Document:

Amendment and Restatement of Key Employee Title I

 Exhibit 10.12.1 
 KEY EMPLOYEE DEFERRED COMPENSATION PLAN OF 
 CONOCOPHILLIPS

 TITLE I 
 (Effective for benefits earned and vested prior to 
 January 1, 2005)

 The Key Employee Deferred Compensation Plan of ConocoPhillips is hereby amended and restated effective as of the “Effective
Time” defined in the Employee Matters Agreement by and between ConocoPhillips and Phillips 66 (the “Effective Time”) and conditioned on the occurrence of the “Distribution” defined in such Employee Matters Agreement (the
“Distribution”). 
 PURPOSE 
 The purpose of the Key Employee Deferred Compensation Plan of ConocoPhillips (the “Plan”) is to attract and retain key employees by providing them with an opportunity to defer receipt of cash
amounts which otherwise would be paid to them under various compensation programs or plans by the Company. This Plan is the continuation of the Key Employee Deferred Compensation Plan of Phillips Petroleum Company, of the Conoco Inc. Global Variable
Compensation Deferral Program, and of the portions of the Conoco Inc. Salary Deferral & Savings Restoration Plan consisting of Salary Deferral Obligations and Retiree Obligations, and all deferrals made under any of those plans, programs,
or arrangements shall continue under their terms and the terms of this Plan. Title I of this Plan is effective with regard to benefits earned and vested prior to January 1, 2005, while Title II of this Plan is effective with regard to benefits
earned or vested after December 31, 2004. Other than earnings, gains, and losses, no further benefits shall accrue under Title I of this Plan after December 31, 2004. 
 This Title I of the Plan is intended (1) to be a “grandfathered” plan pursuant to Code section 409A, as enacted as part of the American Jobs Creation Act of 2004, and official guidance
issued thereunder, and (2) to be “a plan which is unfunded and is maintained by an employer primarily 

 
for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of sections 201(2), 301(a)(3), and 401(a)(1) of ERISA.
Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated, and administered in a manner consistent with these intentions. 
 SECTION 1. Definitions. 
  

	 	(a)	“Affiliated Group” shall mean the Company plus other subsidiaries and affiliates in which it owns, directly or through a subsidiary or affiliate, a 5% or more
equity interest. 

  

	 	(b)	 “Award” shall mean the United States cash dollar amount (i) allotted to an Employee under the terms of an Incentive Compensation Plan or
a Long Term Incentive Plan, or (ii) required to be credited to an Employee’s Deferred Compensation Account pursuant to an Incentive Compensation Plan, the Long Term Incentive Compensation Plan, the Strategic Incentive Plan, a Long Term
Incentive Plan, or any similar plans, or any administrative procedure adopted pursuant thereto, or (iii) credited as a result of a Participant’s deferral of the receipt of the value of the Stock which would otherwise be delivered to an
Employee in the event restrictions lapse on Restricted Stock or Restricted Stock Units or the settlement of Restricted Stock Units previously awarded or which may be awarded to the Participant pursuant to an Incentive Compensation Plan, the Long
Term Incentive Compensation Plan, the Strategic Incentive Plan, a Long Term Incentive Plan, an Omnibus Securities Plan, or any similar plans, or any administrative procedure adopted pursuant thereto, or (iv) credited resulting from a lump sum
distribution from any of the Company’s non-qualified retirement plans and/or plans which provide for a retirement supplement, or (v) resulting from the forfeiture of Restricted Stock, required by Phillips Petroleum Company, of key
employees who became employees of GPM Gas Corporation, or (vi) credited as a result of an Employee’s deferral of the receipt of the lump sum cash payment from the Employee’s account in the Defined Contribution Makeup Plan, or
(vii) credited as a result of an Employee’s voluntary reduction of Salary, or (viii)

  
 - 2 -

	 	
credited as a result of an Employee’s deferral of a Performance Based Incentive Award, or (ix) any other amount determined by the Committee to be an Award under the Plan. Sections 2 and
3 of this Plan shall not apply with respect to Awards included under (ii), (v), and (ix) above and a participant receiving such an Award shall be deemed, with respect thereto, to have elected a Section 5(b)(i) payment option - 10 annual
installments commencing about one year after retirement at age 55 or above, but subject to revision under the terms of this Plan. 

  

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

 

	 	(d)	“Chief Executive Officer” or “CEO” shall mean the Chief Executive Officer of the Company. 

 

	 	(e)	“Committee” shall mean the Human Resources Compensation Committee of the Board of Directors of ConocoPhillips. 

 

	 	(f)	“Company” shall mean ConocoPhillips Company. 

  

	 	(g)	“Conoco Inc. Global Variable Compensation Deferral Program” shall mean the Conoco Inc. Global Variable Compensation Deferral Program, prior to its merger into
this Plan on October 3, 2003. 

  

	 	(h)	“Conoco Inc. Salary Deferral & Savings Restoration Plan” shall mean the Conoco Inc. Salary Deferral & Savings Restoration Plan, prior to its
merger into this Plan on October 3, 2003. 

  

	 	(i)	“Deferred Compensation Account” shall mean an account established and maintained for each Participant in which is recorded the amounts of Awards deferred by a
Participant, the deemed gains, losses, and earnings accrued thereon, and payments made therefrom all in accordance with the terms of the Plan. 

  
 - 3 -

	 	(j)	“Defined Contribution Makeup Plan” shall mean the Defined Contribution Makeup Plan of ConocoPhillips, or any similar plan or successor plans.

  

	 	(k)	“Disability” shall mean the inability, in the opinion of the Company’s Medical Director, of a Participant, because of an injury or sickness, to work at a
reasonable occupation that is available with the Company, a Participating Subsidiary, or another subsidiary of the Company. 

  

	 	(l)	“Employee” shall mean any individual or Rehired Participant who satisfies the conditions of Section 5(j) who is a salaried employee of the Company or of
a Participating Subsidiary who is eligible to receive an Award from an Incentive Compensation Plan, has Restricted Stock and/or Restricted Stock Units, and is classified as a ConocoPhillips salary grade 19 or above or any equivalent salary grade at
a Participating Subsidiary. Employee shall also include Participants who are employed by a member of the Affiliated Group and former employees of a member of the Affiliated Group who Retire or are Laid Off and are eligible to receive a lump sum
distribution from non-qualified retirement plans. Employee shall also include any individual or Rehired Participant who was hired as a salaried employee of ConocoPhillips Services Inc. on or after January 1, 2003, and is classified as a
ConocoPhillips salary grade 19 or above or any equivalent salary grade at a Participating Subsidiary. Notwithstanding the foregoing, prior to October 3, 2003, Employee shall not include anyone who is classified as a Heritage Conoco Employee. On
and after October 3, 2003, Employee shall include anyone who is classified as a Heritage Conoco Employee. 

  

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

 

	 	(n)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended and in effect from time to time, or any successor statute. 

  
 - 4 -

	 	(o)	“Heritage Conoco Employee” shall mean an individual employed by Conoco Inc., Conoco Pipe Line Company, or Louisiana Gas Systems Inc. prior to January 1,
2003; provided, however, that an individual who has been terminated from employment with a member of the Affiliated Group at any time and rehired by a member of the Affiliated Group after January 1, 2003, shall not be considered a Heritage
Conoco Employee for purposes of this Plan. 

  

	 	(p)	“Incentive Compensation Plan” shall mean the ConocoPhillips Variable Cash Incentive Program, the Incentive Compensation Plan of Phillips Petroleum Company, or
the Annual Incentive Compensation Plan of Phillips Petroleum Company, the Special Incentive Plan for Former Tosco Executives, the Conoco Inc. Global Variable Compensation Plan, or a similar plan of a Participating Subsidiary, or any similar or
successor plans, or all, as the context may require. 

  

	 	(q)	“Layoff” or “Laid Off” shall mean an applicable termination of employment by reason of layoff under the Phillips Layoff Plan or the Phillips Work
Force Stabilization Plan, an applicable Qualifying Event (without there being a Disqualifying Event) under the Conoco Severance Pay Plan, or layoff or redundancy under any other layoff or redundancy plan which the Company, any Participating
Subsidiary, or any other member of the Affiliated Group may adopt from time to time. If all or any portion of the benefits under the layoff or redundancy plan are contingent on the employee’s signing a general release of liability, such
termination shall not be considered as a Layoff for purposes of this Plan unless the employee executes and does not revoke a general release of liability, acceptable to the Company, under the terms of such layoff or redundancy plan.

  

	 	(r)	“Long-Term Incentive Compensation Plan” shall mean the Long-Term Incentive Compensation Plan of Phillips Petroleum Company, which was terminated
December 31, 1985. 

  
 - 5 -

	 	(s)	“Long-Term Incentive Plan” shall mean the ConocoPhillips Performance Share Program, the ConocoPhillips Restricted Stock Program, the Phillips Petroleum
Company Long-Term Incentive Plan, or a similar or successor plan of any of them, established under an Omnibus Securities Plan. 

  

	 	(t)	“Newhire Employee” shall mean any Employee who is hired or rehired during a calendar year. 

 

	 	(u)	“Omnibus Securities Plan” shall mean the Omnibus Securities Plan of Phillips Petroleum Company, the 2002 Omnibus Securities Plan of Phillips Petroleum
Company, the 1998 Stock and Performance Incentive Plan of ConocoPhillips, the 1998 Key Employee Stock Plan of ConocoPhillips, or a similar or successor plan of any of them. 

 

	 	(v)	“Participant” shall mean a person for whom a Deferred Compensation Account is maintained. 

 

	 	(w)	“Participating Subsidiary” shall mean a subsidiary of the Company, of which the Company beneficially owns, directly or indirectly, more than 50% of the
aggregate voting power of all outstanding classes and series of stock, where such subsidiary has adopted one or more plans making participants eligible for participation in this Plan and one or more Employees of which are Potential Participants.

  

	 	(x)	“Plan Administrator” shall mean the Vice President, Human Resources of the Company, or his or her successor. 

 

	 	(y)	“Potential Participant” shall mean a person who has received a notice specified in Section 2 or in Section 5 (h). 

 

	 	(z)	“Rehired Participant” shall mean a Participant who, subsequent to Retirement or Layoff, is rehired by the Company, or any subsidiary of the Company, and whose
employment status is classified as regular full-time or its equivalent. 

  
 - 6 -

	 	(aa)	“Restricted Stock” and “Restricted Stock Units” shall mean respectively shares of Stock and units each of which shall represent a hypothetical share
of Stock, which have certain restrictions attached to the ownership thereof or the delivery of shares pursuant thereto. 

  

	 	(bb)	“Retiree Obligations” shall mean obligations to former employees who have retired on or after the earliest retirement date available under the Retirement Plan
of Conoco and who are Participants in this Plan arising from deferrals made as participants in the Conoco Inc. Salary Deferral & Savings Restoration Plan prior to its merger into this Plan. 

 

	 	(cc)	“Retirement” or “Retire” or “Retiring” shall mean termination of employment with the Company or any subsidiary of the Company on or after
the earliest early retirement date at age 55 or above as defined in the ConocoPhillips Retirement Plan (or, with respect to a Heritage Conoco Employee, the Retirement Plan of Conoco) or of the applicable retirement plan of a member of the Affiliated
Group. 

  

	 	(dd)	“Retirement Income Plan” shall mean the ConocoPhillips Retirement Plan (or, with respect to a Heritage Conoco Employee, the Retirement Plan of Conoco) or a
similar retirement plan of the Participating Subsidiary pursuant to the terms of which the Participant retires. 

  

	 	(ee)	“Salary Deferral Obligations” shall mean obligations to Employees who are Participants in this Plan arising from salary deferrals made as participants in the
Conoco Inc. Salary Deferral & Savings Restoration Plan prior to its merger into this Plan. 

  

	 	(ff)	“Settlement Date” shall mean the date on which all acts under an Incentive Compensation Plan or the Long-Term Incentive Compensation Plan or actions directed
by the Committee, as the case may be, have been taken which are necessary to make an Award payable to the Participant. 

  
 - 7 -

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

 

	 	(hh)	“Stock” means shares of common stock of ConocoPhillips, par value $.01. 

 

	 	(ii)	“Strategic Incentive Plan” shall mean the Strategic Incentive Plan portion of the 1986 Stock Plan of Phillips Petroleum Company, of the 1990 Stock Plan of
Phillips Petroleum Company, of the Phillips Petroleum Company Omnibus Securities Plan, and of any successor plans of similar nature. 

  

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

 SECTION 2. Notification of Potential Participants. 

 

	 	(a)	Incentive Compensation Plan. Each year, during October, Employees who are eligible to receive an Award in the immediately following calendar year under an
Incentive Compensation Plan will be notified and given the opportunity, in a manner prescribed by the Plan Administrator, to indicate a preference concerning deferral of all or part (in one percent increments) of such Award.

  

	 	(b)	Restricted Stock and Restricted Stock Units Lapsing. 

 (i) Each year during October, Employees who are or will be 55 years of age or older prior to the end of the following calendar year will be notified and given the opportunity, in a manner prescribed by
the Plan Administrator, to indicate a preference to delay the lapsing of the restrictions on part (in one percent increments) or all of the shares of Restricted Stock and/or Restricted Stock Units previously awarded or which may be awarded to the
Employee under an Incentive 

  
 - 8 -

 
Compensation Plan, the Long Term Incentive Compensation Plan, a Long-Term Incentive Plan, the Strategic Incentive Plan, or an Omnibus Securities Plan in the event the Compensation Committee takes
action in the following calendar year to lapse restrictions on Restricted Stock and/or Restricted Stock Units and/or settle Restricted Stock Units. 
 (ii) Each year during October, Employees who have been granted a special Restricted Stock Award and/or Restricted Stock Unit Award will be notified and given the opportunity, in a manner prescribed by the
Plan Administrator to indicate a preference to delay the lapsing of the restrictions on part (in one percent increments) or all of the shares of Restricted Stock and/or Restricted Stock Units when the restrictions lapse on the Special Restricted
Stock and/or Restricted Stock Units or the Restricted Stock Units are settled based on the terms of the Special Restricted Stock and/or Restricted Stock Unit Awards in the following year. 

(iii) Such indication of preference as outlined in (i) above may be made within 60 days of the amendment of this Plan providing for
the notice; provided, however, that such indication of preference must be made no later than June 6, 2003, for such Awards that would otherwise be lapsed or settled later in 2003. 

 

	 	(c)	Restricted Stock and Restricted Stock Unit Awards Deferral. 

 (i) Each year during October, Employees who are or will be 55 years of age or older prior to the end of the calendar year will be notified and given the opportunity, in a manner prescribed by the Plan
Administrator, to indicate a preference concerning the deferral of the receipt of the value of all or part (in one percent increments) of the Stock which would otherwise be delivered to the Employees in the event, during the following calendar year,
the Compensation Committee takes action to lapse restrictions on Restricted Stock and/or Restricted Stock Units and/or settle Restricted Stock Units previously awarded or which may be awarded to the Employees under an Incentive Compensation Plan,
the Long Term Incentive Compensation Plan, a Long Term Incentive Plan, the Strategic Incentive Plan, or an Omnibus Securities Plan. 

  
 - 9 -

 (ii) Employees who have been granted a special Restricted Stock Award and/or Restricted
Stock Units Award may, in the year preceding the year in which the restrictions are scheduled to lapse or the Restricted Stock Units are to be settled, indicate a preference concerning the deferral of the value of all or part (in one percent
increments) of the stock which would otherwise be delivered to the Employees in the next calendar year when the restrictions lapse on the special Restricted Stock and /or Restricted Stock Units or the Restricted Stock Units are settled based on the
terms of the special Restricted Stock Awards and/or Restricted Stock Units Awards. 
 (iii) Employees who are Laid Off during or
after the year they reach age 50 may no later than 30 days after being notified of Layoff, in the manner prescribed by the Plan Administrator, indicate a preference concerning the deferral of the receipt of the value of all or part (in one percent
increments) of the Stock which would be otherwise be delivered to the Employees in the event Restricted Stock Units, which have been granted in exchange for Restricted Stock pursuant to the Exchange offer initiated by the Company on
December 17, 2001, are settled. 
 (iv) Such indication of preference as outlined in (i) above may be made within 60
days of the amendment of this Plan providing for the notice; provided, however, that such indication of preference must be made no later than June 6, 2003, for such Awards that would otherwise be lapsed or settled later in 2003. 

 

	 	(d)	Lump Sum Distribution from Non-Qualified Retirement Plans. With respect to the lump sum distribution permitted from the Company’s non-qualified retirement
plans and/or plans which provide for a retirement supplement, Employees may indicate, in a manner prescribed by the Plan Administrator, a preference concerning deferral of all or part (in one percent increments) of such lump sum distribution.

  
 - 10 -

	 	(e)	Lump Sum from Defined Contribution Makeup Plan. Employees who will receive a lump sum cash payment from their account under the Defined Contribution Makeup Plan,
may indicate, in a manner prescribed by the Plan Administrator, a preference concerning deferral of all or part (in one percent increments) of such payment. 

 

	 	(f)	Salary Reduction. Annually, Employees and Newhire Employees on the U.S. dollar payroll may elect, in a manner prescribed by the Plan Administrator, a voluntary
reduction of Salary for each pay period of the following calendar year, or for Newhire Employees the remainder of the calendar year in which they are hired, in which case the Company will credit a like amount as an Award hereunder, provided that the
amount of such voluntary reduction shall not be less than 1% nor more than 50% of the Employee’s Salary per pay period (and may be further limited by the Plan Administrator such that the resulting salary that is paid is sufficient to satisfy
all benefit plan deductions, tax deductions, elective deductions, and other deductions required to be withheld by the Company). 

  

	 	(g)	Performance Based Incentive Award. Each year, during October, Employees who are eligible to receive a Performance Based Incentive Award in the immediately
following calendar year will be notified and given the opportunity, in a manner prescribed by the Plan Administrator, to indicate a preference for the award to be paid as cash, deferred to their KEDCP account, or issued as Restricted Stock or a
combination of cash, deferred compensation and Restricted Stock. 

 SECTION 3. Indication of Preference or Election to Defer
Award. 
  

	 	(a)	 Incentive Compensation Plan. If a Potential Participant prefers to defer under this Plan all or any part of the Award to which a notice received
under Section 2(a) pertains, the Potential Participant must indicate such preference, in a manner prescribed by the Plan Administrator, (i) if the Potential Participant is subject to Section 16 of the Exchange Act, to the Committee,
or (ii) if the Potential Participant is not subject to Section 16 of the Exchange Act, to the CEO. The Potential 

  
 - 11 -

	 	
Participant’s preference must be received on or before October 31 of the year in which said Section 2(a) notice was received. Such indication must state the portion of the Award
the Potential Participant desires to be deferred. If an indication is not received by October 31, the Potential Participant will be deemed to have elected to receive and not to defer any such Incentive Compensation Plan award.

 Such indication of preference, if accepted, becomes irrevocable on November 1 of the year in which the
indication is submitted to the Committee or CEO, except that, in the event of any of the following: 
  

	 	i)	the Employee is demoted to a job classification/grade that is no longer eligible to receive an Award from an Incentive Compensation Plan, 

 

	 	ii)	the Employee’s employment status is classified to a status other than regular full-time or its equivalent, or 

 

	 	iii)	the Employee is receiving Unavoidable Absence Benefits (UAB) pay such that the pay received is less than his/her pay had been prior to being on UAB,

 the Employee can request, subject to approval by the Plan Administrator, that his/her indication of preference
to defer, whether approved or not, be revoked for that Incentive Compensation Plan Award. 
 The Committee or CEO, as applicable,
shall consider such indication of preference as submitted and shall decide whether to accept or reject the preference expressed. 
  

	 	(b)	 Restricted Stock and Restricted Stock Unit Awards Lapsing. If a Potential Participant prefers to delay the lapsing of the restrictions on part
or all of the shares of Restricted Stock and/or Restricted Stock Units to which a notice received under Section 2(b) pertains, the Potential Participant must indicate such preference in a manner prescribed by the Plan Administrator, (i) if
the Potential Participant is subject to Section 16 of the Exchange Act, to the Committee, or (ii) if the Potential Participant is not subject to Section 16 of the Exchange Act, to the CEO. The Potential Participant’s preference
must state the percentage of the shares and/or units on which the lapsing is to be delayed. If an indication is not received by October 31, 

  
 - 12 -

	 	
the Potential Participant will be deemed to have elected to have the restrictions lapsed if the Compensation Committee takes action to lapse restrictions or as specified under the terms of the
Special Restricted Stock and/or Restricted Stock Unit Awards. If the Potential Participant prefers to delay the lapsing of the restrictions on part or all of the shares of Restricted Stock or Restricted Stock Units awarded under an Incentive
Compensation Plan, the Long Term Incentive Compensation Plan, a Long Term Incentive Plan, or Strategic Incentive Plan, those shares and/or units will be subject to another indication of preference in the following year. If the Potential Participant
prefers to delay the lapsing of the restrictions on part or all of the shares of Restricted Stock or Restricted Stock Units from Special Stock Awards, those shares and/or units will remain restricted and the Employee will receive a notice to
indicate a preference for such shares when the Employee is or will be 55 years of age or older prior to the end of the calendar year as specified in Section 2(b)(i). 

 

	 	(c)	 Restricted Stock or Restricted Stock Unit Deferral. If a Potential Participant prefers to defer under this Plan the value of all or any part of
the Restricted Stock or Restricted Stock Units to which a notice received under Section 2(c) pertains, the Potential Participant must indicate such preference, in a manner prescribed by the Plan Administrator, (i) if the Potential
Participant is subject to Section 16 of the Exchange Act, to the Committee, or (ii) if the Potential Participant is not subject to Section 16 of the Exchange Act, to the CEO. The Potential Participant’s preference must be
received on or before October 31 of the year in which said Section 2(c) notice was received. Such indication must state the portion of the value of the Restricted Stock or Restricted Stock Units the Potential Participant desires to be
deferred. If an indication is not received by October 31, the Potential Participant will be deemed to have elected to receive any shares or units for which the restrictions are lapsed. Such indication of preference becomes irrevocable on
November 1 of the year in which the indication is submitted to the Committee or CEO. The Committee or CEO, as applicable, shall consider such indication of preference as submitted and shall decide whether to accept or reject the preference
expressed. A deferral of the value of the Restricted Stock or Restricted Stock Units will be paid under the terms of 

  
 - 13 -

	 	
Section 5(b)(i) hereof - 10 annual installments commencing about one year after Retirement at age 55 or above, but subject to revision under the terms of this Plan. Such approved indication
of preference shall also apply to any Restricted Stock Units granted in exchange for shares of Restricted Stock pursuant to the Exchange offer initiated by the Company on December 17, 2001. 

 

	 	(d)	Lump Sum Distribution from Non-Qualified Retirement Plans. If a Potential Participant prefers to defer under this Plan all or part of the lump sum distribution
to which Section 2(d) pertains, the Potential Participant must indicate such preference, in a manner prescribed by the Plan Administrator, (i) if the Potential Participant is subject to Section 16 of the Exchange Act, to the Committee
or (ii) if the Potential Participant is not subject to Section 16 of the Exchange Act, to the CEO. The Potential Participant’s preference must be received in the period beginning 90 days prior to and ending no less than 30 days prior
to the date of commencement of retirement benefits under such plans. Such indication must state the portion of the lump sum distribution the Potential Participant desires to be deferred. The Committee or CEO, as applicable, shall consider such
indication of preference as submitted and shall decide whether to accept or reject the preference expressed as soon as practicable. Such indication of preference, if accepted, becomes irrevocable on the date of such acceptance.

  

	 	(e)	 Lump Sum from Defined Contribution Makeup Plan. If a Potential Participant prefers to defer under this Plan all or part of the lump sum cash
payment to which Section 2(e) pertains, the Potential Participant must indicate such preference, in a manner prescribed by the Plan Administrator, (i) if the Potential Participant is subject to Section 16 of the Exchange Act, to the
Committee or (ii) if the Potential Participant is not subject to Section 16 of the Exchange Act, to the CEO. The Potential Participant’s preference must be received in the period beginning 365 days prior to and ending no less than 90
days prior to the Participant’s retirement date at age 55 or above except that if a Potential Participant is notified of layoff during or after the year in which the Potential Participant reaches age 50, the Potential Participant’s

  
 - 14 -

	 	
preference must be received no later than 30 days after being notified of layoff. Such indication must state the portion of the lump sum payment the Potential Participant desires to be deferred.
The Committee or CEO, as applicable, shall consider such indication of preference as submitted and shall decide whether to accept or reject the preference expressed as soon as practicable. Such indication of preference, if accepted, becomes
irrevocable on the date of such acceptance. A deferral of the lump sum from the Defined Contribution Makeup Plan will be paid under the terms of Section 5(b)(i) hereof - 10 annual installments commencing about one year after Retirement at age
55 or above, but subject to revision under the terms of the Plan. 

  

	 	(f)	Salary Reduction. If a Potential Participant elects to voluntarily reduce Salary and receive an Award hereunder in lieu thereof, the Potential Participant must
make an election, in the manner prescribed by the Plan Administrator, which must be received on or before October 31 prior to the beginning of the calendar year of the elected deferral or for Newhire Employees as soon as practicable within a
30-day period after their first day of employment or reemployment. Such election must be in writing signed by the Potential Participant, and must state the amount of the salary reduction the Potential Participant elects. Such election becomes
irrevocable on October 31 prior to the beginning of the calendar year or for Newhire Employees after the 30-day period after their first day of employment or reemployment, except that in the event of any of the following:

  

	 	i)	the Employee is demoted to a job classification/grade that is no longer eligible to receive an Award from an Incentive Compensation Plan, 

 

	 	ii)	the Employee’s employment status is classified to a status other than regular full-time or its equivalent, or 

 

	 	iii)	the Employee is receiving Unavoidable Absence Benefits (UAB) pay such that the pay received is less than his/her pay had been prior to being on UAB,

 the Employee can request, subject to approval by the Plan Benefits Administrator, that his/her election to
voluntarily reduce his/her salary be revoked for the remainder of the calendar year. 

  
 - 15 -

 An Award in lieu of voluntarily reduced salary will be paid under the terms of
Section 5(b)(i) hereof - 10 annual installments commencing about one year after Retirement at age 55 or above, but subject to revision under the terms of the Plan. 
  

	 	(g)	Performance Based Incentive Award. The Potential Participant who is eligible to receive a Performance Based Incentive Award in the immediately following calendar
year, must indicate a preference, in a manner prescribed by the Plan Administrator, (i) if the Potential Participant is subject to Section 16 of the Exchange Act, to the Committee, or (ii) if the Potential Participant is not subject
to Section 16 of the Exchange Act, to the CEO. The Potential Participant’s preference must be received on or before October 31 of the year in which said Section 2(g) notice was received. Such indication must state the portion of
the award the Potential Participant desires to be in cash, the portion to be deferred and the portion to be in Restricted Stock. If an indication is not received by October 31 the Potential Participant will be deemed to have elected to receive
the award as cash. Such indication of preference becomes irrevocable on November 1 of the year in which the indication is submitted to the Committee or CEO. The Committee or CEO, as applicable, shall consider such indication of preference as
submitted and shall decide whether to accept or reject the preference expressed. 

 SECTION 4. Deferred Compensation Accounts.

  

	 	(a)	 Credit for Deferral. Amounts deferred pursuant to Section 3(a) and Section 5(h)(1) will be credited to the Participant’s Deferred
Compensation Account as soon as practicable, but not less than 30 days after the Settlement Date of the Incentive Compensation Plan. Amounts deferred pursuant to Section 3(c) and Section 5(h)(2) will be credited, as applicable, as soon as
practicable, but not later than 30 days after the date as of which the restrictions lapse at the market value of the underlying Restricted Stock or the shares represented by the Restricted Stock Units awarded under an Incentive Compensation Plan,
the Long Term Incentive Compensation Plan, 

  
 - 16 -

	 	
a Long Term Incentive Plan or a Strategic Incentive Plan Performance Period which began prior to January 1, 2003. For this purpose, the market value of the underlying Restricted Stock or the
shares represented by the Restricted Stock Units, as applicable, shall be based on the higher of (i) the average of the high and low selling prices of the Stock on the date the restrictions lapse or the last trading day before the day the
restrictions lapse if such date is not a trading day or (ii) the average of the high three monthly Fair Market Values of the Stock during the twelve calendar months preceding the month in which the restrictions lapse. The monthly Fair Market
Value of the Stock is the average of the daily Fair Market Value of the Stock for each trading day of the month. 

The market value of the underlying Restricted Stock or the shares represented by the Restricted Stock Units awarded under a Long Term
Incentive Plan, under an Incentive Compensation Plan that began on or after January 1, 2003, under an Omnibus Securities Plan (with regard to awards made on or after January 1, 2003), and for the Special Stock Awards issued on
October 22, 2002, shall be the monthly average Fair Market Value of the Stock during the calendar month preceding the month in which the restrictions lapse or shares are to be delivered as applicable. The monthly average Fair Market Value of
the Stock is the average of the daily Fair Market Value of the Stock for each trading day of the month. 
 The daily Fair Market
Value of the Stock shall be deemed equal to the average of the high and low selling prices of the Stock on the New York Stock Exchange. 
 Amounts deferred pursuant to Section 3(e) and 3(f) and Section 5(h)(3) will be credited to the Participant’s Deferred Compensation Account as soon as practicable, but not later than 30 days
after the cash payment would have been made had it not been deferred. Amounts deferred pursuant to other provisions of this Plan shall be credited as soon as practicable but not later than 30 days after the date the Award would otherwise be payable.

  
 - 17 -

	 	(b)	Designation of Investments. The amount in each Participant’s Deferred Compensation Account shall be deemed to have been invested and reinvested from time to
time, in such “eligible securities” as the Participant shall designate. Prior to or in the absence of a Participant’s designation, the Company shall designate an “eligible security” in which the Participant’s Deferred
Compensation Account shall be deemed to have been invested until designation instructions are received from the Participant. Eligible securities are those securities designated by the Chief Financial Officer of the Company, or his successor. The
Chief Financial Officer of the Company may include as eligible securities, stocks listed on a national securities exchange, and bonds, notes, debentures, corporate or governmental, either listed on a national securities exchange or for which price
quotations are published in The Wall Street Journal and shares issued by investment companies commonly known as “mutual funds”. The Participant’s Deferred Compensation Account will be adjusted to reflect the deemed gains, losses, and
earnings as though the amount deferred was actually invested and reinvested in the eligible securities for the Participant’s Deferred Compensation Account. 

 Notwithstanding anything to the contrary in this section 4(b), in the event the Company (or any trust maintained for this purpose) actually purchases or sells such securities in the quantities and at the
times the securities are deemed to be purchased or sold for a Participant’s Deferred Compensation Account, the Account shall be adjusted accordingly to reflect the price actually paid or received by the Company for such securities after
adjustment for all transaction expenses incurred (including without limitation brokerage fees and stock transfer taxes). 
 In
the case of any deemed purchase not actually made by the Company, the Deferred Compensation Account shall be charged with a dollar amount equal to the quantity and kind of securities deemed to have been purchased multiplied by the fair market value
of such security on the date of reference and shall be credited with the quantity and kind of securities so deemed to have been purchased. In the case of any deemed 

  
 - 18 -

 
sale not actually made by the Company, the account shall be charged with the quantity and kind of securities deemed to have been sold, and shall be credited with a dollar amount equal to the
quantity and kind of securities deemed to have been sold multiplied by the fair market value of such security on the date of reference. As used in this paragraph “fair market value” means in the case of a listed security the closing price
on the date of reference, or if there were no sales on such date, then the closing price on the nearest preceding day on which there were such sales, and in the case of an unlisted security the mean between the bid and asked prices on the date of
reference, or if no such prices are available for such date, then the mean between the bid and asked prices to the nearest preceding day for which such prices are available. 
 The Chief Financial Officer of the Company may also designate a third party to provide services that may include record keeping, Participant accounting, Participant communication, payment of installments
to the Participant, tax reporting, and any other services specified by the Company in agreement with such third party. 
  

	 	(c)	Payments. A Participant’s Deferred Compensation Account shall be debited with respect to payments made from the account pursuant to this Plan as of the date
such payments are made from the account. The payment shall be made as soon as practicable, but no later than 30 days, after the installment payment date. 

 If any person to whom a payment is due hereunder is under legal disability as determined in the sole discretion of the Plan Administrator, the Plan Administrator shall have the power to cause the payment
due such person to be made to such person’s guardian or other legal representative for the person’s benefit, and such payment shall constitute a full release and discharge of the Company, the Plan Administrator, and any fiduciary of the
Plan. 
  

	 	(d)	Statements. At least one time per year the Company or the Company’s designee will furnish each Participant a written statement setting forth the current
balance in the Participant’s Deferred Compensation Account, the amounts credited or debited to such account since the last statement and the payment schedule of deferred Awards, and deemed gains, losses, and earnings accrued thereon as provided
by the deferred payment option selected by the Participant. 

  
 - 19 -

 SECTION 5. Payments from Deferred Compensation Accounts. 

 

	 	(a)	Election of Method of Payment for an Incentive Compensation Plan Award. At the time a Potential Participant submits an indication of preference to defer all or
any part of an Award under an Incentive Compensation Plan as provided in Section 3(a) above, the Potential Participant shall also elect in a manner prescribed by the Plan Administrator, which of the payment options, provided for in Paragraph
(b) of this Section, shall apply to the deferred portion of said Award adjusted for any deemed gains, losses, and earnings accrued thereon credited to the Participant’s Deferred Compensation Account under this Plan. Subject to Paragraphs
(e), (g), and (h) of this Section, if the Committee or CEO, as appropriate, accepts the Potential Participant’s indication of preference, the election of the method of payment of the amount deferred shall become irrevocable.

  

	 	(b)	Payment Options. A Potential Participant may elect to have the deferred portion of an Incentive Compensation Plan Award adjusted for any deemed gains, losses,
and earnings accrued thereon paid: 

  

	 	(i)	(Post-Retirement) in 1 to 15 annual installments, in 2 to 30 semi-annual installments, or in 4 to 60 quarterly installments, the payment of the first of any of
such installments to commence on the first day of the first calendar quarter which is on or after the first anniversary of (x) the Potential Participant’s first day of Retirement at age 55 or above (or at age 50 or above for a Heritage
Conoco Employee who was employed by Conoco Inc. or its affiliates on August 30, 2002 if such Heritage Conoco Employee is eligible for early retirement under the Retirement Plan of Conoco) or (y) the Potential Participant’s first day
of Layoff at age 50 or above, or 

  
 - 20 -

	 	(ii)	 (Date Certain) with regard only to the deferred portion of an Incentive Compensation Award, in 1 to 15 annual installments, in 2 to 30
semi-annual installments, or in 4 to 60 quarterly installments, the payment of the first of any of such installments to commence on the first day of calendar quarter which is designated by the Participant, is at least one year after the date on
which the election is made, and is not later than the 65th
birthday of the Participant; provided, however, that in the event of termination of employment from the Affiliated Group by a Heritage Conoco Employee who had made deferral of amounts from the Conoco Inc. Global Variable Compensation Plan, the
balance of such deferred amounts (adjusted for earnings, gains, and losses) shall be paid in a lump sum as soon as practicable after termination, notwithstanding an installment election made pursuant to this Paragraph, or

  

	 	(iii)	(Pre-Retirement) otherwise, in a lump sum paid as soon as practicable following the Participant’s termination from employment with the Affiliated Group.

  

	 	(iv)	In the event that no election is properly and timely made with regard to the time and method of payment under Section 5(b)(i) or (ii), payment shall be made in 10
annual installments, the payment of the first of any of such installments to commence on the first day of the first calendar quarter which is on or after the first anniversary of (x) the Potential Participant’s first day of Retirement at
age 55 or above (or at age 50 or above for a Heritage Conoco Employee who was employed by Conoco Inc. or its affiliates on August 30, 2002 if such Heritage Conoco Employee is eligible for early retirement under the Retirement Plan of Conoco) or
(y) the Potential Participant’s first day of Layoff at age 50 or above. 

  
 - 21 -

	 	(c)	Election of Method of Payment of the Value of Restricted Stock and Restricted Stock Units. As provided in Section 3(c) above, a deferral of the value of all
or part of the Restricted Stock or Restricted Stock Units will be considered payment option (b)(i) of this Section subject to Paragraphs (e) and (g) of this Section. 

 

	 	(d)	Election of Method of Payment of a Lump Sum Distribution from Non-Qualified Retirement Plans. At the time a Potential Participant submits an indication of
preference to defer all or part of the lump sum distribution as provided in Section 3(d) above, the Potential Participant shall also elect in a manner prescribed by the Plan Administrator which payment option shall apply to the deferred lump
sum adjusted for any gains, losses, and earnings to be accrued thereon credited to the Participant’s Deferred Compensation Account under this Plan. The payment options are annual installments of not less than 1 nor more than 15, semi-annual
installments of not less than 2 nor more than 30, or quarterly installments of not less than 4 nor more than 60. The first installment shall commence as soon as practicable after any date specified by the Potential Participant, so long as such date
is the first day of a calendar quarter and is at least one year and not later than five years from the date the payout option was elected. Subject to Paragraph (g) of this Section, if the Committee or CEO, as appropriate, accepts the Potential
Participant’s indication of preference, the election of the method of payment of the amount deferred shall become irrevocable. 

  

	 	(e)	Payment Option Revisions. If a Section 5(b)(i) payment option applies to any part of the balance of a Participant’s Deferred Compensation Account, the
Participant may revise such payment option as follows: 

  

	 	(i)	Prior to Retirement. The Participant at any time during a period beginning 365 days prior to and ending 90 days prior to the date the Participant Retires at age
55 or above may, with respect to the total of all amounts subject to such payment option at the time of the Participant’s Retirement at age 55 or above, in the manner prescribed by the Plan Administrator, revise such payment option and elect
one of the payment options specified in (e)(iv) of this Section to apply to such total amount in place of such payment option. 

  
 - 22 -

	 	(ii)	Upon Layoff. If a Participant who is eligible to Retire or who is Laid Off during or after the year in which the Participant reaches age 50 is notified of
Layoff, the Participant may, no later than 30 days after being notified of Layoff, in the manner prescribed by the Plan Administrator, revise such payment option and elect one of the payment options specified in (e)(iv) of this Section to apply to
such total amount in place of such payment option. 

  

	 	(iii)	If Disabled. The Participant may at any time during a period from the date of the beginning of the qualifying period for the Company’s Long Term Disability
Plan or similar plan to no later than 90 days prior to the end of such period, or within 30 days of the amendment of this Plan providing for such election, in the manner prescribed by the Plan Administrator, revise such payment option and elect one
of the payment options specified in (e)(iv) of this Section to apply to the total of all amounts subject to such payment option; provided, however, that after the payments have begun, such payments may be made in a different manner if, the
Participant due to an unanticipated emergency caused by an event beyond the control of the Participant results in financial hardship to the Participant, so request and the CEO gives written consent to the method of payment requested.

  

	 	(iv)	Payment Options After Revision. If a Participant revises a Section 5(b)(i) payment option as specified in (e)(i), (e)(ii), or (e)(iii) of this Section, the
Participant may select payments in annual installments of not less than 1 nor more than 15, in semi-annual installments of not less than 2 nor more than 30, or in quarterly installments of not less than 4 nor more than 60, with the first installment
to commence as soon as practicable following any date specified by the Participant so long as such date is the first day of a calendar quarter, is on or after the Participant’s first day of Retirement at age 55 or above or the first day the
Participant is no longer an Employee following Layoff, is at least one year and no more than five years from the date the payment option was revised. 

  
 - 23 -

	 	(f)	Installment Amount. The amount of each installment shall be determined by dividing the balance in the Participant’s Deferred Compensation Account as of the
date the installment is to be paid, by the number of installments remaining to be paid (inclusive of the current installment). 

  

	 	(g)	Death of Participant. Upon the death of a Participant, the Participant’s beneficiary or beneficiaries designated in accordance with Section 6, or in
the absence of an effective beneficiary designation, the surviving spouse, surviving children (natural or adopted) in equal shares, or the Estate of the deceased Participant, in that order of priority, shall receive payments in accordance with the
payment option selected by the Participant, if death occurred after such payments had commenced; or if death occurred before payments have commenced, the beneficiary may select payments in annual installments of not less than 1 nor more than 15, in
semi-annual installments of not less than 2 nor more than 30, or in quarterly installments of not less than 4 nor more than 60 with the first installment to commence as soon as practicable following any date specified by the beneficiary so long as
such date is the first day of a calendar quarter and is at least one year and no more than five years from the date the payment option is selected and is not later than the date the deceased Participant would have been age 65; provided, however,
such payments may be made in a different manner if the beneficiary or beneficiaries entitled to receive or receiving such payments, due to an unanticipated emergency caused by an event beyond the control of the beneficiary or beneficiaries that
results in financial hardship to the beneficiary or beneficiaries, so requests and the CEO gives written consent to the method of payment requested. 

  

	 	(h)	Disability of Participant. In the event a Participant or Employee becomes disabled, the individual may, in the period from the date of the beginning of the
qualifying period for the Company’s Long Term Disability Plan to no later than 90 days prior to the end of such period, or within 30 days of the amendment of this Plan providing for such election, indicate a preference, in a manner prescribed
by the Plan Administrator, for any of the following: 

  

	 	(1)	To defer part or all of any Incentive Compensation Plan Award the Employee is eligible to receive in the immediately following calendar year, 

  
 - 24 -

	 	(2)	To defer part or all of the value of the Stock which would otherwise be delivered to the Employee when the restrictions lapse on any Restricted Stock or Restricted
Stock Units or Restricted Stock Units are settled, or 

  

	 	(3)	To defer part or all of the value from their account under the Defined Contribution Makeup Plan which would otherwise be paid as a lump sum to the Participant.

 Such indications of preference shall be subject to approval by the Committee if the Potential Participant is
subject to Section 16 of the Exchange Act or by the CEO if the Potential Participant is not subject to Section 16 of the Exchange Act. The Committee or CEO, as applicable, shall consider such indication or preference as submitted and shall
decide whether to accept or reject the preference expressed. 
 Such indications of preference, if accepted, become irrevocable
on the date of such acceptance. A deferral of any amount will be paid under the terms of Section 5(b)(i) hereof - ten (10) annual installments, but subject to revision as specified under the terms of this Plan. 

 

	 	(i)	Termination of Employment. In the event a Participant’s employment with the Company, any Participating Subsidiary, or any other subsidiary of the Company
terminates for any reason other than death, Retirement at age 55 or above, Disability, or Layoff during or after the year in which the Participant reaches age 50, the entire balance of the Participant’s Deferred Compensation Account shall be
paid to the Participant in one lump sum as soon as practicable after the date the Participant terminates employment, except that a Participant who becomes employed by a member of the Affiliated Group immediately after terminating employment with the
Company or Participating Subsidiary shall not receive their benefit under the Plan until the Participant terminates employment from the Affiliated Group; provided, however, the Committee, in its sole discretion, may elect to make such payments in
the amounts and on such schedule as it may determine. 

  
 - 25 -

	 	(j)	Rehire of Participant. In the event a Participant is a Rehired Participant, he/she will be eligible to receive notifications as specified in Section 2 and
will be eligible to submit an Indication of Preference or Election to Defer as specified in Section 3, if the Participant agrees to the suspension of payments from his/her Deferred Compensation Account during the period of reemployment by the
Company. Upon termination of reemployment, such payments shall resume on the same schedule as was in effect at the time the Participant previously Retired or was Laid Off. 

 SECTION 6. Special Provisions for Former ARCO Alaska Employees. 
 Notwithstanding
any provisions to the contrary, in order to comply with the terms of the Master Purchase and Sale Agreement (“Sale Agreement”) by which the Company acquired certain Alaskan assets of Atlantic Richfield Company (“ARCO”), a
Participant who was eligible to participate in the ARCO employee benefit plans immediately prior to becoming an Employee and who was not employed by ARCO Marine, Inc. (a “former ARCO Alaska employee”) may, in a manner prescribed by the
Plan Administrator, indicate a preference or make an election: 
  

	 	(a)	To reduce voluntarily salary and receive an Award in the amount of the reduction credited to, at the Employee’s election, (i) an account under this Plan or
(ii) for so long as the ARCO Executive Deferral Plan will accept such deferrals of salary, but not beyond December 31, 2001, an account under the ARCO Executive Deferral Plan; or 

 

	 	(b)	To defer any Award payable to a former ARCO employee who is involuntarily terminated prior to April 18, 2002, in lieu of a target ARCO Annual Incentive Plan (AIP)
award, and at the Employee’s election credit the Award to (i) an account under this Plan or (ii) to the ARCO Executive Deferral Plan; or 

  
 - 26 -

	 	(c)	To defer the Final ARCO Supplemental Executive Retirement Plan (SERP) benefit that will be calculated as of the earlier of April 17, 2002, or the date the former
ARCO employee voluntarily or involuntarily terminates employment from the Company or any Participating Subsidiary to the ARCO Executive Deferral Plan; or 

  

	 	(d)	To defer the value of the restricted stock granted on July 31, 2000, to an account under this Plan when the restrictions lapse on July 31,
2001, July 31, 2002, and July 31, 2003; provided that such indications of preference shall be made in July of the year preceding the calendar year when the restrictions are scheduled to lapse or as soon as practicable after
July 31, 2000, for the restrictions on the shares that are to be lapsed on July 31, 2001; or 

  

	 	(e)	For a former ARCO Alaska employee who was classified as a grade 7 or 8 under ARCO’s job classification system and was eligible under ARCO’s Executive Deferral
Plan to voluntarily reduce salary and defer the amount of the voluntary salary reduction and who was classified as a grade 31 or below at that time under Phillips Petroleum Company’s job classification system, to make an annual election to
voluntarily reduce salary and defer the amount of the voluntary salary reduction for salary received from July 31, 2000, through December 31, 2000, and for the five years from 2001 through 2005 and receive a salary deferral credit under
this Plan. 

 All indications of preference in Sections 6(a), (b), and (c) are subject to approval by the
Compensation Committee if the Employee is subject to Section 16 of the Exchange Act and by the CEO if the Employee is not subject to Section 16 of the Exchange Act. 
 SECTION 7. Designation of Beneficiary. 
 Each Participant shall designate a
beneficiary or beneficiaries to receive the entire balance of the Participant’s Deferred Compensation Account by giving signed written notice of such 

  
 - 27 -

 
designation to the Plan Administrator. The Participant may from time to time change or cancel any previous beneficiary designation in the same manner. The last beneficiary designation received by
the Plan Administrator shall be controlling over any prior designation and over any testamentary or other disposition. After acceptance by the Plan Administrator of such written designation, it shall take effect as of the date on which it was signed
by the Participant, whether the Participant is living at the time of such receipt, but without prejudice to the Company or the CEO on account of any payment made under this Plan before receipt of such designation. 

SECTION 8. Nonassignability. 

The right of a Participant, or beneficiary, or other person who becomes entitled to receive payments under this Plan, shall not be
assignable or subject to garnishment, attachment, or any other legal process by the creditors of, or other claimants against, the Participant, beneficiary, or other such person. 
 SECTION 9. Administration. 
  

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

  

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

 

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

  

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

  
 - 28 -

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

  

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

 

	 	(c)	Any claimant who feels that a claim has been improperly denied in whole or in part by the Plan Administrator may request a review of the denial by making written
application to the Trustee. The claimant shall have the right to review all pertinent documents relating to said claim and to submit issues and comments in writing to the Trustee. Any person filing an appeal from the denial of a claim must do so in
writing within sixty days after receipt of written notice of denial. The Trustee shall render a decision regarding the claim within sixty days after receipt of a request for review, unless special circumstances require an extension of time for
processing, in which case a decision shall be rendered within a reasonable time, but not later than 120 days after receipt of the request for review. The decision of the Trustee shall be in writing and, in the case of the denial of a claim in whole
or in part, shall set forth the same information as is required in an initial notice of denial by the Plan Administrator, other than an explanation of this claims review procedure. The Trustee shall have absolute discretion in carrying out its
responsibilities to make its decision of an appeal, including the authority to interpret and construe the terms hereunder, and all interpretations, findings of fact, and the decision of the Trustee regarding the appeal shall be final, conclusive and
binding on all parties. 

  

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

  
 - 29 -

 SECTION 10. Employment not Affected by Plan. 

Participation or nonparticipation in this Plan shall neither adversely affect any person’s employment status nor confer any special
rights on any person other than those expressly stated in the Plan. Participation in the Plan by an Employee of the Company or of a Participating Subsidiary shall not affect the Company’s or the Participating Subsidiary’s right to
terminate the Employee’s employment or to change the Employee’s compensation or position. 
 SECTION 11. Determination of Recipients
of Awards. 
 The determination of those persons who are entitled to Awards under an Incentive Compensation Plan and any other
such plans shall be governed solely by the terms and provisions of the applicable plan, and the selection of an Employee as a Potential Participant or the acceptance of an indication of preference to defer an Award hereunder shall not in any way
entitle such Potential Participant to an Award. 
 SECTION 12. Method of Providing Payments. 

 

	 	(a)	Nonsegregation. Amounts deferred pursuant to this Plan and the crediting of amounts to a Participant’s Deferred Compensation Account shall represent the
Company’s unfunded and unsecured promise to pay compensation in the future. With respect to said amounts, the relationship of the Company and a Participant shall be that of debtor and general unsecured creditor. While the Company may make
investments for the purpose of measuring and meeting its obligations under this Plan such investments shall remain the sole property of the Company subject to claims of its creditors generally, and shall not be deemed to form or be included in any
part of the Deferred Compensation Account. 

  
 - 30 -

	 	(b)	Funding. It is the intention of the Company that this Plan shall be unfunded for federal tax purposes and for purposes of Title I of ERISA; provided, however,
that the Company may establish a grantor trust to satisfy part or all of its Plan payment obligations so long as the Plan remains unfunded for federal tax purposes and for purposes of Title I of ERISA. 

SECTION 13. Amendment or Termination of Plan. 
 Subject to Paragraph 9(d), the Company reserves the right to amend this Plan from time to time or to terminate the Plan entirely, provided, however, that no amendment may affect the balance in a
Participant’s account on the effective date of the amendment. No Participant shall participate in a decision to amend or terminate this Plan. In the event of termination of the Plan, the Chief Executive Officer, in his sole discretion, may
elect to have the Company pay to the Participant in one lump sum as soon as practicable after termination of the Plan, the balance then in the Participant’s account. 
 SECTION 14. Miscellaneous Provisions. 
  

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

  

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

  

	 	(c)	 At the Effective Time, certain active employees of Phillips 66 and members of its controlled group ceased to participate in the Plan, and the
liabilities, including liabilities related to benefits grandfathered from Code section 409A (i.e., amounts deferred and vested prior to January 1, 2005), for these participant’s benefits under the Plan were transferred to the members of
the Phillips 66 controlled group and 

  
 - 31 -

	 	
continued as the Phillips 66 Key Employee Deferred Compensation Plan. ConocoPhillips distributed its interest in Phillips 66 to its shareholders as of the Distribution. On and after the Effective
Time, the Company, other members of the Affiliated Group (as determined after the Distribution), the Plan, any directors, officers, or employees of any member of the Affiliated Group (as determined after the Distribution), and any successors
thereto, shall have no further obligation or liability to, or on behalf of, any such participant with respect to any benefit, amount, or right transferred to or due under the Phillips 66 Key Employee Deferred Compensation Plan.

 Further, as of the Distribution, the Restricted Stock and Restricted Stock Units of ConocoPhillips shall be
converted into Restricted Stock and Restricted Stock Units of ConocoPhillips and restricted stock and restricted stock units of Phillips 66 as provided in the Agreement. The amounts to be credited to a Participant’s Deferred Compensation
Account under Section 4(a) will be based on such Restricted Stock and Restricted Stock Units of ConocoPhillips and restricted stock and restricted stock units of Phillips 66 after the Distribution. 

Furthermore, with regard to any valuation that occurs after the Distribution and which requires valuation of Stock or the common stock of
Phillips 66 (“Phillips 66 Common Stock”), or of both, from a time on or before the Distribution and from a time after the Distribution, then the following shall apply, in order to allow the valuation to take into account the distribution
by stock dividend of one share of Phillips 66 Common Stock for each two shares of Stock held at the Distribution: 
  

	 	(1)	The value of Stock or of Phillips 66 Common Stock determined as of any date after the Distribution shall be determined using market information related to each;

  
 - 32 -

	 	(2)	The value of Stock determined as of any date on or before the Distribution that does not also require a valuation of Stock as of any date after the Distribution shall
be determined using market information related to Stock as it traded on or before the Distribution; 

  

	 	(3)	The value of Stock determined as of any date on or before the Distribution that also requires a valuation of Stock or of Phillips 66 Common Stock as of any date after
the Distribution shall be deemed to be two-thirds of the value of Stock determined using market information related to Stock as it traded on or before the Distribution; and 

 

	 	(4)	The value of Phillips 66 Common Stock determined as of any date on or before the Distribution that also requires a valuation of Stock or of Phillips 66 Common Stock as
of any date after the Distribution shall be deemed to be one-third of the value of Stock determined using market information related to Stock as it traded on or before the Distribution. 

  
 - 33 -

 SECTION 15. Effective Date of Restated Plan. 

Title I of the Key Employee Deferred Compensation Plan of ConocoPhillips is hereby amended and restated effective as of the Effective Time
and conditioned on the occurrence of the Distribution. 
 Executed this 19th day of April 2012, by a duly authorized officer of the Company.

  

			
		 	 /s/ Carin S.
Knickel                

		 	Carin S. Knickel
		 	Vice President, Human Resources

  
 - 34 -Amendment and Restatement of Key Employee Title II

 Exhibit 10.12.2 
 KEY EMPLOYEE DEFERRED COMPENSATION PLAN OF 
 CONOCOPHILLIPS

 TITLE II 
 (Effective for benefits earned or vested after 
 December 31, 2004)

 2012 RESTATEMENT 
 The Key Employee Deferred Compensation Plan of ConocoPhillips is hereby amended and restated effective as of the “Effective Time” defined in the Employee Matters Agreement by and between
ConocoPhillips and Phillips 66 (the “Effective Time”) and conditioned on the occurrence of the “Distribution” defined in such Employee Matters Agreement (the “Distribution”). 

PURPOSE 
 The purpose of the Key
Employee Deferred Compensation Plan of ConocoPhillips (the “Plan”) is to attract and retain key employees by providing them with an opportunity to defer receipt of cash amounts which otherwise would be paid to them under various
compensation programs or plans by a Participating Subsidiary. Title I of this Plan is effective with regard to benefits earned and vested prior to January 1, 2005, while Title II of this Plan is effective with regard to benefits earned or
vested after December 31, 2004. Earnings, gains, and losses shall be allocated to the Title of the Plan to which the underlying obligations giving rise to them are allocated. The Plan is sponsored and maintained by ConocoPhillips Company.

 This Title II of the Plan is intended (1) to comply with Code section 409A, as enacted as part of the American Jobs Creation Act of
2004, and official guidance issued thereunder, and (2) to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated
employees” within the meaning of sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated, and administered in a manner consistent with these intentions.

 SECTION 1. Definitions. 
  

	 	(a)	“Award” shall mean the United States cash dollar amount (i) allotted to an Employee under the terms of an Incentive Compensation Plan or a Long Term
Incentive Plan, or (ii) required to be credited to an Employee’s Deferred Compensation Account pursuant to the terms of an Award or of an Incentive Compensation Plan, the Long Term Incentive Compensation Plan, the Strategic Incentive Plan,
a Long Term Incentive Plan, or any similar plans, or any administrative procedure adopted pursuant thereto, or (iii) credited as a result of an Employee’s voluntary reduction of Salary, or (iv) any other amount determined by the
Committee to be an Award under the Plan. 

  

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

 

	 	(c)	“Committee” shall mean the Human Resources and Compensation Committee of the Board of Directors of ConocoPhillips. 

 

	 	(d)	“Company” shall mean ConocoPhillips Company, a Delaware corporation, or any successor corporation. The Company is a subsidiary of ConocoPhillips.

  

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

  

	 	(f)	“Controlled Group” shall mean ConocoPhillips and its Subsidiaries. 

 

	 	(g)	“Deferred Compensation Account” shall mean an account established and maintained for each Participant in which is recorded the amounts of Awards deferred by a
Participant, the deemed gains, losses, and earnings accrued thereon, and payments made therefrom all in accordance with the terms of the Plan. 

  
 - 2 -

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

  

	 	(i)	“Employee” shall mean any individual who is a salaried employee of the Company or of a Participating Subsidiary who is eligible to receive an Award from an
Incentive Compensation Plan and at the time of the Award is classified as a ConocoPhillips salary grade 19 or above or any equivalent salary grade at a Participating Subsidiary. 

 

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

 

	 	(k)	“Heritage Conoco Employee” shall mean an individual employed by Conoco Inc., Conoco Pipe Line Company, or Louisiana Gas Systems Inc. prior to January 1,
2003; provided, however, that an individual who has been terminated from employment with a member of the Controlled Group at any time and rehired by a member of the Controlled Group after January 1, 2003, shall not be considered a Heritage
Conoco Employee for purposes of this Plan. 

  

	 	(l)	“Incentive Compensation Plan” shall mean the ConocoPhillips Variable Cash Incentive Program, the Incentive Compensation Plan of Phillips Petroleum Company, or
the Annual Incentive Compensation Plan of Phillips Petroleum Company, the Special Incentive Plan for Former Tosco Executives, the Conoco Inc. Global Variable Compensation Plan, or a similar plan of a Participating Subsidiary, or any similar or
successor plans, or all, as the context may require. 

  
 - 3 -

	 	(m)	“Long-Term Incentive Compensation Plan” shall mean the Long-Term Incentive Compensation Plan of Phillips Petroleum Company, which was terminated
December 31, 1985. 

  

	 	(n)	“Long-Term Incentive Plan” shall mean the ConocoPhillips Performance Share Program, the ConocoPhillips Restricted Stock Program, the Phillips Petroleum
Company Long-Term Incentive Plan, or a similar or successor plan of any of them, established under an Omnibus Securities Plan. 

  

	 	(o)	“Omnibus Securities Plan” shall mean the 2011 Omnibus Stock and Performance Incentive Plan of ConocoPhillips, the 2009 Omnibus Stock and Performance Incentive
Plan of ConocoPhillips, the 2004 Omnibus Stock and Performance Incentive Plan of ConocoPhillips, the 2002 Omnibus Securities Plan of Phillips Petroleum Company, the Omnibus Securities Plan of Phillips Petroleum Company, the 1998 Stock and
Performance Incentive Plan of ConocoPhillips, the 1998 Key Employee Stock Plan of ConocoPhillips, or a similar or successor plan of any of them. 

  

	 	(p)	“Participant” shall mean a person for whom a Deferred Compensation Account is maintained. 

 

	 	(q)	“Participating Subsidiary” shall mean a Subsidiary that has adopted one or more plans making participants eligible for participation in this Plan and one or
more Employees of which are Potential Participants. 

  

	 	(r)	“Plan Administrator” shall mean the Vice President, Human Resources of the Company, or his or her successor. 

 

	 	(s)	“Potential Participant” shall mean a person who has received a notice specified in Section 2. 

  
 - 4 -

	 	(t)	“Restricted Stock” and “Restricted Stock Units” shall mean respectively shares of Stock and units each of which shall represent a hypothetical share
of Stock, which have certain restrictions attached to the ownership thereof or the delivery of shares pursuant thereto. 

  

	 	(u)	“Retirement” or “Retire” or “Retiring” shall mean Separation from Service from the Controlled Group on or after age 55 or above and on or
after the earliest early retirement date as defined in applicable title of the ConocoPhillips Retirement Plan or of the applicable retirement plan of a Participating Company. 

 

	 	(v)	“Schedule A Employee” shall mean an Employee whose name appears in Schedule A attached to and made a part of this Plan. 

 

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

 

	 	(x)	“Settlement Date” shall mean the date on which all acts under an Incentive Compensation Plan or the Long-Term Incentive Compensation Plan or actions directed
by the Committee, as the case may be, have been taken which are necessary to make an Award payable to the Participant. 

  
 - 5 -

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

 

	 	(z)	“Stock” means shares of common stock of ConocoPhillips, par value $.01. 

 

	 	(aa)	“Strategic Incentive Plan” shall mean the Strategic Incentive Plan portion of the 1986 Stock Plan of Phillips Petroleum Company, of the 1990 Stock Plan of
Phillips Petroleum Company, of the Phillips Petroleum Company Omnibus Securities Plan, and of any successor plans of similar nature. 

  

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

  

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

 SECTION 2. Notification of Potential Participants. 

 

	 	(a)	 Incentive Compensation Plan. Each year after 2008, at such times as the Plan Administrator may determine, Employees who are expected to be
eligible to receive an Award for the immediately following calendar year under an Incentive Compensation Plan will be notified and given the opportunity to make an election, using the Election Form or in such other manner prescribed by the Plan
Administrator, to defer all or part of such Award; provided, however, that in the case of an Award under an Incentive Compensation Plan determined by the Plan 

  
 - 6 -

	 	
Administrator to be “performance-based compensation” under Code section 409A, the Plan Administrator may delay the notification and opportunity to make an election until no later than
June 30 of the year for which the Award is to be made. 

  

	 	(b)	Salary Reduction. With regard to each year, at such times as the Plan Administrator may determine, Employees on the U.S. dollar payroll will be notified and
given the opportunity to make an election, using the Election Form or in such other manner prescribed by the Plan Administrator, to make a voluntary reduction of Salary for each pay period of the following calendar year, in which case the Company
will credit a like amount as an Award hereunder, provided that the amount of such voluntary reduction shall not be less than 1% nor more than 50% of the Employee’s Salary per pay period. 

SECTION 3. Election to Defer Award or Reduce Salary. 
  

	 	(a)	Incentive Compensation Plan. If a Potential Participant elects to defer under this Plan all or any part of the Award to which a notice received under
Section 2(a) pertains, the Potential Participant must make such election, using the Election Form or in such other manner prescribed by the Plan Administrator, which must be received on or before December 31 of the year in which said
Section 2(a) notice was received (or at such earlier time as may be prescribed by the Plan Administrator). The Potential Participant’s election shall become irrevocable on December 31 of the year in which said Section 2(a) notice
was received (except in the case of an election for an Award under an Incentive Compensation Plan determined by the Plan Administrator to be “performance-based compensation” under Code section 409A, the election shall become irrevocable on
June 30 of the year for which the Award is to be made), subject to the provisions Section 5(d). If an election is not properly made and timely received, the Potential Participant will be deemed to have elected to receive and not to defer
any such Incentive Compensation Plan Award. 

  
 - 7 -

	 	(b)	Salary Reduction. If a Potential Participant elects to voluntarily reduce Salary to which a notice received under Section 2(b) pertains and receive an Award
hereunder in lieu thereof, the Potential Participant must make an election, using the Election Form or in such other manner prescribed by the Plan Administrator, which must be received on or before December 31 (or such earlier time as may be
prescribed by the Plan Administrator) prior to the beginning of the calendar year of the elected deferral. Such election must be in writing signed by the Potential Participant, and must state the amount of the salary reduction the Potential
Participant elects. Such election becomes irrevocable on December 31 prior to the beginning of the calendar year, subject to the provisions Section 5(d). If an election is not properly made and timely received, the Potential Participant
will be deemed to have elected to receive and not to defer any such Salary. 

 SECTION 4. Deferred Compensation Accounts.

  

	 	(a)	Credit for Deferral. Amounts deferred pursuant to Section 3(a) will be credited to a Deferred Compensation Account for the Participant for the calendar year
in which the amounts are deferred not later than 30 days after the Settlement Date of the Incentive Compensation Plan. 

 If an Award in the form of Restricted Stock or Restricted Stock Units provides that, in certain instances the Restricted Stock or Restricted Stock Units shall be cancelled and a market value in lieu
thereof be credited to a Deferred Compensation Account for the Participant, then the market value shall be credited to a Deferred Compensation Account for the Participant as of the day that the Award in the form of Restricted Stock or Restricted
Stock Units is cancelled. The market value of the underlying Restricted Stock or the shares represented by the Restricted Stock Units awarded under a Long Term Incentive Plan, under an Incentive Compensation Plan that began on or after
January 1, 2003, under an Omnibus Securities Plan (with regard to awards made on or after January 1, 2003), and for the Special Stock Awards issued on October 22, 2002, shall be the monthly average Fair Market Value

  
 - 8 -

 
of the Stock during the calendar month preceding the month in which the restrictions lapse or shares are to be delivered as applicable. The monthly average Fair Market Value of the Stock is the
average of the daily Fair Market Value of the Stock for each trading day of the month. For Awards made prior to those times, the market value of the underlying Restricted Stock or the shares represented by the Restricted Stock Units, as applicable,
shall be based on the higher of (i) the average of the high and low selling prices of the Stock on the date the restrictions lapse or the last trading day before the day the restrictions lapse if such date is not a trading day or (ii) the
average of the high three monthly Fair Market Values of the Stock during the twelve calendar months preceding the month in which the restrictions lapse. The monthly Fair Market Value of the Stock is the average of the daily Fair Market Value of the
Stock for each trading day of the month. The daily Fair Market Value of the Stock shall be deemed equal to the average of the high and low selling prices of the Stock on the New York Stock Exchange. 

Amounts deferred pursuant to other provisions of this Plan shall be credited to a Deferred Compensation Account for the Participant for
the calendar year in which such amounts are deferred not later than 30 days after the date the Award or Salary would otherwise be payable. 
  

	 	(b)	 Designation of Investments. The amount in each Deferred Compensation Account of a Participant shall be deemed to have been invested and
reinvested from time to time, in such “eligible securities” as the Participant shall designate. Prior to or in the absence of a Participant’s designation, the Company shall designate an “eligible security” in which the
Participant’s Deferred Compensation Account shall be deemed to have been invested until designation instructions are received from the Participant. Eligible securities are those securities designated by the Chief Financial Officer of
ConocoPhillips, or his successor. The Chief Financial Officer of ConocoPhillips may include as eligible securities, stocks listed on a national securities exchange, and bonds, notes, debentures, corporate or governmental, either listed on a national
securities exchange or for which price quotations are published 

  
 - 9 -

 
in The Wall Street Journal and shares issued by investment companies commonly known as “mutual funds.” The Deferred Compensation Accounts of a Participant will be adjusted to reflect
the deemed gains, losses, and earnings as though the amount deferred was actually invested and reinvested in the eligible securities for each Deferred Compensation Account of the Participant. 

Notwithstanding anything to the contrary in this section 4(b), in the event the Company (or any trust maintained for this purpose)
actually purchases or sells such securities in the quantities and at the times the securities are deemed to be purchased or sold for a Deferred Compensation Account of a Participant, the Account shall be adjusted accordingly to reflect the price
actually paid or received by the Company for such securities after adjustment for all transaction expenses incurred (including without limitation brokerage fees and stock transfer taxes). 

In the case of any deemed purchase not actually made by the Company, the Deferred Compensation Account shall be charged with a dollar
amount equal to the quantity and kind of securities deemed to have been purchased multiplied by the fair market value of such security on the date of reference and shall be credited with the quantity and kind of securities so deemed to have been
purchased. In the case of any deemed sale not actually made by the Company, the account shall be charged with the quantity and kind of securities deemed to have been sold, and shall be credited with a dollar amount equal to the quantity and kind of
securities deemed to have been sold multiplied by the fair market value of such security on the date of reference. As used in this paragraph “fair market value” means in the case of a listed security the closing price on the date of
reference, or if there were no sales on such date, then the closing price on the nearest preceding day on which there were such sales, and in the case of an unlisted security the mean between the bid and asked prices on the date of reference, or if
no such prices are available for such date, then the mean between the bid and asked prices to the nearest preceding day for which such prices are available. 

  
 - 10 -

 The Plan Administrator may designate a third party to provide services that may include
record keeping, Participant accounting, Participant communication, payment of installments to the Participant, tax reporting, and any other services specified in an agreement with such third party. 

 

	 	(c)	 Payments. A Participant’s Deferred Compensation Account shall be debited with respect to payments made from the account pursuant to this
Plan as of the date such payments are made from the account. Payments shall be made on the dates specified in the elections of the Participant; provided, however, that the Participant shall have no right to complain or make a claim about the date of
a payment if such payment is made no earlier than 30 days prior to the specified date and no later than the end of the calendar year in which such specified date falls (or, if later, by the
15th day of the third calendar month following the
specified date). 

 If any person to whom a payment is due hereunder is under legal disability as determined in
the sole discretion of the Plan Administrator, the Plan Administrator shall have the power to cause the payment due such person to be made to such person’s guardian or other legal representative for the person’s benefit, and such payment
shall constitute a full release and discharge of the Company, all members of the Controlled Group, the Plan Administrator, and any fiduciary of the Plan. 
  

	 	(d)	Statements. At least one time per year the Plan Administrator (or a third party acting for the Plan Administrator) will furnish each Participant a written
statement setting forth the current balance in the Participant’s Deferred Compensation Account, the amounts credited or debited to such account since the last statement and the payment schedule of deferred Awards, and deemed gains, losses, and
earnings accrued thereon as provided by the deferred payment option selected by the Participant. This provision shall be deemed satisfied if the Plan Administrator (or a third party acting for the Plan Administrator) makes such information available
through electronic means, such as a web site, and informs affected Participants of the availability of the information and the manner of accessing it. 

  
 - 11 -

 SECTION 5. Payments from Deferred Compensation Accounts. 

 

	 	(a)	Election of Method of Payment. At the time a Potential Participant submits an election to defer all or any part of an Award under an Incentive Compensation Plan
as provided in Section 3(a) above or to reduce any part of salary as provided in Section 3(b) above, the Potential Participant shall also elect, using the Election Form or in such other manner prescribed by the Plan Administrator, which of
the payment options, provided for in Paragraph (b) of this Section, shall apply to the deferred portion of said Award or salary adjusted for any deemed gains, losses, and earnings accrued thereon credited to the Participant’s Deferred
Compensation Account under this Plan. Subject to Paragraph (d) of this Section, the election of the method of payment of the amount deferred shall become irrevocable on December 31 of the year in which the applicable Section 2(a) or
(b) notice was received (except in the case of an election for an Award under an Incentive Compensation Plan determined by the Plan Administrator to be “performance-based compensation” under Code section 409A, the election shall
become irrevocable on June 30 of the year in which said Section 2(a) or (b) notice was received). If an election does not properly indicate a time and method of payment, the Potential Participant will be deemed to have elected to
receive such payment in a single lump sum at the earlier of death or the first of the calendar quarter following six months after Separation from Service other than by death. 

 

	 	(b)	Payment Options. A Potential Participant may elect, using an Election Form or in such other manner prescribed by the Plan Administrator, to have the deferred
portion of an Incentive Compensation Plan Award or salary adjusted for any deemed gains, losses, and earnings accrued thereon paid: 

  

	 	(i)	(After Separation from Service) in 1 to 15 annual installments, in 2 to 30 semi-annual installments, or in 4 to 60 quarterly installments, the payment of the
first of any of such installments to commence on the first day of the first calendar quarter which is on or after one year from the Participant’s Separation from Service and is no longer than five years from the Participant’s Separation
from Service, subject to Paragraph (d) of this Section, or 

  
 - 12 -

	 	(ii)	 (Date Certain) with regard only to the deferred portion of an Incentive Compensation Award, in 1 to 15 annual installments, in 2 to 30
semi-annual installments, or in 4 to 60 quarterly installments, the payment of the first of any of such installments to commence on the first day of calendar quarter which is designated by the Participant, is at least one year after the date on
which the election is made, and is not later than the 65th
birthday of the Participant, subject to Paragraph (d) of this Section. 

  

	 	(iii)	In the event that no election is properly and timely made with regard to the time and method of payment under Section 5(b)(i), payment shall be made on the earlier
of the death or the date which is the first of the calendar quarter following six months after the date of Separation from Service, whether by retirement, disability, or otherwise (other than by death), of the Participant, subject to Paragraph
(d) of this Section. 

  

	 	(c)	Method of Payment of the Value of Restricted Stock and Restricted Stock Units. If an Award in the form of Restricted Stock or Restricted Stock Units provides
that, in certain instances the Restricted Stock or Restricted Stock Units shall be cancelled and a market value in lieu thereof be credited to a Deferred Compensation Account for the Participant, payment of such Deferred Compensation Account shall
be made on the earlier of the death or the date which is the first of the calendar quarter following six months after the date of Separation from Service, whether by retirement, disability, or otherwise (than death), of the Participant, subject to
Paragraph (d) of this Section. 

  

	 	(d)	Change in Time or Form of Payment. A Participant may make an election to change the time or form of payment elected or set under Section 5 (including this
Paragraph (d)), but only if the following rules are satisfied: 

  

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

  
 - 13 -

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

  

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

  

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

 

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

 

	 	(6)	No more than four such elections shall be permitted with respect to each Deferred Compensation Account of a Participant; and 

 

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

 

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

  

	 	(f)	Installment Amount. The amount of each installment shall be determined by dividing the balance in the Participant’s Deferred Compensation Account as of the
date the installment is to be paid, by the number of installments remaining to be paid (inclusive of the current installment). 

  

	 	(g)	Death of Participant. Upon the death of a Participant, the Participant’s beneficiary or beneficiaries designated in accordance with Section 8, or in
the absence of an effective beneficiary designation, the surviving spouse, surviving children (natural or adopted) in equal shares, or the Estate of the deceased Participant, in that order of priority, shall receive payments in accordance with the
payment option selected by the Participant or, if no payment option was properly and timely selected by the Participant with regard to a Deferred Compensation Account, upon the death of the Participant. 

  
 - 14 -

 SECTION 6. Special Provisions for Former ARCO Alaska Employees. 

Notwithstanding any provisions to the contrary, in order to comply with the terms of the Master Purchase and Sale Agreement (“Sale
Agreement”) by which the Company acquired certain Alaskan assets of Atlantic Richfield Company (“ARCO”), a Participant who was eligible to participate in the ARCO employee benefit plans immediately prior to becoming an Employee and
who was not employed by ARCO Marine, Inc. (a “former ARCO Alaska employee”) and who was classified as a grade 7 or 8 under ARCO’s job classification system and was eligible under ARCO’s Executive Deferral Plan to voluntarily
reduce salary and defer the amount of the voluntary salary reduction and who was classified as a grade 31 or below at that time under Phillips Petroleum Company’s job classification system may, in a manner prescribed by the Plan Administrator,
make an election to voluntarily reduce salary and defer the amount of the voluntary salary reduction for salary received for 2005 and receive a salary deferral credit under this Plan; provided, that all of the Plan provisions (other than eligibility
to participate) shall apply to such an election. 
 SECTION 7. Schedule A Employees. 

Notwithstanding any earlier election or indication of preference to participate in voluntary salary reductions to be deferred into the
Plan in 2005 or deferrals into the Plan in 2005 of Awards under an Incentive Compensation Plan, Schedule A Employees shall have their participation in the Plan for 2005 revoked as to the salary reductions or Incentive Compensation Plan Award or
both, as indicated on Schedule A to this Plan. Any such deferrals made in 2005 for such Schedule A Employees shall be returned to them (together with any earnings, gains, or losses thereon) on or before December 31, 2005. 

  
 - 15 -

 SECTION 8. Designation of Beneficiary. 

Each Participant shall designate a beneficiary or beneficiaries to receive the entire balance of the Participant’s Deferred
Compensation Account by giving signed written notice of such designation to the Plan Administrator. The Participant may from time to time change or cancel any previous beneficiary designation in the same manner. The last beneficiary designation
received by the Plan Administrator shall be controlling over any prior designation and over any testamentary or other disposition. After acceptance by the Plan Administrator of such written designation, it shall take effect as of the date on which
it was signed by the Participant, whether the Participant is living at the time of such receipt, but without prejudice to the Company or any member of the Controlled Group or the Plan Administrator or their respective employees and agents on account
of any payment made under this Plan before receipt of such designation. 
 SECTION 9. Nonassignability. 

The right of a Participant, or beneficiary, or other person who becomes entitled to receive payments under this Plan, shall not be
assignable or subject to garnishment, attachment, or any other legal process by the creditors of, or other claimants against, the Participant, beneficiary, or other such person. 
 SECTION 10. Administration. 
  

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

  
 - 16 -

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

  

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

  

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

  

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

  

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

 

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

  

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

  

	 	(d)	 Upon denial of a claim, in whole or in part, a claimant or his duly authorized representative will have the right to submit a written request to the
Trustee for a full and fair review of the denied claim by filing a written notice of appeal with the 

  
 - 17 -

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

 

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

 

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

  

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

 

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

  

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

  

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

  
 - 18 -

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

 SECTION 11. Employment not Affected by Plan. 
 Participation or nonparticipation in
this Plan shall neither adversely affect any person’s employment status nor confer any special rights on any person other than those expressly stated in the Plan. Participation in the Plan by an Employee of the Company or of a Participating
Subsidiary shall not affect the Company’s or any Controlled Group member’s right to terminate the Employee’s employment or to change the Employee’s compensation or position. 

SECTION 12. Determination of Recipients of Awards. 
 The determination of those persons who are entitled to Awards under an Incentive Compensation Plan and any other such plans shall be governed solely by the terms and provisions of the applicable plan or
program, and the selection of an Employee as a Potential Participant or the acceptance of an indication of preference to defer an Award hereunder shall not in any way entitle such Potential Participant to an Award. 

  
 - 19 -

 SECTION 13. Method of Providing Payments. 

 

	 	(a)	Nonsegregation. Amounts deferred pursuant to this Plan and the crediting of amounts to a Participant’s Deferred Compensation Account shall represent the
Company’s unfunded and unsecured promise to pay compensation in the future. With respect to said amounts, the relationship of the Company and a Participant shall be that of debtor and general unsecured creditor. While the Company may make
investments for the purpose of measuring and meeting its obligations under this Plan such investments shall remain the sole property of the Company subject to claims of its creditors generally, and shall not be deemed to form or be included in any
part of the Deferred Compensation Account. 

  

	 	(b)	Funding. It is the intention of the Company that this Plan shall be unfunded for federal tax purposes and for purposes of Title I of ERISA; provided, however,
that the Company may establish a grantor trust to satisfy part or all of its Plan payment obligations so long as the Plan remains unfunded for federal tax purposes and for purposes of Title I of ERISA. 

SECTION 14. Amendment or Termination of Plan. 
 The Company reserves the right to amend this Plan from time to time or to terminate the Plan entirely, provided, however, that no amendment may affect the balance in a Participant’s account on the
effective date of the amendment. 
 SECTION 15. Miscellaneous Provisions. 

 

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

  

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

  
 - 20 -

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

  

	 	(d)	For purposes of this Plan, electronic communications and signatures shall be considered to be in writing if made in conformity with procedures which the Plan
Administrator may adopt from time to time. 

  

	 	(e)	At the Effective Time, certain active employees of Phillips 66 and members of its controlled group ceased to participate in the Plan, and the liabilities, including
liabilities related to benefits grandfathered from Code section 409A (i.e., amounts deferred and vested prior to January 1, 2005), for these participant’s benefits under the Plan were transferred to the members of the Phillips 66
controlled group and continued as the Phillips 66 Key Employee Deferred Compensation Plan. ConocoPhillips distributed its interest in Phillips 66 to its shareholders as of the Distribution. On and after the Effective Time, the Company,
ConocoPhillips, other members of the Controlled Group (as determined after the Distribution), the Plan, any directors, officers, or employees of any member of the Controlled Group (as determined after the Distribution), and any successors thereto,
shall have no further obligation or liability to, or on behalf of, any such participant with respect to any benefit, amount, or right transferred to or due under the Phillips 66 Key Employee Deferred Compensation Plan. 

  
 - 21 -

 Further, as of the Distribution, the Restricted Stock and Restricted Stock Units of
ConocoPhillips shall be converted into Restricted Stock and Restricted Stock Units of ConocoPhillips and restricted stock and restricted stock units of Phillips 66 as provided in the Agreement. The amounts to be credited to a Participant’s
Deferred Compensation Account under Section 4(a) will be based on such Restricted Stock and Restricted Stock Units of ConocoPhillips and restricted stock and restricted stock units of Phillips 66 after the Distribution. 

Furthermore, with regard to any valuation that occurs after the Distribution and which requires valuation of Stock or the common stock of
Phillips 66 (“Phillips 66 Common Stock”), or of both, from a time on or before the Distribution and from a time after the Distribution, then the following shall apply, in order to allow the valuation to take into account the distribution
by stock dividend of one share of Phillips 66 Common Stock for each two shares of Stock held at the Distribution: 
  

	 	(1)	The value of Stock or of Phillips 66 Common Stock determined as of any date after the Distribution shall be determined using market information related to each;

  

	 	(2)	The value of Stock determined as of any date on or before the Distribution that does not also require a valuation of Stock as of any date after the Distribution shall
be determined using market information related to Stock as it traded on or before the Distribution; 

  

	 	(3)	The value of Stock determined as of any date on or before the Distribution that also requires a valuation of Stock or of Phillips 66 Common Stock as of any date after
the Distribution shall be deemed to be two-thirds of the value of Stock determined using market information related to Stock as it traded on or before the Distribution; and 

  
 - 22 -

	 	(4)	The value of Phillips 66 Common Stock determined as of any date on or before the Distribution that also requires a valuation of Stock or of Phillips 66 Common Stock as
of any date after the Distribution shall be deemed to be one-third of the value of Stock determined using market information related to Stock as it traded on or before the Distribution. 

SECTION 16. Effective Date of the Restated Plan. 

Title II of the Key Employee Deferred Compensation Plan of ConocoPhillips is hereby amended and restated as set forth in this 2012 Restatement effective
as of the Effective Time and conditioned on the occurrence of the Distribution. 
 Executed this 19th day of April 2012, by a duly authorized officer of the Company.

  

	
	 /s/ Carin S. Knickel

	Carin S. Knickel
	Vice President, Human Resources

  
 - 23 -

 APPENDIX A 
 SELECT NEW HIRES TO TITLE II OF 
 THE KEY EMPLOYEE DEFERRED COMEPNSATION
PLAN OF CONOCOPHILLIPS 
 For Select New Hires, as set forth in resolutions adopted from time to time by the Human Resources and
Compensation Committee of the Board of Directors of ConocoPhillips, or its successor, the following provisions apply: 
 1. The Select New Hire
will, effective on the first day of employment with the Controlled Group, become a Participant in Title II of the Key Employee Deferred Compensation Plan of ConocoPhillips. A Deferred Compensation Account will be created for the Select New Hire in
the Plan. The amount set forth in the applicable resolution will be credited to the Deferred Compensation Account for the Select New Hire not later than 30 days after the first day of employment of the Select New Hire. Section 5(a) of the Plan
shall be disregarded with respect to the Deferred Compensation Account, and in lieu thereof the Select New Hire shall be asked to complete and return to the Plan Administrator election forms to set the time and form of distribution with regard to
the Deferred Compensation Account either before the first day of employment or no later than 30 days after the first day of employment. Other than with regard to the timing of the initial distribution election (as set forth in the preceding
sentence), other provisions of Section 5 of the Plan shall apply to the Deferred Compensation Account, including default provisions in the event that a properly completed initial distribution election form is not received within the time set
forth in the preceding sentence. For purposes of Section 5(b)(ii) of the Plan, the amount set forth in the applicable resolution shall be considered to be a deferred portion of an Incentive Compensation Plan award. 

  
 - 24 -

 2. The resolution granting participation to the Select New Hire will also set the vesting schedule for the
Deferred Compensation Account provided pursuant to paragraph 1 of this Appendix. 
 3. All other provisions of the Plan will apply to the
Deferred Compensation Account and the Select New Hire as a Participant in the Plan. 
 4. Nothing in this Appendix is intended to affect the
other operations of the Plan, such as Salary reductions and deferrals or Incentive Compensation Plan deferrals. If the Select New Hire is, under the provisions of the Plan, otherwise eligible to, participate in the Plan, the Select New Hire may do
so in accordance with those provisions. 

  
 - 25 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]