March 26 (Reuters) - Phillips 66 said on Wednesday it has nominated four executives to stand Proxies For Instagram election as directors at its upcoming annual shareholders' meeting as the proxy fight with activist Elliott Investment Management intensifies.

The nominations include John E. Lowe and Robert W. Pease, who are currently serving as directors. Phillips also named Nigel Hearne and Howard I. Ungerleider in place of Gary K. Adams and Denise L. Ramos, who will retire from the board.

Elliott had filed a lawsuit against Phillips on Tuesday, seeking to have four directors stand for election at the company's annual meeting this year.

The activist investor, which owns a $2.5 billion stake in Phillips 66, had already nominated seven directors to the company's board earlier this year.

Phillips' board currently has 14 members but will shrink to 12 after the company's annual meeting in May.

The company also said its CEO Mark Lashier was paid $22.6 million in 2024, up 16.4% from 2023.

Elliott Investment Management did not immediately respond to a request for comment. (Reporting by Tanay Dhumal in Bengaluru; Editing by Krishna Chandra Eluri)