Document:

exv10w12

Exhibit 10.12

[Lilly letterhead]

November 11, 2009

Personal and Confidential

Steven M. Paul, M.D.

Executive Vice President-Science and Technology

Eli Lilly and Company

Lilly Corporate Center

Indianapolis, IN 46285

Re: Exit Agreement

Dear Steve:

As we’ve discussed and recently announced, Eli Lilly and Company (“Lilly”) has hired Dr. Jan
Lundberg to assume the role of Executive Vice President, Science and Technology, reporting to John
C. Lechleiter, Chairman, President and Chief Executive Officer of Lilly. Accordingly, we have
discussed your departure from Lilly and the transition of your current responsibilities. You and
Lilly acknowledge and agree that this agreement is motivated solely by the desire to part ways on
amicable terms and accommodate a smooth transition and that by carrying out the terms of this
agreement, neither you nor Lilly admit any wrongful action or any liability to the other.

Based on Lilly’s decision to hire Dr. Lundberg at this time to assume the Executive Vice President,
Science and Technology role, you and Lilly have agreed that you will retire from Lilly effective
March 1, 2010. Because of the importance of effecting a smooth transition of your responsibilities
to Dr. Lundberg and the disruption this transition timing has caused on your individual retirement
planning, Lilly has agreed to provide the following onetime payment to you so long as you remain
employed with Lilly through February 28, 2010 and sign (and do not revoke) the release agreement
described below:

Onetime Discretionary Payment. Lilly agrees to pay you a lump sum payment equal to
two million dollars ($2,000,000), less all applicable taxes. Such payment will be made to
you within thirty (30) days of your departure from Lilly.

Please note that you will not be entitled to any special equity awards or equity treatment as a
result of this arrangement and you will forfeit the restricted stock grant of 5,000 shares that was
provided to you on or about December 18, 2000. Any other outstanding unvested equity awards that
you have received will vest immediately upon your retirement from Lilly and any payouts will be
made in accordance with the terms of those grants. In addition, as referenced in your letter of
understanding dated September 15, 2004, which is incorporated herein by reference, upon your
retirement you will be entitled to ten (10) years of benefit service credit in addition to your
actual service with Lilly because your employment will be terminated for reasons other than a
disciplinary termination (as described in that letter). Such service would be used to calculate
your retirement benefit only (provided through the Lilly Retirement Plan and the Lilly Excess
Benefit Plan (Retirement)); this additional service credit does not apply to other benefits.

 

 

Steven M. Paul, M.D.

November 12, 2009

Page 2

Consistent with company policy, you will be required to sign (and not revoke) a Release Agreement
in the form provided to you by Lilly within the timeframe described therein as a condition for
receiving the payment described above.

If you have any questions, please call me at [phone number omitted].

	 	 	 	 	 
	ELI LILLY AND COMPANY

 	 	 
	By:  	/s/ Susan
Mahony	 	 
	 	Susan Mahony, Ph.D. 	 	 
	 	Sr. Vice President, Human Resourcesexv4w1

Exhibit 4.1

LIMITED CALL RIGHT FORBEARANCE AGREEMENT

     This Limited Call Right Forbearance Agreement (this “Agreement”) is made and entered
into as of February 17, 2010 by and between Williams Partners L.P., a Delaware limited partnership
(the “Partnership”), and Williams Partners GP LLC, a Delaware limited liability company and
the general partner of the Partnership (the “General Partner”).

RECITALS

     A. The Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of
August 23, 2005, as amended (the “Partnership Agreement”), has been entered into and
effectuated by the General Partner pursuant to the authority granted to it in Article XIII of the
Partnership Agreement. Capitalized terms used, but not defined herein, shall have the meanings
ascribed thereto in the Partnership Agreement.

     B. Under Section 15.1 of the Partnership Agreement, if at any time the General Partner and its
Affiliates hold more than 80% of the total Limited Partner Interests of any class then Outstanding,
the General Partner shall then have the right (the “Limited Call Right”), which right it
may assign and transfer in whole or in part to the Partnership or any Affiliate of the General
Partner, exercisable at its option, to purchase all, but not less than all, of such Limited Partner
Interests of such class then Outstanding held by Persons other than the General Partner and its
Affiliates at a price and on the terms specified in such Section 15.1.

     C. On the date hereof, pursuant to a Contribution Agreement by and among Williams Gas Pipeline
Company, LLC, a Delaware limited liability company, Williams Energy Services, LLC, a Delaware
limited liability company, WGP Gulfstream Pipeline Company, L.L.C., a Delaware limited liability
company, the General Partner, the Partnership, Williams Partners Operating LLC, a Delaware limited
liability company, and, for a limited purpose, The Williams Companies, Inc., a Delaware
corporation, dated as of January 15, 2010 (the “Contribution Agreement”), the Partnership
is issuing 203,000,000 Class C units representing limited partner interests in the Partnership
(“Class C Units”), which are convertible pursuant to their terms into Common Units, to the
General Partner and its Affiliates as partial consideration for the contribution by the General
Partner and its Affiliates of certain assets (the “Contribution”).

     D. Immediately after the Contribution, the General Partner and its Affiliates will own
approximately 83.9% of the Common Units (assuming the full conversion of Class C Units held by the
General Partner and its Affiliates) and, upon the full conversion of the Class C Units into Common
Units, may thereafter be entitled under the Partnership Agreement to exercise the Limited Call
Right with respect to the Common Units.

     E. The parties desire that the General Partner will agree to forbear exercising the Limited
Call Right in certain circumstances.

AGREEMENT

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

 

1. Forbearance of Exercise of Limited Call Right

The General Partner agrees not to exercise or permit to be exercised the Limited Call Right with
respect to the Common Units unless the General Partner and its Affiliates hold more than 85% of the
Common Units then Outstanding. The Partnership is relying on the forbearance of the exercise of
the Limited Call Right as part of the consideration for the transactions contemplated by the
Contribution Agreement.

2. Termination of Forbearance

The General Partner’s agreement in Section 1 hereof and the remainder of this Agreement shall
terminate at such time as the General Partner and its Affiliates collectively hold less than 75% of
the Common Units then Outstanding (assuming the full conversion of Class C Units held by the
General Partner and its Affiliates), in which event the Limited Call Right will be exercisable in
accordance with the Partnership Agreement.

3. Specific Performance

The parties have agreed that irreparable damage would occur in the event that any provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise
breached. Accordingly, prior to termination of this Agreement in accordance with its terms, to the
fullest extent permitted by law, the parties will be entitled to an injunction or injunctions to
prevent breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement in addition to any other remedy to which the parties are entitled at law or in equity. In
connection with any request for specific performance or equitable relief by any party, each of the
other parties agrees to waive any requirement for the security or posting of any bond in connection
with the remedy of specific performance or equitable relief. Any actions for specific performance
or equitable relief must be brought in the Delaware Chancery Court or the federal courts within the
State of Delaware.

4. Notices

Notices under this Agreement shall be provided in writing and shall be deemed received if sent to
the address or fax number specified below: (i) on the day received if sent by courier delivery,
(ii) on the next Business Day if sent by facsimile transmission when sender has machine
confirmation that the notice was transmitted, or (iii) three (3) Business Days after mailing if
sent by certified or registered mail.

	 	 	 
	To the General Partner:

	 	To the Partnership:
	 
	 	 
	Williams Partners GP LLC

	 	Williams Partners L.P.
	One Williams Center

	 	One Williams Center
	Tulsa, Oklahoma 74172

	 	Tulsa, Oklahoma 74172
	Attention: General Counsel

	 	Attention : Chief Financial Officer
	Telecopy: (918) 573-5942

	 	Telecopy: (918) 573-0871
	 
	 	 
	 

	 	with a copy to:
	 
	 	 
	 

	 	Williams Partners L.P.
	 

	 	One Williams Center, Suite 4900
	 

	 	Tulsa, Oklahoma 74172-0172
	 

	 	Attention: General Counsel and Conflicts

	 

	 	Committee Chair 
	 

	 	Telecopy: (918) 573-5942

2

 

The General Partner and/or the Partnership may change its address for notices by providing notice
to the other in accordance with this Section 4.

5. Entire Agreement

There are no representations, conditions, agreements or understandings with respect to this
Agreement other than as set forth or referred to in this Agreement. No provision of this Agreement
may be amended or waived except by a written instrument executed by the General Partner and
Partnership. Notwithstanding anything else herein set forth, this Agreement constitutes the entire
agreement between the Partnership and the General Partner with respect to the subject matter hereof
and cancels and supersedes any prior guarantees, agreements and understandings between such parties
with respect thereto.

6. Successors and Assigns

This Agreement shall inure to the benefit of and be binding upon the respective successors and
permitted assigns of the General Partner and the Partnership. This Agreement shall not be assigned
or otherwise transferred, in whole or in part, without the prior written consent of the
non-assigning party.

7. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without regard to the principles of conflicts of law.

8. Action by Partnership

With respect to any action, notice, consent, approval or waiver that is required to be taken or
given or that may be taken or given by the Partnership pursuant to this Agreement, such action,
notice, consent, approval or waiver shall be taken or given by the Conflicts Committee on behalf of
the Partnership.

9. Severability

If any provision of this Agreement or the application thereof to any person, entity or circumstance
shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the
application of such provision to other persons, entities or circumstances shall not be affected
thereby and shall be enforced to the greatest extent permitted by law.

10. Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed an original, but both
of which together shall constitute one and the same instrument.

*       *       *       *       *

3

 

     EXECUTED as of the date first above written.

	 	 	 	 	 
	 	

WILLIAMS PARTNERS GP LLC

 	 
	 	By:  	/s/ Donald R. Chappel	 
	 	 	Name:  	Donald R. Chappel 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	
 
	 	WILLIAMS PARTNERS L.P.

 	 
	 	By:  	      Williams Partners GP LLC,
 	 
	 	 	its general partner 	 
	 
	 	By:  	/s/ Donald R. Chappel	 
	 	 	Name:  	Donald R. Chappel 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

Signature Page to the Limited Call Right Forbearance Agreement

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