The company said Elliott Associates, L.P. submitted a notice on February 13, 2025 of its nomination of director candidates for election at the Company’s 2025 Annual Meeting of Shareholders.

1. 01

   The company said Elliott Associates, L.P. submitted a notice on February 13, 2025 of its nomination of director candidates for election at the Company’s 2025 Annual Meeting of Shareholders.

2. 02

   Phillips 66 said Elliott notified it of its intent to submit a non-binding business proposal at the 2025 Annual Meeting requesting that the board adopt an annual election policy for directors. Under the policy, each incumbent director would be required to deliver to the board a letter of resignation effective at the next annual meeting each year.

3. 03

   The company said its Nominating and Governance Committee will review the notice, and the board will present its formal recommendations on it in the definitive proxy statement filed with the SEC ahead of the 2025 Annual Meeting.

4. 04

   The company said it plans to file a proxy statement and WHITE proxy card with the SEC in connection with its 2025 Annual Meeting. It said these materials can be obtained free of charge from the SEC website and the company’s investor relations website.

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