, directly or indirectly, at least 
a 50% interest, prior 
to 
exercise 
of an Award, 
or (e) any other sale 
of assets 
determined by the 
Authorized 
Party 
to be considered a 
divestiture under this 
program, the Authorized Party may, in its or 
his 
sole discretion, determine that all 
or a portion of any 
such Award shall 
not 
be 
canceled. 

In such cases, 
the restrictions on the 
Award shall lapse on the 
date of Termination 
of 
the 
Employee from the employ of the 
Company and 
its subsidiaries, 
and settlement shall 
be 
made in accordance 
with the settlement 
provisions above. 
(vii)
 
Change 
of Control. 
Upon a 
Change 
of Control, the following shall 
apply to any 
Award: 
(1)
 
Each Employee shall 
immediately become 
fully vested in 
such Award that is not 
assumed 
by, 
or 
substituted 
for, 
an 
acquirer 
in 
connection with 
the 
Change of 
Control, and such 
Award shall not thereafter be 
forfeitable for any reason, except 
as set forth in Section 3(c). 
(2)
 
With 
regard 
to 
any 
other 
Award, 
each Employee 
shall become 
fully 
vested in 
such Award upon incurring a Severance 
following such Change 
of Control, 
and 
such Award shall not thereafter be 
forfeitable for any reason, except 
as set 
forth 
in Section 3(c). 

 

 

 

 

Exhibit 10. 
3 

4
 
(3)
 
In the event 
of vesting of an Award pursuant to 
either Section 3(vii)(1) or Section 
3(vii)(2), 
all restrictions 
and other limitations 
applicable to 
any Restricted Stock 
granted in any 
Award shall lapse. 
With regard to such 
Restricted 
Stock, 
it 
shall 
become 
free 
of 
all 
restrictions 
and 
become transferable. 
With 
regard 
to 
such 
Restricted 
Stock 
Units, 
all 
restrictions 
and 
other 
limitations 
applicable to 
the 
Restricted 
Stock Units shall lapse 
and the Restricted 
Stock Units shall 
be 
settled 
in 
unrestricted 
Stock 
or 
cash at 
the 
same times 
and 
upon 
the 
same events as it 
would 
otherwise have 
been made 
in 
accordance with 
the 
settlement provisions 
above. 
(viii)
 
Notwithstanding 
anything 
herein 
to 
the 
contrary, 
in 
the 
event that 
this 
Award 
or 
the 
dividend 
equivalents 
associated with 
this 
Award 
are 
includible 
in 
income 
pursuant 
to 
section 
409A 
of 
the 
Internal 
Revenue 
Code, 
settlement 
of 
the 
Award 
or 
any 
other 
distribution 
hereunder 
due 
to 
S
eparation 
from 
S
ervice 
with 
the 
Company 
and
 
its 
subsidiaries 
shall 
not 
be 
made 
to 
a 
“specified 
employee” 
(as 
that 
term 
is 
defined 
in 
section 409A(a)(2)(B)(i)) 
prior 
to six months af 
ter the specified employee’s 
Separation 
from Service from the Company and 
its subsidiaries 
(or, if earlier, 
the date 
of death of the 
specified employee). 
(d)
 
Detrimental Activities, 
Suspension 
of Award, 
and Required 
Recoupment. 
(i)
 
If the Authorized Party determines 
that, subsequent 
to the grant 
of any Award but prior to 
any Change of Control, the 
Employee has 
engaged or 
is engaging 
in any activity 
which, 
in the sole judgment 
of the Authorized Party, is or may 
be detrimental to 
the Company 
or 
a 
subsidiary, 
the 
Authorized 
Party 
may 
cancel 
all 
or 
part 
of 
the 
Restricted Stock 
or 
Restricted Stock 
Units held 
in escrow pursuant to 
the Award 
or Awards 
granted to that 
Employee. 
Upon any 
Change 
of Control, the Authorized Party 
may cancel 
all or part 
of 
the 
Restricted 
Stock 
or 
Restricted 
Stock 
Units 
held 
in 
escrow pursuant 
to 
the 
Award 
granted 
to 
the 
Employee 
only 
upon 
a 
determination 
by 
the 
Authorized 
Party 
that 
the 
Employee has 
given the Company 
Cause for such 
cancellation. 
(ii)
 
If 
the 
Authorized 
Party, 
in 
its 
or 
his 
sole 
discretion, 
determines 
that 
the 
lapsing 
of 
restrictions on Restricted 
Stock or Restricted 
Stock Units held 
in escrow 
pursuant 
to 
any 
Award 
has the 
possibility of 
violating 
any 
law, 
regulation, 
or 
decree pertaining 
to the 
Company, 
any of its 
subsidiaries, or the 
Employee, the 
Authorized Party 
may freeze or 
suspend the Employee’s right to settlement 
or payout of the 
Award until such time as the 
lapse of restrictions would 
no longer, in the sole 
discretion of the 
Authorized Party, have 
the possibility 
of violating such 
law, regulation, or decree. 
(iii)
 
Notwithstanding anything 
herein 
to 
the 
contrary, 
any 
Award 
is subject to forfeiture 
or 
recoupment, in whole or 
in part, under applicable 
law, including the Sarbanes-Oxley Act 
and the Dodd-Frank Act. 
4.
 
Assignment 
of Award upon Death
. 
Rights under 
the Plans 
and this 
Agreement cannot 
be assigned 
or transferred other than by 
(i) will or (ii) the laws 
of descent 
and distribution. 

5.
 
Tax 
Withholding
. 
In 
all 
cases the 
Employee 
will 
be 
responsible to 
pay all required 
withholding 
taxes associated 
with the Award. 
Should a withholding tax 
obligation 
arise with 
regard to the Award 
or the lapsing 
of restrictions on 
Restricted 
Stock Units granted 
in the Award, the withholding tax may 
be 
satisfied 
by 
withholding 
shares 
of 
Stock. 
The 
value 
of 
the 
shares of 
Stock 
withheld 
for 
this 
purpose 
shall 
be 
consistent 
with
 
applicable 
laws 
and 
regulations.
 
 
 
When 
necessary, 
lapsing 
of 
restrictions 
may 
be accelerated by the Authorized 
Party to 
the extent necessary to provide shares of 
Stock to satisfy 
any withholding tax obligation. 
This 
withholding tax obligation 
includes, but 
is 
not 
limited to, federal, state, and 
local taxes, 
including applicable 
non-U.S. taxes. 
6.
 
Shareholder 
Rights 
for 
Restricted 
Stock 
Units
. 
The 
Employee 
shall 
not 
have the 
rights 
of 
a 
shareholder until 
the 
Restricted Stock Unit has been canceled and ownership of 
shares of Stock has 
been transferred to 
the Employee. 
As described 
above, the Company 
may pay 
dividend equivalents 
with regard to Restricted 
Stock Units in 
certain circumstances. 

 

 

 

 

 

Exhibit 10. 
3 

5
 
7.
 
Certain Adjustments
. 
In the 
event 
certain 
corporate 
transactions, 
recapitalizations, 
or stock 
splits 
occur 
while Restricted 
Stock 
or Restricted 
Stock 
Units 
are outstanding, 
the 
Grant 
Price 
and 
the 
number 
of 
shares 
of Restricted 
Stock 
Option 
Shares 
or Restricted 
Stock 
Units 
shall 
be correspondingly 
adjusted. 

8.
 
Relationship 
to 
the 
Plan
. 
In 
addition 
to 
the 
terms 
and 
conditions described 
in 
this 
Agreement, 
Awards 
are 
subject to 
all 
other 
applicable provisions 
of 
the Plan. 
The decisions of the Committee 
with 
respect 
to 
questions 
arising 
as 
to 
the 
interpretation 
of 
the 
Plan 
or 
this 
Agreement 
and 
as to 
findings of fact shall 
be final, conclusive, and 
binding. 
9.
 
No 
Employment 
Guarantee
. 
No 
provision 
of 
this 
Agreement 
shall 
confer 
any 
right 
upon 
the 
Employee to continued 
employment with any 
Participating Company. 
10.
 
Governing 
Law
. 
This Agreement 
shall be governed by 
and construed and enforced in 
accordance 
with the 
laws of the State 
of Delaware. 
11.
 
Amendment
. 
 
Without 
the 
consent 
of 
the 
Employee, 
this 
Agreement 
may 
be 
amended 
or 
supplemented 
(i) to cure any 
ambiguity or to correct or 
supplement any 
provision herein which 
may 
be 
defective 
or 
inconsistent 
with 
any 
other 
provision 
herein, 
or 
(ii) 
to 
add 
to 
the 
covenants and 
agreements of 
the Company 
for the benefit of an 
Employee or to add 
to the rights 
of an Employee 
or 
to 
surrender 
any 
right 
or 
power 
reserved 
to 
or 
conferred 
upon 
the 
Company in 
this 
Agreement, 
provided, 
in 
each case, 
that 
such changes or 
corrections 
shall not 
adversely affect the rights 
of the 
Employee with respect 
to the grant 
of an Award evidenced 
hereby without the 
Employee’s 
consent, 
or (iii) to make such 
other changes 
as the Company, upon advice 
of counsel, determines 
are necessary 
or advisable 
because of the 
adoption or promulgation of, or change 
in or of the 
interpretation of, 
any 
law or governmental 
rule or regulation, including 
any applicable 
federal or state 
securities 
or tax laws. 

Exhibit 10. 
3 

6
 
DEFINITIONS 
Capitalized terms 
not defined below 
shall have the 
meanings set forth 
in the Plan. 
 
“Authorized 
Party”
 
means the person 
who is 
authorized to approve 
an Award, exercise discretion, or take 
action under the 
Administrative Procedure for the Restricted 
Stock Program and 
pursuant to the 
Program. 

With regard to Senior Officers, the Committee 
is the 
Authorized Party. 
With regard to other Employees, 
the Chief Executive 
Officer is the Authorized 
Party, 
although the Committee 
may act 
concurrently as 
the 
Authorized Party. 
“Award”
 
means the 
Restricted Stock 
Units granted 
to 
the 
Employee 
pursuant 
to 
the 
foregoing 
terms, 
conditions, and limitations. 
“Cause”
 
means “Cause”
 
as that term is 
defined in the 
Key Employee Change 
in Control Severance 
Plan 
of ConocoPhillips applied 
as if an 
Employee were a 
participant under such 
plan
.
 
“Change of Control”
 
has the 
meaning set forth in Attachment 
A to these 
Terms and Conditions. 
“Committee”
 
means 
the Compensation 
Committee of the 
Board of Directors 
of the Company. 
“Company”
 
means 
ConocoPhillips a 
Delaware corporation. 
“Disability”
 
means 
a disability for which the 
employee in 
question has 
been determined 
to be entitled 
to 
either (i) benefits under 
the applicable 
plan of long-term disability of the 
Company or its 
subsidiaries 
or 
(ii) 
disability 
benefits 
under 
the 
Social 
Security 
Act. 
In 
the 
absence of 
any 
such determination, 
the 
Authorized Party may make 
a determination that the 
employee has 
a Disability. 
“Fair Market 
Value”
 
means, as of a 
particular date, the mean 
between the 
highest and lowest 
sales 
price 
per 
share 
of 
such 
Stock 
on 
the 
consolidated 
transaction 
reporting 
system 
for 
the 
principal 
national 
securities 
exchange on which 
shares of Stock are 
listed on 
that date, or, if there shall 
have 
been 
no 
such 
sale so reported 
on that date, 
on the next 
preceding date 
on which such 
a sale was so reported, 
or, 
at 
the 
discretion of the 
Committee, the price 
prevailing on the 
exchange 
at a 
designated 
time. 
“Good 
Reason” 
means “Good Reason” as that term is 
defined in the 
Key Employee Change in 
Control 
Severance Plan 
of ConocoPhillips applied 
as if an 
Employee were a 
participant under such 
plan.
 
“Grant 
Price”
 
means 
the 
Fair 
Market Value 
for 
one 
share of 
Stock 
as of 
the 
date of 
the 
grant 
of 
an 
Award. 
Grant price is 
not adjusted 
for any restrictions applicable 
to the Award. 
“Key Employee 
Change in Control 
Severance 
Plan of ConocoPhillips”
 
means the 
plan of that 
name (or 
a successor plan 
to the plan 
of that name) in 
effect on an 
applicable Change 
of Control. 
If no plan of that 
name (or successor 
plan to the 
plan of that 
name) is in effect on an 
applicable Change 
of Control, it 
shall 
mean instead the 
plan of that 
name in effect 
on the date of the 
Award. 
“Layoff”
 
means 
an 
applicable 
Termination 
of 
Employment 
due 
to 
layoff 
under 
the 
ConocoPhillips 
Severance Pay 
Plan, the ConocoPhillips Executive 
Severance Plan, or the 
ConocoPhillips 
Key Employee 
Change 
in Control Severance Plan, or layoff or redundancy 
under any similar 
layoff or redundancy 
plan 
which the 
Company or its subsidiaries 
may adopt from time 
to time. 
If all or any portion of 
the 
benefits 
under 
the 
redundancy 
or 
layoff 
plan 
are 
contingent 
on 
the 
employee’s 
signing 
a 
general 
release 
of 
liability, 
such Termination 
shall not 
be 
considered as 
a “Layoff” for 
purposes of this Award 
unless the 
employee executes 
and does not revoke a 
general release of liability, 
acceptable to the Company, 
under 
the 
terms 
of 
such layoff 
or 
redundancy plan. 
In 
order 
to 
be 
considered a 
layoff 
for 
purposes of 
this 
Award, the Termination of E 
mployment must also 
be considered 
a Separation from Service. 
“Participating 
Company”
 
includes 
ConocoPhillips 
and 
its 
100% 
owned 
subsidiaries, including 
both 
those directly 
owned and 
those owned through subsidiaries, 
whose 
participation has 
been approved 
by the 
Authorized Party. 

Exhibit 10. 
3 

7
 
“Restricted Stock 
Unit”
 
means 
a unit equal 
to one share of 
Stock (as determined 
by the Authorized 
Party) 
that is subject 
to forfeiture provisions or that has 
certain restrictions 
attached to 
the ownership 
thereof. 
“Senior Officer”
 
means the 
Chairman of the 
Board, the CEO, all 
other executive officers of 
the Company 
(determined 
in 
accordance 
with 
the 
Company’s 
custom and 
practice pursuant 
to 
section 16(b) 
of 
the 
Securities Exchange 
Act of 1934, as 
amended), all other employees 
of the Company 
who report 
directly 
to the CEO 
and whose salary 
grade is 23 or higher, and all 
other employees 
of the Company 
whose 
salary 
grade is 26 or higher. 
“Separation 
from 
Service”
 
means “separation from service” as that term 
is used in section 409A of 
the 
Internal Revenue 
Code. 
“Severance”
 
means “Severance” as that term is defined in the Key Employee Change in Control 
Severance 
Plan of ConocoPhillips applied as if an Employee were a participant under such plan, 
and 
shall 
also 
incorporate 
the 
meaning 
of 
the 
term 
“Cause” 
contained 
in 
the 
definition 
of 
“Severance” 
in such plan but shall substitute the definition of “Good Reason” contained 
in 
this 
Inducement 
Grant Agreement for the definition of “Good Reason” contained in such plan. 
“Stock”
 
means 
shares of common stock 
of the Company, par value 
$.01. 
Stock may also 
be referred to as 
“Common Stock.” 
“Terminatio 
n” 
and 
“
Termination 
of 
Employment”
 
each 
mean 
cessation 
of 
employment 
with 
the 
Participating 
Companies, determined 
in 
accordance with 
the 
policies and practices of 
the Participating 
Company for whom 
the Employee was 
last performing services.
 

Exhibit 10. 
3 

8
 
Attachment A 
 
Change of Control 
 
The following definitions 
apply to the 
Change of 
Control provision 
in Section 10 
of the Plan. 
“Affiliate” shall have 
the meaning 
ascribed to 
such term in Rule 12b-2 
of the General 
Rules and Regulations 
under the Exchange 
Act, as 
in effect at the time of determination. 
“Associate” 
shall mean, with reference to 
any Person, (a) any corporation, 
firm, 
partnership, association, unincorporated 
organization or 
other entity 
(other than the Company 
or a 
subsidiary of the 
Company) of which 
such Person 
is an officer or general partner (or officer 
or general 
partner of a general 
partner) or is, directly or indirectly, the Beneficial 
Owner of 10% or 
more of any class 
of equity securities, 
(b) any trust or other estate 
in which such 
Person has a 
substantial beneficial interest 
or as to which 
such Person serves 
as trustee or in 
a similar fiduciary capacity 
and (c) any relative 
or 
spouse of such 
Person, or any relative 
of such 
spouse, who has 
the same home 
as such Person. 

“Beneficial Owner” 
shall mean, 
with reference to 
any securities, 
any Person 
if: 
(a)
 
such 
Person 
or 
any 
of 
such 
Person’s 
Affiliates 
and 
Associates, 
directly 
or 
indirectly, 
is 
the 
“beneficial 
owner” 
of 
(as 
determined 
pursuant 
to 
Rule 
13d 
-3 
of 
the 
General 
Rules 
and 
Regulations 
under 
the 
Exchange 
Act, 
as 
in 
effect 
at 
the 
time 
of 
determination) 
such 
securities 
or 
otherwise 
has 
the 
right 
to 
vote 
or 
dispose 
of 
such 
securities; 
(b)
 
such 
Person 
or 
any 
of 
such 
Person’s 
Affiliates 
and 
Associates, 
directly 
or 
indirectly, 
has 
the 
right or 
obligation 
to 
acquire 
such 
securities 
(whether 
such 
right or 
obligation is exercisable 
or effective immediately or only 
after the passage of time or 
the 
occurrence 
of 
an 
event) 
pursuant 
to 
any 
agreement, 
arrangement 
or 
understanding 
(whether 
or 
not 
in 
writing) or 
upon 
the exercise 
of 
conversion 
rights, exchange 
rights, 
other rights, warrants or options, 
or otherwise; provided, however, that 
a Person shall not 
be 
deemed 
the 
Beneficial 
Owner 
of, 
or 
to 
“beneficially 
own,” 
(i) securities 
tendered 
pursuant 
to 
a 
tender 
or 
exchange 
offer 
made 
by 
such 
Person 
or any 
of 
such 
Person’s 
Affiliates 
or 
Associates 
until 
such 
tendered 
securities 
are 
accepted 
for 
purchase 
or 
exchange 
or (ii) securities issuable upon exercise of Exempt Rights; or 
(c)
 
such 
Person 
or 
any 
of 
such 
Person’s 
Affiliates 
or 
Associates 
(i) has 
any 
agreement, 
arrangement 
or 
understanding 
(whether 
or 
not 
in 
writing) 
with 
any 
other 
Person (or any Affiliate 
or Associate thereof) that beneficially owns such 
securities 
for 
the 
purpose 
of 
acquiring, 
holding, 
voting 
(except 
as 
set 
forth 
in 
the 
proviso 
to 
subsection 
(a) of this definition) or disposing of such securities or (ii) 
is 
a 
member 
of 
a 
group (as that term is used in Rule 13d 
-5(b) of the General Rules and Regulations 
under 
the Exchange Act) that includes 
any other Person that beneficially owns such securities; 
provided, 
however, that nothing in this definition shall cause a Person engaged 
in business as an 
underwriter 
of securities 
to be the Beneficial Owner of, or to “beneficially own,” any securities 
acquired 
through such Person’s 
participation in good faith in a firm commitment underwriting 
until the expiration of 
40 days after the date of such acquisition. 
For purposes hereof, “voting” a 
security shall include 
voting, granting a proxy, 
consenting or making a request or demand 
relating to corporate 
action (including, without limitation, a demand for a shareholder list, to call 
a shareholder 
meeting or to inspect corporate books and records) or otherwise giving an 
authorization 
(within the meaning of section 14(a) of the Exchange Act) in respect of such 
security. 

Exhibit 10. 
3 

9
 
The terms “beneficially 
own” and 
“beneficially owning” 
shall have 
meanings that are 
correlative to this 
definition of the term “Beneficial 
Owner.” 
“Board” shall have 
the meaning 
set forth in the Plan. 
“Change of Control” shall 
mean any 
of the following occurring on 
or after the Grant 
Date: 
(a)
 
any Person (other 
than an Exempt Person) shall become 
the Beneficial Owner 
of 20% 
or more of the shares of Common Stock then outstanding or 20% or more 
of 
the 
combined 
voting power of the Voting 
Stock of the Company then outstanding; provided, 
however, 
that 
no 
Change 
of 
Control 
shall 
be 
deemed 
to 
occur 
for 
purposes 
of 
this 
subsection 
(a) 
if 
such 
Person 
shall become 
a Beneficial 
Owner 
of 
20% 
or more 
of 
the 
shares of 
Common Stock then outstanding or 20% or more of the combined voting power 
of 
the 
Voting 
Stock 
of 
the 
Company 
then 
outstanding 
solely 
as 
a 
result 
of 
(i) 
any 
acquisition 
directly from the Company or (ii) any acquisition 
by a Person 
pursuant 
to 
a 
transaction 
that complies with clauses (i), (ii), and (iii) 
of subsection 
(c) of this definition; 
(b)
 
individuals 
who, as of the Grant Date, 
constitute the Board (the 
“Incumbent 
Board”) 
cease 
for 
any 
reason 
to 
constitute 
at 
least 
a 
majority 
of 
the Board; 
provided, 
however, 
that 
any 
individual 
becoming 
a director 
subsequent 
to the 
Grant Date 
whose 
election, or nomination 
for election by the Company’s shareholders, was approved 
by 
a 
vote of at least a majority of the directors 
then comprising the Incumbent Board 
shall 
be 
considered 
as though such individual were a member of the Incumbent Board; provided, 
further, 
that there shall be excluded, for this purpose, any such individual 
whose 
initial 
assumption 
of office occurs as a result of any actual or threatened election 
contest 
with 
respect to the election or removal 
of directors or other actual or threatened solicitation 
of 
proxies or consents 
by or on behalf 
of a Person other than the Board; 
(c)
 
the 
Company 
shall 
consummate 
a 
reorganization, 
merger, 
statutory 
share 
exchange, 
consolidation, 
or 
similar 
transaction 
involving 
the 
Company 
or 
any 
of 
its 
subsidiaries 
or 
sale 
or 
other 
disposition 
of 
all 
or 
substantially 
all 
of 
the 
assets 
of 
the 
Company, 
or the acquisition of assets or securities of another entity by the 
Company 
or 
any of 
its subsidiaries (a “Business 
Combination”), in each case, unless, following 
such 
Business Combination, 
(i) 50% or more of the then outstanding shares of common 
stock 
of 
the 
corporation 
, 
or 
common 
equity 
securities 
of 
an entity 
other 
than 
a corporation, 
resulting 
from 
such 
Business 
Combination 
and 
the combined 
voting power 
of 
the then 
outstanding 
Voting 
Stock 
of 
such 
corporation 
or 
other 
entity 
are 
beneficially 
owned, 
directly 
or 
indirectly, 
by all 
or substantially 
all of 
the Persons 
who 
were the 
Beneficial 
Owners 
of 
the 
outstanding 
Common 
Stock 
immediately 
prior 
to 
such 
Business 
Combination 
in substantially the same proportions as their ownership, immediately prior 
to 
such 
Business 
Combination, 
of 
the 
outstanding 
Common 
Stock, 
(ii) no 
Person 
(excluding any 
Exempt Person or any Person beneficially owning, immediately 
prior 
to 
such Business 
Combination, directly or indirectly, 
20% or more of 
the 
Common 
Stock 
then outstanding 
or 20% or more of the combined voting power of the 
Voting 
Stock 
of 
the Company 
then outstanding) beneficially owns, directly or indirectly, 
20% or more 
of 
the 
then 
outstanding 
shares 
of 
common 
stock 
of 
the 
corporation, 
or 
common 
equity 
securities of 
an entity other than a corporation, 
resulting from such Business Combination 
or the combined 
voting power of the then outstanding Voting 
Stock of such corporation 
or other entity, 
and (iii) at least a majority of the members 
of the board of directors of the 
corporation, 
or 
the 
body 
which 
is 
most 
analogous 
to 
the 
board 
of 
directors 
of 
a 
corpora
tion 
if 
not 
a 
corporation,
 
resulting 
from 
such 
Business 
Combination 
were 

Exhibit 10. 
3 

10
 
members 
of the Incumbent Board 
at the time of the initial agreement or initial action 
by 
the Board providing 
for such Business Combination; or 
(d)
 
the 
shareholders 
of 
the 
Company 
shall 
approve 
a 
complete 
liquidation 
or 
dissolution 
of the Company unless such liquidation or dissolution is approved as part of a 
transaction 
that complies with clauses (i), (ii), and (iii) 
of subsection 
(c) of this definition. 
“Common Stock” 
shall have 
the meaning set forth in the 
Plan. 
“Company” 
shall have the 
meaning set forth in the 
Plan. 
 
“Exchange Act” shall 
mean the 
Securities Exchange 
Act of 1934, as 
amended. 
“Exempt Person” shall 
mean any 
of the Company, any entity 
controlled by the 
Company, 
any employee 
benefit plan (or related 
trust) sponsored 
or maintained by 
the Company 
or any entity 
controlled by the 
Company, and any Person 
organized, appointed, or established 
by the Company 
for or 
pursuant to the 
terms of any 
such employee benefit 
plan. 
“Exempt Rights” 
shall mean 
any rights to purchase 
shares of Common 
Stock or other 
Voting 
Stock of the Company 
if at the 
time of the issuance 
thereof such 
rights are not 
separable 
from such 
Common Stock or other 
Voting 
Stock (
i.e.
, are 
not transferable otherwise 
than in connection 
with a 
transfer of the underlying Common 
Stock or other Voting Stock), except 
upon the occurrence 
of a 
contingency, whether such 
rights exist 
as of the Grant Date 
or are thereafter issued 
by the Company 
as a 
dividend on shares 
of Common Stock or 
other Voting Securities or otherwise. 
“Person” shall 
mean any individual, firm, corporation, partnership, 
association, trust, 
unincorporated organization, or other 
entity. 
“Voting Stock” shall mean, (1) with respect 
to a corporation, all securities 
of such 
corporation of any class 
or series that are 
entitled to vote 
generally in the 
election of, or to appoint 
by 
contract, directors of such 
corporation (excluding any class 
or series 
that would be 
entitled so 
to vote by 
reason of the 
occurrence of any 
contingency, so long as such contingency 
has not 
occurred) and (ii) with 
respect to an entity 
which is 
not a corporation, all securities 
of any class 
or series that are 
entitled to vote 
generally in the 
election of, or to appoint 
by contract, members 
of the body which 
is most 
analogous 
to 
the board of directors 
of a corporation.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]