Document:

Term Loan Agreement

 Exhibit 4.2 

 
  

 
 TERM LOAN AGREEMENT 

among 
 PHILLIPS
66, 
 PHILLIPS 66 COMPANY, 
 The Lenders Party Hereto, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 CITIBANK, N.A., 

BANK OF AMERICA, N.A., 
 and 
 THE ROYAL BANK OF SCOTLAND PLC, 

Co-Syndication Agents 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., 
 CREDIT SUISSE AG, 

ROYAL BANK OF CANADA, 
 and 
 DNB BANK ASA, GRAND CAYMAN BRANCH, 

Co-Documentation Agents 
  

 
 RBS SECURITIES
INC., 
 CITIGROUP GLOBAL MARKETS INC., 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
 CREDIT SUISSE
SECURITIES (USA) LLC, 
 DNB MARKETS, INC., 
 J.P. MORGAN SECURITIES LLC, 
 ROYAL BANK OF CANADA, 

and 
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., 
 as Joint Lead Arrangers and Bookrunners 

 
  

Dated as of February 22, 2012 
  

 
  

 TABLE OF CONTENTS 

 
  

											
	 	 	 	 	 	 	 	  	Page	 
	 ARTICLE 1.     DEFINITIONS
	  	 	1	  
					
		 	 Section 1.1
	 		 	Defined Terms	  	 	1	  
		 	 Section 1.2
	 		 	Other Definitional Provisions	  	 	16	  
		 	 Section 1.3
	 		 	Accounting Terms; GAAP	  	 	16	  
		
	 ARTICLE 2.     AMOUNT AND TERMS OF COMMITMENTS
	  	 	16	  
					
		 	 Section 2.1
	 		 	Term Loan Facility	  	 	16	  
		 	 Section 2.2
	 		 	Repayment of Loans; Evidence of Indebtedness	  	 	17	  
		 	 Section 2.3
	 		 	Procedure for Borrowing on the Closing Date	  	 	18	  
		 	 Section 2.4
	 		 	Termination or Reduction of Commitments	  	 	21	  
		 	 Section 2.5
	 		 	Prepayments	  	 	21	  
		 	 Section 2.6
	 		 	Conversion and Continuation Options	  	 	22	  
		 	 Section 2.7
	 		 	Maximum Number of Tranches	  	 	22	  
		 	 Section 2.8
	 		 	Fees	  	 	22	  
		 	 Section 2.9
	 		 	Interest Rate	  	 	23	  
		 	 Section 2.10
	 		 	Computation of Interest and Fees	  	 	23	  
		 	 Section 2.11
	 		 	Inability to Determine Interest Rate; Illegality	  	 	24	  
		 	 Section 2.12
	 		 	Pro Rata Treatment and Payments	  	 	25	  
		 	 Section 2.13
	 		 	Payments by the Borrower	  	 	25	  
		 	 Section 2.14
	 		 	Other Costs; Increased Costs	  	 	25	  
		 	 Section 2.15
	 		 	Taxes	  	 	27	  
		 	 Section 2.16
	 		 	Indemnity	  	 	30	  
		 	 Section 2.17
	 		 	Mitigation Obligations	  	 	31	  
		 	 Section 2.18
	 		 	Replacement of Lenders	  	 	31	  
		 	 Section 2.19
	 		 	[Intentionally Blank]	  	 	31	  
		 	 Section 2.20
	 		 	[Intentionally Blank]	  	 	31	  
		 	 Section 2.21
	 		 	[Intentionally Blank]	  	 	31	  
		 	 Section 2.22
	 		 	Defaulting Lenders	  	 	31	  
		
	 ARTICLE 3.     REPRESENTATIONS AND WARRANTIES
	  	 	32	  
					
		 	 Section 3.1
	 		 	Corporate Existence and Power	  	 	32	  
		 	 Section 3.2
	 		 	Corporate and Governmental Authorization; Contravention	  	 	32	  
		 	 Section 3.3
	 		 	Enforceability	  	 	32	  
		 	 Section 3.4
	 		 	Financial Information	  	 	32	  
		 	 Section 3.5
	 		 	Litigation	  	 	33	  
		 	 Section 3.6
	 		 	Employee Benefit Plans	  	 	33	  
		 	 Section 3.7
	 		 	Environmental Matters	  	 	33	  
		 	 Section 3.8
	 		 	Taxes	  	 	33	  
		 	 Section 3.9
	 		 	Investment Company Act	  	 	34	  
		 	 Section 3.10
	 		 	Regulation U	  	 	34	  
		 	 Section 3.11
	 		 	Purpose of Loans	  	 	34	  
		 	 Section 3.12
	 		 	Compliance with Laws	  	 	34	  
		 	 Section 3.13
	 		 	Disclosure	  	 	34	  
		 	 Section 3.14
	 		 	Separation Transactions	  	 	34	  

  
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	 	 	 	 	 	 	 	  	Page	 
		
	 ARTICLE 4.     CONDITIONS PRECEDENT TO EXECUTION DATE AND TO CLOSING
DATE
	  	 	35	  
					
		 	 Section 4.1
	 		 	Conditions to Effectiveness of this Agreement (Execution Date)	  	 	35	  
		 	 Section 4.2
	 		 	Conditions to the Closing Date	  	 	36	  
		 	 Section 4.3
	 		 	Conditions to Funding	  	 	37	  
		
	 ARTICLE 5.     AFFIRMATIVE COVENANTS OF THE BORROWER
	  	 	38	  
					
		 	 Section 5.1
	 		 	Financial Reporting Requirements	  	 	38	  
		 	 Section 5.2
	 		 	Notices	  	 	39	  
		 	 Section 5.3
	 		 	Existence; Conduct of Business	  	 	39	  
		 	 Section 5.4
	 		 	Payment of Obligations	  	 	39	  
		 	 Section 5.5
	 		 	Maintenance of Property; Insurance	  	 	39	  
		 	 Section 5.6
	 		 	Compliance with Laws	  	 	39	  
		 	 Section 5.7
	 		 	Books and Records; Inspection Rights	  	 	39	  
		 	 Section 5.8
	 		 	Use of Proceeds	  	 	40	  
		 	 Section 5.9
	 		 	First Tier Subsidiaries; Additional Guarantors	  	 	40	  
		 	 Section 5.10
	 		 	Further Assurances	  	 	40	  
		
	 ARTICLE 6.     NEGATIVE COVENANTS OF THE BORROWER
	  	 	40	  
					
		 	 Section 6.1
	 		 	Liens	  	 	40	  
		 	 Section 6.2
	 		 	Fundamental Changes	  	 	42	  
		 	 Section 6.3
	 		 	Indebtedness; Securitization Transactions; Sale/Leaseback Transactions	  	 	42	  
		 	 Section 6.4
	 		 	Transactions with Affiliates	  	 	44	  
		
	 ARTICLE 7.     EVENTS OF DEFAULT
	  	 	44	  
		
	 ARTICLE 8.     THE ADMINISTRATIVE AGENT
	  	 	46	  
					
		 	 Section 8.1
	 		 	Appointment and Authority	  	 	46	  
		 	 Section 8.2
	 		 	Rights as a Lender	  	 	46	  
		 	 Section 8.3
	 		 	Exculpatory Provisions	  	 	46	  
		 	 Section 8.4
	 		 	Notice of Default	  	 	47	  
		 	 Section 8.5
	 		 	Reliance by the Administrative Agent	  	 	47	  
		 	 Section 8.6
	 		 	Delegation of Duties	  	 	47	  
		 	 Section 8.7
	 		 	Resignation of Administrative Agent	  	 	47	  
		 	 Section 8.8
	 		 	Non-Reliance on Administrative Agent by Other Lenders	  	 	48	  
		 	 Section 8.9
	 		 	Administrative Agent May File Proofs of Claim	  	 	48	  
		 	 Section 8.10
	 		 	Guaranty Matters	  	 	48	  
		 	 Section 8.11
	 		 	No Duties	  	 	49	  
		
	 ARTICLE 9.     MISCELLANEOUS
	  	 	49	  
					
		 	 Section 9.1
	 		 	Amendments and Waivers	  	 	49	  
		 	 Section 9.2
	 		 	Notices	  	 	50	  
		 	 Section 9.3
	 		 	No Waiver; Cumulative Remedies	  	 	51	  
		 	 Section 9.4
	 		 	Confidentiality	  	 	51	  
		 	 Section 9.5
	 		 	Expenses; Indemnity; Taxes	  	 	51	  
		 	 Section 9.6
	 		 	Successors and Assigns; Participations; Purchasing Lenders	  	 	53	  
		 	 Section 9.7
	 		 	Adjustments; Set-off	  	 	55	  

  
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	 	 	 	 	 	 	 	  	Page	 
		 	 Section 9.8
	 		 	Counterparts	  	 	56	  
		 	 Section 9.9
	 		 	GOVERNING LAW	  	 	56	  
		 	 Section 9.10
	 		 	Jurisdiction; Venue	  	 	56	  
		 	 Section 9.11
	 		 	Survival	  	 	56	  
		 	 Section 9.12
	 		 	Entire Agreement	  	 	57	  
		 	 Section 9.13
	 		 	WAIVER OF JURY TRIAL	  	 	57	  
		 	 Section 9.14
	 		 	Severability	  	 	57	  
		 	 Section 9.15
	 		 	[Intentionally Blank]	  	 	57	  
		 	 Section 9.16
	 		 	Interest Rate Limitation	  	 	57	  
		 	 Section 9.17
	 		 	Headings	  	 	57	  
		 	 Section 9.18
	 		 	Material Non-Public Information	  	 	57	  
		 	 Section 9.19
	 		 	USA PATRIOT Act Notice	  	 	58	  
		
	 ARTICLE 10.     SUBSIDIARY GUARANTEE
	  	 	58	  
					
		 	 Section 10.1
	 		 	Guarantee	  	 	58	  
		 	 Section 10.2
	 		 	Waiver of Subrogation	  	 	58	  
		 	 Section 10.3
	 		 	Amendments, etc. with respect to the Obligations	  	 	59	  
		 	 Section 10.4
	 		 	Guarantee Absolute and Unconditional	  	 	59	  
		 	 Section 10.5
	 		 	Reinstatement	  	 	59	  
		 	 Section 10.6
	 		 	Payments	  	 	60	  
		 	 Section 10.7
	 		 	Additional Guarantors	  	 	60	  
		 	 Section 10.8
	 		 	Guarantee Effectiveness	  	 	60	  

  
 iii

 TERM LOAN AGREEMENT, dated as of February 22, 2012, among PHILLIPS 66, a Delaware
corporation (the “Borrower”), PHILLIPS 66 COMPANY, a Delaware corporation (the “Initial Guarantor”), the several banks and financial institutions from time to time parties to this Agreement, and
JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”). 
 The parties hereto
hereby agree as follows: 
 ARTICLE 1. DEFINITIONS 

Section 1.1 Defined Terms. As used in this Agreement, the following terms
shall have the following meanings: 
 “Administrative Questionnaire”: an Administrative Questionnaire in
a form supplied by the Administrative Agent. 
 “Affiliate”: with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agreement”: this Term Loan Agreement, as amended, supplemented or otherwise modified from time to time. 
 “Applicable Margin”: for each Type of Loan, the applicable rate per annum set forth on the Pricing Grid. 
 “Assignment and Assumption”: an Assignment and Assumption Agreement substantially in the form of Exhibit B. 

“Attributable Debt”: in respect of a Sale/Leaseback Transaction, as at the time of determination, the present
value of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended); provided, however, that
if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of and will constitute “Capital Lease Obligations.”
Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
 “Benefit Arrangement”: at any time, an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is
maintained or otherwise contributed to by any ERISA Affiliate. 
 “Benefited Lender”: as defined in
Section 9.7(a). 
 “Board”: the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Borrowing Request” means a request by the Borrower for a Loan in
accordance with Section 2.3(a), substantially in the form of Exhibit C. 
 “Bridge Loan
Agreement”: the Bridge Loan Agreement, dated as of the date hereof, by and among the Borrower, the Initial Guarantor, JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and financial institutions from time to time
parties thereto. 

  
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 “Business Day”: a day other than a Saturday, Sunday or other day on
which commercial banks in New York City are authorized or required by Law to close; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for
dealings in Dollar deposits in the London interbank market. 
 “Capital Lease Obligations”: as to any
Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided that any lease that would have been
considered an operating lease under the provisions of GAAP in effect as of December 31, 2011 shall be treated as an operating lease for all purposes under this Agreement. 
 “Cash Equivalents”: (a) direct obligations issued by, or unconditionally guaranteed by, the United States Government or any agency thereof and backed by the full faith and
credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits, money market accounts, money market funds or overnight bank deposits having
maturities of twelve months or less from the date of acquisition issued by any Lender or Qualified Issuer; (c) commercial paper of an issuer rated at least A-2 by S&P or P-2 by Moody’s, or carrying an equivalent rating by a nationally
recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within twelve months or less from the date of acquisition; (d) money market funds rated AAAm by
S&P, Aaa-mf by Moody’s or AAAmmf by Fitch Ratings, Inc.; (e) short term debt obligations of an issuer rated at least BBB by S&P or Baa2 by Moody’s, and maturing within twelve months from the date of acquisition;
(f) repurchase obligations with a term of not more than 90 days for underlying securities of the types described in clause (a) above entered into with any Lender or Qualified Issuer; and (g) solely with respect to a
Subsidiary which is incorporated or organized under the Laws of a jurisdiction outside of the United States, in addition to the investments described in clauses (a) through (f) of this definition, substantially
similar investments denominated in foreign currencies (including similarly capitalized foreign banks). 
 “Change in
Control”: (a) the consummation of a transaction after the Distribution the result of which is that any “person” or “group” (within the meaning of Section 13(d) and 14(d) of the Securities
Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) acquires ownership, direct or indirect, beneficially or of record, of more than 50% of the Voting Stock; or (b) Continuing Directors cease to constitute a
majority of the board of directors of the Borrower or any successor by merger or consolidation. 
 “Change in
Law”: the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of (a) the adoption of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender (or, for purposes of Section 2.14(c), by any lending office
of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that,
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

  
 2 

 “Closing Date”: the date upon which the conditions precedent set
forth in Section 4.2 have been satisfied (or waived in accordance with the terms and conditions of Section 9.1). 
 “Co-Documentation Agents”: collectively, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Credit Suisse AG, Royal Bank of Canada and DNB Bank ASA, Grand Cayman Branch. 

“Co-Syndication Agents”: collectively, Citibank, N.A., Bank of America, N.A. and The Royal Bank of Scotland plc.

 “Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Commitment”: as to any Lender, its obligation to make a Loan to the Borrower on the Closing Date in accordance
with Section 2.1 in an amount not to exceed the amount set forth opposite such Lender’s name on Schedule I (or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment or in
such other documentation pursuant to which such Lender shall have become a party hereto, as applicable), as such amount may change from time to time as provided herein or as provided pursuant to assignments by or to such Lender pursuant hereto;
provided that the Commitments shall not at any time exceed $2,800,000,000 in the aggregate. 
 “Commitment
Percentage”: at a particular time, as to any Lender, the percentage of the aggregate Commitments in effect at such time constituted by such Lender’s Commitment. If the Commitments have terminated or expired, the Commitment
Percentages shall be determined based upon the Commitments most recently in effect after giving effect to each assignment. 

“Confidential Information”: as defined in Section 9.4. 

“Connection Income Taxes”: Other Connection Taxes that are imposed on or measured by gross or net
income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “ConocoPhillips”:
ConocoPhillips, a Delaware corporation. 
 “ConocoPhillips Company”: ConocoPhillips Company, a Delaware
corporation. 
 “Consolidated Net Assets”: at any date, the total amount of assets of the Borrower and
its Subsidiaries after deducting therefrom (a) all current liabilities of the Borrower and its Subsidiaries (excluding any thereof which are by their terms extendible or renewable at the option of the Borrower to a time more than 12 months
after the time as of which the amount thereof is being computed), and (b) total prepaid expenses and deferred charges of the Borrower and its Subsidiaries. 
 “Consolidated Net Debt”: at any date, the Indebtedness (excluding Securitization Indebtedness) of the Borrower and its Subsidiaries less the aggregate amount of (a) cash and
Cash Equivalents held by the Borrower and its Subsidiaries at such date (other than any cash proceeds of Securitization Indebtedness) and (b) cash and Cash Equivalents that have been deposited in a trust account or account created or pledged
for the sole benefit of the holders of any Indebtedness of the Borrower or its Subsidiaries that has been defeased pursuant to such deposit and the other applicable terms of the instrument governing such Indebtedness, in each case determined on a
consolidated basis in accordance with GAAP. 
 “Consolidated Net Worth”: the Net Worth of the Borrower
and its Subsidiaries as of such date determined on a consolidated basis in accordance with GAAP. 
 “Continuing
Director”: (a) each individual who is a director of the Borrower on the Closing Date and (b) each other director of the Borrower whose election, appointment or nomination for election by the Borrower’s stockholders was
approved by a vote of at least a majority of the then Continuing Directors or by a vote of at least a majority of a committee of the Borrower’s board of directors comprised solely of Continuing Directors. 

  
 3 

 “Contribution”: the transfer (in one or more transactions) by
ConocoPhillips and its Subsidiaries to the Borrower and its Subsidiaries of the Contribution Business. 

“Contribution Business”: certain assets, liabilities and operations of ConocoPhillips Company’s and certain
of its Subsidiaries’ crude oil and petroleum products refining, marketing and transportation business, chemicals business and midstream business (along with certain related miscellaneous assets and liabilities), and the Equity Interests of
certain entities holding certain of such assets, liabilities and operations. 
 “Control”:
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled” have meanings correlative thereto. 
 “Debtor Relief
Laws”: the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. 
 “Default”: any of the events specified in Article 7, whether or not any requirement for the giving of notice, the lapse of time, or both, or any other condition, has
been satisfied. 
 “Defaulting Lender”: at any time, a Lender as to which the Administrative Agent has
notified the Borrower that such Lender, as reasonably determined by the Administrative Agent, has (a) failed to fund any portion of its Loans within three (3) Business Days of the date required to be funded by it hereunder, unless such
Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not
been satisfied, (b) notified the Borrower, the Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does
not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) failed, within three (3) Business Days after request by the Administrative Agent, to
confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans, (d) otherwise failed to pay over to the Administrative Agent or any Lender any other amount required to be paid by it hereunder
within three (3) Business Days of the date when due, unless the subject of a good faith dispute, or (e) (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a
parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or
acquiescence in any such proceeding or appointment; provided that a Lender shall not become a Defaulting Lender solely as the result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or the
exercise of control over such Lender or its parent company, by a Governmental Authority or an instrumentality thereof, so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of the courts of
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

  
 4 

 “Designated Arrangers”: collectively, Citigroup Global Markets Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, and RBS Securities Inc. 
 “Distribution”:
the pro rata dividend of the Borrower’s common stock in connection with the Spin-Off substantially as described in the Registration Statement. 
 “Dollars” and “$”: dollars in lawful currency of the United States of America. 
 “Domestic Office”: initially, the office of each Lender designated as such in the Administrative Questionnaire of such Lender; thereafter, such other office of such Lender, if any,
located within the United States which shall be making or maintaining Reference Rate Loans. 
 “Early Payment
Date”: as defined in Section 2.5(b). 
 “Elective Guarantor”: a Subsidiary
that becomes a Guarantor pursuant to Section 5.9(b). A First Tier Subsidiary that is an Elective Guarantor shall cease to be an “Elective Guarantor” and shall become a “Required Guarantor” from and
after the date that it becomes a wholly-owned Material Subsidiary. 
 “Environmental Laws”: all laws,
rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of
natural resources, the management, release or threatened release of any Hazardous Materials or to health and safety matters arising from the exposure to Hazardous Materials. 
 “Environmental Liability”: any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,
(c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or
imposed with respect to any of the foregoing. 
 “Equity Interests”: with respect to any Person, all of
the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person
of such securities (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants,
options, rights or other interests are outstanding on any date of determination. 
 “ERISA”: the
Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate”: any
trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and
Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event”: (a) any Reportable Event with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (c) the

  
 5 

 
incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, other than a standard termination under
Section 4041(b) of ERISA; (d) the receipt by the Borrower or any ERISA Affiliate of any notice from the PBGC of any intention of the PBGC to terminate any Plan or to appoint a trustee to administer any Plan; (e) the incurrence
by the Borrower or any of its ERISA Affiliates of any Withdrawal Liability or other liability under Title IV of ERISA with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (f) the receipt by the
Borrower or any ERISA Affiliate of any notice of a determination that a Multiemployer Plan is insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Escrowed Funds”: as defined in Section 2.3(d)(ii). 
 “Eurodollar Loans”: Loans hereunder denominated in Dollars at such time as they are made or being maintained at a rate of interest based upon the Eurodollar Rate. 

“Eurodollar Office”: initially, the office of each Lender designated as such in the Administrative Questionnaire
of such Lender, and thereafter, such other office of such Lender, if any, which shall be making or maintaining Eurodollar Loans. 
 “Eurodollar Rate”: with respect to the Interest Period for each Eurodollar Loan, (a) the rate per annum appearing on Reuters Screen LIBOR01 Page (or on any successor or
substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time to time for
purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 A.M., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar
deposits with a maturity comparable to such Interest Period or, (b) if such rate is not available at such time for any reason, the rate per annum equal to the average (rounded upwards to the nearest whole multiple of 1/16 of 1%) of the
respective rates notified to the Administrative Agent by the Reference Lenders as the rate at which they are offered Dollar deposits two Business Days prior to the beginning of such Interest Period in the London interbank market at or about 11:00
A.M., London time, for delivery on the first day of such Interest Period for the number of days comprised therein and in an amount comparable to the amount of the Eurodollar Loan of such Reference Lenders to which such Interest Period applies.

 “Event of Default”: any of the events specified in Article 7, provided that any
requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied. 

“Excluded Subsidiary Debt”: (a) Unsecured Acquired Debt and refinancings, extensions, renewals, or
refundings thereof provided that the principal amount thereof is not increased (other than by amounts incurred to pay the costs of such refinancing, extension, renewal or refunding and any premiums paid in connection therewith),
(b) Indebtedness that is owed by a Subsidiary to the Borrower or to another Subsidiary, (c) amounts owing by a Subsidiary pursuant to Securitization Transactions as permitted by Section 6.3(c) and (d) Indebtedness set
forth on Schedule II hereto. 
 “Excluded Taxes”: any of the following Taxes
imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, state gross receipts Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the Laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable
interest in a Loan or Commitment pursuant to a Law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an 

  
 6 

 
assignment request by the Borrower under Section 2.18) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
2.15, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately before it changed its lending
office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.15(f), and (d) any U.S. Federal withholding Taxes imposed under FATCA. 

“Execution Date”: the date upon which this Agreement has been executed by all parties hereto and all conditions
precedent set forth in Section 4.1 have been satisfied (or waived in accordance with the terms and conditions of Section 9.1). 
 “FATCA”: the Foreign Account Tax Compliance Act under Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 
 “Federal Funds Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System of the United
States arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of
such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Fee Letters”: collectively, the fee letters dated January 18, 2012, executed by the Borrower in connection
with this Agreement, including the fee letters in favor of the Designated Arrangers, the Joint Lead Arrangers (other than the Designated Arrangers), the Administrative Agent and J.P. Morgan Securities LLC. 

“Financial Officer”: the chief financial officer, principal accounting officer, financial vice president,
treasurer or controller of a Person. 
 “First Tier Subsidiary”: any direct Subsidiary. 

“Foreign Lender”: any Lender that is not a U.S. Person. 

“GAAP”: generally accepted accounting principles in the United States of America as in effect from time to time.

 “Governmental Authority”: any nation or government, any state or other political subdivision thereof
and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Guarantee”: as to any Person, any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness or other obligation of any other Person
and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered into for
the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term
“Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

  
 7 

 “Guarantee Effectiveness Date”: the date designated as the
“Guarantee Effectiveness Date” in the Guarantee Effectiveness Notice. 
 “Guarantee
Effectiveness Notice”: a written notice from the Initial Guarantor, substantially in the form as Exhibit E, to the Administrative Agent dated as of the Closing Date stating that the Guarantee Effectiveness Date is, and the
Guarantee of the Initial Guarantor hereunder is effective on, the Closing Date. 
 “Guarantee
Joinder”: a Guarantee Joinder, substantially in the form as Exhibit D. 

“Guarantor”: Phillips 66 Company in its capacity as the Initial Guarantor, each additional Required Guarantor (if
any), and each Elective Guarantor (if any). 
 “Hazardous Materials”: all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and
all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Hedging
Agreement”: any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the
foregoing transactions. 
 “Hedging Obligations”: obligations in respect of Hedging Agreements.

 “Indebtedness”: as to any Person, at any date, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade
accounts payable arising in the ordinary course of business, (d) all Capital Lease Obligations of such Person, (e) all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by
such Person (provided, that for purposes of this clause (e), if such Person has not assumed or otherwise become personally liable for any such Indebtedness, the amount of Indebtedness of such Person in connection therewith shall
be limited to the lesser of (i) the fair market value of such asset(s) and (ii) the amount of Indebtedness secured by such Lien), (f) all Indebtedness of others Guaranteed by such Person, (g) all obligations of such Person in
respect of bankers’ acceptances, (h) all non-contingent obligations of such Person to reimburse any bank or other Person in respect of amounts paid under a letter of credit or similar instrument (other than trade letters of credit and
documentary letters of credit), provided however that in the case of letters of credit other than “Letters of Credit” issued under the Revolving Credit Agreement, reimbursement obligations shall not be considered Indebtedness
unless they have not been reimbursed within three Business Days after becoming due, and (i) all production payments, proceeds production payments or similar obligations of such Person. The Indebtedness of any Person shall include the
Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

  
 8 

 “Indebtedness for Borrowed Money”: as to any Person,
at any date, without duplication, Indebtedness of the types referred to in clauses (a) and (b) of the definition of Indebtedness and Guarantees thereof. 

“Indemnified Taxes”: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment
made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 
 “Indemnitee”: as defined in Section 9.5(b). 

“Initial Financial Statements”: (a) unaudited pro forma combined financial statements of the
Borrower and its consolidated Subsidiaries and the Contribution Business, consisting of (i) unaudited pro forma statement of income for the year ended December 31, 2011, prepared as though the Spin-Off occurred on January 1, 2011, and
(ii) unaudited pro forma balance sheet as of December 31, 2011, prepared as though the Spin-Off occurred on December 31, 2011, and (b) audited combined balance sheets as of December 31, 2010 and December 31, 2011 and
combined statements of income, comprehensive income, cash flows, and changes in net parent company investment for the three years ended December 31, 2011, of the Borrower and its consolidated Subsidiaries and the Contribution Business.

 “Interest Payment Date”: (a) as to any Reference Rate Loan, the last day of each March, June,
September and December, (b) as to any Eurodollar Loan in respect of which the Borrower has selected an Interest Period of one, two or three months, the last day of such Interest Period, and (c) as to any Eurodollar Loan in respect of which
the Borrower has selected an Interest Period longer than three months, each date which is three months or a whole multiple thereof, from the first day of such Interest Period and the last day of such Interest Period. 

“Interest Period”: with respect to any Eurodollar Loan: 

(i) initially, the period commencing on (A) the earlier of (1) the Pre-Funding Date and (2) the Closing
Date or (B) the conversion date with respect to such Eurodollar Loan, and ending one, two, three or six months thereafter, as selected by the Borrower in its Borrowing Request or notice of conversion, as the case may be, given pursuant to
Section 2.3 or Section 2.6; and 
 (ii) thereafter, each period commencing on the
last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its notice of continuation given pursuant to Section 2.6;
provided that all of the foregoing provisions relating to Interest Periods are subject to the following: 

(iii) if any Interest Period pertaining to a Eurodollar Loan would otherwise end on a day which is not a Business Day,
that Interest Period shall be extended to the next succeeding Business Day, unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately
preceding Business Day; 
 (iv) any Interest Period pertaining to a Eurodollar Loan that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and 

(v) notwithstanding anything to the contrary in this definition of “Interest Period”, no Interest
Period shall end after the Maturity Date. 

  
 9 

 “Investment Grade Rating”: as to any Person, a rating of senior
long-term unsecured debt of such Person without any third-party credit enhancement of (a) BBB- or higher by S&P or (b) Baa3 or higher by Moody’s. 
 “IRS”: The United States Internal Revenue Service. 

“Joint Lead Arrangers”: collectively Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated, RBS Securities Inc., Credit Suisse Securities (USA) LLC, DNB Markets, Inc., J.P. Morgan Securities LLC, Royal Bank of Canada and The Bank of Tokyo-Mitsubishi UFJ, Ltd. 

“Laws”: all ordinances, statutes, rules, regulations, orders, injunctions, writs, treaties or decrees of any
governmental or political subdivision or agency thereof, or of any court or similar entity established by any thereof. 

“Lender”: each Person listed on Schedule I and any other Person that becomes a party hereto
pursuant to an Assignment and Assumption or otherwise in accordance with the terms hereof, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise in accordance with the terms hereof.

 “Lien”: with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset (including any production payment, proceeds production payment or similar financing arrangement with respect to such asset). For the purposes of this Agreement, the Borrower or any Subsidiary shall be
deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 

“Loan”: as defined in Section 2.1(a). 

“Loan Documents”: this Agreement, including schedules and exhibits hereto, the Fee Letters, any
Guarantee Joinder, any Note, and any other document executed by the Borrower or a Guarantor that states by its terms that it is a Loan Document, and amendments, modifications or supplements thereto or waivers thereof. 

“Loan Party”: each of the Borrower and each Guarantor. 

“Material Adverse Effect”: (a) on or prior to the Closing Date, (i) a material adverse change in, or a
material adverse effect upon, the business, operations, property or financial condition of the Borrower and its Subsidiaries and of the Contribution Business, taken as a whole, (ii) a material impairment of the ability of the Borrower and the
Guarantors, taken as a whole, to perform their obligations under the Loan Documents, or material impairment of the ability of the Borrower to consummate the Spin-Off or (iii) material adverse effect upon the rights or remedies of the
Administrative Agent and the Lenders under the Loan Documents; and (b) after the Closing Date, (i) a material adverse change in, or a material adverse effect upon, the business, operations, property or financial condition of the Borrower
and its Subsidiaries, taken as a whole, (ii) a material impairment of the ability of the Borrower and the Guarantors, taken as a whole, to perform their obligations under the Loan Documents, or (iii) a material adverse effect upon the
rights or remedies of the Administrative Agent and the Lenders under the Loan Documents; provided that consummation of the Transactions shall not be considered to be a material adverse change, effect or impairment. 

“Material Subsidiary”: Phillips 66 Company and at any time, any Subsidiary which as of such time meets the
definition of a “significant subsidiary” contained as of the date hereof in Regulation S-X of the SEC; provided that in no event shall any Subsidiary that is a Securitization Entity constitute a “Material
Subsidiary” hereunder. 

  
 10 

 “Maturity Date”: the third anniversary of the Closing Date, or if
such date is not a Business Day, then the Business Day immediately preceding such date. 

“Moody’s”: Moody’s Investors Service, Inc. 

“Multiemployer Plan”: a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the
Borrower or any ERISA Affiliate (a) makes or is obligated to make contributions or (b) has any liability, including Withdrawal Liability. 
 “Net Worth”: with respect to any Person, without duplication, the sum of such Person’s capital stock, additional paid in capital, retained earnings and any other account that,
in accordance with GAAP, constitutes stockholders’ equity, less treasury stock; provided that “Net Worth” shall not include the liquidation value of any Preferred Equity Interests. 

“Non-Guarantor Subsidiary”: a Subsidiary that is not a Guarantor. 

“Note”: as defined in Section 2.2(f). 

“Obligations”: as defined in Section 10.1. 

“Other Connection Taxes”: with respect to any Recipient, Taxes imposed as a result of a present or
former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Other Taxes”: all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the
execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with
respect to an assignment (other than an assignment made pursuant to Section 2.18). 

“Outstanding Amount”: on any date, the aggregate outstanding principal amount of the Loans after
giving effect to any borrowings and prepayments or repayments of Loans occurring on such date. 

“Participant”: as defined in Section 9.6(b). 

“Patriot Act”: as defined in Section 9.19. 

“PBGC”: the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Pension Act”: the Pension Protection Act of 2006, as amended from time
to time. 
 “Pension Funding Rules”: the rules of the Code and ERISA regarding minimum required
contributions (including any installment payment thereof) to Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as
in effect prior to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA, in each case, as amended from time to
time. 

  
 11 

 “Permitted Changes”: with respect to any document or agreement,
changes thereto or waivers or consents given thereunder that are either (a) not materially adverse to the Lenders or (b) agreed to by the Designated Arrangers. As used in this definition, a change or other matter is “materially
adverse to the Lenders” if such change or other matter has had or would reasonably be expected to have a Material Adverse Effect. 
 “Person”: an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of
whatever nature. 
 “Plan”: any employee pension benefit plan (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under
Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pre-Funding Date”: as defined in Section 2.3(a). 

“Preferred Equity Interest”: any Equity Interest that, by its terms (or the terms of any security into which it
is convertible or for which it is exchangeable) or upon the happening of any event or circumstance either (a) matures, (b) is redeemable (whether mandatorily or otherwise) at the option of the holder thereof for any consideration other
than shares of common stock or (c) is convertible or exchangeable for Indebtedness or other Preferred Equity Interests, in each case, in whole or in part, on or prior to the date that is one year after the earlier of (x) the Maturity Date
or (y) the date on which the Loans have been paid in full and the Commitments have terminated. 
 “Pricing
Grid”: the Pricing Grid attached hereto as Annex A. 
 “Priority Debt”: as
defined in Section 6.3(b). 
 “Pro Rata Share”: with respect to each Lender,
(a) at any time of determination on and after the Execution Date and prior to the making of the Loans on the Closing Date, such Lender’s Commitment Percentage, and (b) at any time of determination on and after the making of the Loans
on the Closing Date, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the principal amount of Loans held by such Lender at such time and the denominator of which is the aggregate principal
amount of Loans held by all Lenders at such time. 
 “Purchasing Lender”: as defined in Section
9.6(c). 
 “Qualified Issuer”: any commercial bank (a) which has capital and
surplus in excess of $250,000,000 and (b) the outstanding long-term debt securities of which are rated at least A by S&P or at least A2 by Moody’s, or carry an equivalent rating by a nationally recognized rating agency if both of the
rating agencies named herein cease publishing ratings of investments. 

“Recipient”: (a) the Administrative Agent or (b) any Lender, as applicable. 

“Reference Lenders”: initially, Bank of America, N.A., Citibank, N.A., and JPMorgan Chase Bank, N.A.;
provided that the Reference Lenders may be changed in accordance with Section 2.10. 

“Reference Rate”: the highest of (a) the average of the rates of interest publicly announced by the
Reference Lenders from time to time as their respective reference or prime rates, which such rates may not 

  
 12 

 
be the lowest rate of interest charged by such Reference Lenders, (b) the average of the overnight federal funds rate as quoted to the Administrative Agent from three brokers of recognized
standing selected by the Administrative Agent for the purchase at face value of federal funds in the secondary market in an amount comparable to the outstanding principal amount of the applicable Loan, or portion thereof, and with a maturity of one
day plus a margin of 1/2 of 1%, and (c) the Eurodollar Rate applicable for a one month Interest Period starting on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%. Any change in the
Reference Rate due to a change in the reference rate, prime rate, federal funds rate, or the Eurodollar Rate shall be effective as of the opening of business on the effective day of such respective change. 

“Reference Rate Loans”: Loans hereunder at such time as they are made or being maintained at a rate of interest
based upon the Reference Rate. 
 “Register”: as defined in Section 9.6(d). 

“Registration Statement”: the Borrower’s Registration Statement on Form 10 filed with the SEC on
January 3, 2012. Unless otherwise indicated in this Agreement, all references in this Agreement to the Registration Statement shall mean the Registration Statement as it may be amended from time to time.  

“Related Parties”: with respect to any Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Reportable Event”: a “reportable event” as that term is defined in Section 4043 of ERISA
or the regulations issued thereunder. 
 “Required Guarantor”: any wholly-owned Material Subsidiary that
is a First Tier Subsidiary; collectively the “Required Guarantors”. 
 “Required
Lenders”: (a) at any time of determination on and after the Execution Date and prior to the making of the Loans on the Closing Date, Lenders holding more than 50% of the aggregate Commitments, and (b) at any time of
determination on and after the making of the Loans on the Closing Date, Lenders holding more than 50% of the Outstanding Amount; provided, however, that the Commitments or the principal amount of the Loans, as applicable, of any Defaulting Lender
shall be excluded from the determination of Required Lenders to the extent set forth in Section 2.22(a). 

“Revolving Credit Agreement”: the Credit Agreement, dated as of the date hereof, by and among the Borrower, the
Initial Guarantor, JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and financial institutions from time to time parties thereto. 
 “S&P”: Standard & Poor’s Ratings Services (a division of McGraw-Hill Companies, Inc.). 
 “Sale/Leaseback Transaction”: an arrangement whereby the Borrower or a Subsidiary transfers property owned by it to a Person and the Borrower or a Subsidiary leases it from
such Person. 
 “SEC”: the United States Securities and Exchange Commission, or any Governmental
Authority succeeding to the functions thereof. 
 “Securitization Entity”: any Person engaged solely in
the business of effecting Securitization Transactions and related activities. 
 “Securitization
Indebtedness”: any Indebtedness under any Securitization Transaction that does not permit or provide recourse for principal or interest (other than Standard Securitization Undertakings) to

  
 13 

 
the Borrower or any Subsidiary of the Borrower (other than a Securitization Entity) or any property or asset of the Borrower or any Subsidiary of the Borrower (other than the property or assets
of a Securitization Entity or any Equity Interests or securities issued by a Securitization Entity). 

“Securitization Transaction”: any transaction in which the Borrower or a Subsidiary sells or otherwise transfers
accounts receivable or other rights to payment (whether existing or arising in the future) and assets related thereto (a) to one or more purchasers or (b) to a special purpose entity that (i) borrows under a loan secured by or issues
securities payable from such accounts receivable or other rights to payment (or undivided interests therein) and related assets or (ii) sells or otherwise transfers such accounts receivable or other rights to payment (or undivided interests
therein) and related assets to one or more purchasers, whether or not amounts received in connection with the sale or other transfer of such accounts receivable or other rights to payment and related assets to an entity referred to in clause
(a) or (b) above would under GAAP be accounted for as liabilities on a consolidated balance sheet of the Borrower. The amount of any Securitization Transaction shall be deemed at any time to be (1) the aggregate
outstanding principal or stated amount of the borrowings or securities in connection with the transactions referred to in clause (b)(i) of the preceding sentence; (2) the outstanding amount of capital invested in or unrecovered
outstanding purchase price paid in connection with a transaction referred to in clause (b)(ii) of the preceding sentence; or (3) if there shall be no such principal or stated amount or outstanding capital invested or unrecovered
purchase price, the uncollected amount of the accounts receivable transferred to such purchaser(s) pursuant to such Securitization Transaction net of any such accounts receivable that have been written off as uncollectible and any discount in the
purchase price thereof. 
 “Senior Credit Facilities”: collectively, the loans and credit facilities
provided under this Agreement, the Revolving Credit Agreement, and the Bridge Loan Agreement (if applicable). 

“Senior Debt”: the Borrower’s senior unsecured, non-credit enhanced, long term debt for which a rating has
been established by Moody’s and/or S&P as provided in the Pricing Grid. 
 “Separation
Documents”: collectively, the material agreements and documents attached as exhibits to the Registration Statement that relate to the Contribution and Distribution.  

“Special Distribution”: the direct and indirect payments and distributions, whether in the form of
repayment of intercompany Indebtedness and/or other distributions of cash or other property or assets, by the Borrower and its Subsidiaries to ConocoPhillips or any of its Subsidiaries on or prior to the Closing Date. 

“Spin-Off”: a series of one or more transactions by ConocoPhillips and its Subsidiaries to give effect to the
public spin-off of the Borrower, including the Contribution and Distribution. 
 “Spin-Off Consummation
Date”: the date upon which the Spin-Off is consummated. 
 “Standard Securitization
Undertakings”: any representations, warranties, servicer obligations, covenants and indemnities entered into by the Borrower or any Subsidiary of the Borrower of a type that are reasonably customary in securitizations.

 “Subsidiary”: with respect to any Person (the “parent”) at any date,
any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were
prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, or held by the parent or one or more subsidiaries of the parent or by the parent and one or more
subsidiaries of the parent. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 

  
 14 

 “Subsidiary Guarantee”: as defined in Section 10.1.

 “Taxes”: all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Ticking Fee”: as defined in Section 2.8(a). 

“Total Capitalization”: at the date of any determination thereof, the sum of (a) Consolidated Net
Debt plus (b) Consolidated Net Worth plus (c) the involuntary liquidation value of any Preferred Equity Interests. 
 “Tranche”: the collective reference to Eurodollar Loans, the Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not the
Loans comprising any such Tranche were originally made on the same day). 
 “Transactions”:
the Contribution, the Special Distribution, the Distribution, the execution and delivery of the Revolving Credit Agreement, this Agreement and the Bridge Loan Agreement, the incurrence of Indebtedness by the Borrower and the Guarantors under
the Bridge Loan Agreement (if applicable) and under this Agreement on the Closing Date, and the incurrence of Indebtedness by the Borrower and the Guarantors under the Revolving Credit Agreement on the “Closing
Date” as defined in the Revolving Credit Agreement. 
 “Transfer Effective
Date”: as defined in each Assignment and Assumption. 
 “Transferee”: as defined in
Section 9.6(f). 
 “Type”: as to any Loan, its nature as a Reference Rate Loan or a
Eurodollar Loan. 
 “Unsecured Acquired Debt”: unsecured Indebtedness of a Person that (a) exists
at the time such Person becomes a Subsidiary as a result of an acquisition, merger or other combination, in each case consummated after the Spin-Off Consummation Date, or at the time such Person is merged or consolidated with or into, or otherwise
acquired by, a Subsidiary, in each case, after the Spin-Off Consummation Date, or (b) is assumed in connection with the acquisition of assets after the Spin-Off Consummation Date; provided that, (x) in each case, such unsecured
Indebtedness was not incurred or granted in contemplation of such acquisition, merger, or other combination, and (y) in no event shall such unsecured Indebtedness exceed the value of the Person or property so acquired. 

“U.S. Person”: a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate”: as
defined in Section 2.15(f)(ii)(B)(3). 
 “Voting Stock”: capital stock of the Borrower
that is entitled to vote in the election of the board of directors of the Borrower (other than any such capital stock having such rights only upon the occurrence of a contingency that has not yet occurred). 

  
 15 

 “Withdrawal Liability”: liability to a Multiemployer Plan as a
result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 Section 1.2 Other Definitional Provisions. 
 (a) Unless otherwise
specified therein, all terms defined in this Agreement shall have the defined meanings when used in any other Loan Document or any certificate or other document made or delivered pursuant hereto. 

(b) As used herein and in any other Loan Document, and in any certificate or other document made or delivered pursuant hereto,
(i) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (ii) the word “incur” shall be
construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iii) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, capital stock, securities, revenues, accounts,
leasehold interests and contract rights, (iv) references to agreements shall, unless otherwise specified, be deemed to refer to such agreements as amended, supplemented, restated or otherwise modified from time to time, and (v) any
reference herein to any Person shall be construed to include such Person’s successors and assigns. 
 (c) The words
“hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and
article, section, schedule and exhibit references are to this Agreement unless otherwise specified. 
 (d) The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 Section 1.3
Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower
notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if
the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.
Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election
under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at
“fair value”, as defined therein. 
 ARTICLE 2. AMOUNT AND TERMS OF COMMITMENTS 

Section 2.1 Term Loan Facility. 
 (a) Subject to the terms and conditions hereof, each Lender severally agrees to make a single loan in Dollars to the Borrower on the Closing Date (each such loan, a “Loan”) in a
principal amount not to exceed such Lender’s Commitment. Any portion of the Commitments not utilized by the Borrower on the Closing Date shall be automatically and permanently terminated. If all or any portion of the Outstanding Amount is paid
or prepaid, then the amount so paid or prepaid may not be reborrowed. 

  
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 (b) The Loans may from time to time be (i) Eurodollar Loans, (ii) Reference Rate
Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with Section 2.3 or Section 2.6. Eurodollar Loans shall be made, continued or converted, as
applicable, by each Lender at its Eurodollar Office and Reference Rate Loans shall be made or converted, as applicable, by each Lender at its Domestic Office. 
 Section 2.2 Repayment of Loans; Evidence of Indebtedness. 
 (a) The
Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of the Loans made by such Lender as set forth in clause (b) of this Section 2.2.
The Borrower hereby further agrees to pay interest on the unpaid principal amount of its Loans from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section
2.9. 
 (b) The Borrower shall repay to the Lenders the aggregate principal amount of all Loans outstanding on the
following dates in the respective amounts set forth below: 
 (i) on the first anniversary of the Closing Date,
$800,000,000; 
 (ii) on the second anniversary of the Closing Date, $1,000,000,000; and 

(iii) on the third anniversary of the Closing Date, $1,000,000,000. 

In the event that the aggregate amount of Loans made on the Closing Date is less than $2,800,000,000, each of the three principal payments
required under this Section 2.2(b) shall be reduced ratably. Each principal payment required under this Section 2.2(b) shall be allocated among the Lenders based on each Lender’s Pro Rata Share of such payment
amount. Without limiting the foregoing, the Borrower shall repay to the Administrative Agent for the account of each Lender on the Maturity Date (or such earlier date on which the Loans become due and payable pursuant to Section 2.5(b)
or Article 7) the aggregate principal amount of the Loans, together with interest thereon, outstanding on such date. 
 (c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to
time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(d) The Administrative Agent shall maintain the Register pursuant to Section 9.6(d), and a subaccount therein for each
Lender in which there shall be recorded (i) the amount of each Loan made hereunder, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable
from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 

(e) The entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.2(b) shall, to the
extent permitted by applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent
to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this
Agreement. 

  
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 (f) The Borrower agrees that, upon the request to the Administrative Agent by any Lender,
the Borrower will execute and deliver to such Lender a promissory note of the Borrower evidencing the Loans of such Lender, substantially in the form of Exhibit A with appropriate insertions as to principal amount (each, a
“Note”). 
 Section 2.3 Procedure for Borrowing on the Closing Date. 

(a) Borrowing Request. The Borrower may borrow under the Commitments on the Closing Date; provided that the Borrower shall
give the Administrative Agent a Borrowing Request, which Borrowing Request shall be irrevocable, (i) prior to 1:00 P.M., New York City time, three Business Days prior to the Closing Date if the Borrower is requesting that any Eurodollar Loan be
made on the Closing Date and (ii) prior to 12:00 P.M., New York City time, on the Closing Date if the Borrower is requesting that only Reference Rate Loans be made on the Closing Date, specifying (A) the amount to be borrowed, (B) the
requested Closing Date, (C) whether Eurodollar Loans, Reference Rate Loans or a combination thereof are requested and (D) the length of the Interest Period for each Eurodollar Loan. The Borrower may require that Lenders transfer funds to
the Administrative Agent in advance of the Closing Date to hold in escrow pursuant to Section 2.3(d), by specifying, in the Borrowing Request, the date (the “Pre-Funding Date”) upon which Lenders shall deliver
such funds to the Administrative Agent to be held in escrow (which requested Pre-Funding Date may be no earlier than two Business Days prior to the requested Closing Date). In the event the Borrower specifies a Pre-Funding Date in the Borrowing
Request, then the Borrowing Request shall be submitted (i) prior to 1:00 P.M., New York City time, three Business Days prior to the Pre-Funding Date if the Borrower is requesting that any Eurodollar Loan be made on the Closing Date and
(ii) prior to 12:00 P.M., New York City time, on the Pre-Funding Date if the Borrower is requesting that only Reference Rate Loans be made on the Closing Date. 
 (b) Upon receipt of the Borrowing Request from the Borrower, the Administrative Agent shall promptly notify each Lender thereof (but in any event no later than (i) the date of receipt of such
Borrowing Request from the Borrower, in the case of Eurodollar Loans and (ii) 12:30 P.M., New York City time, on the Closing Date (or the Pre-Funding Date, if applicable) in the case of Reference Rate Loans). Except as otherwise provided in
Section 2.3(d), each Lender will make the amount of its Commitment Percentage of the Loans available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent set forth in Section
9.2 prior to (1) 2:00 P.M., New York City time, in the case of Reference Rate Loans, and (2) 12:00 P.M., New York City time, in the case of Eurodollar Loans, in each case on the Closing Date, in funds immediately available to the
Administrative Agent (in Dollars). In the event that a Lender has transferred funds to the Administrative Agent in advance of the Closing Date to be held in escrow pursuant to Section 2.3(d), such Lender shall satisfy its obligation to
make the amount of its Commitment Percentage of the Loans available on the Closing Date when such funds are released from escrow to fund the Loans as provided in such Section. The proceeds of the Loans will be made available to the Borrower by the
Administrative Agent on the Closing Date by crediting the account of the Borrower on the books of the Administrative Agent, or such other account of the Borrower as shall have been designated by the Borrower to the Administrative Agent, with the
aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. 
 (c) Unless the Administrative Agent shall have been notified in writing by any Lender prior to the Closing Date (or, in the case of any borrowing of Reference Rate Loans, prior to 1:00 P.M., New York City
time on the Closing Date) that such Lender will not make available to the Administrative Agent the amount which would constitute its Commitment Percentage of the Loans, the Administrative Agent may assume that such Lender has made such amount
available to the Administrative Agent on the Closing Date, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on the Closing Date an amount equal to such Lender’s Commitment Percentage of the
Loans. The Administrative Agent shall notify the Borrower as promptly as practicable if such Lender’s Commitment Percentage of the Loans is not made available to the Administrative Agent on the Closing Date. If such

  
 18 

 
amount is made available to the Administrative Agent on a date after the Closing Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the
daily average overnight Federal Funds Effective Rate during such period as quoted by the Administrative Agent, times (ii) the amount of such Lender’s Commitment Percentage of the Loans (minus the amount, if any, which such Lender
has made available to the Administrative Agent), times (iii) a fraction, the numerator of which is the number of days that elapse from and including the Closing Date to the date on which such Lender’s Commitment Percentage of the
Loans shall have become immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section
2.3(c) shall be prima facie evidence of the accuracy of the information set forth therein, absent manifest error. If such Lender’s Commitment Percentage of the Loans is not in fact made available to the Administrative Agent by such
Lender within three Business Days of the Closing Date, the Administrative Agent shall be entitled to recover the amount of such Lender’s Commitment Percentage of the Loans (minus the amount, if any, which such Lender had made available to the
Administrative Agent) on demand from the Borrower with interest thereon (A) for the period from and including the Closing Date to the date one day after such demand, at a rate per annum equal to the daily average overnight Federal Funds
Effective Rate during such period as quoted by the Administrative Agent and calculated on the basis of a 360-day year for the actual days elapsed and (B) thereafter, at the rate per annum applicable to Reference Rate Loans hereunder. Nothing
contained in this Section 2.3(c) shall prejudice in any manner whatsoever any right or remedy of the Borrower against such Lender. 
 (d) Pre-Funding Request. 
 (i) In anticipation of the
occurrence of the Closing Date, the Borrower may request that each Lender deliver to the Administrative Agent, in advance of the Closing Date, an amount equal to such Lender’s Commitment Percentage of the Loans requested to be made on the
Closing Date, to be held by the Administrative Agent in escrow for the benefit of such Lender in accordance with the terms of this Section 2.3(d). The Borrower may make this request by delivering a Borrowing Request to the
Administrative Agent pursuant to Section 2.3(a). 
 (ii) On the requested Pre-Funding Date, no
later than 2:00 P.M., New York City time, each Lender shall deliver to the Administrative Agent an amount equal to its Commitment Percentage of the Loans requested to be made on the Closing Date, by wire transfer of immediately available funds to
the account of the Administrative Agent designated by it for such purpose by notice to the Lenders and each Lender hereby irrevocably authorizes the Administrative Agent to release such funds (the “Escrowed Funds”) and use
them to fund such Lender’s Commitment Percentage of the Loans on the Closing Date unless the Administrative Agent shall have received written notice from such Lender prior to 11:00 A.M. New York City time on the proposed Closing Date set forth
in the Borrowing Request that any one or more of the conditions precedent in Section 4.2 or Section 4.3 has not been satisfied. The Escrowed Funds shall be held in escrow by the Administrative Agent for the benefit of
such Lender, upon the following terms: 
 (A) The Administrative Agent shall release the Escrowed Funds only as
follows: (1) the Administrative Agent shall release the Escrowed Funds of each Lender to fund such Lender’s Commitment Percentage of the Loans on the Closing Date, without any further authorization from such Lender, or (2) if for any
reason the Closing Date does not occur on or before 11:59 P.M. New York time on the Business Day immediately following the proposed Closing Date set forth in the Borrowing Request, the Administrative Agent shall promptly return to each Lender the
portion of the Escrowed Funds delivered by such Lender. In the event any Escrowed Funds remain in escrow at the time of expiration of the Commitments, the Administrative Agent shall return to each Lender its Commitment Percentage of such remaining
Escrowed Funds. 

  
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 (B) The Administrative Agent shall hold the Escrowed Funds in a non-interest
bearing account with JPMorgan Chase Bank, N.A. 
 (C) It is understood and agreed that the Borrower shall have no
right, title or interest in any Escrowed Funds, and shall have no right to give directions to the Administrative Agent with regard to investment, application or release of such funds or otherwise with respect to such funds. 

Whether or not the Closing Date occurs and whether or not Loans are made on the Closing Date, the Borrower agrees to pay to each Lender an
amount (the “Pre-Funding Compensation Amount”) that is equal to the amount of interest that would have accrued hereunder on its Escrowed Funds (at the rate(s) requested by the Borrower in the Borrowing Request) if such
Escrowed Funds had been used to fund Loans on the date such funds were delivered to the Administrative Agent to be placed into escrow and as if such Loans were outstanding for the period of time that such Escrowed Funds remain in escrow. To the
extent that a Lender’s Escrowed Funds are used to fund its Commitment Percentage of Loans made on the Closing Date, the Pre-Funding Compensation Amount shall be due and payable by the Borrower to such Lender on the first Interest Payment Date
following the Closing Date. To the extent that all or any part of a Lender’s Escrowed Funds are returned to such Lender for any reason and are not used to fund Loans, the Pre-Funding Compensation Amount shall be due and payable by the Borrower
to such Lender within one Business Day after demand together with amounts payable pursuant to Section 2.16. Amounts payable to such Lender pursuant to Section 2.16 shall be calculated as if such Escrowed Funds were Loans
made on the Pre-Funding Date and prepaid on the date the Escrowed Funds are returned to such Lender. 
 (iii) In
the event that any Lender fails to deliver funds in the amount and at the time required by Section 2.3(d)(ii), the Borrower may take any of the following actions: 

(A) the Borrower may, upon notice to such Lender and, if the relevant assignee is not then a Lender, with the consent of
the Administrative Agent (which consent shall not unreasonably be withheld or delayed), require such Lender to assign and delegate (and such Lender shall so assign and delegate), without recourse (in accordance with Section 9.6), all
of its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); or 

(B) the Borrower may, upon notice to such Lender (with a copy to the Administrative Agent), terminate the Commitment of
such Lender, and if the Borrower so elects, it may (without the need to obtain consent of the Lenders, provided that no Lender’s Commitment shall be increased without such Lender’s consent, which consent may be given or withheld in
such Lender’s sole and absolute discretion) replace all or a portion of the amount of the terminated Commitment by taking one or both of the following actions: (x) with the consent of the Administrative Agent (which consent shall not
unreasonably be withheld or delayed), adding one or more additional Lenders, each with its own Commitment, and any such additional Person shall become a party as a “Lender” and assume obligations and acquire rights as such additional
Lender would have assumed and/or acquired had such additional Lender been an original Lender, or (y) allowing one or more existing Lenders to increase their respective Commitments. 

  
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 In the event that the Borrower terminates a Lender’s Commitment or requires that a
Lender assign its Commitment in accordance with the provisions of this Section 2.3(d)(iii), such Lender shall cease to be a party hereto (in the case of an assignment, effective upon such assignment), and such Lender shall have no
right to receive any fees accrued for its account prior to the date of termination of its Commitment that have not previously been paid. 
 Section 2.4 Termination or Reduction of Commitments. 
 (a) From and
after the Execution Date, the Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Commitments or, from time to time, to reduce the amount thereof. Any such reduction shall
be in an amount of $10,000,000, or a whole multiple of $5,000,000 in excess thereof, and shall reduce permanently the amount of such Commitments then in effect. 
 (b) In the event that any Lender has transferred funds to the Administrative Agent in advance of the Closing Date to be held in escrow pursuant to Section 2.3(d), the Commitments shall
irrevocably terminate if for any reason the Closing Date does not occur within one Business Day of the proposed closing date set forth in the Borrowing Request. 
 (c) Any partial reductions in the Commitments pursuant to this Section 2.4 shall be allocated based on each Lender’s Pro Rata Share of such Commitment reduction. 

Section 2.5 Prepayments. 
 (a) Optional Prepayments. The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable written notice delivered to the
Administrative Agent at least three Business Days’ prior thereto in the case of Eurodollar Loans and at least one Business Day prior thereto in the case of Reference Rate Loans, which notice shall specify the date and amount of prepayment and
whether the prepayment is of Eurodollar Loans or Reference Rate Loans or a combination thereof and if of a combination thereof, the amount of prepayment allocable to each. Upon receipt of such notice the Administrative Agent shall promptly notify
each Lender thereof. If such notice is given, the payment amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Reference Rate Loans) accrued interest to such date on the amount
prepaid and any amounts payable pursuant to Section 2.16. 
 (b) Mandatory Prepayments. If (i) the
Distribution has not been consummated in accordance in all material respects with the Registration Statement as in effect on the Execution Date (other than with respect to changes that are Permitted Changes), or (ii) the “Closing
Date” under, and as defined in, the Revolving Credit Agreement has not occurred, in either case on or before 11:59 P.M., New York City time, on the second Business Day following the Closing Date, then the Borrower shall prepay the Loans in
full by no later than 12:00 P.M., New York City time, on the earlier of (x) the third Business Day following the Closing Date and (y) the date upon which any Indebtedness of the Borrower in excess of $150,000,000 in the aggregate is
required to be repaid (such date being referred to herein as the “Early Payment Date”). 

(c) Allocation. Any optional or mandatory prepayment of the Loans shall be allocated among the Lenders based on each Lender’s
Pro Rata Share of such prepayment amount. Without limiting the foregoing, each optional prepayment of Loans shall be applied to the scheduled amortization payments of the Loans required pursuant to Section 2.2(b) as directed by the
Borrower. 
 (d) Interest; Break Funding. Prepayments shall be made together with interest accrued to the date of such
prepayment on the principal amount so prepaid and any amounts payable pursuant to Section 2.16. 

  
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 Section 2.6 Conversion and Continuation Options 

(a) The Borrower may elect from time to time to convert its Eurodollar Loans to Reference Rate Loans by giving the Administrative Agent
prior irrevocable notice of such election by 11:00 A.M. on a Business Day, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to
time to convert its Reference Rate Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election. Any such notice of conversion to Eurodollar Loans shall specify the length
of the Interest Periods therefor and, in the case of Eurodollar Loans, the requested Type thereof. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar
Loans and Reference Rate Loans may be converted as provided herein, provided that no Loan may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent, at the request
of the Required Lenders in their sole discretion, notifies the Borrower such conversions shall not be permitted, (ii) if, after giving effect thereto, Section 2.7 would be contravened, or (iii) after the date that is one
month prior to the Maturity Date; provided further, that if such conversion is not permitted pursuant to the preceding proviso and the applicable Eurodollar Loan is not repaid, such Loans shall automatically be converted to Reference
Rate Loans on the last day of such then expiring Interest Period. 
 (b) Any Eurodollar Loans may be continued as such upon the
expiration of the then current Interest Period with respect thereto by the Borrower giving notice to the Administrative Agent, in accordance with the appropriate notification provisions therefor set forth in Section 2.6(a), of the
length of the next Interest Period to be applicable to such Loans, provided that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required
Lenders have determined in its or their sole discretion not to permit such conversions, (ii) if, after giving effect thereto, Section 2.7 would be contravened, or (iii) after the date that is one month prior to the Maturity
Date; provided further, that if the Borrower shall fail to give any required notice as described above in this Section 2.6 or if such continuation is not permitted pursuant to the preceding proviso, such Loans shall
automatically be converted to Reference Rate Loans (denominated in Dollars if such continuation is not permitted pursuant to clause (iii) of the preceding proviso) on the last day of such then expiring Interest Period. 

(c) The conversion or continuation of Loans as herein provided shall not constitute the making of new Loans hereunder. 

Section 2.7 Maximum Number of Tranches. All borrowings, conversions and continuations of Loans and all selections of
Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, there shall be no more than ten Tranches outstanding at any one time. 

Section 2.8 Fees. 
 (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a non-refundable ticking fee (the “Ticking Fee”) from and including April 17, 2012
to, but excluding, the earlier of (i) the Closing Date and (ii) the date upon which all of the Commitments have expired or been terminated, computed at the rate per annum set forth on the Pricing Grid on the average daily amount of the
Commitment of such Lender during the period for which payment is made. Such Ticking Fees shall be payable on the earlier of (x) the Closing Date and (y) the date upon which all of the Commitments have expired or been terminated.

 (b) The Borrower agrees to pay to the Administrative Agent, for its own account, an administrative agent’s fee set forth
in the Fee Letter between the Borrower and the Administrative Agent. 

  
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 (c) The Borrower agrees to pay to the Administrative Agent, for the account of each Lender,
the upfront fees set forth in the Fee Letters among the Borrower and the Joint Lead Arrangers. 
 Section 2.9 Interest
Rate. 
 (a) Each Eurodollar Loan shall bear interest for the Interest Period applicable thereto on the unpaid principal
amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin. 
 (b) Each Reference Rate Loan shall bear interest for each day on the unpaid principal amount thereof at a fluctuating rate per annum equal to the Reference Rate for such day plus the Applicable
Margin. 
 (c) If all or a portion of the principal amount of any Loan or if all or a portion of any interest payable on any
Loan or any fee or other amount payable by the Borrower hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall, without limiting the rights of any Lender under Article
7, bear interest at a rate per annum which is (i) in the case of overdue principal, 2% above the rate which would otherwise be applicable pursuant to Section 2.9(a) or (b) and (ii) in the case of any
other overdue amount, 2% above the rate described in Section 2.9(b), in each case from the date of nonpayment until such amount is paid in full (as well after as before judgment); provided that if such overdue principal amount
is of Eurodollar Loans and the due date therefor is other than the last day of the Interest Period with respect thereto, such Eurodollar Loans shall bear interest from the date that such principal amount was due to the last day of such Interest
Period at a rate per annum which is 2% above the rate which would otherwise be applicable pursuant to clause (a) of this Section 2.9. 
 (d) Interest shall be payable in arrears on each Interest Payment Date, provided that (i) interest accruing pursuant to clause (c) of this Section 2.9 shall be
payable from time to time on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the
event of any conversion of a Eurodollar Loan prior to the end of the Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

Section 2.10 Computation of Interest and Fees. 
 (a) Interest in respect of the Reference Rate Loans shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed. Ticking Fees and interest in respect of
Eurodollar Loans shall be calculated on the basis of a 360 day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a Eurodollar Rate. Any change in the
interest rate on a Loan resulting from a change in the Reference Rate or the Applicable Margin shall become effective as of the opening of business on the day on which such change in the Reference Rate is announced or such Applicable Margin changes
as provided herein, as the case may be. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change. 

(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive
and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, upon the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in
determining any interest rate pursuant to Section 2.9(a). 
 (c) If any Reference Lender’s Commitment shall
terminate or all of its Loans are assigned to another Person for any reason whatsoever, such Reference Lender shall thereupon cease to be a Reference Lender. If for any reason there shall cease to be at least three Reference Lenders, then the
Administrative Agent (with the consent of the Borrower) shall by notice to the Borrower and the Lenders designate another Lender as a Reference Lender so that there shall at all times be at least three Reference Lenders; provided that each
Reference Lender must be a Lender. 

  
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 (d) Each Reference Lender shall use its best efforts to furnish quotations of rates to the
Administrative Agent as contemplated hereby. If any of the Reference Lenders shall be unable or otherwise fails to supply such rates to the Administrative Agent upon its request, the rate of interest shall be determined on the basis of the
quotations of the remaining Reference Lenders or Reference Lender. 
 (e) The Borrower may, not more than once in each calendar
year, change one or more of the Reference Lenders in accordance with this Section 2.10(e); provided that each Reference Lender must be a Lender. In order to effect such change, the Borrower shall give notice to the
Administrative Agent (which shall promptly transmit such notice to each Lender) that, commencing with (x) each Interest Period beginning not less than 10 Business Days after receipt by the Administrative Agent of such notice with respect to
Eurodollar Loans and (y) the first day of the first calendar month beginning not less than 10 Business Days after receipt by the Administrative Agent of such notice with respect to Reference Rate Loans, the Reference Lenders shall be changed to
the Lenders specified in such notice. 
 Section 2.11 Inability to Determine Interest Rate; Illegality.

 (a) Inability to Determine Interest Rate. In the event that prior to the first day of any Interest Period with
respect to a Eurodollar Loan: 
 (i) none of the Reference Lenders is able to obtain bids for its Dollar deposits
for such Interest Period in the manner contemplated by the term “Eurodollar Rate”; or 
 (ii)
the Administrative Agent shall have received notice from Lenders constituting the Required Lenders that the interest rate determined pursuant to Section 2.9(a) for such Interest Period does not accurately reflect the cost to such
Lenders (as conclusively certified by such Lenders) of making or maintaining Eurodollar Loans during such Interest Period, 
 with respect to a
Loan that is to be made as or converted to or continued as a Eurodollar Loan, the Administrative Agent shall forthwith give telecopy or telephonic notice (provided that any telephonic notice shall be promptly confirmed in writing) of such
determination to the Borrower and each Lender at least one day prior to the Closing Date or the relevant conversion date or continuation date for such Eurodollar Loan, as applicable. If such notice is given, any Loan that is to be made as or
converted to or continued as a Eurodollar Loan shall be made as or converted to a Reference Rate Loan. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans shall be continued as such, nor shall the Borrower
have the right to convert Reference Rate Loans to Eurodollar Loans. 
 (b) Illegality. Notwithstanding any other
provision of this Agreement, in the event that it becomes unlawful for any Lender or its applicable lending office to honor its obligation to make or maintain Eurodollar Loans either generally or having a particular Interest Period hereunder, then
(a) such Lender shall promptly notify the Borrower and the Administrative Agent thereof and such Lender’s obligation to make such Eurodollar Loans shall be suspended (the “Affected Loans”) until such time as such
Lender may again make and maintain such Eurodollar Loans and (b) all Affected Loans which would otherwise be made by such Lender shall be made instead as Reference Rate Loans (and, if such Lender so requests by notice to the Borrower and the
Administrative Agent, all Affected Loans of such Lender then outstanding shall be automatically converted into Reference Rate Loans on the date specified by such Lender in such notice) and, to the extent that Affected Loans are so made as (or
converted into) Reference Rate Loans, all payments of principal which would otherwise be applied to such Lender’s Affected Loans shall be applied instead to its Reference Rate Loans. 

  
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 Section 2.12 Pro Rata Treatment and Payments. 

(a) The borrowing of the Loans by the Borrower from the Lenders hereunder and each payment by the Borrower on account of any fee payable
hereunder shall be made pro rata according to the respective Pro Rata Shares of the Lenders. Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans shall be made pro rata according to the
respective Pro Rata Shares of the Lenders. 
 (b) All payments (including prepayments) to be made by the Borrower hereunder and
under any other Loan Documents, whether on account of principal, interest and fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 12:00 P.M., New York City time, on the due date thereof to the Administrative
Agent, for the account of the Lenders, at the Administrative Agent’s office set forth in Section 9.2, in lawful money of the United States of America and in immediately available funds. Any amounts received after such time on any
date shall be deemed to have been received on the next succeeding Business Day for the purposes of calculating interest thereon. The Administrative Agent shall distribute such payments to each Lender to its Eurodollar Office or Domestic Office, as
applicable, promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding
Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such
payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be
payable at the then applicable rate during such extension. 
 (c) If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal then due to such parties. 
 Section 2.13 Payments by the Borrower. Unless the Administrative Agent
shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the
Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made
to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding
sentence, and each Lender severally agrees to repay forthwith on demand, such amount with interest thereon at the rate per annum equal to the daily average overnight Federal Funds Effective Rate during such period as quoted by the Administrative
Agent and calculated on the basis of a 360-day year for the actual days elapsed. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

Section 2.14 Other Costs; Increased Costs. 
 (a) The Borrower agrees to pay to each Lender which requests compensation under this Section 2.14 (by notice to the Borrower), on the last day of each Interest Period with respect to any
Eurodollar Loans made or maintained by such Lender, so long as such Lender shall be required to maintain reserves against “Eurodollar liabilities” under Regulation D of the Board of Governors of the Federal

  
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Reserve System (or, so long as such Lender may be required by such Board of Governors or by any other Governmental Authority to maintain reserves against any other category of liabilities which
includes deposits by reference to which the interest rate on Eurodollar Loans is determined as provided in this Agreement or against any category of extensions of credit or other assets of such Lender which includes any Eurodollar Loans), an
additional amount (determined by such Lender and notified to the Borrower) representing such Lender’s calculation or, if an accurate calculation is impracticable, reasonable estimate (using such reasonable means of allocation as such Lender
shall determine) of the actual costs, if any, incurred by such Lender during such Interest Period as a result of the applicability of the foregoing reserves to such Eurodollar Loans, which amount in any event shall not exceed the product of the
following for each day of such Interest Period: 
 (i) the principal amount of the Eurodollar Loans made or
maintained by such Lender to which such Interest Period relates outstanding on such day; and 
 (ii) the
difference between (x) a fraction the numerator of which is the Eurodollar Rate (expressed as a decimal) applicable to such Eurodollar Loan and the denominator of which is one minus the maximum rate (expressed as a decimal) at which such
reserve requirements are imposed by such Board of Governors or other Governmental Authority on such date minus (y) such numerator; and 
 (iii) a fraction the numerator of which is one and the denominator of which is 360. 
 (b) If any Change in Law shall: 
 (i) impose, modify or deem
applicable any reserve, special deposit or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender; 

(ii) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Loans made by such Lender; or 
 (iii) subject any Recipient to any Taxes (other than
(A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to
increase the cost to such Lender or such other Recipient of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender or such other
Recipient hereunder (whether of principal, interest or otherwise), then, upon the request of such Lender or other Recipient, the Borrower will pay to such Lender or such other Recipient, as the case may be, such additional amount or amounts as will
compensate such Lender or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(c) If any Lender determines in good faith that any Change in Law regarding capital or liquidity requirements has or would have the
effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy or liquidity), then from time
to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such 

  
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Lender or such Lender’s holding company for any such reduction suffered; provided that such Lender or such Issuing Bank is generally seeking compensation from similarly situated
borrowers under similar credit facilities (to the extent such Lender or such Issuing Bank has the right under such similar credit facilities to do so) with respect to such Change in Law regarding capital or liquidity requirements. 

(d) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case
may be, as specified in clause (b) or (c) of this Section 2.14 shall be delivered to such Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on
any such certificate within 10 days after receipt thereof. 
 (e) Failure or delay on the part of any Lender to demand
compensation pursuant to this Section 2.14 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this
Section 2.14 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period
of retroactive effect thereof. 
 Section 2.15 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall
be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from
any such payment by a withholding agent, then the applicable withholding agent shall make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to
additional sums payable under this Section 2.15) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable Law, or at the option of the Administrative Agent timely reimburse it for, the payment of Other Taxes. 
 (c)
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.15, such Loan Party shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(d) Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 30 days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15) payable or paid by such Recipient or required to be withheld or deducted from a
payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

  
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 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.6(b) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this clause (e). 
 (f) Status of Lenders.

 (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested
by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver
such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of any such non-U.S. documentation (other than such documentation set forth in
Section 2.15(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 (or successor form) certifying that such Lender is
exempt from U.S. Federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed
originals of IRS Form W-8BEN (or successor form) establishing an exemption from, or reduction of, U.S. Federal 

  
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 withholding Tax pursuant to the “interest” article of such tax treaty and
(y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or
“other income” article of such tax treaty; 
 (2) executed originals of IRS Form W-8ECI (or successor
form); 
 (3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of
the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a
“U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN (or successor form); or 
 (4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit F-3 or Exhibit F-4, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or
indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 on behalf of each such direct and
indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and
the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 

  
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 Each Lender agrees that if any form or certification it previously delivered expires or
becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 2.15 (including by the payment of additional amounts pursuant to this Section 2.15), it shall pay to the indemnifying party an amount equal
to such refund (but only to the extent of indemnity payments made under this Section 2.15 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to
this clause (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this clause (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (g) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 2.15 shall not be construed to
require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h) Survival. Each party’s obligations under this Section 2.15 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Section 2.16 Indemnity. The Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss or
expense which such Lender may sustain or incur as a consequence of: 
 (a) failure by the Borrower to make a payment when due of
the principal amount of or interest on any Eurodollar Loans of such Lender; 
 (b) failure by the Borrower to borrow Eurodollar
Loans after the Borrower has given a Borrowing Request requesting the same in accordance with Section 2.3; 
 (c)
failure by the Borrower to make a conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with Section 2.6; 

(d) failure by the Borrower to make any prepayment of Eurodollar Loans after the Borrower has given notice of the same in accordance with
Section 2.5(a); 
 (e) the making of any conversion or prepayment of Eurodollar Loans on a day which is not the
last day of the Interest Period with respect thereto; and 
 (f) any assignment of any Eurodollar Loan other than on the last
day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18; 
 including in
each case any such loss or expense arising from the reemployment of funds obtained by it to maintain its Eurodollar Loans hereunder or from fees payable to terminate the deposits from which such funds were obtained. If a Lender becomes entitled to
claim any amounts pursuant to this Section 2.16, it shall promptly notify the Borrower, through the Administrative Agent, of the event by reason of which it 

  
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 has become so entitled. A certificate as to any amounts payable pursuant to this Section 2.16
and setting forth in reasonable detail the basis for such claim, submitted by such Lender (through the Administrative Agent) to the Borrower, shall be conclusive in the absence of manifest error. 

Section 2.17 Mitigation Obligations. If any Lender requests compensation under Section 2.14, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.14 or Section 2.15, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 Section 2.18 Replacement of Lenders. If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lenders pursuant to Section 2.15, or if any Lender is a Defaulting Lender, or if any Lender fails to execute and deliver any amendment, consent or waiver to any Loan Document requested by
the Borrower by the date specified by the Borrower (or gives the Borrower or the Administrative Agent written notice prior to such date of its intention not to do so), then the Borrower may, at its sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.6), all its interests, rights and obligations under this Agreement to
an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which
consent shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it
hereunder, from the assignee or the Borrower, as applicable, (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section
2.15, such assignment will result in a reduction in such compensation or payments, and (iv) in the case of any assignment resulting from a Lender failing to execute and deliver any amendment, consent or waiver requested by the Borrower,
the applicable amendment, consent or waiver has been approved by the Required Lenders. 
 Section 2.19 [Intentionally
Blank]. 
 Section 2.20 [Intentionally Blank]. 

Section 2.21 [Intentionally Blank]. 
 Section 2.22 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so
long as such Lender is a Defaulting Lender, to the extent permitted by applicable Law: 
 (a) Voting. Neither the
Commitment nor the principal amount of the Loans of such Defaulting Lender shall be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver
pursuant to Section 9.1), provided that any waiver, amendment or modification (i) that would increase or extend the Commitment of or reduce the principal or interest owing to such Defaulting Lender under this Agreement or
(ii) requiring the consent of all Lenders which affects such Defaulting Lender differently than all other Lenders, as the case may be, shall require the consent of such Defaulting Lender. 

  
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 (b) Defaulting Lender Cure. In the event that the Administrative Agent and the
Borrower each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall no longer constitute a Defaulting Lender hereunder; provided that except
to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender. 
 (c) Termination of Defaulting Lenders. The Borrower shall have the right, in its sole discretion, to terminate
the Commitment of any Defaulting Lender by giving the Administrative Agent and such Defaulting Lender a written notice setting forth its election and a termination date (an “Early Commitment Termination Date”), which date
shall not be earlier than three (3) Business Days after the date on which such notice has been given, except as otherwise provided in Section 2.18. On the Early Commitment Termination Date, such Defaulting Lender’s Commitment
shall terminate and the Borrower shall pay all Ticking Fees accrued to such Early Commitment Termination Date. Upon termination of such Defaulting Lender’s Commitment in accordance with this Section 2.22(c), such Defaulting Lender
shall cease to be a party hereto. 
 ARTICLE 3. REPRESENTATIONS AND WARRANTIES 

Each of the Borrower and each Guarantor, with respect to representations and warranties pertaining to it, represents and warrants to the
Administrative Agent and to each Lender as of the Closing Date that: 
 Section 3.1 Corporate Existence and Power.
Each Loan Party is a corporation (or, in the case of any Subsidiary that becomes a Guarantor after the Execution Date, other legal entity) duly incorporated or organized, validly existing and in good standing under the laws of its jurisdiction of
organization, and has all corporate (or other applicable organizational) powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. 

Section 3.2 Corporate and Governmental Authorization; Contravention. The execution, delivery and performance by each Loan
Party of this Agreement and any other Loan Documents to which it is a party (a) are within its corporate or other organizational powers, have been duly authorized by all necessary corporate or other organizational action, (b) require no
consent or approval of, or other action by or in respect of, or registration or filing with, any Governmental Authority, (c) do not contravene, or constitute a breach or a default under, any provision of its charter, bylaws or other
organizational documents, (d) do not contravene any applicable Law or regulation, and (e) do not result in the creation or imposition of any Lien prohibited by this Agreement on any assets of the Borrower or any of its Subsidiaries,
except, in the case of clauses (b) and (d), as would not reasonably be expected to result in a Material Adverse Effect. 
 Section 3.3 Enforceability. The Loan Documents to which it is a party constitute the legal, valid and binding obligations of each Loan Party, enforceable against such Loan Party in
accordance with their respective terms, except as may be limited by applicable bankruptcy, moratorium, insolvency or similar Laws affecting the rights of creditors generally and general principles of equity. 

Section 3.4 Financial Information. 
 (a) The Initial Financial Statements reported on by Ernst & Young LLP and delivered on the Closing Date pursuant to Section 4.2(f) fairly present in all material respects, in
conformity with GAAP, the combined financial position of the Borrower, its Subsidiaries and the Contribution Business as of such date and their combined results of operations and cash flows for such fiscal years. 

  
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 (b) Since September 30, 2011, there has been no Material Adverse Effect. 

Section 3.5 Litigation. There is no litigation pending, or, to the Borrower’s knowledge, threatened in writing,
against or affecting the Borrower or any of its Subsidiaries (a) that purports to adversely affect the legality, validity or enforceability of the Loan Documents (other than such litigation that the Administrative Agent and the Designated
Arrangers have reasonably determined to be frivolous) or (b) which has had or could reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect. 

Section 3.6 Employee Benefit Plans. 
 (a) No Reportable Event has occurred or prohibited transaction under Section 406 of ERISA has occurred with respect to any “Employee Benefit Plans”, as that term is defined in
Section 3(3) of ERISA, of the Borrower or any ERISA Affiliate which could reasonably be expected to result in a Material Adverse Effect. No prohibited transaction under Section 406 of ERISA which could reasonably be expected
to result in a Material Adverse Effect has occurred with respect to the Borrower or any ERISA Affiliate or will occur upon the issuance of any Notes or the execution of this Agreement. 

(b) The Borrower and each ERISA Affiliate have fulfilled their respective obligations under the minimum funding standards of ERISA and
the Code with respect to each Plan and are in compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Plan. Except as could not reasonably be expected to result in a Material Adverse
Effect, neither the Borrower nor any ERISA Affiliate has (i) sought a waiver of the minimum funding standard under the Pension Funding Rules, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect
of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could reasonably be expected to result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code or
(iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums due but not delinquent under Section 4007 of ERISA. 

Section 3.7 Environmental Matters. Except with respect to any matter that, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (a) has failed to comply with any applicable Environmental Law or to obtain, maintain or comply with any permit, license or other
approval required under any applicable Environmental Law, (b) has become subject to any Environmental Liability, (c) has received notice of any claim with respect to any Environmental Liability or (d) knows of any basis for any
Environmental Liability. This Section 3.7 is the sole and exclusive representation and warranty of the Loan Parties with respect to Environmental Laws, Environmental Liabilities and Hazardous Materials contained in this Article
3 and no other provision hereof shall be construed to constitute such a representation or warranty; provided that the foregoing does not limit the provisions of Section 3.4, Section 3.5 or Section
3.13. 
 Section 3.8 Taxes. (a) The Borrower and its Subsidiaries have filed all material United
States federal income tax returns and all other material tax returns have been filed on or before the applicable due date (as such due date may have been timely extended), and (b) all taxes due pursuant to such returns or pursuant to any
assessment received by the Borrower or any Subsidiary have been paid (other than those which are currently being contested in good faith by appropriate proceedings or to the extent that the failure to do so could not reasonably be expected to result
in a Material Adverse Effect or materially adversely affect the performance by the Borrower of its payment obligations under this Agreement or any Notes). The charges, accruals and reserves on the books of the Borrower and its Subsidiaries in
respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. 

  
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 Section 3.9 Investment Company Act. Neither the Borrower nor any of
its Subsidiaries is, or is required to be registered as, an “investment company”, or a company “controlled” by an “investment company”, as defined in the Investment Company Act of 1940, as amended.

 Section 3.10 Regulation U. Neither the Borrower nor any of its Subsidiaries has taken or will take any action
which would cause the Loans to violate the provisions of Regulation U of the Board of Governors of the Federal Reserve. 

Section 3.11 Purpose of Loans. The proceeds of the Loans shall be used to provide financial support for the Spin-Off and
for general corporate purposes of the Borrower and its Subsidiaries, including payments of the Special Distribution and payments of transaction fees, costs and expenses associated with the Spin-Off and the Senior Credit Facilities. 

Section 3.12 Compliance with Laws. Such Loan Party and its Subsidiaries are in compliance with all applicable Laws
(including ERISA and the rules and regulations thereunder and laws of the United States regarding sanctions and export controls applicable to unauthorized dealings with sanctioned countries or Persons) except to the extent that the failure to comply
therewith would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

Section 3.13 Disclosure. The written reports, financial statements, certificates and other written information (other than
information of a global economic or industry nature) furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by
other written information so furnished), when taken as a whole, did not contain as of the date such written reports, financial statements, certificates or other written information were so furnished, any material misstatement of fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to (a) projections, estimates, pro forma financial information,
engineering reports and forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) contained in the materials referenced above, the
Borrower represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time and (b) financial statements, the Borrower represents only that such financial statements were prepared
as represented in Section 3.4 and as required by Section 5.1(a) and Section 5.1(b), as applicable. 
 Section 3.14 Separation Transactions. 
 (a) The Spin-Off and the
Special Distribution are within the Borrower’s and the Initial Guarantor’s corporate powers and have been duly authorized by all necessary corporate action. 
 (b) Neither the Spin-Off nor the Special Distribution (i) requires or will require any receipt of necessary third party consent except as obtained or made and in full force and effect (except to the
extent failure to obtain such consent would not reasonably be expected to have a Material Adverse Effect), (ii) violates or results in or will violate or result in a default under any material agreement binding upon the Borrower or any of its
Subsidiaries or by which any property or asset of the Borrower or any of its Subsidiaries is bound, except to the extent that a Material Adverse Effect would not reasonably be expected to result therefrom, (iii) results in or will result in the
creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries prohibited hereby or (iv) violates or will violate the charter, by-laws or other organizational documents of the Borrower or the Initial Guarantor.

 (c) The final terms and conditions of the Spin-Off are consistent in all material respects with the description thereof in
the Registration Statement on file with the SEC as of the Execution Date, other than with respect to Permitted Changes. 

  
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 (d) The Contribution has been consummated in all material respects (i) as described in
the Registration Statement on file with the SEC as of the Execution Date, other than with respect to Permitted Changes, (ii) in compliance with applicable Laws and regulatory approvals, and (iii) in accordance with the material terms of
the Separation Documents as disclosed to the Lenders prior to the Execution Date (as such Separation Documents may be amended pursuant to amendments that are Permitted Changes). The Separation Documents as disclosed to the Lenders prior to the
Execution Date have not been amended or otherwise modified or supplemented, and no condition therein has been waived and no consent has been given thereunder, in each case, other than with respect to Permitted Changes. 

(e) All governmental and regulatory approvals necessary in connection with the Transactions have been obtained and are in full force and
effect (including receipt by ConocoPhillips of a private letter ruling from the IRS substantially to the effect that the Distribution, together with certain related transactions, will qualify as a reorganization for U.S. federal income tax purposes
under Sections 355 and 368(a)(1)(D) of the Code, subject to such assumptions, qualifications and limitations as are acceptable to ConocoPhillips, and the declaration by the SEC that the Registration Statement is effective) and all
applicable waiting periods have expired without any action being taken or threatened by any Governmental Authority which would restrain or prevent or otherwise impose materially adverse conditions on the Transactions. 

(f) The Distribution is scheduled to be consummated on the Closing Date, all actions necessary to consummate the Distribution have
occurred or are scheduled to be taken on the Closing Date and all conditions precedent to the effectiveness of the Distribution have occurred or are scheduled to occur on the Closing Date. 

ARTICLE 4. CONDITIONS PRECEDENT TO EXECUTION DATE AND TO CLOSING DATE 

Section 4.1 Conditions to Effectiveness of this Agreement (Execution Date). This Agreement shall be effective upon
satisfaction of the conditions precedent set forth in this Section 4.1; provided that the obligations of the Lenders to make Loans hereunder are subject to satisfaction or waiver of the conditions precedent set forth in
Section 4.2 and Section 4.3: 
 (a) Loan Documents. The Administrative Agent shall have
received (i) this Agreement, executed and delivered by a duly authorized officer of each Loan Party and each Lender and (ii) for the account of each Lender that has requested a Note, a Note conforming to the requirements of Section
2.2 and executed by a duly authorized officer of the Borrower. 
 (b) Approvals. The Administrative Agent shall
have received a certificate of a Financial Officer of the Borrower confirming that all governmental and regulatory approvals necessary in connection with execution and delivery of this Agreement shall have been obtained and be in full force and
effect or stating that no such approvals are required. 
 (c) Fees and Expenses. The Administrative Agent and the Joint
Lead Arrangers shall have received all fees due and payable and required to be paid to them and to the Lenders on or prior to the Execution Date pursuant to Section 2.8 and the Fee Letters and payment of all other amounts due and
payable on or prior to the Execution Date, including to the extent invoiced at least two Business Days prior to the Execution Date, reimbursement or payment of all expenses required to be paid or reimbursed by the Borrower hereunder. 

The Administrative Agent shall notify the Borrower and the Lenders of the Execution Date, and such notice shall be conclusive and binding. 

  
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 Section 4.2 Conditions to the Closing Date. The agreement of each Lender to
make the Loan(s) requested to be made by it on the Closing Date is subject to the occurrence of the Execution Date and satisfaction (or waiver in accordance with Section 9.1) of the conditions set forth in Section 4.3 and
the following conditions precedent: 
 (a) Legal Opinions. The Administrative Agent shall have received favorable written
opinion(s), reasonably satisfactory to the Designated Arrangers, of Bracewell & Giuliani LLP, counsel to the Loan Parties, and, if applicable, such other counsel to the Loan Parties that is reasonably satisfactory to the Designated
Arrangers, in each case, addressed to the Administrative Agent and the Lenders and dated the Closing Date, covering such matters relating to the Loan Parties, the Loan Documents and the Transactions as the Designated Arrangers shall reasonably
request. 
 (b) Secretary’s Certificates. The Administrative Agent shall have received a certificate of the
Secretary or an Assistant Secretary of each Loan Party, dated as of the Closing Date, certifying (i) the resolutions of the board of directors of such Loan Party authorizing the execution of each Loan Document to which such Loan Party is party,
(ii) the charter, bylaws or other applicable organizational documents of such Loan Party, and (iii) the names and true signatures of the officers executing any Loan Document on behalf of such Loan Party on the Closing Date, and otherwise
in form and substance reasonably satisfactory to the Administrative Agent. 
 (c) Existence and Good Standing
Certificates. The Administrative Agent shall have received certificates of existence and good standing with respect to each Loan Party, dated as of a recent date, from appropriate public officials in the jurisdictions of organization of such
Loan Parties. 
 (d) Closing Certificate. The Administrative Agent shall have received a certificate in form and
substance reasonably satisfactory to the Administrative Agent dated the Closing Date and signed by a Financial Officer of the Borrower (i) certifying (which statement shall constitute a representation and warranty made by the Borrower to the
Lenders hereunder on the Closing Date) that, as of the Closing Date after giving effect to (x) the Transactions and (y) the issuance by the Borrower of its senior notes, if any, and the incurrence by the Borrower and its Subsidiaries of
other Indebtedness, if any, in each case, on or before the Closing Date to fund the Special Distribution and/or the Spin-Off, (A) each of the representations and warranties made by each Loan Party in this Agreement are true and correct in all
material respects on and as of such date, provided that the foregoing materiality qualifier shall not be applicable to the representations and warranties set forth in Section 3.4(b), Section 3.5 or Section
3.14, (B) no Default or Event of Default exists and (C) all governmental and regulatory approvals necessary in connection with the Transactions have been obtained and are in full force and effect, and (ii) certifying that the
condition precedent set forth in Section 4.2(j) has been satisfied. 
 (e) Fees and Expenses. The
Administrative Agent and the Joint Lead Arrangers shall have received all fees due and payable and required to be paid to them and to the Lenders on or prior to the Closing Date pursuant to Section 2.8 and the Fee Letters and payment
of all other amounts due and payable on or prior to the Closing Date, including to the extent invoiced at least two Business Days prior to the Closing Date, reimbursement or payment of all expenses required to be paid or reimbursed by the Borrower
hereunder. 
 (f) Financial Statements. The Lenders shall have received (which shall be deemed to have occurred upon
posting of the effective Registration Statement on EDGAR) the Initial Financial Statements. 
 (g) “Know Your
Customer” and Anti-Money Laundering Compliance. The Lenders shall have received all documentation and other information that may be required by such Lenders in order to enable compliance with applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot Act, to the extent requested by the Lenders in writing to the Borrower not less than 10 days prior to the Closing Date. 

  
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 (h) Bridge Loan Agreement. Either (i) the “Closing Date” as
defined in the Bridge Loan Agreement shall have occurred, or (ii) the lenders’ commitments under the Bridge Loan Agreement shall have terminated. 
 (i) Guaranty. The Administrative Agent shall have received the following: (i) the Guarantee Effectiveness Notice dated the Closing Date and executed by the Initial Guarantor confirming that
the Guarantee Effectiveness Date is, and the Guarantee of the Initial Guarantor hereunder is effective on, the Closing Date, and (ii) (A) a Guarantee Joinder dated the Closing Date and signed by each other Person required to deliver a
Guarantee pursuant to Section 5.9, together with such certificates required to be delivered thereunder, or (B) a certificate dated the Closing Date executed by a Financial Officer of the Borrower certifying that no other
wholly-owned Material Subsidiary that is a First Tier Subsidiary exists on the Closing Date. 
 (j) Debt Rating. The
Borrower’s senior unsecured long term debt ratings shall be (i) at least “BBB-” by S&P with stable outlook and (ii) at least “Baa3” by Moody’s with stable outlook, which ratings and outlooks shall have
taken into account (x) the consummation of the Transactions, and (y) the issuance by the Borrower of its senior notes, if any, and the incurrence by the Borrower and its Subsidiaries of other Indebtedness, if any, in each case, on or
before the Closing Date to fund the Special Distribution and/or the Spin-Off. 
 (k) Pro Forma Compliance. The
Administrative Agent shall have received a certificate, in form and substance reasonably satisfactory to the Administrative Agent, dated the Closing Date and signed by a Financial Officer of the Borrower, demonstrating pro forma compliance with
Section 6.3(a) and Section 6.3(b), after giving effect to (x) the consummation of the Transactions and (y) the issuance by the Borrower of its senior notes, if any, and the incurrence by the Borrower and its
Subsidiaries of other Indebtedness, if any, in each case, on or before the Closing Date to fund the Special Distribution and/or the Spin-Off. 

For purposes of determining compliance with the conditions specified in this Section 4.2, each Lender shall be deemed to have consented to,
approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to Lenders unless an officer of the Administrative Agent responsible for the transactions
contemplated by this Agreement shall have received notice from such Lender prior to the Closing Date, specifying its objection thereto. 
 The
Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding. The obligations of the Lenders to make the Loans hereunder shall not become effective unless each of the foregoing
conditions contained in this Section 4.2 is satisfied (or waived in accordance with Section 9.1) at or prior to 5:00 P.M., New York City time, on August 1, 2012 (and, in the event such conditions are not so satisfied
or waived, the Commitments shall terminate at such time). 
 Section 4.3 Conditions to Funding. The
agreement of each Lender to make the Loan(s) requested to be made by it on the Closing Date is subject to the satisfaction of the following conditions precedent as of the Closing Date: 

(a) Representations and Warranties. Each of the representations and warranties made by the Loan Parties in this Agreement shall be
true and correct in all material respects, both before and after giving effect to the Loans requested to be made, provided that in any case the foregoing materiality qualifier shall not be applicable to the representations and warranties
contained in Section 3.4(b), Section 3.5 and Section 3.14. 

  
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 (b) No Default or Event of Default. No Default or Event of Default shall have
occurred and be continuing, both before and after giving effect to the Loans requested to be made. 
 (c) Borrowing
Request. The Administrative Agent shall have received a Borrowing Request in accordance with Section 2.3(a). 

ARTICLE 5. AFFIRMATIVE COVENANTS OF THE BORROWER 
 From and after the Closing Date and for so long as any Loan remains outstanding and unpaid or any other amount is owing to any Lender or the Administrative Agent hereunder: 

Section 5.1 Financial Reporting Requirements. The Borrower will: 

(a) make available its Form 10-K via the EDGAR system of the SEC (“EDGAR”) on the internet as soon as available
and in any event within 90 days after the end of each fiscal year of the Borrower, which will in each case include an audited consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal year and the related audited
consolidated statements of income, cash flows and changes in common stockholders’ equity for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on in a manner acceptable to
the SEC by Ernst & Young LLP or other independent public accountants of nationally recognized standing; 
 (b) make
available its Form 10-Q via EDGAR on the internet as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of the Borrower, which will, in each case, include a consolidated balance
sheet of the Borrower and its Subsidiaries, as of the end of such quarter and the related (i) consolidated statement of income for such quarter and for the portion of the Borrower’s fiscal year ended at the end of such quarter, and
(ii) consolidated statement of cash flows for the portion of the Borrower’s fiscal year ended at the end of such quarter, setting forth in each case in comparative form (A) for the consolidated balance sheet, the figures as of the end
of the Borrower’s previous fiscal year, (B) for the consolidated statement of income, the figures for the corresponding quarter and the corresponding portion of the Borrower’s previous fiscal year and (C) for the consolidated
statement of cash flows, the figures for the corresponding portion of the Borrower’s previous fiscal year, the making available of such financial statements shall constitute a certification (subject to normal year-end adjustments) as to
fairness of presentation and GAAP; 
 (c) furnish to the Administrative Agent within 10 days of making available via EDGAR each
set of financial statements referred to in clauses (a) and (b) above, a certificate of a Financial Officer of the Borrower (i) stating whether there exists on the date of such certificate any Default or Event of
Default and, if any Default or Event of Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto, and (ii) setting forth reasonably detained calculations
demonstrating compliance with Section 6.3(a) and Section 6.3(b); 
 (d) furnish to the
Administrative Agent a copy of all documents filed by the Borrower or any Subsidiary with the SEC; provided that such documents shall be deemed to have been furnished on the date when made available via EDGAR; and 

(e) furnish to the Administrative Agent from time to time such additional information regarding the operations, business affairs and
financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender through the Administrative Agent may reasonably request. 

  
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 Section 5.2 Notices. The Borrower will promptly furnish, or cause to be
furnished, to the Administrative Agent, notice of: (a) the occurrence of any (i) Default or (ii) Event of Default hereunder; (b) the institution of any litigation or proceeding involving it or a Subsidiary that has had or is
reasonably expected to have a Material Adverse Effect (whether or not the claim asserted therein is considered to be covered by insurance); and (c) any adverse change in the ratings publicly announced by S&P or Moody’s of the
Borrower’s then current Senior Debt. Each notice delivered under this Section 5.2 shall be accompanied by a statement of a Financial Officer of the Borrower setting forth the details of the event or development requiring such
notice and any action taken or proposed to be taken with respect thereto. 
 Section 5.3 Existence; Conduct of
Business. The Borrower will, and will cause each Required Guarantor to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and
franchises necessary or desirable in the normal conduct of its business; provided that the foregoing shall not prohibit any merger or consolidation of the Borrower permitted under Section 6.2 or any merger, consolidation,
liquidation or dissolution of any Subsidiary that is not otherwise prohibited by the terms of this Agreement; and provided further, that neither the Borrower nor any of its Subsidiaries shall be required to preserve, renew or keep in
full force and effect any right, license, permit, privilege or franchise to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

Section 5.4 Payment of Obligations. The Borrower will pay and discharge, and will cause each Material Subsidiary to pay and
discharge, at or before maturity, all their respective material obligations and liabilities, including tax liabilities, except where the same may be contested in good faith by appropriate proceedings, and will maintain and will cause each Material
Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of any of the same. 
 Section 5.5
Maintenance of Property; Insurance. The Borrower will keep, and will cause each Material Subsidiary to keep, all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted; will
maintain, and will cause each Material Subsidiary to maintain (either in the name of the Borrower or in such Material Subsidiary’s own name), with financially sound and reputable insurance companies, insurance on all their property in at least
such amounts and against such risks as are usually insured against in the same general area by companies of similar size and established repute engaged in the same or a similar business; and will furnish to the Administrative Agent, upon its written
request, full information as to the insurance carried. 
 Section 5.6 Compliance with Laws. The Borrower will
comply, and cause each Subsidiary to comply, with all applicable laws, ordinances, rules, regulations, and requirements of any Governmental Authority (including ERISA and the rules and regulations thereunder and laws of the United States regarding
sanctions and export controls applicable to unauthorized dealings with sanctioned countries or Persons) except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 Section 5.7 Books and Records; Inspection Rights. 

(a) The Borrower will keep, and will cause each Material Subsidiary to keep, proper books of record and account in which full, true and
correct entries in conformity with GAAP shall be made of all dealings and transactions in relation to its business and activities. 
 (b) The Borrower will permit, and will cause each Material Subsidiary to permit, representatives of the Administrative Agent and each Lender, as applicable, at the Administrative Agent’s or such
Lender’s expense, upon reasonable prior notice during normal business hours (and, if the Borrower shall so request, in the presence of an officer or appointee of any officer of the Borrower), and subject to any applicable restrictions or
limitations on access to any facility or information that is classified or restricted by 

  
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contract or by law, regulation or governmental guidelines and in accordance with any applicable safety procedures, (i) in the case of the Administrative Agent only, to visit and inspect
their respective properties, to examine and make extracts from their respective books and records, and (ii) in the case of the Administrative Agent and each Lender, to visit and discuss their respective affairs, finances and accounts with their
respective officers, employees and, only during the continuance of an Event of Default, their independent public accountants, in each case, all at such reasonable times and as often as may reasonably be desired, but unless an Event of Default
exists, no more frequently than once during each calendar year. 
 Section 5.8 Use of Proceeds. The proceeds of
the Loans will be used to provide financial support for the Spin-Off and for general corporate purposes of the Borrower and its Subsidiaries, including payment of the Special Distribution and payments of transaction fees, costs and expenses
associated with the Spin-Off and the Senior Credit Facilities. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations
T, U and X. 
 Section 5.9 First Tier Subsidiaries; Additional Guarantors. 

(a) In the event any wholly-owned Material Subsidiary is or becomes a First Tier Subsidiary, the Borrower will, within 30 days thereof,
(i) cause such Material Subsidiary to become a party to this Agreement and guarantee the Obligations by executing and delivering to the Administrative Agent a Guarantee Joinder substantially in the form of Exhibit D, and
(ii) deliver certificates and other documentation substantially similar to those required to be delivered on the Closing Date with respect to Phillips 66 Company as the Initial Guarantor pursuant to Section 4.2(b) and
Section 4.2(c), in form and substance reasonably satisfactory to the Administrative Agent. 
 (b) Any Subsidiary
may, at its election, become a Guarantor by delivery to the Administrative Agent of the Guarantee Joinder documents required by clause (a) of this Section 5.9. 

(c) Upon delivery of a Guarantee Joinder and other required documents to the Administrative Agent by a Subsidiary, notice of which is
hereby waived by each Loan Party, such Subsidiary shall be a Guarantor and shall be a party hereto as if an original signatory hereto. Each Loan Party expressly agrees that its obligations arising hereunder shall not be affected or diminished by the
addition or release of any other Loan Party hereunder. This Agreement shall be fully effective as to each Loan Party that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Loan Party
hereunder. 
 Section 5.10 Further Assurances. The Borrower will from time to time, at its expense, promptly
execute and deliver to the Administrative Agent and the Lenders all further instruments and documents, and take all further action, that may be necessary, or that the Administrative Agent or the Lenders may request, in order to enable the
Administrative Agent and the Lenders to exercise or enforce their respective rights or remedies under or in connection with this Agreement and any other Loan Document. 
 ARTICLE 6. NEGATIVE COVENANTS OF THE BORROWER 
 Each Loan Party hereby
agrees that, from and after the Closing Date and for so long as any Loan remains outstanding and unpaid or any other amount is owing to any Lender or the Administrative Agent hereunder: 

Section 6.1 Liens. Neither the Borrower nor any Subsidiary will create, assume or suffer to exist any Lien on any asset now
owned or hereafter acquired by it except: 

  
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 (a) any Lien existing on any asset of any Person at the time such Person becomes a
Subsidiary of the Borrower and not created in contemplation of such event, provided that such Lien attaches only to such asset and proceeds thereof; 
 (b) any Lien on any asset securing Indebtedness (including Liens in respect of Capital Lease Obligations) incurred or assumed for the purpose of financing all or any part of the cost of acquiring,
constructing or improving such asset, provided that (i) such Lien attached to such asset concurrently with or within 90 days after the acquisition thereof or the date of completion of such construction or improvement, and (ii) all
such Liens attach only to the assets purchased, constructed or improved with the proceeds of the Indebtedness secured thereby and improvements, accessions, general intangibles and proceeds related thereto; 

(c) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower or a
Subsidiary and not created in contemplation of such event, provided that such Lien attaches only to such asset and proceeds thereof; 
 (d) any Lien existing on any asset prior to the acquisition thereof by the Borrower or a Subsidiary and not created in contemplation of such acquisition, provided that such Lien attaches only to
such asset and proceeds thereof; 
 (e) any Lien arising out of the refinancing, extension, renewal or refunding of any
Indebtedness secured by any Lien permitted by any of the foregoing clauses of this Section 6.1, provided that the principal amount of such Indebtedness is not increased (other than by amounts incurred to pay the costs of such
refinancing, extension, renewal or refunding and any premiums paid in connection therewith) and such Lien does not attach to any additional assets; 
 (f) Liens in favor of the Administrative Agent securing Indebtedness or other obligations existing pursuant to this Agreement; 
 (g) Liens to secure Indebtedness incurred or assumed in connection with pollution control, industrial revenue bond or similar types of financing, and Liens on property in favor of the United States or any
state thereof, or any department, agency, instrumentality or political subdivision of any such jurisdiction, to secure Indebtedness incurred for the purpose of financing all or any part of the purchase price or cost of constructing or improving the
property subject thereto; 
 (h) Liens granted on accounts receivable or other rights to payment and related assets in
connection with Securitization Transactions permitted by Section 6.3(c); 
 (i) Liens on cash collateral required
to be granted to the administrative agent under the Revolving Credit Agreement in connection with letters of credit issued under the Revolving Credit Agreement; 
 (j) Liens on precious metals catalysts in connection with Sale/Leaseback Transactions and Liens under any other Sale/Leaseback Transaction, in each case to the extent permitted by Section 6.3(b);

 (k) Liens on cash collateral granted to a letter of credit issuer under the Revolving Credit Agreement to secure letters of
credit outstanding after the replacement of such letter of credit issuer, or the termination or expiration of the commitments of such letter of credit issuer, under the Revolving Credit Agreement; 

(l) Liens for taxes that (i) are not yet due, (ii) are not more than sixty (60) days past due and not subject to penalties
for non-payment, or (iii) are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

  
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 (m) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s or other similar types of Liens arising in the ordinary course of business securing amounts which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings diligently
conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person; 
 (n) pledges or
deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 

(o) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and
appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (p)
easements, rights-of-way, restrictions and other similar encumbrances affecting real property which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the
business of the applicable Person; 
 (q) Liens securing judgments for the payment of money not constituting an Event of Default
under clause (g) of Article 7; 
 (r) Liens in favor of banks having a right of setoff, revocation,
refund or chargeback with respect to money or instruments of the Borrower or any of its Subsidiaries on deposit with or in the possession of such bank, in each case in the ordinary course of business; 

(s) customary netting and offset provisions in Hedging Agreements; and 

(t) Liens not otherwise permitted by the foregoing clauses of this Section 6.1 securing Indebtedness and Hedging
Obligations, provided that Priority Debt shall not exceed the amount permitted by Section 6.3(b) as of the last day of any fiscal quarter (beginning with the last day of the fiscal quarter in which the Closing Date occurs).

 Section 6.2 Fundamental Changes. The Borrower will not (a) consolidate or merge with or into any other
Person or (b) sell, lease or otherwise transfer (in one transaction or in a series of transactions) all or substantially all of its assets to any other Person; provided that (i) any Person may consolidate or merge with or into the
Borrower in a transaction in which the Borrower is the surviving Person, and (ii) if at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing, any Person may
consolidate or merge with or into the Borrower, and the Borrower may consolidate or merge with or into any Person, as long as the surviving entity, if other than the Borrower, has an Investment Grade Rating and assumes each of the obligations of the
Borrower under the Loan Documents pursuant to an agreement executed and delivered to the Lenders in a form reasonably satisfactory to the Required Lenders. 
 Section 6.3 Indebtedness; Securitization Transactions; Sale/Leaseback Transactions. 
 (a) Consolidated Net Debt. The Borrower will not permit the outstanding principal amount of Consolidated Net Debt, as of the last day of any fiscal quarter, beginning with the last day of the
fiscal quarter in which the Closing Date occurs, to exceed 60% of Total Capitalization as of such date. 

  
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 (b) Priority Debt. The Borrower shall not permit Priority Debt, as of the last day of
any fiscal quarter, beginning with the last day of the fiscal quarter in which the Closing Date occurs, to exceed an amount equal to 10% of Consolidated Net Assets as of such date. As used herein, “Priority Debt” means:

 (i)     (A) the aggregate outstanding principal amount of secured Indebtedness and the aggregate amount of
secured Hedging Obligations of the Borrower and its wholly-owned Subsidiaries, provided that Priority Debt shall not include Indebtedness secured by (1) (x) Liens existing on any asset transferred by ConocoPhillips or a subsidiary
of ConocoPhillips to the Borrower or a Subsidiary on or before the Closing Date, and Liens existing on any asset of any Person the ownership of which is transferred by ConocoPhillips or a subsidiary of ConocoPhillips to the Borrower or a Subsidiary
on or before the Closing Date (collectively, “Transferred Liens”), to the extent such Indebtedness is listed on Schedule 6.3(b) and (y) other Transferred Liens to the extent that the aggregate outstanding
principal amount of Indebtedness secured by Liens described in this clause (1)(y) does not exceed $35,000,000 or (2) (I) Liens permitted pursuant to Section 6.1(a) on assets of Persons that become
Subsidiaries of the Borrower after the Spin-Off Consummation Date (and proceeds thereof); (II) Liens permitted pursuant to Section 6.1(b) on assets purchased, constructed or improved by the Borrower or a wholly-owned Subsidiary after
the Spin-Off Consummation Date (and improvements, accessions, general intangibles and proceeds related thereto) securing Indebtedness incurred or assumed by the Borrower or such Subsidiary after the Spin-Off Consummation Date for the purpose of
financing all or any part of the cost of acquiring, constructing or improving such assets; (III) Liens permitted pursuant to Section 6.1(c) on assets of a Person merged or consolidated with or into the Borrower or a Subsidiary after
the Spin-Off Consummation Date (and proceeds thereof); (IV) Liens permitted pursuant to Section 6.1(d) on assets acquired by the Borrower or a Subsidiary after the Spin-Off Consummation Date (and proceeds thereof); (V) Liens
arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any Lien permitted by any of the foregoing clauses of this Section 6.3(b)(i), provided that the principal amount of such Indebtedness
is not increased (other than by amounts incurred to pay the costs of such refinancing, extension, renewal or refunding and any premiums paid in connection therewith) and such Lien does not attach to any additional assets; (VI) Liens permitted
pursuant to Section 6.1(f); (VII) Liens permitted pursuant to Section 6.1(g) on assets purchased, constructed or improved by the Borrower or a Subsidiary after the Spin-Off Consummation Date for the purposes of financing
all or part of the price or cost of constructing or improving such property; (VIII) Liens permitted pursuant to Section 6.1(h); (IX) Liens permitted pursuant to Section 6.1(i); and (X) Liens permitted pursuant to
Section 6.1(j), plus 
 (B) Attributable Debt of the Borrower and its wholly-owned
Subsidiaries in respect of Sale/Leaseback Transactions to the extent that such Attributable Debt exceeds $250,000,000, plus 
 (ii) the aggregate outstanding principal amount of unsecured Indebtedness of wholly-owned Non-Guarantor Subsidiaries (other than Excluded Subsidiary Debt). 

For the avoidance of doubt, to the extent that a Guarantee constitutes Priority Debt and the Indebtedness Guaranteed thereby also constitutes Priority
Debt, the amount of Priority Debt outstanding at such time shall be calculated without duplication and shall include only the amount of such Guaranteed Indebtedness constituting Priority Debt and shall not include the amount of such Guarantee.

  
 43 

 (c) Securitization Transactions. The Borrower will not permit the aggregate
outstanding amount of Securitization Transactions to exceed $1,500,000,000 at any time. 
 Section 6.4 Transactions with
Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, enter into or engage in any material transaction (including any sale, lease, transfer, purchase or acquisition of property or assets) with any of its
Affiliates, except on terms and conditions, taken as a whole, that are substantially as favorable to the Borrower or such Subsidiary as could be obtained on an arm’s-length basis from unrelated third parties (or, if in the good faith judgment
of the Borrower’s board of directors, no comparable transaction is available with which to compare any such transaction, such transaction is otherwise fair to the Borrower or such Subsidiary from a financial point of view), provided that
the foregoing restriction shall not apply to: 
 (a) transactions between or among the Borrower and its Subsidiaries or between
or among Subsidiaries; 
 (b) transactions involving any employee benefit plan or related trust of the Borrower or any of its
Subsidiaries; 
 (c) transactions pursuant to any contract or agreement outstanding as of the Execution Date and listed on
Schedule 6.4; 
 (d) the payment of reasonable compensation, fees and expenses to, and indemnity provided on
behalf of directors and officers of the Borrower or any Subsidiary; and 
 (e) transactions pursuant to the Separation Documents
as disclosed to the Lenders prior to the Execution Date (as amended pursuant to amendments that are Permitted Changes). 
 For
purpose of this Section 6.4, ConocoPhillips and its Subsidiaries shall not be considered “Affiliates” of the Borrower or its Subsidiaries. 
 ARTICLE 7. EVENTS OF DEFAULT 
 Upon the occurrence and during the
continuance of any of the following events from and after the Closing Date: 
 (a) the Borrower shall fail to pay any principal
of any Loan, or any Guarantor shall fail to make any payments due under the Subsidiary Guarantee, in each case when due in accordance with the terms hereof; or the Borrower shall fail to pay any interest on any Loan or any other amount payable
hereunder, within five Business Days after any such interest or other amount becomes due in accordance with the terms hereof; or 
 (b) any representation or warranty made by the Loan Parties in Article 3 or in any certificate, financial or other statement furnished by the Loan Parties pursuant to this Agreement shall
prove to have been incorrect in any material respect when made; or 
 (c) the Borrower shall fail to perform or observe any of
its covenants or agreements contained in Section 5.2(a)(ii), Section 5.3 (with respect to the existence of the Borrower), Section 5.8, or Article 6; or 

(d) the Borrower or any Guarantor shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or
any other Loan Document, and any such failure shall remain unremedied for 30 days; or 

  
 44 

 (e) (i) the Borrower, any Guarantor or any of their respective Subsidiaries shall default
beyond any applicable period of grace in any payment of principal of or interest on any Indebtedness for Borrowed Money (other than Securitization Indebtedness of any Securitization Entity) on which the Borrower, any Guarantor or any of their
respective Subsidiaries is liable in an aggregate principal amount then outstanding of $150,000,000 or more or (ii) an event of default (other than a failure to pay principal or interest) as defined in any mortgage, indenture, agreement or
instrument under which there may be issued, or by which there may be secured or evidenced, any such Indebtedness shall happen and shall result in such Indebtedness becoming or being declared due and payable prior to the date on which it could
otherwise become due and payable; or 
 (f) the Borrower, any Guarantor or any of their respective Material Subsidiaries shall
(i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or the like of itself or of all or a substantial part of its property, (ii) become unable, admit in writing its inability or fail to pay its debts
generally as they become due, (iii) make a general assignment for the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent, (v) commence a voluntary case under the federal bankruptcy laws of the United States of America
or file a voluntary petition or answer seeking reorganization, an arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against
it in any bankruptcy, reorganization or insolvency proceeding, or action shall be taken by it for the purpose of effecting any of the foregoing, or (vi) if without the application, approval or consent of such Guarantor, the Borrower or any of
its Material Subsidiaries, a proceeding shall be instituted in any court of competent jurisdiction, under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking in respect of such Guarantor, the Borrower or any of
its Material Subsidiaries an order for relief or an adjudication in bankruptcy, reorganization, dissolution, winding up, liquidation, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver,
liquidator or custodian or the like of such Guarantor, the Borrower or such Material Subsidiaries or of all or any substantial part of its assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such
proceeding is being contested by such Guarantor, the Borrower or such Material Subsidiaries in good faith, the same shall (A) result in the entry of an order for relief or any such adjudication or appointment or (B) continue undismissed
for any period of 60 consecutive days; or 
 (g) one or more judgments or decrees shall be entered against the Borrower or any
of its Subsidiaries or any combination thereof involving in the aggregate a liability (not paid or fully covered by insurance) of $150,000,000 or more with respect to the Guarantor, the Borrower or any of their Subsidiaries and such judgments or
decrees shall not have been vacated, dismissed, discharged or stayed within 30 days from the entry thereof; or 
 (h) a Change
in Control shall occur; or 
 (i) an ERISA Event shall occur that, when taken together with all other ERISA Events that have
occurred, could reasonably be expected to result in a Material Adverse Effect; 
 then, and in any such event, (A) if such event is an
Event of Default specified in clauses (iv), (v) or (vi) of clause (f) above with respect to the Borrower, automatically the Commitments shall terminate and the Loans hereunder (with
accrued interest thereon) and all other amounts owing under the Loan Documents shall immediately become due and payable, and (B) if such event is any other Event of Default, any one or more of the following actions may be taken: with the
consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall (i) by notice of default to the Borrower, declare the Commitments to be terminated forthwith, whereupon
the Commitments shall immediately terminate; and (ii) by notice of default to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under the Loan Documents to be due and payable forthwith,
whereupon the same shall immediately become due and payable. Presentment, demand, protest, notice of intent to accelerate, notice of acceleration, and, except as expressly provided above in this Article 7, all other notices of any kind
are hereby expressly waived. 

  
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 ARTICLE 8. THE ADMINISTRATIVE AGENT 

Section 8.1 Appointment and Authority. Each of the Lenders hereby irrevocably appoints the Administrative Agent as its
agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Article 8 are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have rights as a third-party beneficiary of any of such
provisions (except for the Borrower with respect to its consent right set forth in Section 8.7). It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term)
with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is
intended to create or reflect only an administrative relationship between contracting parties. 
 Section 8.2 Rights as a
Lender. The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and
its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

Section 8.3 Exculpatory Provisions. 
 (a) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, 

(i) the Administrative Agent shall not be subject to any fiduciary or other implied duties, covenants, functions,
responsibilities, obligations or liabilities regardless of whether a Default has occurred and is continuing, 

(ii) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.1) provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative
Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any Debtor Relief Law, and 
 (iii) except as
expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by
the bank serving as Administrative Agent or any of its Affiliates in any capacity. 
 (b) The Administrative Agent shall not be
liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Section 9.1) or in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. 

  
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 (c) The Administrative Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement
or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative
Agent. 
 Section 8.4 Notice of Default. The Administrative Agent shall be deemed not to have knowledge or notice
of the occurrence of any Default or Event of Default (other than an Event of Default described in Article 7(a)) unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice or any notice pursuant to Section 5.1 or Section
5.2, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders;
provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or
Event of Default as it shall deem advisable in the best interests of the Lenders. 
 Section 8.5 Reliance by the
Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to
be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for
relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts. 
 Section 8.6 Delegation of Duties. The
Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its
duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

Section 8.7 Resignation of Administrative Agent. Subject to the appointment and acceptance of a successor Administrative
Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right with the consent of the Borrower (not to be
unreasonably withheld or delayed; and provided that no consent of the Borrower shall be required during the continuation of an Event of Default), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall
be a bank with an office in the United States, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the 

  
 47 

 
retiring Administrative Agent (other than any rights to indemnity payments owed to the retiring Administrative Agent), and the retiring Administrative Agent shall be discharged from its duties
and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative
Agent’s resignation hereunder, the provisions of this Article 8 and Section 9.5 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 
 Section
8.8 Non-Reliance on Administrative Agent by Other Lenders. Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and not investments in a business enterprise or securities. Each Lender
further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall
from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the
extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder. 

Section 8.9 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Section 2.8 and Section 9.5) allowed
in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 2.8
and Section 9.5. 
 Section 8.10 Guaranty Matters. The Lenders authorize the
Administrative Agent to release any Guarantor from its obligations as a Guarantor under this Agreement pursuant to a written request made by the Borrower, if (a) such Guarantor ceases to be a Subsidiary of the Borrower or a wholly-owned

  
 48 

 
Material Subsidiary of the Borrower that is a First Tier Subsidiary as a result of a transaction permitted under this Agreement or (b) such Guarantor is an Elective Guarantor at the time of
such release. Any such request shall be accompanied by a certificate of a Financial Officer of the Borrower certifying (which certification shall constitute a representation and warranty by the Borrower hereunder) that (i) no Event of Default
then exists or will exist after giving effect to such release, (ii) after giving pro forma effect to such release, Priority Debt will not exceed 10% of Consolidated Net Assets as of the end of the most recent fiscal quarter for which financial
statements have been delivered pursuant to Section 5.1, and (iii) the conditions for release set forth in this Section 8.10 have been satisfied. Upon request by the Administrative Agent at any time, the Required
Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under this Agreement pursuant to the terms and conditions hereof. 

Section 8.11 No Duties. None of the Joint Lead Arrangers, Co-Syndication Agents or Co-Documentation Agents shall have any
duties, responsibilities or liabilities under this Agreement and the other Loan Documents other than the duties, responsibilities and liabilities assigned to such entities in their capacities as Lenders hereunder. 

ARTICLE 9. MISCELLANEOUS 
 Section 9.1 Amendments and Waivers. Neither this Agreement, nor any Note, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of
this Section 9.1. With the written consent of the Required Lenders, the Administrative Agent and the Borrower may, from time to time, enter into written amendments, supplements or modifications hereto for the purpose of adding any
provisions to this Agreement or any other Loan Document or changing in any manner the rights of the Lenders or the Borrower hereunder or thereunder or waiving, on such terms and conditions as the Administrative Agent may specify in such instrument,
any of the requirements of this Agreement or any other Loan Document or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall
(a) extend the time of payment or maturity of any Loan or any installment thereof or reduce the rate or extend the time of payment of interest thereon, or reduce any fee payable to the Lenders hereunder, or reduce the principal amount thereof,
or increase the amount of any Lender’s Commitment, in each case without the consent of the Lender affected thereby, (b) eliminate or reduce the voting rights of the Lenders under this Section 9.1 or reduce the percentage
specified in the definition of Required Lenders, or consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement (except in a transaction permitted by and consummated in accordance with clause
(ii) of Section 6.2), in each case without the written consent of all the Lenders, (c) waive any condition precedent set forth in Section 4.1 or Section 4.2 hereunder without the consent of
all Lenders, (d) change Section 2.12 in a manner that would alter the pro rata treatment of Lenders or pro rata sharing of payments required thereby, without the written consent of all Lenders, (e) amend, modify or waive any
provision of Article 8 without the written consent of the then Administrative Agent, (f) release the Initial Guarantor or release of all or substantially all of the value of the Guarantees without the written consent of all the
Lenders (provided that no such consent shall be required in connection with any release authorized by the Lenders under Section 8.10) or (g) amend, modify or waive any provision of Article 10 without the
written consent of each Guarantor. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders
of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the outstanding Loans, and any Default or Event of Default waived shall be
deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have
any right to approve or disapprove any amendment, waiver or consent hereunder, except as set forth in Section 2.22(a). 

  
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 Section 9.2 Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to clause
(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

The Borrower and the 
 Guarantors (other than 

	      the Initial Guarantor): 
	Phillips 66 

   600 North Dairy Ashford Road

   Houston, Texas 77079 
   Attention: Treasurer 
   Telecopier: (281) 293-2941

   Telephone: (281) 293-1000 
  

	      The Initial Guarantor: 
	Phillips 66 Company 

   600 North Dairy Ashford
Road 
   Houston, Texas 77079 
   Attention: Treasurer 
   Telecopier: (281) 293-2941

   Telephone: (281) 293-1000 
  

	      The Administrative Agent: 
	JPMorgan Chase Bank, N.A. 

   1111 Fannin Street

   10th Floor 
   Houston, Texas 77002 
   Attention: Nathan Lorensen

   Telecopier: (713) 427-6307 
   Telephone: (713) 750-3536 
  

	      The Lenders: 
	To such Lender’s address (or telecopy number) 

  set forth in its Administrative Questionnaire 
 (b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and internet or intranet
websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article 2 if such Lender has notified the Administrative Agent that it is
incapable of receiving notices under such Article 2 by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
 Notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail
address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and
(ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business
Day for the recipient. 

  
 50 

 (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

Section 9.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the
Administrative Agent or any Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law. 

Section 9.4 Confidentiality. Each Lender shall maintain in confidence and not disclose to any Person any non-public
information furnished to it pursuant to this Agreement and designated by the Borrower as such (“Confidential Information”) without the prior consent of the Borrower, subject to each Lender’s (a) obligation to
disclose any Confidential Information pursuant to a request or order under applicable Laws and regulations or pursuant to a subpoena or other legal process, (b) right to disclose any Confidential Information requested by any regulatory
authority, (c) right to disclose any Confidential Information to other Lenders, to bank examiners, to its Affiliates, to its and its Affiliates’ directors, officers, employees and agents, including auditors, counsel and other advisors, to
any prospective Participant and to any prospective Purchasing Lender pursuant to Section 9.6(c) (subject to, in the case of prospective Participants and prospective Purchasing Lenders, the signing of a confidentiality agreement),
(d) right to disclose any Confidential Information in connection with any litigation or dispute or the exercise of any remedy hereunder involving the Administrative Agent or the Lenders and the Borrower or any of its Subsidiaries,
(e) right to disclose any Confidential Information on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the Senior Credit Facilities or (ii) the CUSIP Service Bureau or any
similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Senior Credit Facilities or (f) right to disclose any Confidential Information to any creditor or direct or indirect contractual counterparty in
any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder or such creditor or contractual counterparty’s professional advisor (so long as
such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 9.4); provided, however, that Confidential Information disclosed pursuant to
clause (c), (d), (e) or (f) of this sentence shall be so disclosed subject to such procedures as are reasonably calculated to maintain the confidentiality thereof. Notwithstanding the
foregoing provisions of this Section 9.4, (i) the foregoing obligation of confidentiality shall not apply to any Confidential Information that was known to such Lender or any of their respective Affiliates prior to the time it
received such Confidential Information from the Borrower pursuant to this Agreement, other than as a result of the disclosure thereof by a Person who, to the knowledge or reasonable belief of such Lender, was prohibited from disclosing it by any
duty of confidentiality arising (under this Agreement or otherwise) by contract or law, and (ii) the foregoing obligation of confidentiality shall not apply to any Confidential Information that becomes part of the public domain independently of
any act of such Lender not permitted hereunder or when identical or substantially similar information is received by such Lender, without restriction as to its disclosure or use, from a Person who was not prohibited from disclosing it by any duty of
confidentiality arising (under this Agreement or otherwise) by contract or law. The obligations of each Lender under this Section 9.4 shall survive the termination of this Agreement and the payment of the Loans and all other amounts
payable hereunder. 
 Section 9.5 Expenses; Indemnity; Taxes. 

(a) The Borrower agrees (i) to pay or reimburse the Administrative Agent and the Joint Lead Arrangers for all their out-of-pocket
costs and expenses incurred in connection with the development, 

  
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preparation, negotiation and execution and, with respect to the Administrative Agent only, administration, of this Agreement and any other Loan Document and any other documents prepared in
connection herewith, and the consummation of the transactions contemplated hereby and thereby, including the reasonable legal fees and disbursements of Haynes and Boone, LLP, counsel to the Administrative Agent and the Designated Arrangers, but
excluding all other legal fees and disbursements, (ii) to pay or reimburse the Administrative Agent and the Joint Lead Arrangers for all their costs and expenses incurred in connection with any amendment, supplement or modification to this
Agreement and any other Loan Document and any other documents prepared in connection herewith, including the reasonable legal fees and disbursements of a single law firm serving as counsel to the Administrative Agent and the Designated Arrangers,
but excluding all other legal fees and disbursements, and (iii) to pay or reimburse all out-of-pocket expenses incurred by the Administrative Agent and any Lender, including the fees, charges and disbursements of any counsel for the
Administrative Agent and any such Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section 9.5, or in connection with the Loans made hereunder,
including all such out-of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

(b) The Borrower shall indemnify the Administrative Agent, each Joint Lead Arranger, each Lender and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds
therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Loan Parties or any of their respective Subsidiaries, or any Environmental Liability related in any way to the
Loan Parties or any of their respective Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of
whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or any Joint Lead Arranger under Section 9.5(a) or Section
9.5(b), each Lender severally agrees to pay to the Administrative Agent or such Joint Lead Arranger, as the case may be, such Lender’s Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or, such Joint
Lead Arranger in its capacity as such. 
 (d) To the extent permitted by applicable Law, no party hereto shall assert, and each
such party hereby waives, any claim against any other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof; provided that, nothing in this Section 9.5(d) shall relieve the Borrower of any obligation it may have
to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 
 (e) All amounts due under this Section 9.5 shall be payable not later than 10 days after written demand therefor. 

  
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 (f) The agreements in this Section 9.5 shall survive repayment of the Loans
and all other amounts payable hereunder. 
 Section 9.6 Successors and Assigns; Participations; Purchasing Lenders.

 (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Administrative Agent,
all future holders of the Loans and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement, other than in connection with an assignment or transfer otherwise
permitted hereunder, without the prior written consent of each Lender. 
 (b) Any Lender may, without the consent of the
Borrower or the Administrative Agent, at any time sell to one or more banks or other financial institutions (each, a “Participant”) participating interests in any Loan owing to such Lender, any Note held by such Lender, any
Commitment of such Lender or any other interests of such Lender hereunder. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this
Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of its Loan for all purposes under this Agreement, and the Borrower and the Administrative Agent shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver described in the proviso in the second sentence of Section 9.1 that affects such Participant. Without affecting the limitations in the preceding sentence, each
Participant shall be entitled to the benefits of Section 2.14, Section 2.15 and Section 2.16 (subject to the requirements and limitations therein) with respect to its participation in the Commitments and the
Loans outstanding from time to time; provided that such Participant (i) agrees to be subject to the provisions of Section 2.17 and Section 2.18 as if it were a Lender, and (ii) shall not be entitled to
receive any greater amount pursuant to such Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer
occurred, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to
cooperate with the Borrower to effectuate the provisions of Section 2.17 with respect to any Participant. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 9.7(b) as though
it were a Lender, provided that such Participant agrees to be subject to Section 9.7(a) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered
form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register. 
 (c) Each Lender may, with the consent of the Borrower (except that
such consent shall not be required during the continuation of an Event of Default or for any assignment to an existing Lender or an 

  
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 Affiliate thereof), the Administrative Agent (except that such consent shall not be required for any
assignment to an existing Lender or an Affiliate thereof and which consent, when required, shall not be unreasonably withheld) sell or assign to one or more Lenders or additional banks, financial institutions or other entities (other than the
Borrower or any of its Affiliates) (a “Purchasing Lender”) (other than a Purchasing Lender that is a Defaulting Lender or that would be a Defaulting Lender upon becoming a Lender hereunder) all or part of its rights and
obligations under this Agreement pursuant to a duly executed Assignment and Assumption; provided that, if such sale is not to one or more existing Lenders or an Affiliate thereof, (i) such sale shall be in a minimum amount of $10,000,000
unless each of the Administrative Agent, and for so long as no Event of Default has occurred and is continuing, the Borrower, otherwise consents and (ii) the Commitment retained (if any) by such transferor Lender after such sale shall be at
least $10,000,000 unless each of the Administrative Agent, and for so long as no Event of Default has occurred and is continuing, the Borrower, otherwise consents. Notwithstanding the foregoing, any Lender may sell to one or more Lenders or
Purchasing Lenders designated by the Borrower all of its Commitment and all of its rights and obligations under this Agreement relating to such Commitment pursuant to an Assignment and Assumption as described in the preceding sentence in connection
with a purchase thereof effected pursuant to Section 2.18. Upon (A) the execution of such Assignment and Assumption, (B) delivery of an executed copy thereof to the Borrower, (C) recordation of such transfer in the
Register and (D) payment by such Purchasing Lender to the Administrative Agent of a registration and processing fee of $4,000 if such Purchasing Lender is not a Lender prior to the execution of such Assignment and Assumption and $2,000
otherwise (provided that the Administrative Agent in its sole discretion may elect to waive such fee), from and after the Transfer Effective Date determined pursuant to such Assignment and Assumption, such Purchasing Lender shall for all
purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender under this Agreement to the same extent as if it were an original party hereto with a Commitment as set forth therein and, in the case of an
Assignment and Assumption executed pursuant to Section 2.18 or any other assignment permitted hereunder of all of a Lender’s Commitment and all of its rights and obligations under this Agreement relating to such Commitment, the
transferor Lender shall cease to be a party hereto, but shall continue to be entitled to the benefits of Section 2.14, Section 2.15, Section 2.16 and Section 9.5, in each case with respect to facts and
circumstances occurring prior to the effective date of such assignment. Such Assignment and Assumption shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of any Purchasing Lender that was
not a Lender prior to the execution of such Assignment and Assumption and the resulting adjustment of the Commitments and the Pro Rata Shares arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of
such transferor Lender under this Agreement. Upon the consummation of any transfer to a Purchasing Lender pursuant to this Section 9.6(c), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate
arrangements so that, if required, a replacement Note is issued to such transferor Lender and a new Note or, as appropriate, a replacement Note, is issued to such Purchasing Lender, in each case in principal amounts reflecting their respective
Commitments. Such new Notes shall be in the form of the Notes replaced thereby. 
 (d) The Administrative Agent shall maintain,
acting solely for this purpose as agent for the Borrower at its address referred to in Section 9.2, a copy of each Assignment and Assumption delivered to it and a register (the “Register”) for the recordation of
the names and addresses of the Lenders and any Commitment of, and principal amount (and stated interest) of the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the
Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loan recorded therein for all purposes of this Agreement. The Register shall be available for inspection by the
Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (e) Upon its receipt of an Assignment and Assumption executed by a transferor Lender, a
Purchasing Lender, the Borrower and the Administrative Agent, and, unless waived by the Administrative Agent pursuant to Section 9.6(c), payment by the Purchasing Lender to the Administrative Agent of a registration and processing fee
of $4,000 if such Purchasing Lender is not a Lender prior to the execution of such Assignment and Assumption and $2,000 otherwise, the Administrative Agent shall (i) promptly accept such Assignment and Assumption, (ii) on the Transfer
Effective Date determined pursuant thereto record the information contained therein in the Register and (iii) give notice of such acceptance and recordation to the Lenders and the Borrower. 

(f) The Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a
“Transferee”) and any prospective Transferee any and all financial information (other than Confidential Information except as permitted by Section 9.4) in such Lender’s possession concerning the Borrower,
which has been delivered to such Lender by the Borrower pursuant to this Agreement or which has been delivered to such Lender by the Borrower in connection with such Lender’s credit evaluation of the Borrower prior to entering into this
Agreement. 
 (g) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 9.6 shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(h) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue a Note to any Lender requiring a Note to
facilitate transactions of the type described in Section 9.6(h) above. 
 Section 9.7 Adjustments;
Set-off. 
 (a) If any Lender (a “Benefited Lender”) shall at any time receive any payment of
all or part of its Loans or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in clause (f) of Article
7, or otherwise) in a greater proportion than any such payment to and collateral received by any other Lender, if any, in respect of such other Lender’s Loans, or interest thereon, such Benefited Lender shall purchase (for cash at face
value) from the other Lenders participations in the Loans, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, to the extent necessary to cause such Benefited Lender to share the excess payment or
benefits of such collateral or proceeds ratably with each of the Lenders in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided, however, that (i) if any such
participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this Section 9.7 shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this Section 9.7 shall apply). The Borrower
consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (b) In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of an Event of Default each Lender and each of its respective Affiliates shall
have the right, without prior notice to any Loan Party, any such notice being expressly 

  
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waived by such Loan Party to the extent permitted by applicable Law, to set off and appropriate and apply against the obligations under this Agreement any and all deposits (general or special,
time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender
to or for the credit or the account of any Loan Party. The rights of each Lender and their respective Affiliates under this Section 9.7 are in addition to other rights and remedies (including other rights of setoff) that such Lender or
its Affiliates may have. Each Lender agrees promptly to notify the applicable Loan Party and the Administrative Agent after any such set-off and application made by such Lender, provided that the failure to give such notice shall not affect
the validity of such set-off and application. 
 Section 9.8 Counterparts . This Agreement may be executed by one
or more of the parties to this Agreement on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by
facsimile transmission, emailed pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed
by all the parties hereto shall be lodged with the Borrower and the Administrative Agent. 
 Section 9.9 GOVERNING
LAW. THIS AGREEMENT AND ANY NOTES AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

Section 9.10 Jurisdiction; Venue. Any legal action or proceeding with respect to this Agreement shall be brought in the
courts of the State of New York sitting in the County of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by execution and delivery of this Agreement, each of the Borrower and each
Guarantor hereby accepts for and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 9.2. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Nothing herein shall affect the right of the Administrative Agent or any
Lender to commence legal proceedings or otherwise proceed against the Borrower or the Guarantors in any other jurisdiction. Each of the Borrower and each Guarantor hereby irrevocably and unconditionally waives any objection that it may now or
hereafter have to the venue of any action described in this Section 9.10, or that such proceeding was brought in an inconvenient court, and agrees not to plead or claim the same. 

Section 9.11 Survival. All covenants, agreements, representations and warranties made herein and in any certificate,
document or statement delivered pursuant hereto or in connection herewith shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans regardless
of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is
extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid. The provisions of Section
2.14, Section 2.15, Section 2.16, Section 9.5 and Article 8 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of
the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

  
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 Section 9.12 Entire Agreement. This Agreement sets forth the entire agreement
of the parties hereto with respect to its subject matter, and supersedes all previous understandings, written or oral, with respect thereto. 
 Section 9.13 WAIVER OF JURY TRIAL. THE BORROWER, EACH GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY NOTE AND FOR ANY COUNTERCLAIM THEREIN. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.13. 
 Section 9.14
Severability. Any provision of this Agreement or of any other Loan Document which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability or non-authorization without invalidating the remaining provisions hereof or thereof or affecting the validity, enforceability or legality of any such provision in any other jurisdiction. 

Section 9.15 [Intentionally Blank] 
 Section 9.16 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other
amounts which are treated as interest on such Loan under applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged,
taken, received or reserved by the Lender holding such Loan in accordance with applicable Law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate
and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 9.16 shall be cumulated and the interest and Charges payable to
such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been
received by such Lender. 
 Section 9.17 Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 9.18 Material Non-Public Information. 
 (a) EACH LENDER ACKNOWLEDGES THAT THE CONFIDENTIAL INFORMATION AS DEFINED IN SECTION 9.4 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION
CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC
INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

  
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 (b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE
BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES
OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH BANK REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 
 Section 9.19 USA PATRIOT Act
Notice. The Administrative Agent (for itself and not on behalf of any Lender) and each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Patriot Act”) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 
 ARTICLE 10. SUBSIDIARY GUARANTEE 
 Section 10.1 Guarantee.
Each Guarantor, jointly and severally, hereby unconditionally and irrevocably guarantees to the Administrative Agent and the Lenders (the “Subsidiary Guarantee”), as primary obligor and not merely as surety, the prompt and
complete payment when due, whether at stated maturity, by acceleration or otherwise, of all obligations of the Borrower now or hereafter existing under this Agreement and any other Loan Document, whether for principal, interest, fees, expenses or
otherwise, including obligations which, but for an automatic stay under Section 362(a) of the Bankruptcy Code or any other insolvency law or other proceeding, would become due (such obligations being hereinafter referred to as the
“Obligations”), and agrees to pay any and all expenses (including the legal fees, charges and disbursements of counsel) incurred by the Administrative Agent and each Lender in enforcing any rights under the Subsidiary
Guarantee. No amendment or modification of the Subsidiary Guarantee may be made without the prior written consent of each Guarantor. Notwithstanding anything contained herein to the contrary, the obligations of the each Guarantor under the
Subsidiary Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations under the Subsidiary Guarantee subject to avoidance under Section 548 of the Bankruptcy Code (Title 11, United States
Code) or any comparable provisions of any applicable state law. 
 Section 10.2 Waiver of Subrogation .
Notwithstanding any payment or payments made by a Guarantor hereunder, or any set-off or application of funds of any Guarantor by the Administrative Agent or any Lender, such Guarantor shall not be entitled to be subrogated to any of the rights of
the Administrative Agent and the Lenders against the Borrower or against any collateral security or guarantee or right of offset held by the Administrative Agent or the Lenders for the payment of the Obligations, nor shall any Guarantor seek any
reimbursement from the Borrower in respect of payments made by the Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower are paid in full. If any amount shall be paid to any Guarantor on account of
such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor, in trust for the Administrative Agent and each Lender, segregated from other funds of such Guarantor and
shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent, for the ratable benefit of itself and the Lenders, in the exact form received by such Guarantor (duly indorsed by such Guarantor, if required), to be
applied against the Obligations, whether mature or unmatured, in such order as any Lender may determine. 

  
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 Section 10.3 Amendments, etc. with respect to the Obligations. Each Guarantor
shall remain obligated hereunder notwithstanding that, without any reservation of rights against such Guarantor, and without notice to or further assent by any Guarantor, any demand for payment of any of the Obligations made by the Administrative
Agent or any Lender may be rescinded by the Administrative Agent or such Lender, as applicable, and any of the Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security
or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender,
and this Agreement, and any Note and any other document in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as any Lender may deem advisable from time to time, and any collateral security, guarantee or
right of offset at any time held by the Administrative Agent or any Lender for the payment of the Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have any obligation to
protect, secure, perfect or insure any Lien or security interest at any time held by it as security for the Obligations or for this Subsidiary Guarantee or any property subject thereto. 

Section 10.4 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal,
extension or accrual of any of the Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon this Subsidiary Guarantee or acceptance of this Subsidiary Guarantee; the Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred in reliance upon this Subsidiary Guarantee; and all dealings between the Borrower and the Guarantors, on the one hand, and the Administrative Agent or any Lender, as applicable, on
the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Subsidiary Guarantee. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon
the Borrower, such Guarantor or any other Guarantor with respect to the Obligations. This Subsidiary Guarantee shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to, and each Guarantor hereby expressly
waives any defenses to its obligations hereunder based upon (a) the validity or enforceability of this Agreement, any Note, any of the Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at any
time or from time to time held by the Administrative Agent or any Lender, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations or any other Obligations of any other Loan Party under
or in respect of the Loan Documents, or any other amendment or waiver of or any consent to departure from any Loan Document, including any increase in the Obligations resulting from the extension of additional credit to any Loan Party or any of its
Subsidiaries or otherwise, (c) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower against the Administrative Agent or any Lender, or
(d) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or any Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Obligations, or of
any Guarantor under this Subsidiary Guarantee, in bankruptcy or in any other instance. When pursuing its rights and remedies hereunder against the Guarantors, the Administrative Agent and each Lender may, but shall be under no obligation to, pursue
such rights and remedies as it may have against the Borrower or any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or such
Lender, as applicable, to pursue such other rights or remedies or to collect any payments from the Borrower or any such other Person or to realize upon any such collateral security, or guarantee or right of offset, shall not relieve the Guarantor of
any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent and the Lenders against each Guarantor. 

Section 10.5 Reinstatement. This Subsidiary Guarantee shall continue to be effective, or be reinstated, as the case may be,
if at any time payment, or any part thereof, of any of the Obligations is 

  
 59 

 
rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or upon
or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any substantial part of its property, or otherwise, all as though such payments had not been made. 

Section 10.6 Payments. Each of the Guarantors and the Borrower hereby agrees that the Obligations will be paid to the
Administrative Agent, for the account of the Administrative Agent and the Lenders, without set-off or counterclaim in Dollars as expressed to be payable hereunder and under any Note, in immediately available funds at the office of the Administrative
Agent specified in Section 9.2. 
 Section 10.7 Additional Guarantors. Upon the execution and
delivery by any Person of a Guarantee Joinder and other required documents as provided in Section 5.9, such Person shall be a Guarantor and shall be a party hereto as if an original signatory hereto. 

Section 10.8 Guarantee Effectiveness. The provisions of this Article 10 and the Subsidiary Guarantee shall
become effective on the Guarantee Effectiveness Date. 
 [Remainder of Page Intentionally Blank; Signature Pages Follow]

  
 60 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
 Phillips 66 

By: /s/ Frances M. Vallejo 
 Name: Frances
M. Vallejo 
 Title: Vice President and Treasurer 
 Phillips 66 Company 
 By: /s/ Frances M. Vallejo 

Name: Frances M. Vallejo 
 Title: Vice President
and Treasurer 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent and a Lender 
 By: /s/ M. Hasan 

Name: Muhammad Hasan 
 Title: Vice President

 THE ROYAL BANK OF SCOTLAND PLC, 
 as a Lender 
 By: /s/ Nathan Bautista 

Name: Nathan Bautista 
 Title: Authorised
Signatory 
 BANK OF AMERICA, N.A., 
 as a Lender 
 By: /s/ Joseph Scott 
 Name: Joseph Scott 
 Title: Director 
 CITIBANK, N.A., 
 as a Lender 
 By: /s/ Andrew Sidford 
 Name: Andrew Sidford 

Title: Vice President 
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., 
 as a Lender 
 By: /s/ Andrew Oram 
 Name: Andrew Oram 

Title: Managing Director 

 DNB BANK ASA, GRAND CAYMAN BRANCH, 
 as a Lender 
 By: /s/ Barbara Gronquist 

Name: Barbara Gronquist 
 Title: Senior Vice
President 
 By: /s/ Kjell Tore Egge 
 Name: Kjell Tore Egge 
 Title: Senior Vice President 

ROYAL BANK OF CANADA, 
 as a Lender

 By: /s/ Don J. McKinnerney 

Name: Don J. McKinnerney 
 Title: Authorized
Signatory 
 CREDIT SUISSE AG, CAYMAN ISLANDS, 
 as a Lender 
 By: /s/ Nupur Kumar 
 Name: Nupur Kumar 
 Title: Vice President 
 By: /s/ Michael Spaight 
 Name: Michael Spaight 

Title: Associate 
 THE BANK OF NOVA SCOTIA,

 as a Lender 
 By: /s/ John
Frazell 
 Name: John Frazell 

Title: Director 
 LLOYDS TSB BANK PLC,

 as a Lender 
 By: /s/ Dennis
McClellan 
 Name: Dennis McClellan 

Title: Assistant Vice President, M040 
 By:
/s/ Karen Weich 
 Name: Karen Weich 
 Title: Vice President, W011 
 Mizuho Corporate Bank, Ltd., 

as a Lender 
 By: /s/ Raymond Ventura

 Name: Raymond Ventura 
 Title: Deputy
General Manager 

 PNC BANK, NATIONAL ASSOCIATION, 
 as a Lender 
 By: /s/ M. Colin Warman 

Name: M. Colin Warman 
 Title: Vice President

 Sumitomo Mitsui Banking Corporation, 
 as a Lender 
 By: /s/ Masakazu Hasegawa 

Name: Masakazu Hasegawa 
 Title: Managing
Director 
 Deutsche Bank AG New York Branch, 
 as a Lender 
 By: /s/ Yvonne Tilden 
 Name: Yvonne Tilden 
 Title: Director 
 By: /s/ Ming K. Chu 
 Name: Ming K. Chu 

Title: Vice President 
 MORGAN STANLEY BANK,
N.A., 
 as a Lender 
 By: /s/
Michael King 
 Name: Michael King 

Title: Authorized Signatory 
 BNP Paribas,

 as a Lender 
 By: /s/ Claudia
Zarate 
 Name: Claudia Zarate 

Title: Director 
 By: /s/ Robert J.
Munozinski 
 Name: Robert J. Munozinski 
 Title: Managing Director 
 Export Development Canada, 

as a Lender 
 By: /s/ Christiane de Billy

 Name: Christiane de Billy 
 Title:
Financing Manager 
 By: /s/ Joanne Tognarelli 
 Name: Joanne Tognarelli 
 Title: Senior Financing Manager 

 The Northern Trust Company, 
 as a Lender 
 By: /s/ Keith L. Burson 

Name: Keith L. Burson 
 Title: Vice President

 The Bank of New York Mellon, 

as a Lender 
 By: /s/ Hussam S. Alsahlani

 Name: Hussam S. Alsahlani 
 Title:
Vice President 
 U.S. Bank National Association, 
 as a Lender 
 By: /s/ John Prigge 
 Name: John Prigge 
 Title: Vice President 
 Compass Bank, 
 as a Lender 
 By: /s/ Jason Goetz 
 Name: Jason Goetz 

Title: Vice President 
 FIRST HAWAIIAN BANK,

 as a Lender 
 By: /s/ Landon
Santos 
 Name: Landon Santos 

Title: Corporate Banking Officer 
 Bank of
Communications Co., Ltd., 
 as a Lender 
 By: /s/ Shelley He 
 Name: Shelley He 

Title: Deputy General Manager 
 Comerica
Bank, 
 as a Lender 
 By: /s/
L.J. Perenyi 
 Name: L.J. Perenyi 

Title: Vice President 
 CHANG HWA COMMERCIAL
BANK, LTD., NEW YORK BRANCH, 
 as a Lender 
 By: /s/ Eric Y.S. Tsai 
 Name: Eric Y.S. Tsai 

Title: Vice President & General Manager 

 First Commercial Bank New York Branch, 
 as a Lender 
 By: /s/ Jason Lee 
 Name: Jason Lee 
 Title: General Manager 
 National Bank of Kuwait, S.A.K., Grand Cayman Branch, 
 as a Lender 

By: /s/ Rex E. Richardson 
 Name: Rex E.
Richardson 
 Title: Assistant General Manager 
 By: /s/ Wendy B. Wanninger 
 Name: Wendy B. Wanninger 

Title: Executive Manager Corporate Banking 

Taiwan Cooperative Bank Los Angeles Branch, 
 as a Lender 
 By: /s/ Tsu Neng Ko 
 Name: Warren Ko (Tsu Neng Ko) 
 Title: VP & Deputy General ManagerForm Tax Sharing Agreement

 Exhibit 10.1 
 TAX SHARING AGREEMENT 
 DATED AS OF [•], 2012 

BY AND AMONG 

CONOCOPHILLIPS, 
 CONOCOPHILLIPS COMPANY, 
 PHILLIPS 66, 

AND 

PHILLIPS 66 COMPANY 

 TABLE OF CONTENTS 

 

					
	 	  	 Page
	 
	 Section 1. Definition of Terms
	  	 	2	  
		
	 Section 2. Allocation of Tax Liabilities and Tax Benefits
	  	 	13	  
	 Section 2.01 General Rule
	  	 	13	  
	 Section 2.02 Federal Tax and Tax Benefits
	  	 	13	  
	 Section 2.03 State Tax and Tax Benefits
	  	 	14	  
	 Section 2.04 Foreign Tax and Tax Benefits
	  	 	16	  
	 Section 2.05 UK Taxes
	  	 	17	  
	 Section 2.06 Certain Transaction Taxes and Breaches of Covenant
	  	 	18	  
	 Section 2.07 Tax Benefits
	  	 	19	  
	 Section 2.08 Special Allocation and Computational Rules
	  	 	20	  
	 Section 2.09 Deductible and Includible Tax Payments
	  	 	20	  
		
	 Section 3. Proration of Taxes for Straddle Periods
	  	 	21	  
		
	 Section 4. Preparation and Filing of Tax Returns
	  	 	22	  
		
	 Section 4.01 General
	  	 	22	  
	 Section 4.02 ConocoPhillips’s Responsibility
	  	 	22	  
	 Section 4.03 Phillips 66’s Responsibility
	  	 	22	  
	 Section 4.04 Tax Return Filing and Past Practices
	  	 	22	  
	 Section 4.05 Consolidated or Combined Tax Returns
	  	 	23	  
	 Section 4.06 Right to Review Tax Returns
	  	 	24	  
	 Section 4.07 Phillips 66 Carrybacks and Claims for Refund
	  	 	25	  
	 Section 4.08 Apportionment of Earnings and Profits and Tax Attributes
	  	 	25	  
		
	 Section 5. Due Date for Payments and Related Matters
	  	 	27	  
	 Section 5.01 General Rule
	  	 	27	  

  
 i 

  

					
	 Section 5.02 ConocoPhillips Federal Consolidated Income Tax Returns, ConocoPhillips State Combined Income Tax Returns and
State Separate Income Tax Returns
	  	 	27	  
	 Section 5.03 Other Taxes
	  	 	32	  
	 Section 5.04 Certain Separate Return Income Taxes and Property Taxes
	  	 	35	  
	 Section 5.05 Tax-Related Losses
	  	 	35	  
	 Section 5.06 Treatment of Payments; Tax Gross Up
	  	 	36	  
	 Section 5.07 Late Payments
	  	 	36	  
		
	 Section 6. Tax-Free Status
	  	 	36	  
	 Section 6.01 Tax Opinions/Rulings and Representation Letters
	  	 	36	  
	 Section 6.02 Restrictions on Phillips 66 and Phillips 66 Company
	  	 	37	  
	 Section 6.03 Procedures Regarding Opinions and Rulings
	  	 	40	  
	 Section 6.04 Liability for Tax-Related Losses
	  	 	41	  
		
	 Section 7. Assistance and Cooperation
	  	 	42	  
	 Section 7.01 Assistance and Cooperation
	  	 	42	  
	 Section 7.02 Tax Packages and Other Tax Return Information
	  	 	42	  
	 Section 7.03 Reliance by ConocoPhillips
	  	 	43	  
		
	 Section 8. Tax Records
	  	 	43	  
	 Section 8.01 Retention of Tax Records
	  	 	43	  
	 Section 8.02 Access to Tax Records
	  	 	44	  
		
	 Section 9. Tax Contests
	  	 	44	  
	 Section 9.01 Notice
	  	 	44	  
	 Section 9.02 Control of Tax Contests
	  	 	44	  

  
 ii 

  

					
	 Section 10. Effective Date; Termination of Prior Intercompany Tax Allocation Agreements
	  	 	47	  
	 Section 11. Survival of Obligations
	  	 	47	  
	 Section 12. Dispute Resolution
	  	 	47	  
	 Section 13. Expenses
	  	 	48	  
	 Section 14. General Provisions
	  	 	48	  
		
	 Section 14.01 Addresses and Notices
	  	 	48	  
	 Section 14.02 Binding Effect
	  	 	49	  
	 Section 14.03 Waiver
	  	 	49	  
	 Section 14.04 Severability
	  	 	49	  
	 Section 14.05 Authority
	  	 	49	  
	 Section 14.06 Further Action
	  	 	49	  
	 Section 14.07 Integration
	  	 	49	  
	 Section 14.08 Construction
	  	 	50	  
	 Section 14.09 No Double Recovery
	  	 	50	  
	 Section 14.10 Counterparts
	  	 	50	  
	 Section 14.11 Governing Law
	  	 	50	  
	 Section 14.12 Jurisdiction
	  	 	50	  
	 Section 14.13 Amendment
	  	 	50	  
	 Section 14.14 Phillips 66 Subsidiaries
	  	 	50	  
	 Section 14.15 Successors
	  	 	51	  
	 Section 14.16 Injunctions
	  	 	51	  

  
 iii

 TAX SHARING AGREEMENT 

This TAX SHARING AGREEMENT (this “Agreement”) is entered into as of [•], 2012, by and among ConocoPhillips,
a Delaware corporation (“ConocoPhillips”), ConocoPhillips Company, a Delaware corporation and a wholly-owned subsidiary of ConocoPhillips (“ConocoPhillips Company”), Phillips 66, a Delaware corporation and a
wholly-owned subsidiary of ConocoPhillips (“Phillips 66”), and Phillips 66 Company, a Delaware corporation and a wholly-owned subsidiary of ConocoPhillips Company (“Phillips 66 Company”) (ConocoPhillips and Phillips
66 are sometimes collectively referred to herein as the “Companies” and, as the context requires, individually referred to herein as the “Company”). 

RECITALS 

WHEREAS, the board of directors of ConocoPhillips has determined that it is in the best interests of ConocoPhillips and its stockholders
to create a new publicly traded company that shall operate the Phillips 66 Business; 
 WHEREAS, pursuant to the Separation and
Distribution Agreement, ConocoPhillips and Phillips 66 have agreed to create the new publicly traded company by means of, among other actions, (a) the contribution by ConocoPhillips Company to Phillips 66 Company of any Phillips 66 Assets held
directly by ConocoPhillips Company in exchange for (i) the assumption by Phillips 66 Company of any Phillips 66 Liabilities from ConocoPhillips Company, and (ii) a number of shares of common stock, par value $0.01 per share, of Phillips 66
Company (the “Internal Contribution”); (b) the distribution, on the Internal Distribution Date, by ConocoPhillips Company to ConocoPhillips of all the outstanding shares of common stock, par value $0.01 per share, of Phillips
66 Company (the “Internal Distribution”); (c) the contribution by ConocoPhillips to Phillips 66 of all the outstanding stock of Phillips 66 Company and any Phillips 66 Assets held directly by ConocoPhillips in exchange for
(i) the assumption by Phillips 66 of any Phillips 66 Liabilities from ConocoPhillips, (ii) a special cash distribution; and (iii) a number of shares of Phillips 66 Common Stock (the “Contribution”); and (d) the
distribution to holders of shares of ConocoPhillips Common Stock, through a spin-off, of all the outstanding shares of Phillips 66 Common Stock, as more fully described in the Separation and Distribution Agreement and the Ancillary Agreements (the
“Distribution”); 
 WHEREAS, as of the date hereof, ConocoPhillips is the common parent of an affiliated group
of corporations, including ConocoPhillips Company, Phillips 66, and Phillips 66 Company, which has elected to file consolidated Federal Income Tax Returns; 
 WHEREAS, as a result of the Distribution, Phillips 66 and its subsidiaries will cease to be members of the affiliated group (as that term is defined in Section 1504 of the Code) of which
ConocoPhillips is the common parent; 
 WHEREAS, the parties desire to provide for and agree upon the allocation between the
parties of liabilities for Taxes arising prior to, as a result of, and subsequent to the Distribution, and to provide for and agree upon other matters relating to Taxes; 
 NOW THEREFORE, in consideration of the mutual agreements contained herein, the parties hereby agree as follows: 

 Section 1. Definition of Terms . 

For purposes of this Agreement (including the recitals hereof), the following terms have the following meanings, and capitalized terms
used but not otherwise defined herein shall have the meaning ascribed to them in the Separation and Distribution Agreement: 

“Accounting Cutoff Date” means, with respect to Phillips 66, any date as of the end of which there is a closing of the
financial accounting records for such entity. 
 “Accrued” has the meaning set forth in
Section 5.02(b)(i)(A) of this Agreement. 
 “Accrued ConocoPhillips Other Tax Liability” has the meaning
set forth in Section 5.03(b)(ii)(A)of this Agreement. 
 “Accrued ConocoPhillips State Income Tax Asset”
has the meaning set forth in Section 5.02(b)(ii)(A) of this Agreement. 
 “Accrued ConocoPhillips State Income Tax
Liability” has the meaning set forth in Section 5.02(b)(ii)(A) of this Agreement. 
 “Accrued Phillips 66
Federal Income Tax Asset” has the meaning set forth in Section 5.02(b)(i)(A) of this Agreement. 

“Accrued Phillips 66 Income Tax Asset” has the meaning set forth in Section 5.02(b)(i)(A) of this Agreement.

 “Accrued Phillips 66 Other Tax Liability” has the meaning set forth in Section 5.03(b)(i)(A) of this
Agreement. 
 “Accrued Phillips 66 State Income Tax Asset” has the meaning set forth in
Section 5.02(b)(i)(A) of this Agreement. 
 “Accrued Phillips 66 Federal Income Tax Liability” has
the meaning set forth in Section 5.02(b)(i)(A) of this Agreement. 
 “Accrued Phillips 66 Income Tax
Liability” has the meaning set forth in Section 5.02(b)(i)(A) of this Agreement. 
 “Accrued Phillips 66
State Income Tax Liability” has the meaning set forth in Section 5.02(b)(i)(A) of this Agreement. 

“Active Trade or Business” means the active conduct (as defined in Section 355(b)(2) of the Code and the
regulations thereunder) by (a) Phillips 66 and its “separate affiliated group” (as defined in Section 355(b)(3)(B) of the Code) of the Refining Active Business (as defined in the Ruling Request) as conducted immediately prior to
the Distribution; and (b) Phillips 66 Company and its “separate affiliated group” (as defined in Section 355(b)(3)(B) of the Code) of the Refining Active Business (as defined in the Ruling Request) as conducted immediately prior
to the Internal Distribution. 

  
 2 

 “Adjustment Request” means any formal or informal claim or request filed
with any Tax Authority, or with any administrative agency or court, for the adjustment, refund, or credit of Taxes, including (a) any amended Tax return claiming adjustment to the Taxes as reported on the Tax Return or, if applicable, as
previously adjusted, (b) any claim for equitable recoupment or other offset, and (c) any claim for refund or credit of Taxes previously paid. 
 “Affiliate” means any entity that is directly or indirectly “controlled” by either the person in question or an Affiliate of such person. “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract or otherwise. The term Affiliate shall refer to Affiliates of a
person as determined immediately after the Distribution. 
 “Agreed UK Group Relief Surrenders” means Group
Relief Surrenders between members of one Group and members of the other Group in the amounts and in respect of the UK Corporation Tax UK Accounting Periods set out in Appendix 1 to Schedule 2.05 or such other Group Relief Surrenders as fall to be
made in accordance with Paragraph 3 of Schedule 2.05, and any reference to an amendment to an Agreed UK Group Relief Surrender shall include any amendment or adjustment to, any withdrawal of and the making of any claim, election, surrender, notice
or consent that is inconsistent with the claims, elections, surrenders, notices or consents made in respect of such Agreed UK Group Relief Surrender prior to Closing. 
 “Agreement” means this Tax Sharing Agreement. 

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

“Benefit Intercompany Payee” has the meaning set forth in Section 2.09 of this Agreement. 

“Benefit Intercompany Payor” has the meaning set forth in Section 2.09 of this Agreement. 

“Board Certificate” has the meaning set forth in Section 6.02(e) of this Agreement. 

“Business Day” means a day other than a Saturday, a Sunday, or a day on which banking institutions located in Houston,
Texas, New York, New York, or London, England are authorized or obligated by law or executive order to close. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Companies” and “Company” have the meaning provided in the first sentence of this Agreement.

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

“ConocoPhillips” has the meaning provided in the first sentence of this Agreement. 

  
 3 

 “ConocoPhillips Affiliated Group” means the affiliated group (as that term
is defined in Section 1504 of the Code and Treasury Regulations thereunder) of which ConocoPhillips is the common parent. 

“ConocoPhillips Business” has the meaning provided in the Separation and Distribution Agreement. 

“ConocoPhillips Company” has the meaning provided in the first sentence of this Agreement. 

“ConocoPhillips Federal Consolidated Income Tax Return” means any U.S. Federal consolidated Tax Return in respect of
Federal Income Taxes for the ConocoPhillips Affiliated Group. 
 “ConocoPhillips Group” means ConocoPhillips
and its Affiliates, excluding any entity that is a member of the Phillips 66 Group. 
 “ConocoPhillips Group Transaction
Returns” shall have the meaning set forth in Section 4.04(b) of this Agreement. 
 “ConocoPhillips Past
Practice” has the meaning set forth in Section 4.04(a) of this Agreement. 
 “ConocoPhillips Separate
Return” means any Separate Return of ConocoPhillips or any member of the ConocoPhillips Group. 

“ConocoPhillips State Combined Income Tax Return” means a consolidated, combined or unitary State Tax Return in respect
of State Income Taxes that actually includes, by election or otherwise, one or more members of the ConocoPhillips Group together with one or more members of the Phillips 66 Group. 

“ConocoPhillips Tax Attributes” means any Tax Attributes other than Phillips 66 Tax Attributes. 

“ConocoPhillips UK Tax Practice” has the meaning set forth in Section 4.04(a) of this Agreement. 

“ConocoPhillips UK Topco” means ConocoPhillips Holdings Limited. 

“Controlling Party” means, in the case of any Tax Contest described in Section 9.02(a) or (b), the Company entitled
to control the Tax Contest under such Section. 
 “Corresponding Relievable Loss” means a Relievable Loss which
may be the subject of an Agreed UK Group Relief Surrender as set out in Appendix 1 to Schedule 2.05 subject to adjustment as contemplated by Paragraph 3 of Schedule 2.05. 
 “CTA 2009” means the United Kingdom’s Corporation Tax Act 2009. 
 “CTA 2010” means the United Kingdom’s Corporation Tax Act 2010. 

  
 4 

 “Dispute” has the meaning set forth in Section 12 of this Agreement.

 “DGCL” means the Delaware General Corporation Law. 

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

“Distribution Date” means the date determined in accordance with Section 3.3(a) of the Separation and Distribution
Agreement on which the Distribution occurs. 
 “Employee Matters Agreement” has the meaning set forth in the
Separation and Distribution Agreement. 
 “Excess Foreign Tax Credits” means, for each category of foreign tax
credits under Section 901 of the Code, the excess, if any, of the foreign tax credits (other than foreign tax credits that are Phillips 66 Tax Attributes) utilized by the Phillips 66 Business with respect to the ConocoPhillips Federal
Consolidated Income Tax Returns for the Pre-Distribution Periods that end during 2011 or 2012 and any Straddle Period, collectively, taking into account any adjustment pursuant to a Final Determination of any such Tax Return, as determined pursuant
to and consistent with the ConocoPhillips Past Practice, over the amount of such foreign tax credits utilized by the Phillips 66 Business as reported on such Tax Returns (other than any amended Tax Returns), collectively, as determined pursuant to
and consistent with the ConocoPhillips Past Practice. 
 “Federal Income Tax” means any Tax imposed by Subtitle
A of the Code, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“Federal Other Tax” means any Tax imposed by the federal government of the United States of America other than any
Federal Income Taxes, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“Federal Tax” means any Federal Income Taxes or Federal Other Taxes. 

“Fifty-Percent or Greater Interest” has the meaning ascribed to such term for purposes of Sections 355(d) and
(e) of the Code. 
 “Final Determination” means the final resolution of liability for any Income Tax or
Other Tax, which resolution may be for a specific issue or adjustment or for a taxable period, (a) by IRS Form 870 or 870-AD (or any successor forms thereto), on the later of the date of acceptance by or on behalf of the taxpayer or the IRS, or
by a comparable form under the Laws of a State, local, or foreign taxing jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by
operation of Law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such taxable period (as applicable); (b) by a decision,
judgment, decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (c) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under
the Laws of a State, local, or foreign taxing jurisdiction; (d) by any allowance of a refund or credit in respect of an overpayment of Income Tax or Other Tax, but only after the 

  
 5 

 
expiration of all periods during which such refund may be recovered (including by way of offset) by the jurisdiction imposing such Income Tax or Other Tax; (e) by a final settlement
resulting from a treaty-based competent authority determination; or (f) by any other final disposition, including by reason of the expiration of the applicable statute of limitations or by mutual agreement of the parties. 

“Foreign Income Tax” means any Tax imposed by any foreign country or any possession of the United States, or by any
political subdivision of any foreign country or any possession of the United States, which is an income tax as defined in Treasury Regulation Section 1.901-2, and any interest, penalties, additions to tax, or additional amounts in respect of
the foregoing. 
 “Foreign Other Tax” means any Tax imposed by any foreign country or any possession of the
United States, or by any political subdivision of any foreign country or any possession of the United States, other than any Foreign Income Taxes and Foreign Property Taxes, and any interest, penalties, additions to tax, or additional amounts in
respect of the foregoing. 
 “Foreign Property Tax” means any real, personal and intangible ad valorem
property Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or any possession of the United States, and any interest penalties, additions to tax, or additional amounts in
respect of the foregoing. 
 “Foreign Tax” means any Foreign Income Taxes, Foreign Property Taxes or Foreign
Other Taxes. 
 “Group” means the ConocoPhillips Group or the Phillips 66 Group, or both, as the context
requires. 
 “Group Relief Surrender” means the surrender of Relievable Losses in accordance with Part 5 of CTA
2010. 
 “Income Tax” means any Federal Income Tax, State Income Tax or Foreign Income Tax. 

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

 “Indemnitee” has the meaning set forth in Section 5.06(b) of this Agreement. 

“Indemnitor” has the meaning set forth in Section 5.06(b) of this Agreement. 

“Internal Contribution” has the meaning set forth in the recitals. 

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

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

“IRS” means the U.S. Internal Revenue Service. 

  
 6 

 “Joint Return” means any Tax Return of a member of the ConocoPhillips Group
or the Phillips 66 Group that is not a Separate Return. 
 “Non-Controlling Party” means, in the case of any
Tax Contest described in Section 9.02(a) or (b), the Company not entitled to control the Tax Contest under such Section. 

“Notified Action” has the meaning set forth in Section 6.03(a) of this Agreement. 

“Other Tax” means any Federal Other Tax, State Other Tax, or Foreign Other Tax. 

“Payment Date” means (a) with respect to any ConocoPhillips Federal Consolidated Income Tax Return, the due date
(determined without regard to extensions) for filing the return determined under Section 6072 of the Code and the date the return is filed, and (b) with respect to any other Tax Return, the corresponding dates determined under the
applicable Tax Law. 
 “Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated as
disregarded for U.S. Federal Income Tax purposes. 
 “Phillips 66” has the meaning provided in the first
sentence of this Agreement. 
 “Phillips 66 Business” has the meaning set forth in the Separation and
Distribution Agreement. 
 “Phillips 66 Capital Stock” means all classes or series of capital stock of Phillips
66, including (a) the Phillips 66 Common Stock, (b) all options, warrants and other rights to acquire such capital stock and (c) all instruments properly treated as stock in Phillips 66 for U.S. Federal Income Tax purposes.

 “Phillips 66 Carryback” means any net operating loss, net capital loss, excess tax credit, or other similar
Tax Item of any member of the Phillips 66 Group which may or must be carried from one Tax Period to another prior Tax Period under the Code or other applicable Tax Law. 
 “Phillips 66 Common Stock” has the meaning set forth in the Separation and Distribution Agreement. 
 “Phillips 66 Company” has the meaning provided in the first sentence of this Agreement. 
 “Phillips 66 Company Capital Stock” means all classes or series of capital stock of Phillips 66 Company, including (a) the common stock, par value $0.01 per share, of Phillips
66 Company, (b) all options, warrants and other rights to acquire such capital stock and (c) all instruments properly treated as stock in Phillips 66 Company for U.S. Federal Income Tax purposes. 

“Phillips 66 Federal Consolidated Income Tax Return” means any U.S. Federal Income Tax Return for the affiliated group
(as that term is defined in Section 1504 of the Code) of which Phillips 66 is the common parent. 

  
 7 

 “Phillips 66 Group” means Phillips 66 and its Affiliates, as determined
immediately after the Distribution. 
 “Phillips 66 Restructuring” has the meaning set forth in
Section 6.02(f) of this Agreement. 
 “Phillips 66 Separate Return” means any Separate Return of Phillips
66 or any member of the Phillips 66 Group. 
 “Phillips 66 Tax Attributes” means any Tax Attributes that are
attributable to, or arise with respect to, assets or activities of the Phillips 66 Business, determined on a “with and without” basis. 
 “Post-Distribution Period” means any Tax Period beginning after the Distribution Date, and, in the case of any Straddle Period, the portion of such Straddle Period beginning the day after
the Distribution Date. 
 “Pre-Distribution Period” means any Tax Period ending on or before the Distribution
Date, and, in the case of any Straddle Period, the portion of such Straddle Period ending on the Distribution Date. 

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

“Privilege” means any privilege that may be asserted under applicable Law, including any privilege arising under or
relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes. 

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or
arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is
supported by Phillips 66 management or shareholders, is a hostile acquisition, or otherwise, as a result of which Phillips 66 would merge or consolidate with any other Person or as a result of which any Person or any group of related Persons would
(directly or indirectly) acquire, or have the right to acquire, from Phillips 66 and/or one or more holders of outstanding shares of Phillips 66 Capital Stock, a number of shares of Phillips 66 Capital Stock that would, when combined with any other
changes in ownership of Phillips 66 Capital Stock pertinent for purposes of Section 355(e) of the Code, comprise 40% or more of (a) the value of all outstanding shares of stock of Phillips 66 as of the date of such transaction, or in the
case of a series of transactions, the date of the last transaction of such series, or (b) the total combined voting power of all outstanding shares of voting stock of Phillips 66 as of the date of such transaction, or in the case of a series of
transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (x) the adoption by Phillips 66 of a shareholder rights plan or (y) issuances by Phillips 66
that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d). For
purposes of determining whether a transaction constitutes an indirect acquisition, any 

  
 8 

 
recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This
definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e)
of the Code shall be incorporated in this definition and its interpretation. 
 “Relievable Losses” means
losses or other amounts eligible for group relief in accordance with Part 5 of CTA 2010, and any reference to the use of a Relievable Loss includes the use of a Relievable Loss as an allowance, credit, deduction, exemption or set off in respect of
any tax, or in the computation of any income, profits or gains for the purposes of any tax, or to obtain a repayment of or saving of tax. 
 “Representation Letters” means the representation letters and any other materials (including, without limitation, a Ruling Request and any related supplemental submissions to the IRS)
delivered or deliverable by ConocoPhillips and others in connection with the rendering by Tax Advisors, and/or the issuance by the IRS, of the Tax Opinions/Rulings. 
 “Responsible Company” means, with respect to any Tax Return, the Company having responsibility for preparing and filing such Tax Return under this Agreement. 

“Retention Date” has the meaning set forth in Section 8.01 of this Agreement. 

“Ruling” means the private letter ruling issued by the IRS to ConocoPhillips in connection with the Transactions.

 “Ruling Request” means any letter filed by ConocoPhillips with the IRS requesting a ruling (including the
Ruling) regarding certain tax consequences of the Transactions (including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendment or supplement to such ruling request letter. 

“Section 6.02(e) Acquisition Transaction” means any transaction or series of transactions that is not a Proposed
Acquisition Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 40%. 

“Separate Return” means (a) in the case of any Tax Return of any member of the Phillips 66 Group (including any
consolidated, combined or unitary return), any such Tax Return that does not include any member of the ConocoPhillips Group and (b) in the case of any Tax Return of any member of the ConocoPhillips Group (including any consolidated, combined or
unitary return), any such Tax Return that does not include any member of the Phillips 66 Group. 
 “Separation and
Distribution Agreement” means the Separation and Distribution Agreement, as amended from time to time, by and among ConocoPhillips and Phillips 66 dated as of [•], 2012. 

“Special Joint Tax Contest” means any Tax Contest with respect to a Joint Return to which Section 9.02(c)(ii)
applies involving a potential adjustment as a result of which adjustment Phillips 66 may reasonably be expected to become liable to make any indemnification payment (or any payment under Section 2.07) of at least the amount set forth on
Schedule 9.02. 

  
 9 

 “Specified Separate Return” means any Separate Return reflecting both Taxes
for which Phillips 66 is responsible under Section 2 and Taxes for which ConocoPhillips is responsible under Section 2. 
 “State” means each State of the United States and the District of Columbia. 
 “State Income Tax” means any Tax imposed by any State of the United States or by any political subdivision of any such State which is imposed on or measured by net income, including state
and local franchise or similar Taxes measured by net income, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 
 “State Other Tax” means any Tax imposed by any State of the United States or by any political subdivision of any such State other than any State Income Taxes and State Property Tax, and
any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 
 “State Property
Tax” means any real, personal and intangible ad valorem property Tax imposed by any State of the United States or by any political subdivision of any such State, and any interest, penalties, additions to tax, or additional amounts in
respect of the foregoing. 
 “State Separate Income Tax Return” means a Separate Return in respect of State
Income Taxes. 
 “State Tax” means any State Income Taxes, State Property Taxes or State Other Taxes.

 “Straddle Period” means any Tax Period that begins on or before and ends after the Distribution Date.

 “Substantial Authority” means “substantial authority” within the meaning of
Section 6662(d)(2)(B) of the Code and Treasury Regulations Section 1.6662-4(d) (or, in the case of any Taxes not subject to Section 6662(a), an analogous standard). 

“Tax” or “Taxes” means any income, gross income, gross receipts, profits, capital stock, franchise,
withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, value added, alternative
minimum, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax) imposed by any governmental entity or political subdivision thereof, and any interest, penalties, additions to tax, or additional
amounts in respect of the foregoing. 
 “Tax Advisor” means a U.S. tax counsel or accountant of recognized
national standing. 
 “Tax Attribute” or “Attribute” means a net operating loss, net capital
loss, unused investment credit, unused foreign tax credit, excess charitable contribution, general business credit, minimum tax credit or any other Tax Item that could reduce a Tax. 

  
 10 

 “Tax Authority” means, with respect to any Tax, the governmental entity or
political subdivision thereof that imposes such Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 
 “Tax Benefit” means any refund or reduction in otherwise required Tax payments. 
 “Tax Contest” means an audit, review, examination, or any other administrative or judicial proceeding with the purpose or effect of redetermining Taxes (including any administrative or
judicial review of any claim for refund). 
 “Tax Control” means the definition of “control” set
forth in Section 368(c) of the Code (or in any successor statute or provision), as such definition may be amended from time to time. 
 “Tax-Free Status” means the qualification of each of the Internal Contribution and Internal Distribution, taken together, and the Contribution and Distribution, taken together,
(a) as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(d), 355(e) and 361(c) of the
Code, and (c) a transaction in which ConocoPhillips, ConocoPhillips Company, Phillips 66, and Phillips 66 Company, and the shareholders of ConocoPhillips, recognize no income or gain for Federal Income Tax purposes pursuant to Sections 355,
361, and 1032 of the Code, other than, (x) in the case of ConocoPhillips, ConocoPhillips Company, Phillips 66, and Phillips 66 Company, intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations
promulgated pursuant to Section 1502 of the Code, and (y) in the case of shareholders of ConocoPhillips, any receipt of cash in lieu of fractional shares. 
 “Tax Intercompany Payee” has the meaning set forth in Section 2.09 of this Agreement. 
 “Tax Intercompany Payor” has the meaning set forth in Section 2.09 of this Agreement. 
 “Tax Item” means, (a) with respect to any Income Tax, any item of income, gain, loss, deduction, credit or recapture of credit or any other item that may have the effect of
increasing or decreasing any Income Tax paid or payable, and (b) with respect to any other Tax, any item that may have the effect of increasing or decreasing any Tax paid or payable. 

“Tax Law” means the Law of any governmental entity or political subdivision thereof relating to any Tax. 

“Tax Opinion” means (a) the opinion of Wachtell, Lipton, Rosen & Katz in connection with the Contribution
and the Distribution, and/or (b) the opinion (or opinions) of Tax Advisors in connection with the Transactions. 

“Tax Opinions/Rulings” means the Tax Opinion (or Tax Opinions) of Tax Advisors and/or the Ruling (or Rulings) by the IRS
deliverable to ConocoPhillips in connection with the Contribution and the Distribution. 
 “Tax Packages” has
the meaning set forth in Section 7.02(b) of this Agreement. 

  
 11 

 “Tax Period” means, with respect to any Tax, the period for which the Tax
is reported as provided under the Code or other applicable Tax Law. 
 “Tax Records” means any Tax Returns, Tax
Return workpapers, documentation relating to any Tax Contests, and any other books of account or records (whether or not in written, electronic or other tangible or intangible forms and whether or not stored on electronic or any other medium)
required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with any Tax Authority. 
 “Tax-Related Losses” means (a) all federal, state and local Taxes (including interest and penalties thereon) imposed pursuant to any settlement, Final Determination, judgment
or otherwise; (b) all accounting, legal and other professional fees, and court costs incurred in connection with such Taxes; and (c) all costs, expenses and damages associated with stockholder litigation or controversies and any amount
paid by ConocoPhillips (or any ConocoPhillips Affiliate) or Phillips 66 (or any Phillips 66 Affiliate) in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Tax Authority, in each case, resulting from
the failure of the Internal Contribution and Internal Distribution, taken together, or the Contribution and Distribution, taken together, to have Tax-Free Status. 
 “Tax Return” means any report of Taxes due, any claim for refund of Taxes paid, any information return with respect to Taxes, or any other similar report, statement, declaration, or
document required to be filed under the Code or other Tax Law, including any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing. 

“Transactions” means the Internal Contribution, the Internal Distribution, the Contribution, the Distribution and the
other transactions contemplated by the Separation and Distribution Agreement. 
 “Transfer Pricing Adjustment”
means any proposed or actual allocation by a Tax Authority of any Tax Item between or among any member of the ConocoPhillips Group and any member of the Phillips 66 Group with respect to any Pre-Distribution Period. 

“Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant
Tax Period. 
 “UK Corporation Tax” means corporation tax charged pursuant to section 2 of CTA 2009 and any
corresponding tax on profits or gains imposed by a UK Tax Authority (including, for the absence of doubt, the supplementary charge charged pursuant to section 330 of CTA 2010). 

“UK GPA” means ConocoPhillips UK Topco’s group payment arrangement made pursuant to section 36 of the United
Kingdom’s Finance Act 1998 or section 59F of the United Kingdom’s Taxes Management Act 1970. 
 “UK Nominated
Company” means ConocoPhillips (U.K.) Limited. 
 “UK Tax” means Tax imposed, assessed or collected by
a UK Tax Authority. 

  
 12 

 “UK Tax Authority” means any Tax Authority within the United Kingdom.

 “UK Tax Document” means UK Tax Returns, and claims, elections, surrenders, disclaimers, notices and consents
for UK Tax purposes. 
 “UK Tax Return” means any Tax Return required to be made to any UK Tax Authority.

 “United Kingdom” means the United Kingdom of Great Britain and Northern Ireland. 

“Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, which Tax Advisor is
acceptable to ConocoPhillips, on which ConocoPhillips may rely to the effect that a transaction will not affect the Tax-Free Status. Any such opinion must assume that the Internal Contribution, the Internal Distribution, the Contribution and the
Distribution would have qualified for Tax-Free Status if the transaction in question did not occur. 
 “VAT”
means value added tax imposed pursuant to European Council Directive 2006/112/EC, and any national legislation of a member state of the European Union giving effect thereto, and any similar sales or turnover tax. 

Section 2. Allocation of Tax Liabilities and Tax Benefits . 

Section 2.01 General Rule. 
 (a) Phillips 66 Liability. Phillips 66 shall be liable for, and shall indemnify and hold harmless the ConocoPhillips Group from and against any liability for, Taxes which are allocated to Phillips
66 under this Section 2. 
 (b) ConocoPhillips Liability. ConocoPhillips shall be liable for, and shall indemnify
and hold harmless the Phillips 66 Group from and against any liability for, Taxes which are allocated to ConocoPhillips under this Section 2. 
 Section 2.02 Federal Tax and Tax Benefits . Except as provided in Section 2.06, Federal Income Tax and Federal Other Tax and related Tax Benefits shall be allocated as follows: 

(a) ConocoPhillips Federal Consolidated Income Tax for Pre-Distribution, Straddle and Certain Post-Distribution Periods.

 (i) With respect to any ConocoPhillips Federal Consolidated Income Tax Return for any Pre-Distribution Period
or any Straddle Period, (A) Phillips 66 shall be responsible for any and all Federal Income Taxes and any reduction in any Tax Benefit (other than any alternative minimum Tax or reduction in any alternative minimum Tax Benefit) attributable to,
or arising with respect to or as a result of, assets or activities of the Phillips 66 Business, determined on a “with and without” basis pursuant to and consistent with the ConocoPhillips Past Practice; and (B) ConocoPhillips shall be
responsible for any and all Federal Income Taxes and any reduction in any Tax Benefit other than Federal Income Taxes (and any reduction in Tax Benefits) for which Phillips 66 is responsible pursuant to Section 2.02(a)(i)(A). 

  
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 (ii) With respect to any ConocoPhillips Federal Consolidated Income Tax
Return for any Pre-Distribution Period or any Straddle Period, subject to Section 4.07, Phillips 66 shall be entitled to any Tax Benefit (other than any alternative minimum Tax Benefit) attributable to, or arising with respect to or as a result
of, assets or activities of the Phillips 66 Business, determined on a “with and without” basis pursuant to and consistent with the ConocoPhillips Past Practice. For purposes of the calculations pursuant to this Section 2.02(a)(ii), in
any Pre-Distribution Period or Straddle Period for which both Phillips 66 Tax Attributes and ConocoPhillips Tax Attributes are available for use, such Tax Attributes shall be deemed utilized in the order determined pursuant to and consistent with
the ConocoPhillips Past Practice. 
 (iii) With respect to any ConocoPhillips Federal Consolidated Income Tax
Return for any Post-Distribution Period (other than any Straddle Period), Phillips 66 shall be responsible for any and all Federal Income Taxes and any reduction in any Tax Benefit (other than any alternative minimum Tax or reduction in any
alternative minimum Tax Benefit), whether in connection with the filing of such a Tax Return or a Final Determination of such a Tax Return, that would not have arisen but for the utilization by the Phillips 66 Business for any Pre-Distribution
Period that ends during 2011 or 2012 or any Straddle Period of Excess Foreign Tax Credits, as determined pursuant to and consistent with the ConocoPhillips Past Practice. 
 (b) Separate Return Federal Income Tax. (i) Phillips 66 shall be responsible for any and all Federal Income Taxes relating to any Phillips 66 Separate Return; and (ii) except as
set forth in Section 2.02(a)(iii), ConocoPhillips shall be responsible for any and all Federal Income Taxes relating to any ConocoPhillips Separate Return. 
 (c) Federal Other Tax. 
 (i) For all Pre-Distribution
Periods and Straddle Periods, (A) with respect to any and all Federal Other Taxes relating to any Tax Return filed or required to be filed under applicable Tax Law by any member of the ConocoPhillips Group, (I) Phillips 66 shall be
responsible for any and all Federal Other Taxes attributable to, or arising with respect to or as a result of, assets or activities of the Phillips 66 Business; and (II) ConocoPhillips shall be responsible for any and all other Federal Other Taxes;
and (B) with respect to any and all Federal Other Taxes relating to any Tax Return filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group, (I) ConocoPhillips shall be responsible for any and all
Federal Other Taxes attributable to, or arising with respect to or as a result of, assets or activities of the ConocoPhillips Business and (II) Phillips 66 shall be responsible for any and all other Federal Other Taxes. 

(ii) For all Post-Distribution Periods (other than any Straddle Periods or portion thereof), (A) Phillips 66 shall
be responsible for any and all Federal Other Taxes relating to any Phillips 66 Separate Return; and (B) ConocoPhillips shall be responsible for any and all Federal Other Taxes relating to any ConocoPhillips Separate Return. 

Section 2.03 State Tax and Tax Benefits . Except as provided in Section 2.06, State Income Tax, State
Property Tax, and State Other Tax and related Tax Benefits shall be allocated as follows: 

  
 14 

 (a) State Income Tax. 

(i) For any Pre-Distribution Period or any Straddle Period, (A) with respect to any State Income Taxes relating to
any ConocoPhillips State Combined Income Tax Return or any State Separate Income Tax Return filed or required to be filed under applicable Tax Law by any member of the ConocoPhillips Group, (I) Phillips 66 shall be responsible for any and all
State Income Taxes and any reduction in any Tax Benefit attributable to, or arising with respect to or as a result of, assets or activities of the Phillips 66 Business, determined as reported on such Tax Return or as subsequently adjusted pursuant
to a Final Determination (which, for the absence of doubt, means the State Income Taxes computed for the applicable entity using its respective apportionment factor and allocated to the Phillips 66 Business pursuant to and consistent with the
ConocoPhillips Past Practice); and (II) ConocoPhillips shall be responsible for any and all State Income Taxes and any reduction in any Tax Benefit other than State Income Taxes (and any reduction in Tax Benefits) for which Phillips 66 is
responsible pursuant to Section 2.03(a)(i)(A)(I); and (B) with respect to any State Income Taxes relating to any ConocoPhillips State Combined Income Tax Return or any State Separate Income Tax Return filed or required to be filed under
applicable Tax Law by any member of the Phillips 66 Group, (I) ConocoPhillips shall be responsible for any and all State Income Taxes and any reduction in any Tax Benefit attributable to, or arising with respect to or as a result of, assets or
activities of the ConocoPhillips Business, determined as reported on such Tax Return or as subsequently adjusted pursuant to a Final Determination (which, for the absence of doubt, means the State Income Taxes computed for the applicable entity
using its respective apportionment factor and allocated to the ConocoPhillips Business pursuant to and consistent with the ConocoPhillips Past Practice); and (II) Phillips 66 shall be responsible for any and all State Income Taxes and any reduction
in any Tax Benefit other than State Income Taxes (and any reduction in Tax Benefits) for which ConocoPhillips is responsible pursuant to Section 2.03(a)(i)(B)(I). 

(ii) For any Pre-Distribution Period or any Straddle Period, subject to Section 4.07, (A) with respect to any
State Income Taxes relating to any ConocoPhillips State Combined Income Tax Return or any State Separate Income Tax Return filed or required to be filed under applicable Tax Law by any member of the ConocoPhillips Group, (I) Phillips 66 shall
be entitled to any Tax Benefit attributable to, or arising with respect to or as a result of, assets or activities of the Phillips 66 Business, determined as reported on such Tax Return or as subsequently adjusted pursuant to a Final Determination
(which, for the absence of doubt, means the Tax Benefit computed for the applicable entity using its respective apportionment factor and allocated to the Phillips 66 Business pursuant to and consistent with the ConocoPhillips Past Practice); and
(II) ConocoPhillips shall be entitled to any and all Tax Benefits other than Tax Benefits to which Phillips 66 is entitled under Section 2.03(a)(ii)(A)(I); and (B) with respect to any State Income Taxes relating to any ConocoPhillips State
Combined Income Tax Return or any State Separate Income Tax Return filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group, (I) ConocoPhillips shall be entitled to any Tax Benefit attributable to, or
arising with respect to or as a result of, assets or activities of the ConocoPhillips Business, determined as reported on such Tax Return or as subsequently adjusted pursuant to a Final Determination (which, for the absence of doubt, means the

  
 15 

 
Tax Benefit computed for the applicable entity using its respective apportionment factor and allocated to the ConocoPhillips Business pursuant to and consistent with the ConocoPhillips Past
Practice); and (II) Phillips 66 shall be entitled to any and all Tax Benefits other than Tax Benefits to which ConocoPhillips is entitled under Section 2.03(a)(ii)(B)(I). For purposes of the calculations pursuant to this
Section 2.03(a)(ii), in any Pre-Distribution Period or Straddle Period for which both Phillips 66 Tax Attributes and ConocoPhillips Tax Attributes are available for use, such Tax Attributes shall be deemed utilized in the order determined
pursuant to and consistent with the ConocoPhillips Past Practice. 
 (b) State Property Tax. (i) Phillips 66 shall
be responsible for any and all State Property Taxes imposed (whether in respect of a period, or a time, before or after the Distribution) with respect to any property owned by any member of the Phillips 66 Group immediately after the Distribution;
and (ii) ConocoPhillips shall be responsible for any and all State Property Taxes imposed with respect to any property owned by any member of the ConocoPhillips Group immediately after the Distribution or any property formerly owned by any
member of the ConocoPhillips Group or Phillips 66 Group before the Distribution other than State Property Taxes for which Phillips 66 is responsible pursuant to Section 2.03(b)(i). 

(c) State Other Tax. 
 (i) For all Pre-Distribution Periods and Straddle Periods, (A) with respect to any and all State Other Taxes relating to any Tax Return filed or required to be filed under applicable Tax Law by any
member of the ConocoPhillips Group, (I) Phillips 66 shall be responsible for any and all State Other Taxes attributable to, or arising with respect to or as a result of, assets or activities of the Phillips 66 Business; and (II) ConocoPhillips
shall be responsible for any and all other State Other Taxes; and (B) with respect to any and all State Other Taxes relating to any Tax Return filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group,
(I) ConocoPhillips shall be responsible for any and all State Other Taxes attributable to, or arising with respect to or as a result of, assets or activities of the ConocoPhillips Business and (II) Phillips 66 shall be responsible for any and
all other State Other Taxes. 
 (ii) For all Post-Distribution Periods (other than any Straddle Periods or
portion thereof), (A) Phillips 66 shall be responsible for any and all State Other Taxes relating to any Phillips 66 Separate Return; and (B) ConocoPhillips shall be responsible for any and all State Other Taxes relating to any
ConocoPhillips Separate Return. 
 Section 2.04 Foreign Tax and Tax Benefits . Subject to Section 2.05 and except as
provided in Section 2.06, Foreign Income Tax, Foreign Property Tax and Foreign Other Tax and related Tax Benefits shall be allocated as follows: 
 (a) Separate Return Foreign Income Tax. (i) Phillips 66 shall be responsible for any and all Foreign Income Taxes relating to any Phillips 66 Separate Return, including Foreign Income Tax of
Phillips 66 or any member of the Phillips 66 Group imposed by way of withholding by a member of the ConocoPhillips Group; and (ii) ConocoPhillips shall be responsible for any and all Foreign Income Taxes relating to any ConocoPhillips Separate
Return, including Foreign 

  
 16 

 
Income Tax of ConocoPhillips or any member of the ConocoPhillips Group imposed by way of withholding by a member of the Phillips 66 Group; provided, however, that, in any case falling
within clause (i) or clause (ii), UK Corporation Tax that is to be or has been discharged by the UK Nominated Company pursuant to the UK GPA shall be dealt with in accordance with Paragraph 2.02(a) to Paragraph 2.02(c) of Schedule 2.05.

 (b) Foreign Property Tax. (i) Phillips 66 shall, except, for the absence of doubt, as regards VAT imposed by a UK
Tax Authority to which Paragraph 2.01(b) of Schedule 2.05 applies (which shall be dealt with in accordance with that paragraph), be responsible for any and all Foreign Property Taxes imposed (whether in respect of a period, or a time, before or
after the Distribution) with respect to any property owned by any member of the Phillips 66 Group immediately after the Distribution; and (ii) ConocoPhillips shall be responsible for any and all Foreign Property Taxes imposed with respect to
any property owned by any member of the ConocoPhillips Group immediately after the Distribution or any property formerly owned by any member of the ConocoPhillips Group or Phillips 66 Group before the Distribution other than Foreign Property Taxes
for which Phillips 66 is responsible pursuant to Section 2.04(b)(i). 
 (c) Foreign Other Tax. 

(i) Subject to Section 2.04(c)(iii), for all Pre-Distribution Periods and Straddle Periods, (A) with respect to
any and all Foreign Other Taxes relating to any Tax Return filed or required to be filed under applicable Tax Law by any member of the ConocoPhillips Group, (I) Phillips 66 shall be responsible for any and all Foreign Other Taxes attributable
to, or arising with respect to or as a result of, assets or activities of the Phillips 66 Business; and (II) ConocoPhillips shall be responsible for any and all other Foreign Other Taxes; and (B) with respect to any and all Foreign Other Taxes
relating to any Tax Return filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group, (I) ConocoPhillips shall be responsible for any and all Foreign Other Taxes attributable to, or arising with respect to or
as a result of, assets or activities of the ConocoPhillips Business; and (II) Phillips 66 shall be responsible for any and all other Foreign Other Taxes. 
 (ii) Subject to Section 2.04(c)(iii), for all Post-Distribution Periods (other than any Straddle Periods or portion thereof), (A) Phillips 66 shall be responsible for any and all Foreign Other
Taxes relating to any Phillips 66 Separate Return; and (B) ConocoPhillips shall be responsible for any and all Foreign Other Taxes relating to any ConocoPhillips Separate Return. 

(iii) VAT imposed by a UK Tax Authority to which Paragraph 2.01(b) of Schedule 2.05 applies shall be dealt with in
accordance with that paragraph. 
 Section 2.05 UK Taxes . As regards UK Taxes, this Agreement applies as follows:

 (a) The provisions of Schedule 2.05 apply to the allocation of UK Taxes and to other UK Tax matters; 

  
 17 

 (b) The other provisions of this Agreement also apply to the allocation of UK Taxes
and to other UK Tax matters, except for the following provisions, which, notwithstanding such provisions, shall not so apply: Section 2.02, Section 2.03, Section 2.07(b), Section 2.07(c), Section 2.08, Section 3,
Section 4.02(a), Section 4.02(b), Section 4.05, Section 4.06(a), Section 4.07, Section 4.08, Section 5.02, Section 5.03(b), Section 5.03(c), Section 5.03(d), Section 5.03(e),
Section 5.04(c), Section 5.05, Section 5.06(a) (except with respect to any Federal or State Income Tax treatment of any such payments in respect of UK Taxes made by or to ConocoPhillips, Phillips 66, ConocoPhillips Company, Phillips
66 Company or any other member of the ConocoPhillips Group or the Phillips 66 Group that is organized under the laws of the United States or any State), Section 6, and any schedule other than Schedule 2.05; and 

(c) In the event of conflict between the Sections of this Agreement (other than Schedule 2.05) and the paragraphs of Schedule
2.05, the paragraphs of Schedule 2.05 prevail, save to the extent that the conflict is between the Sections of this Agreement (other than Schedule 2.05) and paragraph 1 of Schedule 2.05, when the Sections of this Agreement prevail. 

Section 2.06 Certain Transaction Taxes and Breaches of Covenant . 

(a) Phillips 66 Liability. Phillips 66 shall be liable for, and shall indemnify and hold harmless the ConocoPhillips Group
from and against any liability for: 
 (i) Any stamp, sales and use, gross receipts, value-added or other
transfer Taxes imposed by any Tax Authority on any member of the Phillips 66 Group (if such member is primarily liable for such Tax) on the transfers occurring pursuant to the Transactions, provided that VAT imposed by a UK Tax Authority to
which Paragraph 2.01(b) of Schedule 2.05 applies shall be dealt with in accordance with that paragraph and that the consideration given by any member of the ConocoPhillips Group to any member of the Phillips 66 Group for any chargeable supply made
by a member of the Phillips 66 Group shall, unless the persons giving and receiving such consideration agree otherwise, be increased by an amount equal to the VAT chargeable; 

(ii) Any Tax resulting from a breach by Phillips 66 of any covenant in this Agreement, the Separation and Distribution
Agreement, the Indemnification and Release Agreement, or any other Ancillary Agreement; and 
 (iii) Any
Tax-Related Losses for which Phillips 66 is responsible pursuant to Section 6.04 of this Agreement. 
 (b)
ConocoPhillips Liability. Subject to Paragraph 2.01(b) of Schedule 2.05, ConocoPhillips shall be liable for, and shall indemnify and hold harmless the Phillips 66 Group from and against any liability for: 

(i) Any stamp, sales and use, gross receipts, value-added or other transfer Taxes imposed by any Tax Authority on any
member of the ConocoPhillips Group (if such member is primarily liable for such Tax or if the applicable Tax Law is silent with respect to whether any member of the ConocoPhillips Group, on the one hand, or any member of the Phillips 66 Group, on
the other hand, is primarily liable for such Tax) on the transfers 

  
 18 

 
occurring pursuant to the Transactions, provided that the consideration given by any member of the Phillips 66 Group to any member of the ConocoPhillips Group for any chargeable supply
made by a member of the ConocoPhillips Group shall, unless the persons giving and receiving such consideration agree otherwise, be increased by an amount equal to the VAT chargeable; and 

(ii) Any Tax resulting from a breach by ConocoPhillips of any covenant in this Agreement, the Separation and Distribution
Agreement, the Indemnification and Release Agreement, or any other Ancillary Agreement. 
 (c) UK Stamp Duty. For
the purposes of Section 2.06(a) and (b), the primary liability to pay any United Kingdom stamp duty arising on any instrument of transfer executed pursuant to the Transactions shall be deemed to fall on the transferee under that instrument.

 (d) Wrong Pocket Tax Liabilities. For the absence of doubt, to the extent that Section 2.4(a) or
Section 2.5(c) or (d) of the Separation and Distribution Agreement apply to the transfer or assignment of any Excluded Assets or Phillips 66 Assets, as applicable, or to the assumption of any Excluded Liabilities or Phillips 66
Liabilities, as applicable, such provisions shall also apply to determine the responsibility for any Taxes (other than stamp, sales and use, gross receipts, value-added or other transfer Taxes imposed by any Tax Authority on the transfer or
assignment of any such Assets or the assumption of such Liabilities, which shall be governed by Section 2.06(a)(i) and Section 2.06(b)(i), as applicable) attributable to, or arising with respect to or as a result of holding such Assets or
Liabilities for, or transferring such Assets or Liabilities to, the member of the Group entitled to such Assets or responsible for such Liabilities under such provisions. 
 Section 2.07 Tax Benefits . 
 (a) Except as set forth in
Section 2.07(b), (c), and (d), provided that refunds (and any interest thereon received from a UK Tax Authority) to which paragraph 2 of Schedule 2.05 applies shall be dealt with in accordance with that paragraph: 

(i) Phillips 66 shall be entitled to any refund of or reduction in otherwise required payments of (and any interest
thereon received from the applicable Tax Authority) Property Taxes, Other Taxes and Foreign Income Taxes for which Phillips 66 is responsible pursuant to Section 2 and any Tax Benefits (I) to the extent set forth in Sections 2.02(a)(ii),
2.03(a)(ii) and 2.09(b), (II) relating to Taxes for which Phillips 66 is responsible pursuant to 2.02(b)(i) or (III) relating to a Phillips 66 State Separate Income Tax Return for a Post-Distribution Period (other than a Straddle Period); and

 (ii) ConocoPhillips shall be entitled to any refund of or reduction in otherwise required payments of (and
any interest thereon received from the applicable Tax Authority) Income Taxes, Property Taxes and Other Taxes other than such Tax Benefits to which Phillips 66 is entitled pursuant to Section 2.07(a)(i). 

(iii) If Phillips 66 receives a Tax Benefit to which ConocoPhillips is entitled pursuant to this Agreement, Phillips 66
shall pay over such Tax Benefit to ConocoPhillips as provided in Section 5 and 2.09(a)(i); and if ConocoPhillips receives a Tax Benefit to which Phillips 66 is entitled pursuant to this Agreement, ConocoPhillips shall pay over such Tax Benefit
to Phillips 66 as provided in Section 5 and 2.09(a)(i). 

  
 19 

 (b) Refunds Attributable to a Phillips 66 Carryback. For the absence of doubt,
Phillips 66 shall be entitled to any refund of or reduction in otherwise required payments of any Federal Tax or State Tax, as applicable, with respect to any Joint Return which refund or reduction is attributable to, and would not have arisen but
for, a Phillips 66 Carryback pursuant to the proviso set forth in Section 4.07. 
 (c) Phillips 66 Minimum Tax
Credits. Phillips 66 shall pay to ConocoPhillips an amount equal to the minimum tax credit under Section 53 of the Code allocated to the Phillips 66 Group by ConocoPhillips pursuant to Section 4.08. 

(d) Income Tax Deductions in Respect of Certain Equity Awards and Incentive Compensation. Solely the member of the Group
for which the relevant individual is currently employed or, if such individual is not currently employed by a member of the Group, was most recently employed at the time of the vesting, exercise, disqualifying disposition, payment or other relevant
taxable event, as appropriate, in respect of the equity awards and other incentive compensation described in Article IV of the Employee Matters Agreement shall be entitled to claim any Income Tax deduction in respect of such equity awards and other
incentive compensation on its respective Tax Return associated with such event. 
 Section 2.08 Special Allocation and
Computational Rules .  
 (a) For purposes of Sections 2.02(a), 2.02(c)(i), 2.03(a), 2.03(c)(i), and
2.04(c)(i), any and all Tax Items (including, for the absence of doubt, Tax Items with respect to intercompany transactions between members of the ConocoPhillips Group and the Phillips 66 Group) shall be allocated to the assets and activities of the
ConocoPhillips Business, on the one hand, and the assets and activities of the Phillips 66 Business, on the other hand, as applicable pursuant to and consistent with the ConocoPhillips Past Practice. 

(b) ConocoPhillips shall determine the allocations described in Section 2.08(a), the Federal Income Taxes or State Income
Taxes, as applicable (or Tax Benefits or reductions in Tax Benefits, as applicable) and any Other Taxes, as applicable, attributable to, or arising with respect to or as a result of, assets or activities of the Phillips 66 Business or the
ConocoPhillips Business, the utilization of foreign tax credits under Section 901 by the Phillips 66 Business and the Taxes (or reductions in Tax Benefits) that would not have arisen but for the utilization of foreign tax credits by the
Phillips 66 Business. In connection with any relevant demand for payment under Section 5, ConocoPhillips shall provide Phillips 66 with written notice containing a reasonably detailed summary of any such relevant determinations and timely
respond to any reasonable requests from Phillips 66 for additional information with respect to any such determinations. Notwithstanding anything to the contrary in this Agreement, such determinations by ConocoPhillips shall, in the absence of bad
faith or clear error, be conclusive. 
 Section 2.09 Deductible and Includible Tax Payments . Notwithstanding any
other provision in this Agreement, without duplication for any amounts otherwise required to be paid hereunder 

  
 20 

 
(and provided that, for the absence of doubt, this Section 2.09 shall not apply to payments required to be made pursuant to Paragraph 2 of Schedule 2.05), (a) in the event that any
Company (the “Benefit Intercompany Payor”) is required to pay over a Tax Benefit to the other Company (the “Benefit Intercompany Payee”) hereunder, (i) the Benefit Intercompany Payor shall also pay over to the
Benefit Intercompany Payee any interest relating thereto that is received (by way of offset or otherwise) by the Benefit Intercompany Payor or any of its Affiliates from the applicable Tax Authority and (ii) the Benefit Intercompany Payee shall
be required to pay to the Benefit Intercompany Payor the amount of any Tax (or any reduction in Tax Benefit) actually suffered in cash by the Benefit Intercompany Payor or any of its Affiliates resulting (on a “with and without” basis)
from the receipt by the Benefit Intercompany Payor or any of its Affiliates of the Tax Benefit from the applicable Tax Authority and (b) in the event that any Company (the “Tax Intercompany Payor”) is required to pay the other
Company (the “Tax Intercompany Payee”) hereunder in respect of a Tax (or reduction in any Tax Benefit), (i) for the absence of doubt, the Tax Intercompany Payor shall pay to the Tax Intercompany Payee any interest or penalties
relating thereto that is required to be paid (by way of offset or otherwise) by the Tax Intercompany Payee or any of its Affiliates to the applicable Tax Authority, (ii) the Tax Intercompany Payee shall be required to pay to the Tax
Intercompany Payor the amount of any Tax Benefit actually realized in cash by the Tax Intercompany Payee or any of its Affiliates resulting (on a “with and without” basis) from the payment by the Tax Intercompany Payee or any of its
Affiliates of the Tax to the applicable Tax Authority (or the reduction in Tax Benefit). Any amounts required to be paid pursuant to this Section 2.09 shall be calculated or recalculated, as applicable, in light of any Final Determination or
any other facts that may arise or come to light after a payment is made pursuant to this Section 2.09 that would affect any amount required to be paid pursuant to this Section 2.09, and an appropriate adjusting payment shall be made
(without duplication) by Phillips 66 or ConocoPhillips, as applicable, such that the aggregate amounts paid pursuant to this Section 2.09 reflect such recalculated amount. 

Section 3. Proration of Taxes for Straddle Periods . 
 (a) General Method of Proration. In the case of any Straddle Period, Tax Items shall be apportioned between Pre-Distribution Periods and Post-Distribution Periods in accordance with the
principles of Treasury Regulation Section 1.1502-76(b) as reasonably interpreted and applied by the Companies. No election shall be made under Treasury Regulation Section 1.1502-76(b)(2)(ii) (relating to ratable allocation of a year’s
Tax Items). If the Distribution Date is not an Accounting Cutoff Date, the provisions of Treasury Regulation Section 1.1502-76(b)(2)(iii) will be applied to ratably allocate the Tax Items (other than extraordinary items) for the month which
includes the Distribution Date. 
 (b) Transaction Treated as Extraordinary Item. In determining the apportionment
of Tax Items between Pre-Distribution Periods and Post-Distribution Periods, any Tax Items relating to the Transactions shall be treated as extraordinary items described in Treasury Regulation Section 1.1502-76(b)(2)(ii)(C) and shall (to the
extent occurring on or prior to the Distribution Date) be allocated to Pre-Distribution Periods, and any Taxes related to such items shall be treated under Treasury Regulation Section 1.1502-76(b)(2)(iv) as relating to such extraordinary item
and shall (to the extent occurring on or prior to the Distribution Date) be allocated to Pre-Distribution Periods. 

  
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 Section 4. Preparation and Filing of Tax Returns. 

Section 4.01 General . Except as otherwise provided in this Section 4, Tax Returns shall be prepared and filed when
due (including extensions) by the person obligated to file such Tax Returns under the Code or applicable Tax Law. The Companies shall provide, and shall cause their Affiliates to provide, assistance and cooperation to one another in accordance with
Section 7 with respect to the preparation and filing of Tax Returns, including providing information required to be provided in Section 7. 
 Section 4.02 ConocoPhillips’s Responsibility . ConocoPhillips has the exclusive obligation and right to prepare and file, or to cause to be prepared and filed: 

(a) ConocoPhillips Federal Consolidated Income Tax Returns for any Tax Periods ending on, before or after the Distribution Date;

 (b) Except for Tax Returns required to be filed under applicable Tax Law by a member of the Phillips 66 Group,
(i) ConocoPhillips State Combined Income Tax Returns and (ii) any other Joint Returns which ConocoPhillips reasonably determines are required to be filed (or which ConocoPhillips chooses to be filed) by the Companies or any of their
Affiliates for Tax Periods ending on, before or after the Distribution Date; provided, however, that if such ConocoPhillips State Combined Income Tax Return or other Joint Return, as applicable, has not previously been filed by the Companies
or any of their Affiliates in the applicable jurisdiction, ConocoPhillips shall provide written notice of such determination to file such ConocoPhillips State Combined Income Tax Returns or other Joint Returns to Phillips 66; and 

(c) ConocoPhillips Separate Returns which ConocoPhillips reasonably determines are required to be filed by the Companies or any of
their Affiliates for Tax Periods ending on, before or after the Distribution Date. 
 Section 4.03 Phillips 66’s
Responsibility . Phillips 66 shall prepare and file, or shall cause to be prepared and filed, all Tax Returns required to be filed by or with respect to members of the Phillips 66 Group other than those Tax Returns which ConocoPhillips is
required to prepare and file under Section 4.02. For the absence of doubt, the Tax Returns required to be prepared and filed by Phillips 66 under this Section 4.03 shall include (a) any Phillips 66 Federal Consolidated Income Tax
Return for Tax Periods ending after the Distribution Date and (b) Phillips 66 Separate Returns required to be filed for Tax Periods ending on, before or after the Distribution Date. 

Section 4.04 Tax Return Filing and Past Practices . 
 (a) General Rule. Except as provided in Section 4.04(b), with respect to any Tax Return that Phillips 66 has the obligation and right to prepare and file, or cause to be prepared and
filed, under Section 4.03, to the extent Tax Items reported on such Tax Return might reasonably be expected to affect Taxes (or rights to Tax Benefits) for which ConocoPhillips is responsible (or to which ConocoPhillips is entitled) under this
Agreement, such Tax Return shall, in the case of 

  
 22 

 
a Tax Return that is not a UK Tax Return, be prepared in accordance with the past practice of the ConocoPhillips Group in determining accrued assets and liabilities for cash taxes on the books
and records of ConocoPhillips and its subsidiaries and the past return filing practice of the ConocoPhillips Group with respect to the relevant Tax Return (including any past accounting methods, elections and conventions) (the
“ConocoPhillips Past Practice”) and, in the case of a UK Tax Return, on a basis which is consistent with the basis on which UK Tax Documents already submitted by or on behalf of the relevant taxpayer to HM Revenue & Customs
were prepared and filed (the “ConocoPhillips UK Tax Practice”), unless (i) any Tax Items with respect to the Tax Returns in question are not covered by the ConocoPhillips Past Practice or the ConocoPhillips UK Tax Practice (as
relevant) (in which case, with respect to such Tax Items, such Tax Returns shall be prepared in accordance with reasonable Tax accounting practices selected by ConocoPhillips), (ii) no Substantial Authority exists for the ConocoPhillips Past
Practice or the ConocoPhillips UK Tax Practice (as relevant) with respect to any Tax Items reportable on the Tax Returns in question (in which case, with respect to such Tax Items, such Tax Returns shall be prepared in accordance with reasonable Tax
accounting practices selected by ConocoPhillips), or (iii) there is no adverse effect to ConocoPhillips (in which case, the Tax Returns in question shall be prepared in accordance with reasonable Tax accounting practices selected by Phillips
66). 
 (b) Reporting of Transactions. The Tax treatment of the Transactions reported on any Tax Return shall be
consistent with the treatment thereof in the Ruling Requests and the Tax Opinions/Rulings, unless there is no reasonable basis for such Tax treatment. To the extent there is a Tax treatment relating to the Transactions which is not covered by the
Ruling Requests or the Tax Opinions/Rulings, the Tax treatment of the Transactions reported on any Tax Return for which Phillips 66 is the Responsible Party shall be consistent with that on any Tax Return filed or to be filed by ConocoPhillips or
any member of the ConocoPhillips Group or caused or to be caused to be filed by ConocoPhillips (“ConocoPhillips Group Transaction Returns”), unless there is no reasonable basis for such Tax treatment. To the extent there is a Tax
treatment relating to the Transactions which is not covered by the Ruling Requests, the Tax Opinions/Rulings or ConocoPhillips Group Transaction Returns, the Companies shall agree on the Tax treatment to be reported on any Tax Return. For this
purpose, the Tax treatment shall be determined by ConocoPhillips and shall be agreed to by Phillips 66 unless either (i) no Substantial Authority exists for the technical merits of the position, or (ii) such Tax treatment is inconsistent
with the Tax treatment contemplated in the Ruling Requests, the Tax Opinions/Rulings and/or the ConocoPhillips Group Transaction Returns. Any dispute regarding such Tax treatment shall be referred for resolution pursuant to Section 12,
sufficiently in advance of the filing date of such Tax Return (including extensions) to permit timely filing of the Tax Return. 

Section 4.05 Consolidated or Combined Tax Returns . Phillips 66 will elect and join, and will cause its respective
Affiliates to elect and join, in filing any ConocoPhillips State Combined Income Tax Returns and any Joint Returns that ConocoPhillips determines are required to be filed or that ConocoPhillips chooses to file pursuant to Section 4.02(b).

  
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 Section 4.06 Right to Review Tax Returns. 

(a) ConocoPhillips Federal Consolidated Income Tax Returns and ConocoPhillips State Combined Income Tax Returns.
ConocoPhillips shall make any ConocoPhillips Federal Consolidated Income Tax Return and ConocoPhillips State Combined Income Tax Return (other than any such Tax Return for which Phillips 66 is the Responsible Company) and any workpapers related to
any such Tax Return available for review by Phillips 66, if requested by Phillips 66. ConocoPhillips shall use its reasonable best efforts to make such Tax Return available to Phillips 66 for review and comment as required under this paragraph prior
to the due date (including extensions) for filing of such Tax Return. Phillips 66 shall use reasonable best efforts to respond in writing to ConocoPhillips with any comments no later than the date on which ConocoPhillips files such Tax Return with
the applicable Tax Authority, provided, however that Phillips 66’s comments shall be limited to the reporting of any material Tax Item on such Tax Return with respect to which Phillips 66 reasonably believes that no Substantial Authority
exists for the technical merits of the position. ConocoPhillips shall reasonably consider such comments with respect to the reporting of any such material Tax Item on such Return (including considering whether to revise the reporting of such Tax
Item on such Tax Return prior to filing such Tax Return with the applicable Tax Authority, file an amended Tax Return with the applicable Tax Authority revising the reporting of such Tax Item, or pursue an adjustment to the reporting of such Tax
Item in connection with a Tax Contest with respect to such Tax Return or make no change). 
 (b) Certain Other Joint
Returns and Separate Returns. The Responsible Company with respect to any material Joint Return (other than any ConocoPhillips Consolidated Federal Income Tax Return or any ConocoPhillips State Combined Income Tax Return for which ConocoPhillips
is the Responsible Company) or material Separate Return shall make such Tax Return and related workpapers available for review by the other Company, if requested by the other Company, to the extent (i) such Tax Return relates to Taxes for which
the requesting party would reasonably be expected to be liable under applicable Tax Law or responsible under this Agreement, (ii) such Tax Return relates to Taxes and the requesting party would reasonably be expected to be liable under
applicable Tax Law or responsible under this Agreement in whole or in part for any additional Taxes owing as a result of adjustments to the amount of such Taxes reported on such Tax Return, (iii) such Tax Return relates to Taxes for which the
requesting party would reasonably be expected to have a claim for Tax Benefits under this Agreement, (iv) the requesting party reasonably determines that it must inspect such Tax Return to confirm compliance with the terms of this Agreement,
(v) such Tax Return relates to an Agreed UK Group Relief Surrender, or (vi) such Tax Return relates to a Transfer Pricing Adjustment relating to a transaction or transactions involving a member of the requesting party’s Group. The
Responsible Company shall use its reasonable best efforts to make such Tax Return available for review and comment as required under this paragraph prior to the due date (including extensions) for filing of such Tax Return. The requesting party
shall use reasonable best efforts to respond in writing to the Responsible Party with any comments no later than the date on which the Responsible Party files such Tax Return with the applicable Tax Authority provided, however that
(x) if ConocoPhillips is the Responsible Company, Phillips 66’s comments shall be limited to the reporting of any material Tax Item on such Tax Return with respect to which Phillips 66 reasonably believes that no Substantial Authority
exists for the 

  
 24 

 
technical merits of the position and (y) if Phillips 66 is the Responsible Company, ConocoPhillips’ comments shall be limited to the reporting of any material Tax Item on such Tax
Return with respect to which ConocoPhillips reasonably believes that no Substantial Authority exists for the technical merits of the position or the reporting of any Tax Item on such Tax Return in accordance with this Agreement or the ConocoPhillips
Past Practice or ConocoPhillips UK Tax Practice, as applicable. The Responsible Party shall reasonably consider such comments with respect to the reporting of any such material Tax Item on such Return (including considering whether to revise the
reporting of such Tax Item on such Tax Return prior to filing such Tax Return with the applicable Tax Authority, file an amended Tax Return with the applicable Tax Authority revising the reporting of such Tax Item, or pursue an adjustment to the
reporting of such Tax Item in connection with a Tax Contest with respect to such Tax Return or make no change). 
 (c)
Execution of Returns Prepared by Other Party. In the case of any Tax Return which is required to be prepared and filed by one Company under this Agreement and which is required by Law to be signed by the other Company or its Affiliate (or by
an authorized representative thereof), the Company which is legally required to sign such Tax Return (or whose Affiliate is legally required to sign or an authorized representative thereof) shall not be required to sign such Tax Return under this
Agreement if there is no reasonable basis for the Tax treatment of any Tax Item reported on the Tax Return or the Tax treatment of any Tax Item reported on the Tax Return should, in the opinion of a Tax advisor from a nationally recognized legal,
accounting or professional tax services firm, subject the other Company or its Affiliate (or its authorized representatives) to material penalties. 
 Section 4.07 Phillips 66 Carrybacks and Claims for Refund . Phillips 66 hereby agrees that, unless ConocoPhillips consents in writing, (a) no Adjustment Request with respect to any
Joint Return shall be filed, and (b) any available elections to waive the right to claim in any Pre-Distribution Period with respect to any Joint Return any Phillips 66 Carryback arising in a Post-Distribution Period shall be made, and no
affirmative election shall be made to claim any such Phillips 66 Carryback; provided, however, that the parties agree that any such Adjustment Request shall be made with respect to any Phillips 66 Carryback related to Federal Taxes or State
Taxes, as applicable, upon the reasonable request of Phillips 66, if such Phillips 66 Carryback is necessary to prevent the loss of the Federal and/or State Tax Benefit of such Phillips 66 Carryback (including, but not limited to, an Adjustment
Request with respect to a Phillips 66 Carryback of a capital loss for Federal and/or State Tax purposes arising in a Post-Distribution Period to a Pre-Distribution Period) and such Adjustment Request, based on ConocoPhillips’ sole, reasonable
determination, will cause no Tax detriment to ConocoPhillips, the ConocoPhillips Group or any member of the ConocoPhillips Group. Any Adjustment Request which ConocoPhillips consents to make under this Section 4.07 shall be prepared and filed
by the Responsible Company for the Joint Return to be adjusted. 
 Section 4.08 Apportionment of Earnings and Profits
and Tax Attributes . ConocoPhillips shall in good faith advise Phillips 66 in writing of the portion, if any, of any earnings and profits, Tax Attribute, overall foreign loss or other consolidated, combined or unitary attribute which
ConocoPhillips determines shall be allocated or apportioned to the Phillips 66 Group under 

  
 25 

 
applicable Law. Phillips 66 and all members of the Phillips 66 Group shall prepare all Tax Returns in accordance with such written notice. In the event that any temporary or final amendments to
Treasury Regulations are promulgated after the date of this Agreement that provide for any election to apply such regulations retroactively, then any such election shall be made only to the extent that ConocoPhillips determines to make such
election. As soon as practicable after receipt of a written request from Phillips 66, ConocoPhillips shall provide copies of any studies, reports, and workpapers supporting the earnings and profits and other Tax Attributes allocable to Phillips 66.
In the event of a subsequent adjustment to the earnings and profits or any Tax Attributes determined by ConocoPhillips, ConocoPhillips shall promptly notify Phillips 66 in writing of such adjustment. For the absence of doubt, ConocoPhillips shall
not be liable to Phillips 66 or any member of the Phillips 66 Group for any failure of any determination under this Section 4.08 to be accurate under applicable Law. 

  
 26 

 Section 5. Due Date for Payments and Related Matters . 

Section 5.01 General Rule . 
 (a) The due date for payment of any liability of one Company to the other Company under this Agreement shall be as follows: 

(i) In the case of any liability of one Company to the other Company under Section 2 for which Section 5.02
through Section 5.07 specify a due date for payment of such liability, the due date for payment of such liability shall be as so specified in Section 5.02 through Section 5.07. 

(ii) In the case of any liability of one Company to the other Company under Schedule 2.05 for which Schedule 2.05
specifies a due date for payment of such liability, the due date for payment of such liability shall be as so specified in Schedule 2.05. 
 (iii) In the case of any other liability under this Agreement, the due date for payment of such liability shall be within the later of (x) 30 days following the date of receipt of a written notice
and demand from ConocoPhillips or Phillips 66, as applicable, for payment of the liability due (provided, in the case of any liability in respect of a refund, that ConocoPhillips or Phillips 66, as applicable, is aware of the receipt by the other
Group of such refund) and (y) in the case of any liability in respect of a refund, within 30 days following the date of receipt of such refund from the relevant Tax Authority and, in the case of any liability in respect of Taxes payable to the
relevant Tax Authority, the due date for payment of such Taxes to the relevant Tax Authority. 
 (b) All payments under
this Agreement shall be made by ConocoPhillips directly to Phillips 66 and by Phillips 66 directly to ConocoPhillips; provided, however, that if the Companies mutually agree with respect to any such payment, any member of the ConocoPhillips
Group, on the one hand, may make such payment to any member of the Phillips 66 Group, on the other hand, and vice versa. 

Section 5.02 ConocoPhillips Federal Consolidated Income Tax Returns, ConocoPhillips State Combined Income Tax Returns and State
Separate Income Tax Returns . In the case of (x) any ConocoPhillips Federal Consolidated Income Tax Return, (y) any ConocoPhillips State Combined Income Tax Return, and (z) any State Separate Income Tax Return, as applicable, in
each case for any Pre-Distribution Period or any Straddle Period (including, for the absence of doubt, amended Tax Returns): 

(a) Taxes Shown as Due on Tax Return. The Responsible Company shall compute the amount of Tax required to be paid to
the applicable Tax Authority (taking into account the requirements of Section 4.04) with respect to such Tax Return in respect of a Payment Date. In the case of any such Tax Return filed or required to be filed under applicable Tax Law by any
member of the ConocoPhillips Group, ConocoPhillips shall pay (or cause to be paid) such amount to such Tax Authority on or before such Payment Date (and provide notice and proof of 

  
 27 

 
payment to Phillips 66) and, in the case of any such Tax Return filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group, Phillips 66 shall pay (or cause to
be paid) such amount to such Tax Authority on or before such Payment Date (and provide notice and proof of payment to ConocoPhillips). 
 (b) Accrual-to-Return Payment. 
 (i) Tax Returns
Filed by ConocoPhillips Group Member. In the case of any such Tax Return for any Pre-Distribution Tax Period that ends during 2011 or 2012 or any Straddle Period filed or required to be filed under applicable Tax Law by any member of the
ConocoPhillips Group: 
 (A) (I) Phillips 66 shall be deemed to have paid ConocoPhillips on the Distribution
Date an amount equal to any liability for cash Federal Income Taxes or State Income Taxes, as applicable, with respect to such Tax Return to the extent such Federal Income Taxes (other than alternative minimum Taxes) or State Income Taxes, as
applicable, have been accrued as of the Distribution Date on the books and records of ConocoPhillips and its subsidiaries (“Accrued”) and allocated to the Phillips 66 Business (including any member of the Phillips 66 Group) as of
the Distribution Date (which accruals and allocations, for the absence of doubt, may be computed after the Distribution Date as of the Distribution Date and which shall be recomputed as of the Distribution Date to take account of any Tax Return that
is filed in respect of such Taxes) (with respect to such Federal Income Taxes, the “Accrued Phillips 66 Federal Income Tax Liability,” and such State Income Taxes, the “Accrued Phillips 66 State Income Tax
Liability” and, collectively, the “Accrued Phillips 66 Income Tax Liability”); and (II) ConocoPhillips shall be deemed to have paid Phillips 66 on the Distribution Date an amount equal to any reduction of Federal Income
Taxes or State Income Taxes, as applicable, otherwise due with respect to such Tax Return to the extent such reduction in Federal Income Taxes or State Income Taxes, as applicable, has been Accrued and allocated to the Phillips 66 Business
(including any member of the Phillips 66 Group) as of the Distribution Date (with respect to such Federal Income Taxes, the “Accrued Phillips 66 Federal Income Tax Asset,” and such State Income Taxes, the “Accrued Phillips
66 State Income Tax Asset,” and, collectively, the “Accrued Phillips 66 Income Tax Asset”). 
 (B) Within 120 days following the earlier of (y) the due date (including extensions) for filing such Tax Return, or (z) the date on which such Tax Return is filed: 

(I) In the case of any Accrued Phillips 66 Federal Income Tax Liability or Accrued Phillips 66 State Income Tax
Liability, as applicable, with respect to such Tax Return (1) if Phillips 66 is responsible for Federal Income Taxes or State Income Taxes, as applicable, shown as due on such Tax Return (for the absence of doubt, without regard to any
estimated, installment, or other advance payments or minimum tax credits) pursuant to Section 2.02(a) or 2.03(a) (or if Phillips 66 is neither responsible for any Federal Income Taxes or State Income Taxes, as applicable, shown as due on such
Tax Return nor entitled to any 

  
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Tax Benefit with respect to such Tax Return) (for this purpose, determined without regard to Section 5.02(b)(i)(A)), (x) Phillips 66 shall pay ConocoPhillips an amount equal to the
excess, if any, of the amount of such Federal Income Taxes or State Income Taxes, as applicable, for which Phillips 66 is responsible, if any, over such Accrued Phillips 66 Federal Income Tax Liability or Accrued Phillips 66 State Income Tax
Liability, as applicable, and (y) ConocoPhillips shall pay Phillips 66 an amount equal to the excess, if any, of such Accrued Phillips 66 Federal Income Tax Liability or Accrued Phillips 66 State Income Tax Liability, as applicable, over the
amount of such Federal Income Taxes or State Income Taxes, as applicable, for which Phillips 66 is responsible, if any; and (2) if Phillips 66 is entitled to any Tax Benefit (other than any alternative minimum Tax Benefit) with respect to such
Tax Return pursuant to Section 2.02(a)(ii) or Section 2.03(a)(ii), as applicable, ConocoPhillips shall pay Phillips 66 an amount equal to the sum of such Tax Benefit to which Phillips 66 is entitled and the amount of any such Accrued
Phillips 66 Federal Income Tax Liability or Accrued Phillips 66 State Income Tax Liability, as applicable; and 

(II) In the case of any Accrued Phillips 66 Federal Income Tax Asset or Accrued Phillips 66 State Income Tax Asset, as
applicable, with respect to such Tax Return, (1) if Phillips 66 is entitled to any Tax Benefit (other than alternative minimum Tax Benefit) with respect to such Tax Return pursuant to Section 2.02(a)(ii) or Section 2.03(a)(ii), as
applicable (or if Phillips 66 is neither entitled to any Tax Benefit with respect to such Tax Return nor responsible for any Federal Income Taxes or State Income Taxes, as applicable shown as due on such Tax Return) (for the absence of doubt,
without regard to any estimated, installment, or other advance payments or minimum tax credit) (for this purpose, determined without regard to Section 5.02(b)(i)(A)), (x) ConocoPhillips shall pay Phillips 66 an amount equal to the excess,
if any, of the amount of such Tax Benefit to which Phillips 66 is entitled, if any, over such Accrued Phillips 66 Federal Income Tax Asset or Accrued Phillips 66 State Income Tax Asset, as applicable; and (y) Phillips 66 shall pay
ConocoPhillips an amount equal to the excess, if any, of such Accrued Phillips 66 Federal Income Tax Asset or Accrued Phillips 66 State Income Tax Asset, as applicable, over the amount of any such Tax Benefit, if any; and (2) if Phillips 66 is
responsible for Federal Income Taxes or State Income Taxes, as applicable, shown as due on such Tax Return (for the absence of doubt, without regard to any estimated, installment, minimum tax credits or other advance payments) pursuant to
Section 2.02(a) or 2.03(a) (for this purpose, determined without regard to Section 5.02(b)(i)(A)), Phillips 66 shall pay ConocoPhillips an amount equal to the sum of the amount of such Federal Income Taxes or State Income Taxes, as
applicable, for which Phillips 66 is responsible and the amount of such Accrued Phillips 66 Federal Income Tax Asset or Accrued Phillips 66 State Income Tax Asset, as applicable. 

(ii) Tax Returns Filed by Phillips 66 Group Member. In the case of any such ConocoPhillips State Combined Income
Tax Return or State Separate Income Tax Return, as applicable, for any Pre-Distribution Tax Period that ends during 2011 or 2012 or any Straddle Period filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group:

  
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 (A) (I) ConocoPhillips shall be deemed to have paid Phillips 66 on the
Distribution Date an amount equal to any liability for cash State Income Taxes with respect to such Tax Return to the extent such State Income Taxes have been Accrued as of the Distribution Date and allocated to the ConocoPhillips Business
(including any member of the ConocoPhillips Group) as of the Distribution Date (which accrual and allocation, for the absence of doubt, may be computed after the Distribution Date as of the Distribution Date and which shall be recomputed as of the
Distribution Date to take account of any Tax Return that is filed in respect of such Taxes) (with respect to such State Income Taxes, the “Accrued ConocoPhillips State Income Tax Liability”)); and (II) Phillips 66 shall be deemed to
have paid ConocoPhillips on the Distribution Date an amount equal to any reduction of State Income Taxes otherwise due with respect to such Tax Return to the extent such reduction in State Income Taxes has been Accrued and allocated to the
ConocoPhillips Business (including any member of the ConocoPhillips Group) as of the Distribution Date (with respect to such State Income Taxes, the “Accrued ConocoPhillips State Income Tax Asset”). 

(B) Within 120 days following the earlier of (y) the due date (including extensions) for filing such Tax Return, or
(z) the date on which such Tax Return is filed: 
 (I) In the case of any Accrued ConocoPhillips State
Income Tax Liability with respect to such Tax Return (1) if ConocoPhillips is responsible for any State Income Taxes shown as due on such Tax Return (for the absence of doubt, without regard to any estimated, installment, or other advance
payments or minimum tax credits) pursuant to Section 2.03(a) (or if ConocoPhillips is neither responsible for State Income Taxes shown as due on such Tax Return nor entitled to any Tax Benefit with respect to such Tax Return) (for this purpose,
determined without regard to Section 5.02(b)(ii)(A)), (x) ConocoPhillips shall pay Phillips 66 an amount equal to the excess, if any, of the amount of such State Income Taxes for which ConocoPhillips is responsible, if any, over such
Accrued ConocoPhillips State Income Tax Liability and (y) Phillips 66 shall pay ConocoPhillips an amount equal to the excess, if any, of such Accrued ConocoPhillips State Income Tax Liability over the amount of such State Income Taxes for which
ConocoPhillips is responsible, if any; and (2) if ConocoPhillips is entitled to any Tax Benefit with respect to such Tax Return pursuant to this Agreement, Phillips 66 shall pay ConocoPhillips an amount equal to the sum of such Tax Benefit to
which ConocoPhillips is entitled and the amount of any such Accrued ConocoPhillips State Income Tax Liability; and 
 (II) In the case of any Accrued ConocoPhillips State Income Tax Asset with respect to such Tax Return, (1) if ConocoPhillips is entitled to any Tax Benefit with respect to such Tax Return pursuant to
this Agreement (or if ConocoPhillips is neither entitled to any Tax Benefit with respect to such Tax 

  
 30 

 
Return nor responsible for any State Income Taxes shown as due on such Tax Return) (for the absence of doubt, without regard to any estimated, installment, or other advance payments or minimum
tax credit) (for this purpose, determined without regard to Section 5.02(b)(ii)(A)), (x) Phillips 66 shall pay ConocoPhillips an amount equal to the excess, if any, of the amount of such Tax Benefit to which ConocoPhillips is entitled, if
any, over such Accrued ConocoPhillips State Income Tax Asset; and (y) ConocoPhillips shall pay Phillips 66 an amount equal to the excess, if any, of such Accrued ConocoPhillips State Income Tax Asset over the amount of any such Tax Benefit, if
any; and (2) if ConocoPhillips is responsible for State Income Taxes shown as due on such Tax Return (for the absence of doubt, without regard to any estimated, installment, minimum tax credits or other advance payments) pursuant to
Section 2.03(a) (for this purpose, determined without regard to Section 5.02(b)(ii)(A)), ConocoPhillips shall pay Phillips 66 an amount equal to the sum of the amount of such State Income Taxes for which ConocoPhillips is responsible and
the amount of such Accrued ConocoPhillips State Income Tax Asset. 
 (c) Phillips 66 Minimum Tax Credits Payment.
Within 120 days after the date on which the ConocoPhillips Federal Consolidated Income Tax Return for the Straddle Period is filed, Phillips 66 shall pay ConocoPhillips any amount for which Phillips 66 is responsible pursuant to
Section 2.07(c). 
 (d) Taxes Resulting from Adjustment. In the case of any adjustment pursuant to a Final
Determination with respect to such Tax Return, (A) in the case of any such Tax Return filed or required to be filed under applicable Tax Law by any member of the ConocoPhillips Group, ConocoPhillips shall pay (or cause to be paid) to the
applicable Tax Authority when due any additional Tax due with respect to such Tax Return required to be paid as a result of such adjustment; and (B) in the case of any such Tax Return filed or required to be filed under applicable Tax Law by
any member of the Phillips 66 Group, Phillips 66 shall pay (or cause to be paid) to the applicable Tax Authority when due any additional Tax due with respect to such Tax Return as a result of such adjustment. 

(e) Return-to-Adjustment Payments. In the case of any adjustment pursuant to a Final Determination with respect to such Tax
Return, within 30 days following the later of (x) the date any additional Federal Income Tax or State Income Tax, as applicable, was paid by ConocoPhillips or Phillips 66, as applicable, with respect to such Tax Return as a result of such
adjustment (or any Tax Benefit was actually reduced in cash or Tax Benefit is actually received in cash) or (y) the date of receipt of a written notice and demand from ConocoPhillips or Phillips 66, as applicable, following such Final
Determination for payment of the amount due: 
 (i) In the case of any such Tax Return filed or required to be
filed under applicable Tax Law by any member of the ConocoPhillips Group, (A) Phillips 66 shall pay ConocoPhillips (x) any Federal Income Tax or State Income Tax, as applicable, due with respect to such Tax Return or any reduction in any
Tax Benefit for which Phillips 66 is responsible pursuant to Section 2.02(a) or 2.03(a) as a result of such adjustment and (y) any amount required to be paid by Phillips 66 to ConocoPhillips pursuant to Section 2.07 with respect to
such Tax Return as a result of such adjustment; and (B) ConocoPhillips 

  
 31 

 
shall pay Phillips 66 (x) any reduction in any Tax Benefit for which ConocoPhillips is responsible pursuant to Section 2.02(a) or 2.03(a) and to which Phillips 66 is entitled pursuant
to Section 2.02(a) or 2.03(a) as a result of such adjustment and (y) any amount required to be paid by ConocoPhillips to Phillips 66 pursuant to Section 2.07 with respect to such Tax Return as a result of such adjustment; and

 (ii) In the case of any such Tax Return filed or required to be filed under applicable Tax Law by any member
of the Phillips 66 Group, (A) ConocoPhillips shall pay Phillips 66 (x) any State Income Tax due with respect to such Tax Return or any reduction in any Tax Benefit for which ConocoPhillips is responsible pursuant to Section 2.03(a) as
a result of such adjustment and (y) any amount required to be paid by ConocoPhillips to Phillips 66 pursuant to Section 2.07 with respect to such Tax Return as a result of such adjustment; and (B) Phillips 66 shall pay ConocoPhillips
(x) any reduction in any Tax Benefit for which Phillips 66 is responsible pursuant to Section 2.03(a) and to which ConocoPhillips is entitled pursuant to Section 2.03(a) as a result of such adjustment and (y) any amount required
to be paid by Phillips 66 to ConocoPhillips pursuant to Section 2.07 with respect to such Tax Return as a result of such adjustment. 
 Section 5.03 Other Taxes . In the case of any Tax Return with respect to Other Taxes for the Pre-Distribution Period or Straddle Period (including, for the absence of doubt, amended Tax
Returns): 
 (a) Taxes Shown as Due on Tax Return. The Responsible Company shall compute the amount of Tax
required to be paid to the applicable Tax Authority (taking into account the requirements of Section 4.04) with respect to such Tax Return in respect of a Payment Date. In the case of any such Tax Return filed or required to be filed under
applicable Tax Law by any member of the ConocoPhillips Group, ConocoPhillips shall pay (or cause to be paid) such amount to such Tax Authority on or before such Payment Date (and provide notice and proof of payment to Phillips 66) and, in the case
of any such Tax Return filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group, Phillips 66 shall pay (or cause to be paid) such amount to such Tax Authority on or before such Payment Date (and provide notice
and proof of payment to ConocoPhillips). 
 (b) Accrual-to-Return Payment. 

(i) Tax Returns Filed by ConocoPhillips Group Member. In the case of any such Tax Return for any Pre-Distribution
Tax Period that ends during 2011 or 2012 or any Straddle Period filed or required to be filed under applicable Tax Law by any member of the ConocoPhillips Group: 

(A) Phillips 66 shall be deemed to have paid ConocoPhillips on the Distribution Date an amount equal to any liability for
cash Other Taxes with respect to such Tax Return to the extent such Other Taxes have been Accrued and allocated to the Phillips 66 Business (including any member of the Phillips 66 Group) as of the Distribution Date (which accruals and allocations,
for the absence of doubt, may be computed after the Distribution Date as of the Distribution Date and which shall be recomputed as of the Distribution Date to take account of any Tax Return that is filed in respect of such Taxes) (with respect to
such Other Taxes, the “Accrued Phillips 66 Other Tax Liability”). 

  
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 (B) Subject to Section 5.03(e), within 120 days following the earlier
of (y) the due date (including extensions) for filing such Tax Return, or (z) the date on which such Tax Return is filed, (x) Phillips 66 shall pay ConocoPhillips an amount equal to the excess, if any, of the amount of Other Taxes
shown as due on such Tax Return for which Phillips 66 is responsible (for the absence of doubt, without regard to any estimated, installment or other advance payments) pursuant to Section 2.02(c)(i), Section 2.03(c)(i), and
Section 2.04(c)(i) (for this purpose, determined without regard to Section 5.03(b)(i)(A)) over any Accrued Phillips 66 Other Tax Liability with respect to such Tax Return, and (y) ConocoPhillips shall pay Phillips 66 an amount equal
to the excess, if any, of any Accrued Phillips 66 Other Tax Liability with respect to such Tax Return over the amount of such Other Taxes for which Phillips 66 is responsible. 

(ii) Tax Returns Filed by Phillips 66 Group Member. In the case of any such Tax Return for any Pre-Distribution
Tax Period that ends during 2011 or 2012 or any Straddle Period filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group: 
 (A) ConocoPhillips shall be deemed to have paid Phillips 66 on the Distribution Date an amount equal to any liability for cash Other Taxes with respect to such Tax Return to the extent such Other Taxes
have been Accrued and allocated to the ConocoPhillips Business (including any member of the ConocoPhillips Group) as of the Distribution Date (which accruals and allocations, for the absence of doubt, may be computed after the Distribution Date as
of the Distribution Date and which shall be recomputed as of the Distribution Date to take account of any Tax Return that is filed in respect of such Taxes) (with respect to such Other Taxes, the “Accrued ConocoPhillips Other Tax
Liability”). 
 (B) Subject to Section 5.03(e), within 120 days following the earlier of
(y) the due date (including extensions) for filing such Tax Return, or (z) the date on which such Tax Return is filed, (x) ConocoPhillips shall pay Phillips 66 an amount equal to the excess, if any, of the amount of Other Taxes shown
as due on such Tax Return for which ConocoPhillips is responsible (for the absence of doubt, without regard to any estimated, installment or other advance payments) pursuant to Section 2.02(c)(i), Section 2.03(c)(i), and
Section 2.04(c)(i) (for this purpose, determined without regard to Section 5.03(b)(ii)(A)) over any Accrued ConocoPhillips Other Tax Liability with respect to such Tax Return, and (y) Phillips 66 shall pay ConocoPhillips an amount
equal to the excess, if any, of any Accrued ConocoPhillips Other Tax Liability with respect to such Tax Return over the amount of such Other Taxes for which ConocoPhillips is responsible. 

(c) Taxes Resulting from Adjustment. In the case of any adjustment pursuant to a Final Determination with respect to any
such Tax Return for any Pre-Distribution Periods or any Straddle Periods, (A) in the case of any such Tax Return filed or required to be filed under 

  
 33 

 
applicable Tax Law by any member of the ConocoPhillips Group, ConocoPhillips shall pay (or cause to be paid) when due any additional Other Tax required to be paid with respect to such Tax Return
as a result of such adjustment; and (B) in the case of any such Tax Return filed or required to be filed under applicable Tax Law by any member of the Phillips 66 Group, Phillips 66 shall pay (or cause to be paid) when due any additional Other
Tax required to be paid with respect to such Tax Return as a result of such adjustment. 
 (d) Return-to-Adjustment
Payments. Subject to Section 5.03(e), in the case of any adjustment pursuant to a Final Determination with respect to such Tax Return for any Pre-Distribution Periods or any Straddle Periods, within 30 days following the later of
(i) the date any Other Taxes were paid by ConocoPhillips or Phillips 66, as applicable, pursuant to Section 5.03(c) with respect to such Tax Return as a result of such adjustment or (ii) the date of receipt of a written notice and
demand from ConocoPhillips or Phillips 66, as applicable, following such Final Determination for payment of the amount due: 
 (i) In the case of any such Tax Return filed or required to be filed under applicable Tax Law by any member of the ConocoPhillips Group, (A) Phillips 66 shall pay ConocoPhillips (x) any Other
Taxes due with respect to such Tax Return for which Phillips 66 is responsible pursuant to Section 2.02(c)(i), Section 2.03(c)(i), and Section 2.04(c)(i) as a result of such adjustment and (y) any amount required to be paid by
Phillips 66 to ConocoPhillips pursuant to Section 2.07(a) with respect to such Tax Return as a result of such adjustment; and (B) ConocoPhillips shall pay Phillips 66 any amount required to be paid by ConocoPhillips to Phillips 66 pursuant
to Section 2.07(a) as a result of such adjustment; and 
 (ii) In the case of any such Tax Return filed or
required to be filed under applicable Tax Law by any member of the Phillips 66 Group, (A) ConocoPhillips shall pay Phillips 66 (x) any Other Taxes due with respect to such Tax Return for which ConocoPhillips is responsible pursuant to
Section 2.02(c)(i), Section 2.03(c)(i), and Section 2.04(c)(i) as a result of such adjustment and (y) any amount required to be paid by ConocoPhillips to Phillips 66 pursuant to Section 2.07(a) with respect to such Tax
Return as a result of such adjustment; and (B) Phillips 66 shall pay ConocoPhillips any amount required to be paid by Phillips 66 to ConocoPhillips pursuant to Section 2.07(a) as a result of such adjustment. 

(e) De Minimis Threshold for Other Taxes. Notwithstanding Section 2.02(c), Section 2.03(c), Section 5.03(b)
(except with respect to Foreign Other Taxes), and Section 5.03(d) (except with respect to Foreign Other Taxes) and except with respect to any amended Tax Return, in no event shall ConocoPhillips or Phillips 66, as applicable, be liable to pay
Phillips 66 or ConocoPhillips, as applicable, any amount with respect to Other Taxes (other than Foreign Other Taxes) pursuant to Section 5.03(b) or Section 5.03(d) unless the amount of such payment otherwise required to be made pursuant
to Section 5.03(b) with respect to the relevant Tax Return (other than any amended Tax Return) or Section 5.03(d) with respect to the relevant adjustment, as applicable (in each case, for the absence of doubt, without regard to this
Section 5.03(e)), exceeds $100,000. For the absence of doubt, (i) the foregoing limitation shall apply on a per Tax Return basis (in the case of any payment otherwise required to be made pursuant to Section 5.03(b)) or on a per
adjustment basis (in the case of any payment otherwise required to be made pursuant to Section 5.03(d)) and (ii) ConocoPhillips or Phillips 66, as applicable, shall be liable for the full amount of any payment to which the foregoing
limitation does not apply. 

  
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 Section 5.04 Certain Separate Return Income Taxes and Property Taxes . In the
case of any (x) Income Taxes with respect to a Separate Return (other than State Separate Income Tax Returns for Pre-Distribution Periods or Straddle Periods); and (y) Property Taxes or any refunds of such Taxes: 

(a) Taxes Due. Each Company shall pay, or shall cause to be paid, to the applicable Tax Authority when due (i) except
as set forth in Section 5.04(c), all Income Taxes with respect to such Separate Return; and (ii) all Property Taxes, in each case for which such Company is responsible pursuant to Section 2. 

(b) Refunds. If a Company or any member of such Company’s Group receives a refund of (i) Income Taxes with
respect to such Separate Return; or (ii) Property Taxes, in each case to which the other Company is entitled pursuant to Section 2.07, such Company shall pay over such refund to the other Company within 30 days following the receipt of
such refund. 
 (c) Section 2.02(a)(iii) Taxes. In the case of any ConocoPhillips Federal Income Tax Return
(including, for the absence of doubt, an amended Tax Return) for a Post-Distribution Period (other than any Straddle Period), within 120 days following the earlier of (y) the due date (including extensions) for filing such Tax Return or
(z) the date on which such Tax Return is filed, Phillips 66 shall pay ConocoPhillips the amount for which Phillips 66 is responsible under Section 2.02(a)(iii) with respect to such Tax Return. In the case of any adjustment pursuant to a
Final Determination with respect to such Tax Return, within 30 days following the later of (i) the date any additional Federal Income Tax was paid by ConocoPhillips with respect to such Tax Return as a result of such adjustment (or any Tax
Benefit was actually reduced in cash) or (ii) the date of receipt of a written notice and demand from ConocoPhillips following such Final Determination for payment of the amount due, Phillips 66 shall pay ConocoPhillips the amount for which
Phillips 66 is responsible pursuant to Section 2.02(a)(iii) as a result of such adjustment. 
 Section 5.05
Tax-Related Losses . Phillips 66 shall pay ConocoPhillips the amount of any Tax-Related Losses for which Phillips 66 is responsible under Section 6.04: 
 (a) In the case of Tax-Related Losses described in clause (a) of the definition of “Tax-Related Losses,” no later than two Business Days prior to the date COP files, or causes to be
filed, the applicable Tax Return for the year of the Internal Contribution, Internal Distribution, Contribution or Distribution, as applicable (provided that if such Tax-Related Losses arise pursuant to a Final Determination described in
clause (a), (b) or (c) of the definition of “Final Determination,” then Phillips 66 shall pay ConocoPhillips no later than two Business Days after the date of such Final Determination); and 

(b) In the case of Tax-Related Losses described in clause (b) or (c) of the definition of “Tax-Related
Losses,” no later than two Business Days after the date ConocoPhillips pays such Tax-Related Losses. 

  
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 Section 5.06 Treatment of Payments; Tax Gross Up . 

(a) Treatment of Payments. In the absence of any change in Tax treatment under the Code or other applicable Tax Law and
except as provided in Section 5.06(b), any payments made by a Company under this Agreement shall be reported for Tax purposes by the payor and the recipient as distributions or capital contributions, as appropriate, occurring immediately before
the Distribution (but only to the extent that the payment does not relate to a Tax allocated to the payor in accordance with Section 1552 of the Code or the regulations thereunder or Treasury Regulation Section 1.1502-33(d) (or under
corresponding principles of other applicable Tax Laws)) or as payments of an assumed or retained liability. 
 (b)
Treatment of Interest Payments Under This Agreement. Anything herein to the contrary notwithstanding, to the extent one Company (the “Indemnitor”) makes a payment of interest to another Company (the
“Indemnitee”) under this Agreement with respect to the period from the date that the Indemnitee made a payment of a Tax to a Tax Authority to the date that the Indemnitor reimbursed the Indemnitee for such Tax payment, the interest
payment shall be treated as interest expense to the Indemnitor (deductible to the extent provided by Law) and as interest income by the Indemnitee (includible in income to the extent provided by Law). The amount of the payment shall not be adjusted
to take into account any associated Tax Benefit to the Indemnitor or increase in Tax to the Indemnitee. 
 (c) Tax
Gross Up. If (i) notwithstanding the manner in which any payment under this Agreement is reported, there is an adjustment to the Tax liability of a Company as a result of its receipt of a payment pursuant to this Agreement or (ii) any
deduction or withholding is required by Law to be made from any payment (other than an interest payment) under this Agreement, such payment shall be appropriately adjusted so that the amount of such payment, reduced by the amount of all Income Taxes
payable with respect to the receipt thereof or the amount of all deduction or withholding required by Law with respect to such payment, as applicable (in each case, taking into account all correlative Tax Benefits resulting from the payment of such
Income Taxes), shall equal the amount of the payment which the Company receiving such payment would otherwise be entitled to receive pursuant to this Agreement. 
 Section 5.07 Late Payments . Any amount owed by one party to another party under this Agreement which is not paid when due shall bear interest at the Prime Rate plus five percent, compounded
semiannually, from the due date of the payment to the date paid. To the extent interest required to be paid under this Section 5.07 duplicates interest required to be paid under any other provision of this Agreement, interest shall be computed
at the higher of the interest rate provided under this Section 5.07 or the interest rate provided under such other provision. 
 Section 6. Tax-Free Status . 
 Section 6.01 Tax Opinions/Rulings
and Representation Letters . 
 (a) Each of Phillips 66 and ConocoPhillips hereby represents and agrees that
(i) it has or will read the Representation Letters deliverable to Wachtell, Lipton, Rosen & Katz in connection 

  
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with the rendering of the Tax Opinion prior to the date submitted and has or will read the Representation Letters (including the Ruling Request) delivered to the IRS in connection with obtaining
the Ruling prior to the date of this Agreement and (ii) subject to any qualifications therein, all information contained in such Representation Letters and Rulings that concerns or relates to such Company or any member of its Group will be
true, correct and complete. 
 (b) Phillips 66, Phillips 66 Company, ConocoPhillips, and ConocoPhillips Company
acknowledge that the Tax Opinions/Rulings and the Representation Letters may not yet have been obtained or submitted. Phillips 66, Phillips 66 Company, ConocoPhillips, and ConocoPhillips Company shall use their commercially reasonable efforts and
shall cooperate in good faith to finalize the Representation Letters for the Distribution as soon as possible hereafter and to cause the same to be submitted to the Tax Advisors, the IRS or such other governmental authorities as ConocoPhillips shall
deem necessary or desirable and shall take such other commercially reasonable actions as may be necessary or desirable to obtain the Tax Opinions/Rulings in order to confirm the Tax-Free Status. 

Section 6.02 Restrictions on Phillips 66 and Phillips 66 Company . 

(a) Phillips 66 and Phillips 66 Company agree that they will not take or fail to take, or permit any Phillips 66 Affiliate or
Phillips 66 Company Affiliate, as applicable, to take or fail to take, any action where such action or failure to act would be inconsistent with or cause to be untrue any material, information, covenant or representation in any Representation
Letters or Tax Opinions/Rulings. Phillips 66 and Phillips 66 Company agree that they will not take or fail to take, or permit any Phillips 66 Affiliate or Phillips 66 Company Affiliate, as applicable, to take or fail to take, any action which
prevents or could reasonably be expected to prevent (i) the Tax-Free Status, or (ii) any transaction contemplated by the Separation and Distribution Agreement which is intended by the parties to be tax-free (including, but not limited to,
those transactions which the IRS has ruled qualify for tax-free treatment in the Ruling) from so qualifying, including, (x) in the case of Phillips 66, issuing any Phillips 66 Capital Stock that would prevent the Distribution from qualifying as
a tax-free distribution within the meaning of Section 355 of the Code; and (y) in the case of Phillips 66 Company, issuing any Phillips 66 Company Capital Stock that would prevent the Internal Distribution from qualifying as a tax-free
distribution within the meaning of Section 355 of the Code. 
 (b) Pre-Distribution Period. During the period
from the date hereof until the completion of the Distribution, Phillips 66 and Phillips 66 Company shall not take any action (including, in the case of Phillips 66, the issuance of Phillips 66 Capital Stock) or permit any Phillips 66 Affiliate or
Phillips 66 Company Affiliate directly or indirectly controlled by Phillips 66 or Phillips 66 Company, as applicable, to take any action if, as a result of taking such action, (i) Phillips 66 could have a number of shares of Phillips 66 Capital
Stock (computed on a fully diluted basis or otherwise) issued and outstanding, including by way of the exercise of stock options (whether or not such stock options are currently exercisable) or the issuance of restricted stock, that could cause
ConocoPhillips to cease to have Tax Control of Phillips 66; or (ii) Phillips 66 Company could have a number of shares of Phillips 66 Company Capital Stock (computed on a fully diluted basis or otherwise) issued and outstanding, including by way
of the exercise of stock options (whether or not such stock options are currently exercisable) or the issuance of restricted stock, that could cause ConocoPhillips Company to cease to have Tax Control of Phillips 66 Company. 

  
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 (c) Each of Phillips 66 and Phillips 66 Company agrees that, from the date hereof
until the first day after the two-year anniversary of the Distribution Date, it will (i) maintain its status as a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code and (ii) not engage in any
transaction that would result in it ceasing to be a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, in each case, taking into account Section 355(b)(3) of the Code. 

(d) Phillips 66 agrees that, from the date hereof until the first day after the two-year anniversary of the Distribution Date, it
will not (i) enter into any Proposed Acquisition Transaction or, to the extent Phillips 66 has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur (whether by (A) redeeming
rights under a shareholder rights plan, (B) finding a tender offer to be a “permitted offer” under any such plan or otherwise causing any such plan to be inapplicable or neutralized with respect to any Proposed Acquisition
Transaction, or (C) approving any Proposed Acquisition Transaction, whether for purposes of Section 203 of the DGCL or any similar corporate statute, any “fair price” or other provision of Phillips 66’s charter or bylaws or
otherwise), (ii) merge or consolidate with any other Person or liquidate or partially liquidate or cause or permit Phillips 66 Company to merge or consolidate with any other Person or liquidate or partially liquidate, (iii) in a single
transaction or series of transactions sell or transfer (other than sales or transfers of inventory in the ordinary course of business) all or substantially all of the assets that were transferred to Phillips 66 as part of the Contribution or to
Phillips 66 Company as part of the Internal Contribution or sell or transfer (or cause or permit to be transferred) 60% or more of the gross assets of the Active Trade or Business or 60% or more of the consolidated gross assets of Phillips 66 and
its Affiliates (such percentages to be measured based on fair market value as of the Distribution Date) or sell or transfer any of the shares of Phillips 66 Company, (iv) redeem or otherwise repurchase (directly or through a Phillips 66
Affiliate) any Phillips 66 stock, or rights to acquire stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure
2003-48), (v) amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of Phillips 66 Capital Stock (including, without
limitation, through the conversion of one class of Phillips 66 Capital Stock into another class of Phillips 66 Capital Stock) or (vi) take any other action or actions (including any action or transaction that would be reasonably likely to be
inconsistent with any representation made in the Representation Letters or the Tax Opinions/Rulings) which in the aggregate (and taking into account any other transactions described in this subparagraph (d)) would be reasonably likely to have the
effect of causing or permitting one or more persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in Phillips 66 or Phillips 66 Company or otherwise jeopardize the
Tax-Free Status, unless prior to taking any such action set forth in the foregoing clauses (i) through (vi), (x) Phillips 66 shall have requested that ConocoPhillips obtain a Ruling in accordance with Section 6.03(b) and (d) of
this Agreement to the effect that such transaction will not affect the Tax-Free Status and ConocoPhillips shall have received such a Ruling in form and substance satisfactory to ConocoPhillips in its sole and absolute discretion, which discretion
shall be exercised in good faith solely to preserve the Tax-

  
 38 

 
Free Status (and in determining whether a Ruling is satisfactory, ConocoPhillips may consider, among other factors, the appropriateness of any underlying assumptions and management’s
representations made in connection with such Ruling), (y) Phillips 66 shall provide ConocoPhillips with an Unqualified Tax Opinion in form and substance satisfactory to ConocoPhillips in its sole and absolute discretion, which discretion shall
be exercised in good faith solely to preserve the Tax-Free Status (and in determining whether an opinion is satisfactory, ConocoPhillips may consider, among other factors, the appropriateness of any underlying assumptions and management’s
representations if used as a basis for the opinion and ConocoPhillips may determine that no opinion would be acceptable to ConocoPhillips) or (z) ConocoPhillips shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion.

 (e) Certain Issuances of Phillips 66 Capital Stock. If Phillips 66 proposes to enter into any
Section 6.02(e) Acquisition Transaction or, to the extent Phillips 66 has the right to prohibit any Section 6.02(e) Acquisition Transaction, proposes to permit any Section 6.02(e) Acquisition Transaction to occur, in each case, during
the period from the date hereof until the first day after the two-year anniversary of the Distribution Date, Phillips 66 shall provide ConocoPhillips, no later than ten days following the signing of any written agreement with respect to the
Section 6.02(e) Acquisition Transaction, with a written description of such transaction (including the type and amount of Phillips 66 Capital Stock to be issued in such transaction) and a certificate of the Board of Directors of Phillips 66 to
the effect that the Section 6.02(e) Acquisition Transaction is not a Proposed Acquisition Transaction or any other transaction to which the requirements of Section 6.02(d) apply (a “Board Certificate”). 

(f) Phillips 66 Restructuring. Phillips 66 and Phillips 66 Company shall not engage in, cause or permit any internal
restructuring (including by making or revoking any election under Treasury Regulation Section 301.7701-3) involving Phillips 66 or Phillips 66 Company and/or any of their subsidiaries or any contribution, sale or other transfer of any of the
assets directly or indirectly transferred to Phillips 66 as part of the Contribution, transferred to Phillips 66 Company as part of the Internal Contribution, or otherwise transferred to Phillips 66 or Phillips 66 Company, as applicable, or any of
their subsidiaries in connection with the Transaction (any such action, a “Phillips 66 Restructuring”) during or with respect to any Tax Period (or portion thereof) ending on or prior to 6 months following the Distribution Date
without obtaining the prior written consent of ConocoPhillips (such prior written consent not to be unreasonably withheld). Phillips 66 or Phillips 66 Company, as applicable, shall provide written notice to ConocoPhillips describing any Phillips 66
Restructuring proposed to be taken during or with respect to any Tax Period (or portion thereof) ending on or prior to 6 months following the Distribution Date and shall consult with ConocoPhillips regarding any such proposed actions. 

(g) Distributions by Foreign Phillips 66 Subsidiaries. Until January 1st of the calendar year immediately following the calendar year in
which the Distribution occurs, Phillips 66 shall neither cause nor permit any foreign subsidiary of Phillips 66 to enter into any transaction or take any action that would be considered under the Code to constitute the declaration or payment of a
dividend (including pursuant to Section 304 of the Code) without obtaining the prior written consent of ConocoPhillips (such prior written consent not to be unreasonably withheld). 

  
 39 

 Section 6.03 Procedures Regarding Opinions and Rulings . 

(a) If Phillips 66 notifies ConocoPhillips that it desires to take one of the actions described in clauses (i) through
(vi) of Section 6.02(d) (a “Notified Action”), ConocoPhillips and Phillips 66 shall reasonably cooperate to attempt to obtain the Ruling or Unqualified Tax Opinion referred to in Section 6.02(d), unless ConocoPhillips
shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion. 
 (b) Rulings or Unqualified Tax
Opinions at Phillips 66’s Request. ConocoPhillips agrees that at the reasonable request of Phillips 66 pursuant to Section 6.02(d), ConocoPhillips shall cooperate with Phillips 66 and use its reasonable best efforts to seek to obtain,
as expeditiously as possible, a Ruling from the IRS or an Unqualified Tax Opinion for the purpose of permitting Phillips 66 to take the Notified Action. Further, in no event shall ConocoPhillips be required to file any Ruling Request under this
Section 6.03(b) unless Phillips 66 represents that (i) it has read the Ruling Request, and (ii) all information and representations, if any, relating to any member of the Phillips 66 Group, contained in the Ruling Request documents
are (subject to any qualifications therein) true, correct and complete. Phillips 66 shall reimburse ConocoPhillips for all reasonable costs and expenses incurred by the ConocoPhillips Group in obtaining a Ruling or Unqualified Tax Opinion requested
by Phillips 66 within ten Business Days after receiving an invoice from ConocoPhillips therefor. 
 (c) Rulings or
Unqualified Tax Opinions at ConocoPhillips’ Request. ConocoPhillips shall have the right to obtain a Ruling or an Unqualified Tax Opinion at any time in its sole and absolute discretion. If ConocoPhillips determines to obtain a Ruling or an
Unqualified Tax Opinion, Phillips 66 shall (and shall cause each Affiliate of Phillips 66 to) cooperate with ConocoPhillips and take any and all actions reasonably requested by ConocoPhillips in connection with obtaining the Ruling or Unqualified
Tax Opinion (including, without limitation, by making any representation or covenant or providing any materials or information requested by the IRS or Tax Advisor; provided that Phillips 66 shall not be required to make (or cause any
Affiliate of Phillips 66 to make) any representation or covenant that is inconsistent with historical facts or as to future matters or events over which it has no control). ConocoPhillips and Phillips 66 shall each bear its own costs and expenses in
obtaining a Ruling or an Unqualified Tax Opinion requested by ConocoPhillips. 
 (d) Phillips 66 hereby agrees that
ConocoPhillips shall have sole and exclusive control over the process of obtaining any Ruling, and that only ConocoPhillips shall apply for a Ruling. In connection with obtaining a Ruling pursuant to Section 6.03(b), (i) ConocoPhillips
shall keep Phillips 66 informed in a timely manner of all material actions taken or proposed to be taken by ConocoPhillips in connection therewith; (ii) ConocoPhillips shall (A) reasonably in advance of the submission of any Ruling Request
documents provide Phillips 66 with a draft copy thereof, (B) reasonably consider Phillips 66’s comments on such draft copy, and (C) provide Phillips 66 with a final copy; and (iii) ConocoPhillips shall provide Phillips 66 with
notice reasonably in advance of, and Phillips 66 shall have the right to attend, any formally scheduled meetings with the IRS (subject to the approval of the IRS) that relate to such Ruling. Neither Phillips 66 nor any Phillips 66 Affiliate directly
or indirectly controlled by Phillips 66 shall seek any guidance from the IRS or any other Tax Authority (whether written, verbal or otherwise) at any time concerning the Contribution, the Distribution, the Internal Contribution, the Internal
Distribution (including the impact of any transaction on the Contribution, the Distribution, the Internal Contribution or the Internal Distribution) or any transaction referred to in Section 6.02(a)(ii). 

  
 40 

 Section 6.04 Liability for Tax-Related Losses . 

(a) Notwithstanding anything in this Agreement, the Separation and Distribution Agreement, the Indemnification and Release
Agreement, or any other Ancillary Agreement to the contrary, subject to Section 6.04(b), Phillips 66 shall be responsible for, and shall indemnify and hold harmless ConocoPhillips, ConocoPhillips Company, each of their Affiliates and each of
their respective officers, directors and employees from and against, one hundred percent (100%) of any Tax-Related Losses that are attributable to or result from any one or more of the following: (i) the acquisition (other than pursuant to
the Internal Contribution, the Internal Distribution, the Contribution, or the Distribution) of all or a portion of the stock and/or assets of Phillips 66 and/or its subsidiaries by any means whatsoever by any Person, (ii) any negotiations,
understandings, agreements or arrangements by Phillips 66 with respect to transactions or events (including, without limitation, stock issuances, pursuant to the exercise of stock options or otherwise, option grants, capital contributions or
acquisitions, or a series of such transactions or events) that cause the Internal Distribution or the Distribution to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly stock of Phillips 66 Company or
Phillips 66, as applicable, representing a Fifty-Percent or Greater Interest therein, (iii) any action or failure to act by Phillips 66 after the Distribution (including, without limitation, any amendment to Phillips 66’s certificate of
incorporation (or other organizational documents), whether through a stockholder vote or otherwise) affecting the voting rights of Phillips 66 stock or Phillips 66 Company stock (including, without limitation, through the conversion of one class of
Phillips 66 Capital Stock or Phillips 66 Company Capital Stock, respectively, into another class of Phillips 66 Capital Stock or Phillips 66 Company Capital Stock, respectively), (iv) any act or failure to act by Phillips 66, Phillips 66
Company, or any Phillips 66 Affiliate described in Section 6.02 (regardless whether such act or failure to act is covered by a Ruling, Unqualified Tax Opinion or waiver described in clause (x), (y) or (z) of Section 6.02(d), a
Board Certificate described in Section 6.02(e) or a consent described in Section 6.02(f) or (g)) or (v) any breach by Phillips 66 of its agreement and representation set forth in Section 6.01(a). 

(b) For purposes of calculating the amount and timing of any Tax-Related Loss for which Phillips 66 is responsible under this
Section 6.04, Tax-Related Losses shall be calculated by assuming that ConocoPhillips, ConocoPhillips Company, the ConocoPhillips Affiliated Group and each member of the ConocoPhillips Group (I) pay Tax at the highest marginal corporate Tax
rates in effect in each relevant taxable year and (II) have no Tax Attributes in any relevant taxable year. 

  
 41 

 Section 7. Assistance and Cooperation . 

Section 7.01 Assistance and Cooperation . 
 (a) General. Each of the Companies shall cooperate (and cause its respective Affiliates to cooperate) with the other Company and with the other Company’s agents, representatives
or advisors, including accounting firms and legal counsel, in connection with Tax matters relating to the Companies and their Affiliates including (i) preparation and filing of Tax Returns, (ii) determining the liability for and amount of
any Taxes due (including estimated Taxes) or the right to and amount of any refund of Taxes, (iii) determining any amounts required to be paid pursuant to this Agreement, (iv) examinations of Tax Returns, and (v) any administrative or
judicial proceeding in respect of Taxes assessed or proposed to be assessed or claims for refunds. Such cooperation shall include, without limitation, (x) preparing Tax Packages and providing information and documents as provided in
Section 7.02, (y) making all information and documents in their possession relating to the other Company and its Affiliates available to such other Company as provided in Section 8, and (z) making available to the other Company,
as reasonably requested and available, personnel (including officers, directors, employees and agents of the Companies or their respective Affiliates) responsible for preparing, maintaining, and interpreting information and documents relevant to
Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes. In the event that a member of the ConocoPhillips Group, on
the one hand, or a member of the Phillips 66 Group, on the other hand, suffers a Tax detriment as a result of a Transfer Pricing Adjustment, the Companies shall cooperate pursuant to this Section 7 to seek any competent authority relief that
may be available with respect to such Transfer Pricing Adjustment. 
 (b) Confidentiality. Any information
or documents provided under this Section 7 shall be kept confidential by the Company receiving the information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any
administrative or judicial proceedings relating to Taxes. Notwithstanding any other provision of this Agreement or any other agreement, (i) neither ConocoPhillips nor any ConocoPhillips Affiliate shall be required to provide Phillips 66 or any
Phillips 66 Affiliate or any other Person access to or copies of any information or procedures (including the proceedings of any Tax Contest) other than information or procedures that relate solely to Phillips 66, the business or assets of Phillips
66 or any Phillips 66 Affiliate and (ii) in no event shall ConocoPhillips or any ConocoPhillips Affiliate be required to provide Phillips 66, any Phillips 66 Affiliate or any other Person access to or copies of any information if such action
could reasonably be expected to result in the waiver of any Privilege. In addition, in the event that ConocoPhillips determines that the provision of any information to Phillips 66 or any Phillips 66 Affiliate could be commercially detrimental,
violate any Law or agreement or waive any Privilege, the parties shall use reasonable best efforts to permit compliance with their respective obligations under this Section 7 in a manner that avoids any such harm or consequence. 

Section 7.02 Tax Packages and Other Tax Return Information . 

  
 42 

 (a) General. Phillips 66, Phillips 66 Company, ConocoPhillips, and
ConocoPhillips Company acknowledge that time is of the essence in relation to any request for information, assistance or cooperation made by ConocoPhillips or Phillips 66 pursuant to Section 7.01 or this Section 7.02. Phillips 66, Phillips
66 Company, ConocoPhillips, and ConocoPhillips Company acknowledge that failure to conform to the deadlines set forth herein or reasonable deadlines otherwise set by ConocoPhillips or Phillips 66 could cause irreparable harm. 

(b) Tax Packages. Phillips 66 (if ConocoPhillips is the Responsible Company with respect to the applicable Tax Returns) or
ConocoPhillips (if Phillips 66 is the Responsible Company with respect to the applicable Tax Returns) shall provide to the Responsible Company a package containing information and documents relating to its Group required by the Responsible Company
to prepare and file the applicable Tax Returns (“Tax Packages”). Phillips 66 or ConocoPhillips, as applicable, shall provide such Tax Packages (i) containing information or documents in such form as the Responsible Company
reasonably requests (or, in the absence of such request, in such form as historically provided to the Responsible Company for the purposes of preparing and filing the applicable Tax Returns) and (ii) in sufficient time for the Responsible
Company to file the applicable Tax Returns on a timely basis. 
 Section 7.03 Reliance by ConocoPhillips . If any
member of the Phillips 66 Group supplies information to a member of the ConocoPhillips Group in connection with a Tax liability and an officer of a member of the ConocoPhillips Group signs a statement or other document under penalties of perjury in
reliance upon the accuracy of such information, then upon the written request of such member of the ConocoPhillips Group identifying the information being so relied upon, the chief financial officer of Phillips 66 (or any officer of Phillips 66 as
designated by the chief financial officer of Phillips 66) shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. Each of Phillips 66 and
Phillips 66 Company agrees to indemnify and hold harmless each member of the ConocoPhillips Group and its directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the
Phillips 66 Group having supplied, pursuant to this Section 7, a member of the ConocoPhillips Group with inaccurate or incomplete information in connection with a Tax liability. 

Section 8. Tax Records . 
 Section 8.01 Retention of Tax Records . Each Company shall preserve and keep all Tax Records exclusively relating to the assets and activities of its Group for Pre-Distribution Periods, and
ConocoPhillips shall preserve and keep all other Tax Records relating to Taxes of the Groups for Pre-Distribution Tax Periods, for so long as the contents thereof may become material in the administration of any matter under the Code or other
applicable Tax Law, but in any event until the later of (a) the expiration of any applicable statutes of limitations, or (b) seven years after the Distribution Date (such later date, the “Retention Date”). After the
Retention Date, each Company may dispose of such Tax Records upon 90 days’ prior written notice to the other Company. If, prior to the Retention Date, a Company reasonably determines that any Tax Records which it would otherwise be required to
preserve and keep under this Section 8 are no longer material in the administration of any matter under the Code or other applicable Tax Law and the other Company agrees, then such first Company may dispose of such Tax Records upon 90
days’ prior notice to the other Company. 

  
 43 

 
Any notice of an intent to dispose given pursuant to this Section 8.01 shall include a list of the Tax Records to be disposed of describing in reasonable detail each file, book, or other
record accumulation being disposed. The notified Company shall have the opportunity, at its cost and expense, to copy or remove, within such 90-day period, all or any part of such Tax Records. If, at any time prior to the Retention Date, Phillips 66
or Phillips 66 Company determines to decommission or otherwise discontinue any computer program or information technology system used to access or store any Tax Records, then Phillips 66 or Phillips 66 Company may decommission or discontinue such
program or system upon 90 days’ prior notice to ConocoPhillips and ConocoPhillips shall have the opportunity, at its cost and expense, to copy, within such 90-day period, all or any part of the underlying data relating to the Tax Records
accessed by or stored on such program or system. 
 Section 8.02 Access to Tax Records . The Companies and their
respective Affiliates shall make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed or stored on any
computer program or information technology system) in their possession and shall permit the other Company and its Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other Tax auditor direct access
during normal business hours upon reasonable notice to any computer program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Company in connection with the
preparation of Tax Returns or financial accounting statements, audits, litigation, or the resolution of items under this Agreement. 
 Section 9. Tax Contests . 
 Section 9.01 Notice . Each of the
Companies shall provide prompt notice to the other Company of any written communication from a Tax Authority regarding any pending or threatened Tax audit, assessment or proceeding or other Tax Contest of which it or its Affiliate becomes aware
related to Taxes for Tax Periods for which it is indemnified by the other Company hereunder. Such notice shall attach copies of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent
known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Tax Authority in respect of any such matters; provided, however, that the Indemnitor
shall not be relieved of its obligations hereunder by reason of any failure by the Indemnitee to so notify except to the extent the Indemnitor was materially harmed by such failure. 

Section 9.02 Control of Tax Contests . 
 (a) Separate Returns. In the case of any Tax Contest with respect to any Separate Return for any Pre-Distribution Period or any Straddle Period: 

(i) If the Tax Contest relates exclusively to Taxes for which Phillips 66 is responsible under Section 2, Phillips
66 shall have exclusive control over such Tax Contest, except insofar as ConocoPhillips shall have exclusive control over such Tax Contest pursuant to Section 9.02(a)(ii)(B) and subject to Section 9.02(c)(i) and (d) below; and

  
 44 

 (ii) If the Tax Contest relates (A) exclusively to Taxes for which
ConocoPhillips is responsible under Section 2, (B) exclusively to Taxes for which Phillips 66 is responsible under Section 2 and ConocoPhillips determines in good faith that Phillips 66 has failed to defend diligently such Tax
Contest, or (C) to Taxes for which both ConocoPhillips and Phillips 66 are responsible under Section 2, ConocoPhillips shall (in the case of Tax Contests described in Section 9.02(a)(ii)(B), at ConocoPhillips’ option) have
exclusive control over the Tax Contest, subject to Section 9.02(c)(i) and (d) below. 
 (b) Joint
Returns. In the case of any Tax Contest with respect to any ConocoPhillips Federal Consolidated Income Tax Return, ConocoPhillips State Combined Income Tax Return or other Joint Return, in each case, for any Pre-Distribution Period or Straddle
Period, ConocoPhillips shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of such Tax liability, subject to Section 9.02(c)(ii) below. 

(c) Settlement Rights and Certain Other Rights.  

(i) Separate Returns. In the case of any Tax Contest with respect to any Separate Return, the Controlling Party
shall have the sole right to contest, litigate, compromise and settle any such Tax Contest without obtaining the prior consent of the Non-Controlling Party; provided, however, that if Phillips 66 is the Controlling Party with respect to any
Tax Contest with respect to any Separate Return which Tax Contest would reasonably be expected to have an adverse impact on ConocoPhillips, Phillips 66 shall not compromise or settle such Tax Contest without obtaining the prior consent of
ConocoPhillips. Unless waived by the parties in writing, in connection with any potential adjustment in such Tax Contest (x) with respect to any Separate Return as a result of which adjustment the Non-Controlling Party may reasonably be
expected to become liable to make any indemnification payment (or any payment under Section 2.07) to the Controlling Party under this Agreement or (y) with respect to any Specified Separate Return: (A) the Controlling Party shall keep
the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest; (B) the Controlling Party shall provide the
Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority; (C) the Controlling Party shall consult with the Non-Controlling Party before submitting any
written materials prepared or furnished in connection with such potential adjustment in such Tax Contest and shall offer the Non-Controlling Party a reasonable opportunity to comment before submitting any such written materials; and (D) the
Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Tax Authority or judicial authority in connection with such potential adjustment in such Tax Contest. The failure of the
Controlling Party to take any action specified in the preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this
Agreement except to the extent that the Non-Controlling Party was materially harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling
Party. 

  
 45 

 (ii) Joint Returns. In the case of any Tax Contest with respect to
Joint Returns, the Controlling Party shall have the sole right to contest, litigate, compromise and settle any such Tax Contest without obtaining the prior consent of the Non-Controlling Party. Unless waived by the parties in writing, in connection
with any potential adjustment in such Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment (or any payment under Section 2.07) to the Controlling
Party under this Agreement: (A) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax
Contest; (B) the Controlling Party shall provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax Authority; and (C) the Controlling Party shall
consult with the Non-Controlling Party before submitting any written materials prepared or furnished in connection with such potential adjustment in such Tax Contest. Phillips 66 shall not be entitled to attend meetings or teleconferences with the
Tax Authority in connection with any Tax Contest with respect to any Joint Returns, except that, in connection with any Special Joint Tax Contest, Phillips 66 shall be entitled to attend such portion of any meeting or teleconference as pertains to
Phillips 66. The failure of the Controlling Party to take any action specified in the second preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may
have to the Controlling Party under this Agreement except to the extent that the Non-Controlling Party was materially harmed by such failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation
which it may have to the Controlling Party. ConocoPhillips shall be entitled to permit Phillips 66 to conduct any portion of a Special Joint Tax Contest on such terms and conditions as ConocoPhillips shall determine in its sole discretion.

 (d) Tax Contest Participation. In the case of any Tax Contest with respect to any Separate Return, unless
waived by the parties in writing, the Controlling Party shall provide the Non-Controlling Party with written notice reasonably in advance of, and the Non-Controlling Party shall have the right to attend, any formally scheduled meetings with Tax
Authorities or hearings or proceedings before any judicial authorities in connection with any potential adjustment in a Tax Contest pursuant to which the Non-Controlling Party may reasonably be expected to become liable to make any indemnification
payment (or any payment under Section 2.07) to the Controlling Party under this Agreement or with respect to any Specified Separate Return. The failure of the Controlling Party to provide any notice specified in this Section 9.02(d) to the
Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling Party was materially harmed by such
failure, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. 

  
 46 

 (e) Power of Attorney. Each member of the Phillips 66 Group shall execute and
deliver to ConocoPhillips (or such member of the ConocoPhillips Group as ConocoPhillips shall designate) any power of attorney or other similar document reasonably requested by ConocoPhillips (or such designee) in connection with any Tax Contest (as
to which ConocoPhillips is the Controlling Party) described in this Section 9. 
 Section 10. Effective Date;
Termination of Prior Intercompany Tax Allocation Agreements .  
 This Agreement shall be effective as
of the date hereof. As of the date hereof, (a) all prior intercompany Tax allocation agreements shall be terminated, and (b) amounts due under such agreements as of the date hereof shall be settled before the Distribution Date. Upon such
termination and settlement, no further payments by or to ConocoPhillips, Phillips 66 or any member of their respective Group, with respect to such agreements shall be made, and all other rights and obligations resulting from such agreements between
the Companies and their Affiliates shall cease at such time. The prior practice of ConocoPhillips of creating intercompany obligations in respect of Tax allocations with respect to the Phillips 66 Business shall be terminated effectively immediately
prior to the Distribution on the Distribution Date, and amounts due under any such remaining intercompany obligations shall be settled in the ordinary course. 
 Section 11. Survival of Obligations . 
 The representations, warranties,
covenants and agreements set forth in this Agreement shall be unconditional and absolute and shall remain in effect without limitation as to time. 
 Section 12. Dispute Resolution . 
 The Companies mutually desire that
friendly collaboration will continue between them. Accordingly, they will try, and they will cause their respective Group members to try, to resolve in an amicable manner all disagreements and misunderstandings relating to their respective rights
and obligations under this Agreement, including any amendments hereto. In furtherance thereof, in the event of any dispute, controversy or claim arising out of or relating to this Agreement, including the validity, interpretation, breach or
termination thereof (a “Dispute”), the Tax departments of the Companies shall negotiate in good faith to resolve the Dispute. If such good faith negotiations do not resolve the Dispute, then the Dispute shall be resolved in
accordance with the procedures set forth in Article IV of the Indemnification and Release Agreement, which shall be the sole and exclusive procedures for the resolution of any such Dispute unless otherwise specified in Article IV of the
Indemnification and Release Agreement. Notwithstanding anything to the contrary in this Agreement, the Indemnification and Release Agreement, the Separation and Distribution Agreement or any other Ancillary Agreement, ConocoPhillips and Phillips 66
are the only members of their respective Group entitled to commence a dispute resolution procedure under this Agreement, and each of ConocoPhillips and Phillips 66 will cause its respective Group members not to commence any dispute resolution
procedure other than through such party as provided in this Section 12. 

  
 47 

 Section 13. Expenses. 

Except as otherwise provided in this Agreement, each party and its Affiliates shall bear their own expenses incurred in connection with
preparation of Tax Returns, Tax Contests, and other matters related to Taxes under the provisions of this Agreement. 

Section 14. General Provisions. 
 Section 14.01 Addresses and Notices. Each party giving any notice required or permitted under this Agreement will give the notice in writing and use one of the following methods of delivery
to the party to be notified, at the address set forth below (except that any notice involving an amount at issue less than $100,000, individually, shall be sent to the designee of the General Tax Officer of the other Company, rather than the address
below) or another address of which the sending party has been notified in accordance with this Section 14.01: (a) personal delivery; (b) facsimile or telecopy transmission with a reasonable method of confirming transmission;
(c) commercial overnight courier with a reasonable method of confirming delivery; (d) pre-paid, United States of America certified or registered mail, return receipt requested; or (e) electronic mail with a reasonable method of
confirming receipt. Notice to a party is effective for purposes of this Agreement only if given as provided in this Section 14.01 and shall be deemed given on the date that the intended addressee actually receives the notice. 

 

			
	 If to ConocoPhillips or

ConocoPhillips Company:
  

ConocoPhillips
 600 North Dairy
Ashford
 Houston, Texas 77079

Attention: General Tax Officer

Facsimile: 281-293-2852
 Email: to be
provided
	  	 with a copy to:
  

ConocoPhillips
 600 North Dairy
Ashford
 Houston, Texas 77079

Attention: Chief Financial Officer

Facsimile: [•]
 Email: to be
provided

		
	 If to Phillips 66 or Phillips 66
 Company:
  
 Phillips
66
 [•]
 Houston, Texas
[•]
 Attention: General Tax Officer
 Facsimile: [•]
 Email: to be provided
	  	 with a copy to:
  

Phillips 66
 [•]

Houston, Texas [•]
 Attention: Chief
Financial Officer
 Facsimile: [•]
 Email: to be provided

 A party may change the address for receiving notices under this Agreement by providing written notice of the change of
address to the other parties. 

  
 48 

 Section 14.02 Binding Effect . This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their successors and assigns. 
 Section 14.03 Waiver . The parties may
waive a provision of this Agreement only by a written waiver signed by the party intended to be bound by the waiver. A party is not prevented from enforcing any right, remedy or condition in the party’s favor because of any failure or delay in
exercising any right or remedy or in requiring satisfaction of any condition, except to the extent that the party specifically waives the same in writing. A written waiver given for one matter or occasion is effective only in that instance and only
for the purpose stated. A waiver once given is not to be construed as a waiver for any other matter or occasion. Any enumeration of a party’s rights and remedies in this Agreement is not intended to be exclusive, and a party’s rights and
remedies are intended to be cumulative to the extent permitted by Law and include any rights and remedies authorized in Law or in equity. 
 Section 14.04 Severability . If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force, if the
essential terms and conditions of this Agreement for each party remain valid, binding and enforceable. 
 Section 14.05
Authority . Each of the parties represents to the other that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this
Agreement have been duly authorized by all necessary corporate or other action, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally and general equity principles. 

Section 14.06 Further Action . The parties shall execute and deliver all documents, provide all information, and take or
refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other parties and their Affiliates and representatives of such powers of attorney or other
authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of such other parties in accordance with Section 9. 

Section 14.07 Integration . This Agreement, together with each of the exhibits and schedules appended hereto, constitutes
the final agreement between the parties, and is the complete and exclusive statement of the parties’ agreement on the matters contained herein. All prior and contemporaneous negotiations and agreements between the parties with respect to the
matters contained herein are superseded by this Agreement, as applicable. In the event of any inconsistency between this Agreement and the Separation and Distribution Agreement, or any of the Ancillary Agreements (other than this Agreement), with
respect to matters addressed herein, the provisions of this Agreement shall control. 

  
 49 

 Section 14.08 Construction . The language in all parts of this Agreement shall
in all cases be construed according to its fair meaning and shall not be strictly construed for or against any party. The captions, titles and headings included in this Agreement are for convenience only, and do not affect this Agreement’s
construction or interpretation. Unless otherwise indicated, all “Section” references in this Agreement are to sections of this Agreement. 
 Section 14.09 No Double Recovery . No provision of this Agreement shall be construed to provide an indemnity or other recovery for any costs, damages, or other amounts for which the damaged
party has been fully compensated under any other provision of this Agreement or under any other agreement or action at Law or equity. Unless expressly required in this Agreement, a party shall not be required to exhaust all remedies available under
other agreements or at Law or equity before recovering under the remedies provided in this Agreement. 
 Section 14.10
Counterparts . The parties may execute this Agreement in multiple counterparts, each of which constitutes an original as against the party that signed it, and all of which together constitute one agreement. This Agreement is effective upon
delivery of one executed counterpart from each party to the other party. The signatures of the parties need not appear on the same counterpart. The delivery of signed counterparts by facsimile or email transmission that includes a copy of the
sending party’s signature is as effective as signing and delivering the counterpart in person. 
 Section 14.11
Governing Law . The internal Laws of the State of Delaware (without reference to its principles of conflicts of Law) govern the construction, interpretation and other matters arising out of or in connection with this Agreement and each of the
exhibits and schedules hereto and thereto (whether arising in contract, tort, equity or otherwise). 
 Section 14.12
Jurisdiction . If any dispute arises out of or in connection with this Agreement, except as expressly contemplated by another provision of this Agreement, the parties irrevocably (and the parties will cause each other member of their
respective Group to irrevocably) (a) consent and submit to the exclusive jurisdiction of federal and state courts located in Delaware, (b) waive any objection to that choice of forum based on venue or to the effect that the forum is not
convenient, and (c) WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT TO TRIAL OR ADJUDICATION BY JURY. 
 Section
14.13 Amendment . Except as otherwise expressly provided herein with respect to the Schedules hereto, the parties may amend this Agreement only by a written agreement signed by each party to be bound by the amendment and that identifies
itself as an amendment to this Agreement. 
 Section 14.14 Phillips 66 Subsidiaries . If, at any time, Phillips 66
acquires or creates one or more subsidiaries that would have been includable in the Phillips 66 Group had they been acquired or created immediately after the Distribution, they shall be subject to this Agreement and all references to the Phillips 66
Group herein shall thereafter include a reference to such subsidiaries. 

  
 50 

 Section 14.15 Successors . This Agreement shall be binding on and inure to the
benefit of any successor by merger, acquisition of assets, or otherwise, to any of the parties hereto (including but not limited to any successor of ConocoPhillips, ConocoPhillips Company, Phillips 66, or Phillips 66 Company succeeding to the Tax
attributes of either under Section 381 of the Code), to the same extent as if such successor had been an original party to this Agreement. 
 Section 14.16 Injunctions . The parties acknowledge that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its
specific terms or were otherwise breached. The parties hereto shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in any court having
jurisdiction, such remedy being in addition to any other remedy to which they may be entitled at Law or in equity. 

  
 51 

 IN WITNESS WHEREOF, each party has caused this Agreement to be executed on its behalf by a duly authorized
officer on the date first set forth above. 
  

									
	 “ConocoPhillips”
  

CONOCOPHILLIPS, a Delaware corporation
	 		 	 “Phillips 66”
  

PHILLIPS 66, a Delaware corporation

					
	By:	 	 	 		 	By:	 	 
					
	Name:	 	 	 		 	Name:	 	 
					
	Title:	 	 	 		 	Title:	 	 
		 		 		 		 	
	 “ConocoPhillips Company”
  

CONOCOPHILLIPS COMPANY, a Delaware corporation
	 		 	 “Phillips 66 Company”
  

PHILLIPS 66 COMPANY, a Delaware corporation

					
	By:	 	 	 		 	By:	 	 
					
	Name:	 	 	 		 	Name:	 	 
					
	Title:	 	 	 		 	Title:	 	 
		 		 		 		 	

  
 52 

 UK TAX 
 SCHEDULE 2.05 
 Part A: UK Tax Matters 

Paragraph 1. General Principle. 
 Save as expressly provided in this Agreement, and without prejudice to the rights and obligations contained in this Schedule, each member of the ConocoPhillips Group and each member of the Phillips 66
Group shall be responsible for discharging any UK Tax Liability that may fall on it and shall be entitled to any UK Relief arising to it, and none of the parties to this Agreement indemnifies or otherwise agrees to make payment to, or to procure the
making of payment to, the other in relation thereto. 
 Paragraph 2. Management of Pre-Distribution UK Tax Affairs.

 Paragraph 2.01 . VAT Grouping. 

(a) ConocoPhillips shall procure that (if one has not already been made) an application shall be made to HM Revenue &
Customs pursuant to section 43B of the Value Added Tax Act 1994 for the exclusion of each member of the Phillips 66 Group that has previously been a member of ConocoPhillips UK Topco’s VAT group from the bodies corporate treated as members of
ConocoPhillips UK Topco’s VAT group and for such exclusion to take effect from the time of the Distribution or, if HM Revenue & Customs do not permit this, at the earliest date following the Distribution permitted. 

(b) Phillips 66 shall contribute, or shall procure that each member of the Phillips 66 Group which was a member of ConocoPhillips
UK Topco’s VAT group contributes, to the representative member of such VAT group such proportion of any VAT for which the representative member is accountable as is properly attributable to supplies, acquisitions and importations
(“supplies”) made by each member of the Phillips 66 Group whilst a member of ConocoPhillips UK Topco’s VAT group (less such amount of deductible input tax as is properly attributable to such supplies), such contribution to be
made in cleared funds on the day which is the later of 30 days after demand is made therefor, and four Business Days before the day on which the representative member is required to account for such VAT to HM Revenue & Customs.
ConocoPhillips shall pay, or shall procure that there is paid, to Immingham CHP LLP (on behalf of itself and each other relevant member of the Phillips 66 Group) an amount equivalent to such proportion of any repayment of VAT received by the
representative member from HM Revenue & Customs or of any credit obtained by reference to an excess of deductible input tax over output tax that is properly attributable to supplies made to and by members of the Phillips 66 Group whilst
members of ConocoPhillips UK Topco’s VAT group (but excluding any part of such repayment or credit that is attributable to interest payable by HM Revenue & Customs), promptly after its receipt by, or offset against a liability of, the
representative member. Phillips 66 shall provide such information as may be required to enable the representative member to make the returns and provide the information required to be provided for VAT purposes. 

 Paragraph 2.02 . Group Payment Arrangement. 

(a) ConocoPhillips shall procure that the UK Nominated Company will, in accordance with the UK GPA, give notice to HM
Revenue & Customs to the effect that all members of the Phillips 66 Group will cease from the Distribution to be members of the same group of companies as the UK Nominated Company within the meaning of section 36 of the Finance Act 1998 or
section 59F of the Taxes Management Act 1970. 
 (b) Phillips 66 shall procure that each member of the Phillips 66 Group
which was a member of the UK GPA contributes to the UK Nominated Company, within 30 days after written demand is made therefor (or, if later, four Business Days before the amount becomes due and payable to HM Revenue & Customs), an amount
equal to any instalment of UK Corporation Tax which is to be or has been discharged by the UK Nominated Company on behalf of the member of the Phillips 66 Group in question pursuant to the UK GPA (including, without limitation, through payment of a
balance of monies payable pursuant to the UK GPA) as certified by the UK Nominated Company (but, for the avoidance of doubt, not including any amount in respect of interest payable in respect of any such instalment of UK Corporation Tax to HM
Revenue & Customs), provided that no such contribution shall be made to the extent that such contribution was made prior to or at the time of the Distribution. 
 (c) ConocoPhillips shall: 
 (i) procure that the UK
Nominated Company shall, to the extent that it has not made such payment prior to the Distribution, pay to HM Revenue & Customs when the relevant amount is due and payable to HM Revenue & Customs (or promptly following receipt of
the contribution by the relevant member of the Phillips 66 Group in respect of the relevant amount, if such contribution is received after the date when the relevant amount is due and payable to HM Revenue & Customs) an amount equal to any
amount contributed after the Distribution to the UK Nominated Company by any member of the Phillips 66 Group pursuant to the UK GPA in respect of any instalment of UK Corporation Tax; 

(ii) procure that the UK Nominated Company shall (subject to paragraph (iii) below) apportion to the relevant member
of the Phillips 66 Group each amount contributed before or after the Distribution to the UK Nominated Company by any member of the Phillips 66 Group pursuant to the UK GPA in respect of any instalment of UK Corporation Tax (a “Contributed
Amount”), such apportionment to be made by reference to the instalment or instalments of UK Corporation Tax in respect of which the Contributed Amount was paid; and 

(iii) within 30 days after the relevant UK Corporation Tax has finally been apportioned, pay, or procure that there is
paid, to the relevant member of the Phillips 66 Group an amount equal to any excess of any Contributed Amount in respect of any instalment of UK Corporation Tax over the amount of UK Corporation Tax finally apportioned to that member of the Phillips
66 Group in respect of that instalment (for the avoidance of doubt, taking no account of any interest payable by HM Revenue & Customs in respect of such excessive Contributed Amount). 

  
 2 

 Paragraph 3. Group Relief Surrenders between the Groups. 

Paragraph 3.01. ConocoPhillips and Phillips 66 shall procure that after the Distribution no claim, election, surrender, notice or
consent is made in respect of any Group Relief Surrender by a member of the ConocoPhillips Group to a member of the Phillips 66 Group (or vice versa) other than pursuant to this Paragraph 3. 

Paragraph 3.02. Subject to the remainder of this Paragraph 3, ConocoPhillips and Phillips 66 shall use all reasonable endeavors to
procure that each Agreed UK Group Relief Surrender referred to in Appendix 1 shall be made (and not later amended) or, if made prior to the Distribution, shall not be amended. 
 Paragraph 3.03. No payment shall be made by the company receiving an Agreed UK Group Relief Surrender, or by any other member of its Group, for any Agreed UK Group Relief Surrender (including for
any increase in the amount of any Agreed UK Group Relief Surrender in accordance with Paragraph 3.05); and no payment shall be made by a company surrendering an Agreed UK Group Relief Surrender, or any member of its Group, in respect of any tax
liability falling on a company receiving such Agreed UK Group Relief Surrender because the amount of such Agreed UK Group Relief Surrender is reduced in accordance with Paragraph 3.04. 

Paragraph 3.04. If the amount of any Corresponding Relievable Loss is certified by the person to whom that loss arises to be in
fact less than the amount given for that Corresponding Relievable Loss in Appendix 1, then the amount of any Agreed UK Group Relief Surrender in respect of that Corresponding Relievable Loss will be reduced accordingly. Any necessary allocation of
the reduction shall be determined by Phillips 66 (if the reduction is in a Corresponding Relievable Loss assumed to be surrendered to more than one member of the Phillips 66 Group) or by ConocoPhillips (if the reduction is in a Corresponding
Relievable Loss assumed to be surrendered to more than one member of the ConocoPhillips Group). 
 Paragraph 3.05. If a
person who is a member of a Group has a Corresponding Relievable Loss in respect of a UK Accounting Period referred to in Appendix 1 which is in fact greater than a Corresponding Relievable Loss assumed for that member in Appendix 1, the amount
thereof shall be certified by that person as soon as reasonably practicable to Phillips 66 (where the person with the Corresponding Relievable Loss is a member of the ConocoPhillips Group) or to ConocoPhillips (where the person with the
Corresponding Relievable Loss is a member of the Phillips 66 Group) and an Agreed UK Group Relief Surrender in respect of that Corresponding Relievable Loss may, if requested by Phillips 66 or ConocoPhillips, as the case may be, for the other Group,
be increased or made (including as an additional Group Relief Surrender to another member of the other Group) but only to the extent that the amount of the Corresponding Relievable Loss that exceeds the amount set out for that Corresponding
Relievable Loss in Appendix 1 cannot be used by the person to whom that Corresponding Relievable Loss arises, or by another member of the same UK Tax Group, other than in a UK Accounting Period of that person subsequent to the UK Accounting Period
in which that Corresponding Relievable Loss arises. 
 Paragraph 3.06. Subject to the other provisions of this Paragraph
3, if a company which is a member of a UK Tax Group has lower profits available to be relieved by a Group Relief Surrender than are assumed by Appendix 1 then Phillips 66 (in the case of the Phillips 66 UK Tax Group) or ConocoPhillips (in the case
of the ConocoPhillips UK Tax Group) may require that a Group Relief Surrender of all or part of the Corresponding Relievable Loss in question is reallocated to another member of the same UK Tax Group. 

  
 3 

 Paragraph 3.07 . ConocoPhillips and Phillips 66 shall each use all reasonable
endeavors as respects its Group to procure that claims, adjustments, elections, surrenders, notices, consents (including adjustments to any of these) and other procedural matters required to give effect to this Paragraph 3 shall occur, within
applicable UK Time Limits. 
 Paragraph 4. Other Surrenders and Similar Matters. 

Paragraph 4.01 . Transfer Pricing. Subject to its compliance with Section 4.06(b) of this Agreement, no balancing or
other payment shall be made by any member of either Group to a member of the other Group in respect of any Transfer Pricing Adjustment or compensating adjustment in respect of a UK Accounting Period ending on or before, or commencing before and
ending after, the Distribution, including in respect of any alteration to any such Transfer Pricing Adjustment. 
 Paragraph
4.02 . Surrenders. No Non Group Relief Surrender shall be made after the Distribution by any member of either Group to a member of the other Group in respect of which no claim, election, surrender, notice or consent has been made on or prior to
the Distribution. 
 Paragraph 4.03 . Rollover and Holdover Relief. ConocoPhillips and Phillips 66 shall procure that
after the Distribution no claim for Rollover Relief or Holdover Relief shall be made by a member of one Group in respect of any chargeable gains of a member of the other Group, other than pursuant to this Paragraph 4.03. ConocoPhillips and Phillips
66 shall use all reasonable endeavors to procure that (a) the claims for Rollover Relief and Holdover Relief listed in Part A of Appendix 2 (if any) shall be made and not later amended and (b) adjustments, elections, surrenders, notices,
consents (including adjustments to any of these) and other procedural matters required to give effect to such claims shall occur, within applicable UK Time Limits. ConocoPhillips and Phillips 66 shall procure that no amendment is made to the claims
for Rollover Relief or Holdover Relief made prior to the Distribution and listed in Part B of Appendix 2. Each member of each Group shall be responsible for discharging any UK Tax Liability arising in connection with a claim for Rollover Relief or
Holdover Relief made prior to the Distribution or pursuant to this Paragraph 4.03 that may fall on it. 
 Paragraph 4.04 .
Worldwide Debt Cap. ConocoPhillips and Phillips 66 agree that prior to the Distribution no member of either Group has been subject to any Worldwide Debt Cap Disallowance, and that no payments shall be, or have been, made in respect of any
Worldwide Debt Cap Disallowance by any member of either Group to any member of the other Group in respect of any UK Accounting Period ending on or before, or commencing before and ending after, the Distribution. 

Paragraph 4.05 . Existing Arrangements. Any agreement, arrangement or understanding existing prior to the Distribution in respect
of transfer pricing, Non Group Relief Surrenders, Rollover Relief or Holdover Relief or Worldwide Debt Cap Disallowances is (subject to Paragraph 4.03) terminated as regards the period from the Distribution forwards as between members of the
Phillips 66 Group and members of the ConocoPhillips Group and no claims or payments shall be made in connection therewith. 

  
 4 

 Part B: Definitions and Interpretation 

Paragraph 1. Definitions. 

In this Schedule the following definitions shall have the following meanings: 
 “ConocoPhillips UK Tax Group” means ConocoPhillips UK Topco and any other company or companies (other than any member of the Phillips 66 Group) treated after the Distribution as a member
or members of the same group as, or as otherwise connected or associated in any way with, ConocoPhillips UK Topco for any UK Tax purpose; 
 “Contributed Amount” has the meaning set forth in Paragraph 2.02(c)(ii) of this Schedule 2.05. 
 “Holdover Relief” means holdover relief available in accordance with sections 152 and 154 TCGA (as extended by sections 175 and 179B TCGA and/or following any election pursuant to section
179A TCGA), and any reference to an amendment to a claim for Holdover Relief shall include any amendment or adjustment to, any withdrawal of and the making of any claim, election, surrender, notice or consent that is inconsistent with the claims,
elections, surrenders, notices or consents made in respect of such claim for Holdover Relief prior to the Distribution; 

“Non Group Relief Surrender” means: 

(a) the notional transfer of any asset or reallocation of a gain or loss in accordance with section 171A or
section 179A of the TCGA; and/or 
 (b) the surrender of eligible unrelieved foreign tax (EUFT) in
accordance with The Double Taxation Relief (Surrender of Relievable Tax Within a Group) Regulations 2001 (S.I. 2001 No. 1163); and/or 
 (c) any reallocation of a chargeable realization gain in accordance with section 792 of CTA 2009; 
 “Phillips 66 UK Tax Group” means Phillips 66 UK Topco and any other company or companies treated after the Distribution as a member or members of the same group as, or as otherwise
connected or associated in any way with, Phillips 66 UK Topco for any UK Tax purpose; 
 “Phillips 66 UK Topco”
means U.K. Phillips 66 Limited; 
 “Relief” includes, unless the context otherwise requires, any Tax Benefits
and any allowance, credit, deduction, exemption or set off in respect of any tax or relevant to the computation of any income, profits or gains for the purposes of any tax, or any right to or actual repayment of or saving of tax, and any reference
to the use or set off of a Relief shall be construed accordingly; 

  
 5 

 “Rollover Relief” means rollover relief available in accordance with
section 152 TCGA (as extended by sections 175 and 179B TCGA and/or following any election pursuant to section 179A TCGA), and any reference to an amendment to a claim for Rollover Relief shall include any amendment or adjustment to, any withdrawal
of and the making of any claim, election, surrender, notice or consent that is inconsistent with the claims, elections, surrenders, notices or consents made in respect of such claim for Rollover Relief prior to the Distribution; 

“Taxes Act” means the Income and Corporation Taxes Act 1988; 

“TCGA” means the Taxation of Chargeable Gains Act 1992; 

“TIOPA” means the Taxation (International and other Provisions) Act 2010; 

“UK Accounting Period” means any period by reference to which any income, profits or gains, or any other amounts
relevant for the purposes of UK Tax, are measured or determined; 
 “UK Relief” means a Relief relating to UK
Tax; 
 “UK Tax Group” means either of the Phillips 66 UK Tax Group or the ConocoPhillips UK Tax Group;

 “UK Tax Liability” means a liability to make or suffer an actual payment of UK Tax; 

“UK Time Limit” means the latest date on which a UK Tax document can be executed or delivered to a relevant UK Tax
Authority either without incurring interest or a penalty, or in order to ensure that such UK Tax document is effective; and 

“Worldwide Debt Cap Disallowance” means a disallowance under Chapter 3 of Part 7 of TIOPA. 

Paragraph 2. Interpretation 
 Paragraph 2.01 General. In this Schedule: 
 (a) persons shall be
treated as “connected” if they are connected within the meaning of section 1122 of CTA 2010; 
 (b)
references to legislation are references to legislation of the United Kingdom; and 
 (c) references to provisions of the
Corporation Taxes Acts shall, where relevant, be construed as references to the corresponding provisions of the Taxes Act or a Finance Act that the provisions referred to replace, 

Paragraph 2.02 . Part A: Paragraph References. References in the main body of this Agreement and in Part A of this Schedule to
paragraphs of this Schedule are, unless otherwise stated, references to paragraphs in Part A of this Schedule. 

  
 6

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