Document:

Exhibit

Exhibit 10.1

FIRST AMENDMENT TO 
FOURTH AMENDED AND RESTATED FINANCING AND SECURITY AGREEMENT

THIS FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED FINANCING AND SECURITY AGREEMENT (this “Amendment”) is made this 28th day of September 2015, by GP Strategies Corporation, a Delaware corporation (“GP” or the “Borrower”), General Physics (UK) Ltd., GP Strategies Holdings Limited, GP Strategies Limited and GP Strategies Training Limited, each a company organized and existing under the laws of England and Wales (each individually, a “UK Borrower” and collectively, the “UK Borrowers”) and Wells Fargo Bank, National Association (the “Lender”).
RECITALS
A.The Borrower and the Lender are parties to a Fourth Amended and Restated Financing and Security Agreement dated as of September 2, 2014, as amended by this Amendment and as may be further amended, restated, supplemented or otherwise modified hereafter (the “Financing Agreement”), pursuant to which the Lender extended to the Borrower certain credit facilities consisting of (i) a revolving credit facility in the maximum principal amount of US Sixty Five Million Dollars ($65,000,000) (the “Revolving Credit Facility”) with a letter of credit sub-facility in the maximum aggregate stated amount of US Five Million Dollars ($5,000,000) (the “Letter of Credit Facility”) and (ii) a term loan in the original principal amount of US Forty Million Dollars ($40,000,000) (the “Term Loan”).  All capitalized terms used, but not specifically defined herein, shall have the meanings given to such terms in the Financing Agreement.
B.     The Borrower has requested the Lender to extend to four of its indirect UK Subsidiaries (herein identified as the “UK Borrowers”) a UK revolving credit facility (the “UK Revolving Credit Facility”) in the maximum principal amount of the Foreign Currency Equivalent of US Seven Million Dollars ($7,000,000) with a commensurate reduction in the amount of the Revolving Credit Committed Amount for the Dollar Equivalent of outstandings under the UK Revolving Credit Facility. 
C.    The Lender has agreed to extend the UK Revolving Credit Facility, subject to the terms and conditions of this Amendment, including the confirmation of the guaranty by the Borrower covering the full payment and performance of the Obligations of the UK Borrowers.
D.    The Borrower and the Lender also desire to extend the Revolving Credit Expiration Date.
AGREEMENTS
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, receipt of which is hereby acknowledged, the Borrower, the UK Borrowers and the Lender agree as follows:
1.The Recitals above are a part of this Amendment.  
2.    Each of the Borrower and the UK Borrowers represents and warrants to the Lender as follows:

1

(a)It is an entity duly organized, and validly existing and, with respect to the Borrower only, in good standing under the laws of the jurisdiction in which it was organized, has all requisite power and authority to carry on its business as now conducted and is qualified to do business in every jurisdiction where such qualification is required, except where the failure to do so in such jurisdiction would not have a material adverse effect on the ability of the Borrower and the UK Borrowers taken as a whole to perform the Obligations, on the conduct of the Borrower’s and the UK Borrowers’ operations taken as a whole, on the Borrower’s and the UK Borrowers’ financial condition taken as a whole, or on the value of, or the ability of Lender to realize upon, the Collateral.
(b)    It has the power and authority to execute and deliver this Amendment and perform its obligations hereunder and has taken all necessary and appropriate corporate action to authorize the execution, delivery and performance of this Amendment.
(c)    The Financing Agreement, as amended by this Amendment, and each of the other Financing Documents to which it is a party remains in full force and effect, and each constitutes its valid and legally binding obligation, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors' and secured parties’ rights and remedies generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
3.    The definitions of the following terms contained in Section 1.1 of the Financing Agreement are hereby deleted in their entirety and replaced by the following definitions:
“ ‘Additional Borrower’ means each of the UK Borrowers and each Person that has executed and delivered an Additional Borrower Joinder Supplement that has been accepted and approved by Lender.”  
“ ‘Additional Borrower Joinder Supplement’ means, in the case of the UK Borrowers, this Amendment, and in all other cases, an Additional Borrower Joinder Supplement in substantially the form attached to the Financing Agreement as EXHIBIT A, with the blanks appropriately completed and executed and delivered by the Additional Borrower and accepted by the Borrower.” 
“ ‘Applicable Margin’ means the applicable rate per annum added to either Daily One Month LIBOR for borrowing in Dollars and Sterling or Daily One Month EURIBOR for borrowings in Euros and the applicable rate per annum, as set forth in Sections 2.1.7 (Revolving Credit Unused Line Fee) and 2.6.7 (UK Revolving Credit Unused Line Fee), established as the Revolving Credit Unused Line Fee and the UK Revolving Credit Unused Line Fee, as applicable.  The Applicable Margin (expressed as basis points) shall vary depending upon the Maximum Leverage Ratio, as follows:

2

	
					
	Pricing  
Tier
	Maximum Leverage Ratio
	Applicable to  
Interest Rate 

	Applicable to 
Unused Line Fee
	 

	I
	Less than 1.00 to 1.00
	125 basis points
	15
	 

	II
	Greater than or equal to 1.00 to 1.00  
but less than 1.50 to 1.00
	175 basis points
	20
	 

	III
	Greater than or equal to 1.50 to 1.00  
but less than 2.00 to 1.00
	200 basis points
	25
	 

	IV
	Greater than or equal to 2.00 to 1.00
	250 basis points
	25
	 

	 
	 
	 
	 
	 

Changes in the Applicable Margin shall be made not more frequently than quarterly based on the Maximum Leverage Ratio, determined by Lender subsequent to its review of the quarterly reports required by Section 6.1.1(c) (Quarterly Statements and Certificates) and shall be effective within three (3) Business Days after receipt and satisfactory review by Lender of the quarterly reports and Compliance Certificate required under Section 6.1.1(c).”
“ ‘Applicable Rate’ means the sum of (a) the Applicable Margin plus (b) (i) Daily One Month LIBOR for borrowings in Dollars and Sterling or (ii) Daily One Month EURIBOR for borrowings in Euros.” 
“ ‘Business Day’ means (a) for purposes of payments by the Borrower, any day other than a Saturday, Sunday or other day on which commercial banks in the State are authorized or required to close; and (b) for purpose of payments by any of the UK Borrowers and for purposes of determining the Daily One Month LIBOR and Daily One Month EURIBOR rates, the term “Business Day” shall mean a London Business Day.”
“ ‘Commitments’ means the collective reference to each and every commitment to extend credit under the terms of this Agreement including, without limitation, the Revolving Credit Commitment, the Term Loan Commitment and the UK Revolving Credit Commitment.”
“ ‘Committed Amount’ means the Lender’s Revolving Loan Committed Amount, the Term Loan Committed Amount or the UK Revolving Loan Committed Amount, as the case may be, and “Committed Amounts” means collectively the Revolving Loan Committed Amount, the Term Loan Committed Amount and UK Revolving Committed Amount of the Lender.”
“ ‘Credit Facility’ means each credit facility now or hereafter extended under or secured by this Agreement and “Credit Facilities” means the collective reference to any one or more of the credit facilities included as a Credit Facility. On the date of the First Amendment, the Credit Facilities include the Revolving Credit Facility (including, without limitation, the Letter of Credit Facility), the Term Loan Facility and the UK Revolving Credit Facility.”
 “ ‘Credit Parties’ means, collectively, the Borrower, each of the UK Borrowers and each Person who becomes a Borrower after the date of this Agreement and each Person who at any time provides a guaranty or other credit support or 

3

collateral support of any nature whatsoever with respect to the Obligations. The term “Credit Party” means each Person included among the Credit Parties.”
“ ‘LIBOR’ means the rate of interest per annum determined by the Lender based on the rate for United States Dollar or Sterling deposits for delivery of funds for  a period of one (1) month as reported on Reuters Screen LIBOR01 page (or any successor page) at approximately 11:00 a.m., London time, or, for any day not a London Business Day, the immediately preceding London Business Day (or if not so reported, then as determined by the Lender from another recognized source or interbank quotation).” 
“ ‘Loan’ means each of the Revolving Loan, the Term Loan, the UK Revolving Loan or each other loan now or hereafter extended under or secured by this Agreement, as the case may be, and “Loans” means the collective reference to the Revolving Loan, the Term Loan, the UK Revolving Loan  and each other loan now or hereafter extended under or secured by this Agreement.” 
“ ‘Loan Notice’ has the meaning described in Sections 2.1.2 and 2.6.2 (Procedure for Making Advances).”
“ ‘Note’ means any  promissory note that may from time to time evidence all or any portion of the Obligations and “Notes” means collectively all such promissory notes.  On the date of the First Amendment, the Notes consist of the Revolving Credit Note, the Term Note and the UK Revolving Credit Note.”
“ ‘Permitted Uses’ means (a) with respect to the Term Loan, amounts payable for Transaction Payments, (b) with respect to the Revolving Loan, amounts payable (i) for Transaction Payments, (ii) for general corporate purposes, which shall include payment of annual earn-out payments in connection with Permitted Acquisitions, and (iii) to support the issuance of Letters of Credit and (c) with respect to the UK Revolving Loan, for general corporate purposes, which shall include payment of annual earn-out payments in connection with Permitted Acquisitions.”
“ ‘Prepayment’ means a Revolving Loan Mandatory Prepayment, a Revolving Loan Optional Prepayment, a Term Loan Mandatory Prepayment, a Term Loan Optional Prepayment, a UK Revolving Loan Mandatory Prepayment or a UK Revolving Loan Optional Prepayment as the case may be, and “Prepayments” mean collectively all Revolving Loan Mandatory Prepayments, all Revolving Loan Optional Prepayments, all Term Loan Mandatory Prepayments, all Term Loan Optional Prepayments, all UK Revolving Loan Mandatory Prepayments and all UK Revolving Loan Optional Prepayments.”
 “ ‘Revolving Credit Committed Amount’ means the principal amount of $65,000,000, minus the Dollar Equivalent of outstandings under the UK Revolving Credit.”
“ ‘Revolving Credit Expiration Date’ means October 31, 2018, unless otherwise extended for successive periods if one (1) year beyond the then existing maturity date commencing as of the first anniversary date of this Agreement by Lender in the exercise of its sole and absolute discretion.”

4

4.    The following new definitions are hereby added to Section 1.1 of the Financing Agreement in alphabetical order.
“ ‘Daily One Month EURIBOR’ means, for any day, the rate of interest equal to EURIBOR then in effect for delivery for a one (1) month period.” 
“ ‘Dollar Equivalent’ means, on the date of determination, the amount of Dollars which results from the sale of a given amount of Euros or Sterling as determined by the Lender based on the arithmetical mean of the buy and sell spot rates of exchange for such currency, such amount being available for Borrowers’ information on Bloomberg by following this link: http://www.bloomberg.com/markets/currencies.”
 “ ‘EURIBOR’ means the rate of interest per annum determined by the Lender based on the rate for EURO deposits for delivery of funds for periods of one (1) month as reported on Reuters Screen page EURIBOR01 (or any successor page) at approximately 11:00 a.m., London time, or for any day not a London Business Day, the immediately preceding London Business Day (or if not so reported then as determined by the Lender from another recognized source or interbank quotation).”
“ ‘Euros’ means the currency of the participating member states of the European Communities that have adopted the Euro as their lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union.”
“ ‘First Amendment’ means this First Amendment to Fourth Amended and Restated Financing and Security Agreement.”
“ ‘Foreign Currency Equivalent’ means, on any date of determination, the amount of Euros or Sterling, as appropriate, which results from the sale of a given amount of US Dollars as determined by the Lender based on the arithmetical mean of the buy and sell spot rates of exchange for such currency, such amount being available for Borrowers’ information on Bloomberg by following this link: http://www.bloomberg.com/markets/currencies.”
“ ‘London Business Day’ means any date that is a day for trading by and between banks in United States Dollar, Euro or Sterling deposits in the Relevant Interbank Market.”
“ ‘Relevant Interbank Market’ means (a) as to Dollars and Sterling, the London interbank market, and (b) as to Euros, the European interbank market.”
“ ‘Sterling’ means the lawful currency of the United Kingdom.”
“ ‘UK Borrower’ means any one of the UK Borrowers.”
“ ‘UK Borrowers’ means, collectively, General Physics (UK) Ltd., GP Strategies Holdings Limited, GP Strategies Limited and GP Strategies Training Limited, each a company established and existing under the laws of England and Wales.”
“ ‘UK Revolving Credit Commitment’ means the agreement of Lender relating to the making of the UK Revolving Loan and advances thereunder subject to and in accordance with the provisions of this Agreement.”
“ ‘UK Revolving Credit Commitment Period’ means the period of time from the date of the First Amendment to the Business Day preceding the UK Revolving Credit Termination Date.”

5

“ ‘UK Revolving Credit Committed Amount’ means the Foreign Currency Equivalent of US $7,000,000.”
“ ‘UK Revolving Credit Expiration Date’ means October 31, 2018, unless otherwise extended for successive periods of one (1) year beyond the then existing maturity date commencing as of the first anniversary date of this Agreement, by Lender in the exercise of its sole and absolute discretion.”
“ ‘UK Revolving Credit Facility’ means the facility established by Lender pursuant to Section 2.6 (UK Revolving Credit Facility).”
“ ‘UK Revolving Credit Note’ has the meaning described in Section 2.6.3 (UK Revolving Credit Note).”
“ ‘UK Revolving Credit Termination Date’ means the earlier of (a) the UK Revolving Credit Expiration Date, or (b) the date on which the UK Revolving Credit Commitment is terminated pursuant to Section 7.2 (Remedies) or otherwise.”
“ ‘UK Revolving Loan’ has the meaning described in Section 2.6.1 (UK Revolving Credit Facility).”
“ ‘UK Revolving Loan Account’ has the meaning described in Section 2.6.6 (UK Revolving Loan Account).”
“ ‘UK Revolving Loan Mandatory Prepayment’ and “UK Revolving Loan Mandatory Prepayments” have the meanings described in Section 2.6.4 (Prepayments of UK Revolving Loan).”
 “ ‘UK Revolving Loan Optional Prepayment’ and “UK Revolving Loan Optional Prepayments” have the meanings described in Section 2.6.4 (Prepayments of UK Revolving Loan).”

5.    Joinder by UK Borrowers.
(a)    This Amendment constitutes an Additional Borrower Joinder Supplement with respect to the UK Borrowers to the extent provided herein.
(b)    The UK Borrowers hereby acknowledge, confirm and agree that, on and as of the date of this Amendment, each of the UK Borrowers is an Additional Borrower (as that term is defined in the Financing Agreement) and is included in the definition of “Borrower” under the Financing Agreement and the other Financing Documents for all purposes thereof; provided, however, that the UK Borrowers are individually, not jointly and severally liable, only for those Obligations relating to the UK Revolving Loan.  Otherwise the UK Borrowers are bound by all of the terms, provisions and conditions of the Financing Agreement from and after the date of this Amendment; provided that the covenants to provide financial statements and reports to SEC and to stockholders, financial covenants and related calculations, ERISA Compliance and covenants specifically relating to Collateral (being sections 6.1.1, 6.1.2, 6.1.10, 6.1.13, 6.1.15, 6.1.17, 6.2.10, and 6.2.13 in the Financing Agreement) shall not apply to the UK Borrowers.
(c)    Without in any way implying any limitation on any of the provision of this Amendment, each of the UK Borrowers hereby represents and warrants that, except as noted on 

6

the schedules attached hereto and made a part hereof, all of the representations and warranties contained in the Financing Agreement are true and correct on and as of the date hereof as if made on and as of such date, both before and after giving effect to this Amendment, and that no Event of Default or Default has occurred had its continuing or exits or would occur or exist after giving effect to this Amendment; provided that all representations regarding the consolidated financial statements of the Borrower and its subsidiaries shall be made only by the Borrower and the UK Borrowers shall not make any representations regarding ERISA, Employee Relations, Collateral or Business Names and Addresses (being sections 4.1.11, 4.1.15, 4.1.18, 4.1.20, 4.1.22 and 4.1.23 in the Financing Agreement). Nothing in this Amendment is intended to cause any UK Borrower to make any representation or warranty regarding compliance with any U.S. law.  All schedules attached to this Amendment shall be deemed to be schedules of the Financing Agreement.
(d)    For administrative convenience, each Person include in the term “Borrower” hereby irrevocably appoints GP as the Borrower’s attorney-in-fact, with power of substitution (with the prior written consent of the Lender in the exercise of its sole and absolute discretion), in the name of GP or in the name of the Borrower or otherwise, to take any and all actions with respect to the Financing Agreement, the other Financing Documents, the Obligations and/or the Collateral (including, without limitation, the proceeds thereof) as GP may so elect from time to time, including, without limitation, actions to (i) request advances under the UK Revolving Loan and direct the Lender to disburse or credit the proceeds of the UK Revolving Loan directly to an account of any UK Borrower, which direction shall evidence the making of such UK Revolving Loan and shall constitute the acknowledgement by each such Person of the receipt of the proceeds of such UK Revolving Loan, (ii) enter into, execute, deliver, amend, modify, restate, substitute, extend and/or review the Financing Agreement, any Additional Borrower Joinder Supplement, any other Financing Documents, security agreements, mortgages, deposit account agreements, instruments, certificates, waivers, letter of credit applications, releases, documents and agreements from time to time, and (iii) endorse any check or other item of payment in the name of such Person or in the name of GP.  The foregoing appointment is coupled with an interest, cannot be revoked without the prior written consent of the Lender, and may be exercised from time to time through GP duly authorized officer, officers or other Person or Persons designated by GP to act from time to time on behalf of GP.
(e)    Without implying any limitation on the joint and several nature of the Obligations, the Lender agrees that, notwithstanding any other provision of this Agreement, the Persons included in the term “Borrower,” may create reasonable inter-company indebtedness between or among the Borrowers with respect to the allocation of the benefits and proceeds of the advances and Credit Facilities under this Agreement. The Borrowers agree among themselves, and the Lender consents to that agreement, that each Borrower shall have rights of contribution from all of the other Borrowers to the extent such Borrower incurs Obligations in excess of the proceeds of the Credit Facilities received by, or allocated to purposes for the direct benefit of, such Borrower. All such indebtedness and rights shall be, and are hereby agreed by the Borrowers to be, subordinate in priority and payment to the indefeasible repayment in full in cash of the Obligations, and, unless the Lender agrees in writing otherwise, shall not be exercised or repaid in whole or in part until all of the Obligations have been indefeasibly paid in full in cash; provided that payments of intercompany indebtedness incurred in the ordinary course of business and not in connection with the enforcement of contribution rights shall be permitted as long as no Event of Default shall have occurred and be continuing. The Borrowers agree that all of such inter-company indebtedness and rights of contribution are part of the Collateral and secure the Obligations. Each Borrower hereby 

7

waives all rights of counterclaim, recoupment and offset between or among themselves arising on account of that indebtedness and otherwise.  The Borrowers will not permit any intercompany indebtedness to be secured or transferred, voluntarily or involuntarily, pledged or otherwise to any Person other than the Lender or another Borrower.  Notwithstanding anything contained in this Agreement to the contrary, the amount covered by each Borrower under the Obligations shall be limited to an aggregate amount (after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Borrower in respect of the Obligations) which, together with other amounts owing by such Borrowers to the Lender under the Obligations, is equal to the largest amount that would not be subject to avoidance under the Bankruptcy Code or any applicable provisions of any applicable, comparable state or other Laws.
6.    The UK Revolving Credit Facility.  The following Section 2.6 is hereby added to the Financing Agreement in numerical order.
“Section 2.6    The UK Revolving Credit Facility.
2.6.1    UK Revolving Credit Facility.
Subject to and upon the provisions of this Agreement, Lender establishes a revolving credit facility in favor of the UK Borrowers in the UK Revolving Credit Committed Amount.  The aggregate of all advances under the UK Revolving Credit Facility is sometimes referred to in this Agreement as the “UK Revolving Loan”.
During the UK Revolving Credit Commitment Period, Lender agrees to make advances under the UK Revolving Credit Facility in accordance with the provisions of this Agreement; provided that after giving effect to any request duly made pursuant to this Agreement, the aggregate outstanding principal balance of the UK Revolving Loan would not exceed the UK Revolving Credit Committed Amount.  Advances under the UK Revolving Credit Facility shall be made in minimum amounts of 100,000 Euros or Sterling, as applicable and in integral multiples of 100,000 Euros or Sterling, as applicable.
Unless sooner paid, the unpaid UK Revolving Loan, together with interest accrued and unpaid thereon, and all other related Obligations shall be due and payable in full on the UK Revolving Credit Expiration Date.
2.6.2 Procedure for Making Advances Under the UK Revolving Loan; Lender Protection Loans.
On behalf of any of the UK Borrowers, GP may request an advance under the UK Revolving Credit Facility in Euros or Sterling to be made on any Business Day.  Advances under the UK Revolving Loan shall be deposited to a demand deposit account of the applicable UK Borrower with Lender (or an Affiliate of Lender) or shall be otherwise applied as directed by GP, which direction Lender may require to be in writing.  No later than 11:00 a.m. (London Time) on the date which is two Business Days in advance of the date of the requested borrowing, GP shall give Lender oral or written notice (a “Loan Notice”) of the amount and (if requested by Lender) the purpose of the requested borrowing.  Any oral Loan Notice shall be confirmed in writing by GP within three (3) Business Days after the making of the requested advance under the UK Revolving Loan.  Each Loan Notice shall be irrevocable.
In addition, each UK Borrower hereby irrevocably authorizes Lender at any time and from time to time, without further request from or notice to such UK Borrower, to make 

8

advances under the UK Revolving Loan, which Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the interests of Lender, including, without limitation, advances and reserves under the UK Revolving Loan made to cover debit balances in the UK Revolving Loan Account, principal of, and/or interest on, the UK Revolving Loan, the Obligations, and/or Enforcement Costs relating to the UK Revolving Loan, prior to, on, or after the termination of other advances under this Agreement, regardless of whether the outstanding principal amount of the UK Revolving Loan that Lender may advance or reserve hereunder exceeds the UK Revolving Credit Committed Amount.  Lender shall communicate to GP from time to time any action taken under this paragraph either orally or in writing.
		
	2.6.3
	UK Revolving Credit Note.

The obligation of UK Borrowers to pay the UK Revolving Loan, with interest, shall be evidenced by a UK Revolving Credit Note (as from time to time extended, amended, restated, supplemented or otherwise modified, the “UK Revolving Credit Note”) substantially in the form of EXHIBIT A attached to the First Amendment and made a part thereof, with appropriate insertions.  The UK Revolving Credit Note shall be payable to the order of Lender at the times provided in the UK Revolving Credit Note, and shall be in the principal amount of the UK Revolving Credit Committed Amount.  The UK Borrowers acknowledge and agree that, if the outstanding principal balance of the UK Revolving Loan outstanding from time to time exceeds the face amount of the UK Revolving Credit Note, the excess shall bear interest at the Post-Default Rate for the UK Revolving Loan and shall be payable, with accrued interest, ON DEMAND.  The UK Revolving Credit Note shall not operate as a novation of any of the Obligations or nullify, discharge, or release any such Obligations or the continuing contractual relationship of the parties hereto in accordance with the provisions of this Agreement.
		
	2.6.4
	Prepayments of UK Revolving Loan.

The UK Borrowers shall be required to prepay (each a “UK Revolving Loan Mandatory Prepayment” and collectively the “UK Revolving Loan Mandatory Prepayments”) the UK Revolving Loan by any amount by which the outstanding UK Revolving Loan exceeds the UK Revolving Credit Committed Amount, whether due to the fluctuation in the value of Euros or Sterling to Dollars or otherwise, pro rata on the basis of outstandings to each UK Borrower.
The UK Borrowers shall have the option, at any time and from time to time, to prepay (each a “UK Revolving Loan Optional Prepayment” and collectively the “UK Revolving Loan Optional Prepayments”) the UK Revolving Loan, in whole or in part in a minimum amount of not less than 100,000 Euros or Sterling, as applicable, without premium or penalty.
		
	2.6.5
	UK Revolving Loan Account.

Lender will establish and maintain a loan account on its books (the “UK Revolving Loan Account”) for each UK Borrower to which Lender will (a) debit (i) the principal amount of each advance of the UK Revolving Loan made by Lender hereunder as of the date made, specifying both the currency in which the advance is made and the UK Borrower to which it is made, (ii) the amount of any interest accrued on the UK Revolving Loan as and when due, and (iii) any other amounts due and payable by the UK Borrowers to Lender from time to time under the provisions of this Agreement in connection with the UK Revolving Loan, including, without limitation, Enforcement Costs, Fees, late charges, and service, collection and audit fees relating to the UK Revolving Loan, as and when due and payable, and (b) credit all payments made by any 

9

UK Borrower to Lender on account of the UK Revolving Loan as of the date made including, without limitation, funds credited to the UK Revolving Loan Account from the UK Collateral Account.  Lender may debit the UK Revolving Loan Account for the amount of any Item of Payment that is returned to Lender unpaid.  All credit entries to the UK Revolving Loan Account are conditional and shall be readjusted as of the date made if final and indefeasible payment is not received by Lender in cash or solvent credits.  Any and all periodic or other statements or reconciliations, and the information contained in those statements or reconciliations, of the UK Revolving Loan Account shall be final, binding and conclusive upon the UK Borrower in all respects, absent manifest error, unless Lender receives specific written objection thereto from a UK Borrower within thirty (30) Business Days after such statement or reconciliation shall have been sent by Lender.
7.    Provisions to Section 2.5 applicable to UK Revolving Loan.
The provisions of Section 2.5 shall be applicable to the UK Revolving Loan to the same extent that they apply to the Revolving Loan; provided that (a) payments in respect of the UK Revolving Loan must be received by 11:00a.m. (London time) on the due date of such payment; (b) the Lender may designate an alternate place for payment applicable to the UK Revolving Loan; (c) no Letters of Credit are available to be issued under the UK Revolving Loan; and (d) the UK Borrowers shall not guarantee any of the Obligations relating to the Revolving Loan Facility, the Letter of Credit Facility or the Term Loan Facility.
GP hereby confirms that the guaranty in Section 2.5.8 of the Financing Agreement covers all Obligations of the UK Borrowers relating to the UK Revolving Loan Facility.
8.    Conditions Precedent.  The Lender must have received the following as conditions precedent to the effectiveness of this Amendment, each of which must be satisfactory as to form and substance in all respects:
(a)    A certificate of the Secretary of each UK Borrower covering
(i)    true and complete copies of its organizational and governing documents and all amendments thereto;
(ii)    true and complete copies of the resolutions of its Board of Directors and Shareholders, as appropriate, authorizing (A) the execution, delivery and performance of the Financing Documents to which it is a party, and (B) the borrowings hereunder;
(iii)    the incumbency, authority and signatures of its officers authorized to sign this Amendment and the other Financing Documents to which such UK Borrower is or may become a party; and
(iv)    the identity of current directors, common stockholders and other equity holders, as well as their respective percentage ownership interests.
(b)     The executed UK Revolving Credit Note in substantially the form attached to this Amendment as Exhibit A.

10

9.    After giving effect to this Amendment, the Borrower hereby ratifies and confirms the representations, warranties and covenants contained in the Financing Agreement, except that to the extent any such representation, warranty or covenant by its express terms relates to an earlier date, such representation, warranty or covenant, as applicable, was true and correct in all material respects on and as of such earlier date.  The Borrower, the UK Borrowers and the Lender agree that this Amendment is not intended to and shall not cause a novation with respect to any or all of the Obligations.  Except as expressly modified herein, all of the terms, conditions and provisions of the Financing Agreement shall continue in full force and effect.
10.    The Borrower shall pay at the time this Amendment is executed and delivered by all of the parties hereto all fees, costs, charges and other expenses incurred by the Lender in connection with this Amendment, including, but not limited to, reasonable and properly documented fees and expenses of the counsel for the Lender.
11.    This Amendment is one of the Financing Documents.  This Amendment may be executed in any number of duplicate originals or counterparts, each of such duplicate originals or counterparts shall be deemed to be an original and all taken together shall constitute but one and the same agreement.  Each party to this Amendment agrees that the respective signatures of the parties may be delivered by fax, “.pdf,” or other electronic means acceptable to the Lender and that the parties may rely on a signature so delivered as an original.  Any party who chooses to deliver its signature in such manner agrees to provide promptly to the other parties a copy of this Amendment with its inked signature, but the party's failure to deliver a copy of this Amendment with its inked signature shall not affect the validity, enforceability and binding effect of this Amendment.
[Signatures Follow on Next Page]

11

 Signature Page 1 of 2 to 
First Amendment to Fourth Amended and Restated Financing and Security Agreement 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

BORROWERS:

GP STRATEGIES CORPORATION

By:  __/s/ Sharon Esposito-Mayer___
Name: Sharon Esposito-Mayer
Title: Executive Vice President and 
Chief Financial Officer

GENERAL PHYSICS (UK) LTD.

By:  __/s/ Scott Greenberg_________
Name: Scott Greenberg
Title:  Director

GP STRATEGIES HOLDINGS LIMITED

By:  __/s/ Scott Greenberg__________
Name: Scott Greenberg
Title:  Director

GP STRATEGIES LIMITED

By:  __/s/ Scott Greenberg__________
Name: Scott Greenberg
Title:  Director

GP STRATEGIES TRAINING LIMITED

By:  __/s/ Scott Greenberg___________
Name: Scott Greenberg
Title:  Director

12

Signature Page 2 of 2 to
First Amendment to Fourth Amended and Restated Financing and Security Agreement 

LENDER

WELLS FARGO BANK, NATIONAL ASSOCIATION

By:  ___/s/ Elizabeth M. Phelan__________
Name:   Elizabeth M. Phelan
Title:     Senior Vice President

13

Exhibit A to
First Amendment
FORM OF UK REVOLVING CREDIT NOTE
$7,000,000                                    Baltimore, Maryland
September 28, 2015
FOR VALUE RECEIVED, GENERAL PHYSICS (UK) LTD., GP Strategies Holdings Limited, GP Strategies Limited and GP Strategies Training Limited, each a company organized and existing under the laws of England and Wales (collectively the “UK Borrowers”), each individually, but not jointly and severally, promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (the “Lender”), the principal sum of SEVEN MILLION DOLLARS ($7,000,000) (the “Principal Sum”), or so much thereof as has been or may be advanced/readvanced to or for the account of such UK Borrower in Euros or Sterling pursuant to the terms and conditions of the Financing Agreement (as hereinafter defined), together with interest thereon at the rate or rates hereinafter provided, in accordance with the following:
1.Interest.
Commencing as of the date hereof and continuing until repayment in full of all sums due hereunder, the unpaid Principal Sum shall bear interest at the Applicable Rate (as defined in the Financing Agreement).  The Applicable Rate shall be determined in the manner provided in the Financing Agreement.  All interest payable under the terms of this Note shall be calculated on the basis of a 360-day year and the actual number of days elapsed, except for interest on LIBOR Loans in Sterling which shall be calculated on the basis of a 365-day year and the actual number of days elapsed.
2.Payments and Maturity.
The unpaid Principal Sum, together with interest thereon at the rate provided above, shall be payable as follows:
(a)Interest only on the unpaid Principal Sum shall be due and payable monthly, commencing October 1, 2015, and on the first day of each month thereafter to maturity; and
(b)Unless sooner paid, the unpaid Principal Sum, together with interest accrued and unpaid thereon, shall be due and payable in full on the UK Revolving Credit Expiration Date.
The fact that the balance hereunder may be reduced to zero from time to time pursuant to the Financing Agreement will not affect the continuing validity of this Note or the Financing Agreement, and the balance may be increased to the Principal Sum after any such reduction to zero.  
Each of the UK Borrowers authorizes the Lender to debit any account with Lender designated in writing by such UK Borrowers, beginning as of the date hereof for any payments due under this Note.  Each UK Borrowers further certifies that it has legitimate ownership of this account/these accounts and preauthorize this periodic debit as part of their right under said ownership.

1

3.Default Interest.
Upon the occurrence of an Event of Default (as hereinafter defined), the unpaid Principal Sum shall bear interest thereafter at a rate three percent (3%) per annum in excess of the Applicable Rate from time to time until such Event of Default is cured or waived.
4.Late Charges.
If any of the UK Borrowers shall fail to make any payment under the terms of this Note within fifteen (15) days after the date such payment is due, such UK Borrower shall pay to the Lender on demand a late charge equal to five percent (5%) of such payment.
5.Application and Place of Payments.
All payments, made on account of this Note shall be applied first to the payment of any late charge then due hereunder, second to the payment of any prepayment fee then due hereunder, third to the payment of accrued and unpaid interest then due hereunder, and the remainder, if any, shall be applied to the unpaid Principal Sum.  All payments on account of this Note shall be paid in the currency borrowed in immediately available funds during regular business hours of the Lender at such place as the Lender may at any time and from time to time designate in writing to the UK Borrowers.
6.Prepayment.
The UK Borrowers may prepay the Principal Sum in whole or in part at any time without premium or penalty.  If at any time the aggregate amount of the Principal Sum shall exceed the UK Revolving Credit Committed Amount, whether due to the fluctuation in the value of Euros or Sterling to Dollars or otherwise, the UK Borrowers shall prepay the Principal Sum in such amount as shall cause the UK Revolving Credit Committed Amount not to be exceeded, pro rata on the basis of outstandings to each UK Borrower.
7.Financing Agreement and Other Financing Documents.
This Note is the “UK Revolving Credit Note” described in the Fourth Amended and Restated Financing and Security Agreement dated as of September 2, 2014, by and between the Borrower and the Lender, as amended by the First Amendment to Fourth Amended and Restated Financing and Security Agreement among the Borrower, the UK Borrowers and the Lender (as may be further amended, modified, restated, substituted, extended and renewed at any time and from time to time, the “Financing Agreement”).  The indebtedness evidenced by this Note is included within the meaning of the term “Obligations” as defined in the Financing Agreement.  The term “Financing Documents” as used in this Note shall have the meaning described in the Financing Agreement.
8.Security.
This Note is secured as provided in the Financing Agreement.
9.Events of Default.
The occurrence of any one or more of the following events shall constitute an event of default (individually, an “Event of Default” and collectively, the “Events of Default”) under the terms of this Note:

2

(a)The Lender does not receive any and all amounts payable under the terms of this Note when due; or
(b)The occurrence of an event of default (as defined therein) under the terms and conditions of any of the other Financing Documents.

10.Remedies.
Upon the occurrence and during the continuance of an Event of Default, at the option of the Lender, all amounts payable by the UK Borrowers to the Lender under the terms of this Note shall immediately become due and payable by the UK Borrowers to the Lender without notice to the UK Borrowers or any other Person, and the Lender shall have all of the rights, powers, and remedies available under the terms of this Note, any of the other Financing Documents and all applicable laws.  The UK Borrowers and all endorsers, guarantors, and other parties who may now or in the future be primarily or secondarily liable for the payment of the indebtedness evidenced by this Note hereby severally waive presentment, protest and demand, notice of protest, notice of demand and of dishonor and non-payment of this Note and expressly agree that this Note or any payment hereunder may be extended from time to time without in any way affecting the liability of the UK Borrowers, guarantors and endorsers.
11.Expenses.
The UK Borrowers promise to pay to the Lender on demand by the Lender all costs and expenses incurred by the Lender in connection with the collection and enforcement of this Note, (including, without limitation, reasonable attorneys’ fees and expenses and all court costs), pro rata on the basis of outstandings to each UK Borrower.
12.Notices.
Any notice, request, or demand to or upon the UK Borrowers or the Lender shall be deemed to have been properly given or made when delivered in accordance with Section 8.1 of the Financing Agreement.
13.Miscellaneous.
Each right, power, and remedy of the Lender as provided for in this Note or any of the other Financing Documents, or now or hereafter existing under any applicable law or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Note or any of the other Financing Documents or now or hereafter existing under any applicable law, and the exercise or beginning of the exercise by the Lender of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by the Lender of any or all such other rights, powers, or remedies.  No failure or delay by the Lender to insist upon the strict performance of any term, condition, covenant, or agreement of this Note or any of the other Financing Documents, or to exercise any right, power, or remedy consequent upon a breach thereof, shall constitute a waiver of any such term, condition, covenant, or agreement or of any such breach, or preclude the Lender from exercising any such right, power, or remedy at a later time or times.  By accepting payment after the due date of any amount payable under the terms of this Note, the Lender shall not be deemed to waive the right either to require prompt payment when due of all other amounts payable under the terms of this Note or to declare an Event of Default for the 

3

failure to effect such prompt payment of any such other amount.  No course of dealing or conduct shall be effective to amend, modify, waive, release, or change any provisions of this Note.
14.Partial Invalidity.
In the event any provision of this Note (or any part of any provision) is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision (or remaining part of the affected provision) of this Note; but this Note shall be construed as if such invalid, illegal, or unenforceable provision (or part thereof) had not been contained in this Note, but only to the extent it is invalid, illegal, or unenforceable.
15.Captions.
The captions herein set forth are for convenience only and shall not be deemed to define, limit, or describe the scope or intent of this Note.
16.Applicable Law.
The UK Borrowers acknowledge and agree that this Note shall be governed by the laws of the State of Maryland, United States of America.
17.Consent to Jurisdiction.
The UK Borrowers irrevocably submit to the jurisdiction of any state or federal court sitting in the State of Maryland over any suit, action, or proceeding arising out of or relating to this Note or any of the other Financing Documents.  The UK Borrowers irrevocably waive, to the fullest extent permitted by law, any objection that the UK Borrowers may now or hereafter have to the laying of venue of any such suit, action, or proceeding brought in any such court and any claim that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum.  Final judgment in any such suit, action, or proceeding brought in any such court shall be conclusive and binding upon the UK Borrowers and may be enforced in any court to which the UK Borrowers (or any of them) are subject to jurisdiction by a suit upon such judgment, provided that service of process is effected upon the UK Borrowers as provided in this Note or as otherwise permitted by applicable law.
18.Service of Process.
The UK Borrowers hereby consent to process being served in any suit, action, or proceeding instituted in connection with this Note by the mailing of a copy thereof by certified mail, postage prepaid, return receipt requested, to GP at the address provided in Section 8.1 of the Financing Agreement.  The UK Borrowers irrevocably agree that such service shall be deemed in every respect effective service of process upon the UK Borrowers in any such suit, action or proceeding, and shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon the UK Borrowers.  Nothing in this Section shall affect the right of the Lender to serve process in any manner otherwise permitted by law or limit the right of the Lender otherwise to bring proceedings against the UK Borrowers in the courts of any jurisdiction or jurisdictions.
19.WAIVER OF TRIAL BY JURY.
EACH OF THE UK BORROWERS AND THE LENDER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH THE UK BORROWERS (OR 

4

ANY OF THEM) AND THE LENDER MAY BE PARTIES, ARISING OUT OF OR IN ANY WAY PERTAINING TO (A) THIS NOTE OR (B) THE FINANCING DOCUMENTS.  IT IS AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS NOTE.
THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY THE UK BORROWERS, AND THE UK BORROWERS HEREBY REPRESENT THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.  THE UK BORROWERS FURTHER REPRESENT THAT THEY HAVE BEEN REPRESENTED IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF THEIR OWN FREE WILL, AND THAT THEY HAVE HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.
20.Transferability.
Nothing in this or any other documents regarding the transaction herein shall prohibit the Lender from pledging or assigning this Note including any of the collateral therefor, to any Federal Reserve Bank in accordance with applicable law.
21.Arbitration.
(a)Arbitration.    The parties hereto agree, upon demand by any party, whether made before the institution of a judicial proceeding or not more than 60 days after service of a complaint, third party complaint, cross-claim, counterclaim or any answer thereto or any amendment to any of the above, to submit to binding arbitration all claims, disputes and controversies between or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or otherwise, in any way arising out of or relating to (i) any credit subject hereto, or this Note or any contract, instrument or document relating to this Note, and their negotiation, execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination; or (ii) requests for additional credit; provided, however, that subject to the subsection (c) below, nothing herein shall preclude or limit the Lender’s right to confess judgment; and provided, further, that no party shall have the right to demand binding arbitration of any claim, dispute or controversy seeking to open a judgment obtained by confession.  In the event of a court ordered arbitration, the party requesting arbitration shall be responsible for timely filing the demand for arbitration and paying the appropriate filing fee within 30 days of the abatement order or the time specified by the court. Failure to timely file the demand for arbitration as ordered by the court will result in that party’s right to demand arbitration being automatically terminated.

(b)Governing Rules. Any arbitration proceeding will (a) proceed in a location in Maryland selected by the American Arbitration Association (“AAA”); (b) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (c) be conducted by the AAA, or such other administrator as the parties shall mutually agree upon, in accordance with the 

5

AAA’s commercial dispute resolution procedures, unless the claim or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable, as the “Rules”). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein shall control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any dispute. Nothing contained herein shall be deemed to be a waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law.

(c)No Waiver of Provisional Remedies, Self-Help and Foreclosure. Nothing in this Note, including, without limitation, the arbitration requirement, shall limit the right of any party to (i) foreclose against real or personal property collateral, or exercise power of sale rights; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver; or (iv) confess judgment. This exclusion does not constitute a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i), (ii) (iii) and (in) of this paragraph.

(d)Arbitrator Qualifications and Powers.    Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the State of Maryland or a neutral retired judge of the state or federal judiciary of Maryland, in either case with a minimum of ten years’ experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator’s discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all disputes in accordance with the substantive law of Maryland and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the Maryland Rules of Civil Procedure or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.

6

(e)Discovery.    In any arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters directly relevant to the dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon a showing that the request for discovery is essential for the party’s presentation and that no alternative means for obtaining information is available.

(f)Class Proceedings and Consolidations.    No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration, except parties who have executed this Note or any contract, instrument or document relating to this Note, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.

(g)Payment Of Arbitration Costs And Fees.    The arbitrator shall award all costs and expenses of the arbitration proceeding.

(h)Miscellaneous.    To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration proceeding within 180 days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding may disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a dispute, the arbitration provision most directly related to the documents between the parties or the subject matter of the dispute shall control. This Note may be amended or modified only in writing signed by each party hereto. This arbitration provision shall survive termination, amendment or expiration of any of the documents or any relationship between the parties.

(i)Small Claims Court.  Notwithstanding anything herein to the contrary, each party retains the right to pursue in Small Claims Court any dispute within that court’s jurisdiction. Further, this arbitration provision shall apply only to disputes in which either party seeks to recover an amount of money (excluding attorneys’ fees and costs) that exceeds the jurisdictional limit of the Small Claims Court.

7

IN WITNESS WHEREOF, each of the UK Borrowers has caused this Note to be executed under seal by its duly authorized officers as of the date first written above.

GENERAL PHYSICS (UK) LTD.

By:  __/s/ Scott Greenberg________ (SEAL)
Name: Scott Greenberg
Title: Director

GP Strategies Holdings Limited

By:  __/s/ Scott Greenberg________  (SEAL)
Name: Scott Greenberg
Title: Director

GP STRATEGIES LIMITED

By:  __/s/ Scott Greenberg________  (SEAL)
Name: Scott Greenberg
Title: Director

GP STRATEGIES TRAINING LIMITED

By:  __/s/ Scott Greenberg________  (SEAL)
Name: Scott Greenberg
Title: Director

Signature Page to Form of UK Revolving Credit Note

8Exhibit

Date=Grant Date    

TO:            <@Name@>

FROM:        Alan S. Armstrong

SUBJECT:    2015 Short-Term Non-Equity Incentive Award

You have been selected to receive a non-equity incentive award to be paid if the Company exceeds the Target goal, as established by the Committee, over the Performance Period. This award is subject to the terms and conditions of the 2015 Short-Term Non-Equity Incentive Award Agreement (the “Agreement”).

This award is granted to you in recognition of your role as an employee whose responsibilities and performance are critical to the attainment of long-term goals. This award and similar awards are made on a selective basis and are, therefore, to be kept confidential. 

Subject to all of the terms of the Agreement, you will generally become entitled to payment of the award if you are an active employee of the Company on the Maturity Date and if performance measures set forth in the Agreement are certified for the Performance Period. The adjustment and termination provisions associated with this award are included in the Agreement.

If you have any questions about this award, you may contact Scott Graybill.

        
2015 SHORT-TERM NON-EQUITY INCENTIVE AWARD AGREEMENT

THIS 2015 SHORT-TERM NON-EQUITY INCENTIVE AWARD AGREEMENT (this “Agreement”), which contains the terms and conditions for the non-equity incentive award (“Award”), is by and between THE WILLIAMS COMPANIES, INC., a Delaware corporation (the “Company”), and the individual identified on the last page hereof (the “Participant”).

1.    Grant of Award. Subject to the terms and conditions of this Agreement, and the 2015 Award Letter, the Company hereby grants to the Participant an award (the “Award) of <@Amount@> effective <@GrDt+C@>  (the “Effective Date”). The Award, which is subject to adjustment under the terms of this Agreement, gives the Participant the opportunity to earn the right to receive the amount shown in the prior sentence if the Target goal, as established by the Compensation Committee of the Board of Directors of the Company (the “Committee”) in its meeting held on <@MeetingDate@>,, is achieved by the Company over the “Performance Period”, as established by the Committee. Until the Participant becomes vested in the Award under the terms of Paragraph 4, the Participant shall have no rights to the Award.

2.    Committee Decisions and Interpretations; Committee Discretion. The Participant hereby agrees to accept as binding, conclusive and final all actions, decisions and/or interpretations of the Committee, its delegates, or agents, upon any questions or other matters arising under this Agreement. 

3.    Performance Measures; Amount of Award Payable to the Participant. 

(a)    The Committee establishes (i) “Target” and “Stretch” goals during the Performance Period and (ii) the designated amount of the Award that may be received by a Participant based upon the achievement of each such goal during the Performance Period, all as more fully described in Subparagraphs 3(b) through 3(c) below. The amount of the Award that may be received by the Participant if the Target goal is reached is equal to the amount set forth in Paragraph 1 above.

(b)    The Award made to Participant and subject to this Agreement as reflected in Paragraph 1 above represents Participant’s opportunity to earn the right to payment upon (i) certification by the Committee that 100% of the Target goal for the Performance Period has been met and (ii) satisfaction of all the other conditions set forth in Paragraph 4 below. 

(c)    Subject to the Committee’s discretion as set forth in Subparagraph 3(d) below and to satisfaction of all other conditions set forth in Paragraph 4 below, the actual amount of the Award earned by and payable to Participant upon certification of the performance results and satisfaction of all other conditions set forth in Paragraph 4 below will be determined based on the following ranging from 100% (at the Target goal), 200% (at the Stretch goal), and if applicable, 300% (at the Super Stretch Goal) of the amount of the Award depending on the level of performance certified by the Committee at the end of the Performance Period. 

(d)    Notwithstanding (i) any other provision of this Agreement or (ii) certification by the Committee that targets for performance at or above the Target goal have been achieved during the Performance Period, the Committee may in its sole and absolute discretion reduce, but not below zero (0), the amount of the Award payable to the Participant based on such factors as it deems appropriate, including but not limited to the Company’s performance. Accordingly, any reference in this Agreement to the Award that (i) becomes payable, (ii) may be received by a Participant or (iii) is earned by a Participant, and any similar reference, shall be understood to mean the amount of the Award that is received, payable or earned after any such reduction is made.

4.     Vesting; Legally Binding Rights.

(a)    Notwithstanding any other provision of this Agreement, a Participant shall not be entitled to any payment of the Award under this Agreement unless and until such Participant obtains a legally binding right to such Award and satisfies all applicable vesting conditions for such payment, as set forth in this Paragraph 4.  Awards that do not vest on or prior to the Maturity Date, in accordance with this Paragraph 4, will be forfeited.

(b)    Except as otherwise provided in Subparagraphs 4(c) – 4(f) below and subject to the provisions of Subparagraph 3(d) above, the Participant shall vest in the Award under this Agreement only if and at the time that both of the following conditions are fully satisfied:

(i)    The Participant remains an active employee of the Company or any of its Affiliates on <@MaturityDate@> (the “Maturity Date”); and

(ii)    The Committee certifies that the Company has met performance targets above the Target goal as defined by the Committee for the performance period beginning <@BeginDate@> and ending <@EndDate (the “Performance Period”). Certification, if any, by the Committee for the Performance Period shall be made by the Maturity Date or as soon thereafter as is administratively practicable. 

(c)    If a Participant (i) dies or becomes Disabled (as defined below) prior to the Maturity Date while an active employee of the Company or any of its Affiliates, and (ii) the Committee certifies, in its sole discretion, that the performance measures for the Performance Period have been satisfied under Subparagraph 4(b)(ii) above, the Participant shall, upon such certification and as of the Maturity Date, vest in that portion of the Award the Participant would otherwise have received for the Performance Period in accordance with Subparagraphs 3(a) through 3(d) above, if any, as determined by the Committee in its sole discretion.  The amount of such Award will be prorated to reflect that portion of the Performance Period prior to such Participant’s ceasing to be an active employee of the Company and its Affiliates. The pro rata Award in which the Participant may become vested in such case shall equal the amount determined by multiplying (A) the amount the Participant would otherwise have received for the Performance Period, determined as described above, times (B) a fraction, the numerator of which is the number of full and partial months in the period that begins with the month following the month that contains the Effective Date and ends on (and includes) the date the Participant ceases being an active employee of the Company and its Affiliates, and the denominator of which is the total number of full and partial months in the period that begins with the month following the month that contains the Effective Date and ends on (and includes) the Maturity Date. 

(d)    As used in this Agreement, the following terms shall have the meanings described below:

(i)    A Participant shall be considered “Disabled” if such Participant (A) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (B) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Participant’s employer. Notwithstanding the foregoing, all determinations of whether a Participant is Disabled shall be made in accordance with the definition of such term under Treasury Regulation § 1.409A-3(i)(4), as it may be amended from time to time. 

(ii)    “Separation from Service” means a Participant’s termination or deemed termination from employment with the Company and its Affiliates (as defined in (iii) below). For purposes of determining whether a Separation from Service has occurred, the employment relationship is treated as continuing intact while the Participant is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months, or if longer, so long as the Participant retains a right to reemployment with his or her employer under an applicable statute or by contract. For this purpose, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for his or her employer. If the period of leave exceeds six (6) months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship will be deemed to terminate on the first date immediately following such six (6) month period. Notwithstanding the foregoing, if a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, and such impairment causes the Participant to be unable to perform the duties of the Participant’s position of employment or any substantially similar position of employment, a twenty-nine (29) month period of absence shall be substituted for such six (6) month period. For purposes of this Agreement, a Separation from Service will be deemed to occur on the date as of which the facts and circumstances indicate either that, after such date: (A) the Participant and the Company reasonably anticipate the Participant will perform no further services for the Company and its Affiliates (whether as an employee or an independent contractor) or (B) that the level of bona fide services the Participant will perform for the Company and its Affiliates (whether as an employee or independent contractor) will permanently decrease to no more than twenty (20%) of the average level of bona fide services performed by the Participant over the immediately preceding thirty-six (36) month period or, if the Participant has been providing services to the Company and its Affiliates for less than thirty-six (36) months, the full period over which the Participant has rendered services, whether as an employee or independent contractor. Notwithstanding the foregoing, all determinations of whether a Participant has incurred a “Separation from Service” shall be made in accordance with the definition of such term under Treasury Regulation § 1.409A-1(h), as it may be amended from time to time. 

(ii)    As used in this Agreement, “Affiliate” means all persons with whom the Company would be considered a single employer under Section 414(b) of the Code, and all persons with whom such person would be considered a single employer under Section 414(c) of the Code. 

(iv)    “Cause” means, from and after the occurrence of a Change in Control, unless otherwise defined in individual employment, change in control, or other severance agreement, the occurrence of any one or more of the following, as determined in the good faith and reasonable judgment of the Committee: 

(v)    “Change Date” means, with respect to an Award, the date on which a Change in Control first occurs while the Award is outstanding.

(vi)    “Change in Control” means, unless otherwise defined in an individual Change in Control severance agreement, the occurrence of any one or more of the following:

(A)    any Person (as such term is used in Rule 13d 5 of the SEC under the Exchange Act) or group (as such term is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than a Controlled Affiliate or any employee benefit plan (or any related trust) sponsored or maintained by the Company or any of its Controlled Affiliates (a “Related Party”), becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of 20% or more of the common stock of the Company or of Voting Securities representing 20% or more of the combined voting power of all Voting Securities of the Company, except that no Change in Control shall be deemed to have occurred solely by reason of such beneficial ownership by a Person with respect to which both more than 75% of the common stock of such Person and Voting Securities representing more than 75% of the combined voting power of the Voting Securities of such Person are then owned, directly or indirectly, by the persons who were the direct or indirect owners of the common stock and Voting Securities of the Company immediately before such acquisition, in substantially the same proportions as their ownership, immediately before such acquisition, of the common stock and Voting Securities of the Company, as the case may be; or

(B)    the Company’s Incumbent Directors (determined using the date of the Award as the baseline date) cease for any reason to constitute at least a majority of the directors of the Company then serving; or

(C)    consummation of a merger, reorganization, recapitalization, consolidation, or similar transaction (any of the foregoing, a “Reorganization Transaction”), other than a Reorganization Transaction that results in the Persons who were the direct or indirect owners of the outstanding common stock and Voting Securities of the Company immediately before such Reorganization Transaction becoming, immediately after the consummation of such Reorganization Transaction, the direct or indirect owners, of both at least 65% of the then outstanding common stock of the Surviving Corporation and Voting Securities representing at least 65% of the combined voting power of the then outstanding Voting Securities of the Surviving Corporation, in substantially the same respective proportions as such Persons’ ownership of the common stock and Voting Securities of the Company immediately before such Reorganization Transaction; or 

(D)    consummation of a plan or agreement for the sale or other disposition of all or substantially all of the consolidated assets of the Company or a plan of complete liquidation of the Company, other than any such transaction that would result in (I) a Related Party owning or acquiring more than 50% of the assets owned by the Company immediately prior to the transaction or (II) the Persons who were the direct or indirect owners of the outstanding common stock and Voting Securities of the Company immediately before such transaction becoming, immediately after the consummation of such transaction, the direct or indirect owners, of more than 50% of the assets owned by the Company immediately prior to the transaction.

Notwithstanding the occurrence of any of the foregoing events, a Change in Control shall not occur with respect to a Participant if, in advance of such event, the Participant agrees in writing that such event shall not constitute a Change in Control.

    
(vii)    “Good Reason” means, unless otherwise defined in an individual employment, change in control or other severance agreement, the occurrence, upon or within two years following a Change in Control and without a Participant’s prior written consent, of any one or more of the following:

(A)    a material adverse reduction in the nature or scope of the Participant’s duties from the most significant of those assigned at any time in the 90-day period prior to a Change in Control; or

(B)    a significant reduction in the authority and responsibility assigned to the Participant; or

(C)    any material reduction in or failure to pay Participant’s base salary; or

(D)    a material reduction of Participant’s aggregate compensation and/or aggregate benefits from the amounts and/or levels in effect on the Change Date, unless such reduction is part of a policy applicable to peer employees of the Employer and of any successor entity; or

(E)    a requirement by the Company or an Affiliate that the Participant’s principal duties be performed at a location more than fifty (50) miles from the location where the Participant was employed immediately preceding the Change in Control, without the Participant’s consent (except for travel reasonably required in the performance of the Participant’s duties); provided such new location is farther from Participant’s residence than the prior location.

Notwithstanding anything in this Article 13 to the contrary, no act or omission shall constitute grounds for “Good Reason”:

(A)    Unless, at least 30 days prior to his termination, Participant gives a written notice to the Company or the Affiliate that employs Participant of his intent to terminate his employment for Good Reason which describes the alleged act or omission giving rise to Good Reason;

(B)    Unless such notice is given within 90 days of Participant’s first actual knowledge of such act or omission; and

(C)    Unless the Company or the Affiliate that employs Participant fails to cure such act or omission within the 30-day period after receiving such notice.

         Further, no act or omission shall be “Good Reason” if Participant has consented in writing to such act or omission.

(viii)    “Incumbent Directors” means, determined as of any date by reference to any baseline date:

(A)    the members of the Board on the date of such determination who have been members of the Board since such baseline date; and

(B)    the members of the Board on the date of such determination who were appointed or elected after such baseline date and whose election, or nomination for election by stockholders of the Company or the Surviving Corporation, as applicable, was approved by a vote or written consent of two-thirds of the directors comprising the Company’s Incumbent Directors on the date of such vote or written consent, 

but excluding each such member whose initial assumption of office was in connection with (I) an actual or threatened election contest, including a consent solicitation, relating to the election or removal of one or more members of the Board or (II) a “tender offer” (as such term is used in Section 14(d) of the Exchange Act).

(ix)    “Retirement” shall have the meaning ascribed to such term in the Company’s governing tax-qualified retirement plan applicable to the Participant, or if no such plan is applicable to the Participant, in the good faith determination of the Committee.

(x)    “Surviving Corporation” means the corporation resulting from a Reorganization Transaction or, if securities representing at least 50% of the aggregate voting power of all Voting Securities of such resulting corporation are directly or indirectly owned by another corporation, such other corporation.

(xi)    “Voting Securities” of a corporation means securities of such corporation that are entitled to vote generally in the election of directors of such corporation.

(e)    If a Participant experiences a Separation from Service prior to the Maturity Date, the following vesting rules will apply:

(i)    If such Separation from Service occurs within two years following a Change in Control but prior to the end of the Performance Period, either voluntarily for Good Reason or involuntarily (other than due to Cause), the Participant shall vest in an Award equal to the amount of the Award that would otherwise be received by the Participant upon achievement of the Target goal. If such Separation from Service occurs within two years following a Change in Control, but after the end of the Performance Period and prior to payment, either voluntarily for Good Reason or involuntarily (other than due to Cause) the Participant shall vest in an Award equal to the amount of the Award that would otherwise be received by the Participant based upon actual performance as determined or deemed determined by the Committee. 

(ii)    If (A) such Separation from Service is involuntary (other than due to Cause)  and not described in Subparagraph 4(e)(i) above, (B) the Participant either receives benefits under a severance pay plan or program maintained by the Company or receives benefits under a separation agreement with the Company with respect to such Separation from Service, and (C) the Committee certifies, in its sole discretion, that the performance measures for the Performance Period have been satisfied under Subparagraph 4(b)(ii) above, the Participant shall, on the date of such certification and as of the Maturity Date, become vested in the Award the Participant would otherwise have received for the Performance Period in accordance with Paragraph 3 above, if any, as determined by the Committee in its sole discretion.  The amount of such Award will be pro-rated to reflect that portion of the Performance Period prior to the Participant’s ceasing to be an active employee of the Company and its Affiliates. The pro rata amount of the Award which may become vested in such case shall equal the amount determined by multiplying (1) the amount of the Award the Participant would otherwise have received for the Performance Period, determined as described above, times (2) a fraction, the numerator of which is the number of full and partial months in the period that begins the month following the month that includes the Effective Date and ends on (and includes) the date the Participant ceases being an active employee of the Company and its Affiliates, and the denominator of which is the number of full and partial months in the period that begins the month following the month that contains the Effective Date and ends on (and includes) the Maturity Date. 

(iii)    If (A) such Separation from Service is involuntary (other than due to Cause), not described in Subparagraph 4(e)(i) or (ii) above, and is due to a sale of a business or the outsourcing of any portion of a business engaged in by the Company or any of its Affiliates, (B) the Company or any of its Affiliates fails to make an offer of comparable employment to the Participant, as defined in a severance plan or program maintained by the Company, and (C) the Committee certifies, in its sole discretion, that the performance measures for the Performance Period have been satisfied under Subparagraph 4(b)(ii) above, the Participant shall, on the date of such certification and as of the Maturity Date, become vested in the Award the Participant would otherwise have received for the Performance Period in accordance with Paragraph 3, if any, as determined by the Committee in its sole discretion.  The amount of such Award will be pro-rated to reflect that portion of the Performance Period prior to the Participant’s ceasing to be an active employee of the Company and its Affiliates. The pro rata amount of the Award in which the Participant may become vested on, but not prior to, the Maturity Date in such case shall equal the amount determined by multiplying (1) the amount of the Award the Participant would otherwise have received for the Performance Period, determined as described above, times (2) a fraction, the numerator of which is the number of full and partial months in the period that begins the month following the month that contains the Effective Date and ends on (and includes) the date the Participant ceases being an active employee of the Company and its Affiliates, and the denominator of which is the total number of full and partial months in the period that begins the month following the month that contains the Effective Date and ends on (and includes) the Maturity Date. For purposes of this Subparagraph 4(e)(iii), a Termination of Affiliation shall constitute an involuntary Separation from Service.

(f)    if, in the event of a Change in Control, the acquiring or surviving company does not assume or continue this Award or does not provide an equivalent award(s) of substantially the same value, the Participant shall, immediately prior to the Change in Control, vest in the right to receive the Award that would otherwise be received by the Participant upon achievement of the Target goal. 

5.    Payment of Award. 
	
		
	 
	 

	(a)
	(i) The payment date for the Award in which a Participant becomes vested pursuant to Subparagraph 4(e)(i) above shall be the thirtieth (30th) day after such Participant’s Separation from Service, provided that if the Participant was a “key employee” within the meaning of Section 409A(a)(B)(i) of the Code immediately prior to his or her Separation from Service, payment shall not be made sooner than the earlier to occur of the following: (i) the date that is six (6) months following the date of such Separation from Service; and (ii) the date of the Participant’s death. 

(ii) For purposes of this Subparagraph 5(a), “key employee” means an employee designated on an annual basis by the Company as of December 31 (the “Key Employee Designation Date”) as an employee meeting the requirements of Section 416(i) of the Code utilizing the definition of compensation under Treasury Regulation § 1.415(c)-2(d)(2). A Participant designated as a “key employee” shall be a “key employee” for the entire twelve (12) month period beginning on April 1 following the Key Employee Designation Date.  Notwithstanding the foregoing, the term “key employee” will be defined in accordance with Treasury Regulation § 1.409A-1(i), as amended from time to time.

(b)    Any Award in which a Participant becomes vested pursuant to Paragraph 4 above, other than under Subparagraph 4(e)(i) , shall be paid during the calendar year containing the Maturity Date.

(c)    The Company will be entitled to deduct any federal, state, local or foreign income tax withholding or employment taxes as necessary from the Award. 

6.    Other Provisions.

(a)    The Participant understands and agrees that payments under this Agreement shall not be used for, or in the determination of, any other payment or benefit under any continuing agreement, plan, policy, practice or arrangement providing for the making of any payment or the provision of any benefits to or for the Participant or the Participant’s beneficiaries or representatives, including, without limitation, any employment agreement, any change of control severance protection plan or any employee benefit plan as defined in Section 3(3) of ERISA, including, but not limited to qualified and non-qualified retirement plans.

(b)    The Participant agrees and understands that, subject to the limit expressed in clause (iii) of the following sentence, amounts otherwise payable under this Agreement, including without limitation any amounts payable to a deceased Participant’s beneficiary(ies), may be held as collateral for monies he/she owes to Company or any of its Affiliates, including but not limited to personal loan(s), Company credit card debt, relocation repayment obligations, or benefits from any plan that provides for pre-paid educational assistance. In addition, the Company may deduct from any payment to the Participant under this Agreement, or from any payment to his or her beneficiaries in the case of the Participant’s death, amounts intended to satisfy such debt, in whole or in part, provided that (i) such debt is incurred in the ordinary course of the employment relationship between the Company or any of its Affiliates and the Participant, (ii) the aggregate amount of any such debt-related collateral held or deduction made in any taxable year of the Company with respect to the Participant does not exceed $5,000, and (iii) the deduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant.

(c)    The Participant acknowledges that this Award and similar awards are made on a selective basis and are, therefore, to be kept confidential.

(d)    The Award or the Participant’s interest in a potential future Award, may not be sold, assigned, transferred, pledged or otherwise disposed of or encumbered at any time prior to both (i) the Participant’s becoming vested in the Award and (ii) payment of the Award under this Agreement.

(e)    If the Participant at any time forfeits any or all of the Award pursuant to this Agreement, the Participant agrees that all of the Participant’s rights to and interest in such Award issuable thereunder shall terminate upon forfeiture without payment of consideration.

(f)    The Committee shall determine, in its sole discretion, whether an event has occurred resulting in the forfeiture of the Award under this Agreement.  All such determinations of the Committee shall be final and conclusive.

(g)    With respect to the right to receive payment under this Agreement, nothing contained herein shall give the Participant any rights that are greater than those of a general creditor of the Company. 

(h)    The obligations of the Company under this Agreement are unfunded and unsecured. Each Participant shall have the status of a general creditor of the Company with respect to amounts due, if any, under this Agreement.

(i)    The parties to this Agreement intend that payments made hereunder will be either exempt from, or meet the requirements of, Section 409A of the Code, and the Agreement shall be interpreted in a manner consistent with such intent.  If it is determined that any provision in this Agreement would result in the imposition of an applicable tax or penalty under Section 409A of the Code and related guidance issued by the Internal Revenue Service, the Agreement may be reformed by the Company, in its sole discretion, to avoid potential imposition of the applicable tax or penalty.  No action taken to comply with Section 409A of the Code shall be deemed to adversely affect the Participant’s rights (or the rights of any other person claiming by, through or under the Participant) under this Agreement or to require the Participant’s consent; provided, however, that neither the Company nor any of its officers, employees, or agents shall have any liability if the Agreement is not reformed as described above.

(j)    The Participant hereby automatically becomes a party to this Agreement whether or not he or she accepts the Award electronically or in writing in accordance with procedures of the Committee, its delegates or agents.

(k)    Nothing in this Agreement shall interfere with or limit in any way the right of the Company or an Affiliate to terminate the Participant’s employment or service at any time, nor confer upon the Participant the right to continue in the employ of the Company and/or an Affiliate.

(l)    The Participant hereby acknowledges that the Award is nontransferable by Participant and that any attempt by Participant to transfer the Award will be void and unenforceable.  Further, Participant acknowledges and agrees that nothing in this Agreement shall be construed as requiring the Committee to recognize a domestic relations order with respect to this Award.

(m)    Except as otherwise specifically permitted herein, no termination, amendment or modification of this Award Agreement, other than amendments or modifications required by applicable law, shall adversely affect in any material way this Award without the written consent of the Participant.

(n)    This Award Agreement will be construed in accordance with and governed by the laws of the State of Delaware, other than its laws respecting choice of law.

(o)    Nothing in this Award Agreement shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment at any time, for any or no reason, or shall confer upon the Participant the right to continue in the employ or as an officer of the Company or any Affiliate.

7.    Notices.  All notices to the Company required hereunder shall be in writing and delivered by hand or by mail, addressed to The Williams Companies, Inc., One Williams Center, Tulsa, Oklahoma 74172, Attention: Scott Graybill. Notices shall become effective upon their receipt by the Company if delivered in the foregoing manner. 

8.    Forfeiture and Clawback.   Notwithstanding any other provision of this Agreement to the contrary, by accepting the Award represented by this Agreement, the Participant acknowledges that any incenti

ve-based compensation paid to the Participant hereunder may be subject to recovery by the Company under any clawback policy that the Company may adopt from time to time, including without limitation any policy that the Company may be required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Participant further agrees to promptly return any such incentive-based compensation which the Company determines it is required to recover from the Participant under any such clawback policy.

9.    Tax Consultation.   The Participant understands he or she may incur tax consequences as a result of the Award. The Participant hereby acknowledges that he or she is liable for any and all such tax consequences and is responsible for determining whether to consult his or her personal tax and/or financial consultant(s) in connection with the acquisition of the Award.  The Participant further acknowledges that he or she is not relying, and will not rely, on the Company for any tax advice.

THE WILLIAMS COMPANIES, INC.

By:_________________________
Alan S. Armstrong
President and CEO

By: _________________________
Participant: <@Name@>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]