Document:

exv10w22

 

Exhibit 10.22

AMENDMENT TO THE

WILLIAMS COMPANIES, INC. SEVERANCE PAY PLAN

     The Williams Companies, Inc. Severance Pay Plan, as amended and restated effective October 28,
2003 and as subsequently amended (“Plan”), shall be, and hereby is, amended in the following
respects, effective October 28, 2003:

I.

     Section 1.5 of the Plan is amended in its entirety to provide as follows:

          “1.5 ‘Benefits Committee’ means the committee comprised of that group of individuals
appointed to undertake those duties as described in Articles V and VI of the Plan.”

II.

     The following is added as a new Section 1.12A following Section 1.12 in the Plan:

          “1.12A ‘Compensation Committee’ means the Committee of the Board of Directors designated as
the Compensation Committee.”

III.

     Section 5.1 is amended in its entirety to provide as follows:

          “5.1 Fiduciaries. The Administrative Committee is designated as the named
fiduciary as defined in ERISA; provided that any claims administrator will be a named
fiduciary with respect to claims and appeals related to benefit determinations.”

 

 

IV.

     Section 5.2(a) of the Plan is amended in its entirety to provide as follows:

          “5.2 Allocation of Responsibilities.

(a) Compensation Committee. The Compensation Committee
shall have exclusive authority and responsibility, including the power
to amend the Plan in Section 6.3 to the extent necessary, for:

     (i) Plan matters that are deemed to be material under the
corporate laws of the State of Delaware to holders of common stock
of the Company;

     (ii) The veto of appointments to the Benefits Committee within
ninety (90) days of receipt of notice of an appointment to the
Benefits Committee; and

     (iii) The delegation to the Benefits Committee or other
appropriate person of any authority and responsibility reserved to
it under the Plan that it can delegate.”

V.

     Section 5.3(a) of the Plan is amended in its entirety to provide as follows:

          (a) Membership and Voting. The Benefits Committee shall consist of not less
than three (3) members and not more than five (5) members and vacancies of the Benefits
Committee shall be filled by the remaining members of the Benefits Committee; provided the
Compensation Committee shall have the authority to veto appointments to the Benefits
Committee within ninety (90) days of receipt of notice of an appointment to the Benefits
Committee and provided further that the Chairman of the Benefits Committee shall notify the
Compensation Committee of new appointments to the Benefits Committee within sixty (60) days
of such appointment.

VI.

     Section 5.3(b) of the Plan is amended in its entirety to provide as follows:

“(b) Powers and Duties of Benefits Committee. The Benefits Committee shall
have exclusive authority and responsibility for:

(i) All amendments to this Plan, except to the extent such authority is
reserved to the Compensation Committee, as provided in Articles V and VI;

2

 

(ii) The termination or other discontinuance of this Plan, in whole or in
part;

(iii) The approval of any merger or spin-off of any part of this Plan;

(iv)The appointment of members of the Administrative Committee, but only to
fill vacancies not filled by the Administrative Committee, and the
appointment of the chairman of the Administrative Committee, but only if a
chairman is not timely selected by the Administrative Committee’s members.

(v) Solely to assist the Compensation Committee in its settlor capacity,
the Benefits Committee shall report to the Compensation Committee of
material developments in and changes to the general employee benefit
matters of the Plan at least one time each year, but not later than ninety
(90) days after the end of the Company’s fiscal year.

The Benefits Committee may appoint such accountants, counsel, specialists, and
other persons, as it deems necessary or desirable in connection with its duties
under this Plan. Such accountants and counsel may, but need not, be accountants
and counsel for the Company or an Affiliate. The Benefits Committee also shall
have such other duties, authority and responsibility under this Plan as may be
delegated by the Board of Directors or Compensation Committee.”

VII.

     Section 5.6 of the Plan is amended in its entirety to provide as follows:

               “5.6 No Joint Fiduciary Responsibilities. This Plan is intended to allocate to the
Administrative Committee the individual responsibility for the prudent execution of the functions
assigned to it, and none of such responsibilities or any other responsibility shall be shared by
any other entity unless such sharing is provided for by a specific provision of the Plan.
Whenever one fiduciary is required herein to follow the directions of another fiduciary, the two
fiduciaries shall not be deemed to have been assigned a shared responsibility, but the
responsibility of a fiduciary receiving such directions shall be to follow them insofar as such
instructions are on their face proper under applicable law.”

VIII.

3

 

     Section 6.3 of the Plan is amended in its entirety to provide as follows:

          “6.3 Amendment and Termination. Except as provided in Section 5.2(a), the Benefits
Committee may, in its sole and absolute discretion, amend, modify, change, revise or discontinue
this Plan at any time prior to a Change in Control occurring or within 12 months after a Change in
Control has occurred; provided, however, that any such action taken that has the effect of
reducing Participants benefits under this Plan prior to a Change in Control shall not be effective
before six months after adoption and shall be null and void if a Change in Control occurs during
that period.”

XIV.

     Except as modified herein, the Plan shall remain in full force and effect.

IN WITNESS WHEREOF, the Benefits Committee has caused this Amendment to the Plan to be executed
effective as herein provided.

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Marcia M. MacLeod
 	 
	 	 	Marcia M. MacLeod 	 
	 	 	Benefits Committee Member 	 
	 

4exv10w23

 

Exhibit 10.23

AMENDMENT TO THE

WILLIAMS COMPANIES, INC. SEVERANCE PAY PLAN

     The Williams Companies Severance Pay Plan, as amended and restated effective October 28, 2003
and as subsequently amended (“Plan”), shall be, and hereby is, amended in the following respects,
effective June 1, 2004:

I.

     Section 1.12 of the Plan is amended in its entirety to provide as follows:

          “1.12 ‘Comparable Offer of Employment’ means an offer of employment for a position
with the Company, any of its Affiliates, or any successor of the Company or its Affiliates that
provides for Regular Wage Base equal to or greater than the Participant’s Regular Wage Base
immediately preceding the Participant’s termination date. A successor of the Company or any of its
Affiliates shall include, but shall not be limited to, any entity (or its Affiliate) involved in or
in any way connected with a corporate rearrangement, total or partial merger, acquisition, sale of
stock, sale of assets or any other transaction. A Comparable Offer of Employment includes, without
limitation, a position that requires the Employee to transfer to a different work location, but
only so long as the Employee’s commuting distance to the new work location is not increased more
than fifty (50) miles beyond the commuting distance to his or her current work location.”

II.

     Section 1.17 of the Plan is amended in its entirety to provide as follows:

“1.17 ‘Good Reason’ means the occurrence, within two (2) years following a Change in
Control (other than during a Merger of Equals Period) and without a Participant’s prior written
consent, of any one (1) 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 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 Participants of the Company and of any successor entity; or

(e) a requirement by the Company or any of its Affiliates that the Participant’s
principal duties be performed at a location requiring a commuting distance to the new work
location greater than fifty (50) miles beyond the commuting distance to his or her current
work location, without the Participant’s consent (except for travel reasonably required in
the performance of the Participant’s duties).

Notwithstanding anything in this Plan to the contrary, no act or omission shall constitute grounds
for ‘Good Reason’: unless, at least thirty (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; and unless such notice is given within ninety (90) days of Participant’s first actual
knowledge of such act or omission, or if such act or omission would not constitute Good Reason
during a Merger of Equals Period, unless Participant’s termination date is within 90 days after the
first date on which he first obtained actual knowledge of the fact that the Merger of Equals Period
has ended; and 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.”

III.

     Except as modified herein, the Plan shall remain in full force and effect.

IN WITNESS WHEREOF, the Benefits Committee has caused this Amendment to the Plan to be executed
effective as herein provided.

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Michael P. Johnson
 	 
	 	 	Michael P. Johnson 	 
	 	 	Benefits Committee Member 	 
	 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]