Document:

Phillips 66 Defined Contribution Make-Up Plan - Title II

 Exhibit 10.21 
 PHILLIPS 66 
 DEFINED CONTRIBUTION MAKE-UP PLAN 

TITLE II 

(Effective for benefits earned or vested after 
 December 31, 2004) 
 The Phillips 66 Defined Contribution Make-Up 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 A for special rules related to the spin-off of Phillips 66 from ConocoPhillips. 
 The Phillips 66 Defined Contribution Make-Up Plan is intended to provide certain specified benefits to Highly Compensated Employees whose benefits under the Phillips 66 Savings Plan might otherwise be
limited. Title I of this Plan is effective with regard to benefits earned and vested prior to January 1, 2005, while Title II of this Plan is effective with regard to benefits earned or vested after December 31, 2004. Earnings, gains, and
losses shall be allocated to the Title of the Plan to which the underlying obligations giving rise to them are allocated. 
 This Title II of
the Plan is intended (1) to comply with Code section 409A, as enacted as part of the American Jobs Creation Act of 2004, and official guidance issued thereunder, and (2) to be “a plan which is unfunded and is maintained by an employer
primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. Notwithstanding any other provision of this
Plan, this Plan shall be interpreted, operated, and administered in a manner consistent with these intentions. 

  
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 Section 1. Definitions. 
 For purposes of the Plan, the following terms, as used herein, shall have the meaning specified: 
  

	(a)	“Allocation Ratio” shall mean the ratio determined by dividing (i) an amount equal to the total value of the unallocated shares of Stock allocated
to Stock Savings Feature participants and beneficiaries as of a Stock Savings Feature Semiannual Allocation Date or Supplemental Allocation Date (as defined in the Savings Plan) by (ii) an amount equal to the total net Stock Savings Feature
employee deposits used in the calculation of the Stock Savings Feature Semiannual Allocation or Supplemental Allocation (as defined in the Savings Plan). 

  

	(b)	“Beneficiary” shall mean a person or persons designated by a Participant to receive, in the event of death, any unpaid portion of a Participant’s
Benefit from this Plan. Any Participant may designate one or more persons primarily or contingently as beneficiaries in writing upon forms supplied by and delivered to the Company, and may revoke such designations in writing. If a Participant fails
to properly designate a beneficiary, then the Benefits will be paid in the following order of priority: 

  

	 	(i)	Surviving spouse; then 

  

	 	(ii)	Surviving children in equal shares; then 

  

	 	(iii)	To the estate of the Participant. 

  

	(c)	“Benefit” shall mean an obligation of the Company to pay amounts from this Plan. 

 

	(d)	“Board” shall mean the Board of Directors of the Company, as it may be comprised from time to time. 

 

	(e)	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, or any successor statute. 

 

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

  

	(g)	 “Company Stock Fund” shall mean an Investment Option under this Plan that is

  
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accounted for as if investments were made in the common stock, $0.01 par value, of Phillips 66, although no such actual investments need be made, with accounting entries being sufficient
therefor. 

  

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

 

	(i)	“DCMP Pay” shall mean “Pay” as defined in the Savings Plan without regard to Pay Limitations or voluntary salary reduction
under provisions of the KEDCP. 

  

	(j)	“Election Form” shall mean a written form, including one in electronic format, provided by the Plan Administrator pursuant to which a Participant may
elect the time and form of payment of his or her Benefit. 

  

	(k)	“Employee” shall mean any individual who is a salaried employee of the Company or any Participating Subsidiary. 

 

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

  

	(m)	“Frozen Plan” shall mean Title I of the Phillips 66 Defined Contribution Make-Up Plan. 

 

	(n)	“Highly Compensated Employee” shall mean an Employee whose DCMP Pay exceeds the amount set forth in Code section 401(a)(17), as amended from time
to time, or who is eligible to elect a voluntary salary reduction under the provisions of the KEDCP. 

  

	(o)	“Investment Options” shall mean the investment options, as determined from time to time by the Plan Administrator, used to credit earnings, gains, and
losses on Supplemental Thrift Feature Account and Supplemental Stock Savings Feature Account balances. 

  

	(p)	“KEDCP” shall mean the Phillips 66 Key Employee Deferred Compensation Plan or any similar or successor plan maintained by a member of the Controlled
Group. 

  

	(q)	“Ongoing Plan” shall mean Title II of the Phillips 66 Defined Contribution Make-Up Plan. 

 

	(r)	“Participant” shall mean an Employee who is eligible to receive a Benefit from this Plan as a result of being a Highly Compensated Employee and any
person for whom a Supplemental Thrift Feature Account and/or a Supplemental Stock Savings Feature Account is maintained. 

  
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	(s)	“Participating Subsidiary” shall mean a Subsidiary which has adopted the Savings Plan, and one or more Employees of which are Participants eligible to
make deposits to the Savings Plan, or are eligible for Benefits pursuant to this Plan. 

  

	(t)	“Pay Limitations” shall mean the compensation limitations applicable to the Savings Plan that are set forth in Code section 401(a)(17), as adjusted.

  

	(u)	“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. 

  

	(v)	“Plan” shall mean the Phillips 66 Defined Contribution Make-Up Plan. The Plan is sponsored and maintained by the Company. 

 

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

 

	(x)	“Plan Year” means January 1 through December 31. 

 

	(y)	“Pay” shall mean “Pay” as defined in the Savings Plan. 

 

	(z)	“Savings Plan” shall mean the Phillips 66 Savings Plan. 

  

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

  

	(bb)	“Stock” shall mean shares of common stock, $0.01 par value, issued by Phillips 66. 

 

	(cc)	“Stock Savings Feature” shall mean the Stock Savings Feature of the Savings Plan. 

 

	(dd)	 “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 

  
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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. 

  

	(ee)	“Supplemental Stock Savings Contributions” shall mean an amount equal to 1% of the amount of the Participant’s DCMP Pay for a Plan Year that is in
excess of the Participant’s Pay for such Plan Year. 

  

	(ff)	“Supplemental Stock Savings Feature Account” shall mean the Plan Benefit account of a Participant that reflects the portion of his or her Benefit that
is intended to replace certain Stock Savings Feature benefits to which the Participant might otherwise be entitled but for the application of the Pay Limitations and/or a voluntary salary reduction under the KEDCP. 

 

	(gg)	“Supplemental Thrift Contributions” shall mean an amount equal to 1.25% of the amount of the Participant’s DCMP Pay for a Plan Year that is in
excess of the Participant’s Pay for such Plan Year. 

  

	(hh)	“Supplemental Thrift Feature Account” shall mean the Plan Benefit account of a Participant which reflects the portion of his or her Benefit which is
intended to replace certain Thrift Feature benefits to which the Participant might otherwise be entitled but for the application of the Pay Limitations and/or a voluntary salary reduction under the KEDCP. 

 

	(ii)	“Thrift Feature” shall mean the Thrift Feature of the Savings Plan. 

 

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

  

	(kk)	“Valuation Date” shall mean “Valuation Date” as defined in the Savings Plan. 

  
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 Section 2. Purpose. 
 The purpose of this Plan is to provide supplemental benefits for those Highly Compensated Employees whose benefits under the Savings Plan might otherwise be affected by Pay Limitations or by a voluntary
reduction in salary under provisions of KEDCP. 
 Section 3. Eligibility. 
 Benefits may only be granted to Highly Compensated Employees. 
 Section 4. Supplemental
Thrift Feature Account Benefits. 
 For any payroll period in which a Highly Compensated Employee’s DCMP Pay exceeds his or her Pay, a
Benefit amount shall be credited to a Highly Compensated Employee’s Supplemental Thrift Feature Account for the Ongoing Plan no later than the end of the month following the Valuation Date that Company contributions are made to the Highly
Compensated Employee’s Thrift Feature account, or would have been made to such account if the Highly Compensated Employee had received Company contributions under the Thrift Feature. The Benefit amount so credited shall equal 1.25% of the
amount by which the Highly Compensated Employee’s DCMP Pay for that payroll period exceeds his or her Pay for that payroll period. 

Section 4.1 Supplemental Thrift Feature Account Earnings 
 The Company shall periodically credit earnings, gains, and losses to a Participant’s Supplemental Thrift Feature Account, until the full balance of such Account has been distributed. Earnings, gains,
and losses shall be credited to a Participant’s Supplemental Thrift Feature Account under this Section based on the results that would have been achieved had amounts credited to such Account been invested as soon as practicable after crediting
into Investment Options selected by the Participant. The Plan Administrator shall specify procedures to allow Participants to make 

  
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elections as to the deemed investment of amounts newly credited to their Supplemental Thrift Feature Accounts, as well as the deemed investment of amounts previously credited to their
Supplemental Thrift Feature Accounts. Nothing in this Section or otherwise in the Plan, however, will require the Company to actually invest any amounts in such Investment Options or otherwise. 

Section 5. Supplemental Stock Savings Feature Account Benefits. 
 For each month in which a Semiannual or Supplemental Allocation (as defined in the Savings Plan) is made to a Highly Compensated Employee’s Stock Savings Feature Account, or would have been made to
such account if the Highly Compensated Employee had received a Semiannual or Supplemental Allocation, a Benefit amount shall be credited to his or her Supplemental Stock Savings Feature Account. The Benefit amount to be credited shall be calculated
in shares in the Company Stock Fund of this Plan and shall be equal to (i) the Highly Compensated Employee’s Supplemental Stock Savings Contributions during the applicable Allocation Period (as defined in the Savings Plan) multiplied by
the applicable Allocation Ratio, divided by (ii) the share value for the Company Stock Fund of the Savings Plan on the applicable Allocation Date (as defined in the Savings Plan). This amount shall be credited no later than the end of the month
following the Valuation Date that a Semiannual Allocation or Supplemental Allocation is made under the Stock Savings Feature, or would have been made had the Highly Compensated Employee received such a Semiannual Allocation or Supplemental
Allocation under the Stock Savings Feature. A share in the Company Stock Fund of this Plan shall have a value equivalent to a share in the Company Stock Fund of the Savings Plan. 
 Section 5.1 Supplemental Stock Savings Feature Account Earnings 
 After being initially
invested in the Company Stock Fund account, the amounts in the Participant’s Supplemental Stock Savings Feature Account shall thereafter be eligible to be invested in Investment Options selected by the Participant. The Company shall
periodically 

  
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credit earnings, gains and losses to a Participant’s Supplemental Stock Savings Feature Account, until the full balance of such Account has been distributed. Earnings, gains, and losses
shall be credited to a Participant’s Supplemental Stock Savings Feature Account under this Section based on the results that would have been achieved had amounts credited to such Account been invested as soon as practicable after crediting into
the Company Stock Fund of this Plan or the Investment Options selected by the Participant. The Plan Administrator shall specify procedures to allow Participants to make elections as to the deemed investment of amounts previously credited to their
Supplemental Stock Savings Feature Accounts. Nothing in this Section or otherwise in the Plan, however, will require the Company to actually invest any amounts in Stock or in such Investment Options or otherwise. 

Section 6. Payment. 
 In the absence
of an effective election under Section 6.1 or Section 6.2, Benefits that a Participant is eligible to receive under the Ongoing Plan (and earnings, gains, and losses thereon) shall normally be paid in one lump sum payment on the date that
is six months after the date of the Participant’s Separation from Service. Furthermore, in the absence of an effective election under Section 6.1 or Section 6.2, if the Participant dies prior to his or her Separation from Service, or
after his or her Separation from Service but prior to the date that the Benefits which the Participant is eligible to receive under the Ongoing Plan (and earnings, gains, and losses thereon) commence to be paid, the Benefits that the Participant is
eligible to receive under the Ongoing Plan (and earnings, gains, and losses thereon) shall be paid in one lump sum cash payment to the Participant’s Beneficiary on the date of the Participant’s death. 

Section 6.1 Payment Election by Participant. 
 A Participant may elect on an Election Form delivered to the Plan Administrator at a time set by the Plan Administrator (which shall be prior to the beginning of the Plan Year) to have the amounts
attributable to Benefits under the Ongoing Plan that are credited to his or her 

  
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Supplemental Thrift Feature Account (and earnings, gains, and losses thereon) with respect to such Plan Year and the amounts attributable to Benefits credited to his or her Supplemental Stock
Savings Feature Account (and earnings, gains, and losses thereon) with respect to such Plan Year paid to the Participant in either: 
  

	(a)	one lump sum payment, or 

  

	(b)	annual, semi-annual, or quarterly installments, using a declining balance method, over a period ranging from one to fifteen years. 

A Participant may elect to have payments commence as of the beginning of any calendar quarter that is at least one year after the date of the
Participant’s Separation from Service, provided that no payment shall be made after the date that is twenty years after the date of the Participant’s Separation from Service. 
 Section 6.2 Change in Time or Form of Payment. 
 A Participant may make an election to
change the time or form of payment elected under Section 6.1 or the payment to be made under Section 6, but only if the following rules are satisfied: 
  

	 	(a)	The election to change the time or form of payment may not take effect until at least twelve months after the date on which such election is made;

  

	 	(b)	Payment under such election may not be made earlier than at least five years from the date the payment would have otherwise been made or commenced;

  

	 	(c)	Such payment may commence as of the beginning of any calendar quarter; 

  

	 	(d)	An election to receive payments in installments shall be treated as a single payment for purposes of these rules; 

 

	 	(e)	The election may not result in an impermissible acceleration of payment prohibited under Code section 409A; 

  
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	 	(f)	No more than four such elections shall be permitted with respect to Benefits credited to a Participant’s Accounts for a Plan Year; and 

 

	 	(g)	No payment may be made after the date that is twenty (20) years after the date of the Participant’s Separation from Service. 

Section 6.3 Effect of Taxation. 
 If
a portion of a Participant’s Benefit (and earnings, gains, and losses thereon) is includible in income under Code section 409A, such portion shall be distributed immediately to the Participant. 

Section 7. Administration. 
  

	(a)	The Plan shall be administered by the Plan Administrator. The Plan Administrator may delegate to employees of the Company or any member of the Controlled Group the
authority to execute and deliver such instruments and documents, to do all such acts and things, and to take such other steps deemed necessary, advisable, or convenient for the effective administration of the Plan in accordance with its terms and
purpose, except that the Plan Administrator may not delegate any discretionary authority with respect to substantive decisions or functions regarding the Plan or Benefits hereunder. 

 

	(b)	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. 

  

	(c)	 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

  
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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: 

  

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

  

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

 

	 	(3)	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 

  

	 	(4)	an explanation of the procedure for review of the denied or partially denied claim set forth below, including the claimant’s right to bring a civil action under
ERISA section 502(a) following an adverse benefit determination on review. 

  

	(d)	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 the Trustee for a full
and fair review of the denied claim by filing a written notice of appeal with the Trustee 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. 

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

 

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

  

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

 

	 	(3)	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 

  

	 	(4)	a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain the information about such procedures, as well as a
statement of the claimant’s right to bring an action under ERISA section 502(a). 

  

	(f)	A decision will be rendered no more than 60 days after the Trustee’s receipt of the request for review, except that such period may be extended for an additional
60 days if the Trustee 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. 

  

	(g)	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. 

  
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 Section 8. Rights of Employees and Participants. 

Nothing contained in the Plan (or in any other documents related to this Plan or to any Benefit) shall confer upon any Employee or Participant any right
to continue in the employ or other service of the Company or any member of the Controlled Group or constitute any contract or limit in any way the right of the Company or any member of the Controlled Group to change such person’s compensation
or other benefits or to terminate the employment of such person with or without cause. 
 Section 9. Awards in Foreign Countries.

 The Board or its delegate shall have the authority to adopt such modifications, procedures, and subplans as may be necessary or desirable
to comply with provisions of the laws of foreign countries in which the Company or Participating Subsidiaries may operate to assure the viability of the Benefits of Participants employed in such countries and to meet the purpose of this Plan.

 Section 10. Amendment and Termination. 
 The Board reserves the right to amend or terminate this Plan at any time, and to delegate such authority as the Board deems necessary or desirable; provided that no member of the Board who is also a
Participant shall participate in any action which has the actual or potential effect of increasing his or her Benefits hereunder; and further provided, the Company shall remain liable for any Benefits accrued under this Plan prior to the date of
amendment or termination. 
 Section 11. Unfunded Plan. 
 All amounts payable under this Plan shall be paid solely from the general assets of the Company and any rights accruing to a Participant under the Plan shall be those of a general creditor;

  
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provided, however, that the Company may establish one or more grantor trusts to satisfy part or all of the Company’s Plan payment obligations so long as the Plan remains unfunded for
purposes of sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. 
 Section 12. Miscellaneous Provisions. 

 

	(a)	No right or interest of a Participant under this Plan shall be assignable or transferable, in whole or in part, directly or indirectly, by operation of law or otherwise
(excluding devolution upon death or mental incompetency). 

  

	(b)	This Ongoing Plan applies to amounts that were earned or vested after December 31, 2004. The distribution of amounts that were earned and vested (within the
meaning of Code section 409A and official guidance issued thereunder) under the Frozen Plan prior to January 1, 2005 (and earnings thereon), and are exempt from the requirements of Code section 409A, shall be made in accordance with the terms
of the Frozen Plan as in effect on December 31, 2004. 

  

	(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 Savings Plan. 

  

	(d)	This 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. 

  

	(e)	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. 

  
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	(f)	It is the intention of the Company that, so long as any of Phillips 66’s equity securities are registered pursuant to Section 12(b) or 12(g) of the Securities
Exchange Act of 1934, this Plan shall be operated in compliance with 16(b) and, if any Plan provision or transaction is found not to comply with Section 16(b), that provision or transaction, as the case may be, shall be deemed null and void
ab initio. Notwithstanding anything in the Plan to the contrary, the Company, in its absolute discretion, may bifurcate the Plan so as to restrict, limit or condition the use of any provision of the Plan to Participants who are officers and
directors subject to Section 16(b) without so restricting, limiting or conditioning the Plan with respect to other Participants. 

 SECTION 13. Effective Date of the Plan. 
 Title II of the Phillips 66 Defined Contribution
Make-Up 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 
 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 Defined Contribution Make-Up Plan of ConocoPhillips (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. 

  
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	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 recordkeeping account established 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 the portion of such recordkeeping account reflecting the liability transferred from the COP Plan to the Plan on the Effective Time. Additionally,

  
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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.	Stock. As of the Distribution, any ConocoPhillips common stock (“COP Stock”) held in the Company Stock Fund shall be transferred to a separate
Investment Option under this Plan that is accounted for as if investments were made in COP Stock, although no such actual investments need be made, with accounting entries being sufficient therefor. Investments in the COP Stock fund will be
determined as of the Distribution. On and after the Distribution, a Participant will be allowed to hold or liquidate his or her deemed investment in COP Stock. No additional deemed investments in COP Stock will be allowed to be elected.

  
 -18-Phillips 66 Key Employee Change in Control Severance Plan

 Exhibit 10.22 
 PHILLIPS 66 
 KEY EMPLOYEE CHANGE IN CONTROL SEVERANCE PLAN

 The Phillips 66 Key Employee Change in Control 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 for purposes of
determining the right to benefits, or any other purpose under the Plan 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 Company adopted the
Plan 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 “Affiliate” has the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act, as in effect on the Effective Date. 

1.2 “Associate” means, 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. 

  
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 1.3 “Beneficial Owner” means, 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 on the Effective Date) such securities or otherwise has the right to vote or dispose of such securities, including
pursuant to any agreement, arrangement, or understanding (whether or not in writing); provided, however, that a Person shall not be deemed the "Beneficial Owner" of, or to "beneficially own," any security under this subsection (a) as a result
of an agreement, arrangement, or understanding to vote such security if such agreement, arrangement, or understanding: (i) arises solely from a revocable proxy or consent given in response to a public (i.e., not including a solicitation
exempted by Rule 14a-2(b)(2) of the General Rules and Regulations under the Exchange Act) proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the General Rules and Regulations under the Exchange Act,
and (ii) is not then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report); 
 (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; 

  
 2 

 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 stockholder
list, to call a stockholder meeting or to inspect corporate books and records), or otherwise giving an authorization (within the meaning of Section 14(a) of the Exchange Act) in respect of such security. 

The terms “beneficially own” and “beneficially owning” have meanings that are correlative to this definition of the
term "Beneficial Owner.” 
 1.4 “Board” means the Board of Directors of the Company. 

1.5 “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. 
 1.6 “Change in Control” means any of the
following occurring after the Effective 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 or 20% or more of the combined voting power of the Voting Stock of the Company solely as a result of (i) an Exempt
Transaction or (ii) an acquisition by a Person pursuant to a reorganization, merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii) and (iii) of
subsection (c) of this definition are satisfied; 

  
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 (b) individuals who, as of the Effective 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 Effective 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 that is subject to the provisions of Rule 14a-11 of the General Rules and Regulations
under the Exchange Act; 
 (c) the Company shall consummate a reorganization, merger, or consolidation, in each
case, unless, following such reorganization, merger, or consolidation, (i) 50% or more of the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, or consolidation and the combined voting power
of the then outstanding Voting Stock of such corporation are beneficially owned, directly or indirectly, by all or substantially all of the Persons who were the Beneficial Owners of the outstanding Common Stock immediately prior to such
reorganization, merger, or consolidation in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, or consolidation, of the outstanding Common Stock, (ii) no Person (excluding any Exempt Person
or any Person beneficially owning, immediately prior to such reorganization, merger, or consolidation, directly or indirectly, 20% or more of the Common Stock then outstanding or 20% or more of the combined voting power of the Voting Stock of the
Company then outstanding) beneficially owns, directly or indirectly, 20% or more of the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, or consolidation or the combined voting power of the then
outstanding Voting Stock of such corporation, and (iii) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger, or consolidation were members of the Incumbent Board at the time
of the initial agreement or initial action by the Board providing for such reorganization, merger, or consolidation; or 
 (d) (i) the shareholders of the Company shall approve a complete liquidation or dissolution of the Company unless such liquidation or dissolution is approved as part of a plan of liquidation and
dissolution involving a sale or disposition of all or substantially all of the assets of the Company to a corporation with respect to which, following such sale or other disposition, all of the requirements of clauses (ii)(A), (B), and
(C) of this subsection (d) are 

  
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satisfied, or (ii) the Company shall consummate the sale or other disposition of all or substantially all of the assets of the Company, other than to a corporation, with respect to
which, following such sale or other disposition, (A) 50% or more of the then outstanding shares of common stock of such corporation and the combined voting power of the Voting Stock of such corporation is then beneficially owned, directly or
indirectly, by all or substantially all of the Persons who were the Beneficial Owners of the outstanding Common Stock immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to
such sale or other disposition, of the outstanding Common Stock, (B) no Person (excluding any Exempt Person and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 20% or more of the
Common Stock then outstanding or 20% or more of the combined voting power of the Voting Stock of the Company then outstanding) beneficially owns, directly or indirectly, 20% or more of the then outstanding shares of common stock of such corporation
and the combined voting power of the then outstanding Voting Stock of such corporation, and (C) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time of the initial
agreement or initial action of the Board providing for such sale or other disposition of assets of the Company. 
 1.7 “Code” means
the Internal Revenue Code of 1986, as it may be amended from time to time. 
 1.8 “Common Stock” means the common stock, par value
$.01 per share, of the Company. 
 1.9 “Company” means Phillips 66 or any successors thereto. 

1.10 “Controlled Group” shall mean Phillips 66 and its Subsidiaries. 
 1.11 “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 (without regard to any reductions therein which constitute Good Reason) and (b) annual incentive compensation shall
be deemed to equal the higher of (i) 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 or
(ii) the average of the most recent two annual incentive compensation payments to such Severed Employee pursuant to the Variable Cash Incentive Program or its successor 

  
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program maintained by the Employer made before his or her Severance Date; provided, however, that for purposes of this clause (ii), (I) if such Severed Employee has been eligible to receive
only one such annual incentive compensation payment for a period ending before his or her Severance Date, the amount of annual incentive compensation for purposes of determining Credited Compensation shall be equal to the amount of such single
annual incentive compensation payment (if any), (II) if such Severed Employee has not been eligible for any such annual incentive compensation payment, the amount of annual incentive compensation for purposes of determining Credited Compensation
shall be equal to his or her 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; and (III) if such Severed Employee
transferred to the Controlled Group in connection with the Distribution, the most recent two annual incentive compensation payments to such Severed Employee pursuant to the ConocoPhillips Variable Cash Incentive Program, if any, will be treated as
annual incentive compensation payments under the Variable Cash Incentive Program maintained by the Employer until replaced by annual incentive compensation payments made under the Variable Cash Incentive Program. 

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

1.13 “Eligible Employee” means any employee that is a Tier 1 Employee or a Tier 2 Employee. 

1.14 “Employer” means the Company or any of its Subsidiaries. 
 1.15 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 1.16
“Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 
 1.17 “Exempt Person” means any of the Employers, any employee benefit plan of any of the Employers, and any Person organized, appointed, or established by any Employer for or pursuant to the
terms of any such plan. 
 1.18 “Exempt Rights” means 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 Effective Date, or are thereafter issued by the Company as a dividend on shares of Common Stock or other Voting Securities or otherwise. 

  
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 1.19 “Exempt Transaction” means an increase in the percentage of the outstanding shares of Common
Stock or the percentage of the combined voting power of the outstanding Voting Stock of the Company beneficially owned by any Person solely as a result of a reduction in the number of shares of Common Stock then outstanding due to the repurchase of
Common Stock or Voting Stock by the Company, unless and until such time as (a) such Person or any Affiliate or Associate of such Person shall purchase or otherwise become the Beneficial Owner of additional shares of Common Stock constituting 1%
or more of the then outstanding shares of Common Stock or additional Voting Stock representing 1% or more of the combined voting power of the then outstanding Voting Stock, or (b) any other Person (or Persons) who is (or collectively are) the
Beneficial Owner of shares of Common Stock constituting 1% or more of the then outstanding shares of Common Stock or Voting Stock representing 1% or more of the combined voting power of the then outstanding Voting Stock shall become an Affiliate or
Associate of such Person. 
 1.20 “Good Reason” means the occurrence, on or after the date of a Change in Control, and without the
Eligible Employee’s written consent, of (i) the assignment to the Eligible Employee of duties in the aggregate that are inconsistent with the Eligible Employee’s level of responsibility immediately prior to the date of the Change in
Control or any diminution in the nature of the Eligible Employee’s responsibilities from those in effect immediately prior to the date of the Change in Control; (ii) a reduction by the Employer in the Eligible Employee’s annual base
salary or any adverse change in the Eligible Employee’s aggregate annual and long term incentive compensation opportunity from that in effect immediately prior to the Change in Control which change is not pursuant to a program applicable to all
comparably situated executives of the Employer; or (iii) the relocation of the Eligible Employee’s principal place of employment to a location more than 50 miles from the Eligible Employee’s principal place of employment immediately
prior to the date of the Change in Control; provided, however, that this clause (iii) shall not be considered to be Good Reason if the Employer undertakes to pay all reasonable relocation expenses of the Eligible Employee in connection with
such relocation, whether through a relocation plan, program, or policy of the Employer or otherwise. 
  

	1.21	“Gross-Up Payment” has the meaning set forth in Section 2.5 hereof. 

 1.22 “Parachute Value” of a Payment shall mean the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that
constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. 

  
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 1.23 “Payment” shall mean any payment or distribution in the nature of compensation (within the
meaning of Section 280G(b)(2) of the Code) to or for the benefit of an Eligible Employee, whether paid or payable pursuant to this Plan or otherwise, by any Employer or by a Person that is a party to the Change in Control. 

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

 1.25 “Plan” means the Phillips 66 Key Employee Change in Control Severance Plan, as set forth herein, as it may be amended from
time to time. 
 1.26 “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. 
 1.27 “Public Offering” means the initial sale of common equity securities of the Company
pursuant to an effective registration statement (other than a registration on Form S-4 or S-8 or any successor or similar forms) filed under the Securities Act of 1933. 
 1.28 “Retirement Plans” means the Phillips 66 Retirement Plan and the Phillips 66 Key Employee Supplemental Retirement Plan. 
 1.29 “Safe Harbor Amount” means, with respect to an Eligible Employee, 2.99 times the Eligible Employee’s “base amount,” within the meaning of Section 280G(b)(3) of the Code.

 1.30 “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 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.

  
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 1.31 “Severance” means the termination of an Eligible Employee’s employment with the Employer
on or within two years following the date of a Change in Control, (i) by the Employer other than for Cause, or (ii) by the Eligible Employee for Good Reason. 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 (a) the Distribution,
(b) the Eligible Employee’s transfer to the Controlled Group in connection with the Distribution, or (c) the Eligible Employee’s transfer to ConocoPhillips Company or any other subsidiary of COP in connection with the
Distribution. Notwithstanding anything herein to the contrary, Good Reason shall not be deemed to have occurred unless the Company shall have been given (1) written notice of the Eligible Employee’s assertion that an event constituting
Good Reason has occurred, which notice shall be given not less than 30 days prior to the Severance Date to which such notice relates, and (2) a reasonable opportunity to cure such occurrence during such 30-day period. Furthermore, in order to
be considered a Severance, the termination must also meet the requirements of a Separation from Service. 
 1.32 “Severance Date”
means the date on which an Eligible Employee incurs a Severance. 
 1.33 “Severance Pay” means the payment determined pursuant to
Section 2.1 hereof. 
 1.34 “Severed Employee” means an Eligible Employee who has incurred a Severance. 

1.35 “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) 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. 

  
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 1.36 “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), at or subsequent to the time of the Change in Control. 

1.37 “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) at or subsequent to the time of the Change in Control. 

1.38 “Value” of a Payment shall mean the economic present value of a Payment as of the date of the change of control for purposes of
Section 280G of the Code, as determined by the Accounting Firm using the discount rate required by Section 280G(d)(4) of the Code. 

1.39 “Voting Stock” means, 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 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). 

SECTION 2. BENEFITS. 
 2.1 Subject to
Section 2.9, 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) 3, in the case of a Tier 1 Employee or (ii) 2 in the case of a
Tier 2 Employee. 

  
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	 	(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) 3, in the case of a Tier 1 Employee or (ii) 2, 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. 

  
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	 	(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). 

 

	 	(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 66dental option coverage), as applicable, on the Severance Date. 

 2.2
Severance Pay (as well as any amount payable pursuant to Section 2.6 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 2.9. 
 2.3 Subject to Section 2.9, for a period of (a) 36
months, in the case of a Tier 1 Employee or (b) 24 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 dependents benefits similar to those the 

  
 12 

 
Severed Employee and his dependents had immediately prior to the Severed Employee's Severance Date. Only those dependents who were eligible for coverage on the Severed Employee's Severance Date
may be covered thereafter, but no amendment to any plan or program providing these benefits made after the Severed Employee's Severance Date shall prevent eligibility for dependents who would otherwise have been eligible for coverage on 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 dependents 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 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 Upon Change in Control, each Eligible Employee shall immediately become fully vested in all outstanding
equity awards and shall not thereafter be forfeitable for any reason (except that options shall expire and be cancelled ten years from the date of their grant). Any options granted to the Eligible Employee shall be exercisable at the times set forth
in the applicable award documents. Each such option shall remain outstanding until ten years from the date of grant, notwithstanding any provision of the option grant or any plan under which the option may have been granted to the contrary.

  
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The date of distribution of any stock or other value from such awards shall be as set forth in the applicable terms and conditions of the award. 

 

					
	2.5	  	(a)	 	Anything in this Plan to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any Payment to an Eligible Employee would be subject
to the Excise Tax, then the Eligible Employee shall be entitled to receive an additional payment (the “Gross-Up Payment”) in an amount such that, after payment by the Eligible Employee of all taxes (and any interest or penalties imposed
with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Eligible Employee retains an amount of the Gross-Up
Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Section 2.5(a), if it shall be determined that an Eligible Employee is entitled to the Gross-Up Payment, but that the Parachute Value of
all Payments does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be made to the Eligible Employee and the amounts payable under this Plan shall be reduced so that the Parachute Value of all Payments, in the aggregate,
equals the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable, shall be made by first reducing the payments under Section 2.1, unless an alternative method of reduction is elected by the Eligible Employee, and in
any event shall be made in such a manner as to maximize the Value of all Payments actually made to the Eligible Employee. For purposes of reducing the Payments to the Safe Harbor Amount, only amounts payable under this Plan (and no other Payments)
shall be reduced. If the reduction of the amount payable under this Plan to an Eligible Employee would not result in a reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable to the Eligible Employee under the
Plan shall be reduced pursuant to this Section 2.5(a). The Company’s obligation to make Gross-Up Payments to an Eligible Employee under this Section 2.5 shall not be conditioned upon the Eligible Employee’s termination of
employment.
			
		  	(b)	 	Subject to the provisions of Section 2.5(c), all determinations required to be made under this Section 2.5, including whether and when a Gross-Up Payment is required,
the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized certified public accounting firm designated by the Plan Administrator (the “Accounting
Firm”). The

  

	 	

  
 14 

					
		  		  	Accounting Firm shall provide detailed supporting calculations both to the Company and each Eligible Employee Eligible Employee within 15 business days of the receipt of notice
from the Eligible Employee that there has been a Payment or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this
Section 2.5, shall be paid by the Company to the Eligible Employee within 5 days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and the Eligible Employee.
As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments that will not have been made by the Company should
have been made (the “Underpayment”), consistent with the calculations required to be made hereunder. In the event the Company exhausts its remedies pursuant to Section 2.5(c) and the Eligible Employee thereafter is required to make a
payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Eligible Employee.
			
		  	(c)	  	As a condition to being entitled to Gross-Up Payment hereunder, each Eligible Employee shall be required to notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable, but no later than 10 business days after the Eligible Employee is informed in writing of such
claim. The Eligible Employee shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Eligible Employee shall not pay such claim prior to the expiration of the 30-day period following the
date on which the Eligible Employee gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Eligible Employee in writing prior to the
expiration of such period that the Company desires to contest such claim, the Eligible Employee shall:
			
		  		  	 (i)     give the Company any information reasonably requested by the Company relating to such
claim,

  
 15 

					
		  		  	 (ii)      take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company,

			
		  		  	 (iii)  cooperate with the Company in good faith in order effectively to contest such claim, and

			
		  		  	 (iv)   permit the Company to participate in any proceedings relating to such claim;

			
		  		  	provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest, and
shall indemnify and hold the Eligible Employee harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties) imposed as a result of such representation and payment of costs and expenses. Without limitation on
the foregoing provisions of this Section 2.5(c), the Company shall control all proceedings taken in connection with such contest, and, at its sole discretion, may pursue or forgo any and all administrative appeals, proceedings, hearings and
conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either direct the Eligible Employee to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the
Eligible Employee agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that, if the Company
directs the Eligible Employee to pay such claim and sue for a refund, the Company shall make such payment and shall indemnify and hold the Eligible Employee harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or
penalties) imposed with respect to such payment or with respect to any imputed income in connection with such payment; and provided, further, that any extension of the statute of limitations relating to payment of taxes for the taxable year of the
Eligible Employee with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which the Gross-Up
Payment would be payable hereunder, and the Eligible Employee shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

  
 16 

					
			
		  	(d)	  	If, after the Company has made a Gross-Up Payment or a payment pursuant to Section 2.5(c), an Eligible Employee becomes entitled to receive any refund with respect to the
Excise Tax to which such Gross-Up Payment relates or with respect to the claim to which such payment relates, the Eligible Employee shall (subject to the Company’s complying with the requirements of Section 2.5(c), if applicable) promptly
pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the Company has paid any amount pursuant to Section 2.5(c), a determination is made that the Eligible
Employee shall not be entitled to any refund with respect to such claim and the Company does not notify the Eligible Employee in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then
the amount of such payment shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid.
			
		  	(e)	  	Notwithstanding any other provision of this Section 2.5, the Company may, in its sole discretion, withhold and pay over to the Internal Revenue Service or any other
applicable taxing authority, for the benefit of any Eligible Employee, all or any portion of any Gross-Up Payment, and each Eligible Employee shall be required to consent to such withholding as a condition to being entitled to any Gross-Up
Payment.

 2.6 Each Severed Employee shall be entitled to receive the employee’s full salary through the Severance Date and,
subject to Section 2.9 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. 
 2.7 The Company will pay
to each Eligible Employee all reasonable legal fees and expenses incurred by such Eligible Employee in pursuing any claim under the Plan, unless the applicable finder of fact determines that the Eligible Employee’s claim was frivolous or not
maintained in good faith. 
 2.8 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. 

  
 17 

 2.9 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. Such release 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 all
of the provisions of the Plan. 
 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; 

  

	 	(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. 

  
 18 

	 	(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 

  

	 	(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. 

  
 19 

	 	(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.

 SECTION 4. DURATION; AMENDMENT; AND TERMINATION. 
 4.1 This Plan shall be effective on the Effective Date. If a Change in Control has not occurred, this Plan shall continue in effect unless and until it is terminated as provided in Section 4.2. If a
Change in Control occurs, this Plan shall continue in full force and effect and shall not terminate or expire until after all Eligible Employees who become or may become entitled to any payments hereunder shall have received such payments in full
and all adjustments required to be made pursuant to Section 2 have been made. 

  
 20 

					
	4.2	  	(a)	 	If a Change in Control has not occurred, 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, provided that any
such amendment which shall in any manner reduce, diminish, or otherwise adversely affect any benefit which is or may at
any time in the future become payable hereunder, or
any such amendment which shall alter the definition of Change in
Control shall be made effective not less than two years after the action of the Company authorizing such amendment,
unless, and then only to the extent that such amendment is or
becomes necessary in order to assure continued compliance
by this Plan with any applicable state or federal law or regulation.
			
		  	(b)	 	The Company may, by action of its Board of Directors, terminate this Plan, provided, however, that the effective date of such termination shall be not less than two years from
the date of such Board action. Provided further that in the event a Change in Control shall occur prior to the effective date of termination, the provisions of Section 4.2(c) shall apply.
			
		  	(c)	 	If a Change in Control shall occur while this Plan is in effect, no then-pending amendment or termination shall take effect, this Plan shall remain in full force and effect as at
the Change in Control, and this Plan shall terminate automatically without further action on behalf of the Company immediately following the making of all payments to Eligible Employees under this Plan.

 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. 

  
 21 

 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, or under the Phillips 66 Executive Severance 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. 

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. 

  
 22 

 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 

  
 23 

 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 Key Employee Change in Control 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:

  
 24

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