Document:

EX-4.1

 Exhibit 4.1 
  

 
 PHILLIPS 66 

and 
 PHILLIPS 66 COMPANY 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as Trustee 

Indenture 
 Dated as of
April 21, 2017 
 Debt Securities 
  

 

 PHILLIPS 66 

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 

AND INDENTURE, DATED AS OF April 21, 2017 
  

					
	 Section of Trust Indenture Act of 1939
	  	 Section(s) of Indenture

	Section 310	 	(a)(1)	  	7.10
		 	(a)(2)	  	7.10
		 	(a)(3)	  	Not Applicable
		 	(a)(4)	  	Not Applicable
		 	(a)(5)	  	7.10
		 	(b)	  	7.08, 7.10
	Section 311	 	(a)	  	7.11
		 	(b)	  	7.11
		 	(c)	  	Not Applicable
	Section 312	 	(a)	  	2.07
		 	(b)	  	12.03
		 	(c)	  	12.03
	Section 313	 	(a)	  	7.06
		 	(b)	  	7.06
		 	(c)	  	7.06
		 	(d)	  	7.06
	Section 314	 	(a)	  	4.03, 4.04
		 	(b)	  	Not Applicable
		 	(c)(1)	  	12.04
		 	(c)(2)	  	12.04
		 	(c)(3)	  	Not Applicable
		 	(d)	  	Not Applicable
		 	(e)	  	12.05
	Section 315	 	(a)	  	7.01(b)
		 	(b)	  	7.05
		 	(c)	  	7.01(a)
		 	(d)	  	7.01(c)
		 	(d)(1)	  	7.01(c)(1)
		 	(d)(2)	  	7.01(c)(2)
		 	(d)(3)	  	7.01(c)(3)
		 	(e)	  	6.11
	Section 316	 	(a)(1)(A)	  	6.05
		 	(a)(1)(B)	  	6.04
		 	(a)(2)	  	Not Applicable
		 	(a)(last sentence)	  	2.11
		 	(b)	  	6.07
	Section 317	 	(a)(1)	  	6.08
		 	(a)(2)	  	6.09
		 	(b)	  	2.06
	Section 318	 	(a)	  	12.01

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 i 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I         DEFINITIONS AND
INCORPORATION BY REFERENCE
	  	 	1	 
			
	 SECTION 1.01.
	 	 Definitions
	  	 	1	 
	 SECTION 1.02.
	 	 Other Definitions
	  	 	6	 
	 SECTION 1.03.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	6	 
	 SECTION 1.04.
	 	 Rules of Construction
	  	 	6	 
		
	 ARTICLE II         THE SECURITIES
	  	 	7	 
			
	 SECTION 2.01.
	 	 Amount Unlimited; Issuable in Series
	  	 	7	 
	 SECTION 2.02.
	 	 Denominations
	  	 	9	 
	 SECTION 2.03.
	 	 Forms Generally
	  	 	9	 
	 SECTION 2.04.
	 	 Execution, Authentication, Delivery and Dating
	  	 	10	 
	 SECTION 2.05.
	 	 Registrar and Paying Agent
	  	 	11	 
	 SECTION 2.06.
	 	 Paying Agent to Hold Money in Trust
	  	 	11	 
	 SECTION 2.07.
	 	 Holder Lists
	  	 	12	 
	 SECTION 2.08.
	 	 Transfer and Exchange
	  	 	12	 
	 SECTION 2.09.
	 	 Replacement Securities
	  	 	12	 
	 SECTION 2.10.
	 	 Outstanding Securities
	  	 	13	 
	 SECTION 2.11.
	 	 Original Issue Discount, Foreign-Currency Denominated and Treasury Securities
	  	 	13	 
	 SECTION 2.12.
	 	 Temporary Securities
	  	 	13	 
	 SECTION 2.13.
	 	 Cancellation
	  	 	13	 
	 SECTION 2.14.
	 	 Payments; Defaulted Interest
	  	 	14	 
	 SECTION 2.15.
	 	 Persons Deemed Owners
	  	 	14	 
	 SECTION 2.16.
	 	 Computation of Interest
	  	 	14	 
	 SECTION 2.17.
	 	 Global Securities; Book-Entry Provisions
	  	 	14	 
	 SECTION 2.18.
	 	 CUSIP Numbers
	  	 	16	 
		
	 ARTICLE III         REDEMPTION
	  	 	16	 
			
	 SECTION 3.01.
	 	 Applicability of Article
	  	 	16	 
	 SECTION 3.02.
	 	 Notice to the Trustee
	  	 	16	 
	 SECTION 3.03.
	 	 Selection of Securities To Be Redeemed
	  	 	16	 
	 SECTION 3.04.
	 	 Notice of Redemption
	  	 	17	 
	 SECTION 3.05.
	 	 Effect of Notice of Redemption
	  	 	17	 
	 SECTION 3.06.
	 	 Deposit of Redemption Price
	  	 	17	 
	 SECTION 3.07.
	 	 Securities Redeemed or Purchased in Part
	  	 	18	 
	 SECTION 3.08.
	 	 Purchase of Securities
	  	 	18	 
	 SECTION 3.09.
	 	 Mandatory and Optional Sinking Funds
	  	 	18	 
	 SECTION 3.10.
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	18	 
	 SECTION 3.11.
	 	 Redemption of Securities for Sinking Fund
	  	 	18	 
		
	 ARTICLE IV         COVENANTS SECTION
	  	 	19	 
			
	 SECTION 4.01.
	 	 Payment of Securities
	  	 	19	 
	 SECTION 4.02.
	 	 Maintenance of Office or Agency
	  	 	19	 
	 SECTION 4.03.
	 	 SEC Reports; Financial Statements
	  	 	19	 
	 SECTION 4.04.
	 	 Compliance Certificate
	  	 	20	 
	 SECTION 4.05.
	 	 Corporate Existence
	  	 	20	 
	 SECTION 4.06.
	 	 Waiver of Stay, Extension or Usury Laws
	  	 	20	 
	 SECTION 4.07.
	 	 Additional Amounts
	  	 	21	 
	 SECTION 4.08.
	 	 Limitation on Liens
	  	 	21	 
	 SECTION 4.09.
	 	 Limitation on Sale/Leaseback Transactions
	  	 	21	 
		
	 ARTICLE V         SUCCESSORS SECTION
	  	 	22	 
			
	 SECTION 5.01.
	 	 Limitations on Mergers and Consolidations
	  	 	22	 
	 SECTION 5.02.
	 	 Successor Person Substituted
	  	 	22	 

  
 ii 

							
	 ARTICLE VI         DEFAULTS AND REMEDIES
SECTION
	  	 	23	 
			
	 SECTION 6.01.
	 	 Events of Default
	  	 	23	 
	 SECTION 6.02.
	 	 Acceleration
	  	 	24	 
	 SECTION 6.03.
	 	 Other Remedies
	  	 	24	 
	 SECTION 6.04.
	 	 Waiver of Defaults
	  	 	24	 
	 SECTION 6.05.
	 	 Control by Majority
	  	 	25	 
	 SECTION 6.06.
	 	 Limitations on Suits
	  	 	25	 
	 SECTION 6.07.
	 	 Rights of Holders to Receive Payment
	  	 	25	 
	 SECTION 6.08.
	 	 Collection Suit by Trustee
	  	 	25	 
	 SECTION 6.09.
	 	 Trustee May File Proofs of Claim
	  	 	26	 
	 SECTION 6.10.
	 	 Priorities
	  	 	26	 
	 SECTION 6.11.
	 	 Undertaking for Costs
	  	 	27	 
		
	 ARTICLE VII         TRUSTEE SECTION
	  	 	27	 
			
	 SECTION 7.01.
	 	 Duties of Trustee
	  	 	27	 
	 SECTION 7.02.
	 	 Rights of Trustee
	  	 	28	 
	 SECTION 7.03.
	 	 May Hold Securities
	  	 	29	 
	 SECTION 7.04.
	 	 Trustee’s Disclaimer
	  	 	29	 
	 SECTION 7.05.
	 	 Notice of Defaults
	  	 	29	 
	 SECTION 7.06.
	 	 Reports by Trustee to Holders
	  	 	29	 
	 SECTION 7.07.
	 	 Compensation and Indemnity
	  	 	29	 
	 SECTION 7.08.
	 	 Replacement of Trustee
	  	 	30	 
	 SECTION 7.09.
	 	 Successor Trustee by Merger, etc.
	  	 	31	 
	 SECTION 7.10.
	 	 Eligibility; Disqualification
	  	 	31	 
	 SECTION 7.11.
	 	 Preferential Collection of Claims Against the Issuer or any Guarantor
	  	 	32	 
		
	 ARTICLE VIII         DISCHARGE OF
INDENTURE
	  	 	32	 
			
	 SECTION 8.01.
	 	 Termination of the Issuer’s and each Guarantor’s Obligations
	  	 	32	 
	 SECTION 8.02.
	 	 Application of Trust Money; Other Miscellaneous Provisions
	  	 	34	 
	 SECTION 8.03.
	 	 Repayment to Issuer or Guarantor
	  	 	35	 
	 SECTION 8.04.
	 	 Reinstatement
	  	 	35	 
		
	 ARTICLE IX         SUPPLEMENTAL INDENTURES AND
AMENDMENTS
	  	 	35	 
			
	 SECTION 9.01.
	 	 Without Consent of Holders
	  	 	35	 
	 SECTION 9.02.
	 	 With Consent of Holders
	  	 	36	 
	 SECTION 9.03.
	 	 Compliance with Trust Indenture Act
	  	 	37	 
	 SECTION 9.04.
	 	 Revocation and Effect of Consents
	  	 	37	 
	 SECTION 9.05.
	 	 Notation on or Exchange of Securities
	  	 	38	 
	 SECTION 9.06.
	 	 Trustee to Sign Amendments, etc.
	  	 	38	 
		
	 ARTICLE X         GUARANTEE
	  	 	38	 
			
	 SECTION 10.01.
	 	 Guarantees
	  	 	38	 
	 SECTION 10.02.
	 	 Proceedings Against Guarantors
	  	 	39	 
	 SECTION 10.03.
	 	 Subrogation
	  	 	39	 
	 SECTION 10.04.
	 	 Guarantee for Benefit of Holders
	  	 	39	 
		
	 ARTICLE XI         EXCHANGE
SECURITIES
	  	 	40	 
			
	 SECTION 11.01.
	 	 Issuance of Exchange Securities
	  	 	40	 
	 SECTION 11.02.
	 	 Selection of Existing Securities to be Exchanged; Denominations
	  	 	40	 
	 SECTION 11.03.
	 	 Additional Conditions to Exchange
	  	 	40	 
	 SECTION 11.04.
	 	 Notice of Exchange
	  	 	42	 
	 SECTION 11.05.
	 	 Effect of Notice of Exchange
	  	 	43	 
	 SECTION 11.06.
	 	 Deposit of Exchange Securities and Accrued Interest
	  	 	43	 
	 SECTION 11.07.
	 	 Securities Exchanged in Part
	  	 	43	 

  
 iii 

							
	 ARTICLE XII         MISCELLANEOUS
	  	 	43	 
			
	 SECTION 12.01.
	 	 Trust Indenture Act Controls
	  	 	43	 
	 SECTION 12.02.
	 	 Notices
	  	 	43	 
	 SECTION 12.03.
	 	 Communication by Holders with Other Holders
	  	 	44	 
	 SECTION 12.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	45	 
	 SECTION 12.05.
	 	 Statements Required in Certificate or Opinion
	  	 	45	 
	 SECTION 12.06.
	 	 Rules by Trustee and Agents
	  	 	45	 
	 SECTION 12.07.
	 	 Legal Holidays
	  	 	45	 
	 SECTION 12.08.
	 	 No Recourse Against Others
	  	 	45	 
	 SECTION 12.09.
	 	 Governing Law; Waiver of Jury Trial
	  	 	45	 
	 SECTION 12.10.
	 	 No Adverse Interpretation of Other Agreements
	  	 	46	 
	 SECTION 12.11.
	 	 Successors
	  	 	46	 
	 SECTION 12.12.
	 	 Severability
	  	 	46	 
	 SECTION 12.13.
	 	 Counterpart Originals
	  	 	46	 
	 SECTION 12.14.
	 	 Table of Contents, Headings, etc.
	  	 	46	 
	 SECTION 12.15.
	 	 U.S.A. Patriot Act
	  	 	46	 

  

  
 iv 

 INDENTURE dated as of April 21, 2017 among Phillips 66, a Delaware corporation
(“Parent”), Phillips 66 Company, a Delaware corporation (“P66 Company”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Securities (as
defined herein) to be issued from time to time in one or more series as provided in this Indenture: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01.    Definitions. 

“Additional Amounts” means any additional amounts required by the express terms of a Security or by or pursuant to a Board
Resolution, under circumstances specified therein or pursuant thereto, to be paid by the Issuer or the Guarantors, as the case may be, with respect to certain taxes, assessments or other governmental charges imposed on certain Holders and that are
owing to such Holders. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by, or under direct or indirect common control with, such specified Person. For purposes of this definition, “control” of a Person shall mean the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 

“Agent” means any Registrar or Paying Agent. 

“Attributable Debt,” when used with respect to any Sale/Leaseback Transaction, means, as at the time of determination, the present
value (discounted at the rate set forth or implicit in the terms of the lease included in such transaction) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of taxes, maintenance, repairs,
insurance, assessments, utilities, operating and labor costs and other items which do not constitute payments for property rights) during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which
such lease has been extended). In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of the net amount determined assuming termination upon the first date such lease may be
terminated (in which case the net amount shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the net amount
determined assuming no such termination. 
 “Bankruptcy Law” means Title 11 of the United States Code or any similar federal,
state or foreign law for the relief of debtors. 
 “Board of Directors,” when used with reference to Parent, the Issuer or any
Guarantor, means the Board of Directors of Parent, the Issuer or such Guarantor, or in the event any such Person is a limited partnership, the Board of Directors of the general partner of such Person, as the case may be, or any committee thereof
duly authorized, with respect to any particular matter, to act by or on behalf of the Board of Directors of Parent, the Issuer, such Guarantor, or such general partner, as the case may be. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of Parent, the Issuer or any
Guarantor to have been duly adopted by the Board of Directors of Parent, the Issuer or such Guarantor, as the case may be, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means any day that is not a Legal Holiday. 

“Consolidated Adjusted Net Assets” means the total amount of assets less (1) all current liabilities (excluding the amount of
those liabilities which are by their terms extendable or renewable at the option of the obligor to a date more than 12 months after the date as of which the amount is being determined and current maturities of long-term debt) and (2) total
prepaid expenses and deferred charges, all as set forth on the most recent quarterly balance sheet of Parent and its consolidated subsidiaries and determined in accordance with GAAP. 

 “Corporate Trust Office of the Trustee” means the office of the Trustee located at 750
N. Saint Paul Place, Suite 1750, Dallas, Texas 75201, Attention: Corporate, Municipal and Escrow Services, and as may be located at such other address as the Trustee may give notice to Parent. 

“Debt” means all notes, bonds, debentures or other similar evidences of debt for money borrowed. 

“Default” means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default.

 “Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in global form, the
Person specified pursuant to Section 2.01 hereof as the initial Depositary with respect to the Securities of such series, until a successor shall have been appointed and become such pursuant to the applicable provision of this Indenture, and
thereafter “Depositary” shall mean or include such successor. 
 “Dollar” or “$” means a dollar or other
equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private debt. 

“Eligible Exchange Securities Issuer” means each of P66 Company, PDI and PSXP. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute. 

“Exchange Date” means the date established by Parent for an exchange of Existing Securities for Exchange Securities pursuant to
Article XI. 
 “Exchange Securities” means a series of Securities issued by an Eligible Exchange Securities Issuer in exchange for
all or a portion of a previously issued series of Securities in accordance with Article XI. 
 “Exchange Securities Issuer” means
the Eligible Exchange Securities Issuer that issues Exchange Securities of a series pursuant to this Indenture in accordance with Article XI. 

“Existing Securities” has the meaning set forth in Section 11.01. 

“Funded Debt” means all Debt (including Debt incurred under any revolving credit, letter of credit or working capital facility) that
matures by its terms, or that is renewable at the option of any obligor thereon to a date, more than one year after the date on which such Debt is originally incurred. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant
segment of the accounting profession of the United States, as in effect from time to time. 
 “Global Security” means a Security
that is issued in global form in the name of the Depositary with respect thereto or its nominee. 
 “Government Obligations”
means, with respect to a series of Securities, direct obligations of the government that issues the currency in which the Securities of the series are payable for the payment of which the full faith and credit of such government is pledged, or
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such government, the payment of which is unconditionally guaranteed as a full faith and credit obligation by such government. 

“Guarantee” shall mean the guarantee of the Issuer’s obligations under the Securities by a Guarantor as provided in Article X.

  
 2 

 “Guarantor” means, (i) with respect to each series of Parent Securities, P66
Company, (ii) with respect to each series of Exchange Securities of which P66 Company is the Issuer, Parent, (iii) with respect to each series of Exchange Securities of which PDI or PSXP is the Issuer, each of Parent and P66 Company, and
(iv) with respect to any series of Securities, each other Person, if any, named as a “Guarantor” of such series of Securities in one or more supplemental indentures establishing the terms of such series of Securities or in any other
supplemental indenture relating to such series, until a successor to such Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person. 

“Holder” means a Person in whose name a Security is registered. 

“Indenture” means this Indenture as amended or supplemented from time to time pursuant to the provisions hereof, and includes the
terms of a particular series of Securities established as contemplated by Section 2.01 (including a series of Exchange Securities permitted to be issued pursuant to Article XI). 

“interest” means, when used with respect to an Original Issue Discount Security that by its terms bears interest only after
Maturity, interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to any Security, shall have the
meaning assigned to such term in the Security as contemplated by Section 2.01. 
 “Issue Date” means, with respect to
Securities of a series, the date on which the Securities of such series are originally issued under this Indenture. 
 “Issuer”
means, in the case of Parent Securities, Parent and, in the case of Exchange Securities, the applicable Exchange Securities Issuer. 

“Issuer Order” and “Issuer Request” mean, respectively, a written order or request signed in the name of the Issuer by two
Officers of the Issuer and, in the case of an Issuer Order pursuant to Section 2.01 or 2.04, in the name of the applicable Guarantor by an Officer of such Guarantor, and delivered to the Trustee. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in any of The City of New York, New York; Houston,
Texas or a Place of Payment are authorized or obligated by law, regulation or executive order to remain closed. 
 “Lien” means
any mortgage, pledge, lien or security interest. 
 “Maturity” means, with respect to any Security, the date on which the
principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity thereof, or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means the Chairman of the Board, the President, any Vice Chairman of the Board, any Vice President, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary of (a) Parent, (b) P66 Company, (c) PDI or (d) the general partner of PSXP, as applicable. 

“Officers’ Certificate” means a certificate signed on behalf of an Issuer by two Officers and, in the case of an Officers’
Certificate of the Issuer pursuant to Section 2.01 or 2.04, by an Officer of such Issuer that meets the requirements of Sections 12.04 and 12.05; provided, that if the Issuer is PSXP, such Officers’ Certificate pursuant to Sections 2.01 or
2.04 shall be signed by an Officer of the general partner of PSXP. 
 “Opinion of Counsel” means a written opinion reasonably
acceptable to the Trustee that meets the requirements of Sections 12.04 and 12.05. Such written opinion must be from legal counsel, and such counsel may be an employee of or counsel to Parent, the Issuer, any Guarantor or an Affiliate of Parent, the
Issuer or any Guarantor. 
 “Original Issue Discount Security” means any Security that provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 

  
 3 

 “P66 Company” means Phillips 66 Company, a Delaware corporation. 

“Parent” means Phillips 66, a Delaware corporation. 

“Parent Securities” means a series of Securities issued pursuant to this Indenture in respect of which Parent is the Issuer and
primary obligor. 
 “PDI” means Phillips 66 Project Development Inc., a Delaware corporation. 

“Permitted Liens” means: 

(i) Liens existing on the date of first issuance of a series of Securities (or in the case of a series of Securities constituting Exchange
Securities, the date of first issuance of the relevant series of Existing Securities); 
 (ii) Liens on property or assets of, or any shares
of stock of, or other equity interests in, or Debt of, any Person existing at the time such Person becomes a Subsidiary or a Principal Domestic Subsidiary or at the time such Person is merged into or consolidated with Parent or any Subsidiary or at
the time of a sale, lease or other disposition of the properties of a Person (or a division thereof) as an entirety or substantially as an entirety to Parent or a Subsidiary; 

(iii) Liens on assets (including improvements and accessions thereto and proceeds thereof) (a) existing at the time of acquisition
thereof, (b) securing all or any portion of the cost of acquiring, constructing, improving, developing or expanding such assets or (c) securing Debt incurred prior to, at the time of, or within 24 months after, the later of the
acquisition, the completion of construction, improvement, development or expansion or the commencement of commercial operation of such assets, for the purpose (in the case of this clause (c)) of (x) financing all or any part of the purchase
price of such assets or (y) financing all or any part of the cost of construction, improvement, development or expansion of any such assets; 

(iv) Liens in favor of Parent or any Subsidiary of Parent; 

(v) Liens securing industrial development, pollution control or other revenue bonds issued or guaranteed by the United States of America, or
any State, or any department, agency, instrumentality or political subdivision of either; 
 (vi) Liens on personal property, other than
shares of stock or Debt of any Principal Domestic Subsidiary, securing loans maturing not more than one year from the date of the creation thereof; 

(vii) statutory liens or landlords’, carriers’, warehouseman’s, mechanics’, suppliers’, materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith by appropriate proceedings; and 

(viii) any extensions, substitutions, replacements or renewals in whole or in part of a Lien enumerated in clauses (i) through (vii)
above or any Debt secured by such a Lien; provided that (a) such new Lien shall be limited to all or part of the same property that secured the original Lien, plus improvements on such property, and (b) the principal amount of Debt secured
by such Lien and not otherwise authorized by clauses (i) through (vii) above or otherwise permitted does not materially exceed the principal amount of Debt so secured plus any premium or fee payable in connection with any such extension,
substitution, replacement or renewal. 
 “Person” means any individual, corporation, partnership, limited liability company, joint
venture, incorporated or unincorporated association, joint stock company, trust, unincorporated organization or government or other agency, instrumentality or political subdivision thereof or other entity of any kind. 

“Place of Payment” means, with respect to the Securities of any series, the place or places where the principal of, premium (if any)
and interest on and any Additional Amounts with respect to the Securities of that series are payable as specified in accordance with Section 2.01 subject to the provisions of Section 4.02. 

“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security. 

  
 4 

 “Principal Domestic Subsidiary” means P66 Company and any Subsidiary (i) that has
substantially all of its assets located in the United States, (ii) that owns a Principal Property and (iii) in which Parent’s direct or indirect capital investment, together with the outstanding balance of (a) any loans and
advances made to such Subsidiary by Parent or any other Subsidiary and (b) any debt of such Subsidiary guaranteed by Parent or any other Subsidiary, exceeds $100,000,000. 

“Principal Property” means any refinery or manufacturing plant (excluding any transportation or marketing facilities or assets)
located in the United States, in each case owned by Parent or a Subsidiary, except any refinery or plant that, in the opinion of the Board of Directors of Parent, is not of material importance to the total business conducted by Parent and its
consolidated subsidiaries. 
 “PSXP” means Phillips 66 Partners LP, a Delaware limited partnership. 

“Redemption Date” means, with respect to any Security to be redeemed, the date fixed for such redemption by or pursuant to this
Indenture. 
 “Redemption Price” means, with respect to any Security to be redeemed, the price at which it is to be redeemed
pursuant to this Indenture. 
 “Responsible Officer” means any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom
any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Rule 144A Securities” means Securities of a series designated pursuant to Section 2.01 as entitled to the benefits of Section
4.03(b). 
 “Sale/Leaseback Transaction” means any arrangement with any Person pursuant to which Parent or any Subsidiary leases
any Principal Property that has been or is to be sold or transferred by Parent or such Subsidiary to such Person, other than (1) temporary leases for a term, including renewals at the option of the lessee, of not more than three years,
(2) leases between Parent and a Subsidiary or between Subsidiaries, (3) leases of Principal Property executed by the time of, or within 12 months after the latest of, the acquisition, the completion of construction or improvement, or the
commencement of commercial operation of the Principal Property, and (4) arrangements pursuant to any provision of law with an effect similar to the former Section 168(f)(8) of the Internal Revenue Code of 1954. 

“SEC” means the Securities and Exchange Commission. 

“Securities” means Parent Securities and Exchange Securities authenticated and delivered under this Indenture. 

“Security Custodian” means, with respect to Securities of a series issued in global form, the Trustee for Securities of such series,
as custodian with respect to the Securities of such series, or any successor entity thereto. 
 “Stated Maturity” means, when used
with respect to any Security or any installment of principal thereof or interest thereon, the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

 “Subsidiary” means a Person at least a majority of the outstanding voting stock of which is owned, directly or indirectly, by
Parent or by one or more other Subsidiaries, or by Parent and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock having voting power for the election of directors, whether at all times or only
so long as no senior class of stock has such voting power by reason of any contingency. 
 “TIA” means the Trust Indenture Act of
1939, as amended, as in effect on the date hereof. 
 “Trustee” means the Person named as such above until a successor replaces it
in accordance with the applicable provisions of this Indenture, and thereafter “Trustee” means each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to
the Securities of any series means the Trustee with respect to Securities of that series. 

  
 5 

 “United States” means the United States of America (including the States and the
District of Columbia) and its territories and possessions, which include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

“U.S. Government Obligations” means Government Obligations with respect to Securities payable in Dollars. 

SECTION 1.02.    Other Definitions. 
  

			
	 TERM
	  	DEFINED IN
SECTION
	 “Bankruptcy Custodian”
	  	6.01
	 “Conversion Event”
	  	6.01
	 “covenant defeasance”
	  	8.01
	 “Event of Default”
	  	6.01
	 “Exchange Rate”
	  	2.11
	 “Judgment Currency”
	  	6.10
	 “legal defeasance”
	  	8.01
	 “mandatory sinking fund payment”
	  	3.09
	 “optional sinking fund payment”
	  	3.09
	 “Paying Agent”
	  	2.05
	 “Registrar”
	  	2.05
	 “Required Currency”
	  	6.10
	 “Successor”
	  	5.01

 SECTION 1.03.    Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture (and
if the Indenture is not qualified under the TIA at that time, as if it were so qualified unless otherwise provided). The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Issuer, each Guarantor or any other obligor on the Securities. 

All terms used in this Indenture that are defined by the TIA, defined by a TIA reference to another statute or defined by an SEC rule under
the TIA have the meanings so assigned to them. 
 SECTION 1.04.    Rules of Construction. 

Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

  
 6 

 (4) words in the singular include the plural, and in the plural include the singular; 

(5) provisions apply to successive events and transactions; and 

(6) all references in this instrument to Articles and Sections are references to the corresponding Articles and Sections in and of this
instrument. 
 ARTICLE II 
 THE
SECURITIES 
 SECTION 2.01.    Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution of the Issuer, and set
forth, or determined in the manner provided, in an Officers’ Certificate of the Issuer or in an Issuer Order, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 

 

	 	(1)	the title of the Securities of the series (which shall distinguish the Securities of the series from the Securities of all other series); 

 

	 	(2)	whether the Securities of the series are Parent Securities or Exchange Securities and if such Securities are Exchange Securities, the applicable Exchange Securities Issuer (who shall constitute the “Issuer” of
the Securities of the series for all purposes under this Indenture); 

  

	 	(3)	in addition to the Guarantors specified in the definition of “Guarantor,” any additional Guarantors of the Securities of the series; 

 

	 	(4)	if there is to be a limit, the limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08, 2.09, 2.12, 2.17, 3.07 or 9.05 and except for any Securities which, pursuant to Section 2.04 or 2.17, are deemed
never to have been authenticated and delivered hereunder); provided, however, that unless otherwise provided in the terms of the series, the authorized aggregate principal amount of such series may be increased before or after the issuance of any
Securities of the series by a Board Resolution (or action pursuant to a Board Resolution) to such effect; 

  

	 	(5)	whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form, as Global Securities or otherwise, and, if
so, whether beneficial owners of interests in any such Global Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may
occur, if other than in the manner provided in Section 2.17, and the initial Depositary and Security Custodian, if any, for any Global Security or Securities of such series; 

 

	 	(6)	the manner in which any interest payable on a temporary Global Security on any Interest Payment Date will be paid if other than in the manner provided in Section 2.14; 

 

	 	(7)	the date or dates on which the principal of and premium (if any) on the Securities of the series is payable or the method of determination thereof; 

 

	 	(8)	the rate or rates, or the method of determination thereof, at which the Securities of the series shall bear interest, if any, whether and under what circumstances Additional Amounts with respect to such Securities shall
be payable, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the record date for the interest payable on any Securities on any Interest Payment Date, or if other than
provided herein, the Person to whom any interest on Securities of the series shall be payable; 

  
 7 

	 	(9)	the place or places where, subject to the provisions of Section 4.02, the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of the series shall be payable;

  

	 	(10)	the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in
part, at the option of the Issuer, if the Issuer is to have that option, and the manner in which the Issuer must exercise any such option, if different from those set forth herein; 

 

	 	(11)	the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the series are required to be redeemed by the
Issuer, in whole or in part, and the manner in which the Issuer must redeem such Securities; 

  

	 	(12)	the obligation, if any, of the Issuer to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within
which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid in whole or in part pursuant to such obligation;

  

	 	(13)	if other than minimum denominations of $1,000 and any integral multiple of $1,000 in excess thereof, the denomination in which any Securities of that series shall be issuable; 

 

	 	(14)	if other than Dollars, the currency or currencies (including composite currencies) or the form, including equity securities, other debt securities (including Securities), warrants or any other securities or property of
Parent, any Exchange Securities Issuer, any Guarantor or any other Person, in which payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of the series shall be payable;

  

	 	(15)	if the principal of, premium (if any) or interest on or any Additional Amounts with respect to the Securities of the series are to be payable, at the election of the Issuer or a Holder thereof, in a currency or
currencies (including composite currencies) other than that in which the Securities are stated to be payable, the currency or currencies (including composite currencies) in which payment of the principal of, premium (if any) and interest on and any
Additional Amounts with respect to Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 

 

	 	(16)	if the amount of payments of principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of the series may be determined with reference to any commodities, currencies or
indices, values, rates or prices or any other index or formula, the manner in which such amounts shall be determined; 

  

	 	(17)	if other than the entire principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to
Section 6.02; 

  

	 	(18)	any additional means of satisfaction and discharge of this Indenture and any additional conditions or limitations to discharge with respect to Securities of the series and the related Guarantees pursuant to Article VIII
or any modifications of or deletions from such conditions or limitations; 

  

	 	(19)	any deletions or modifications of or additions to the Events of Default set forth in Section 6.01 or covenants of Parent, any Exchange Securities Issuer or any Guarantor set forth in Article IV pertaining to the
Securities of the series; 

  
 8 

	 	(20)	any restrictions or other provisions with respect to the transfer or exchange of Securities of the series, which may amend, supplement, modify or supersede those contained in this Article II; 

 

	 	(21)	if the Securities of the series are to be convertible into or exchangeable for capital stock, other debt securities (including Securities), warrants, other equity securities or any other securities or property of
Parent, any Exchange Securities Issuer, any Guarantor or any other Person, at the option of the Issuer or the Holder or upon the occurrence of any condition or event, the terms and conditions for such conversion or exchange; 

 

	 	(22)	whether the Securities of the series are to be entitled to the benefit of Section 4.03(b) (and accordingly constitute Rule 144A Securities); and 

 

	 	(23)	any other terms of the series (which terms shall not be prohibited by the provisions of this Indenture). 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or
pursuant to the Board Resolution referred to above and (subject to Section 2.03) set forth, or determined in the manner provided, in the Officers’ Certificate or Issuer Order referred to above or in any applicable indenture supplemental
hereto. Notwithstanding the foregoing, the terms of any series of Exchange Securities shall be set forth in a supplemental indenture hereto in accordance with Article XI. 

If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action, together with such Board Resolution, shall be set forth in an Officers’ Certificate or certified by the Secretary or an Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate or Issuer Order setting forth the terms of the series. 
 SECTION 2.02.    Denominations. 

The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 2.01. In the
absence of any such provisions with respect to the Securities of any series, the Securities of such series denominated in Dollars shall be issuable in minimum denominations of $1,000 and any integral multiple of $1,000 in excess thereof. The minimum
denominations of the Securities may be changed in accordance with Article XI. 
 SECTION 2.03.    Forms Generally. 

The Securities of each series shall be in fully registered form and in substantially such form or forms (including temporary or permanent
global form) established by or pursuant to a Board Resolution of the Issuer or in one or more indentures supplemental hereto. Notwithstanding the foregoing, the form of Security in respect of any series of Exchange Securities shall be set forth in a
supplemental indenture hereto in accordance with Article XI. The Securities may have notations, legends or endorsements required by law, securities exchange rule, the Issuer’s certificate of incorporation, bylaws or other similar governing
documents, agreements to which the Issuer is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer). A copy of the Board Resolution establishing the form or forms of Securities of any
series shall be delivered to the Trustee at or prior to the delivery of the Issuer Order contemplated by Section 2.04 for the authentication and delivery of such Securities. 

The definitive Securities of each series shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other
manner, all as determined by the Officers executing such Securities, as evidenced by their execution thereof. 
 The Trustee’s
certificate of authentication shall be in substantially the following form: 
 “This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory”.

  
 9 

 SECTION 2.04.    Execution, Authentication, Delivery and Dating. 

Two Officers of the Issuer shall sign the Securities on behalf of the Issuer and, with respect to any Guarantees of the Securities, an Officer
of the applicable Guarantor shall sign the Securities on behalf of such Guarantor, in each case by manual or facsimile signature. 
 If an
Officer of the Issuer or a Guarantor whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall be valid nevertheless. 

A Security shall not be entitled to any benefit under this Indenture or the related Guarantees or be valid or obligatory for any purpose until
authenticated by the manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that the Security has been authenticated under this Indenture. Notwithstanding the foregoing, if any Security has been
authenticated and delivered hereunder but never issued and sold by the Issuer, and the Issuer delivers such Security to the Trustee for cancellation as provided in Section 2.13, together with an Officers’ Certificate (which need not comply
with Section 12.05 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Issuer, for all purposes of this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this Indenture or the related Guarantees. 
 At any time and from
time to time after the execution and delivery of this Indenture, the Issuer may deliver Securities of any series executed by the Issuer and the applicable Guarantors to the Trustee for authentication, and the Trustee shall authenticate and deliver
such Securities for original issue upon an Issuer Order for the authentication and delivery of such Securities or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by such Issuer Order. Such order shall
specify the amount of the Securities to be authenticated, the date on which the original issue of Securities is to be authenticated, the name or names of the initial Holder or Holders and any other terms of the Securities of such series not
otherwise determined. If provided for in such procedures, such Issuer Order may authorize (1) authentication and delivery of Securities of such series for original issue from time to time, with certain terms (including, without limitation, the
Maturity dates or dates, original issue date or dates and interest rate or rates) that differ from Security to Security and (2) may authorize authentication and delivery pursuant to oral or electronic instructions from the Issuer or its duly
authorized agent, which instructions shall be promptly confirmed in writing. 
 In authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in addition to the Issuer Order referred to above and the other documents required by Section 12.04), and (subject to
Section 7.01) shall be fully protected in relying upon: 
 (a) in the case of Parent Securities, a copy of the Board Resolutions
pursuant to which the terms and form of the Securities were established, certified by the Secretary or an Assistant Secretary of Parent to have been duly adopted by the Board of Directors and to be in full force and effect as of the date of such
certificate, and if the terms and form of such Securities are established by an Officers’ Certificate pursuant to general authorization of the Board of Directors, such Officers’ Certificate; 

(b) in the case of Parent Securities, an executed supplemental indenture, if any, and in the case of Exchange Securities, an executed
supplemental indenture satisfying the requirements of Article XI; 
 (c) an Officers’ Certificate delivered in accordance with Sections
12.04 and 12.05; and 
 (d) an Opinion of Counsel to the effect that: 

(i) the form of such Securities has been established in conformity with the provisions of this Indenture; 

(ii) the terms of such Securities have been established in conformity with the provisions of this Indenture; 

  
 10 

 (iii) when authenticated and delivered by the Trustee and issued by the Issuer in
the manner and subject to any conditions specified in such Opinion of Counsel, such Securities, the related Guarantees and the supplemental indenture will constitute valid and binding obligations of the Issuer and each Guarantor, respectively,
enforceable against the Issuer and each Guarantor, respectively, in accordance with their respective terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or other similar laws in effect from time to time affecting the rights of creditors generally, and the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and

 (iv) all conditions precedent to the authentication and delivery of the Securities and the execution of the supplemental
indenture, have been complied with. 
 The Trustee shall not be required to authenticate such Securities if the issuance of such Securities
pursuant to this Indenture would affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner not reasonably acceptable to the Trustee. 

The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Securities. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
an Agent to deal with the Issuer, any Guarantor or an Affiliate of the Issuer or such Guarantor. 
 Each Security shall be dated the date of
its authentication. 
 SECTION 2.05.    Registrar and Paying Agent. 

The Issuer shall maintain an office or agency for each series of Securities where Securities of such series may be presented for registration
of transfer or exchange (“Registrar”) and an office or agency where Securities of such series may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Securities of such series and of their
transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. 
 The
Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer shall notify the Trustee
of the name and address of any Agent not a party to this Indenture. The Issuer may change any Paying Agent or Registrar without notice to any Holder. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Issuer, any Guarantor or any Subsidiary may act as Paying Agent or Registrar. 
 The Issuer initially appoints the
Trustee as Registrar and Paying Agent. 
 SECTION 2.06.    Paying Agent to Hold Money in Trust. 

The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, or interest on or any Additional Amounts with respect to Securities and will notify the Trustee of any default by the Issuer in making any
such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. The Issuer at any time may require a Paying Agent to pay all money held by it
to the Trustee and to account for any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Issuer, a Guarantor or a Subsidiary) shall have no further liability for the
money. If the Issuer, a Guarantor or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Each Paying Agent shall otherwise comply with TIA
Section 317(b). 

  
 11 

 SECTION 2.07.    Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar with respect to a series of Securities, the Issuer shall furnish to the Trustee at least five Business Days before each Interest Payment Date with
respect to such series of Securities, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of such series, and the Issuer
shall otherwise comply with TIA Section 312(a). 
 SECTION 2.08.    Transfer and Exchange. 

Except as set forth in Section 2.17 or as may be provided pursuant to Section 2.01: 

When Securities of any series are presented to the Registrar with the request to register the transfer of such Securities or to exchange such
Securities for an equal principal amount of Securities of the same series of like tenor and of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements and the requirements of
this Indenture for such transactions are met; provided, however, that the Securities presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instruction of transfer in form reasonably
satisfactory to the Registrar duly executed by the Holder thereof or by his attorney, duly authorized in writing, on which instruction the Registrar can rely. 

To permit registrations of transfers and exchanges, the Issuer and each Guarantor shall execute and the Trustee shall authenticate Securities
at the Registrar’s written request and submission of the Securities or Global Securities. No service charge shall be made to a Holder for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Issuer
may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.12, 3.07
or 9.05). The Trustee shall authenticate Securities in accordance with the provisions of Section 2.04. Notwithstanding any other provisions of this Indenture to the contrary, the Issuer shall not be required to register the transfer or exchange
of (a) any Security selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion of any Security being redeemed in part, (b) any Security during the period beginning 15 Business Days prior to the
mailing of notice of any offer to repurchase Securities of the series required pursuant to the terms thereof or of redemption of Securities of a series to be redeemed and ending at the close of business on the day of mailing, (c) any Security
selected for exchange in whole or in part pursuant to Article XI, except the unredeemed portion of any Security being exchanged in part, or (d) any Security during the period beginning 15 Business Days prior to the mailing of notice of exchange
of Securities of a series to be exchanged and ending at the close of business on the day of mailing. 
 The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among
Agent Members (as defined below) or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

SECTION 2.09.    Replacement Securities. 

If any mutilated Security is surrendered to the Trustee, or if the Holder of a Security claims that the Security has been destroyed, lost or
stolen and the Issuer and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of such Security, the Issuer shall issue, each Guarantor shall execute and the Trustee shall authenticate a replacement Security of the
same series if the Trustee’s requirements are met. If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Security, pay such
Security. Such Holder must furnish an indemnity bond that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, each Guarantor, the Trustee, any Agent or any authenticating agent from any loss that any of them may suffer
if a Security is replaced. The Issuer and the Trustee may charge a Holder for their expenses in replacing a Security. 

  
 12 

 Every replacement Security is an additional obligation of the Issuer. 

SECTION 2.10.    Outstanding Securities. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation (including in connection with an issuance of Exchange Securities pursuant to Article XI), those reductions in the interest in a Global Security effected by the Trustee hereunder and those described in this Section 2.10 as
not outstanding. 
 If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the principal amount of any Security is considered
paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 
 A Security does not cease to be
outstanding because the Issuer, any Guarantor or an Affiliate of the Issuer or any Guarantor holds the Security. 
 SECTION
2.11.    Original Issue Discount, Foreign-Currency Denominated and Treasury Securities. 
 In determining whether the
Holders of the required principal amount of Securities have concurred in any direction, amendment, supplement, waiver or consent, (a) the principal amount of an Original Issue Discount Security shall be the principal amount thereof that would
be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 6.02, (b) the principal amount of a Security denominated in a foreign currency shall be the Dollar equivalent, as determined
by the Issuer by reference to the noon buying rate in The City of New York for cable transfers for such currency, as such rate is certified for customs purposes by the Federal Reserve Bank of New York (the “Exchange Rate”) on the date of
original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent, as determined by the Issuer by reference to the Exchange Rate on the date of original issuance of such
Security, of the amount determined as provided in (a) above), of such Security and (c) Securities owned by the Issuer, any Guarantor or any other obligor upon the Securities or any Affiliate of the Issuer, or any Guarantor or of such other
obligor shall be disregarded, except that, for the purpose of determining whether the Trustee shall be protected in relying upon any such direction, amendment, supplement, waiver or consent, only Securities that a Responsible Officer of the Trustee
actually knows are so owned shall be so disregarded. 
 SECTION 2.12.    Temporary Securities. 

Until definitive Securities of any series are ready for delivery, the Issuer may prepare, the Issuer and each Guarantor shall execute and the
Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities, but may have variations that the Issuer considers appropriate for temporary Securities. Without unreasonable delay,
the Issuer shall prepare, the Issuer and each Guarantor shall execute and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all respects be entitled to
the same benefits under this Indenture as definitive Securities. 
 SECTION 2.13.    Cancellation. 

The Issuer or a Guarantor at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward
to the Trustee any Securities surrendered to them for registration of transfer, exchange, payment or redemption or for credit against any sinking fund payment. The Trustee shall cancel all Securities surrendered for registration of transfer,
exchange, payment, redemption, replacement or cancellation or for credit against any sinking fund. All canceled Securities held by the Trustee shall be disposed of in accordance with the usual disposal procedures of the Trustee (subject to the
record retention requirements of the Exchange Act). The Issuer may not issue new Securities to replace Securities that have been paid or that have been delivered to the Trustee for cancellation (other than Exchange Securities issued pursuant to
Article XI). 

  
 13 

 SECTION 2.14.    Payments; Defaulted Interest. 

Unless otherwise provided as contemplated by Section 2.01, interest (except defaulted interest) on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Persons who are registered Holders of that Security at the close of business on the record date next preceding such Interest Payment Date, even if such
Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender a Security to a Paying Agent to collect principal payments. Unless otherwise provided with respect to the Securities of any series,
the Issuer will pay the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities in Dollars. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at the option
of the Issuer, the Issuer may pay such amounts (1) by wire transfer with respect to Global Securities or (2) by wire transfer to an account in the continental United States or check payable in such money mailed to a Holder’s
registered address with respect to any Securities. Any accrued interest required to be paid in connection with an exchange pursuant to Article XI shall be paid to the Persons who are registered Holders of the Existing Securities to be exchanged as
of the open of business on the applicable Exchange Date. 
 If the Issuer defaults in a payment of interest on the Securities of any series,
the Issuer shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest on the defaulted interest, in each case at the rate provided in the Securities of such series and in Section 4.01. The Issuer shall notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on the Securities of any series and the date of the proposed payment. The Issuer may pay the defaulted interest to the Persons who are Holders on a subsequent special record
date. At least 15 days before any special record date selected by the Issuer, the Issuer (or the Trustee, in the name of and at the expense of the Issuer upon 20 days’ prior written notice from the Issuer setting forth such special record date
and the interest amount to be paid) shall mail to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

SECTION 2.15.    Persons Deemed Owners. 

The Issuer, each Guarantor, the Trustee, any Agent and any authenticating agent may treat the Person in whose name any Security is registered
as the owner of such Security for the purpose of receiving payments of principal of, premium (if any) or interest on or any Additional Amounts with respect to such Security and for all other purposes. None of the Issuer, any Guarantor, the Trustee,
any Agent or any authenticating agent shall be affected by any notice to the contrary. 
 SECTION 2.16.    Computation of Interest. 

Except as otherwise specified as contemplated by Section 2.01 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a year comprising twelve 30-day months. 
 SECTION
2.17.    Global Securities; Book-Entry Provisions. 
 If Securities of a series are issuable in global form as a Global
Security, as contemplated by Section 2.01, then, notwithstanding clause (13) of Section 2.01 and the provisions of Section 2.02, any such Global Security shall represent such of the outstanding Securities of such series as shall
be specified therein and may provide that it shall represent the aggregate amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding Securities represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges, transfers or redemptions. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Securities represented thereby shall be made
by the Trustee (i) in such manner and upon instructions given by such Person or Persons as shall be specified in such Security or in a Issuer Order to be delivered to the Trustee pursuant to Section 2.04 or (ii) otherwise in
accordance with written instructions or such other written form of instructions as is customary for the Depositary for such Security, from such Depositary or its nominee on behalf of any Person having a beneficial interest in such Global Security.
Subject to the provisions of Section 2.04 and, if applicable, Section 2.12, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified in such
Security or in the applicable Issuer Order. With respect to the Securities of any series that are represented by a Global Security, the Issuer and each Guarantor authorize the execution and delivery by the Trustee of a letter of representations or
other similar agreement or instrument in the form customarily provided for by the Depositary 

  
 14 

 
appointed with respect to such Global Security. Any Global Security may be deposited with the Depositary or its nominee, or may remain in the custody of the Trustee or the Security Custodian
therefor pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee and the Depositary. If an Issuer Order has been, or simultaneously is, delivered, any instructions by the Issuer with respect to endorsement or
delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 12.05 and need not be accompanied by an Opinion of Counsel. 

Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any
Global Security held on their behalf by the Depositary, or the Trustee or the Security Custodian as its custodian, or under such Global Security, and the Depositary may be treated by the Issuer, any Guarantor, the Trustee or the Security Custodian
and any agent of the Issuer, any Guarantor, the Trustee or the Security Custodian as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of a Global Security of a
series may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder of Securities of such series is entitled to take under this Indenture or
the Securities of such series and (ii) nothing herein shall prevent the Issuer, any Guarantor, the Trustee or the Security Custodian, or any agent of the Issuer, any Guarantor, the Trustee or the Security Custodian, from giving effect to any
written certification, proxy or other authorization furnished by the Depositary or shall impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a beneficial owner of any
Security. 
 Notwithstanding Section 2.08, and except as otherwise provided pursuant to Section 2.01: 

Transfers of a Global Security shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary, its
successors or their respective nominees. Interests of beneficial owners in a Global Security may be transferred in accordance with the rules and procedures of the Depositary. Securities shall be transferred to all beneficial owners in exchange for
their beneficial interests in a Global Security if, and only if, either (1) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for the Global Security and a successor Depositary is not appointed by the
Issuer within 90 days of such notice, (2) an Event of Default has occurred with respect to such series and is continuing and the Registrar has received a request from the Depositary to issue Securities in lieu of all or a portion of the Global
Security (in which case the Issuer shall deliver Securities within 30 days of such request) or (3) the Issuer determines not to have the Securities represented by a Global Security. 

In connection with any transfer of a portion of the beneficial interests in a Global Security to beneficial owners pursuant to this
Section 2.17, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Security in an amount equal to the principal amount of the beneficial interests in the Global Security to be
transferred, and the Issuer and each Guarantor shall execute, and the Trustee upon receipt of an Issuer Order for the authentication and delivery of Securities shall authenticate and deliver, one or more Securities of the same series of like tenor
and amount. 
 In connection with the transfer of all the beneficial interests in a Global Security to beneficial owners pursuant to this
Section 2.17, the Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer and each Guarantor shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the
Depositary in exchange for its beneficial interests in the Global Security, an equal aggregate principal amount of Securities of authorized denominations. 

None of the Issuer, any Guarantor or the Trustee will have any responsibility or liability for any aspect of the records relating to, or
payments made on account of, Securities by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such Securities. None of the Issuer, any Guarantor or the Trustee shall be liable for any delay by the
related Global Security Holder or the Depositary in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from such Global Security Holder or the Depositary for all
purposes (including with respect to the registration and delivery, and the respective principal amounts, of the Securities to be issued). 

The provisions of the last sentence of the third paragraph of Section 2.04 shall apply to any Global Security if such Global Security was
never issued and sold by the Issuer and the Issuer delivers to the Trustee the Global Security together with an Officers’ Certificate (which need not comply with Section 12.05 and need not be

  
 15 

 
accompanied by an Opinion of Counsel) with regard to the cancellation or reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by
the last sentence of the third paragraph of Section 2.04. 
 Notwithstanding the provisions of Sections 2.03 and 2.14, unless otherwise
specified as contemplated by Section 2.01, payment of principal of, premium (if any) and interest on and any Additional Amounts with respect to any Global Security shall be made to the Person or Persons specified therein. 

Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 

SECTION 2.18.    CUSIP Numbers. 

The Issuer in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption or exchange and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption or exchange shall not be affected by any defect in or omission of such
numbers. The Issuer will promptly notify the Trustee in writing of any change in the “CUSIP” numbers of the Securities. 
 ARTICLE
III 
 REDEMPTION 
 SECTION
3.01.    Applicability of Article. 
 Securities of any series that are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 2.01 for Securities of any series) in accordance with this Article III. 

SECTION 3.02.    Notice to the Trustee. 

If the Issuer elects to redeem Securities of any series pursuant to this Indenture, it shall notify the Trustee of the Redemption Date and the
principal amount of Securities of such series to be redeemed. The Issuer shall so notify the Trustee at least five Business Days before the giving of the notice of redemption pursuant to Section 3.04 (unless a shorter notice shall be
satisfactory to the Trustee) by delivering to the Trustee an Officers’ Certificate stating that such redemption will comply with the provisions of this Indenture and of the Securities of such series. Any such notice may be canceled at any time
prior to the mailing of such notice of such redemption to any Holder and shall thereupon be void and of no effect. 
 SECTION
3.03.    Selection of Securities To Be Redeemed. 
 If less than all the Securities of any series are to be redeemed
(unless all of the Securities of such series of a specified tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the outstanding Securities of
such series (and tenor) not previously called for redemption, on a pro rata basis (or, in the case of Global Securities, pursuant to the applicable Depositary procedures). 

The Trustee shall promptly notify the Issuer and the Registrar in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 For purposes of this Indenture, unless the
context otherwise requires, all provisions relating to redemption of Securities shall relate, in the case of any of the Securities redeemed or to be redeemed only in part, to the portion of the principal amount thereof which has been or is to be
redeemed. 

  
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 SECTION 3.04.    Notice of Redemption. 

Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at the address of such Holder appearing in the register of Securities maintained by the Registrar. 

All notices of redemption shall identify the Securities to be redeemed and shall state: 

(1) the Redemption Date; 
 (2)
the Redemption Price; 
 (3) that, unless the Issuer and the Guarantors default in making the redemption payment, interest on Securities
called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the Redemption Price upon surrender to the Paying Agent of the Securities redeemed; 

(4) if any Security is to be redeemed in part, the portion of the principal amount thereof to be redeemed and that on and after the Redemption
Date, upon surrender for cancellation of such Security to the Paying Agent, a new Security or Securities in the aggregate principal amount equal to the unredeemed portion thereof will be issued without charge to the Holder; 

(5) that Securities called for redemption must be surrendered to the Paying Agent to collect the Redemption Price and the name and address of
the Paying Agent; 
 (6) that the redemption is for a sinking or analogous fund, if such is the case; and 

(7) the CUSIP number, if any, relating to such Securities, along with the statement in Section 2.18. 

At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at its expense; provided that the
Issuer shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to this Section 3.04 (unless a shorter notice shall be satisfactory to the
Trustee), an Officers’ Certificate requesting that the Trustee give such notice with the form of such notice included as an exhibit thereto and setting forth the information required to be stated in such notice as provided in the preceding
paragraph. 
 SECTION 3.05.    Effect of Notice of Redemption. 

Once notice of redemption is mailed, Securities called for redemption become due and payable on the Redemption Date and at the Redemption
Price. Upon surrender to the Paying Agent, such Securities called for redemption shall be paid at the Redemption Price, but interest installments whose maturity is on or prior to such Redemption Date will be payable on the relevant Interest Payment
Dates to the Holders of record at the close of business on the relevant record dates specified pursuant to Section 2.01. 
 SECTION
3.06.    Deposit of Redemption Price. 
 On or prior to 11:00 a.m., New York City time, on any Redemption Date, the
Issuer or a Guarantor shall deposit with the Trustee or the Paying Agent (or, if the Issuer or a Guarantor is acting as the Paying Agent, segregate and hold in trust as provided in Section 2.06) an amount of money in same day funds sufficient
to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued and unpaid interest on and any Additional Amounts with respect to, the Securities or portions thereof which are to be redeemed on that
date, other than Securities or portions thereof called for redemption on that date which have been delivered by the Issuer or a Guarantor to the Trustee for cancellation. 

If the Issuer or a Guarantor complies with the preceding paragraph, then, unless the Issuer and the Guarantors default in the payment of such
Redemption Price, interest on the Securities to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Securities are presented for payment, and the Holders of such Securities shall have no further rights
with respect to such Securities except for the right to receive the 

  
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Redemption Price upon surrender of such Securities. If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal, premium, if any, any
Additional Amounts, and, to the extent lawful, accrued interest thereon shall, until paid, bear interest from the Redemption Date at the rate specified pursuant to Section 2.01 or provided in the Securities or, in the case of Original Issue
Discount Securities, such Securities’ yield to maturity. 
 SECTION 3.07.    Securities Redeemed or Purchased in Part. 

Upon surrender to the Paying Agent of a Security to be redeemed in part, the Issuer and each Guarantor shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge to such Holder, upon delivery of an Issuer Order and an Officers’ Certificate and Opinion of Counsel pursuant to Sections 12.04 and 12.05, a new Security or
Securities, of the same series and of any authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Security so surrendered that is not redeemed.

 SECTION 3.08.    Purchase of Securities. 

Unless otherwise specified as contemplated by Section 2.01, the Issuer, any Guarantor and any Affiliate of the Issuer or any Guarantor
may, subject to applicable law, at any time purchase or otherwise acquire Securities in the open market or by private agreement. Any such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness
represented by such Securities. Any Securities purchased or acquired by the Issuer or a Guarantor may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied. Section 2.13 shall
apply to all Securities so delivered. 
 SECTION 3.09.    Mandatory and Optional Sinking Funds. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” Unless otherwise provided by the terms of
Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.10. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms
of Securities of such series and by this Article III. 
 SECTION 3.10.    Satisfaction of Sinking Fund Payments with Securities. 

The Issuer or any Guarantor may deliver outstanding Securities of a series (other than any previously called for redemption) and may apply as a
credit Securities of a series that have been redeemed either at the election of the Issuer pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in
each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such series of Securities; provided that such Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be
reduced accordingly. 
 SECTION 3.11.    Redemption of Securities for Sinking Fund. 

Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund payment date for any series of
Securities, the Issuer will deliver to the Trustee an Officers’ Certificate of the Issuer specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is
to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivery of or by crediting Securities of that series pursuant to Section 3.10 and will also deliver or cause to be delivered to the Trustee any
Securities to be so delivered. Failure of the Issuer to timely deliver or cause to be delivered such Officers’ Certificate and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute the election of
the Issuer that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and that the
Issuer will make no optional sinking fund payment with respect to such series as provided in this Section 3.11. 

  
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 If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the
next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $100,000 (or the Dollar equivalent thereof based on the applicable Exchange Rate on the date of original issue of the
applicable Securities) or a lesser sum if the Issuer shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series
at the sinking fund redemption price together with accrued and unpaid interest to the date fixed for redemption. If such amount shall be $100,000 (or the Dollar equivalent thereof as aforesaid) or less and the Issuer makes no such request then it
shall be carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof as aforesaid) is available. Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 3.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Issuer in the manner provided in Section 3.04. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.05, 3.06 and 3.07. 
 ARTICLE IV

 COVENANTS SECTION 
 SECTION
4.01.    Payment of Securities. 
 The Issuer shall pay the principal of, premium (if any) and interest on and any
Additional Amounts with respect to the Securities of each series on the dates and in the manner provided in the Securities of such series and in this Indenture. Principal, premium, interest and any Additional Amounts shall be considered paid on the
date due if the Paying Agent (other than the Issuer, a Guarantor or a Subsidiary) holds on that date money deposited by the Issuer or a Guarantor designated for and sufficient to pay all principal, premium, interest and any Additional Amounts then
due. 
 The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium (if any), at a rate equal to the then applicable interest rate on the Securities to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and any Additional Amounts (without regard to any applicable grace period) at the same rate to the extent lawful. 
 SECTION
4.02.    Maintenance of Office or Agency. 
 The Issuer will maintain in each Place of Payment for any series of
Securities an office or agency (which may be an office of the Trustee, the Registrar or the Paying Agent) where Securities of that series may be presented for registration of transfer or exchange, where Securities of that series may be presented for
payment and where notices and demands to or upon the Issuer or any Guarantor in respect of the Securities of that series and this Indenture may be served. Unless otherwise designated by the Issuer by written notice to the Trustee and each Guarantor,
such office or agency shall be the office of the Trustee in The City of New York, which on the date hereof is located at 150 East 42nd Street, 40th Floor , New York, New York 10017. The Issuer will give prompt written notice to the Trustee and each
Guarantor of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee and each Guarantor with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The
Issuer may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Issuer will give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 SECTION
4.03.    SEC Reports; Financial Statements. 
 (a) If the Issuer or any Guarantor is subject to the requirements of
Section 13 or 15(d) of the Exchange Act, the Issuer or such Guarantor, as the case may be, shall file with the Trustee, within 15 days after it files the same with 

  
 19 

 
the SEC, copies of the annual and quarterly reports and the information, documents and other reports (or such portions of any of the foregoing as the SEC may by rules and regulations prescribe)
that the Issuer or such Guarantor is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; provided, that the delivery obligation hereunder shall be deemed satisfied by the Issuer or such Guarantor if all such items
are made available to the Trustee on the Issuer’s or such Guarantor’s website or the website of the SEC. If this Indenture is qualified under the TIA, but not otherwise, the Issuer and each Guarantor shall also comply with the provisions
of TIA Section 314(a). Delivery of such reports, information and documents to the Trustee shall be for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including Parent’s or an Exchange Securities Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates or certificates delivered pursuant to Section 4.04). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, any Issuer’s or any Guarantor’s compliance with this Section 4.03
with respect to the filing of such reports and such information, documents and other reports with the SEC or the making available of such reports and such information, documents and other reports on the Issuer’s or such Guarantor’s website
or the website of the SEC. 
 (b) If Parent or the Issuer is not subject to the requirements of Section 13 or 15(d) of the Exchange
Act, Parent shall or shall cause the Issuer to furnish to all Holders of Rule 144A Securities and prospective purchasers of Rule 144A Securities designated by the Holders of Rule 144A Securities, promptly upon their request, the information required
to be delivered pursuant to Rule 144A(d)(4) promulgated under the Securities Act of 1933, as amended. 
 SECTION 4.04.    Compliance
Certificate. 
 (a) Each of the Issuer and each Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, a
statement signed by an Officer of the Issuer or such Guarantor, as the case may be, which need not constitute an Officers’ Certificate, complying with TIA Section 314(a)(4) and stating that in the course of performance by the signing Officer of
his or her duties as such Officer of the Issuer or such Guarantor, as the case may be, he or she would normally obtain knowledge of the keeping, observing, performing and fulfilling by the Issuer or such Guarantor, as the case may be, of its
obligations under this Indenture, and further stating that to the best of his or her knowledge, the Issuer or such Guarantor, as the case may be, has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is
not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officer may have
knowledge and what action the Issuer or such Guarantor, as the case may be, is taking or proposes to take with respect thereto). 
 (b) The
Issuer or a Guarantor shall, so long as Securities of any series are outstanding, deliver to the Trustee, forthwith upon any Officer of the Issuer (or the general partner of PSXP, if the Issuer is PSXP) or such Guarantor, as the case may be,
becoming aware of any Default or Event of Default under this Indenture, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuer or such Guarantor, as the case may be, is taking or proposes to take with
respect thereto. 
 SECTION 4.05.    Corporate Existence. 

Subject to Article V, each of the Issuer and each Guarantor shall do or cause to be done all things necessary to preserve and keep in full
force and effect its existence. 
 SECTION 4.06.    Waiver of Stay, Extension or Usury Laws. 

Each of the Issuer and each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive it from paying all or any portion of the principal of or interest on the Securities as
contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) each of the Issuer and each Guarantor hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted. 

  
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 SECTION 4.07.    Additional Amounts. 

If the Securities of a series expressly provide for the payment of Additional Amounts, the Issuer will pay to the Holder of any Security of
such series Additional Amounts as expressly provided therein. 
 Whenever in this Indenture there is mentioned, in any context, the payment
of the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received from the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of
Additional Amounts provided for in this Section 4.07 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section 4.07 and express mention of the
payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

The Issuer shall notify the Trustee in writing of the amounts and payment dates of any Additional Amounts that may become payable. The Trustee
shall not at any time be under any duty or responsibility to any Holder of Securities of a series to determine any Additional Amounts, or with respect to the nature, extent or calculation of the Additional Amounts owed, or with respect to the method
employed in such calculation of Additional Amounts. 
 SECTION 4.08.    Limitation on Liens. 

Parent shall not, and shall not permit any Principal Domestic Subsidiary to, issue, assume or guarantee any Debt for borrowed money secured by
any Lien upon any Principal Property or any shares of stock or Debt of any Principal Domestic Subsidiary (whether such Principal Property, shares of stock or Debt is now owned or hereafter acquired) without making effective provision whereby the
Securities (together with, if Parent shall so determine, any other Debt or other obligation of Parent or any Subsidiary) shall be secured equally and ratably with (or, at the option of Parent, prior to) the Debt so secured for so long as such Debt
is so secured. The foregoing restrictions will not, however, apply to Debt secured by Permitted Liens. 
 In addition, Parent and its
Principal Domestic Subsidiaries may, without securing the Securities, issue, assume or guarantee Debt that would otherwise be subject to the foregoing restrictions in an aggregate principal amount that, together with all other such Debt of Parent
and its Principal Domestic Subsidiaries that would otherwise be subject to the foregoing restrictions (not including Debt permitted to be secured under the definition of Permitted Liens) and the aggregate amount of Attributable Debt deemed
outstanding with respect to Sale/Leaseback Transactions (reduced by the amount applied pursuant to Section 4.09(b)), does not at any one time exceed 10% of Consolidated Adjusted Net Assets. 

The mortgage or pledge of any property of Parent or any Subsidiary in favor of the United States or any State, or any department, agency,
instrumentality or political subdivision of either, to secure partial, progress, advance or other payments pursuant to the provisions of any contract or statute shall not be deemed to create “Debt” secured by “Liens” within the
meaning of those terms as used in this Indenture. 
 SECTION 4.09.    Limitation on Sale/Leaseback Transactions. 

Parent shall not, and shall not permit any Principal Domestic Subsidiary to, enter into any Sale/Leaseback Transaction with any Person (other
than Parent or a Subsidiary) unless: 
 (a) Parent or such Principal Domestic Subsidiary would be entitled to incur Debt in a principal
amount equal to the Attributable Debt with respect to such Sale/Leaseback Transaction secured by a Lien on the property subject to such Sale/Leaseback Transaction pursuant to Section 4.08 without equally and ratably securing the Securities
pursuant to such covenant; or 
 (b) within a period commencing 12 months prior to the consummation of such Sale/Leaseback Transaction and
ending 12 months after the consummation thereof, Parent or any Subsidiary shall have applied an amount equal to all or a portion of the net proceeds of such Sale/Leaseback Transaction (with any such amount not being so applied to be subject to
Section 4.09(a)): 
 (1) to the voluntary defeasance or retirement of any Securities or any Funded Debt; or 

  
 21 

 (2) to the acquisition, construction, improvement or expansion of one or more
Principal Properties. 
 For these purposes, the net proceeds of a Sale/Leaseback Transaction means an amount equal to the greater of
(i) the net proceeds of the sale or transfer of the property leased in such Sale/Leaseback Transaction and (ii) the fair value, as determined by the Board of Directors of Parent and evidenced by a Board Resolution, of such property at the
time of entering into such Sale/Leaseback Transaction. 
 ARTICLE V 

SUCCESSORS SECTION 
 SECTION
5.01.    Limitations on Mergers and Consolidations. 
 None of Parent, any Exchange Securities Issuer or any Guarantor
shall, in any transaction or series of transactions, consolidate with or merge into any Person, or sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to any Person (other than a consolidation with or merger
into Parent, any Exchange Securities Issuer or any Guarantor or a sale, lease, conveyance, transfer or other disposition of all or substantially all of the assets of the Issuer to Parent or a Guarantor or of a Guarantor to Parent or Exchange
Securities Issuer), unless: 
 (1) either (a) Parent, such Exchange Securities Issuer or such Guarantor, as the case may be, shall be
the continuing Person or (b) the Person (if other than Parent, such Exchange Securities Issuer or such Guarantor) formed by such consolidation or into which Parent, such Exchange Securities Issuer or such Guarantor is merged, or to which such
sale, lease, conveyance, transfer or other disposition shall be made (such Person, the “Successor”), is organized and validly existing under the laws of the United States, any political subdivision thereof or any State thereof or the
District of Columbia, and expressly assumes by supplemental indenture, in the case of Parent, the due and punctual payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Parent Securities and the
performance of Parent’s covenants and obligations under this Indenture and the Securities; or, in the case of an Exchange Securities Issuer, the due and punctual payment of the principal of, premium (if any) and interest on and any Additional
Amounts with respect to all the Exchange Securities and the performance of such Exchange Securities Issuer’s covenants and obligations under this Indenture and the Exchange Securities; or, in the case of any Guarantor, the performance of such
Guarantor’s Guarantee and the Guarantor’s covenants and obligations under this Indenture and the Securities; 
 (2) immediately
after giving effect to such transaction or series of transactions, no Default or Event of Default shall have occurred and be continuing or would result therefrom; and 

(3) Parent, such Exchange Securities Issuer or such Guarantor, as the case may be, delivers to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that the transaction and such supplemental indenture comply with this Indenture. 
 SECTION
5.02.    Successor Person Substituted. 
 Upon any consolidation or merger of Parent, any Exchange Securities Issuer or
any Guarantor, as the case may be, or any sale, lease, conveyance, transfer or other disposition of all or substantially all of the assets of Parent, any Exchange Securities Issuer or any Guarantor in accordance with Section 5.01, the Successor
formed by such consolidation or into or with which Parent, such Exchange Securities Issuer or such Guarantor is merged or to which such sale, lease, conveyance, transfer or other disposition is made shall succeed to, and be substituted for, and may
exercise every right and power of Parent, such Exchange Securities Issuer or such Guarantor, as the case may be, under this Indenture and the Securities with the same effect as if such Successor had been named as Parent, such Exchange Securities
Issuer or such Guarantor, as the case may be, herein and the predecessor Parent, such Exchange Securities Issuer or such Guarantor, in the case of a sale, conveyance, transfer or other disposition, shall be released from all obligations under this
Indenture, the Securities and, in the case of such Guarantor, its Guarantee. 

  
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 ARTICLE VI 

DEFAULTS AND REMEDIES SECTION 
 SECTION
6.01.    Events of Default. 
 Unless either inapplicable to a particular series or specifically deleted or modified in
or pursuant to the supplemental indenture or Board Resolution establishing such series of Securities or in the form of Security for such series, an “Event of Default,” wherever used herein with respect to Securities of any series, occurs
if: 
 (1) there is a default in the payment of interest on or any Additional Amounts with respect to any Security of that series when the
same becomes due and payable and such default continues for a period of 30 days; 
 (2) there is a default in the payment of (A) the
principal of any Security of that series at its Maturity or (B) premium (if any) on any Security of that series when the same becomes due and payable; 

(3) there is a default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series, and such default
continues for a period of 30 days; 
 (4) Parent, an Exchange Securities Issuer or any Guarantor fails to comply with any of its other
covenants or agreements in, or provisions of, the Securities of such series or this Indenture (other than an agreement, covenant or provision that has expressly been included in this Indenture solely for the benefit of one or more series of
Securities other than that series) which shall not have been remedied within the specified period after written notice, as specified in the last paragraph of this Section 6.01; 

(5) Parent, an Exchange Securities Issuer or any Guarantor pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case, 

(B) consents to the entry of an order for relief against it in an involuntary case, 

(C) consents to the appointment of a Bankruptcy Custodian of it or for all or substantially all of its property, or 

(D) makes a general assignment for the benefit of its creditors; 

(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that remains unstayed and in effect for 90 days and
that: 
 (A) is for relief against Parent, an Exchange Securities Issuer or any Guarantor as debtor in an involuntary case,

 (B) appoints a Bankruptcy Custodian of Parent, an Exchange Securities Issuer or any Guarantor or a Bankruptcy Custodian
for all or substantially all of the property of Parent, such Exchange Securities Issuer or such Guarantor, or 
 (C) orders
the liquidation of Parent, an Exchange Securities Issuer or any Guarantor; or 
 (7) any other Event of Default provided with respect to
Securities of that series occurs. 
 The term “Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law. 
 When a Default is cured, it ceases. 

Notwithstanding the foregoing provisions of this Section 6.01, if the principal of, premium (if any) or interest on or Additional Amounts
with respect to any Security is payable in a currency or currencies (including a composite currency) other than Dollars and such currency or currencies are not available to the Issuer or a Guarantor for

  
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making payment thereof due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or any Guarantor (a “Conversion Event”), each of the Issuer and
any Guarantor will be entitled to satisfy its obligations to Holders of the Securities by making such payment in Dollars in an amount equal to the Dollar equivalent of the amount payable in such other currency, as determined by the Issuer or any
Guarantor, as the case may be, by reference to the Exchange Rate on the date of such payment, or, if such rate is not then available, on the basis of the most recently available Exchange Rate. Notwithstanding the foregoing provisions of this
Section 6.01, any payment made under such circumstances in Dollars where the required payment is in a currency other than Dollars will not constitute an Event of Default under this Indenture. 

Promptly after the occurrence of a Conversion Event, the Issuer or a Guarantor shall give written notice thereof to the Trustee; and the
Trustee, promptly after receipt of such notice, shall give notice thereof in the manner provided in Section 12.02 to the Holders. Promptly after the making of any payment in Dollars as a result of a Conversion Event, the Issuer or a Guarantor,
as the case may be, shall give notice in the manner provided in Section 12.02 to the Holders, setting forth the applicable Exchange Rate and describing the calculation of such payments. 

A Default under clause (4) or (7) of this Section 6.01 is not an Event of Default until the Trustee notifies the Issuer and each
Guarantor, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Default notify the Issuer, each Guarantor and the Trustee, of the Default, and the Issuer or such Guarantor, as the case
may be, fails to cure the Default within 90 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 

SECTION 6.02.    Acceleration. 

If an Event of Default with respect to any Securities of any series at the time outstanding (other than an Event of Default specified in clause
(5) or (6) of Section 6.01) occurs and is continuing, the Trustee by notice to the Issuer and each Guarantor, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Event of
Default by notice to the Issuer, each Guarantor and the Trustee, may declare the principal of (or, if any such Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series)
and all accrued and unpaid interest on all then outstanding Securities of such series, as the case may be, to be due and payable. Upon any such declaration, the amounts due and payable on the Securities shall be due and payable immediately. If an
Event of Default specified in clause (5) or (6) of Section 6.01 hereof occurs, such amounts shall ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee or any Holder.
The Holders of a majority in principal amount of the then outstanding Securities of the series affected by such Event of Default by written notice to the Trustee may rescind an acceleration and its consequences (other than nonpayment of principal of
or premium or interest on or any Additional Amounts with respect to the Securities) if the rescission would not conflict with any judgment or decree and if all existing Events of Default with respect to Securities of that series have been cured or
waived, except nonpayment of principal, premium, interest or any Additional Amounts that has become due solely because of the acceleration. 
 SECTION
6.03.    Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal of, or premium, if any, or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to
the extent permitted by law. 
 SECTION 6.04.    Waiver of Defaults. 

Subject to Sections 6.07 and 9.02, the Holders of a majority in principal amount of the then outstanding Securities of any series by notice to
the Trustee may waive an existing or past Default or Event of Default with respect to such series and its consequences (including waivers obtained in connection with a tender offer or exchange offer for Securities of such series or a solicitation of
consents in respect of Securities of such series, 

  
 24 

 
provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities of such series), except (1) a continuing Default or Event of Default in the
payment of the principal of, or premium, if any, or interest on or any Additional Amounts with respect to any Security or (2) a continued Default in respect of a provision that under Section 9.02 cannot be amended or supplemented without
the consent of each Holder affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon. 
 SECTION 6.05.    Control by Majority. 

With respect to Securities of any series, the Holders of a majority in principal amount of the then outstanding Securities of such series may
direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it relating to or arising under an Event of Default described in clause (1), (2), (3),
(4) or (7) of Section 6.01, and with respect to all Securities, the Holders of a majority in principal amount of all the then outstanding Securities affected may direct in writing the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred on it not relating to or arising under such an Event of Default. However, the Trustee may refuse to follow any direction that conflicts with applicable law or this
Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that
is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion from Holders directing the Trustee against all losses and expenses caused by
taking or not taking such action. 
 SECTION 6.06.    Limitations on Suits. 

Subject to Section 6.07 hereof, a Holder of a Security of any series may pursue a remedy with respect to this Indenture or the Securities
of such series only if: 
 (1) the Holder gives to the Trustee written notice of a continuing Event of Default with respect to such series;

 (2) the Holders of at least 25% in principal amount of the then outstanding Securities of such series make a written request to the
Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss,
liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of
indemnity; and 
 (5) during such 60-day period the Holders of a majority in principal amount of the
Securities of that series do not give the Trustee a direction inconsistent with the request. 
 A Holder may not use this Indenture to
prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 
 SECTION 6.07.    Rights of Holders
to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of
principal of and premium, if any, and interest on and any Additional Amounts with respect to the Security, on or after the respective due dates expressed in the Security, or to bring suit for the enforcement of any such payment on or after such
respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 
 SECTION
6.08.    Collection Suit by Trustee. 
 If an Event of Default specified in clause (1) or (2) of Section 6.01
hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer or any 

  
 25 

 
Guarantor for the amount of principal, premium (if any), interest and any Additional Amounts remaining unpaid on the Securities of the series affected by the Event of Default, and interest on
overdue principal and premium, if any, and, to the extent lawful, interest on overdue interest, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. 
 SECTION 6.09.    Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents and to take such actions, including participating as a
member, voting or otherwise, of any committee of creditors, as may be necessary or advisable to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders allowed in any judicial proceedings relative to the Issuer or any Guarantor or their respective creditors or properties and shall be entitled and empowered to collect, receive and distribute any money or other property
payable or deliverable on any such claims and any Bankruptcy Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be
denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties which the Holders of the Securities may be entitled to receive in such
proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10.    Priorities. 

If the Trustee collects any money pursuant to this Article VI, it shall pay out the money in the following order: 

First: to the Trustee for amounts due under Section 7.07; 

Second: to Holders for amounts due and unpaid on the Securities in respect of which or for the benefit of which such
money has been collected, for principal, premium (if any), interest and any Additional Amounts ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal, premium (if any), interest
and any Additional Amounts, respectively; and 
 Third: to the Issuer. 

The Trustee, upon prior written notice to the Issuer, may fix record dates and payment dates for any payment to Holders pursuant to this
Article VI. 
 To the fullest extent allowed under applicable law, if for the purpose of obtaining a judgment against the Issuer or any
Guarantor in any court it is necessary to convert the sum due in respect of the principal of, premium (if any) or interest on or Additional Amounts with respect to the Securities of any series (the “Required Currency”) into a currency in
which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with
the Judgment Currency on the Business Day in The City of New York next preceding that on which final judgment is given. None of the Issuer, any Guarantor or the Trustee shall be liable for any shortfall nor shall any of them benefit from any
windfall in payments to Holders of Securities under this Section 6.10 caused by a change in exchange rates between the time the amount of a judgment against it is calculated as above and the time the Trustee converts the Judgment Currency into
the Required Currency to make payments under this Section 6.10 to Holders of Securities, but payment of such judgment shall discharge all amounts owed by the Issuer and each Guarantor on the claim or claims underlying such judgment. 

  
 26 

 SECTION 6.11.    Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the then outstanding Securities of any series. 

ARTICLE VII 
 TRUSTEE SECTION 

SECTION 7.01.    Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in such exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default with respect to the Securities of any series: 

(1) the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However,
in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether, on their face, they appear to
conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of Section 7.01(b); 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is
subject to the provisions of this Section 7.01. 
 (e) No provision of this Indenture shall require the Trustee to expend or risk its
own funds or incur any liability. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity or security satisfactory to it against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer and
each Guarantor. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. Subject to Section 6.10, all money received by the Trustee shall, until applied as herein provided, be held in
trust for the payment of the principal of, premium (if any) and interest on and Additional Amounts with respect to the Securities. 

  
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 SECTION 7.02.    Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer and the Guarantors, personally or by agent or
attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b) Before the Trustee acts or refrains from acting, it may require instruction, an Officers’ Certificate or an Opinion of Counsel or
both to be provided. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such instruction, Officers’ Certificate or Opinion of Counsel. The Trustee may consult at the Issuer’s expense with
counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand,
request, direction or notice from the Issuer or any Guarantor shall be sufficient if signed by an Officer of the Issuer or such Guarantor, as the case may be. 

(f) The Trustee shall not be obligated to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document. 

(g) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(h) The Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (i) The Trustee shall not be deemed to know or have notice of any Default
or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the
Trustee, and such notice references the Securities and this Indenture. 
 (j) In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 (k) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 

  
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 (l) The permissive rights of the Trustee to take certain actions under this Indenture shall not
be construed as a duty unless so specified herein. 
 (m) The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder. 
 SECTION 7.03.    May Hold Securities. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuer, each
Guarantor or any of their respective Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. However, the Trustee is subject to Sections 7.10 and 7.11. 

SECTION 7.04.    Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Issuer’s use of the proceeds from the Securities or any money paid to the Issuer or any Guarantor or upon the Issuer’s or any Guarantor’s direction under any provision hereof, it shall not be responsible for the use or application of
any money received by any Paying Agent other than the Trustee and it shall not be responsible for any statement or recital herein or any statement in the Securities other than its certificate of authentication. 

SECTION 7.05.    Notice of Defaults. 

If a Default or Event of Default with respect to the Securities of any series occurs and is continuing and it is known to the Trustee as
provided in Section 7.02(i) hereof, the Trustee shall mail to Holders of Securities of such series a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of
principal of, premium (if any) and interest on and Additional Amounts or any sinking fund installment with respect to the Securities of such series, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of Holders of Securities of such series. 
 SECTION
7.06.    Reports by Trustee to Holders. 
 Within 60 days after each September 15 of each year after the execution
of this Indenture, the Trustee shall mail to Holders of a series, the Issuer and each Guarantor a brief report dated as of such reporting date that complies with TIA Section 313(a); provided, however, that if no event described in TIA Section 313(a)
has occurred within the twelve months preceding the reporting date with respect to a series, no report need be transmitted to Holders of such series. The Trustee also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all
reports if and as required by TIA Sections 313(c) and 313(d). 
 A copy of each report at the time of its mailing to Holders of a series of
Securities shall be filed by the Issuer or the applicable Guarantor with the SEC and each securities exchange, if any, on which the Securities of such series are listed. The Issuer shall notify the Trustee if and when any series of Securities is
listed on any securities exchange. 
 SECTION 7.07.    Compensation and Indemnity. 

The Issuer agrees to pay to the Trustee for its acceptance of this Indenture and services hereunder such compensation as the Issuer and the
Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer agrees to reimburse the Trustee upon request for all reasonable
disbursements, advances and expenses incurred by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

Parent and P66 Company, jointly and severally, hereby indemnify, defend, and protect the Trustee and any predecessor Trustee, and hold the
Trustee and any predecessor Trustee harmless against, any and all loss, liability, damage, claim or reasonable expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) and attorneys’ fees,
incurred by it arising out of or in connection with the acceptance or 

  
 29 

 
administration of its duties under this Indenture, except as set forth in the next following paragraph. The Trustee shall notify Parent and P66 Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify Parent and P66 Company will not relieve Parent and P66 Company of their obligations hereunder. Parent shall defend the claim and the Trustee shall reasonably cooperate in the defense. The Trustee may
have separate counsel and Parent shall pay the reasonable fees and expenses of such counsel. Parent need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

The Issuer shall not be obligated to reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the
Trustee’s negligence or willful misconduct as determined by a final, non-appealable judgment of a court of competent jurisdiction. 

To secure the payment obligations of the Issuer in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money
or property held or collected by the Trustee, except that held in trust to pay principal of, premium (if any) and interest on and any Additional Amounts with respect to Securities of any series. Such lien and the Issuer’s obligations under this
Section 7.07 shall survive the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(5) or (6) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

SECTION 7.08.    Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 The Trustee may resign and be discharged at any time with respect to the
Securities of one or more series by so notifying the Issuer and each Guarantor. The Holders of a majority in principal amount of the then outstanding Securities of any series may remove the Trustee with respect to the Securities of such series upon
30 days written notice by so notifying the Trustee, the Issuer and each Guarantor. The Issuer may remove the Trustee if: 
 (1) the Trustee
fails to comply with Section 7.10; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law; 
 (3) a Bankruptcy Custodian or public officer takes charge of the Trustee or its
property; or 
 (4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to the Securities of one or
more series, the Issuer shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more
or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series). Within one year after the successor Trustee with respect to the Securities of any series takes office, the Holders
of a majority in principal amount of the Securities of such series then outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer. 

If a successor Trustee with respect to the Securities of any series does not take office within 30 days after the retiring or removed Trustee
resigns or is removed, the retiring or removed Trustee (at the expense of the Issuer), the Issuer, any Guarantor or the Holders of at least 10% in principal amount of the then outstanding Securities of such series may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 If the Trustee with respect to the
Securities of a series fails to comply with Section 7.10, any Holder of Securities of such series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the
Securities of such series. 

  
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 In case of the appointment of a successor Trustee with respect to all Securities, each such
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, to the Issuer and to each Guarantor. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee
shall have all the rights, powers and duties of the retiring Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee, subject to the lien provided for in Section 7.07. 
 In case of the appointment of a successor Trustee with respect
to the Securities of one or more (but not all) series, the Issuer, each Guarantor, the retiring Trustee and each successor Trustee with respect to the Securities of one or more (but not all) series shall execute and deliver an indenture supplemental
hereto in which each successor Trustee shall accept such appointment and that (1) shall confer to each successor Trustee all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall confirm that all the rights, powers and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee. Nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, and each such Trustee shall be
trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. Upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor Trustee shall have all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates. On request of the Issuer or any successor Trustee, such retiring Trustee shall transfer to such successor Trustee all property held by such retiring Trustee as Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates. Such retiring Trustee shall, however, have the right to deduct its unpaid fees and expenses, including attorneys’ fees. 

Notwithstanding replacement of the Trustee or Trustees pursuant to this Section 7.08, the obligations of the Issuer under
Section 7.07 shall continue for the benefit of the retiring Trustee or Trustees. 
 SECTION 7.09.    Successor Trustee by Merger,
etc. 
 Subject to Section 7.10, if the Trustee consolidates, merges or converts into, or transfers all or substantially all of its
corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee; provided, however that such successor Trustee shall be otherwise qualified and eligible under this Article VII. 

In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate
such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided
that the certificate of the Trustee shall have. 
 SECTION 7.10.    Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder which shall be a corporation or banking association organized and doing business under the laws
of the United States, any State thereof or the District of Columbia and authorized under such laws to exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District of Columbia) authority and
shall have, or be a subsidiary of a bank or bank holding company having, a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 

The Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is
subject to and shall comply with the provisions of TIA Section 310(b) during the period of time required by this Indenture. Nothing in this Indenture shall prevent the Trustee from filing with the SEC the application referred to in the penultimate
paragraph of TIA Section 310(b). 

  
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 SECTION 7.11.    Preferential Collection of Claims Against the Issuer or any Guarantor. 

The Trustee is subject to and shall comply with the provisions of TIA Section 311(a), excluding any creditor relationship listed in TIA Section
311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
 ARTICLE VIII

 DISCHARGE OF INDENTURE 
 SECTION
8.01.    Termination of the Issuer’s and each Guarantor’s Obligations. 
 (a) This Indenture shall cease to be
of further effect with respect to the Securities of a series (except that the Issuer’s obligations under Section 7.07, the Trustee’s and Paying Agent’s obligations under Section 8.03 and the rights, powers, protections and
privileges accorded the Trustee under Article VII shall survive), and the Trustee and each Guarantor, on demand of the Issuer, shall execute proper instruments acknowledging the satisfaction and discharge of this Indenture with respect to the
Securities of such series, when: 
 (1) either: 

(A) all outstanding Securities of such series theretofore authenticated and issued (other than destroyed, lost or stolen
Securities that have been replaced or paid) have been delivered to the Trustee for cancellation; or 
 (B) all outstanding
Securities of such series not theretofore delivered to the Trustee for cancellation: 
 (i) have become due and payable, or

 (ii) will become due and payable at their Stated Maturity within one year, or 

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Issuer, 
 and, in the case of clause (i), (ii) or (iii) above,
the Issuer or a Guarantor has irrevocably deposited or caused to be deposited with the Trustee as funds (immediately available to the Holders in the case of clause (i)) in trust for such purpose (x) cash in an amount, or (y) Government
Obligations, maturing as to principal and interest at such times and in such amounts as will ensure the availability of cash in an amount or (z) a combination thereof, which will be sufficient without consideration of any investment of
interest, in the opinion (in the case of clauses (y) and (z)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness
on the Securities of such series for principal and interest to the date of such deposit (in the case of Securities which have become due and payable) or for principal, premium, if any, and interest to the Stated Maturity or Redemption Date, as the
case may be; or 
 (C) the Issuer and each Guarantor have properly fulfilled such other means of satisfaction and discharge
as is specified, as contemplated by Section 2.01, to be applicable to the Securities of such series; 
 (2) the Issuer
or a Guarantor has paid or caused to be paid all other sums payable by them hereunder with respect to the Securities of such series; and 

(3) the Issuer has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to satisfaction
and discharge of this Indenture with respect to the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 

  
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 (b) Unless this Section 8.01(b) is specified as not being applicable to Securities of a series as
contemplated by Section 2.01, the Issuer may, at its option, terminate certain of its and each Guarantor’s respective obligations under this Indenture (“covenant defeasance”) with respect to the Securities of a series if: 

(1) the Issuer or a Guarantor has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of Securities of such series, (i) money in the currency in which payment of the Securities of
such series is to be made in an amount, or (ii) Government Obligations with respect to such series, maturing as to principal and interest at such times and in such amounts as will ensure the availability of money in the currency in which
payment of the Securities of such series is to be made in an amount or (iii) a combination thereof, that is sufficient without consideration of any investment of interest, in the opinion (in the case of clauses (ii) and (iii)) of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay the principal of and premium (if any) and interest on all Securities of such series on each date that such
principal, premium (if any) or interest is due and payable and (at the Stated Maturity thereof or upon redemption as provided in Section 8.01(e)) to pay all other sums payable by it hereunder; provided that the Trustee shall have been irrevocably
instructed to apply such money and/or the proceeds of such Government Obligations to the payment of said principal, premium (if any) and interest with respect to the Securities of such series as the same shall become due; 

(2) the Issuer has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to such
covenant defeasance with respect to the Securities of such series have been complied with, and an Opinion of Counsel to the same effect; 

(3) no Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the
date of such deposit; 
 (4) the Issuer shall have delivered to the Trustee an Opinion of Counsel from a nationally
recognized counsel acceptable to the Trustee or a tax ruling to the effect that the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of the Issuer’s exercise of its option under this Section
8.01(b) and will be subject to U.S. Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such option had not been exercised; 

(5) the Issuer and each Guarantor have complied with any additional conditions specified pursuant to Section 2.01 to be
applicable to the discharge of Securities of such series pursuant to this Section 8.01; and 
 (6) such deposit and
discharge shall not cause the Trustee to have a conflicting interest as defined in TIA Section 310(b). 
 In such event, this Indenture
shall cease to be of further effect (except as set forth in this paragraph), and the Trustee and each Guarantor, on demand of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge under this Indenture. However, the
Issuer’s and each Guarantor’s respective obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 4.02, 7.07, 7.08, 8.04 and 10.01, the Trustee’s and Paying Agent’s obligations in Section 8.03 and the rights, powers,
protections and privileges accorded the Trustee under Article VII shall survive until all Securities of such series are no longer outstanding. Thereafter, only the Issuer’s obligations in Section 7.07 and the Trustee’s and Paying
Agent’s obligations in Section 8.03 shall survive with respect to Securities of such series. 
 After such irrevocable deposit
made pursuant to this Section 8.01(b) and satisfaction of the other conditions set forth herein, the Trustee upon request shall acknowledge in writing the discharge of the Issuer’s and each Guarantor’s obligations under this Indenture with
respect to the Securities of such series except for those surviving obligations specified above. 
 In order to have money available on a
payment date to pay principal of or premium (if any) or interest on the Securities, the Government Obligations shall be payable as to principal or interest on or before such payment date in such amounts as will provide the necessary money.
Government Obligations shall not be callable at the issuer’s option. 

  
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 (c) If the Issuer and each Guarantor have previously complied or are concurrently complying with
Section 8.01(b) (other than any additional conditions specified pursuant to Section 2.01 that are expressly applicable only to covenant defeasance) with respect to Securities of a series, then, unless this Section 8.01(c) is specified as not
being applicable to Securities of such series as contemplated by Section 2.01, the Issuer may elect that its and each Guarantor’s respective obligations to make payments with respect to Securities of such series be discharged (“legal
defeasance”), if: 
 (1) no Default or Event of Default under clauses (5) and (6) of Section 6.01 hereof shall
have occurred at any time during the period ending on the 91st day after the date of deposit contemplated by Section 8.01(b) (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 

(2) unless otherwise specified with respect to Securities of such series as contemplated by Section 2.01, the Issuer has
delivered to the Trustee an Opinion of Counsel from a nationally recognized counsel acceptable to the Trustee to the effect referred to in Section 8.01(b)(4) with respect to such legal defeasance, which opinion is based on (i) a private ruling
of the Internal Revenue Service addressed to the Issuer, (ii) a published ruling of the Internal Revenue Service pertaining to a comparable form of transaction or (iii) a change in the applicable federal income tax law (including
regulations) after the date of this Indenture; 
 (3) the Issuer and each Guarantor have complied with any other conditions
specified pursuant to Section 2.01 to be applicable to the legal defeasance of Securities of such series pursuant to this Section 8.01(c); and 

(4) the Issuer has delivered to the Trustee an Issuer Request requesting such legal defeasance of the Securities of such series
and an Officers’ Certificate stating that all conditions precedent with respect to such legal defeasance of the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 

In such event, the Issuer and each Guarantor will be discharged from their respective obligations under this Indenture and the Securities of
such series to pay principal of, premium (if any) and interest on, and any Additional Amounts with respect to, Securities of such series, the Issuer’s and each Guarantor’s respective obligations under Sections 4.01, 4.02 and 10.01 shall
terminate with respect to such Securities, and the entire indebtedness of the Issuer evidenced by such Securities and of each Guarantor evidenced by the related Guarantees shall be deemed paid and discharged. 

(d) If and to the extent additional or alternative means of satisfaction, discharge or defeasance of Securities of a series are specified to
be applicable to such series as contemplated by Section 2.01, each of the Issuer and each Guarantor may terminate any or all of its obligations under this Indenture with respect to Securities of a series and any or all of its obligations under
the Securities of such series if it fulfills such other means of satisfaction and discharge as may be so specified, as contemplated by Section 2.01, to be applicable to the Securities of such series. 

(e) If Securities of any series subject to subsections (a), (b), (c) or (d) of this Section 8.01 are to be redeemed prior to their
Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory or optional sinking fund provisions, the terms of the applicable trust arrangement shall provide for such redemption, and the Issuer shall
make such arrangements as are reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer. 

SECTION 8.02.    Application of Trust Money; Other Miscellaneous Provisions. 

The Trustee or a trustee satisfactory to the Trustee and the Issuer shall hold in trust money or Government Obligations deposited with it
pursuant to Section 8.01 hereof. It shall apply the deposited money and the money from Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of, premium (if any) and interest on and
any Additional Amounts with respect to the Securities of the series with respect to which the deposit was made. 
 The Issuer and each
Guarantor shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Government Obligations deposited with it pursuant to Section 8.01 hereof or the principal and interest received in respect thereof
other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities. 

  
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 SECTION 8.03.    Repayment to Issuer or Guarantor. 

The Trustee and the Paying Agent shall promptly pay to the Issuer or any Guarantor any excess money or Government Obligations (or proceeds
therefrom) held by them at any time upon the written request of the Issuer. 
 Subject to the requirements of any applicable abandoned
property laws, the Trustee and the Paying Agent shall pay to the Issuer upon written request any money held by them for the payment of principal, premium (if any), interest or any Additional Amounts that remain unclaimed for two years after the date
upon which such payment shall have become due. After payment to the Issuer, Holders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another Person, and all
liability of the Trustee and the Paying Agent with respect to such money shall cease. 
 SECTION 8.04.    Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money or Government Obligations deposited with respect to Securities of any series in
accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Issuer and each
Guarantor under this Indenture with respect to the Securities of such series and under the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 until such time as the Trustee or
the Paying Agent is permitted to apply all such money or Government Obligations in accordance with Section 8.01; provided, however, that if the Issuer or any Guarantor has made any payment of principal of, premium (if any) or interest on or any
Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Issuer or such Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Securities to receive such payment from the
money or Government Obligations held by the Trustee or the Paying Agent. 
 ARTICLE IX 

SUPPLEMENTAL INDENTURES AND AMENDMENTS 
 SECTION
9.01.    Without Consent of Holders. 
 The Issuer, any Guarantor and the Trustee may amend or supplement this Indenture
or the Securities or waive any provision hereof or thereof without the consent of any Holder: 
 (1) to cure any ambiguity, omission, defect
or inconsistency; 
 (2) to comply with Section 5.01; 

(3) to provide for uncertificated Securities in addition to or in place of certificated Securities, or to provide for the issuance of bearer
Securities (with or without coupons); 
 (4) to provide any security for, or to add any guarantees of or additional obligors on, any series
of Securities or the related Guarantees; 
 (5) to comply with any requirement in order to effect or maintain the qualification of this
Indenture under the TIA; 
 (6) to add to the covenants of Parent, any Exchange Securities Issuer or any Guarantor for the benefit of the
Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series), or to surrender any
right or power herein conferred upon Parent, any Exchange Securities Issuer or any Guarantor; 
 (7) to add any additional Events of Default
with respect to all or any series of the Securities (and, if any Event of Default is applicable to less than all series of Securities, specifying the series to which such Event of Default is applicable); 

  
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 (8) to change or eliminate any of the provisions of this Indenture; provided that any such change
or elimination shall become effective only when there is no outstanding Security of any series created prior to the execution of such amendment or supplemental indenture that is adversely affected in any material respect by such change in or
elimination of such provision; 
 (9) to establish the form or terms of Securities of any series as permitted by Section 2.01; 

(10) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Section 8.01; provided, however, that any such action shall not adversely affect the interest of the Holders of Securities of such series or any other series of Securities in any material
respect; 
 (11) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 7.08; or 
 (12) to evidence and provide for the exchange of Existing Securities and the issuance and terms of Exchange
Securities in accordance with Article XI. 
 Upon the request of the Issuer, accompanied by a Board Resolution, and upon receipt by the
Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with Parent, the Issuer and each Guarantor in the execution of any supplemental indenture authorized or permitted by the terms of this
Indenture and make any further appropriate agreements and stipulations that may be therein contained. 
 SECTION 9.02.    With Consent
of Holders. 
 Except as provided below in this Section 9.02, the Issuer, any Guarantor and the Trustee may amend or supplement this
Indenture with the written consent (including consents obtained in connection with a tender offer or exchange offer for Securities of any one or more series or all series or a solicitation of consents in respect of Securities of any one or more
series or all series, provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities of each such series (but the terms of such offer or solicitation may vary from series to series)) of the Holders of at
least a majority in principal amount of the then outstanding Securities of all series affected by such amendment or supplement (acting as one class). 

Upon the request of the Issuer, accompanied by a Board Resolution, and upon the filing with the Trustee of evidence of the consent of the
Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Issuer and each Guarantor in the execution of such amendment or supplemental
indenture. 
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any
proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 The Holders of a
majority in principal amount of the then outstanding Securities of one or more series or of all series may waive compliance in a particular instance by Parent, any Exchange Securities Issuer or any Guarantor with any provision of this Indenture with
respect to Securities of such series (including waivers obtained in connection with a tender offer or exchange offer for Securities of such series or a solicitation of consents in respect of Securities of such series, provided that in each case such
offer or solicitation is made to all Holders of then outstanding Securities of such series (but the terms of such offer or solicitation may vary from series to series)). 

However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not: 

(1) reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver; 

(2) reduce the rate of or change the time for payment of interest, including default interest, on any Security; 

  
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 (3) reduce the principal of, any premium on or any mandatory sinking fund payment with respect
to, or change the Stated Maturity of, any Security or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02;

 (4) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or shall be
redeemed; 
 (5) change any obligation of the Issuer or a Guarantor to pay Additional Amounts with respect to any Security; 

(6) change the coin or currency or currencies (including composite currencies) in which any Security or any premium, interest or Additional
Amounts with respect thereto are payable; 
 (7) impair the right to institute suit for the enforcement of any payment of principal of,
premium (if any) or interest on or any Additional Amounts with respect to any Security pursuant to Sections 6.07 and 6.08, except as limited by Section 6.06; 

(8) make any change in the percentage of principal amount of Securities necessary to waive compliance with certain provisions of this
Indenture pursuant to Section 6.04 or 6.07 or make any change in this sentence of Section 9.02; or 
 (9) waive a continuing
Default or Event of Default in the payment of principal of, premium (if any) or interest on or Additional Amounts with respect to the Securities. 

A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely
for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture
of the Holders of Securities of any other series. 
 The right of any Holder to participate in any consent required or sought pursuant to
any provision of this Indenture (and the obligation of the Issuer or any Guarantor to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any
Securities with respect to which such consent is required or sought as of a date identified by the Issuer or any Guarantor in a notice furnished to Holders in accordance with the terms of this Indenture. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall mail to the Holders of each Security
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or
waiver. 
 SECTION 9.03.    Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Securities shall comply in form and substance with the TIA as then in effect. 

SECTION 9.04.    Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the
consent as to his or her Security or portion of a Security if the Trustee receives written notice of revocation before a date and time therefor identified by the Issuer or any Guarantor in a notice furnished to such Holder in accordance with the
terms of this Indenture or, if no such date and time shall be identified, the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder. 
 The Issuer or any Guarantor may, but shall not be obligated to, fix a record date (which need not comply with TIA Section 316(c))
for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver or to take any other action under this Indenture. If a record date is fixed, then notwithstanding the

  
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provisions of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to
such amendment, supplement or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No consent shall be valid or effective for more than 90 days after such record date unless
consents from Holders of the principal amount of Securities required hereunder for such amendment or waiver to be effective shall have also been given and not revoked within such 90-day period. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it is of the type described in any of clauses
(1) through (9) of Section 9.02 hereof. In such case, the amendment, supplement or waiver shall bind each Holder who has consented to it and every subsequent Holder that evidences the same debt as the consenting Holder’s Security.

 SECTION 9.05.    Notation on or Exchange of Securities. 

If an amendment or supplement changes the terms of an outstanding Security, the Issuer may require the Holder of the Security to deliver it to
the Trustee. The Trustee may place an appropriate notation on the Security at the request of the Issuer regarding the changed terms and return it to the Holder. Alternatively, if the Issuer so determines, the Issuer in exchange for the Security
shall issue, each Guarantor shall execute and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment or
supplement. 
 Securities of any series authenticated and delivered after the execution of any amendment or supplement may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such amendment or supplement. 
 SECTION
9.06.    Trustee to Sign Amendments, etc. 
 The Trustee shall sign any amendment or supplement authorized pursuant to
this Article if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment or supplement, the
Trustee shall be entitled to receive, and, subject to Section 7.01 hereof, shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel provided at the expense of the Issuer or any Guarantor as conclusive
evidence that such amendment or supplement is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Issuer and such Guarantor in accordance with its terms. 

ARTICLE X 
 GUARANTEE 

SECTION 10.01.    Guarantees. 

Each Guarantor hereby unconditionally guarantees to the Holders from time to time of the Securities (a) the full and prompt payment of the
principal of and any premium on any Security when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of any interest on and any Additional
Amounts with respect to any Security when and as the same shall become due, subject in each case to any applicable grace period. Each payment by such Guarantor with respect to any Security shall be paid in the currency or currencies specified for
payments on such Security as contemplated by Section 2.01 and pursuant to this Indenture. Each Guarantee hereunder constitutes a guarantee of payment and not of collection. 

The obligations of each Guarantor hereunder with respect to a series of Securities shall be absolute and unconditional and, subject to Article
VIII, shall remain in full force and effect until the entire principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of such series shall have been paid or provided for in accordance with the
provisions of such series and of this Indenture, irrespective of the validity, regularity or enforceability of any Security of such series or this Indenture, any change or amendment thereto, the absence of any action to enforce the same, any waiver
or consent by the Trustee or the Holder of any Security of such series with respect to any provision of such Security or this Indenture, the recovery of any judgment against the Issuer or any action to enforce the same, or any other circumstances
that may otherwise constitute a legal 

  
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or equitable discharge or defense of such Guarantor. Each Guarantor hereby waives presentment or demand of payment or notice to such Guarantor with respect to such Security and the obligations
evidenced thereby or hereby. Each Guarantor further waives any right of set-off or counterclaim it may have against any Holder of a Security arising from any other obligations any such Holder may have to the
Issuer or such Guarantor. 
 It is the intention of each Guarantor that such Guarantee not constitute a fraudulent transfer or conveyance
for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to the Guarantee. To effectuate the foregoing intention, the obligations of
each Guarantor hereunder shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor (other than guarantees of such Guarantor in respect of subordinated
debt) that are relevant under such laws, result in the obligations of such Guarantor hereunder not constituting a fraudulent transfer or conveyance. 

SECTION 10.02.    Proceedings Against Guarantors. 

In the event of a default in the payment of principal of or any premium on any Security when and as the same shall become due, whether at the
Stated Maturity thereof, by acceleration, call for redemption or otherwise, or in the event of a default in any sinking fund payment, or in the event of a default in the payment of any interest on or any Additional Amounts with respect to any
Security when and as the same shall become due, each of the Trustee and the Holder of such Security shall have the right to proceed first and directly against each Guarantor under this Indenture without first proceeding against the Issuer or
exhausting any other remedies which the Trustee or such Holder may have and without resorting to any other security held by it. 
 The
Trustee shall have the right, power and authority to do all things it deems necessary or advisable to enforce the provisions of this Indenture relating to each Guarantee and to protect the interests of the Holders of the Securities and, in the event
of a default in payment of the principal of or any premium on any Security when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, call for redemption or otherwise, or in the event of a default in the payment
of any interest on or any Additional Amounts with respect to any Security when and as the same shall become due, the Trustee may institute or appear in such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any of its rights and the rights of the Holders, whether for the specific enforcement of any covenant or agreement in this Indenture relating to each Guarantee or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy. Without limiting the generality of the foregoing, in the event of a default in payment of the principal of, premium (if any) and interest on or any Additional Amounts with respect to any Security when due, the Trustee may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against each Guarantor and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of each Guarantor, wherever situated. 
 SECTION 10.03.    Subrogation. 

Each Guarantor shall be subrogated to all rights against the Issuer of any Holder of Securities of a series in respect of any amounts paid by
such Guarantor pursuant to the provisions of such Guarantee; provided, however, that such Guarantor shall be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation only after the principal of, premium
(if any) and interest on and any Additional Amounts with respect to all Securities of such series have been paid in full. 
 SECTION
10.04.    Guarantee for Benefit of Holders. 
 Each Guarantee contained in this Indenture is entered into by such
Guarantor for the benefit of the Holders from time to time of the Securities. Such provisions shall not be deemed to create any right in, or to be in whole or in part for the benefit of, any Person other than the Trustee, such Guarantor, the Holders
from time to time of the Securities and their permitted successors and assigns. 

  
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 ARTICLE XI 

EXCHANGE SECURITIES 
 SECTION
11.01.    Issuance of Exchange Securities. 
 Subject to the conditions set forth in this Article XI, Parent may cause
one or more Eligible Exchange Securities Issuers to issue Exchange Securities in respect of all or a portion of the outstanding Securities of a series (the “Existing Securities”), in one transaction or a series of successive transactions,
without the consent of the Holders of the Existing Securities. If Parent elects to exchange Existing Securities pursuant to this Indenture, it shall notify the Trustee of the Exchange Date, the principal amount of Existing Securities to be
exchanged, and, in the event of a partial exchange, the applicable exchange rate (e.g., 1:1). Parent shall so notify the Trustee at least five Business Days before the Exchange Date (unless a shorter notice shall be satisfactory to the
Trustee) by delivering to the Trustee an Officers’ Certificate and Opinion of Counsel stating that such exchange will comply with the provisions of this Indenture and of the Existing Securities. Any such notice to the Trustee may be canceled at
any time prior to the mailing of the applicable notice of such exchange to any Holder pursuant to Section 11.04 and shall thereupon be void and of no effect. 

Notwithstanding the foregoing, neither P66 Company nor PDI shall issue any Exchange Securities unless in a substantially concurrent
transaction, PSXP shall issue an identical amount of Exchange Securities in accordance with this Article XI and the Exchange Securities issued by P66 Company and PDI, as applicable, shall have been cancelled. In the event an exchange of Existing
Securities pursuant to this Article XI involves the issuance of Exchange Securities by more than one Exchange Securities Issuer in substantially concurrent transactions on the same Exchange Date, the references to “Exchange Securities” and
“Exchange Securities Issuer” in Sections 11.03 and 11.04 shall apply only to the ultimate Exchange Securities issued and the ultimate Exchange Securities Issuer in such series of transactions and, for avoidance of doubt, only a single
notice period and a single notice of exchange, as well as a single Opinion of Counsel pursuant to Section 11.03(10) and a single Officers’ Certificate pursuant to Section 11.03(11), shall be required in respect of such exchange. 

SECTION 11.02.    Selection of Existing Securities to be Exchanged; Denominations. 

If fewer than all the Existing Securities are to be exchanged, the particular Existing Securities to be exchanged shall be selected not more
than 60 days prior to the Exchange Date by the Trustee (or, in the case of Global Securities, by the Depositary) from the outstanding Existing Securities of such series on a pro rata basis. 

The minimum denominations of the Existing Securities to be exchanged will be reduced to $1.00 and any integral multiple of $1.00 in excess
thereof. The minimum denominations of each series of Exchange Securities to be issued will be $1.00 and any integral multiple of $1.00 in excess thereof. In connection with any exchange, any fractional amounts of less than $1.00 of Existing
Securities selected to be exchanged will be rounded to the nearest $1.00 (with $0.50 being rounded upwards). 
 The Trustee shall promptly
notify Parent and the Registrar in writing of the Existing Securities selected for exchange and, in the case of any Existing Securities selected for partial exchange, the principal amount thereof to be exchanged. 

For purposes of this Indenture, unless the context otherwise requires, all provisions relating to exchange of Existing Securities shall
relate, in the case of any of the Existing Securities exchanged or to be exchanged only in part, to the portion of the principal amount thereof which has been or is to be exchanged. 

SECTION 11.03.    Additional Conditions to Exchange. 

In addition to compliance with the other provisions of this Article XI, it shall be a condition to any exchange pursuant to Section 11.01
that: 
  

	 	(1)	no Default shall have occurred and be continuing on the Exchange Date or will result from the exchange; 

  
 40 

	 	(2)	if fewer than all outstanding Existing Securities are to be exchanged, after giving effect to the exchange, no less than $150.0 million in aggregate principal amount of the Existing Securities shall remain
outstanding; 

  

	 	(3)	no issuance of Exchange Securities pursuant to an exchange shall be in an amount of less than $150.0 million in aggregate principal amount; 

 

	 	(4)	each of Parent, P66 Company, the applicable Exchange Securities Issuer and the Trustee shall have executed a supplemental indenture, substantially in the form set forth as Exhibit A hereto, (i) providing for the
issuance of the Exchange Securities by the Exchange Securities Issuer and the full and unconditional Guarantee of the Exchange Securities by each of Parent and P66 Company (if not itself the Exchange Securities Issuer) and (ii) establishing the
form and the terms of the Exchange Securities, which shall be identical to those of the Existing Securities being exchanged, except for: the date from which interest accrues, the Persons to be the Issuer and the Guarantors, the minimum denominations
of the Exchange Securities, the CUSIP numbers and the right of the Exchange Securities Issuer to redeem such Exchange Securities (which shall be limited to a redemption in full and not one or more redemptions in part but otherwise shall be identical
to the redemption rights of the Existing Securities); 

  

	 	(5)	each of Parent, P66 Company and the applicable Exchange Securities Issuer shall have executed and the Trustee shall have authenticated one or more Securities representing the Exchange Securities and deposited such
Securities with the Depositary (or if not in the form of Global Securities, with the Trustee for delivery to the relevant Holders of the Existing Securities selected for exchange); 

 

	 	(6)	the applicable Exchange Securities Issuer shall have obtained a CUSIP number, if necessary, in respect of the Exchange Securities; 

  

	 	(7)	all accrued and unpaid interest on the Existing Securities to be exchanged, to but excluding the Exchange Date, shall be paid on the Exchange Date and interest shall begin to accrue on the Exchange Securities on the
Exchange Date; 

  

	 	(8)	on the Exchange Date, Parent shall have delivered or caused to be delivered to the Trustee for cancellation, Existing Securities in an aggregate principal amount equal to the aggregate principal amount of Exchange
Securities to be issued on the Exchange Date; 

  

	 	(9)	if the Existing Securities are entitled to the benefits of a registration rights agreement and the Exchange Securities Issuer is PSXP, then PSXP shall have entered into a registration rights agreement with substantially
identical terms, or a joinder to such existing registration rights agreement, and Parent shall have delivered to the Trustee an Opinion of Counsel to the effect that such registration rights agreement has been duly authorized, executed and delivered
by the Exchange Securities Issuer and constitutes a legal, valid and binding obligation of the Exchange Securities Issuer enforceable against the Exchange Securities Issuer in accordance with its terms (subject to customary enforceability
exceptions); 

  

	 	(10)	 Parent shall have delivered to the Trustee an Opinion of Counsel to the effect that (i) the exchange and
such supplemental indenture comply with this Indenture, (ii) such supplemental indenture has been duly authorized, executed and delivered by each of Parent, P66 Company and the applicable Exchange Securities Issuer and each of such supplemental
indenture and the Indenture as so supplemented constitutes a legal, valid and binding obligation of each of Parent, P66 Company and the applicable Exchange Securities Issuer enforceable against each of Parent, P66 Company and the applicable Exchange
Securities Issuer in accordance with its terms (subject to customary enforceability exceptions), (iii) the Exchange Securities have been duly authorized and executed and,when authenticated in accordance with the provisions of such supplemental
indenture and the Indenture and delivered in exchange for the Existing Securities, will constitute a legal, valid and binding obligation of the applicable Exchange Securities Issuer entitled to the benefits of the Indenture as supplemented by such
supplemental indenture and enforceable against the applicable Exchange Securities Issuer in accordance with their terms (subject to customary enforceability exceptions), and (iv) each Guarantee has been duly authorized and executed and, when
the Exchange Securities are authenticated in accordance with the provisions of such supplemental indenture and the Indenture and delivered in exchange for the Existing Securities, will

  
 41 

	 	
constitute a legal, valid and binding obligation of the applicable Guarantor entitled to the benefits of the Indenture as supplemented by such supplemental indenture and enforceable against the
applicable Guarantor in accordance with its terms (subject to customary enforceability exceptions); and 

  

	 	(11)	Parent or the applicable Exchange Securities Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the exchange and such supplemental indenture comply with this Indenture.

 SECTION 11.04.    Notice of Exchange. 

Notice of exchange shall be given by first-class mail, postage prepaid, mailed not less than five Business Days nor more than 60 days prior to
the Exchange Date, to each Holder of Existing Securities to be exchanged, at the address of such Holder appearing in the register of Securities maintained by the Registrar. 

All notices of exchange shall identify the Existing Securities to be exchanged and shall state: 

 

	 	(1)	the Exchange Date; 

  

	 	(2)	the principal amount of Existing Securities to be exchanged; 

  

	 	(3)	the amount of accrued and unpaid interest to be outstanding and payable on the Exchange Date in respect of each $1,000 principal amount of the Existing Securities, if such amount can be determined at the time of such
notice; 

  

	 	(3)	the identity of the Exchange Securities Issuer and, if more than one exchange is to occur on such Exchange Date in accordance with the second paragraph of Section 11.01, the identity of the Exchange Securities
Issuer after giving effect to all such exchanges on such Exchange Date; 

  

	 	(4)	that, unless (i) Parent, the applicable Issuer of the Existing Securities and any applicable Guarantor defaults in making the required payment of accrued interest or (ii) Parent, any applicable Guarantor and
the applicable Exchange Securities Issuer fail to deliver the Exchange Securities, interest on Existing Securities called for exchange shall cease to accrue on and after the Exchange Date, and the only remaining right of the Holders of such Existing
Securities to be exchanged shall be to receive payment of accrued and unpaid interest on such Existing Securities and an equal principal amount of Exchange Securities upon surrender to the Paying Agent of the Existing Securities exchanged;

  

	 	(5)	a summary of the U.S. Federal income tax consequences of the exchange for Holders of Existing Securities being exchanged; 

  

	 	(6)	if any Existing Security is to be exchanged in part, the portion of the principal amount thereof to be exchanged and that on and after the Exchange Date, upon surrender for cancellation of such Existing Security to the
Paying Agent, a new Security or Securities in the aggregate principal amount equal to the unexchanged portion thereof will be issued without charge to the Holder; 

 

	 	(7)	that Existing Securities called for exchange must be surrendered to the Paying Agent to collect accrued and unpaid interest and receive the Exchange Securities, and the name and address of the Paying Agent; and

  

	 	(8)	the CUSIP number(s), if any, relating to such Existing Securities and the unexchanged portion thereof, and the CUSIP number of the Exchange Securities, along with the statement in Section 2.18. 

At Parent’s request, the Trustee shall give the notice of exchange in Parent’s name and at its expense; provided that Parent shall
have delivered to the Trustee, at least five Business Days before the notice of exchange is required to be mailed or caused to be mailed to Holders pursuant to this Section 11.04 (unless a shorter notice shall be satisfactory to the Trustee),
an Officers’ Certificate requesting that the Trustee give such notice with the form of such notice included as an exhibit thereto and setting forth the information required to be stated in such notice as provided in the preceding paragraph.

  
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 SECTION 11.05.    Effect of Notice of Exchange. 

Once notice of exchange is mailed, Existing Securities called for exchange must be surrendered to the Paying Agent on the Exchange Date to
collect accrued and unpaid interest and receive the Exchange Securities. All accrued and unpaid interest on the Existing Securities to be exchanged shall be paid on the Exchange Date and interest shall begin to accrue on the Exchange Securities on
the Exchange Date. 
 SECTION 11.06.    Deposit of Exchange Securities and Accrued Interest. 

On or prior to 11:00 a.m., New York City time, on the Exchange Date, the Exchange Securities Issuer and the Guarantors shall deposit the
Exchange Securities with the Depositary or the Security Custodian (or if not in the form of Global Securities, with the Trustee for delivery to the relevant Holders of the Existing Securities) and the applicable Issuer of the Existing Securities or
a Guarantor of such Existing Securities shall deposit with the Trustee or the Paying Agent (or, if the Issuer or such Guarantor is acting as the Paying Agent, segregate and hold in trust as provided in Section 2.06) an amount of money in same
day funds sufficient to pay the accrued and unpaid interest on and any Additional Amounts with respect to, the Existing Securities or portions thereof which are to be exchanged on the Exchange Date. 

Unless (i) Parent, the applicable Issuer of the Existing Securities and any applicable Guarantor defaults in making the required payment
of accrued interest or (ii) the Exchange Securities Issuer and the Guarantors fail to deliver the Exchange Securities, interest on Existing Securities called for exchange ceases to accrue on and after the Exchange Date, and the only remaining
right of the Holders of such Existing Securities to be exchanged is to receive payment of accrued and unpaid interest on such Existing Securities and an equal principal amount of Exchange Securities upon surrender to the Paying Agent of the Existing
Securities exchanged. 
 SECTION 11.07.    Securities Exchanged in Part. 

Upon surrender to the Paying Agent of an Existing Security to be exchanged in part, the Issuer of such series of Existing Securities and each
Guarantor thereof shall execute and the Trustee shall authenticate and deliver to the Holder of such Existing Security without service charge to such Holder, upon delivery of an Issuer Order and an Officers’ Certificate and Opinion of Counsel
pursuant to Sections 12.04 and 12.05, a new Security or Securities identical to the series of Existing Securities being exchanged, but having a new CUSIP number, and of any authorized denomination as requested by such Holder in aggregate principal
amount equal to, and in exchange for, the unexchanged portion of the principal of the Existing Security so surrendered that is not exchanged. 

ARTICLE XII 
 MISCELLANEOUS 

SECTION 12.01.    Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by operation of TIA Section 318(c), the imposed
duties shall control. 
 SECTION 12.02.    Notices. 

Any notice or communication by Parent, any Exchange Securities Issuer, any Guarantor or the Trustee to the others is duly given if in writing
and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), telex, facsimile or overnight air courier guaranteeing next day delivery, to the other’s address: 

If to Parent, any Exchange Securities Issuer or any Guarantor: 

Phillips 66 Houston Operations Center 

1075 W. Sam Houston Parkway N. Suite 200 

Attn: General Counsel 
 Houston,
TX 77043 
 Telephone: (281) 293-6600 

Facsimile: (918) 977-8055 

  
 43 

 If to the Trustee: 

Wells Fargo Bank, National Association 

MAC T9263-170 

750 N. St. Paul Place, Ste. 1750 

Dallas, TX 75201 
 Attn:
Corporate, Municipal & Escrow Services 
 Facsimile: (214) 756-7401 

Parent, any Exchange Securities Issuer, any Guarantor or the Trustee by notice to the others may designate additional or different addresses
for subsequent notices or communications. 
 All notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery. 
 Any notice or communication to a Holder shall be mailed by first-class mail, postage prepaid, to
the Holder’s address shown on the register kept by the Registrar, or in any case where the Depositary or its nominee is the Holder, any notice or communication will be given by the method specified by the Depositary. Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or
communication is given in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case of notice to the Trustee, it is duly given only when received. 

If Parent, any Exchange Securities Issuer or any Guarantor gives a notice or communication to Holders, it shall give a copy to the others and
to the Trustee and each Agent at the same time. 
 All notices or communications, including without limitation notices to the Trustee,
Parent, the Issuer or the Guarantors by Holders, shall be in writing, except as otherwise set forth herein. 
 In case by reason of the
suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a
sufficient mailing of such notice. 
 In addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions or
directions pursuant to this Indenture sent by unsecured e-mail or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party
providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties. 
 SECTION 12.03.    Communication by Holders with Other
Holders. 
 Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or
the Securities. Parent, the Issuer, each Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 

  
 44 

 SECTION 12.04.    Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer or any Guarantor to the Trustee to take any action under this Indenture, the Issuer or such
Guarantor, as the case may be, shall, if requested by the Trustee, furnish to the Trustee at the expense of the Issuer or such Guarantor, as the case may be: 

(1) an Officers’ Certificate (which shall include the statements set forth in Section 12.05) stating that, in the opinion of the
signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such
counsel, all such conditions precedent and covenants have been complied with. 
 SECTION 12.05.    Statements Required in Certificate or
Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 
 (1) a
statement that the Person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her
to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether
or not, in the opinion of such Person, such condition or covenant has been complied with. 
 SECTION 12.06.    Rules by Trustee and
Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or the Paying Agent may make
reasonable rules and set reasonable requirements for its functions. 
 SECTION 12.07.    Legal Holidays. 

Unless otherwise provided with respect to the Securities of any series, if a payment date is a Legal Holiday at a Place of Payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
 SECTION
12.08.    No Recourse Against Others. 
 A director, officer, employee, stockholder, partner or other owner of the
Issuer, any Guarantor or the Trustee, as such, shall not have any liability for any obligations of the Issuer under the Securities, for any obligations of any Guarantor under any Guarantee, or for any obligations of the Issuer, any Guarantor or the
Trustee under this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release shall be part of the
consideration for the issue of Securities. 
 SECTION 12.09.    Governing Law; Waiver of Jury Trial. 

THIS INDENTURE, THE SECURITIES AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

EACH OF PARENT AND P66 COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY.

  
 45 

 SECTION 12.10.    No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuer, any Guarantor or any Subsidiary. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 12.11.    Successors. 

All agreements of Parent, each Exchange Securities Issuer and each Guarantor in this Indenture and the Securities shall bind its successors.
All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 12.12.    Severability. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall, to the fullest extent permitted by applicable law, not in any way be affected or impaired thereby. 

SECTION 12.13.    Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. 
 SECTION 12.14.    Table of Contents, Headings, etc. 

The table of contents, cross-reference table and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION
12.15.    U.S.A. Patriot Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the U.S.A.
Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 46 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the
day and year first above written. 
  

			
	PHILLIPS 66
		
	By:	 	 /s/ John D. Zuklic

		 	John D. Zuklic
		 	Vice President and Treasurer
	
	PHILLIPS 66 COMPANY
		
	By:	 	 /s/ John D. Zuklic

		 	John D. Zuklic
		 	Vice President and Treasurer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Gregory S. Clarke

	Name:	 	 Gregory S. Clarke

	Title:	 	 Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

FORM OF EXCHANGE SECURITIES SUPPLEMENTAL INDENTURE 

[NUMBER] SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of [●], among [APPLICABLE EXCHANGE SECURITIES
ISSUER], a [JURISDICTION] [ENTITY] (the “Exchange Securities Issuer”), PHILLIPS 66, a Delaware corporation (“Parent”), PHILLIPS 66 COMPANY, a Delaware corporation (“P66 Company”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as trustee under the indenture referred to below (the “Trustee”). 
 W I T N E S S E T
H : 
 WHEREAS, each of Parent and P66 Company has heretofore executed and delivered to the Trustee an Indenture, dated as of [●],
2017 (the “Base Indenture”), providing for the issuance from time to time of Securities in one or more series; 
 WHEREAS,
pursuant to [a [Number] Supplemental Indenture]/[Officer’s Certificate] dated as of [●], 2017, among Parent, P66 Company and the Trustee, (such [Supplemental Indenture]/[Officer’s Certificate], together with the Base Indenture, the
“Indenture”), Parent has issued a series of Securities designated as its [[●] Notes due [●]] (the “Existing Securities”); 

WHEREAS, Article XI of the Base Indenture permits Parent, upon the satisfaction of the conditions set forth therein to cause the
exchange of all or a portion of the outstanding Existing Securities for an equal principal amount of a new series of Exchange Securities issued by an Eligible Exchange Securities Issuer and guaranteed by Parent and P66 Company (if not itself the
Exchange Securities Issuer); 
 WHEREAS, pursuant to Section 9.01 of the Base Indenture, Parent, P66 Company, the Exchange Securities
Issuer and the Trustee are authorized to execute and deliver this Supplemental Indenture without the consent of the Holders of the Existing Securities; and 

WHEREAS, all acts and requirements necessary to make this Supplemental Indenture a legal, valid and binding obligation of each of Parent, P66
Company and the Exchange Securities Issuer have been done; 
 NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the Exchange Securities Issuer, Parent, P66 Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Existing Securities and the
Exchange Securities as follows: 
 SECTION 1. Capitalized Terms. Capitalized terms used in this Supplemental Indenture (including the
recitals hereto) without definition shall have the meanings set forth in the Base Indenture. 
 SECTION 2. Terms of Exchange
Securities. (a) The terms of the Exchange Securities (including the form of note for Exchange Securities) shall be as set forth in Annex A hereto. 

(b) [insert any applicable terms of Existing Securities not included in form of note for Exchange Securities]. 

(c) The Exchange Securities Issuer hereby agrees to be bound by all other applicable provisions of the Base Indenture and to constitute the
“Issuer” of the Exchange Securities for all purposes under the Exchange Securities and the Indenture, and the Exchange Securities shall constitute a series of Securities under the Base Indenture. 

 SECTION 3. Agreement to Guarantee. Each of Parent and P66 Company (if not itself the
Exchange Securities Issuer) hereby agrees, jointly and severally with all other Guarantors, if any, to fully and unconditionally guarantee the Exchange Securities Issuer’s obligations under the Exchange Securities and the Indenture on the terms
and subject to the conditions set forth in Article X of the Indenture and to be bound by all other applicable provisions of the Exchange Securities and the Indenture. 

SECTION 4. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or
privilege under this Supplemental Indenture, the Base Indenture or the Exchange Securities shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The
rights, remedies and benefits of the Trustee and the Holders herein and therein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Supplemental Indenture, the Indenture or
the Exchange Securities at law, in equity, by statute or otherwise. 
 SECTION 5. Ratification of Indenture; Supplemental Indentures Part
of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part
of the Indenture for all purposes, and every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. For the avoidance of doubt, nothing in this Supplemental Indenture shall affect the terms of any Existing
Securities that remain outstanding after giving effect to the issuance of the Exchange Securities. 
 SECTION 6. GOVERNING LAW; WAIVER OF
JURY TRIAL. THIS SUPPLEMENTAL INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE
EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 EACH OF THE EXCHANGE SECURITIES ISSUER, PARENT, P66 COMPANY AND ANY
OTHER GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY. 
 SECTION 7.
Successors. All agreements of the Exchange Securities Issuer, Parent, P66 Company and any other Guarantor in this Supplemental Indenture and the Exchange Securities shall bind its respective successors. All agreements of the Trustee in this
Supplemental Indenture shall bind its successors. 
 SECTION 8. Severability. In case any provision in this Supplemental Indenture or
in the Exchange Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall, to the fullest extent permitted by applicable law, not in any way be affected or impaired thereby.

 SECTION 9. Counterpart Originals. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall
be an original, but all of them together represent the same agreement. 
 SECTION 10. Effect of Headings. The headings of Sections of
this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 11. Trustee. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. The
recitals and statements herein are deemed to be those of Parent, P66 Company and the Exchange Securities Issuer and not of the Trustee. 

 [Remainder of this page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first written above. 
  

					
	[APPLICABLE EXCHANGE SECURITIES ISSUER], as Issuer,
			
		 	By	 	  

		 		 	 Name:
 Title:

	
	PHILLIPS 66, as Guarantor,
			
		 	By	 	  

		 		 	 Name:
 Title:

	
	PHILLIPS 66 COMPANY, as Guarantor,
			
		 	By	 	  

		 		 	 Name:
 Title:

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee,
			
		 	By	 	  

		 		 	 Name:
 Title:

 Annex A 

[FORM OF FACE OF SECURITY] 
 [FOR GLOBAL
SECURITIES: UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), A NEW YORK CORPORATION
(“DTC”), SHALL ACT AS THE DEPOSITARY UNTIL A SUCCESSOR SHALL BE APPOINTED BY THE ISSUER AND THE REGISTRAR. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

[FOR RULE 144A GLOBAL NOTE: THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. AS AMENDED (THE “SECURITIES ACT”) OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL
OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS
THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY TO (A) THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
(D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.] 

 [APPLICABLE EXCHANGE SECURITIES ISSUER] 

[NOTES DUE [●]] 
 FULLY AND
UNCONDITIONALLY GUARANTEED BY 
 PHILLIPS 66 

PHILLIPS 66 COMPANY 
  

			
		  	CUSIP No.
                                    
		  	ISIN No.
                                    
	 No.
                                         
       
	  	$
                                    

 [APPLICABLE EXCHANGE SECURITIES ISSUER], a [JURISDICTION] [ENTITY] (the “Issuer,” which term
includes any successor Person under the Indenture hereinafter referred to), for value received, promises to pay to [●] or registered assigns, the principal sum of [●] Dollars[, or such greater or lesser amount as indicated on the
Schedule of Exchanges of Securities hereto,] on [●], 20[●]. 
 Interest Payment Dates: [●] and [●] 

Record Dates: [●] and [●] 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by facsimile by
its duly authorized officers. 
 Dated: 
  

	
	[APPLICABLE EXCHANGE SECURITIES ISSUER], as Exchange Securities Issuer,
	
	 By

	
                      
                                         
            

	    Name:

	    Title:

	
	 By

	
                      
                                         
            

	    Name:

	    Title:

 GUARANTEE 

Phillips 66, a Delaware corporation, unconditionally guarantees to the holder of this Security, upon the terms and subject to the conditions
set forth in the Indenture referenced on the reverse hereof, (a) the full and prompt payment of the principal of and any premium on this Security when and as the same shall become due, whether at the stated maturity thereof, by acceleration,
redemption or otherwise, and (b) the full and prompt payment of interest on this Security when and as the same shall become due, subject to any applicable grace period. 

 

	
	PHILLIPS 66, as Guarantor
	
	 By

	
                      
                                         
            

	    Name:

	    Title:

 Phillips 66 Company, a Delaware corporation, unconditionally guarantees to the holder of this Security,
upon the terms and subject to the conditions set forth in the Indenture referenced on the reverse hereof, (a) the full and prompt payment of the principal of and any premium on this Security when and as the same shall become due, whether at the
stated maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of interest on this Security when and as the same shall become due, subject to any applicable grace period. 

 

	
	PHILLIPS 66 COMPANY, as Guarantor
	
	 By

	
                      
                                         
            

	    Name:

	    Title:

 Certificate of Authentication: 

This is one of the Securities of the series 
 designated therein
referred to in the within- 
 mentioned Indenture. 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 
  

			
	By:	 	  

			
	Authorized Signatory
	
	Dated:

 [FORM OF REVERSE OF SECURITY] 

APPLICABLE EXCHANGE SECURITIES ISSUER] 

[NOTES DUE [●]] 
 FULLY AND
UNCONDITIONALLY GUARANTEED BY 
 PHILLIPS 66 

PHILLIPS 66 COMPANY 
 This
Security is one of a duly authorized issue of [Notes Due [●]] (the “Securities”) of [APPLICABLE EXCHANGE SECURITIES ISSUER], a [JURISDICTION] [ENTITY] (the “Issuer”). 

[INSERT REVERSE OF EXISTING SECURITY TO BE EXCHANGED AS REVISED IN ACCORDANCE WITH ARTICLE XI OF THE BASE INDENTURE]EX-4.2

 Exhibit 4.2 

PHILLIPS 66 
 Floating Rate Notes
due 2019 
 Floating Rate Notes due 2020 

Fully and Unconditionally Guaranteed by 

PHILLIPS 66 COMPANY 
 Two series
of Securities are hereby established pursuant to Section 2.01 of the Indenture, dated as of April 21, 2017 (the “Indenture”), among Phillips 66, as issuer (the “Company”), Phillips 66 Company, as guarantor (the
“Guarantor”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”), as follows: 

1.    Each capitalized term used but not defined herein shall have the meaning assigned to such term in the Indenture.

 2.    The title of the Floating Rate Notes due 2019 shall be “Floating Rate Notes due 2019” (the “2019
Notes”) and the title of the Floating Rate Notes due 2020 shall be “Floating Rate Notes due 2020” (the “2020 Notes” and, together with the 2019 Notes, the “Notes”). 

3.    The limit upon the aggregate principal amount of the 2019 Notes and the 2020 Notes that may be authenticated and
delivered under the Indenture (except for Notes of such series authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of such series pursuant to Section 2.08, 2.09, 2.12, 2.17, 3.07, 9.05 or
11.07 of the Indenture and except for any Notes of such series which, pursuant to Section 2.04 or 2.17 of the Indenture, are deemed never to have been authenticated and delivered thereunder) is $300,000,000 and $300,000,000, respectively;
provided, however, that the authorized aggregate principal amount of the Notes of each series may be increased before or after the issuance of any Notes of such series by a Board Resolution (or action pursuant to a Board Resolution) to such effect;
provided further, however, that if any such additional Notes are not fungible for United States federal income tax purposes with Notes previously issued, such additional Notes will have a different CUSIP number than the Notes previously issued. 

4.    The Notes of each series shall be issued upon original issuance in whole in the form of one or more Global
Securities (the “Global Notes”). The Depository Trust Company and the Trustee are hereby designated as the Depositary and the Security Custodian, respectively, for the Global Notes under the Indenture. 

5.    The Notes of each series and the Trustee’s certificate of authentication shall be substantially in the form of
Annex A hereto (the “Form of Note”). 
 6.    The maturity date on which the principal of the
2019 Notes and the 2020 Notes is payable shall be April 15, 2019 and April 15, 2020, respectively. 

7.    The Notes will bear interest at a floating rate of interest from April 21, 2017 or from the most recent
Interest Payment Date (as defined below) to which interest has 

 
been paid or provided for. The per annum interest rate for the period from April 21, 2017 to but not including the first Interest Payment Date (as defined below) will be equal to LIBOR on
April 19, 2017, plus 65 basis points in the case of the 2019 Notes and 75 basis points in the case of the 2020 Notes (each such rate for the applicable series of Notes, the “Initial Interest Rate”). Following the initial Interest
Period, the per annum interest rate on the Notes for each subsequent Interest Period shall be equal to LIBOR as determined on the related LIBOR Determination Date, plus 65 basis points in the case of the 2019 Notes and 75 basis points in the case of
the 2020 Notes. The interest rate applicable to any day in a given Interest Period shall be either the Initial Interest Rate or the interest rate as reset on the LIBOR Determination Date immediately preceding the first day of such Interest Period.

 Set forth below is a summary of certain of the defined terms used for purposes of determining the interest rate payable on the Notes.

 “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions in any of
The City of New York, New York, Houston, Texas or a place of payment are authorized or required by law or executive order to close. 

“Interest Period” means the period from, and including, an Interest Payment Date to, but excluding, the next succeeding
Interest Payment Date, except for the initial Interest Period, which shall be the period from, and including, April 21, 2017 to, but excluding, the Interest Payment Date occurring on July 17, 2017 (the next succeeding Business Day after
July 15, 2017). 
 “LIBOR” means, with respect to an Interest Period, the rate (expressed as a percentage per annum)
for deposits in U.S. dollars for a three-month period beginning on the second London Banking Day after the applicable LIBOR Determination Date that appears on Reuters Page LIBOR 01 as of 11:00 a.m., London time, on such LIBOR Determination
Date. If Reuters Page LIBOR 01 does not include such a rate or is unavailable on a LIBOR Determination Date, the Issuer shall request the principal London office of each of four major banks in the London interbank market, as selected by the Issuer,
to provide such bank’s offered quotation (expressed as a percentage per annum), as of approximately 11:00 a.m., London time, on such LIBOR Determination Date, to prime banks in the London interbank market for deposits in a Representative
Amount of U.S. dollars for a three-month period beginning on the second London Banking Day after such LIBOR Determination Date. If at least two such offered quotations are so provided, the LIBOR rate for the Interest Period shall be the arithmetic
mean of such quotations. If fewer than two such quotations are so provided, the Issuer shall request each of three major banks in New York City, as selected by the Issuer, to provide such bank’s rate (expressed as a percentage per annum), as of
approximately 11:00 a.m., New York City time, on such LIBOR Determination Date, for loans in a Representative Amount in U.S. dollars to leading European banks for a three-month period beginning on the second London Banking Day after such LIBOR
Determination Date. If at least two such rates are so provided, the LIBOR rate for the Interest Period shall be the arithmetic mean of such rates. If fewer than two such rates are so provided, then the LIBOR rate for the Interest Period shall be the
rate in effect with respect to the immediately preceding Interest Period. 

  
 2 

 “LIBOR Determination Date” means, with respect to an Interest Period, the London
Banking Day that is two London Banking Days prior to the first day of such Interest Period. 
 “London Banking Day” is any
day on which dealings in U.S. dollars are transacted or, with respect to any future date, are expected to be transacted in the London interbank market. 

“Representative Amount” means a principal amount of not less than $1,000,000 for a single transaction in the relevant market
at the relevant time. 
 “Reuters Page LIBOR 01” means the display so designated on the Reuters 3000 Xtra (or such other
page as may replace the LIBOR01 page on that service, or such other service as may be nominated by the ICE Benchmark Administration Limited, or ICE, or its successor, or such other entity assuming the responsibility of ICE or its successor in the
event ICE or its successor no longer does so, as the successor service, for the purpose of displaying London interbank offered rates for U.S. dollar deposits). 

Interest is payable on the Notes quarterly in arrears on January 15, April 15, July 15 and October 15 of each year (each,
an “Interest Payment Date”). The initial Interest Payment Date shall be July 17 , 2017 (the next succeeding Business Day after July 15, 2017). The amount of interest for each day that the Notes are outstanding (the “Daily
Interest Amount”) shall be calculated by dividing the interest rate in effect for such day by 360 and multiplying the result by the principal amount of the applicable series of Notes outstanding on such day. The amount of interest to be paid on
the Notes for each Interest Period shall be calculated by adding such Daily Interest Amounts for each day in such Interest Period. 
 If any
Interest Payment Date, other than the maturity date of the Notes, falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next day that is a Business Day. If the maturity date of the Notes falls on a day that
is not a Business Day, the payment of interest and principal shall be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after the maturity date. If any such Interest Payment Date (other
than the maturity date) is postponed or brought forward as described above, the amount of interest for the relevant Interest Period shall be adjusted accordingly. 

The interest payable on the Notes on any Interest Payment Date, subject to certain exceptions, shall be paid to the person in whose name the
Notes are registered at the close of business on the 15th calendar day, whether or not a Business Day, immediately preceding the applicable Interest Payment Date; however, interest payable at maturity shall be paid to the person to whom principal is
payable. 
 All percentages resulting from any of the above calculations shall be rounded, if necessary, to the nearest one hundred
thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used
in or resulting from such calculations shall be rounded to the nearest cent (with one-half cent being rounded upwards). 

  
 3 

 Notwithstanding the foregoing, the interest rate on a series of Notes shall in no event be higher
than the maximum rate permitted by New York law as the same may be modified by United States law of general application. 
 The Trustee
initially will act as the Calculation Agent in respect of the Notes. The Calculation Agent will, upon the written request of any holder of Notes, provide the interest rate then in effect with respect to the Notes. All calculations made by the
Calculation Agent in the absence of manifest error will be conclusive for all purposes and binding on the Company, the Guarantor and the Holders of the Notes. 

8.    No Additional Amounts with respect to the Notes shall be payable. The date from which interest shall accrue for the
Notes of each series shall be April 21, 2017. 
 9.    The place or places where the principal of, premium (if any)
on and interest on the Notes shall be payable shall be the office or agency of the Company maintained for that purpose, initially the office of the Trustee located at Corporate Trust Operations, MAC N9300-070,
600 South Fourth Street, Minneapolis, MN 55479 and any other office or agency maintained by the Company for such purpose. Payments in respect of Global Notes (including principal, premium, if any, and interest) shall be made by wire transfer of
immediately available funds to the accounts specified by the Holder of such Notes. In all other cases, at the option of the Company, payment of interest may be made by wire transfer to an account in the continental United States or check mailed to
the address of the person entitled thereto as such address shall appear in the register of the Notes maintained by the Registrar. 

10.    The Notes of each series are subject to redemption, in whole or in part, beginning on April 23, 2018 and at
any time thereafter, at the option of the Company, upon not less than 30 nor more than 60 days’ prior notice as provided in the Indenture, at a redemption price equal to 100% of the principal amount of the Notes of that series to be redeemed.
Upon any redemption, the Company shall pay accrued and unpaid interest on the Notes being redeemed to, but not including, the Redemption Date. Any Notes exchanged for Exchange Notes as provided below will no longer be redeemable by the Company, and
instead the Exchange Notes (as defined below) will be redeemable by the Exchange Notes Issuer (as defined below). Unless there is a default in payment of the redemption price, on and after the Redemption Date, interest shall cease to accrue on the
Notes or portions thereof called for redemption. 
 11.    Subject to certain conditions set forth in the Indenture, the
Company may cause one or more Eligible Exchange Notes Issuers (as defined below) to issue one or more series of Exchange Notes (as defined below) for all or a portion of each series of Notes or the Exchange Notes outstanding, in one transaction or a
series of successive transactions, without the consent of the Holders of the Notes or the Exchange Notes. The form and terms of the Exchange Notes shall be identical to those of the Notes being exchanged except for: the date from which interest
accrues, the issuer and guarantors of the Exchange Notes, the minimum denomination of the Exchange Notes, any CUSIP number for the Exchange Notes and the right of the Exchange Notes Issuer to redeem such Exchange Notes as further specified in the
Indenture. No issuance of Exchange Notes in respect of a series of Notes pursuant to an exchange shall be in an amount less than $150.0 million aggregate principal amount. 

  
 4 

 Each of the Guarantor, PDI, and Phillips 66 Partners is an Eligible Exchange Notes Issuer.
However, any issuance of Exchange Notes by the Guarantor or PDI may only be made as part of a series of transactions pursuant to which Phillips 66 Partners shall issue Exchange Notes immediately following the successive issuances of Exchange Notes
by the Guarantor and PDI. 
 If fewer than all of the Notes of a series are to be exchanged, the Notes to be exchanged shall be selected not
more than 60 days prior to the Exchange Date, from the Notes outstanding on a pro rata basis. Notice of an exchange shall be given not less than 5 Business Days nor more than 60 days before the Exchange Date to Holders of the Notes to be exchanged.
Notes called for exchange must be surrendered to the Paying Agent on the Exchange Date to collect accrued and unpaid interest on the Notes to be exchanged and to receive the Exchange Notes. For any Holder that holds Notes that are exchanged in part,
a new security or securities of the same series of the Notes surrendered for exchange but having a new CUSIP number shall be delivered to the Holder in exchange for the unexchanged portion of the principal of the Notes so surrendered that is not
exchanged. In connection with any partial exchange, the Company shall reduce the minimum denomination of the applicable series of Notes to $1.00 with integral multiples of $1.00 in excess thereof, and the minimum denomination of the Exchange Notes
also will be $1.00, with integral multiples of $1.00 in excess thereof. If a Holder would receive an amount of less than $1.00 in respect of its existing notes or Exchange Notes, such amounts shall be rounded to the nearest $1.00 (with $0.50 being
rounded upwards). 
 Set forth below is a summary of certain of the defined terms used for purposes of the exchange of a series of Notes.

 “Eligible Exchange Notes Issuer” means each of the Guarantor, PDI and Phillips 66 Partners. 

“Exchange Date” means the date established by the Company for an exchange of Notes for Exchange Notes. 

“Exchange Notes” means a series of notes issued by an Exchange Notes Issuer in exchange for all or a portion of a previously
issued series of Notes or Exchange Notes. 
 “Exchange Notes Issuer” means the applicable Eligible Exchange Notes Issuer.

 “Issuer” means (i) with respect to the Notes, the Company, and (ii) with respect to the Exchange Notes, the
applicable Exchange Notes Issuer. 
 “PDI” means Phillips 66 Project Development, Inc., a Delaware corporation and a wholly
owned subsidiary of the Guarantor. 
 “Phillips 66 Partners” means Phillips 66 Partners LP, a Delaware limited partnership.

 12.    The Company shall have no obligation to redeem, purchase or repay Notes pursuant to any sinking fund or
analogous provision or at the option of a Holder thereof. 

  
 5 

 13.    The initial offering and sale of the Notes shall not be registered
under the Securities Act or any state securities laws. The Notes shall be offered in reliance upon Rule 144A and Regulation S promulgated under the Securities Act. The Notes shall be entitled to the benefit of Section 4.03(b) of the
Indenture (and accordingly constitute Rule 144A Securities, as defined in the Indenture). 
 14.    For so long as
any of the Notes constitute “restricted securities” within the meaning of Rule 144(a)(3) promulgated under the Securities Act, the Company or the Issuer shall, if the Company or the Issuer is not then subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act, furnish to any Holder or beneficial owner of such Notes, or to any prospective purchaser of such Notes designated by such Holder or beneficial owner, in each case upon the written request of such
Holder, beneficial owner or prospective purchaser, the information required to be provided pursuant to Rule 144A(d)(4) promulgated under the Securities Act. 

15.    Notes of each series initially sold to “qualified institutional buyers” (as defined in Rule 144A)
(“QIBs”) in the United States in reliance on Rule 144A under the Securities Act (the “Rule 144A Notes”) shall be issued in the form of one or more permanent Global Securities of such series, without interest coupons, including
appropriate legends as set forth herein (the “Rule 144A Global Notes” of such series), deposited with the Trustee, as Security Custodian for the Depositary. Notes of each series initially sold to
non-U.S. persons outside the United States in offshore transactions in reliance on Regulation S under the Securities Act (the “Regulation S Notes”) shall be issued in the form of one or more
permanent Global Securities of such series, without interest coupons, including appropriate legends as set forth herein (the “Regulation S Global Notes” of such series and together with the Rule 144A Global Notes of such series, the
“Global Notes”), deposited with the Trustee, as Security Custodian for the Depositary. 
 16.    (a) Except as
permitted by Section 16(b) or Section 17(c) hereof, each Global Note (and all Notes issued in exchange therefor or in substitution thereof) shall bear the following legend (the “Private Placement Legend”) and shall be subject to the
transfer restrictions set forth therein (each defined term in the legend being defined as such for purposes of the legend only): 
 THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE
YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE 

  
 6 

 
LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

(b)    Notwithstanding the foregoing, upon consummation of the Exchange Offer (as defined in the Registration Rights
Agreement), the Company shall issue and, at the direction of the Company, the Trustee shall authenticate Registered Notes in exchange for Notes accepted for exchange in the Exchange Offer, which Registered Notes shall not bear the Private Placement
Legend, and the Security Custodian shall rescind any restriction on the transfer of such Exchange Notes. 
 “Additional
Notes” means any Notes issued under the Indenture in addition to the Original Notes, including any Registered Notes issued in exchange for such Additional Notes, having the same terms in all respects as the Original Notes, or in all
respects except with respect to the initial Interest Payment Date and interest paid or payable on or prior to the first Interest Payment Date after the issuance of such Additional Notes and such Additional Notes may have different issuance prices,
initial interest accrual dates or initial interest payment dates and may not have the benefit of any registration rights. 

“Initial Additional Notes” means Additional Notes issued in an offering not registered under the Securities Act and any Notes
issued in replacement thereof, but not including any Registered Notes issued in exchange therefor. 
 “Initial Notes” means
the Notes issued on April 21, 2017 and any Notes issued in replacement thereof, but not including any Registered Notes issued in exchange therefor. 

“Original Notes” means the Initial Notes and any Registered Notes issued in exchange therefor. 

  
 7 

 “Registered Notes” means the Notes issued pursuant to the Indenture in exchange
for, and up to an aggregate principal amount equal to, the Initial Notes or Initial Additional Notes of such series in compliance with the terms of a Registration Rights Agreement and containing terms substantially identical to the Initial Notes or
Initial Additional Notes of such series (except that (i) such Registered Notes will be registered under the Securities Act and will not be subject to transfer restrictions or bear the Private Placement Legend (as defined in Section 16(a)),
and (ii) the provisions relating to Additional Interest (as defined in Annex A hereto) will be eliminated). 
 “Registration
Rights Agreement” means (i) the Registration Rights Agreement dated April 21, 2017 among the Company, the Guarantor and the Initial Purchasers party thereto with respect to the Initial Notes, and (ii) with respect to any
Additional Notes or Exchange Notes, any registration rights agreements or joinder to the Registration Rights Agreement between the Company and the Initial Purchasers party thereto and, if applicable, the Exchange Notes Issuer of such Exchange Notes,
relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes or exchange them for Notes registered under the Securities Act. 

17.    (a) The following provisions shall apply with respect to any proposed transfer of a Rule 144A Note prior to the
expiration of the holding period applicable to sales of such Notes under Rule 144 of the Securities Act, and the Security Custodian shall refuse to register any transfer of such Notes not complying with the restrictions set forth in the Private
Placement Legend and in this Section 17. In addition to the requirements set forth in Section 2.08 of the Indenture, Rule 144A Notes that are presented or surrendered for registration of transfer or exchange pursuant to Section 2.08
of the Indenture shall be accompanied by the following additional information and documents, as applicable, upon which the Security Custodian may conclusively rely: 

(i)    if such Notes are being delivered to the Security Custodian by a Holder for registration in the name
of such Holder, without transfer, a certification from such Holder to that effect (in substantially the form of Annex B hereto); 

(ii)    if such Notes are being transferred (1) to a QIB in accordance with Rule 144A,
(2) pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act or (3) pursuant to an effective registration statement under the Securities Act, a certification to that effect from such Holder (in
substantially the form of Annex B hereto); 
 (iii)    if such Notes are being transferred
pursuant to an exemption from registration in accordance with Rule 903 or Rule 904 of Regulation S, certifications to that effect from such Holder (in substantially the form of Annex B and Annex C hereto) and an Opinion of Counsel to
that effect if the Company or the Trustee so requests; or 
 (iv)    if such Notes are being transferred
in reliance on and in compliance with another exemption from the registration requirements of the Securities Act, a certification to that effect from such Holder (in substantially the form of Annex B hereto) and an Opinion of Counsel to that
effect if the Company or the Trustee so requests. 

  
 8 

 (b)    The transfer and exchange of Global Notes or beneficial interests
therein shall be effected through the Depositary, in accordance with Section 2.08 of the Indenture and Section 16 and Section 17 hereof (including the restrictions on transfer set forth therein and herein) and the rules and procedures
of the Depositary therefor, which shall include restrictions on transfer comparable to those set forth therein and herein to the extent required by the Securities Act. 

(c)    If Notes are issued upon the registration of transfer, exchange or replacement of Notes not bearing the Private
Placement Legend, the Notes so issued shall not bear such legend. If Notes are issued upon the registration or transfer, exchange or replacement of Notes bearing the Private Placement Legend, or if a request is made to remove the Private Placement
Legend on a Note, the Notes so issued shall bear the Private Placement Legend, or the Private Placement Legend shall not be removed, as the case may be, unless there is delivered to the Company and the Trustee such satisfactory evidence, which may
include an Opinion of Counsel of recognized standing licensed to practice law in the State of New York and experienced in matters involving the Securities Act, as may be reasonably required by the Company or the Trustee that neither the Private
Placement Legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S, that such Notes are not “restricted securities” within the
meaning of Rule 144 or that such Notes were transferred pursuant to an effective registration statement under the Securities Act. Upon provision of such satisfactory evidence, the Trustee, at the direction of the Company, shall authenticate and
deliver a Note that does not bear the Private Placement Legend. If a Private Placement Legend is removed from the face of a Note and the Note is subsequently held by an Affiliate of the Company, the Private Placement Legend shall be reinstated. 

(d)    Notwithstanding anything herein to the contrary, neither the Trustee nor the Security Custodian shall have any
responsibility to receive any letters, opinions or certifications, nor any responsibility to monitor compliance with any transfer restrictions, in connection with any transfer or exchange of any beneficial interest in a Global Security for a
beneficial interest in the same Global Security. 
 18.    In order to comply with applicable tax laws, rules and
regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Tax Law”) to which a foreign financial institution, issuer, trustee, paying agent, holder
or other institution is or has agreed to be subject related to the Indenture and the Notes, the Company and the Guarantor agree (i) to provide to the Trustee sufficient information about holders or other applicable parties and/or transactions
related to the Indenture and the Notes (including any modification to the terms of such transactions) so that the Trustee can determine whether it has tax-related obligations under Applicable Tax Law,
(ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Tax Law for which the Trustee shall not have any liability and (iii) to hold
harmless the Trustee for any losses it may suffer due to the actions it takes to comply with such Applicable Tax Law. The terms of this section shall survive the termination of the Indenture. 

  
 9 

 Annex A 

[FORM OF FACE OF SECURITY] 
 [FOR GLOBAL
SECURITIES: UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), A NEW YORK CORPORATION
(“DTC”), SHALL ACT AS THE DEPOSITARY UNTIL A SUCCESSOR SHALL BE APPOINTED BY THE COMPANY AND THE REGISTRAR. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 [FOR RESTRICTED SECURITIES: THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION
OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER,
SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE
COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE 

  
 A-1 

 
SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO
ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE.] 
 PHILLIPS 66 

[FLOATING RATE NOTE DUE 2019] 

[FLOATING RATE NOTE DUE 2020] 

FULLY AND UNCONDITIONALLY GUARANTEED BY 

PHILLIPS 66 COMPANY 
 CUSIP No.
                     
 ISIN No.
                     
  

			
	No.                     	  	
$                  
   

 Phillips 66, a Delaware corporation (the “Company,” which term includes any successor Person under
the Indenture hereinafter referred to), for value received, promises to pay to                      or registered assigns, the principal sum of
                     Dollars[, or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities hereto,]1 on April 15, [2019] [2020]. 
  

			
	Interest Payment Dates:	  	January 15, April 15, July 15 and October 15
		
	Record Dates:	  	The close of business on the 15th calendar day, whether or not a Business Day, immediately preceding the applicable Interest Payment Date

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
  

 

	1 	To be included only if the Security is a Global Security 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile by
its duly authorized officers. 
 Dated:
                     
  

			
	PHILLIPS 66
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 GUARANTEE 

Phillips 66 Company, a Delaware corporation, unconditionally guarantees to the holder of this Security, upon the terms and subject to the
conditions set forth in the Indenture referenced on the reverse hereof, (a) the full and prompt payment of the principal of and any premium on this Security when and as the same shall become due, whether at the stated maturity thereof, by
acceleration, redemption or otherwise, and (b) the full and prompt payment of interest on this Security when and as the same shall become due, subject to any applicable grace period. 

 

			
	PHILLIPS 66 COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 
Certificate of Authentication: 
 This is one of the Securities of the series 

designated therein referred to in the within- 
 mentioned
Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated:
                     

  
 A-4 

 [FORM OF REVERSE OF SECURITY] 

PHILLIPS 66 
 [FLOATING RATE NOTE
DUE 2019] 
 [FLOATING RATE NOTE DUE 2020] 

FULLY AND UNCONDITIONALLY GUARANTEED BY 

PHILLIPS 66 COMPANY 
 This Security is one of a
duly authorized issue of [Floating Rate Notes due 2019] [Floating Rate Notes due 2020] (the “Securities”) of Phillips 66, a Delaware corporation (the “Company”). 

1.    Interest. The Company promises to pay interest on the principal amount of this Security at a floating rate of
interest, reset quarterly, from the date of original issuance or from the most recent Interest Payment Date to which interest has been paid or provided for until maturity [and shall pay the Additional Interest payable pursuant to the Registration
Rights Agreement referred to below. References herein to “interest” include any such Additional Interest then owing]. The Company will pay interest quarterly in arrears on January 15, April 15, July 15 and October 15 of
each year (each an “Interest Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day. The per annum interest rate for the period from the issue date to but not including the first Interest Payment Date
(as defined below) will be equal to LIBOR on April 19, 2017, plus [65][75] basis points (the “Initial Interest Rate”). Following the initial Interest Period, the per annum interest rate on the Securities for each subsequent Interest
Period will be equal to LIBOR as determined on the related LIBOR Determination Date (as defined below), plus [65][75] basis points. The interest rate applicable to any day in a given Interest Period shall be either the Initial Interest Rate or the
interest rate as reset on the LIBOR Determination Date immediately preceding the first day of such Interest Period. Interest on the Securities shall accrue from the most recent Interest Payment Date on which interest has been paid or, if no interest
has been paid, from April 21, 2017; provided that if there is no existing Default in the payment of interest, and if this Security is authenticated between a record date referred to on the face hereof (each, a “Record Date”)
and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be July 17, 2017 (the next succeeding Business Day after
July 15, 2017). The Company shall pay interest on overdue principal and premium (if any) from time to time at a rate equal to the interest rate then in effect; it shall pay interest on overdue installments of interest (without regard to any
applicable grace periods) from time to time at the same rate to the extent lawful. The amount of interest for each day that the Securities are outstanding (the “Daily Interest Amount”) shall be calculated by dividing the interest rate in
effect for such day by 360 and multiplying the result by the principal amount of the Securities outstanding on such day. The amount of interest to be paid on the Securities for each Interest Period shall be calculated by adding such Daily Interest
Amounts for each day in such Interest Period. 
 If any Interest Payment Date, other than the maturity date of the Securities, falls on a
day that is not a Business Day, the Interest Payment Date shall be postponed to the next day that is a Business Day. If the maturity date of the Securities falls on a day that is not a Business 

  
 A-5 

 
Day, the payment of interest and principal shall be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after the maturity date. If any
such Interest Payment Date (other than the maturity date) is postponed or brought forward as described above, the amount of interest for the relevant Interest Period shall be adjusted accordingly. 

Set forth below is a summary of certain of the defined terms used for purposes of determining the interest rate payable on the Securities.

 “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions in any of
The City of New York, New York, Houston, Texas or a place of payment are authorized or required by law or executive order to close. 

“Interest Period” means the period from, and including, an Interest Payment Date to, but excluding, the next succeeding
Interest Payment Date, except for the initial Interest Period, which will be the period from, and including, April 21, 2017 to, but excluding, the Interest Payment Date occurring on July 17, 2017 (the next succeeding Business Day after
July 15, 2017). 
 “LIBOR” means, with respect to an Interest Period, the rate (expressed as a percentage per annum)
for deposits in U.S. dollars for a three-month period beginning on the second London Banking Day after the applicable LIBOR Determination Date that appears on Reuters Page LIBOR 01 as of 11:00 a.m., London time, on such LIBOR Determination
Date. If Reuters Page LIBOR 01 does not include such a rate or is unavailable on a LIBOR Determination Date, the Issuer shall request the principal London office of each of four major banks in the London interbank market, as selected by the Issuer,
to provide such bank’s offered quotation (expressed as a percentage per annum), as of approximately 11:00 a.m., London time, on such LIBOR Determination Date, to prime banks in the London interbank market for deposits in a Representative
Amount of U.S. dollars for a three-month period beginning on the second London Banking Day after such LIBOR Determination Date. If at least two such offered quotations are so provided, the LIBOR rate for the Interest Period shall be the arithmetic
mean of such quotations. If fewer than two such quotations are so provided, the Issuer shall request each of three major banks in New York City, as selected by the Issuer, to provide such bank’s rate (expressed as a percentage per annum), as of
approximately 11:00 a.m., New York City time, on such LIBOR Determination Date, for loans in a Representative Amount in U.S. dollars to leading European banks for a three-month period beginning on the second London Banking Day after such LIBOR
Determination Date. If at least two such rates are so provided, the LIBOR rate for the Interest Period shall be the arithmetic mean of such rates. If fewer than two such rates are so provided, then the LIBOR rate for the Interest Period shall be the
rate in effect with respect to the immediately preceding Interest Period. 
 “LIBOR Determination Date” means, with respect
to an Interest Period, the London Banking Day that is two London Banking Days prior to the first day of such Interest Period. 

“London Banking Day” is any day on which dealings in U.S. dollars are transacted or, with respect to any future date, are
expected to be transacted in the London interbank market. 
 “Representative Amount” means a principal amount of not less
than $1,000,000 for a single transaction in the relevant market at the relevant time. 

  
 A-6 

 “Reuters Page LIBOR 01” means the display so designated on the Reuters 3000 Xtra
(or such other page as may replace the LIBOR01 page on that service, or such other service as may be nominated by the ICE Benchmark Administration Limited, or ICE, or its successor, or such other entity assuming the responsibility of ICE or its
successor in the event ICE or its successor no longer does so, as the successor service, for the purpose of displaying London interbank offered rates for U.S. dollar deposits). 

2.    Additional Interest. If, under the terms of the Registration Rights Agreement dated April 21, 2017 among
the Company, Phillips 66 Company, a Delaware corporation (the “Guarantor”), and Deutsche Bank Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, LLC and TD Securities (USA) LLC, a Registration Default occurs with respect
to this Security, the interest rate on this Security shall be increased by (i) 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default and (ii) an
additional 0.25% per annum with respect to each subsequent 90-day period, in each case until and including the date such Registration Default ends, up to a maximum increase of 1.00% per annum (any such
interest being referred to herein as “Additional Interest”). 
 3.    Method of Payment. The Company
shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the Record Date next preceding the Interest Payment Date, even if such Securities are canceled after
such Record Date and on or before such Interest Payment Date. The Holder must surrender this Security to a Paying Agent to collect principal payments. The Company shall pay the principal of, premium (if any) on and interest on the Securities in
money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Such amounts shall be payable at the offices of the Trustee (as defined below), provided that at the option of the
Company, the Company may pay such amounts (1) by wire transfer with respect to Global Securities or (2) by wire transfer to an account in the continental United States or check payable in such money mailed to a Holder’s registered
address with respect to any Securities. 
 4.    Paying Agent and Registrar. Initially, Wells Fargo Bank,
National Association (the “Trustee”), the trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar, co-registrar or additional paying
agent without notice to any Holder. The Company, the Guarantor or any Subsidiary of the Company may act in any such capacity. 

  
 A-7 

 5.    Guarantee. Phillips 66 Company unconditionally guarantees
to the Holders from time to time of the Securities, upon the terms and subject to the conditions set forth in the Indenture (as defined below), (a) the full and prompt payment of the principal of and any premium on the Securities when and as the
same shall become due, whether at the Stated Maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of any interest on the Securities when and as the same shall become due, subject to any applicable
grace period. The Guarantee constitutes a guarantee of payment and not of collection. In the event of a default in the payment of principal of or any premium on the Securities when and as the same shall become due, whether at the Stated Maturity
thereof, by acceleration, call for redemption or otherwise, or in the event of a default in the payment of any interest on the Securities when and as the same shall become due, subject to any applicable grace period, each of the Trustee and the
Holders of the Securities shall have the right to proceed first and directly against the Guarantor under the Indenture without first proceeding against the Company or exhausting any other remedies which the Trustee or such Holder may have and
without resorting to any other security held by it. 
 6.    Indenture. The Company issued the Securities under
an Indenture, dated as of April 21, 2017 (the “Indenture”), among the Company, the Guarantor and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (the “TIA”), as in effect on the date of execution of the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms
and for the definitions of capitalized terms used but not defined herein. The Securities are unsecured general obligations of the Company limited to $[300,000,000] $[300,000,000] in aggregate principal amount; provided, however, that the
authorized aggregate principal amount of the Securities may be increased before or after the issuance of any Securities by a Board Resolution (or action pursuant to a Board Resolution) to such effect; provided further, however, that the
authorized aggregate principal amount of the Securities may be increased only if the additional Securities issued will be fungible with the original Securities for United States federal income tax purposes. The Indenture provides for the issuance of
other series of debt securities (including the Securities, the “Debt Securities”) thereunder. 

7.    Denominations, Transfer, Exchange. The Securities are in registered form without coupons in minimum
denominations of $1,000 and any integral multiples of $1,000 above such amount, subject to the terms of the issuance of Exchange Securities. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture.
The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Neither the Company, the Trustee nor the
Registrar shall be required to register the transfer or exchange of (a) any Security selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part, or (b) any Security during the period
beginning 15 Business Days before the mailing of notice of redemption of Securities to be redeemed and ending at the close of business on the day of mailing. 

8.    Persons Deemed Owners. The registered Holder of a Security shall be treated as its owner for all purposes.

  
 A-8 

 9.    Redemption. The Securities are subject to redemption, in whole
or in part, beginning on April 23, 2018 and at any time thereafter, at the option of the Company, upon not less than 30 nor more than 60 days’ prior notice as provided in the Indenture, at a Redemption Price equal to 100% of the principal
amount of the Securities to be redeemed. Upon any redemption, the Company shall pay accrued and unpaid interest on the Securities being redeemed to, but not including, the Redemption Date. Any Securities exchanged for Exchange Securities as provided
below will no longer be redeemable by the Company, and instead the Exchange Securities will be redeemable by the Exchange Securities Issuer. Unless there is a default in payment of the Redemption Price, on and after the Redemption Date, interest
will cease to accrue on the Securities or portions thereof called for redemption. 
 10.    Issuance of Exchange
Securities. Subject to certain conditions set forth in the Indenture, the Company may cause one or more Eligible Exchange Securities Issuers to issue one or more series of Exchange Securities for all or a portion of the Securities or the
Exchange Securities outstanding, in one transaction or a series of successive transactions, without the consent of the Holders of the Securities or the Exchange Securities. The form and terms of the Exchange Securities shall be identical to those of
the Securities being exchanged except for: the date from which interest accrues, the issuer and guarantors of the Exchange Securities, the minimum denomination of the Exchange Securities, any CUSIP number for the Exchange Securities and the right of
the Exchange Securities Issuer to redeem such Exchange Securities as further specified in the Indenture. No issuance of Exchange Securities in respect of Securities pursuant to an exchange shall be in an amount less than $150.0 million
aggregate principal amount. 
 Each of the Guarantor, PDI, and Phillips 66 Partners is an Eligible Exchange Securities Issuer. However, any
issuance of Exchange Securities by the Guarantor or PDI may only be made as part of a series of transactions pursuant to which Phillips 66 Partners shall issue Exchange Securities immediately following the successive issuances of Exchange Securities
by the Guarantor and PDI. 
 If fewer than all of the Securities are to be exchanged, the Securities to be exchanged shall be selected not
more than 60 days prior to the Exchange Date, from the Securities outstanding on a pro rata basis. Notice of an exchange shall be given not less than 5 Business Days nor more than 60 days before the Exchange Date to Holders of the Securities to be
exchanged. Securities called for exchange must be surrendered to the Paying Agent on the Exchange Date to collect accrued and unpaid interest on the Securities to be exchanged and to receive the Exchange Securities. For any Holder that holds
Securities that are exchanged in part, a new security or securities having a new CUSIP number shall be delivered to the Holder in exchange for the unexchanged portion of the principal of the Securities so surrendered that is not exchanged. In
connection with any partial exchange, the Company shall reduce the minimum denomination of the Securities to $1.00 with integral multiples of $1.00 in excess thereof, and the minimum denomination of the Exchange Securities also will be $1.00 with
integral multiples of $1.00 in excess thereof. If a Holder would receive an amount of less than $1.00 in respect of its existing Securities or Exchange Securities, such amounts shall be rounded to the nearest $1.00 (with $0.50 being rounded
upwards). 
 Set forth below is a summary of certain of the defined terms used for purposes of the exchange of a series of Securities. 

  
 A-9 

 “Eligible Exchange Notes Issuer” means each of the Guarantor, PDI and Phillips
66 Partners. 
 “Exchange Date” means the date established by the Company for an exchange of Securities for Exchange
Securities. 
 “Exchange Securities” means a series of notes issued by an Exchange Notes Issuer in exchange for all or a
portion of previously issued Notes or Exchange Notes. 
 “Exchange Securities Issuer” means the applicable Eligible
Exchange Securities Issuer. 
 “Issuer” means (i) with respect to the Securities, the Company, and (ii) with
respect to the Exchange Securities, the applicable Exchange Securities Issuer. 
 “PDI” means Phillips 66 Project
Development, Inc., a Delaware corporation and a wholly owned subsidiary of the Guarantor. 
 “Phillips 66 Partners” means
Phillips 66 Partners LP, a Delaware limited partnership. 
 11.    Amendments and Waivers. Subject to certain
exceptions and limitations, the Indenture or the Securities may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Securities of all series affected by such amendment or
supplement (acting as one class), and any existing or past Default or Event of Default under, or compliance with any provision of, the Indenture may be waived (other than any continuing Default or Event of Default in the payment of the principal of,
premium (if any) on or interest on the Securities) by the Holders of at least a majority in principal amount of the then outstanding Securities of any series or of all series (acting as one class) in accordance with the terms of the Indenture.
Without the consent of any Holder, the Company, the Guarantor and the Trustee may amend or supplement the Indenture or the Securities or waive any provision of either: (i) to cure any ambiguity, omission, defect or inconsistency; (ii) if
required, to provide for the assumption of the obligations of the Company, the Guarantor or any Exchange Securities Issuer under the Indenture in the case of the merger, consolidation or asset transfer permitted under the Indenture; (iii) to
provide for uncertificated Securities in addition to or in place of certificated Securities or to provide for the issuance of bearer Securities (with or without coupons); (iv) to provide any security for, or to add any guarantees of or
additional obligors on, the Securities or the related Guarantees; (v) to comply with any requirement in order to effect or maintain the qualification of the Indenture under the TIA; (vi) to add to the covenants of the Company, any Exchange
Securities Issuer or any Guarantor for the benefit of the Holders of the Securities, or to surrender any right or power conferred by the Indenture upon the Company, any Exchange Securities Issuer or any Guarantor; (vii) to add any additional
Events of Default with respect to all or any series of the Debt Securities; (viii) to change or eliminate any of the provisions of the Indenture, provided that no outstanding Security is adversely affected in any material respect;
(ix) to establish the form or terms of Securities of any series; (x) to supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of the Securities pursuant
to the Indenture, provided that no interest of any Holders of Securities is adversely affected in any material respect; (xi) to evidence and 

  
 A-10 

 
provide for the acceptance of appointment under the Indenture by a successor Trustee with respect to the Securities and to add to or change any of the provisions of the Indenture as shall be
necessary to provide for or facilitate the administration of the trusts thereunder by more than one Trustee, pursuant to the requirements of the Indenture; or (xii) to evidence and provide for the exchange of Existing Securities and the
issuance and terms of the Exchange Securities in accordance with the Indenture. 
 The right of any Holder to participate in any consent
required or sought pursuant to any provision of the Indenture (and the obligation of the Company or the Guarantor to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the
Holder of record of any Securities with respect to which such consent is required or sought as of a date identified by the Company or the Guarantor in a notice furnished to Holders in accordance with the terms of the Indenture. 

Without the consent of each Holder affected, the Company may not (i) reduce the amount of Debt Securities whose Holders must consent to
an amendment, supplement or waiver; (ii) reduce the rate of or change the time for payment of interest, including default interest, on any Security; (iii) reduce the principal of or premium on or any mandatory sinking fund payment with
respect to, or change the Stated Maturity of, any Security or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to the
Indenture; (iv) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or shall be redeemed; (v) change any obligation of the Issuer or a Guarantor to pay Additional Amounts
with respect to any Security; (vi) change the coin or currency in which any Security or any premium, interest or Additional Amounts with respect thereto is payable; (vii) impair the right to institute suit for the enforcement of any
payment of principal of or premium (if any) or interest on any Security, except as provided in the Indenture; (viii) make any change in the percentage of principal amount of Debt Securities necessary to waive compliance with certain provisions
of the Indenture or make any change in the provision for modification; or (ix) waive a continuing Default or Event of Default, each as defined in the Indenture, in the payment of principal of or premium (if any) or interest on the Securities.

 A supplemental indenture that changes or eliminates any covenant or other provision of the Indenture which has expressly been included
solely for the benefit of one or more particular series of Debt Securities under the Indenture, or which modifies the rights of the Holders of Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to
affect the rights under the Indenture of the Holders of Debt Securities of any other series. 
 12.    Defaults and
Remedies. Events of Default are defined in the Indenture and generally include: (i) default for 30 days in payment of any interest on the Securities or any Additional Amounts with respect to any Security; (ii) default in any payment of
principal of or premium, if any, on the Securities when due and payable; (iii) default by the Company, any Exchange Securities Issuer or the Guarantor in compliance with any of its other covenants or agreements in, or provisions of, the
Securities or in the Indenture which shall not have been remedied within 90 days after written notice by the Trustee or by the holders of at least 25% in principal amount of the Securities then outstanding; or (iv) certain events involving
bankruptcy, insolvency or reorganization of the Company, an Exchange Securities Issuer or the Guarantor. If 

  
 A-11 

 
an Event of Default occurs and is continuing, the Trustee by notice to the Company and the Guarantor, or the Holders of at least 25% in principal amount of the then outstanding Securities of the
series affected by such Event of Default by notice to the Company, the Guarantor and the Trustee, may declare the principal of and interest on all the Securities to be immediately due and payable, except that in the case of an Event of Default
arising from certain events of bankruptcy, insolvency or reorganization of the Company or the Guarantor, all outstanding Debt Securities under the Indenture become due and payable immediately without further action or notice. The amount due and
payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus accrued interest to the date of payment. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may
require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium or interest) if it determines that withholding notice is in their interests. The Company and the Guarantor must
furnish annual compliance certificates to the Trustee. 
 13.    Discharge Prior to Maturity. The Indenture with
respect to the Securities shall be discharged and canceled upon the payment of all of the Securities and shall be discharged except for certain obligations upon the irrevocable deposit with the Trustee of any combination of funds and U.S. Government
Obligations sufficient for such payment. 
 14.    Trustee Dealings with Company and Guarantor. The Trustee, in
its individual or any other capacity, may become the owner or pledgee of Securities and may make loans to, accept deposits from, and perform services for the Company, the Guarantor or any of their respective Affiliates, and may otherwise deal with
the Company, the Guarantor or any such Affiliates, as if it were not Trustee. 
 15.    No Recourse Against
Others. A director, officer, employee, stockholder, partner or other owner of the Company, the Guarantor or the Trustee, as such, shall not have any liability for any obligations of the Company under the Securities, for any obligations of the
Guarantor under the Guarantee or for any obligations of the Company, the Guarantor or the Trustee under the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security
waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of Securities. 

16.    Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee
or an authenticating agent. 
 17.    CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the
Securities and reliance may be placed only on the other identification numbers printed thereon. 

  
 A-12 

 18.    Abbreviations. Customary abbreviations may be used in the name
of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Request may be made to:

 Phillips 66 
 2331 CityWest
Blvd. 
 Houston, Texas 77042 

Telephone: (281) 293-6600 

Attention: Treasurer 

  
 A-13 

 
SCHEDULE OF EXCHANGES OF SECURITIES* 
 The following exchanges of a part of this Global Security for
other Securities have been made: 
  

									
	 Date of Exchange
	 	 Amount of

Decrease in

Principal Amount

of this Global Security
	 	 Amount of

Increase in

Principal Amount
 of this
Global Security
	 	 Principal Amount

of this Global

Security Following

Such Decrease

or Increase
	 	 Signature of

Authorized Officer

of Trustee or

Security Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
  

	*	 To be included only if the Security is a Global Security

  
 A-14 

 
ASSIGNMENT FORM 
 To assign this Security, fill in the form below: (I) or (we)
assign and transfer this Security to 
  
  

(Insert assignee’s social security or tax I.D. number) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
         
 as agent to transfer this Security on the books of the Company. The agent may substitute another to
act for him. 
  

							
	Date:                     	  		  	Your Signature:	 	  

		  		  		 	 (Sign exactly as your name appears on

the face of this Security)

  

			
	 Signature Guarantee:
	 	  

		 	 (Participant in a Recognized

Signature Guaranty Medallion Program)

  
 A-15 

 Annex B 

FORM OF CERTIFICATE TO BE DELIVERED UPON EXCHANGE 

OR REGISTRATION OF TRANSFER OF NOTES 
  

	Re:	[Floating Rate Notes due 2019] [Floating Rate Notes due 2020] (the “Notes”) of Phillips 66 (the “Company”) 

This Certificate relates to $         principal amount of Notes held in
*         book-entry or *         definitive form by
                     (the “Transferor”). 

The Transferor has requested the Security Custodian by written order to exchange or register the transfer of a Note or Notes or beneficial
interests therein (the “Transfer”). 
 In connection with such request and in respect of each such Note or beneficial interest
therein, the Transferor does hereby certify that the Transferor is familiar with the Indenture relating to the above-captioned Notes and that the Transfer does not require registration under the Securities Act of 1933, as amended (the
“Securities Act”), because:* 
  

	☐	Such Note or beneficial interest is being acquired for the Transferor’s own account without transfer. 

  

	☐	Such Note or beneficial interest is being transferred to (i) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), in accordance with Rule 144A under the Securities Act,
that is purchasing for its own account or for the account of another qualified institutional buyer, in each case to whom notice is given that the Transfer is being made in reliance on Rule 144A; or (ii) to a
non-U.S. person in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S under the Securities Act (and in the case of clause (ii), based upon an opinion of counsel if the Company or
the Trustee so requests, together with a certification in substantially the form of Annex C to the Board Resolution, Officers’ Certificate or Company Order setting forth the terms of the Notes pursuant to the Indenture). 

 

	☐	Such Note or beneficial interest is being transferred pursuant to (i) an exemption from the registration requirements of the Securities Act provided by Rule 144 or (ii) an effective registration statement
under the Securities Act. 

  

	☐	Such Note or beneficial interest is being transferred in reliance on and in compliance with another exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel if the Company
or the Trustee so requests). 

  
  

	*	 Fill in blank or check appropriate box, as applicable.

  
 B-1 

			
	[INSERT NAME OF TRANSFEROR]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  
 B-2 

 Annex C 

FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S 

 

	Re:	[Floating Rate Notes due 2019] [Floating Rate Notes due 2020] (the “Notes”) of Phillips 66 (the “Company”) 

This Certificate relates to $         principal amount of Notes held in
*         book-entry or *         definitive form by
                     (the “Transferor”). 

The Transferor has requested the Security Custodian by written order to exchange or register the transfer of a Note or Notes or beneficial
interests therein (the “Transfer”) for an interest in the Regulation S Global Note to be held with [Euroclear] [Clearstream] through the Depositary (in each case as defined in the Indenture related to the above-referenced Notes or the
related Board Resolution, Officers’ Certificate or Company Order (each as defined in the Indenture)). 
 In connection with such
request and in respect of each such Note or beneficial interest therein, the Transferor does hereby certify that the Transferor is familiar with such Indenture and Board Resolution, Officers’ Certificate or Company Order and that: 

 

	 	(a)	the offer of such Notes or beneficial interests was not made to a person in the United States or for the benefit of a person in the United States (other than an Initial Purchaser); 

 

	 	(b)	at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the transferee was outside the United States; or the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was prearranged with a buyer in the United States;

  

	 	(c)	no directed selling efforts have been made by the Transferor in the United States in contravention of the requirements of Rule 903(a) or Rule 904(a) of Regulation S under the U.S. Securities Act of 1933 (the
“Securities Act”), as applicable; and 

  

	 	(d)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  

 

	*	 Fill in blank or check appropriate box, as applicable.

  
 C-1 

 The Company and the Trustee are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S
under the Securities Act. 
  

			
	[INSERT NAME OF TRANSFEROR]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address:

  
 C-2

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