Document:

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                                                                    EXHIBIT 10.1

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                            Dated as of June 23, 1995

                                     between

                           PHILLIPS PETROLEUM COMPANY

                                       and

                            WESTSTAR BANK, as Trustee
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                                 TRUST AGREEMENT

      THIS AMENDED AND RESTATED TRUST AGREEMENT made and entered into as of this
23rd day of June, 1995, by and between PHILLIPS PETROLEUM COMPANY, a Delaware
corporation with its executive offices at Phillips Building, Bartlesville,
Oklahoma (the "Company") , and WESTSTAR BANK, a state banking corporation with
its principal trust office at Weststar Bank Tower Building, 100 SE Frank
Phillips Boulevard, Bartlesville, Oklahoma 74003 (the "Trustee").

                                WITNESSETH THAT:

      WHEREAS, the Company heretofore established the Deferred Compensation Plan
for Non-Employee Directors of Phillips Petroleum Company (the "Plan") for the
purpose of providing a program whereby certain eligible members of the Board of
Directors (the "Board") of the Company may defer the payment of all or a portion
of their cash compensation or lump sum retirement benefits; and

      WHEREAS, the Company has heretofore established a trust (the "Trust")
under the terms of a Trust Agreement dated as of August 24, 1990 (the "Original
Trust Agreement") to aid the Company in meeting its obligations under the Plan,
so as, to the extent possible within the intent set forth below, to assure
payment of the Benefits under the Plan; and

      WHEREAS, the Company has made and may continue to make contributions to
this Trust from time to time, which contributions (if made) will be applied in
payment of the Company's obligations to pay such benefits; and

      WHEREAS, the Plan provides for the Company to pay all benefits thereunder
from its general assets, and the establishment and maintenance of this Trust
shall not reduce or otherwise

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affect the Company's continuing liability to pay benefits from such assets
except that the Company's liability shall be offset by actual benefit payments
made by this Trust; and

      WHEREAS, the Trust established by this Trust Agreement is intended to be
classified for income tax purposes as a "grantor trust" with the result that the
income of the Trust be treated as income of the Company pursuant to Subpart E,
Part I of Subchapter J of Chapter 1, of Subtitle A of the Internal Revenue Code
of 1986, as amended (the "Code"); and

      WHEREAS, the Company desires to amend the terms of the Trust to permit the
Trustee to receive and act upon specific directions from the Company and others
with respect to the investment and reinvestment of such particularly identified
portions of the funds.

      NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the Company and the Trustee agree to amend and restate the Trust Agreement as
follows:

SECTION 1. ESTABLISHMENT AND TITLE OF THE TRUST

      1.1 The Company hereby reaffirms its establishment with the Trustee of the
Trust, to accept such sums of money and other property, including without
limitation one or more insurance or annuity contracts, acceptable to the Trustee
as from time to time may be paid or delivered to the Trustee. All such money and
other property, all investments and reinvestments made therewith or proceeds
thereof and all earnings and profits thereon that are not paid to the Company as
provided in Section 6.1 of this Trust Agreement, less all payments and charges
as authorized herein, are hereinafter referred to as the "Trust Fund." The Trust
Fund shall be held by the Trustee in trust and shall be dealt with in accordance
with the provisions of this Trust Agreement. The Trust Fund shall be held for
the exclusive purpose of providing payments to the participants of the Plan and
their beneficiaries and defraying reasonable expenses of administration in
accordance with the provisions of this Trust Agreement until all such payments

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have been made; provided, however, that the Trust Fund shall at all times be
subject to the claims of the creditors of the Company as set forth in Section 7
of this Trust Agreement.

SECTION 2. ACCEPTANCE BY THE TRUSTEE

      2.1 The Trustee accepts the Trust established under this Trust Agreement
on the terms and subject to the provisions set forth herein, and it agrees to
discharge and perform fully and faithfully all of the duties and obligations
imposed upon it under this Trust Agreement.

SECTION 3. LIMITATION ON USE OF FUNDS

      3.1 No part of the corpus of the Trust Fund shall be recoverable by the
Company or used for any purpose other than for the exclusive purpose of
providing payments to participants of the Plan and their beneficiaries and
defraying reasonable expenses of administration in accordance with the
provisions of this Trust Agreement until all such payments required by this
Trust Agreement have been made; provided, however, that W nothing in this
Section 3.1 shall be deemed to limit or otherwise prevent the payment from the
Trust Fund of expenses and other charges as provided in Sections 9.1 and 9.2 of
this Trust Agreement or the application of the Trust Fund as provided in Section
5.4 of this Trust Agreement if the Trust is finally determined not to constitute
a grantor trust and (ii) the Trust Fund shall at all times be subject to the
claims of creditors of the Company as set forth in Section 7 of this Trust
Agreement.

SECTION 4. DUTIES AND POWERS OF THE TRUSTEE WITH RESPECT TO INVESTMENTS

      4.1 The assets of the Trust Fund shall be invested by the Trustee in
accordance with the written investment guidelines provided from time to time by
the Company. In this regard, pursuant to instructions given by the Company, the
Trustee shall allocate the assets of the Trust

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Fund among one or more accounts ("Accounts"). The Company may further direct the
Trustee to deposit the assets of an Account with an independent fund manager
("Custodian"), who may be a mutual fund manager, and to delegate the investment
responsibility for the Account to such Custodian.

      The Custodian of an Account shall invest and reinvest the Account as
directed by or shall arrange that the Trustee shall receive confirmation of
transactions within an Account managed by a Custodian, that no amounts invested
with a Custodian may be disbursed to anyone other than by instruction from the
Trustee, and that upon the Company's bankruptcy or insolvency the Custodian
shall be advised of such event by the Board and the Chief Executive Officer of
the Company, and such Custodians shall thereafter accept only the instructions
of the Trustee.

      In the event that assets are transferred to a Custodian pursuant to the
instructions of the Company, the Trustee shall not be responsible for the
selection of such Custodian or the acts of the Custodian including but not
limited to the safekeeping of the assets of the Account, the investments of the
assets, or disbursement of any amount from the Account by the Custodian.

      4.2 Subject to the provisions of Section 4.1, the Trustee shall have the
following additional powers and authority with respect to all property
constituting a part of the Trust Fund:

      (a)   To sell, exchange or transfer any such property at public or private
            sale for cash or on credit and grant options for the purchase or
            exchange thereof, including call options for property held in the
            Trust Fund and put options for the purchase of property.

      (b)   To participate in any plan of reorganization, consolidation, merger,
            combination, liquidation or other similar plan relating to any such
            property, and to consent to or

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            oppose any such plan or any action thereunder, or any contract,
            lease, mortgage, purchase, sale or other action by any corporation
            or other entity.

      (c)   To use Trust Fund assets to purchase, and to pay all premiums and
            other charges upon, individual or group annuity or life insurance
            contracts, the rates of return and maturity dates of which may
            reasonably be expected to yield assets of the Trust Fund sufficient
            to assist' the Company in paying benefits under the Plan, and to
            withdraw from or borrow against such policies and contracts.

      (d)   To deposit any such property with any protective, reorganization or
            similar committee; to delegate discretionary power to any such
            committee; and to pay part of the expenses and compensation of any
            such committee and any assessments levied with respect to any
            property so deposited.

      (e)   To exercise any conversion privilege or subscription right available
            in connection with any such property; to oppose or to consent to the
            reorganization, consolidation, merger or readjustment of the
            finances of any corporation, company or association, or to the sale,
            mortgage, pledge or lease of the property of any corporation,
            company or association any of the securities of which may at any
            time be held in the Trust Fund and to do any act with reference
            thereto, including the exercise of options, the making of agreements
            or subscriptions and the payment of expenses, assessments or
            subscriptions, which may be deemed necessary or advisable in
            connection therewith, and to hold and retain any securities or other
            property which it may so acquire.

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      (f)   To commence or defend suits or legal proceedings and to represent
            the Trust in all suits or legal proceedings; to settle, compromise
            or submit to arbitration, any claims, debts or damages, due or owing
            to or from the Trust.

      (g)   To exercise, personally or by general or limited power of attorney,
            any right, including the right to vote, appurtenant to any
            securities or other such property.

      (h)   To borrow money from any lender in such amounts and upon such terms
            and conditions as shall be deemed advisable or proper to carry out
            the purposes of the Trust and to pledge any securities or other
            property for the repayment of any such loan.

      (i)   To engage any legal counsel, including counsel to the Company, any
            enrolled actuary, or any other suitable agents to consult with such
            counsel, enrolled actuary, or agents with respect to the
            construction of this Trust Agreement, the duties of the Trustee
            hereunder, the transactions contemplated by this Trust Agreement or
            any act which the Trustee proposes to take or omit, to rely upon the
            advice of such counsel, enrolled actuary or agents, and to pay its
            reasonable fees, expenses and compensation.

      (j)   To register any securities held by it in its own name or in the name
            of any custodian of such property or of its nominee, including the
            nominee of any system for the central handling of securities, with
            or without the addition of words indicating that such securities are
            held in a fiduciary capacity, to deposit or arrange for the deposit
            of any such securities with such a system and to hold any securities
            in bearer form.

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      (k)   To make, execute and deliver, as Trustee, any and all deeds, leases,
            notes, bonds, guarantees, mortgages, conveyances, contracts,
            waivers, releases or other instruments in writing necessary or
            proper for the accomplishment of any of the foregoing powers.

      (l)   To transfer assets of the Trust Fund to a successor trustee as
            provided in Section 1.4.

      (m)   To exercise, generally, any of the powers which an individual owner
            might exercise in connection with property either real, personal or
            mixed held by the Trust Fund, and to do all other acts that the
            Trustee may deem necessary or proper to carry out any of the powers
            set forth in this Section 4 or otherwise in the best interests of
            the Trust Fund.

SECTION 5. PAYMENTS BY THE TRUSTEE

      5.1 The establishment of the Trust and the payment or delivery to the
Trustee of money or other property acceptable to the Trustee shall not vest in
Plan participants or their beneficiaries any right, title or interest in and to
any assets of the Trust, except as otherwise set forth in this Section 5.

      5.2 The Trustee shall make payment of Plan benefits to participants and
beneficiaries of the Plan from the assets held in the Trust Fund, if and to the
extent such assets are available for distribution, in accordance with the terms
and conditions set forth in the Plan and subject to the election, if any, of the
participant or his beneficiary thereunder.

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      5.3 If the Trust Fund is not sufficient to make one or more payments of
benefits due under the Plan to such participant or beneficiary in accordance
with the terms of the Plan, the Company shall make the balance of each such
payment as it falls due.

      5.4 Notwithstanding anything contained in this Trust Agreement to the
contrary, if at any time the Trust finally is determined by the Internal Revenue
Service ("IRS") not to be a "grantor trust" with the result that the income of
the Trust Fund is not treated as income of the Company pursuant to Subpart E,
Part I of Subchapter J of the Code, or if a tax is finally determined by the IRS
or is determined by counsel to the Trustee to be payable by any Plan participant
or beneficiary in respect of any vested interest in the Trust Fund prior to
payment of such interest to such participant or beneficiary, then the Trust
shall immediately terminate and the full fair market value of the assets in the
Trust Fund shall be returned to the Company. The Company shall fully reimburse
each participant and their beneficiaries for any tax liability they may incur
pursuant to the operation of this Section. For purposes of this Section, a final
determination of the IRS shall be a decision rendered by the IRS which is no
longer subject to administrative appeal within the IRS.

      5.5 Notwithstanding anything in this Trust Agreement to the contrary, the
Company shall remain primarily liable under the Plan to pay benefits. However,
the Company's liability under the Plan shall be reduced or offset to the extent
and by the value of any benefit payments under the Plan made from the Trust.

      5.6 The Trustee shall deduct from each payment under this Trust Agreement
any federal, state or local withholding or other taxes or charges which the
Trustee may be required to

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deduct under applicable laws, shall pay such amount to the appropriate
governmental authorities, and shall inform the Company of all amounts so
deducted and paid.

SECTION 6. FUNDING OF THE TRUST

      6.1 Amounts held for the benefit of each participant and beneficiary in
the Trust shall be held, administered and accounted for the benefit of
participants and beneficiaries of the Plan. The Trust Fund shall consist of such
sums of money and such other property acceptable to the Trustee as shall from
time to time be paid or delivered to the Trustee by the Company, and any
earnings or profits thereon. The Company shall make contributions to the Trust
from time to time in accordance with such funding method and policy as will
permit the Trust to make payment of benefits provided by the Plan. In the event
that the total assets of the Trust Fund at any time exceed the arithmetic sum of
all benefits accrued under the Plan for participants and beneficiaries, the
Trustee shall follow the written instructions from the Company as to the
disposition of such excess amount, which instructions may include payment of
such amount to the Company. In determining the value of the Trust as of any
date, Trust assets shall be valued on the basis of their then fair market value.

SECTION 7. TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO PARTICIPANTS AND
BENEFICIARIES WHEN COMPANY IS INSOLVENT

      7.1 It is the intent of the parties hereto that the Trust assets are and
shall remain at all times subject to the claims of the general creditors of the
Company. Accordingly, the Company shall not create a security interest in the
Trust assets in favor of the Participants and beneficiaries of the Plan or any
creditor.

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      (a)   If the Trustee receives the notice provided for in Section 7.2
            hereof, or otherwise receives actual notice that the Company is
            insolvent or bankrupt as defined in Section 7.2 hereof, the Trustee
            will make no further distributions from the Trust to any of the
            participants or beneficiaries of the Plan but will deliver the
            entire amount of the Trust assets only as a court of competent
            jurisdiction, or duly appointed receiver or other person authorized
            to act by such a court, may direct to make the Trust assets
            available to satisfy the claims of the Company's general creditors.
            The Trustee shall resume distributions from the Trust to the
            participants and beneficiaries of the Plan under the terms hereof,
            upon no less than thirty (30) days, advance notice to the Company,
            if it determines that the Company was not, or is no longer bankrupt
            or insolvent. Unless the Trustee has actual knowledge of the
            Company's bankruptcy or insolvency, the Trustee shall have no duty
            to inquire whether the Company is bankrupt or insolvent.

      (b)   If a person claiming to be a creditor of the Company alleges in
            writing to the Trustee that the Company has become insolvent, the
            Trustee shall within thirty (30) days independently determine
            whether the Company is insolvent.

            The Company shall cooperate with and assist the Trustee in making
            such determination. In making such a determination, the Trustee may
            retain outside experts competent to advise the Trustee as to whether
            the Company has, in fact, become insolvent. The expense of retaining
            such outside experts shall be deemed to be expenses within the scope
            of Section 9.2.

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      7.2 The Board and Chief Executive officer shall advise the Trustee
promptly in writing of the Company's bankruptcy or insolvency. The Company shall
be deemed to be bankrupt or insolvent upon the occurrence of any of the
following:

      (a)   The Company shall make an assignment for the benefit of creditors,
            file a petition in bankruptcy, petition or apply to any tribunal for
            the appointment of a custodian, receiver, liquidator, sequestrator,
            or any trustee for it or a substantial part of its assets, or shall
            commence any case under any bankruptcy, reorganization, arrangement,
            readjustment of debt, dissolution, or liquidation law or statute of
            any jurisdiction (federal or state), whether now or hereafter in
            effect; or if there shall have been filed any such petition or
            application, or any such case shall have been commenced against it,
            in which an order for relief is entered or which remains
            undismissed; or the Company by any act or omission shall indicate
            its consent to, approval of or acquiescence in any such petition,
            application or case or order for relief or to the appointment of a
            custodian, receiver or any trustee for it or any substantial part of
            any of its property, or shall suffer any such custodianship,
            receivership, or trusteeship to continue undischarged; or

      (b)   The Company shall generally not pay its debts as such debts become
            due or shall cease to pay its debts in the ordinary course of
            business.

      7.3 If the Trustee discontinues payments of benefits under the Plan from
the Trust pursuant to Section 7.1 of this Trust Agreement and subsequently
resumes such payments, the first payment to a participant or beneficiary
following such discontinuance shall include the aggregate amount of all payments
which would have been made to the participant or beneficiary

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in accordance with the Plan during the period of such discontinuance, less the
aggregate amount of payments of benefits under the Plan made to the participant
or beneficiary by the Company during any such period of discontinuance.

SECTION 8. THIRD PARTIES

      8.1 A third party dealing with the Trustee shall not be required to make
inquiry as to the authority of the Trustee to take any action nor be under any
obligation to see to the proper application by the Trustee of the proceeds of
sale of any property sold by the Trustee or to inquire into the validity or
propriety of any act of the Trustee.

SECTION 9. TAXES, EXPENSES AND COMPENSATION

      9.1 The Company shall from time to time pay taxes of any and all kinds
whatsoever which at any time are lawfully levied or assessed upon or become
payable in respect of the Trust Fund, the income or any property forming a part
thereof, or any security transaction pertaining thereto. To the extent that any
taxes lawfully levied or assessed upon the Trust Fund are not paid by the
Company, the Trustee shall pay such taxes out of the Trust Fund. The Trustee
shall withhold Federal, State and local taxes from any payments made to a
participant or beneficiary in accordance with the provisions of applicable law.
The Trustee shall contest the validity of taxes in any manner deemed appropriate
by the Company or its counsel, but at the Company's expense, and only if it has
received an indemnity bond or other security satisfactory to it to pay any such
expenses. In the alternative, the Company may itself contest the validity of any
such taxes.

      9.2 The Company shall pay the Trustee such reasonable compensation for its
services as may be agreed upon in writing from time to time by the Company and
the Trustee. The

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Company shall also pay the reasonable expenses incurred by the Trustee in the
performance of its duties under this Trust Agreement, including fees of counsel
engaged by the Trustee. Such compensation and expenses shall be charged against
and paid from the Trust Fund to the extent that the Company does not pay such
compensation.

SECTION 10. ADMINISTRATION AND RECORDS

      10.1 The Trustee shall keep or cause to be kept accurate and detailed
accounts of any investments, receipts, disbursements and other transactions
hereunder, and all accounts, books and records relating thereto shall be open to
inspection and audit at all reasonable times by any person designated by the
Company. All such accounts, books and records shall be preserved (in original
form, or on microfilm, magnetic tape or any other similar process) for such
period as the Trustee may determine, but the Trustee may only destroy such
accounts, books and records after first notifying the Company in writing of its
intention to do so and transferring to the Company any of such accounts, books
and records requested.

      10.2 Within 30 days after the close of each calendar year, and within 30
days after the removal or resignation of the Trustee or the termination of the
Trust, the Trustee shall file with the Company a written account setting forth
all investments, receipts, disbursements and other transactions effected by it
during the preceding calendar year, or during the period from the close of the
preceding calendar year to the date of such removal, resignation or termination,
including a description of all investments and securities purchased and sold
with the cost or net proceeds of such purchases or sales and showing all cash,
securities and other property held at the end of such calendar year or other
period.

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      10.3 The Trustee shall from time to time permit an independent public
accountant selected by the Company (except one to whom the Trustee has
reasonable objection) to have access during ordinary business hours to such
records as may be necessary to audit the Trustee's accounts.

      10.4 As of the last day of each calendar year and such other times as the
Company may reasonably request, the fair market value of the assets held in the
Trust Fund shall be determined. Within 30 days after the close of each calendar
year, the Trustee shall file with the Company the written report of the
determination of such fair market value of the assets held in the Trust Fund.

      10.5 Nothing contained in this Trust Agreement shall be construed as
depriving the Trustee or the Company of the right to have a judicial settlement
of the Trustee's accounts, and upon any proceeding for a judicial settlement of
the Trustee's accounts or for instructions the only necessary parties thereto in
addition to the Trustee shall be the Company.

      10.6 In the event of the removal or resignation of the Trustee, the
Trustee shall deliver to the successor Trustee all records which shall be
required by the successor Trustee to enable it to carry out the provisions of
this Trust Agreement.

      10.7 In addition to any returns required of the Trustee by law, the
Trustee shall prepare and file such tax reports and other returns as the Company
and the Trustee may from time to time agree.

SECTION 11. REMOVAL OR RESIGNATION OF THE TRUSTEE AND DESIGNATION OF SUCCESSOR
TRUSTEE

      11.1 At any time the Company may remove the Trustee with or without cause,
upon at least 60 days, notice in writing to the Trustee. A copy of such notice
shall be sent to the Trustee.

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      11.2 The Trustee may resign at any time upon at least 60 days, notice in
writing to the Company.

      11.3 In the event of such removal or resignation, the Trustee shall duly
file with the Company a written account as provided in Section 10.2 of this
Trust Agreement for the period since the last previous annual accounting,
listing the investments of the Trust and any uninvested cash balance thereof,
and setting forth all receipts, disbursements, distributions and other
transactions respecting the Trust not included in any previous account.

      11.4 Within 60 days after any such notice of removal or resignation of the
Trustee, the Company shall designate a successor Trustee qualified to act
hereunder. Each such successor Trustee, during each period as it shall act as
such, shall have the powers, duties and restrictions (including without
limitation, the restrictions regarding amendment of certain sections of this
Trust Agreement as described in Section 14.1 hereof) herein conferred upon the
Trustee, and the word "Trustee" wherever used herein, except where the context
otherwise requires, shall be deemed to include any successor Trustee. Upon
designation of a successor Trustee and delivery to the resigned or removed
Trustee of written acceptance by the successor Trustee of such designation, such
resigned or removed Trustee shall promptly assign, transfer, deliver and pay
over to such Trustee, in conformity with the requirements of applicable law, the
funds and properties in its control or possession then constituting the Trust
Fund.

SECTION 12. ENFORCEMENT OF TRUST AGREEMENT AND LEGAL PROCEEDINGS

      12.1 The Company shall have the right to enforce any provision of this
Trust Agreement. The general creditors of the Company shall have the right under
federal and state laws to enforce the Trust provisions opening the Trust to such
general creditors in the event of

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insolvency of the Company. In any action or proceedings affecting the Trust the
only necessary parties shall be the Company and the Trustee and, except as
otherwise required by applicable law, no other person shall be entitled to any
notice or service of process. Any judgment entered in such an action or
proceeding shall to the maximum extent permitted by applicable law be binding
and conclusive on all persons having or claiming to have any interest in the
Trust.

SECTION 13. TERMINATION AND SUSPENSION

      13.1 The Trust shall terminate when all payments which have or may become
payable pursuant to the terms of the Trust have been made and any remaining
assets shall then be paid by Trustee to the Company.

SECTION 14. AMENDMENTS

      14.1 The Company may from time to time amend or modify, in whole or in
part, any or all of the provisions of this Trust Agreement (except Sections 1.1,
3.1, 5, 10, 11.4, 12, 13, 14 and 16, which sections may only be amended by the
unanimous written consent of all participants and beneficiaries of the Plan),
with the written consent of the Trustee, but without the consent of any
participant or beneficiary of the Plan, provided that any such amendment shall
not adversely affect the rights of any participant or beneficiary hereunder, or
cause the Trust to cease to constitute a grantor trust as described in Section
5.4 of this Trust Agreement; provided further, that the Trust created hereunder
shall be irrevocable by the Company without the express written consent of all
participants and beneficiaries of the Plan.

      14.2 The Company and the Trustee shall execute such supplements to, or
amendments of, this Trust Agreement as shall be necessary to give effect to any
such amendment or modification.

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SECTION 15. NONALIENATION

      15.1 Except insofar as applicable law may otherwise require and subject to
Sections 1.1, 3.1 and 7 of this Trust Agreement, W no amount payable to or in
respect of any participant or beneficiary at any time under the Trust shall be
subject in any manner to alienation by anticipation, sale, transfer, assignment,
bankruptcy, pledge, attachment, charge or encumbrance of any kind, and any
attempt to so alienate, sell, transfer, assign, pledge, attach, charge or
otherwise encumber any such amount, whether presently or thereafter payable,
shall be void; and (ii) the Trust Fund shall in no manner be liable for or
subject to the debts or liabilities of a participant or beneficiary.

SECTION 16. COMMUNICATIONS

      16.1 Communications to the Company shall be addressed to Phillips
Petroleum Company, Attention: Senior Vice President and Treasurer, 17 Phillips
Building, Bartlesville, Oklahoma 74004; provided, however, that upon the
Company's written request, such communications shall be sent to such other
address as the Company may specify.

      16.2 Communications to the Trustee shall be addressed to WestStar Bank,
Attention: Trust Department, 100 S. E. Frank Phillips Boulevard, Bartlesville,
Oklahoma 74003; provided, however, that upon the Trustee's written request, such
communications shall be sent to such other address as the Trustee may specify.

      16.3 No communication shall be binding on the Trustee until it is received
by the Trustee, no communication shall be binding on the Company until it is
received by the Company and no communication shall be binding on any participant
or beneficiary until it is received by the participant or beneficiary.

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      16.4 Any action of the Company pursuant to this Trust Agreement, including
all orders, requests, directions, instructions, approvals and objections of the
Company to the Trustee, shall be in writing, signed on behalf of the Company by
any duly authorized officer of the Company. Any action by any participant or
beneficiary shall be in writing. The Trustee may rely on, and will be fully
protected with respect to any such action taken or omitted in reliance on, any
information, order, request, direction, instruction, approval, objection, and
list delivered to the Trustee by the Company or, to the extent applicable under
this Trust Agreement by a participant or beneficiary.

SECTION 17. MISCELLANEOUS PROVISIONS

      17.1 This Trust Agreement shall be binding upon and inure to the benefit
of the Company and the Trustee and their respective successors and assigns and
the personal representatives of individuals.

      17.2 The Trustee assumes no obligation or responsibility with respect to
any action required by this Trust Agreement on the part of the Company.

      17.3 Each participant or beneficiary shall file with the Trustee such
pertinent personal information as the Trustee shall specify, and shall have no
rights nor be entitled to any benefits under the Trust unless such information
is filed.

      17.4 Any corporation into which the Trustee may be merged or with which it
may be consolidated, or any corporation resulting from any merger,
reorganization or consolidation to which the Trustee may be a party, or any
corporation to which all or substantially all the trust business of the Trustee
may be transferred shall be the successor of the Trustee hereunder without the
execution or filing of any instrument or the performance of any act.

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      17.5 Titles to the Sections of this Trust Agreement are included for
convenience only and shall not control the meaning or interpretation of any
provision of this Trust Agreement.

      17.6 This Trust Agreement and the Trust established here under shall be
governed by and construed, enforced, and administered in accordance with the
laws of the State of Oklahoma and the Trustee shall be liable to account only in
the courts of the State of Oklahoma.

      17.7 This Trust Agreement may be executed in any number of counterparts,
each of which shall be deemed to be the original although the others shall not
be produced.

      17.8 The words "beneficiary" or "beneficiaries" shall have the meaning set
forth in the Plan.

IN WITNESS WHEREOF, this Trust Agreement has been duly executed by the parties
hereto as of the day and year first above written.

ATTEST:                               PHILLIPS PETROLEUM COMPANY

By:      /s/  Dale J. Billam          By:      /s/  T. C. Morris
         --------------------------            ---------------------------------
Title:   Secretary                    Title:   Sr. V. P., Treasurer and CFO
         --------------------------            ---------------------------------

                                      WESTSTAR BANK, a state banking corporation
ATTEST:

By:      /s/  Frances David           By:      /s/  Bertha Lankriet
         --------------------------            ---------------------------------
Title:   Asst. Secretary              Title:   Vice President and Trust Officer
         --------------------------            ---------------------------------

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STATE OF OKLAHOMA)           )

                             )    SS

COUNTY OF WASHINGTON         )

      On this 23rd day of June 1995, before me came T. C. Morris to me known,
who, being by me duly sworn, did depose and say that he resides at Bartlesville,
Oklahoma; that he is the Sr. V.P., Treasurer & CFO of PHILLIPS PETROLEUM
COMPANY, the corporation described in and which executed the foregoing
instrument; that he knows the seal of said corporation; that the seal affixed to
said instrument is such corporate seal; that it was so affixed by order of the
Board of Directors of said corporation or by a duly authorized committee
thereof; and that he signed his name thereto by like order.

                                            /s/ Connie Wallace
                                            ------------------------------------
                                            Notary Public

My Commission expires:

July 11, 1996

STATE OF OKLAHOMA)              )

                                )    SS

COUNTY OF WASHINGTON            )

      On this 22nd day of June 1995, before me came Bertha Lanckriet to me
known, who, being by me duly sworn, did depose and say that she resides at
Bartlesville, Oklahoma; that she is the V. Pres. & Trust Officer of WESTSTAR
BANK, a state banking corporation, the corporation described in and which
executed the foregoing instrument; that she knows the seal of said corporation;
that the seal affixed to said instrument is such corporate seal; that it was so
affixed by order of the Board of Directors of said corporation; and that she
signed her name thereto by like order.

                                            /s/ Mickie Wheat
                                            ------------------------------------
                                            Notary Public

My Commission Expires:

March 20, 1999<PAGE>

                                                                   Exhibit 10.10

                           PHILLIPS PETROLEUM COMPANY

                             GRANTOR TRUST AGREEMENT

This Grantor Trust Agreement (the "Trust Agreement") is made as of this 1st day
of June, 1998 by and between PHILLIPS PETROLEUM COMPANY ("the Company") and
WACHOVIA BANK, N.A. ("the Trustee").

                                    RECITALS

(a)      WHEREAS, the Company has adopted the nonqualified deferred
         compensation Plans and Agreements (the "Arrangements") as listed in
         Attachment 1;

(b)      WHEREAS, the Company has incurred or expects to incur liability under
         the terms of such Arrangements with respect to the individuals
         participating in such Arrangements (the "Participants and
         Beneficiaries");

(c)      WHEREAS, The Chase Manhattan Bank, N.A. ("Chase") currently serves as
         trustee for the Arrangements;

(d)      WHEREAS, the Company has determined that Chase shall no longer serve as
         trustee for the Arrangements and that Wachovia Bank, N.A. shall serve
         as successor trustee for the Arrangements effective as of June 1, 1998;

(e)      WHEREAS, the Trustee wishes to serve as trustee for the Arrangements;

(f)      WHEREAS, the Company and the Trustee deem it necessary and desirable to
         enter into this written agreement of Trust for the Arrangements (the
         "Trust Agreement") to amend and restate the terms and conditions of the
         Trust for the Arrangements (the "Trust");

(g)      WHEREAS, the Trust has been and is intended to be a "grantor trust"
         with the corpus and income of the Trust treated as assets and income of
         the Company for federal income tax purposes pursuant to Sections 671
         through 679 of the Internal Revenue Code of 1986, as amended;

(h)      WHEREAS, the Company desires that the terms of the Trust continue to
         permit the particular identification of portions of the funds deposited
         in trust to particular Arrangements and to permit the Trustee to
         receive and act upon specific directions from the Company and others
         with respect to the investment and reinvestment of such particularly
         identified portions of the funds prior to a Change of Control;

(i)      WHEREAS, subject to the claims of the creditors of the Company or its
         Participating Subsidiaries, as defined herein, in the event of the
         Insolvency (as herein defined) of the Company or its Participating
         Subsidiaries, the Company hereby contributes to the Trust assets that
         should be held therein until paid to Participants and their
         Beneficiaries in such manner and at such times as specified in the
         Arrangements and in this Trust Agreement;
<PAGE>

(j)      WHEREAS, it is the intention of the parties that this Trust shall
         constitute an unfunded arrangement and shall not affect the status of
         the Arrangements as an unfunded plan maintained for the purpose of
         providing deferred compensation for a select group of management or
         highly compensated employees for purposes of Title I of the Employee
         Retirement Income Security Act of 1974, as amended ("ERISA"); and

(k)      WHEREAS, it is the intention of the Company to make contributions to
         the Trust to provide itself with a source of funds (the "Fund") to
         assist it in satisfying its liabilities under the Arrangements.

NOW, THEREFORE, the parties do hereby establish the Trust and agree that the
Trust shall be comprised, held and disposed of as follows:

SECTION 1.   ESTABLISHMENT OF THE TRUST

(a)      The Trust is intended to be a Grantor Trust, of which the Company is
         the Grantor, within the meaning of subpart E, part 1, subchapter J,
         chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended,
         and shall be construed accordingly.

(b)      The Company shall be considered a Grantor for the purposes of the
         Trust.

(c)      Subject to Section 5(b), the Trust hereby established is irrevocable by
         the Company.

(d)      The Company hereby agrees that the assets held in the Trust by Chase
         for the Arrangements shall be transferred to the Trustee in the Trust
         and shall become the principal of the Trust to be held, administered
         and disposed of by the Trustee as provided in this Trust Agreement.

(e)      The principal of the Trust, and any earnings thereon shall be held
         separate and apart from other funds of the Company and shall be used
         exclusively for the uses and purposes of Participants and general
         creditors as herein set forth. Participants and their Beneficiaries
         shall have no preferred claim on, or any beneficial ownership interest
         in, any assets of the Trust. Any rights created under the Arrangements
         and this Trust Agreement shall be unsecured contractual rights of
         Participants and their Beneficiaries against the Company. Any assets
         held by the Trust will be subject to the claims of the general
         creditors of the Company under federal and state law in the event the
         Company is Insolvent, as defined in Section 3(a) herein.

(f)      The Company, in its sole discretion, may at any time, or from time to
         time, make additional deposits of cash or other property acceptable to
         the Trustee in the Trust to augment the principal to be held,
         administered and disposed of by the Trustee as provided in this Trust
         Agreement. Prior to a Change of Control, neither the Trustee nor any
         Participant or Beneficiary shall have any right to compel additional
         deposits.

(g)      Upon a Change of Control, the Company shall, as soon as possible, but
         in no event longer than thirty (30) days following the occurrence of a
         Change of Control, as defined herein, make an irrevocable contribution
         to the Trust in an amount that is sufficient to fund the Trust in an
         amount equal to no less than one-hundred percent (100%) but no more
         than
<PAGE>

         one-hundred and twenty (120%) of the Required Funding Amount, together
         with the amount of the Expense Account as established by the Trustee
         pursuant to Section 1(h). The determination of such Required Funding
         Amount and the Expense Account to be contributed after a Change of
         Control shall be determined by the Trustee in the same manner as the
         determination of such amount required under paragraph (f) of this
         Section 1, and such amounts shall be communicated to the Company by the
         Trustee in writing

(h)      The Trustee may from time to time earmark funds in the Fund to be held
         in an Expense Account and used to pay the Trustee's fees and Trust
         expenses, provided that the aggregate of all amounts credited to the
         Expense Account prior to a Change of Control shall not be more than
         $250,000, and after a Change of Control shall not be less than $250,000
         nor more than two percent (2%) of the value of the Fund. To the extent
         that there is a balance in the Expense Account, the Trustee shall
         utilize such Expense Account for payment of its fees and expenses, and
         in the absence of such a balance, the Trustee shall seek payment from
         the Company. In the event that the Company shall fail or refuse to make
         such payment within sixty (60) days of demand, the Trustee may satisfy
         such obligations out of the assets of the Trust. If after a Change of
         Control the Trustee satisfies obligations out of the assets of the
         Trust, the Company shall immediately upon demand by the Trustee deposit
         into the Trust Fund a sum equal to the amount demanded by the Trustee
         to reimburse the Fund for such expenses. If such funds are not
         deposited with sixty (60) days of such demand, the Trustee may, in its
         discretion, commence legal action against the Company for recovery of
         the amount paid out of the Trust and demanded by the Trustee.

(i)      In its discretion, the Trustee may institute an action to collect a
         contribution due the Trust following a Change of Control or in the
         event that the Trust should ever experience a short-fall in the amount
         of assets necessary to make payments pursuant to the terms of the
         Arrangements, or if the Company should ever fail to contribute the
         amounts requested by the Trustee pursuant to Sections I (f) or I (g).

SECTION 2.   PAYMENTS TO PARTICIPANTS AND THEIR BENEFICIARIES

(a)      Prior to a Change of Control, distributions from the Trust shall be
         made by the Trustee to Participants and Beneficiaries at the direction
         of the Company except as may otherwise be provided by this Trust. The
         entitlement of a Participant or his or her Beneficiaries to benefits
         under the Arrangements shall be determined by the Company or such party
         or professional administrator as it shall designate under the
         Arrangements as the Company's agent, and any claim for such benefits
         shall be considered and reviewed under the procedures set out in the
         Arrangements except as may otherwise be provided by this Trust.

(b)      Notwithstanding Section 2(a), a Participant or Beneficiary who believes
         that he is entitled to a distribution pursuant to one or more of the
         Arrangements may make application to the Trustee for an independent
         determination by the Trustee concerning his entitlement after he has
         exhausted his administrative remedies under the Arrangement at issue.
         In making its independent determination, the Trustee may consider
         information provided it
<PAGE>

         by the Participant or Beneficiary or the Company. The Trustee shall, in
         such case, reach its own independent determination as to the
         Participant's or Beneficiary's entitlement to such benefits under the
         Arrangement, even if the Trustee has been informed by the Company that
         the individual is not entitled to the benefit. Such determination shall
         be made within sixty (60) days of the Trustee's receipt of the
         Participant's or Beneficiary's application for determination. If the
         Trustee so desires, it may, in its sole discretion, make additional
         inquiries and take such additional measures as it deems necessary in
         order to enable it to determine whether such benefits claimed are due
         and payable, including but not limited to, interviewing or requesting
         affidavits from appropriate persons. The Trustee may engage an actuary,
         independent of the Company, to assist it in determining whether
         benefits are due and payable. In addition, the Trustee may engage its
         own counsel or other experts it deems necessary. The cost of such
         actuary, counsel, and other expert, and any other costs reasonably
         incurred by the Trustee in making its determination shall be borne by
         the Company. If the Company fails to pay any such costs when due, the
         Trustee may use the assets of the Trust Fund to pay them as provided in
         Section I(h). The determination of the Trustee shall be final and
         binding on all parties. Upon determining that an individual is entitled
         to receive payment of a benefit, the Trustee shall notify such
         individual and the Company of the amount payable and the data upon
         which such determination is based. The Company waives any right to
         contest any amount paid over by the Trustee hereunder pursuant to a
         good faith determination made by the Trustee notwithstanding any claim
         by or on behalf of the Company (absent a manifest abuse of discretion
         by the Trustee) that such payments should not be made.

(c)      The Company may make payment of benefits directly to Participants or
         their Beneficiaries as they become due under the terms of the
         Arrangements. The Company shall notify the Trustee of its decision to
         make payment of benefits directly to Participants or their
         Beneficiaries prior to the time amounts are payable to such
         individuals. The Trustee may reimburse the Company for such payments
         upon presentation of proof satisfactory to the Trustee, in its
         discretion, that such payments have in fact been made. In the event the
         Company makes such payments directly, the Company may request the
         Trustee within thirty (30) days of the making of the payment to
         reimburse the Company for such payment from the Trust, and upon receipt
         of evidence satisfactory to the Trustee that such payment has been
         made, the Trustee shall pay such reimbursement to the Company. In
         addition, if the principal of the Trust, and any earnings thereon, are
         not sufficient to make payments of benefits in accordance with the
         terms of the Arrangements, the Company shall make the balance of each
         such payment as it falls due in accordance with the Arrangements. The
         Trustee shall notify the Company where principal and earnings are not
         sufficient. Nothing in this Agreement shall relieve the Company of its
         liabilities to pay benefits due under the Arrangements except to the
         extent such liabilities are met by application of assets of the Trust.

(d)      The Company shall provide the Trustee with a copy of each Arrangement
         and shall provide the Trustee with a copy of any amendment to any
         Arrangement within thirty (30) days of the adoption of the amendment.
         The Trustee shall be entitled to rely on the terms of each Arrangement
         as in effect prior to its amendment until the Trustee receives a copy
         of such amendment.
<PAGE>

(e)      On or before each Funding Date, the Company shall deliver to the
         Trustee a schedule of benefits due under the Arrangements. Such
         information shall, for defined benefit obligations, consist of
         information of the same type as is furnished by the Company to the
         actuary for its tax qualified defined benefit plan for those
         Participants actively employed, recognizing that individual benefit
         amounts cannot be finalized until commencement of benefits and
         application of certain federal tax limitations to the Participant's
         qualified plan benefits. Such information for individual deferred
         compensation account balances and defined contribution obligations
         shall consist of such information as determined by the third party
         recordkeeper. The Company agrees to cooperate at all times with the
         Trustee to furnish updated data as is necessary to determine final
         benefits due to each Participant and Beneficiary. Subsequent to a
         Change of Control, the Trustee shall pay benefits due in accordance
         with such schedule. After a Change of Control, the Company shall
         continue to make the determination of benefits due to Participants or
         their Beneficiaries and shall provide the Trustee with an updated
         schedule of benefits due; provided however, a Participant or their
         Beneficiaries may make application to the Trustee for an independent
         decision as to the amount or form of their benefits due under the
         Arrangements as provided by Section 2(b).

(f)      The Trustee agrees that it will not itself institute any action at law
         or at equity, whether in the nature of an accounting, interpleading
         action, request for a declaratory judgment or otherwise, requesting a
         court or administrative or quasi-judicial body to make the
         determination required to be made by the Trustee under this Section 2
         in the place and stead of the Trustee.

SECTION 3.   TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO THE TRUST BENEFICIARY
             WHEN THE COMPANY IS INSOLVENT

(a)      The Trustee shall cease payment of benefits to Participants and their
         Beneficiaries if the Company is Insolvent. The Company shall be
         considered "Insolvent" for purposes of this Trust Agreement if (i) the
         Company is unable to pay its debts as they become due, or (ii) the
         Company is subject to a pending proceeding as a debtor under the United
         States Bankruptcy Code.

(b)      At all times during the continuance of this Trust, the principal and
         income of the Trust shall be subject to claims of general creditors of
         the Company under federal and state law as set forth below.

         (1)      The Board of Directors and the Chief Executive Officer of the
                  Company shall have the duty to inform the Trustee in writing
                  that the Company is Insolvent. If a person claiming to be a
                  creditor of the Company alleges in writing to the Trustee that
                  the Company has become Insolvent, the Trustee shall determine
                  whether the Company is Insolvent and, pending such
                  determination, the Trustee shall discontinue payment of
                  benefits to Participants or their Beneficiaries.

         (2)      Unless the Trustee has actual knowledge that the Company is
                  Insolvent, or has received notice from the Company or a person
                  claiming to be a creditor alleging that the Company is
                  Insolvent, the Trustee shall have no duty to inquire whether
<PAGE>

                  the Company is Insolvent. The Trustee may in all events rely
                  on such evidence concerning the Company's solvency as may be
                  furnished to the Trustee and that provides the Trustee with a
                  reasonable basis for making a determination concerning the
                  Company's solvency.

         (3)      If at any time the Trustee has determined that the Company is
                  Insolvent, the Trustee shall discontinue payments to
                  Participants or their Beneficiaries and shall hold the assets
                  of the Trust for the benefit of the Company's general
                  creditors. Nothing in this Trust Agreement shall in any way
                  diminish any rights of Participants or their Beneficiaries to
                  pursue their rights as general creditors of the Company with
                  respect to benefits due under the Arrangements or otherwise.

         (4)      The Trustee shall resume the payment of benefits to
                  Participants or their Beneficiaries in accordance with Section
                  2 of this Trust Agreement only after the Trustee has
                  determined that the Company is not Insolvent (or is no longer
                  Insolvent).

(c)      Provided that there are sufficient assets, if the Trustee discontinues
         the payment of benefits from the Trust pursuant to Section 3(b) hereof
         and subsequently resumes such payments, the first payment following
         such discontinuance shall include the aggregate amount of all payments
         due to Participants or their Beneficiaries under the terms of the
         Arrangements for the period of such discontinuance, less the aggregate
         amount of any payments made to Participants or their Beneficiaries by
         the Company in lieu of the payments provided for hereunder during any
         such period of discontinuance.

(d)      For purposes of this Section 3, Company shall include its Participating
         Subsidiaries, where "Participating Subsidiary" is defined as 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 of the Arrangements and has employed one or more
         Participants.

SECTION 4.   PAYMENTS WHEN A SHORT-FALL OF THE TRUST ASSETS OCCURS

(a)      If there are not sufficient assets for the payment of benefits pursuant
         to Section 2 or Section 3(c) hereof and the Company does not otherwise
         make such payments within a reasonable time after demand from the
         Trustee, the Trustee shall make payment of benefits from the Trust to
         the Participants or their Beneficiaries as payments become due to those
         individuals. If at any time the assets of the Trust are insufficient to
         pay all Participants and Beneficiaries to whom a payment is then owed,
         such payments shall be reduced pro rata based on the amounts then due
         and payable.

(b)      Upon receipt of a contribution from the Company necessary to make up
         for a shortfall in the payments due, the Trustee shall resume payments
         to all the Participants and Beneficiaries under the Arrangements. The
         Trustee shall have the night to compel a contribution to the Trust from
         the Company to make-up for any shortfall at any time.
<PAGE>

SECTION 5.   PAYMENTS TO THE COMPANY

(a)      Except as provided in Sections 2(c), 3, 5(b) and 8(a), the Company
         shall have no right or power to direct the Trustee to return to the
         Company or to divert to others any of the Trust assets before all
         payment of benefits have been made to Participants and their
         Beneficiaries pursuant to the terms of the Arrangements.

(b)      If this Trust is determined to not constitute: (i) a grantor trust as
         set forth in paragraph (g) of the Recitals, or (ii) an unfunded
         arrangement under ERISA as set forth in paragraph (j) of the Recitals,
         by a federal court and appeals from that holding are no longer timely
         or have been exhausted, this Trust shall terminate. The Board of
         Directors of the Company may also terminate this Trust if it
         determines, based upon an opinion of legal counsel which is
         satisfactory to the Trustee, that either (i) judicial authority or the
         opinion of the U.S. Department of Labor, Treasury Department or
         Internal Revenue Service (as expressed in proposed or final
         regulations, advisory opinions or rulings, or similar administrative
         announcements) creates a significant risk that the Trust will be
         funding for a pension benefit plan within the meaning of ERISA ("ERISA
         Funding") or the Internal Revenue Code ("Tax Funding"), or (ii) ERISA
         or the Internal Revenue Code requires the Trust to be amended in a way
         that creates a significant risk that the Trust will be held to be ERISA
         Funding or Tax Funding, and failure to so amend the Trust could subject
         the Company to significant penalties. Upon any such termination, the
         assets of the terminated Trust remaining after payment of the Trustee's
         fees and expenses shall be distributed, in accordance with the written
         directions of the Company, as follows:

         (1)      Prior to a Change of Control, such assets of the Trust shall
                  be transferred to a new trust established by the Company which
                  is not deemed to be ERISA Funding or Tax Funding, but which is
                  substantially similar in all other respects to this Trust, as
                  determined by the Trustee in its sole discretion, if the
                  Company determines that it is possible to establish such a
                  trust;

         (2)      Following a Change of Control or if the Company determines
                  that it is not possible or practical to establish the trust
                  pursuant to (1) above, then upon the written consent of a
                  seventy-five percent (75%) majority of the Participants and
                  Beneficiaries, the assets of the Trust may be distributed to
                  the Company; or

         (3)      If the Company determines that it is not possible or practical
                  to establish the trust pursuant to (1) above and the Company
                  either (i) fails to receive the consent of a seventy-five
                  percent (75%) majority of the Participants and Beneficiaries
                  within thirty (30) days of such termination, or (ii) upon the
                  direction of the Company, then the assets shall be distributed
                  to Participants and Beneficiaries, as the case may be, pro
                  rata based on the then present value of the benefits to which
                  they would have otherwise been entitled; provided, however
                  that in the event any portion of the Trust Fund Was been
                  identified with a particular Arrangement, the portion of the
                  Fund so identified with that Arrangement shall be first so
                  distributed to provide benefits of that Arrangement, and the
                  excess, if any, shall be so distributed pro rata to the extent
                  necessary to provide benefits of other
<PAGE>

                  Arrangements. If a surplus remains in the Trust after such
                  distributions, it shall be returned to the Company.

SECTION 6.   INVESTMENT AUTHORITY

(a)      The Trustee shall not be liable in discharging its duties hereunder,
         including without limitation its duty to invest and reinvest the Fund,
         if it acts for the exclusive benefit of the Participants and their
         Beneficiaries, in good faith and as a prudent person would act in
         accomplishing a similar task and in accordance with the terms of this
         Trust Agreement and any applicable federal or state laws, rules or
         regulations.

(b)      Subject to investment guidelines agreed to in writing from time to time
         by the Company and the Trustee prior to a Change of Control, the
         Trustee shall have the power in investing and reinvesting the Fund in
         its sole discretion:

         (1)      To invest and reinvest in any readily marketable common and
                  preferred stocks, bonds, notes, debentures (including
                  convertible stocks and securities but not including any stock
                  or security of Phillips Petroleum Company other than a de
                  minimus amount held in a collective or mutual fund),
                  certificates of deposit or demand or time deposits (including
                  any such deposits with the Trustee) and shares of investment
                  companies and mutual funds, without being limited to the
                  classes or property in which the Trustees are authorized to
                  invest by any law or any rule of court of any state and
                  without regard to the proportion any such property may bear to
                  the entire amount of the Fund;

         (2)      To commingle for investment purposes all or any portion of the
                  Fund with assets of any other similar trust or trusts
                  established by the Company with the Trustee for the purpose of
                  safeguarding deferred compensation or retirement income
                  benefits of its employees;

         (3)      To retain any property at any time received by the Trustee;

         (4)      To sell or exchange any property held by it at public or
                  private sale, for cash or on credit, to grant and exercise
                  options for the purchase or exchange thereof, to exercise all
                  conversion or subscription rights pertaining to any such
                  property and to enter into any covenant or agreement to
                  purchase any property in the future;

         (5)      To participate in any plan of reorganization, consolidation,
                  merger, combination, liquidation or other similar plan
                  relating to property held by it and to consent to or oppose
                  any such plan or any action thereunder or any contract, lease,
                  mortgage, purchase, sale or other action by any person;

         (6)      To deposit any property held by it with any protective,
                  reorganization or similar committee, to delegate discretionary
                  power thereto, and to pay part of the expenses and
                  compensation thereof any assessments levied with respect to
                  any such property to deposit;

         (7)      To extend the time of payment of any obligation held by it;
<PAGE>

         (8)      To hold uninvested any moneys received by it, without
                  liability for interest thereon, but only in anticipation of
                  payments due for investments, reinvestments, expenses or
                  disbursements;

         (9)      To exercise all voting or other rights with respect to any
                  property held by it and to grant proxies, discretionary or
                  otherwise, which shall be at the direction of the Financial
                  Administrator prior to a Change of Control;

         (10)     For the purposes of the Trust, to borrow money from others, to
                  issue its promissory note or notes therefor, and to secure the
                  repayment thereof by pledging any property held by it;

         (11)     To employ suitable contractors and counsel, who may be counsel
                  to the Company or to the Trustee, and to pay their reasonable
                  expenses and compensation from the Fund to the extent not paid
                  by the Company;

         (12)     To register investments in its own name or in the name of a
                  nominee; to hold any investment in bearer form; and to combine
                  certificates representing securities with certificates of the
                  same issue held by it in other fiduciary capacities or to
                  deposit or to arrange for the deposit of such securities with
                  any depository, even though, when so deposited, such
                  securities may be held in the name of the nominee of such
                  depository with other securities deposited therewith by other
                  persons, or to deposit or to arrange for the deposit of any
                  securities issued or guaranteed by the United States
                  government, or any agency or instrumentality thereof,
                  including securities evidenced by book entries rather than by
                  certificates, with the United States Department of the
                  Treasury or a Federal Reserve Bank, even though, when so
                  deposited, such securities may not be held separate from
                  securities deposited therein by other persons; provided,
                  however, that no securities held in the Fund shall be
                  deposited with the United States Department of the Treasury or
                  a Federal Reserve Bank or other depository in the same account
                  as any individual property of the Trustee, and provided,
                  further, that the books and records of the Trustee shall at
                  all times show that all such securities are part of the Trust
                  Fund;

         (13)     To settle, compromise or submit to arbitration any claims,
                  debts or damages due or owing to or from the Trust,
                  respectively, to commence or defend suits or legal proceedings
                  to protect any interest of the Trust, and to represent the
                  Trust in all suits or legal proceedings in any court or before
                  any other body or tribunal; provided, however, that the
                  Trustee shall not be required to take any such action unless
                  it shall have been indemnified by the Company to its
                  reasonable satisfaction against liability or expenses it might
                  incur therefrom;

         (14)     To hold and retain policies of life insurance or interests
                  therein, annuity contracts, and other property of any kind
                  which policies are contributed to the Trust by the Company or
                  any subsidiary of the Company or are purchased by the Trustee;

         (15)     To hold any other class of assets which may be contributed by
                  the Company and that is deemed reasonable by the Trustee,
                  unless expressly prohibited herein;
<PAGE>

         (16)     Generally, to do all acts, whether or not expressly
                  authorized, that the Trustee may deem necessary or desirable
                  for the protection of the Fund.

(c)      Prior to a Change of Control, the Company shall have the right, subject
         to this Section to direct the Trustee with respect to investments,
         including the right to identify portions of the funds in Trust to
         particular Arrangements.

         (1)      The Company may at any time direct the Trustee to segregate
                  all or a portion of the Fund in a separate investment account
                  or accounts and may appoint one or more investment managers
                  and/or an investment committee established by the Company to
                  direct the investment and reinvestment of each such investment
                  account or accounts. In such event, the Company shall notify
                  the Trustee of the appointment of each such investment manager
                  and/or investment committee. No such investment manager shall
                  be related, directly or indirectly, to the Company, but
                  members of the investment committee may be employees of the
                  Company.

         (2)      Thereafter, the Trustee shall make every sale or investment
                  with respect to such investment account as directed in writing
                  by the investment manager or investment committee. It shall be
                  the duty of the Trustee to act strictly in accordance with
                  each direction. The Trustee shall be under no duty to question
                  any such direction of the investment manager or investment
                  committee, to review any securities or other property held in
                  such investment account or accounts acquired by it pursuant to
                  such directions or to make any recommendations to the
                  investment managers or investment committee with respect to
                  such securities or other property.

         (3)      Prior to a Change of Control, the Company may particularly
                  identify a portion of the Trust Fund with a particular
                  Arrangement, and the portion thus identified shall prior to a
                  Change of Control be invested as instructed by the Company and
                  shall be restricted in application to provide benefits or to
                  reimburse the Company pursuant to Section 2(c) for benefits
                  paid under such Arrangement as to which the particularly
                  identified portion has been identified.

         (4)      Notwithstanding the foregoing, the Trustee, without obtaining
                  prior approval or direction from an investment manager or
                  investment committee, shall invest cash balances held by it
                  from time to time in short term cash equivalents including,
                  but not limited to, through the medium of any short term
                  mutual fund established and maintained by the Trustee subject
                  to the instrument establishing such trust fund, U.S. Treasury
                  Bills, commercial paper (including such forms of commercial
                  paper as may be available through the Trustee's Trust
                  Department), certificates of deposit (including certificates
                  issued by the Trustee in its separate corporate capacity), and
                  similar Type securities, with a maturity not to exceed one
                  year; and, furthermore, sell such short term investments as
                  may be necessary to carry out the instructions of an
                  investment manager or investment committee regarding more
                  permanent type investment and directed distributions.
<PAGE>

         (5)      The Trustee shall neither be liable nor responsible for any
                  loss resulting to the Fund by reason of any sale or purchase
                  of an investment directed by an investment manager or
                  investment committee nor by reason of the failure to take any
                  action with respect to any investment which was acquired
                  pursuant to any such direction in the absence of further
                  directions of such investment manager or investment committee.

         (6)      Notwithstanding anything in this Agreement to the contrary,
                  the Trustee shall be indemnified and saved harmless by the
                  Company from and against any and all personal liability to
                  which the Trustee may be subjected by carrying out any
                  directions of an investment manager or investment committee
                  issued pursuant hereto or for failure to act in the absence of
                  directions of the 'investment manager or investment committee
                  including, all expenses reasonably incurred in its defense in
                  the event the Company fails to provide such defense; provided,
                  however, the Trustee shall not be so indemnified if it
                  participates knowingly in, or knowingly undertakes to conceal,
                  an act or omission of an investment manager or investment
                  committee, having actual knowledge that such act or omission
                  is a breach of a fiduciary duty; provided further, however,
                  that the Trustee shall not be deemed to have knowingly
                  participated in or knowingly undertaken to conceal an act or
                  omission of an investment manager or investment committee with
                  knowledge that such act or omission was a breach of fiduciary
                  duty by merely complying with directions of an investment
                  manager or investment committee or for failure to act in the
                  absence of directions of an investment manager or investment
                  committee. The Trustee may rely upon any order, certificate,
                  notice, direction or other documentary confirmation purporting
                  to have been issued by the investment manager or investment
                  committee which the Trustee believes to be genuine and to have
                  been issued by the investment manager or investment committee.
                  The Trustee shall not be charged with knowledge of the
                  termination of the appointment of any investment manager or
                  investment committee until it receives written notice thereof
                  from the Company.

(d)      Following a Change of Control, the Trustee shall have the sole and
         absolute discretion in the management of the Trust assets and shall
         have all the powers set forth under Section 6(b). In investing the
         Trust assets, the Trustee shall consider:

         (1)      the needs of the Arrangements;

         (2)      the need for matching of the Trust assets with the liabilities
                  of the Arrangements; and

         (3)      the duty of the Trustee to act solely in the best interests of
                  the Participants and their Beneficiaries.

(e)      The Trustee shall have the right, in its sole discretion, to delegate
         its investment responsibility to an investment manager who may be an
         affiliate of the Trustee. In the event the Trustee shall exercise this
         right, the Trustee shall remain, at all times responsible for the acts
         of an investment manager.
<PAGE>

(f)      The Company shall have the right at any time, and from time to time in
         its sole discretion, to substitute assets of equal fair market value
         for any asset held by the Trust. This right is exercisable by the
         Company in a nonfiduciary capacity without the approval or consent of
         any person in a fiduciary capacity; provided, however, that such assets
         and asset values must be confirmed and agreed by the Trustee prior to
         any such substitution as provided by this Section 6(g).

(g)      Except for insurance contracts, the value of any assets reacquired
         under Section 6(f) shall be determined as provided in this paragraph.
         The value of any insurance contract reacquired under Section 6(f) shall
         be the present value of future projected cash flow or benefits payable
         under the Contract, but not less than the cash surrender value. The
         projection shall include death benefits based on reasonable mortality
         assumptions. including known facts specifically relating to the health
         of the insured and the terms of the Contract to be reacquired. Values
         shall be reasonably determined by the Trustee and may be based on the
         determination of agents or experts selected by the Trustee. The Trustee
         shall have the right, but shall be under no duty or obligation, to
         secure confirmation of value by an agent or expert for all property to
         be substituted for other property.

SECTION 7.   INSURANCE CONTRACTS

(a)      To the extent that the Trustee is directed by the Company prior to a
         Change of Control to invest part or all of the Trust Fund in insurance
         contracts, the type and amount thereof shall be specified by the
         Company. The Trustee shall be under no duty to make inquiry as to the
         propriety of the type or amount so specified.

(b)      Each insurance contract issued shall provide that the Trustee shall be
         the owner thereof with the power to exercise all rights, privileges,
         options and elections granted by or permitted under such contract or
         under the rules of the insurer. The exercise by the Trustee of any
         incidents of ownership under any contract shall, prior to a Change of
         Control, be subject to the direction of the Company. After a Change of
         Control, the Trustee shall have all such rights.

(c)      The Trustee shall have no power to name a beneficiary of the policy
         other than the Trust, to assign the policy (as distinct from conversion
         of the policy to a different form) other than to a successor Trustee,
         or to loan to any person the proceeds of any borrowing against an
         insurance policy held in the Trust Fund.

         No insurer shall be deemed to be a party to the Trust and an insurer's
         obligations shall be measured and determined solely by the terms of
         contracts and other agreements executed by the insurer.

SECTION 8.   DISPOSITION OF INCOME

(a)      Subject to Sections 2(c) and 3, no income received by the Trust may be
         returned to the Company, but shall be accumulated and reinvested within
         the Trust, except for that portion of the assets of the Trust which is
         determined by the Trustee to be in excess of one-hundred and twenty
         percent (120%) of the Required Funding Amount. Following a
<PAGE>

         Change of Control, any return of assets pursuant to this Section 8, and
         subject to Sections 2(c) and 3, shall be limited to that portion of the
         assets which exceeds 120% of the sum of the Required Funding Amount and
         the Expense Fund as determined by the Trustee in its discretion.

SECTION 9.   ACCOUNTING BY THE TRUSTEE

(a)      The Trustee shall keep accurate and detailed records of all
         investments, receipts, disbursements, and all other transactions
         required to be made, including such specific records as shall be agreed
         upon in writing between the Company and the Trustee and shall deliver
         an accounting of such accounts and transactions to the Company within
         forty-five (45) days following the close of each calendar year and
         within forty-five (45) days after the removal or resignation of the
         Trustee. The Trustee shall deliver to the Company reports of its
         receipts and disbursements a Trustee hereunder on a quarterly basis.
         The Trustee shall deliver to the Company a written account of its
         administration of the Trust during such year or during the period from
         the close of the last preceding year to the date of such removal or
         resignation setting forth all investments, receipts, disbursements and
         other transactions effected by it, including a description of all
         securities and investments purchased and sold with the cost or net
         proceeds of such purchases or sales (accrued interest paid or
         receivable being shown separately), and showing all cash, securities
         and other property held in the Trust at the end of such year or as of
         the date of such removal or resignation, as the case may be. The
         Company may approve such account by an instrument in writing delivered
         to the Trustee. In the absence of the Company's filing with the Trustee
         objections to any such account within ninety (90) days after its
         receipt, the Company shall be deemed to have so approved such account.
         In such case, or upon the written approval by the Company of any such
         account, the Trustee shall, to the extent permitted by law, be
         discharged from all liability to the Company for its acts or failures
         to act described by such account. The foregoing, however, shall not
         preclude the Trustee from having its accounting settled by a court of
         competent jurisdiction. The Trustee shall be entitled to hold and to
         commingle the assets of the Trust in one Fund for investment purposes
         but at the direction of the Company prior to a Change of Control, the
         Trustee shall create one or more sub-accounts.

(b)      The Trustee shall from time to time permit public accountant(s)
         selected by the Company (who may be employees of the Company) to have
         access during ordinary business hours to such records as may be
         necessary to audit the Trustee's accounts.

SECTION 10.  RESPONSIBILITY OF THE TRUSTEE

(a)      The Trustee shall act with the care, skill, prudence and diligence
         under the circumstances then prevailing that a prudent person acting in
         like capacity and familiar with such matters would use in the conduct
         of an enterprise of a like character and with like aims, provided,
         however, that the Trustee shall incur no liability to any person for
         any action taken pursuant to a direction, request or approval given by
         the Company which is contemplated by, and in conformity with, the terms
         of the Arrangements or this Trust and is given in writing by the
         Company. In the event of a dispute between the Company and
<PAGE>

         a party, the Trustee may apply to a court of competent jurisdiction to
         resolve the dispute, subject, however to Section 2(e) hereof.

(b)      The Company hereby indemnifies the Trustee against losses, liabilities,
         claims, costs and expenses in connection with the administration of the
         Trust, unless resulting from the gross negligence or misconduct of
         Trustee. To the extent the Company fails to make any payment on account
         of an indemnity provided in this paragraph 10(b), in a reasonably
         timely manner, the Trustee may obtain payment from the Trust Fund. If
         the Trustee undertakes or defends any litigation arising in connection
         with this Trust or to protect a Participant's or Beneficiary's rights
         under the Arrangements, the Company agrees to indemnify the Trustee
         against the Trustee's costs, reasonable expenses and liabilities
         (including, without limitation, attorneys' fees and expenses) relating
         thereto and to be primarily liable for such payments. If the Company
         does not pay such costs, expenses and liabilities in a reasonably
         timely manner, the Trustee may obtain payment from the Trust Fund.

(c)      Prior to a Change of Control, the Trustee may consult with legal
         counsel (who may also be counsel for the Company generally) with
         respect to any of its duties or obligations hereunder. Following a
         Change of Control, the Trustee shall select independent legal counsel
         and may consult with counsel or other persons with respect to its
         duties and with respect to the rights of Participants or their
         Beneficiaries under the Arrangements.

(d)      The Trustee may hire agents, accountants, actuaries, investment
         advisors, financial consultants or other professionals to assist it in
         performing any of its duties or obligations hereunder and may rely on
         any determinations made by such agents and information provided to it
         by the Company.

(e)      The Trustee shall have, without exclusion, all powers conferred on the
         Trustee by applicable law, unless expressly provided otherwise herein.

(f)      Notwithstanding any powers granted to the Trustee pursuant to this
         Trust Agreement or to applicable law, the Trustee shall not have any
         power that could give this Trust the objective of carrying on a
         business and dividing the gains therefrom, within the meaning of
         section 301.7701-2 of the Procedure and Administrative Regulations
         promulgated pursuant to the Internal Revenue Code.

SECTION 11.  TAXES, COMPENSATION AND EXPENSES OF THE TRUSTEE

(a)      The Company shall from time to time pay taxes of any and all kinds
         whatsoever that at any time are lawfully levied or assessed upon the
         Company or become payable by the Company in respect of the Trust Fund,
         the income or any property forming a part thereof, or any security
         transaction pertaining thereto. All references in this Trust Agreement
         to the payment of taxes shall include interest and applicable
         penalties. The Trustee shall comply with all Federal and State tax
         filing requirements of the Trust and shall furnish to the Company for
         its review and comment a draft copy of Form 1041 (U.S. Fiduciary Income
         Tax Return) or any other tax filings for the Trust together with
         supporting schedules a minimum of two weeks prior to the tax return
         filing due date. To enable the
<PAGE>

         Company to make monthly tax accrual and to compute its estimated income
         tax obligations, the Trustee will furnish, on or prior to the eighth
         business day of the succeeding month, a monthly report identifying the
         type and amount of income by source of investment (interest, dividends,
         etc.).

(b)      The Trustee's compensation shall be as agreed in writing from time to
         time by the Company and the Trustee. The Company shall pay all
         administrative expenses and the Trustee's fees and shall promptly
         reimburse the Trustee for any fees and expenses of its agents. If not
         so paid, the fees and expenses shall be paid from the Trust.

SECTION 12.  RESIGNATION AND REMOVAL OF THE TRUSTEE

(a)      Prior to a Change of Control, the Trustee may resign at any time by
         written notice to the Company, which shall be effective sixty (60) days
         after receipt of such notice unless the Company and the Trustee agree
         otherwise. Following a Change of Control, the Trustee may resign only
         after the appointment of a successor Trustee.

(b)      The Trustee may be removed by the Company on sixty days (60) days
         notice or upon shorter notice accepted by the Trustee prior to a Change
         of Control. Subsequent to a Change of Control, the Trustee may only be
         removed by the Company with the written consent of a seventy-five
         percent (75%) majority of the Participants and Beneficiaries.

(c)      If the Trustee resigns within two years after a Change of Control, as
         defined herein, the Company, or if the Company fails to act within a
         reasonable period of time following such resignation, the Trustee shall
         apply to a court of competent jurisdiction for the appointment of a
         successor Trustee or for instructions.

(d)      Upon resignation or removal of the Trustee and appointment of a
         successor Trustee, all assets shall subsequently be transferred to the
         successor Trustee. The transfer shall be completed within sixty (60)
         days after receipt of notice of resignation, removal or transfer,
         unless the Company extends the time limit.

(e)      If the Trustee resigns or is removed, a successor shall be appointed by
         the Company, in accordance with Section 13 hereof, by the effective
         date of resignation or removal under paragraph(s) (a) or (b) of this
         section. If no such appointment has been made, the Trustee may apply to
         a court of competent jurisdiction for appointment of a successor or for
         instructions. All expenses of the Trustee in connection with the
         proceeding shall be allowed as administrative expenses of the Trust.

SECTION 13.  APPOINTMENT OF SUCCESSOR

(a)      If the Trustee resigns or is removed in accordance with Section 12
         hereof, the Company may appoint, subject to Section 12, any third party
         national banking association with a market capitalization exceeding
         $100,000,000 to replace the Trustee upon resignation or removal. The
         successor Trustee shall have all of the rights and powers of the former
         Trustee, including ownership rights in the Trust. The former Trustee
         shall execute any instrument necessary or reasonably requested by the
         Company or the successor Trustee to evidence the transfer.
<PAGE>

(b)      The successor Trustee need not examine the records and acts of any
         prior Trustee and may retain or dispose of existing Trust assets,
         subject to Section 8 and 9 hereof. The successor Trustee shall not be
         responsible for and the Company shall indemnify and defend the
         successor Trustee from any claim or liability resulting from any action
         or inaction of any prior Trustee or from any other past event, or any
         condition existing at the time it becomes successor Trustee.

SECTION 14.  AMENDMENT OR TERMINATION

(a)      This Trust Agreement may be amended by a written instrument executed by
         the Trustee and the Company. Prior to a Change of Control, the Company
         may amend Attachment I to add new Arrangements or to delete
         Arrangements which have been paid in full, and at any time and from
         time to time may amend Attachment II, the list of individuals
         authorized to act on behalf of the Company. Notwithstanding the
         foregoing, no such amendment shall conflict with the terms of the
         Arrangements or shall make the Trust revocable other than is provided
         in Section 5(b).

(b)      The Trust shall not terminate until the date on which Participants and
         their Beneficiaries have received all of the benefits due to them under
         the terms and conditions of the Arrangements.

(c)      Upon written approval of a 75% of the majority of the Participants or
         Beneficiaries entitled to payment of benefits pursuant to the terms of
         the Arrangements, the Company may terminate this Trust prior to the
         time all benefit payments under the Arrangements have been made. All
         assets in the Trust at termination shall be returned to the Company.

(d)      This Trust Agreement may not be amended or terminated by the Company
         for two (2) years following a Change of Control without the written
         consent of a seventy-five percent (75%) majority of the Participants
         and Beneficiaries, and no such amendment shall adversely affect any
         benefits of a Participant or Beneficiary without the written consent of
         the affected person.

SECTION 15.  DEFINITIONS OF A CHANGE OF CONTROL

(a)      Change of Control shall mean:

         (i)      The acquisition by any individual, entity or group (within the
                  meaning of Section 13(d)(3) or 14(d)(2) of the Securities
                  Exchange Act of 1934 as amended (a "Person")) of beneficial
                  ownership (within the meaning of Rule 13d-3 promulgated under
                  the Securities Exchange Act of 1934) of twenty percent (20%)
                  or more of either (a) the then outstanding shares of common
                  stock of the Company (the "Outstanding Company Common Stock")
                  or (b) the combined voting power of the then outstanding
                  voting securities of the Company entitled to vote generally in
                  the election of directors (the "Outstanding Company Voting
                  Securities"); provided, however, that for purposes of this
                  subsection (i), the following acquisitions shall not
                  constitute a Change of Control: (A) any acquisition directly
                  from the Company, (B) any acquisition by the Company, (C) any
                  acquisition by any employee benefit plan (or related trust)
                  sponsored or
<PAGE>

                  maintained by the Company or any corporation controlled by the
                  Company or (D) any acquisition pursuant to a transaction which
                  complies with clauses (A), (B) and (C) of subsection (iii) of
                  this Section 15(a); or

         (ii)     Individuals who, as of January 12, 1998, constitute the Board
                  (the "Incumbent Board") cease for any reason to constitute at
                  least a majority of the Board; provided, however, that any
                  individual becoming a director subsequent to January 12, 1998,
                  whose election, or nomination for election by the Company's
                  shareholders, was approved by a vote of at least a majority of
                  the directors then comprising the Incumbent Board shall be
                  considered as though such individual were a member of the
                  Incumbent Board, but excluding, for this purpose, any such
                  individual whose initial assumption of office occurs as a
                  result of an actual or threatened election contest with
                  respect to the election or removal of directors or other
                  actual or threatened solicitation of proxies or consents by or
                  on behalf of a Person other than the Board; or

         (iii)    Approval by the shareholders of the Company of a
                  reorganization, merger or consolidation or sale or other
                  disposition of all or substantially all of the assets of the
                  Company or the acquisition of assets of another entity (a
                  "Corporate Transaction"), in each case, unless, following such
                  Corporate Transaction, (A) all or substantially all of the
                  individuals and entities who were the beneficial owners,
                  respectively, of the Outstanding Company Common Stock and
                  Outstanding Company Voting Securities immediately prior to
                  such Corporate Transaction beneficially own, directly or
                  indirectly, more than sixty percent (60%) of, respectively,
                  the then outstanding shares of common stock and the combined
                  voting power of the then outstanding voting securities
                  entitled to vote generally in the election of directors, as
                  the case may be, of the corporation resulting from such
                  Corporate Transaction (including, without limitation, a
                  corporation which as a result of such transactions owns the
                  Company or all or substantially all of the Company's assets
                  either directly or through one or more subsidiaries) in
                  substantially the same proportions as their ownership,
                  immediately prior to such Corporate Transaction of the
                  Outstanding Company Common Stock and Outstanding Company
                  Voting Securities, as the case may be, (B) no Person
                  (excluding any employee benefit plan (or related trust) of the
                  Company or such corporation resulting from such Corporate
                  Transaction) beneficially own, directly or indirectly, twenty
                  percent (20%) or more of, respectively, the then outstanding
                  shares of common stock of the corporation resulting from such
                  Corporate Transaction or the combined voting power of the then
                  outstanding voting securities of such corporation except to
                  the extent that such ownership existed prior to the Corporate
                  Transaction and (C) at least a majority of the members of the
                  board of directors of the corporation resulting from such
                  Corporate Transaction were members of the Incumbent Board at
                  the time of the execution of the initial agreement, or of the
                  action of the Board, providing for such Corporate Transaction;
                  or

         (iv)     Approval by the shareholders of the Company of a complete
                  liquidation or dissolution of the Company.

<PAGE>
         For purposes of this Section 15(a), the Incumbent Board, by a majority
         vote, shall have the power to determine on the basis of information
         known to them (a) the number of shares beneficially owned by any
         person, entity or group; (b) whether there exists an agreement,
         arrangement or understanding with another as to matters referred to in
         this Section 15(a); and (c) such other matters with respect to which a
         determination is necessary under this Section 15(a).

         Notwithstanding anything to the contrary in Section 15(a)(i) or Section
         15(a)(ii) or Section 15(a)(iii) or any other provision of this
         Agreement, a Change of Control shall not have occurred (or be deemed to
         have occurred) as a result of the consummation of the transactions
         contemplated under the Agreement and Plan of Merger dated as of
         November 18, 2001 by and among Phillips Petroleum Company,
         CorvettePorsche Corp., Porsche Merger Corp., Corvette Merger Corp., and
         Conoco Inc. ("Merger Agreement").

SECTION 16.  MISCELLANEOUS

(a)      Any provision of this Trust Agreement prohibited by law shall be
         ineffective to the extent of any such prohibition, without invalidating
         the remaining provisions hereof.

(b)      The Company hereby represents and warrants that all of the Arrangements
         have been established, maintained and administered in accordance with
         all applicable laws, including without limitation, ERISA- The Company
         hereby indemnifies and agrees to hold the Trustee harmless from all
         liabilities, including attorney's fees, relating to or arising out of
         the establishment, maintenance and administration of the Arrangements.
         To the extent the Company does not pay any of such liabilities in a
         reasonably timely manner, the Trustee may obtain payment from the
         Trust.

(c)      Benefits payable to Participants and their Beneficiaries under this
         Trust Agreement may not be anticipated, assigned (either at law or in
         equity), alienated, pledged, encumbered or subjected to attachment,
         garnishment, levy, execution or other legal or equitable process.

(d)      The persons authorized to act for the Company are identified on
         Attachment H and such list may be amended by the Company from time to
         time without the consent of the Trustee. The individual identified as
         the Financial Administrator shall have the power to act for the Company
         with respect to all matters herein regarding the investment of Trust
         assets, the authority to request reimbursements to be paid to the
         Company and is the individual designated to receive requests for
         contributions from the Trustee. The Senior Vice President and Chief
         Financial Officer, or his successor, of the Company shall be the
         Financial Administrator. The individual identified as the Benefits
         Administrator shall have the power to act for the Company with respect
         to all matters herein regarding the determination of benefits owed
         under the Arrangements and the Payment of such benefits. The Executive
         Vice President, Planning, Corporate Relations and Services of the
         Company, or his successor, shall be the Benefits Administrator. Both
         the Financial Administrator and the Benefits Administrator may, from
         time to time, seek advice and guidance, or delegate functions assigned
         under this Trust Agreement to them, to other individuals who shall be
         identified on Attachment II as authorized to act for such
<PAGE>

         Administrator, and each Administrator shall have the authority to amend
         the list of individuals who are authorized to so act on his or her
         behalf in Attachment H and to communicate the amended list to the
         Trustee. Further, both the Benefits and Financial Administrator may
         delegate administrative functions to other specified individuals who
         are identified in writing to the Trustee. The Trustee shall be entitled
         to rely upon the latest list of authorized individuals received.

(e)      This Trust Agreement shall be governed by and construed in accordance
         with the laws of North Carolina.
<PAGE>

IN WITNESS WHEREOF, this Grantor Trust Agreement has been executed on behalf of
the parties hereto on the day and year first above written.

PHILLIPS PETROLEUM COMPANY                WACHOVIA BANK, N.A.

By: /s/ T. C. Morris                      By: /s/ Peter D. Quinn
   ---------------------------------         -----------------------------------
Its: Senior Vice President and            Its: Vice President
     Chief Financial Officer                  ----------------------------------
    --------------------------------

ATTEST:                                   ATTEST:

By: /s/ Dale Billam                       By: /s/ Ronald W. Darby
   ---------------------------------         -----------------------------------
Its: Corporate Secretary                  Its: Vice President and Assistant
    --------------------------------           Secretary
                                              ----------------------------------
<PAGE>

                                  ATTACHMENT I

                              LIST OF ARRANGEMENTS

KEY EMPLOYEE DEFERRED COMPENSATION PLAN OF PHILLIPS PETROLEUM COMPANY:

PHILLIPS PETROLEUM COMPANY SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN:

KEY EMPLOYEE SUPPLEMENTAL RETIREMENT PLAN OF PHILLIPS PETROLEUM COMPANY:

DEFINED CONTRIBUTION MAKEUP PLAN OF PHILLIPS PETROLEUM COMPANY:

KEY EMPLOYEE MISSED CREDITED SERVICE RETIREMENT PLAN OF PHILLIPS PETROLEUM
COMPANY

PRINCIPAL CORPORATE OFFICERS SUPPLEMENTAL RETIREMENT PLAN OF PHILLIPS PETROLEUM
COMPANY:

         Annuity payments all in payout status

SUPPLEMENTAL RETIREMENT:

         Annuity payments all in payout status accrued as a result of
         participation in the Phillips Petroleum Company Key Employee Death
         Protection Plan and the individual contracts for deferred compensation

PHILLIPS OIL COMPANY EXCESS BENEFIT PLAN:

         One remaining participant in annuity payout

AMINOIL RETIREMENT CONTRACTS:

         Contracts with J.B. Coffman and Guy Cessna - both in annuity payout
         status

PHILLIPS PETROLEUM COMPANY EXECUTIVE SEVERANCE PLAN

         The Trust Agreement is in all other respects ratified and confirmed
         without amendment.
<PAGE>

                                  ATTACHMENT II

             INDIVIDUALS AUTHORIZED TO ACT ON BEHALF OF THE COMPANY

FINANCIAL ADMINISTRATOR

J. A. Carrig

INDIVIDUALS AUTHORIZED TO ACT FOR FINANCIAL ADMINISTRATOR

J.W. Sheets
J. E. Durbin
F. M. Vallejo

BENEFITS ADMINISTRATOR

J. C. High

INDIVIDUALS AUTHORIZED TO ACT FOR BENEFITS ADMINISTRATOR

H. L. Black, Jr.

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