Successor Trustee Agreement of the Deferred Compensation Trust Agreement for Non

EX-10.1 2 d093020dex101.htm EX-10.1 d093020dex101

Exhibit 10 
.1 
 
APPOINTMENT AND INDEMNITY OF 
SUCCESSOR 
TRUSTEE 
OF THE AMENDED AND RESTATED 
TRUST AGREEMENT BETWEEN 
PHILLIPS PETROLEUM 
COMPANY AND WESTAR 
BANK 
 
This instrument 
dated 
July____, 2020, 
effective 
as of ___________ 
2020 
(the “Effective 
Date”) 
by and 
between 
CONOCOPHILLIPS COMPANY
 
(“Company”) 
and 
WELLS FARGO BANK, N. A.
 
(“Successor 
Trustee”): 
 
WHEREAS,
 
Company 
established the Amended 
and Restated 
Trust Agreement 
between 
Phillips 
Petroleum 
Company 
and Weststar 
Bank 
(the “Trust” or “Trust Agreement”) to 
provide 
certain 
benefits 
to a select group 
of management 
or highly 
compensated 
employees 
on June 23, 1995 and 
subsequently 
amended 
on July 27, 
2020; 
 
 
WHEREAS,
 
the Trust holds 
all monies and 
other 
property, 
together 
with the 
income 
thereon, 
as may 
be paid 
or transferred 
to it in accordance 
with the terms and conditions of the arrangements 
covered 
by the 
Trust; 
 
 
WHEREAS,
 
the Company, 
pursuant 
to Section 11.4 
of the Trust Agreement, 
desires to 
appoint 
Wells 
Fargo Bank, 
National 
Association, 
as Successor Trustee, to 
replace 
Weststar 
Bank, 
now Arvest Bank, 
(the 
“Predecessor Trustee”) 
upon 
its removal; 
and 
the Successor Trustee desires to accept 
its appointment 
as 
successor trustee 
of the Trust and 
serve as 
trustee 
in accordance 
with the provisions of the Trust Agreement 
with the 
following clarification 
as of the Effective 
Date: 
the Company 
waives the right to enforce 
Section 10.3 
of the Trust 
Agreement; 
 
 
NOW, THEREFORE,
 
the parties 
hereto 
agree to 
undertake 
the following actions: 
 
1.
 
Beginning on 
the Effective 
Date, the Company 
appoints the Successor Trustee to 
act 
as the sole 
trustee 
under 
the Trust, 
replacing the 
Predecessor Trustee. 
 
2.
 
The Successor 
Trustee 
hereby 
acknowledges, 
confirms, 
and 
accepts 
its appointment 
as trustee 
and 
agrees to 
act 
as Successor Trustee 
under 
the Trust in accordance 
with the terms thereof and 
in 
accordance 
with this Agreement. 
The Successor 
Trustee 
hereby 
agrees to 
accept 
all assets presently 
held in the Trust 
and 
agrees to deposit such assets 
under 
the terms of 
the Trust Agreement. 
 
3.
 
In consideration 
of the agreement 
herein of Successor Trustee 
to become 
trustee 
of the Trust, 
Company 
understands 
and agrees the Successor Trustee shall have 
no obligation, duty 
or liability with 
respect to any 
period of time prior to 
its becoming 
Successor Trustee; 
 
a.
 
to determine 
whether any 
claims, losses or damages 
exist with respect to the 
Trust, or 
b.
 
to pursue or take 
any 
action with respect to any 
claims, losses or damages 
which exist with 
respect to the 
Trust, or 
c.
 
to review the performance 
by or acts of the Predecessor Trustee or to 
determine 
whether a breach 
of trust exists with respect 
to the 
Trust or has 
been 
committed 
by the Predecessor Trustee, or 
d.
 
to remedy 
any 
breach 
of trust which exists with respect 
to the 
Trust, or 
e.
 
to compel 
the Predecessor 
Trustee 
to deliver the 
trust corpus to 
it. 
 
4.
 
The Company 
further agrees to indemnify and 
hold harmless 
the Successor Trustee from 
any 
claims, 
losses or damages 
(including, but 
not 
limited to, costs, expenses 
and 
legal fees): 
 

 
 
 
 
 
 
a.
 
which exists as 
of the Effective 
Date 
with respect to 
the Trust; 
b.
 
which arise out 
of or in connection 
with: 
i.
 
acts 
or omissions with Predecessor 
Trustee, or any 
actions 
taken 
prior to the Effective 
Date 
with respect 
to the 
Trust; 
ii.
 
failure of 
Successor Trustee 
to determine 
whether any 
claims, losses or damages 
exist 
with respect 
to the 
Trust or arise out 
of or in connection 
with any 
acts 
or omissions which 
occurred 
prior to 
the 
date 
hereof 
with respect to the Trust; 
iii.
 
failure of 
Successor Trustee 
to determine 
whether a breach 
of trust exists with respect 
to 
the Trust or has 
been 
committed 
by the Predecessor Trustee; and 
iv.
 
failure of 
the Successor Trustee 
to compel 
the Predecessor Trustee 
to deliver trust 
property 
to it. 
 
5.
 
“Wells Fargo 
Bank, 
N. A.” 
shall be substituted 
throughout 
the Trust Agreement in lieu of Weststar 
Bank. 
 
6.
 
Except 
as herein above 
set out and 
in consideration 
of the covenants 
and promise of the Company 
contained 
herein, the Successor Trustee agrees to 
perform 
its duties and 
obligations as described in 
and 
under 
the Trust Agreement 
(the terms 
and 
conditions 
of which are 
incorporated 
herein) and 
applicable 
laws and 
regulations for the duration 
of its term as 
Successor Trustee. 
In the event 
Successor Trustee 
becomes 
aware 
of any 
claim, loss, breach 
or damage 
with respect to the Trust it will 
promptly 
inform 
the Company. 
 
7.
 
This Agreement 
shall be governed 
by and 
construed 
in accordance 
with the internal laws 
of the 
State 
of Oklahoma 
applicable 
to agreements 
made and 
to be performed 
entirely within such State, without 
regard to 
the conflicts 
of law principles of 
such 
State. 
 
IN WITNESS WHEREOF,
 
the parties hereto 
have 
set their hands 
and 
seals the day 
and year 
first above 
mentioned. 
 
 
CONOCOPHILLIPS COMPANY 
 
By: 
Name: 
Title: 
 
 
WELLS FARGO BANK, 
N. A. 
 
As Successor Trustee 
 
By: 
Name: 
Title: 
 