Document:

EX-4.1

 Exhibit 4.1 
  

 
  

THE WILLIAMS COMPANIES, INC. 

And 
 THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A. 
 Trustee 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of June 24, 2014 

To 
 INDENTURE 

Dated as of December 18, 2012 
  

 
 4.550% Senior
Notes due 2024 
 5.750% Senior Notes due 2044 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	  
			
	 Section 101
	  	Definitions; Rules of Construction.	  	 	1	  
	 Section 102
	  	Relationship With Base Indenture	  	 	8	  
	 Section 103
	  	Effect of Headings and Table of Contents.	  	 	9	  
	 Section 104
	  	Successors and Assigns.	  	 	9	  
	 Section 105
	  	Separability Clause.	  	 	9	  
	 Section 106
	  	Governing Law; Waiver of Trial by Jury.	  	 	9	  
	 Section 107
	  	Counterparts.	  	 	9	  
		
	 ARTICLE TWO THE NOTES
	  	 	10	  
			
	 Section 201
	  	Establishment, Form and Dating.	  	 	10	  
	 Section 202
	  	Registrar and Paying Agent.	  	 	10	  
		
	 ARTICLE THREE LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	11	  
		
	 ARTICLE FOUR EVENTS OF DEFAULT
	  	 	11	  
		
	 ARTICLE FIVE ADDITIONAL COVENANTS
	  	 	12	  
			
	 Section 501
	  	Limitation on Liens.	  	 	12	  
	 Section 502
	  	Use of Proceeds Prior to the Closing of the GIP Purchase.	  	 	12	  
		
	 ARTICLE SIX REDEMPTION OF NOTES
	  	 	12	  
			
	 Section 601
	  	Optional Redemption.	  	 	12	  
	 Section 602
	  	Special Optional Redemption.	  	 	12	  
	 Section 603
	  	Special Mandatory Redemption.	  	 	13	  
	 Section 604
	  	Election to Redeem; Notice to the Trustee.	  	 	13	  
			
	 EXHIBIT A
	  	FORM OF 2024 NOTE	  			
	 EXHIBIT B
	  	FORM OF 2044 NOTE	  			

  
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 This SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
June 24, 2014, between THE WILLIAMS COMPANIES, INC., a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, duly organized and validly existing under the
laws of the United States of America, as trustee (the “Trustee”). 
 The Company has heretofore executed and delivered to
the Trustee an Indenture, dated as of December 18, 2012 (the “Base Indenture” and, as supplemented by this Supplemental Indenture, the “Indenture”), between the Company and the Trustee, providing for the
issuance from time to time of one or more series of Securities. 
 The Company has duly authorized the execution and delivery of this
Supplemental Indenture to provide for the issuance of its 4.550% Senior Notes due 2024 and its 5.750% Senior Notes due 2044 (the “Notes”), and the Company and the Trustee agree as follows for the benefit of each other and for the
equal and ratable benefit of the Holders of the Notes. 
 The Company desires and has requested the Trustee to join with it in the execution
and delivery of this Supplemental Indenture in order to supplement the Base Indenture and to add covenants to, remove covenants from and replace Events of Default in, the Base Indenture with respect to the Notes as and to the extent set forth herein
to provide for the issuance and the terms of the Notes. 
 All things necessary to make this Supplemental Indenture a valid and legally
binding agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of the Notes as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 101 Definitions; Rules of Construction. 

Except as otherwise expressly provided in or pursuant to this Supplemental Indenture or unless the context otherwise requires, for all
purposes of this Supplemental Indenture: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise 

 
herein expressly provided, the terms “generally accepted accounting principles” or “GAAP” with respect to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted at the date of such computation; 
 (4) the words “herein,” “hereof,”
“hereto” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(5) the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,” not
“either A or B but not both”); 
 (6) provisions apply to successive events and transactions; 

(7) any reference to gender includes the masculine, feminine and the neuter, as the case may be; 

(8) references to agreements and other instruments include subsequent amendments thereto and restatements thereof; 

(9) “including” means “including without limitation”; 

(10) all exhibits are incorporated by reference herein and expressly made a part of this Supplemental Indenture; and 

(11) all references to articles, sections and exhibits (and subparts thereof) are to articles, sections and exhibits (and subparts thereof) of
this Supplemental Indenture. 
 Certain terms used principally in certain Articles hereof are defined in those Articles. Capitalized terms
used but not defined in this Supplemental Indenture shall have the meaning ascribed to them in the Base Indenture. 
 “2024
Notes” means the Company’s 4.550% Senior Notes due 2024. 
 “2044 Notes” means the Company’s 5.750%
Senior Notes due 2044. 
 “Additional Notes” means any additional Notes issued under the Indenture as part of the same
series as the Notes. 
 “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to
the semi-annual equivalent yield to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the related applicable Comparable Treasury
Price for that Redemption Date. 
 “Base Indenture” has the meaning assigned to it in the recitals hereto. 

“Business Entity” has the meaning assigned to it in the definition of “Non-Recourse Subsidiary” in this Section
101. 

  
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 “Cash Equivalents” means: 

(1) United States dollars and such local currencies held by the Company or any Subsidiary from time to time in the ordinary course of
business; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States (provided that the full faith and credit of the United States is pledged in support thereof), having maturities of not more than one year from the date of acquisition; 

(3) certificates of deposit and time deposits with maturities of not more than one year from the date of acquisition, bankers’
acceptances with maturities not exceeding one year, and overnight bank deposits, in each case, with any commercial bank organized under the laws of the United States or any state, commonwealth or territory thereof having capital and surplus in
excess of $500.0 million and a rating at the time of acquisition thereof of P-1 or better from Moody’s Investors Service, Inc. or A-1 or better from Standard & Poor’s Rating Services; 

(4) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses (2) and
(3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial
paper having the highest rating obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services and in each case maturing not more than one year after the date of acquisition; 

(6) securities issued and fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political
subdivision or taxing authority thereof, rated at least “A” by Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services and having maturities of not more than one year from the date of acquisition; and 

(7) interests in any investment company or money market fund which invests at least 95% of its assets in instruments of the type described in
clauses (1) through (6) of this definition. 
 “Comparable Treasury Issue” means, with respect to the Notes of a
series, the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes of such series being redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes of such series. 

“Comparable Treasury Price” means, with respect to any Redemption Date: 

(1) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of the Reference
Treasury Dealer Quotations, or 
 (2) if the Quotation Agent obtains fewer than three Reference Treasury Dealer Quotations, the average of
all Reference Treasury Dealer Quotations so received. 

  
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 “Consolidated Net Tangible Assets” means at any date of determination, the total
amount of assets of the Company and its Subsidiaries after deducting therefrom: 
 (1) all current liabilities (excluding (A) any
current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (B) current maturities of long-term
debt); and 
 (2) the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and other like intangible
assets, 
 all as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of the Company for the Company’s most
recently completed fiscal quarter, prepared in accordance with GAAP. 
 “Domestic Subsidiary” means any Subsidiary of the
Company that is incorporated or organized under the laws of the United States of America, any state thereof or the District of Columbia. 

“GIP Purchase” means the acquisition by the Company from certain entities managed by Global Infrastructure Management, L.L.C.
of the 48,742,361 common units of Access Midstream Partners, L.P. and 6,340,022 Convertible Class B Units of Access Midstream Partners, L.P., and 500 limited liability company units, which constitutes 50 percent of the outstanding equity interests,
of Access Midstream Ventures, L.L.C., the sole member of Access Midstream Partners GP, L.L.C. (which serves as the general partner of Access Midstream Partners, L.P. and holds all of Access Midstream Partners, L.P.’s incentive distribution
rights and a 2.0 percent general partner interest in Access Midstream Partners, L.P.). 
 “GIP Purchase Agreement” means
the agreement dated June 14, 2014, relating to the GIP Purchase. 
 “Global Note” means a certificated Note deposited
with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A or Exhibit B hereto, as applicable, and that bears the Global Security Legend and that has the “Schedule of
Adjustments” attached thereto. As of the date of this Supplemental Indenture all of the Notes are represented by Global Notes. 

“Global Security Legend” means the legend set forth in Section 203 of the Base Indenture and any other legend required
by the Depositary. 
 “Indebtedness” means, with respect to any specified Person, any obligation created or assumed by such
Person, whether or not contingent, for the repayment of money borrowed from others or any guarantee thereof. 
 “Indenture”
means the Base Indenture, as supplemented by this Supplemental Indenture, and as may be amended or further supplemented from time to time, pursuant to the applicable provisions of the Base Indenture and this Supplemental Indenture. 

  
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 “Initial Notes” means the first $1,250,000,000 aggregate principal amount of the
2024 Notes or $650,000,000 aggregate principal amount of the 2044 Notes, as applicable, issued under the Indenture on the date hereof. 

“International Subsidiary” means each Subsidiary of the Company other than a Domestic Subsidiary. 

“Lien” means any mortgage, pledge, lien, security interest or other similar encumbrance. 

“Non-Recourse Indebtedness” means any Indebtedness incurred by any Joint Venture or Non-Recourse Subsidiary which does not
provide for recourse against the Company or any of its Subsidiaries (other than a Non-Recourse Subsidiary) or any property or assets of the Company or any of its Subsidiaries (other than the Capital Stock or the properties or assets of a Joint
Venture or Non-Recourse Subsidiary). 
 “Non-Recourse Subsidiary” means any Subsidiary of the Company (1) whose
principal purpose is to incur Non-Recourse Indebtedness and/or construct, lease, own or operate the assets financed thereby, or to become a direct or indirect partner, member or other equity participant or owner in a partnership, limited
partnership, limited liability partnership, corporation (including a business trust), limited liability company, unlimited liability company, joint stock company, trust, unincorporated association or joint venture created for such purpose
(collectively, a “Business Entity”), (2) who is not an obligor or otherwise bound with respect to any Indebtedness other than Non-Recourse Indebtedness, (3) substantially all the assets of which Subsidiary or Business
Entity are limited to (x) those assets being financed (or to be financed), or the operation of which is being financed (or to be financed), in whole or in part by Non-Recourse Indebtedness, or (y) Capital Stock in, or Indebtedness or other
obligations of, one or more other Non-Recourse Subsidiaries or Business Entities, and (4) any Subsidiary of a Non-Recourse Subsidiary; provided that such Subsidiary shall be considered to be a Non-Recourse Subsidiary only to the extent
that and for so long as each of the above requirements are met. 
 “Notes” has the meaning assigned to it in the preamble
to this Supplemental Indenture. For purposes of the Indenture, all references to the notes to be issued or authenticated upon transfer or replacement of or in exchange for Notes shall be deemed to refer to Notes. In addition, unless the context
otherwise requires, all references to the “Notes” shall include the Initial Notes of the applicable series and any Additional Notes with respect to such series. 

“Permitted International Debt” means Indebtedness of any International Subsidiary for which neither the Company nor any
Domestic Subsidiary, directly or indirectly, provides any guarantee or other credit support and which is secured, if at all, only by pledges of or Liens on assets (i) held by an International Subsidiary on the date of this Supplemental Indenture,
(ii) acquired by an International Subsidiary from a Person not constituting an Affiliate of the Company or (iii) acquired by an International Subsidiary from the Company, any Domestic Subsidiary or other Affiliate of the Company on terms that, in
the good faith judgment of the Company’s Board of Directors, are no less favorable to the Company or the relevant Domestic Subsidiary or other Affiliate of the Company than those that would have been obtained in a comparable transaction by the
Company or such Domestic Subsidiary or other Affiliate of the Company with an unrelated Person or, if in the good faith judgment of the Company’s Board of 

  
 5 

 
Directors, no comparable transaction is available with which to compare such transaction, such transaction is otherwise fair to the Company or the relevant Domestic Subsidiary or other Affiliate
of the Company from a financial point of view. 
 “Permitted Liens” means: 

(1) any Lien existing on any property at the time of the acquisition thereof and not created in contemplation of such acquisition by the
Company or any of its Subsidiaries, whether or not assumed by the Company or any of its Subsidiaries; 
 (2) any Lien existing on any
property of a Subsidiary of the Company at the time it becomes a Subsidiary of the Company and not created in contemplation thereof and any Lien existing on any property of any Person at the time such Person is merged or liquidated into or
consolidated with the Company or any Subsidiary thereof and not created in contemplation thereof; 
 (3) purchase money and analogous Liens
incurred in connection with the acquisition, development, construction, improvement, repair, or replacement of property (including such Liens securing Indebtedness incurred within 12 months of the date on which such property was acquired, developed,
constructed, improved, repaired or replaced); provided that all such Liens attach only to the property acquired, developed, constructed, improved, repaired or replaced and the principal amount of the Indebtedness secured by such Lien shall not
exceed the gross cost of the property; 
 (4) any Liens created or assumed to secure Indebtedness of the Company or any Subsidiary of the
Company maturing within 12 months of the date of creation thereof and not renewable or extendible by the terms thereof at the option of the obligor beyond such 12 months; 

(5) Liens on accounts receivable and related proceeds thereof arising in connection with a receivables financing and any Lien held by the
purchaser of receivables derived from property or assets sold by the Company or any Subsidiary thereof and securing such receivables resulting from the exercise of any rights arising out of defaults on such receivables; 

(6) leases constituting Liens existing on or after the date hereof and any renewals or extensions thereof; 

(7) any Lien securing industrial development, pollution control or similar revenue bonds; 

(8) Liens existing on the date hereof; 

(9) Liens in favor of the Company or any of its Subsidiaries; 

(10) Liens securing Indebtedness incurred to refund, extend, refinance or otherwise replace Indebtedness (“Refinanced
Indebtedness”) secured by a Lien permitted to be incurred under the Indenture; provided that the principal amount of such Refinanced Indebtedness does not exceed the principal amount of Indebtedness refinanced (plus the amount of
penalties, premiums, fees, accrued interest and reasonable expenses incurred therewith) at the time of refinancing; 

  
 6 

 (11) Liens on any assets or properties, or pledges of the Capital Stock, of (a) any Joint
Venture owned by the Company or any of its Subsidiaries or (b) any Non-Recourse Subsidiary, in each case only to the extent securing Non-Recourse Indebtedness of such Joint Venture or Non-Recourse Subsidiary; 

(12) Liens on the products and proceeds (including insurance, condemnation and eminent domain proceeds) of and accessions to, and contract or
other rights (including rights under insurance policies and product warranties) derivative of or relating to, property permitted by the Indenture to be subject to Liens but subject to the same restrictions and limitations set forth in the Indenture
as to Liens on such property (including the requirement that such Liens on products, proceeds, accessions, and rights secure only obligations that such property is permitted to secure); 

(13) any Liens securing Indebtedness neither assumed nor guaranteed by the Company or a Subsidiary of the Company nor on which the Company or
a Subsidiary of the Company customarily pays interest, existing upon real estate or rights in or relating to real estate (including rights-of-way and easements) acquired by the Company or such Subsidiary, which mortgage Liens do not materially
impair the use of such property for the purposes for which it is held by the Company or such Subsidiary; 
 (14) any Lien existing or
hereafter created on any office equipment, data processing equipment (including computer and computer peripheral equipment), or transportation equipment (including motor vehicles, aircraft, and marine vessels); 

(15) undetermined Liens and charges incidental to construction or maintenance; 

(16) any Lien created or assumed by the Company or a Subsidiary of the Company on oil, gas, coal, or other mineral or timber property owned by
the Company or a Subsidiary of the Company; 
 (17) any Lien created by the Company or a Subsidiary of the Company on any contract (or any
rights thereunder or proceeds therefrom) providing for advances by the Company or such Subsidiary to finance gas exploration and development, which Lien is created to secure Indebtedness incurred to finance such advances; 

(18) any Lien granted in connection with a cash collateralization or similar arrangement to secure obligations of the Company or of any of the
Company’s Subsidiaries to issuing banks in connection with letters of credits issued at the request of the Company or any Subsidiary of the Company; 

(19) Liens on cash deposits in the nature of a right of setoff, banker’s lien, counterclaim or netting of cash amounts owed arising in
the ordinary course of business on deposit accounts; 
 (20) Liens securing Permitted International Debt; 

  
 7 

 (21) Liens not otherwise permitted so long as the aggregate outstanding principal amount of the
Indebtedness secured thereby does not exceed $10,000,000 at any time; and 
 (22) Liens occurring in, arising from, or associated with
Specified Escrow Arrangements. 
 “Primary Treasury Dealer” has the meaning assigned to it in the definition of
“Reference Treasury Dealers” in this Section 101. 
 “Prospectus Supplement” means the final prospectus
supplement dated June 19, 2014 relating to the offering of the Initial Notes. 
 “Quotation Agent” means the Reference
Treasury Dealer appointed as such agent by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to
any Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 

“Reference Treasury Dealers” means (1) Barclays Capital Inc., Citigroup Global Markets Inc. and UBS Securities LLC and
their successors, unless any of such entities ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer;
and (2) any two other Primary Treasury Dealers selected by the Company. 
 “Refinanced Indebtedness” has the meaning
assigned to it in the definition of “Permitted Liens” in this Section 101. 
 “Specified Escrow
Arrangements” means cash deposits at one or more financial institutions for the purpose of funding any potential shortfall in the daily net cash position of the Company or any of its Subsidiaries. 

“Stated Maturity” means June 24, 2024 for the 2024 Notes and June 24, 2044 for the 2044 Notes. 

“Supplemental Indenture” has the meaning assigned to it in the preamble hereto. 

Section 102 Relationship With Base Indenture 

The terms and provisions contained in the Base Indenture shall constitute, and are hereby expressly made, a part of this Supplemental
Indenture and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of the Base Indenture conflicts
with the express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern and be controlling. 

  
 8 

 The Trustee accepts the amendment of the Base Indenture effected by this Supplemental Indenture
and agrees to execute the trust created by the Base Indenture as hereby amended, but only upon the terms and conditions set forth in the Base Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of
the Trustee in the performance of the trust created by the Base Indenture, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements
contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (1) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (2) the proper
authorization hereof by the Company, (3) the due execution hereof by the Company or (4) the consequences (direct or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Trustee makes no
representation with respect to any such matters. 
 Section 103 Effect of Headings and Table of Contents. 

The Article and Section headings in this Supplemental Indenture and the Table of Contents herein are for convenience only and shall not affect
the construction hereof. 
 Section 104 Successors and Assigns. 

All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 Section 105 Separability Clause. 
 In
case any provision in this Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 106 Governing Law; Waiver of Trial by Jury. 

This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable
to agreements made or instruments entered into and, in each case, performed in said state. Each of the Company and the Trustee hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any
legal proceeding arising out of or relating to this Supplemental Indenture, the Notes or the transactions contemplated hereby. 
 Section 107
Counterparts. 
 This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument. 

  
 9 

 ARTICLE TWO 

THE NOTES 
 Section 201 Establishment, Form
and Dating. 
 There are hereby established two new series of Securities to be issued under the Base Indenture, to be designated as the
Company’s 4.550% Senior Notes due 2024 and 5.750% Senior Notes due 2044. 
 There are to be authenticated and delivered $1,250,000,000
principal amount of the 2024 Notes and $650,000,000 principal amount of the 2044 Notes, and the principal amount of the Notes of each series may be increased from time to time pursuant to Section 301 of the Base Indenture by the issuance of
Additional Notes of such series. Any such Additional Notes will have the same interest rate, maturity and other terms as the Initial Notes of such series, except for their issue price and, if applicable, the initial interest accrual date and the
initial Interest Payment Date, and shall constitute a single series of Securities with the Initial Notes of such series. No Notes shall be authenticated and delivered in addition to Notes for the principal amount as so increased except as provided
by Sections 304, 305, 306, 906 or 1107 of the Base Indenture. The Notes shall be senior debt securities and shall be issued in fully registered form. 

The Notes and the Trustee’s certificate of authentication with respect thereto will be substantially in the form of Exhibit A or Exhibit
B hereto, as applicable. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication, and except as provided in Section 305 of the Base Indenture,
will be issued in the form of one or more Global Notes. The principal of, and any premium or interest on, the Notes shall be payable in Dollars. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of the Indenture and the Company and
the Trustee, by their execution and delivery of the Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. 
 Section 202 Registrar and Paying Agent. 

The Company will maintain a Registrar and Paying Agent with respect to the Notes. The Registrar will keep a Security Register with respect to
the Notes and of their transfer and exchange. 
 The Company initially appoints The Depository Trust Company to act as Depositary with
respect to the Global Notes. 
 The Company initially appoints the Trustee to act as the Registrar and Paying Agent with respect to the
Notes and to act as custodian for the Depositary with respect to the Global Notes. 

  
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 ARTICLE THREE 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Legal defeasance of the Notes under clause (2) of Section 402 of the Base Indenture and covenant defeasance of the Notes under
clause (3) of Section 402 of the Base Indenture shall be applicable to the Notes of a series, and the Company may at its option by Board Resolution, at any time, with respect to the Notes, elect to have Section 402(2) or
Section 402(3) of the Base Indenture be applied to the Outstanding Notes of such series upon compliance with the conditions set forth in Section 402 of the Base Indenture. In addition to Section 801 of the Base Indenture,
Section 501 of this Supplemental Indenture shall be subject to covenant defeasance under Section 402(3) of the Base Indenture. 

ARTICLE FOUR 
 EVENTS OF DEFAULT

 For purposes of the Notes (but not any other Securities, unless provided by the terms thereof), paragraph (4) of Section 501 of
the Base Indenture is hereby amended and restated in its entirety to read as follows: 
 “(4) failure on the part of the Company duly to observe or
perform any other of the covenants or agreements (other than those described in clause (1), (2) or (3) above) on the part of the Company with respect to that series contained in such Securities or otherwise established with respect to that series of
Securities pursuant to Section 301 hereof or contained in this Indenture (other than a covenant or agreement which has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series),
which failure continues for a period of 60 days, or in the case of such a failure with respect to Section 704 of this Indenture, 90 days, after the date on which written notice of such failure, requiring the same to be remedied and stating that such
notice is a “Notice of Default” shall have been given to the Company by the Trustee, upon direction of Holders of at least 25% in principal amount of the then Outstanding Securities of that series; provided, however, that if such
failure is not capable of cure within such 60-day or 90-day period, as the case may be, such 60-day or 90-day period, as the case may be, shall be automatically extended by an additional 60 days so long as (i) such failure is subject to cure, and
(ii) the Company is using commercially reasonable efforts to cure such failure; and provided, further, that a failure to comply with any such other agreement in the Indenture that results from a change in GAAP shall not be deemed to be an
Event of Default with respect to the Securities of that series;” 

  
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 ARTICLE FIVE 

ADDITIONAL COVENANTS 
 The Notes
shall be subject to the following covenants in addition to the provisions of Article Ten of the Base Indenture (provided that Section 1004 of the Base Indenture shall not be applicable to the Notes): 

Section 501 Limitation on Liens. 
 The
Company shall not, and shall not permit any Subsidiary of the Company to, issue, assume, or guarantee any Indebtedness secured by a Lien, other than Permitted Liens, upon any property of the Company or any of its Subsidiaries, owned on the date of
the Indenture or thereafter acquired, unless the Notes are equally and ratably secured with such Indebtedness until such time as such Indebtedness is no longer secured by such a Lien. 

Notwithstanding the preceding paragraph, the Company may, and may permit any Subsidiary of the Company to, issue, assume or guarantee
any Indebtedness secured by a Lien, other than a Permitted Lien, upon any property of the Company or any of its Subsidiaries, without securing the Notes, provided that the aggregate principal amount of all Indebtedness of the Company and any
Subsidiary of the Company then outstanding secured by any such Liens (other than Permitted Liens) does not exceed 15% of Consolidated Net Tangible Assets. 

Section 502 Use of Proceeds Prior to the Closing of the GIP Purchase 

Prior to the earlier of (1) the date on which the GIP Purchase is consummated in accordance with the terms of the GIP Purchase Agreement,
(2) the date on which the Company redeems the Notes of both series pursuant to Section 602 hereof or (3) the date on which the Company redeems the Notes pursuant to the special mandatory redemption provisions set forth in
Section 603 hereof, the Company will not, and will not permit any of its Subsidiaries to, use the net proceeds from the issuance of the Notes for any purpose other than making investments in Cash Equivalents or consummating the GIP Purchase.
Upon consummation of the GIP Purchase, this Section 502 will automatically cease to be of any force or effect. 
 ARTICLE SIX 

REDEMPTION OF NOTES 
 Section 601 Optional
Redemption. 
 The Notes of each series may be redeemed, in whole or in part, at the option of the Company pursuant to the terms set forth
in the first and second paragraphs of Section 2 of the Notes of such series and Section 602 hereof. In the case of a redemption pursuant to the first paragraph of Section 2 of the Notes of any series, the Company shall give the
Trustee notice of the Redemption Price promptly after the determination thereof and the Trustee shall have no responsibility for determining such Redemption Price. Other than as specifically provided in this Article Six or Section 2 of the
Notes of any series, any redemption pursuant to this Article Six will be made pursuant to the provisions of Article Eleven of the Base Indenture. 

Section 602 Special Optional Redemption. 

The Notes of both series may be redeemed, in whole but not in part, at the option of the Company at any time prior to December 31, 2014
at a Redemption Price equal to 101% of the aggregate principal amount of the Notes of the applicable series, plus accrued and unpaid interest thereon to the Redemption Date, if, in the Company’s judgment, the GIP Purchase will not be

  
 12 

 
consummated on or prior to December 31, 2014 on substantially the terms described in the Prospectus Supplement. If the Company exercises this option, it will redeem the Notes of both series
upon three days’ prior notice to the Holders of the Notes. 
 Section 603 Special Mandatory Redemption. 

If the closing of the GIP Purchase has not occurred by December 31, 2014, the Company shall redeem the Notes of each series, in whole but
not in part, upon not less than three days’ prior notice to the Holders of the Notes, at a Redemption Price equal to 101% of the aggregate principal amount of the Notes of such series, plus accrued and unpaid interest thereon to the Redemption
Date. Such notice shall be given to the Holders of the Notes no later than 5 Business Days after December 31, 2014. 
 Section 604 Election to
Redeem; Notice to the Trustee. 
 The election of the Company to optionally redeem any Notes of either series shall be evidenced by or
pursuant to a Board Resolution. In case of any redemption of the Notes of either series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (or, with respect to a redemption pursuant to Section 602 or 603, no
later than 9:00 a.m., New York City time, on the fifth Business Day prior to the date of the giving of notice of such redemption pursuant to Section 1104 of the Base Indenture) (unless, in either case, a shorter notice shall be satisfactory to
the Trustee), notify the Trustee of such Redemption Date and of the principal amount of the Notes of the applicable series to be redeemed. In the case of any redemption of the Notes pursuant to Section 602 or 603, the Company shall furnish the
Trustee with an Officer’s Certificate evidencing compliance with the conditions to such redemption prior to the giving of notice of such redemption pursuant to Section 1104 of the Base Indenture. This Section 604 shall apply to the
Notes instead of Section 1102 of the Base Indenture. 
 [Remainder of page intentionally left blank] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	THE WILLIAMS COMPANIES, INC.
		
	By:	 	  

	Name:	 	Peter S. Burgess
	Title:	 	Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 

[Face of the Note] 
  

 
 CUSIP: 969457 BW9 

ISIN: US 969457 BW96 
 4.550% Senior
Note due 2024 
  

			
	No.        	  	$            

 THE WILLIAMS COMPANIES, INC. 

promises to pay to [CEDE & Co.]1 or registered assigns, 

the principal sum of
                                         
                                         
                                         
      DOLLARS [or such greater or lesser amount as is indicated on the Schedule of Adjustments attached hereto]2 on June 24, 2024 (the “Stated
Maturity”). 
 Interest Payment Dates: June 24 and December 24 

Regular Record Dates: June 9 and December 9 (whether or not a Business Day) 

Dated:                      

 

			
	THE WILLIAMS COMPANIES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Notes referred to 

in the within-mentioned Indenture: 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

  

	1 	Insert in Global Notes only 

	2 	Insert in Global Notes only 

  
 A-1 

 [THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL
SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE WILLIAMS COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNED HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3 

 

	3 	Insert in Global Notes only. 

  
 A-2 

 [Reverse of the Note] 

THE WILLIAMS COMPANIES, INC. 

4.550% Senior Note due 2024 
 1.
GENERAL 
 This Note is one of a duly authorized issue of Securities (the “Securities”) of The Williams Companies, Inc.
(the “Company,” which term includes any successor Person under the Base Indenture hereinafter referred to), issued and issuable in one or more series under an Indenture, dated as of December 18, 2012, (the “Base
Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor trustee under the Base Indenture), to which Base Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities issued thereunder and of the
terms upon which said Securities are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 4.550% Senior Notes due 2024 (the “Notes”) which was issued under the Second
Supplemental Indenture to the Base Indenture dated as of June 24, 2014 (the “Supplemental Indenture”, together with the Base Indenture, the “Indenture”) and which is initially limited to $1,250,000,000 in
principal amount. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

The Company promises to pay interest on the principal amount of this Note at the rate of 4.550% per annum from [Insert for Initial
Notes – “June 24, 2014”] until the Stated Maturity, unless earlier repurchased, redeemed or otherwise cancelled. The Company will pay interest semiannually on June 24 and December 24 of each year (each an
“Interest Payment Date”). Interest on the Notes will accrue from the most recent Interest Payment Date on which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from [Insert for
Initial Notes “June 24, 2014”]; provided that if there is no existing default in the payment of interest, and if this Note is authenticated between a regular record date set forth on the face hereof (each a “Regular
Record Date”) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be [Insert for Initial
Notes “December 24, 2014”] and interest accrued from [Insert for Initial Notes – “ June 24, 2014”] shall be payable on such date. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Except as otherwise provided in the
Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business
on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the Holders of the Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture. Payments of
interest on the Notes will include interest accrued to but excluding the respective Interest Payment Dates. 

  
 A-3 

 Further, the Company shall pay interest on overdue principal and premium, if any, from time to
time on demand at a rate of 4.550% per annum; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. 
 If an Interest Payment Date, the Stated Maturity or a Redemption Date
falls on a day that is not a Business Day, payment of principal, premium, if any, and interest due on that date shall be made on the next following day that is a Business Day and no interest shall accrue for the period from and after the Interest
Payment Date, Stated Maturity or such Redemption Date, as the case may be, on the payment so deferred. 
 2. REDEMPTION 

The Notes are subject to redemption upon not less than 30 or more than 60 days’ notice to the Holders of the Notes to be redeemed as
provided in the Indenture, at any time or from time to time prior to March 24, 2024, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Notes being
redeemed, plus accrued and unpaid interest to the Redemption Date and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (not
including any portion of payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 30 basis points
plus accrued and unpaid interest to the Redemption Date. 
 In addition, the Notes are subject to redemption upon not less than 30 or more
than 60 days’ notice to the Holders of the Notes to be redeemed as provided in the Indenture, at any time or from time to time on or after March 24, 2024, as a whole or in part, at the election of the Company, at a Redemption Price equal
to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date 
 The Notes are also
subject to special optional and mandatory redemption as set forth in Sections 602 and 603 of the Supplemental Indenture. 
 If less than all
the Notes are to be redeemed, selection of Notes for redemption will be made [Insert for Global Notes – by the Depositary by lot or other means in accordance with the Depositary’s procedures] [Insert for a Definitive
Security—by the Trustee in such manner as it shall deem appropriate and fair]. Unless the Company defaults in payment of such Redemption Price, from and after the Redemption Date, the Notes or portions thereof called for redemption will
cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the right to receive the Redemption Price thereof. 

  
 A-4 

 3. DEFEASANCE 

The Indenture contains provisions for defeasance of (a) the entire indebtedness of this Note and (b) certain restrictive covenants
upon compliance by the Company with certain conditions set forth therein. 
 4. DEFAULTS AND REMEDIES 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable, or
in the circumstances described in the Indenture, shall automatically become due and payable, in the manner and with the effect provided in the Indenture. At any time after such declaration of acceleration or automatic acceleration with respect to
the Notes has been made or has occurred, but before a judgment or decree for payment of money has been obtained by the Trustee as provided in the Indenture, if all Events of Default with respect to the Notes have been cured or waived (other than the
non-payment of principal of the Notes which has become due solely by reason of such declaration of acceleration or automatic acceleration) and certain other conditions have been complied with, then and in every such case, the Holders of a majority
in aggregate principal amount of the Outstanding Notes may, by written notice to the Company and to the Trustee, rescind and annul such declaration or automatic acceleration and its consequences on behalf of all of the Holders of Notes, but no such
rescission or annulment shall extend to or affect any subsequent default or impair any right consequent thereon. 
 As provided in and
subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless (a) such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, (b) (i) in the case of an Event of Default specified in clause (1), (2), (5) or
(6) of Section 501 of the Indenture, Holders of not less than 25%, or (ii) in the case of an Event of Default specified in clause (3) or (4) of Section 501 of the Indenture, Holders of not less than a majority, in
aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder, (c) such Holders shall have offered the
Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, (d) for 60 days after its receipt of such notice, the Trustee shall not have received from the Holders of
a majority in principal amount of the Notes at the time Outstanding under the Indenture a direction inconsistent with such request, and (e) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such proceeding. The foregoing shall not apply to certain suits described in the Indenture, including any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed or provided for herein. 
 5. NONIMPAIRMENT 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest, if any, on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

  
 A-5 

 6. DENOMINATIONS; TRANSFER AND EXCHANGE 

The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any
taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

7. SUCCESSOR OBLIGORS 
 When a
successor assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those obligations, except in the case of a lease. 

8. TRUSTEE DEALINGS WITH THE COMPANY 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with
the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 
 9. AUTHENTICATION 

This Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent. 

10. NO RECOURSE AGAINST OTHERS 

The owners of the Company’s Capital Stock and the Company’s incorporators, directors and officers will not be liable for the
Company’s obligations under the Notes, the Indenture or for any claim based on, or in respect of, such obligations. By accepting a Note, each Holder of that Note will have agreed to Section 117 of the Base Indenture and waived and released
any such liability on the part of the owners of the Company’s Capital Stock and the Company’s incorporators, directors and officers. The waiver and release are part of the consideration for issuance of the Notes. 

11. CUSIP NUMBERS 
 Pursuant to
a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company will cause CUSIP numbers to be printed on the Notes as a convenience to the Holders of Notes. 

  
 A-6 

 12. GOVERNING LAW 

This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state. 
 13. AMENDMENT, SUPPLEMENT AND WAIVER 

Subject to certain exceptions, the Indenture or the Notes may be supplemented by an indenture or indentures supplemental to the Indenture with
the consent of the Holders of not less than a majority in aggregate principal amount of the Notes affected by such supplemental indenture (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes)
and any existing default or Event of Default with respect to the Notes may be waived with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes, except a continuing default in the payment of
the principal of, or any premium or interest on the Notes, or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder of each Outstanding Note. Without the consent of any Holder of
Notes, the Company and the Trustee, at any time and from time to time, may enter into one or more supplemental indentures as provided in the Indenture, subject to the exceptions set forth therein. 

[Remainder of page intentionally left blank] 

  
 A-7 

 SCHEDULE A 

[SCHEDULE OF ADJUSTMENTS]4 

 

									
	 Date Adjustment Made
	  	Principal
Amount
Increase	  	Principal
Amount
Decrease	  	Principal
Amount
Following
Adjustment	  	Notification
Made on Behalf
of the Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	4 	Insert in Global Notes only 

  
 A-8 

 EXHIBIT B 

[Face of the Note] 
  

 
 CUSIP: 969457 BV1 

ISIN: US 969457 BV14 
 5.750% Senior
Note due 2044 
  

			
	No.         	  	$            

 THE WILLIAMS COMPANIES, INC. 

promises to pay to [CEDE & Co.]5 or registered assigns, 

the principal sum of
                                         
                                         
                                         
  DOLLARS [or such greater or lesser amount as is indicated on the Schedule of Adjustments attached hereto]6 on June 24, 2044 (the “Stated Maturity”). 

Interest Payment Dates: June 24 and December 24 

Regular Record Dates: June 9 and December 9 (whether or not a Business Day) 

Dated:                      

 

			
	THE WILLIAMS COMPANIES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Notes referred to 

in the within-mentioned Indenture: 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

  

	5 	Insert in Global Notes only 

	6 	Insert in Global Notes only 

  
 B-1 

 [THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL
SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE WILLIAMS COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNED HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]7 

 

	7 	Insert in Global Notes only. 

  
 B-2 

 [Reverse of the Note] 

THE WILLIAMS COMPANIES, INC. 

5.750% Senior Note due 2044 
 1.
GENERAL 
 This Note is one of a duly authorized issue of Securities (the “Securities”) of The Williams Companies, Inc.
(the “Company,” which term includes any successor Person under the Base Indenture hereinafter referred to), issued and issuable in one or more series under an Indenture, dated as of December 18, 2012, (the “Base
Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor trustee under the Base Indenture), to which Base Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities issued thereunder and of the terms upon
which said Securities are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 5.750% Senior Notes due 2044 (the “Notes”) which was issued under the Second Supplemental
Indenture to the Base Indenture dated as of June 24, 2014 (the “Supplemental Indenture”, together with the Base Indenture, the “Indenture”) and which is initially limited to $650,000,000 in principal amount.
Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 
 The Company
promises to pay interest on the principal amount of this Note at the rate of 5.750% per annum from [Insert for Initial Notes – “June 24, 2014”] until the Stated Maturity, unless earlier repurchased, redeemed or otherwise
cancelled. The Company will pay interest semiannually on June 24 and December 24 of each year (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent Interest Payment Date on which
interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from [Insert for Initial Notes “June 24, 2014”]; provided that if there is no existing default in the payment of interest, and
if this Note is authenticated between a regular record date set forth on the face hereof (each a “Regular Record Date”) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be [Insert for Initial Notes “December 24, 2014”] and interest accrued from [Insert for Initial Notes – “ June 24, 2014”]
shall be payable on such date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business
on the Regular Record Date next preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the
Holders of the Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes shall be listed, and upon
such notice as may be required by any such exchange, all as more fully provided in the Indenture. Payments of interest on the Notes will include interest accrued to but excluding the respective Interest Payment Dates. 

  
 B-3 

 Further, the Company shall pay interest on overdue principal and premium, if any, from time to
time on demand at a rate of 5.750% per annum; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. 
 If an Interest Payment Date, the Stated Maturity or a Redemption Date
falls on a day that is not a Business Day, payment of principal, premium, if any, and interest due on that date shall be made on the next following day that is a Business Day and no interest shall accrue for the period from and after the Interest
Payment Date, Stated Maturity or such Redemption Date, as the case may be, on the payment so deferred. 
 2. REDEMPTION 

The Notes are subject to redemption upon not less than 30 or more than 60 days’ notice to the Holders of the Notes to be redeemed as
provided in the Indenture, at any time or from time to time prior to December 24, 2043, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Notes
being redeemed, plus accrued and unpaid interest to the Redemption Date and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed
(not including any portion of payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 35 basis
points plus accrued and unpaid interest to the Redemption Date. 
 In addition, the Notes are subject to redemption upon not less than 30 or
more than 60 days’ notice to the Holders of the Notes to be redeemed as provided in the Indenture, at any time or from time to time on or after December 24, 2043, as a whole or in part, at the election of the Company, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date 
 The Notes are
also subject to special optional and mandatory redemption as set forth in Sections 602 and 603 of the Supplemental Indenture. 
 If less
than all the Notes are to be redeemed, selection of Notes for redemption will be made [Insert for Global Notes – by the Depositary by lot or other means in accordance with the Depositary’s procedures] [Insert for a Definitive
Security—by the Trustee in such manner as it shall deem appropriate and fair]. Unless the Company defaults in payment of such Redemption Price, from and after the Redemption Date, the Notes or portions thereof called for redemption will
cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the right to receive the Redemption Price thereof. 

  
 B-4 

 3. DEFEASANCE 

The Indenture contains provisions for defeasance of (a) the entire indebtedness of this Note and (b) certain restrictive covenants
upon compliance by the Company with certain conditions set forth therein. 
 4. DEFAULTS AND REMEDIES 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable, or
in the circumstances described in the Indenture, shall automatically become due and payable, in the manner and with the effect provided in the Indenture. At any time after such declaration of acceleration or automatic acceleration with respect to
the Notes has been made or has occurred, but before a judgment or decree for payment of money has been obtained by the Trustee as provided in the Indenture, if all Events of Default with respect to the Notes have been cured or waived (other than the
non-payment of principal of the Notes which has become due solely by reason of such declaration of acceleration or automatic acceleration) and certain other conditions have been complied with, then and in every such case, the Holders of a majority
in aggregate principal amount of the Outstanding Notes may, by written notice to the Company and to the Trustee, rescind and annul such declaration or automatic acceleration and its consequences on behalf of all of the Holders of Notes, but no such
rescission or annulment shall extend to or affect any subsequent default or impair any right consequent thereon. 
 As provided in and
subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless (a) such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, (b) (i) in the case of an Event of Default specified in clause (1), (2), (5) or
(6) of Section 501 of the Indenture, Holders of not less than 25%, or (ii) in the case of an Event of Default specified in clause (3) or (4) of Section 501 of the Indenture, Holders of not less than a majority, in
aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder, (c) such Holders shall have offered the
Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, (d) for 60 days after its receipt of such notice, the Trustee shall not have received from the Holders of
a majority in principal amount of the Notes at the time Outstanding under the Indenture a direction inconsistent with such request, and (e) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such proceeding. The foregoing shall not apply to certain suits described in the Indenture, including any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed or provided for herein. 
 5. NONIMPAIRMENT 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest, if any, on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

  
 B-5 

 6. DENOMINATIONS; TRANSFER AND EXCHANGE 

The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any
taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

7. SUCCESSOR OBLIGORS 
 When a
successor assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those obligations, except in the case of a lease. 

8. TRUSTEE DEALINGS WITH THE COMPANY 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with
the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 
 9. AUTHENTICATION 

This Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent. 

10. NO RECOURSE AGAINST OTHERS 

The owners of the Company’s Capital Stock and the Company’s incorporators, directors and officers will not be liable for the
Company’s obligations under the Notes, the Indenture or for any claim based on, or in respect of, such obligations. By accepting a Note, each Holder of that Note will have agreed to Section 117 of the Base Indenture and waived and released
any such liability on the part of the owners of the Company’s Capital Stock and the Company’s incorporators, directors and officers. The waiver and release are part of the consideration for issuance of the Notes. 

11. CUSIP NUMBERS 
 Pursuant to
a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company will cause CUSIP numbers to be printed on the Notes as a convenience to the Holders of Notes. 

  
 B-6 

 12. GOVERNING LAW 

This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state. 
 13. AMENDMENT, SUPPLEMENT AND WAIVER 

Subject to certain exceptions, the Indenture or the Notes may be supplemented by an indenture or indentures supplemental to the Indenture with
the consent of the Holders of not less than a majority in aggregate principal amount of the Notes affected by such supplemental indenture (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes)
and any existing default or Event of Default with respect to the Notes may be waived with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes, except a continuing default in the payment of
the principal of, or any premium or interest on the Notes, or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder of each Outstanding Note. Without the consent of any Holder of
Notes, the Company and the Trustee, at any time and from time to time, may enter into one or more supplemental indentures as provided in the Indenture, subject to the exceptions set forth therein. 

[Remainder of page intentionally left blank] 

  
 B-7 

 SCHEDULE A 

[SCHEDULE OF ADJUSTMENTS]8 

 

									
	 Date Adjustment Made
	  	Principal
Amount
Increase	  	Principal
Amount
Decrease	  	Principal
Amount
Following
Adjustment	  	Notification
Made on
Behalf of
the Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	8 	Insert in Global Notes only 

  
 B-8Prepared by R.R. Donnelley Financial -- EX-4.2

 Exhibit 4.2 

NOTE PURCHASE AGREEMENT 

This Note Purchase Agreement (this “Agreement”) is dated as of September 9, 2013 by and among ZP Holdings, Inc., a
Delaware corporation (the “Company”), and the entities listed on Exhibit A attached hereto (each, a “Purchaser” and collectively, the “Purchasers”). 

In consideration of the mutual promises and covenants contained in this Agreement, the parties hereto agree as follows: 

1. Authorization; Sale of Notes. 

1.1. Authorization. The Company has duly authorized the sale and issuance, pursuant to the terms of this Agreement, of unsecured,
subordinated Convertible Promissory Notes in the form attached hereto as Exhibit B in the aggregate principal amount of up to $3,033,723.04 (each, a “Note” and collectively, the “Notes”). 

1.2. Use of Proceeds. The Company will use the proceeds from the sale of the Notes for working capital and other general corporate
purposes. 
 2. Closing. 

2.1. Time; Location. Subject to the terms and conditions of this Agreement, the closing of the sale and purchase of
Notes under this Agreement (the “Closing”) shall take place at the offices of Foley Hoag LLP, 155 Seaport Boulevard, Boston, MA 02210-2600 (or remotely via the exchange of documents and signatures) on or after the date hereof on the
date that the Company and all of the Purchasers shall agree (the date of the Closing, the “Closing Date”). At the Closing, the Company shall deliver a Note to each Purchaser in the original principal amount set forth next to such
Purchaser’s name on Exhibit A attached hereto, and each Purchaser shall pay to the Company the purchase price therefor, which shall be equal to such original principal amount. 

2.2. Closing Conditions. The obligations of the Purchasers to consummate the Closing are subject to the consummation of
the stock purchases contemplated by that certain Stock Purchase Agreement in the form attached hereto as Exhibit C (the “Stock Purchases”). 

3. Certain Terms of the Notes. 

3.1. Maturity; Prepayment. Each Note shall be due and payable on the earlier of: (a) the first anniversary of the Closing Date
(the “Maturity Date”); (b) the occurrence of an Event of Default (as defined in Section 3.5 below); or (c) the date that is thirty days following the closing of the Company’s first firm commitment underwritten
initial public offering pursuant to a registration statement filed under the Securities Act (as defined below and such offering, an “IPO”) unless such Note is converted into equity securities in connection with such offering.
Notwithstanding the immediately preceding sentence, the Company may accelerate and repay any portion of the outstanding principal and/or interest balance of the Notes, at a time of its choosing (including in the absence of an Event of Default or
prior to the Maturity 

 
Date) only upon the prior written consent of the Requisite Noteholders (as defined below). 

3.2. Interest. The principal balance of the Notes will bear simple interest at a rate of eight percent (8%) per annum. All unpaid
and accrued interest and any other amounts payable pursuant to the Notes shall be due and payable on the Maturity Date. 
 3.3.
Payments. Any payments on the Notes (including any permitted pre-payments made in accordance with Section 3.1) will be made in proportion to the outstanding principal amount each such Note represents relative to the aggregate outstanding
principal amount of all Notes. 
 3.4. Automatic Conversion. 

(a) Upon a Qualified Financing. Upon the closing of a Qualified Financing (as defined in Section 3.6 below), the principal and
all unpaid and accrued interest on each Note shall automatically convert into that number of shares of the equity securities issued in such Qualified Financing (the “Qualified Financing Securities”) equal to the quotient of
(i) the outstanding principal amount of such Note and all unpaid and accrued interest divided by (ii) the Qualified Financing Price (as defined in Section 3.6 below). In the event such Qualified Financing is consummated more
than sixty (60) calendar days from the Closing, the denominator specified in clause (ii) of the immediately preceding shall equal the Discounted Qualified Financing Price (as defined in Section 3.6 below). The Purchasers agree in
connection with the conversion of the Notes in accordance with this Section 3.4(a) to execute all necessary documents in connection with such Qualified Financing reasonably requested of the Purchasers and executed by all other participants in
such Qualified Financing (such documents, the “Financing Documents”), including executing a definitive securities purchase agreement and such other financing agreements as shall be agreed upon by the Company or its ultimate parent,
as the case may be, and the other investors participating in such Qualified Financing. 
 (b) Upon a Sale of the Company. The
Company shall notify the holders of the Notes of the closing of a Sale Transaction (as defined in Section 3.6 below) at least ten (10) days prior to the expected date of closing of such Sale Transaction. Such notice shall include any
information generally provided by the Company to the holders of the common stock, $0.0001 par value per share, of the Company (“Common Stock”) in connection with the Sale Transaction, if any, and such other information as reasonably
requested by the Purchasers. Upon the closing of such Sale Transaction, each Purchaser shall be entitled to receive in respect of such Purchaser’s Note and in preference to the holders of Common Stock, an amount equal to any unpaid interest on
the Note plus twice (2X) the outstanding principal balance of such Note. 
 (c) Effect of Conversion. Upon conversion of any
Note pursuant to this Section 3, provided in the case of a conversion pursuant to Section 3.4(a) that the securities issued upon such conversion are duly and validly issued, fully-paid and are nonassessable, the Company (and its ultimate
parent, if any) will be forever released and discharged from all of its obligations and liabilities under such Note, including without limitation the obligation to pay the principal amount and accrued interest thereon. No fractional shares shall be
issuable by the Company or its ultimate parent, as applicable, upon conversion of any Note pursuant to Section 3.4(a). In lieu of any fractional share which would otherwise be 

  
 2 

 
issuable upon conversion of any Note pursuant to Section 3.4(a), the Company or its ultimate parent, as applicable, shall pay the holder of such Note an amount in cash equal to the product
of (i) such fraction multiplied by (ii) the Qualified Financing Price (or the Discounted Qualified Financing Price, in the event the Qualified Financing is consummated more than sixty (60) days from the Closing). Upon
conversion of each Note, the holder thereof shall surrender such Note, duly endorsed, at the principal offices of the Company; provided, however, that upon the closing of the Qualified Financing, each Note shall be deemed converted and of no further
force and effect, whether or not it is delivered for cancellation as set forth in this sentence. Following such surrender, the Company or its ultimate parent, as applicable, will, at its expense, (i) in the case of a conversion pursuant to
Section 3.4(a), issue and deliver to such holder a certificate or certificates for the securities to which such holder is entitled as a result of such conversion in accordance with Section 3.4(a) and a check payable to such holder for any
cash amounts payable in lieu of any fractional share in accordance with this Section 3.4(c), or (ii) in the case of a conversion pursuant to Section 3.4(b), issue and deliver, or cause to be issued and delivered, to such holder a
check payable to such holder for the cash amount payable in respect of such Note in accordance with Section 3.4(b). 
 3.5. Events
of Default. Each of the following shall constitute an “Event of Default,” unless waived by the holders of Notes representing at least sixty percent (60%) of the principal amount then outstanding on all of the Notes (the
“Requisite Noteholders”): 
 (a) the failure by Company to pay any amount due hereunder within five (5) days of the
due date thereof; 
 (b) the appointment of a receiver of any property, the assignment or trust mortgage for the benefit of creditors, the
commencement of any kind of voluntary or involuntary insolvency proceedings under any bankruptcy or other law relating to the relief of debtors, or the entry of an order for relief with respect to the Company in any proceeding pursuant to the United
States Bankruptcy Code, as amended; 
 (c) a final judgment or judicial order for the payment of money in excess of $250,000 (exclusive of
amounts covered by insurance) shall be rendered against the Company and the same shall remain undischarged for a period of thirty days during which execution shall not be effectively stayed, or any judgment, writ, assessment, warrant of attachment,
or execution or similar process shall be issued or levied against a substantial part of the property of the Company or any of its subsidiaries, if any and such judgment, writ, or similar process shall not be released, stayed, vacated or otherwise
dismissed within thirty days after issue or levy; or 
 (d) the Company shall fail to observe or perform in any material respect any
covenant, obligation, condition or agreement contained in this Agreement or any Note (other than those otherwise specified in this Section 3.5) and such failure shall continue for twenty (20) days after the Company’s receipt of
written notice to the Company of such failure. 
 3.6. Definitions. For purposes of this Agreement: 

  
 3 

 (a) “Discounted Qualified Financing Price” shall mean the price that is equal
to 85% of the lowest per share price at which the shares of Qualified Financing Securities are to be sold in the Qualified Financing (not including any discounts applicable as a result of the Notes). 

(b) “Qualified Financing” shall mean an equity financing involving the sale of equity securities of the Company (or equity
securities of the ultimate parent of the surviving entity of a merger to which the Company is a party that does not constitute a Sale Transaction) to one or more institutional investors primarily for capital-raising purposes and resulting in
aggregate gross proceeds to the Company (or such ultimate parent) of at least $25,000,000 (which threshold may be waived in connection with an equity financing with aggregate gross proceeds less than such amount (but in any case not less than
$4,000,000) upon the written consent of the Requisite Noteholders in which case such equity financing shall constitute a Qualified Financing notwithstanding the amount of such equity financing), excluding the outstanding principal amount of the
Notes to be converted into Qualified Financing Securities upon the closing of such financing. 
 (c) “Qualified Financing
Price” shall mean the price that is equal to the lowest per share price at which the shares of Qualified Financing Securities are to be sold in the Qualified Financing (not including any discounts applicable as a result of the Notes). 

(d) “Sale Transaction” shall have the meaning given to such term in the Stockholder Rights and Voting Agreement, dated as of
April 26, 2012, by and among the Company, the Purchasers and certain other of the Company’s stockholders. 
 4. Representations
and Warranties of the Company. The Company represents and warrants to each Purchaser as of the Closing Date that: 
 4.1. Corporate
Organization and Authority. The Company: 
 (a) is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware; 
 (b) has the corporate power and authority to own and operate its properties and to carry on its business as
now conducted and as presently proposed to be conducted; and 
 (c) is duly qualified, licensed to do business and in good standing as a
foreign corporation in each jurisdiction where the failure to be so qualified or licensed could reasonably be expected to have a material adverse effect on the Company. 

4.2. Corporate Power. The Company has all requisite legal and corporate power and authority to execute, perform and deliver this
Agreement, to sell and issue the Notes hereunder, and to carry out and perform its obligations hereunder. 
 4.3. Due Authorization and
Execution. The execution and delivery of this Agreement and the Notes by the Company and the consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of

  
 4 

 
the Company. This Agreement and the Notes to be issued at the Closing have been duly executed and delivered by the Company and constitute the valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms, except to the extent that such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other laws of general application relating to or affecting
enforcement of creditors’ rights and laws concerning equitable remedies. 
 4.4. Capitalization. The capitalization of the
Company as of the date hereof (after giving effect to the Stock Purchases) is set forth in Exhibit D attached hereto. The equity securities (“Equity Securities”) of the Company have the respective rights, preferences and
privileges set forth in the Company’s certificate of incorporation and bylaws, as amended, in effect on the date hereof. All of the outstanding Equity Securities of the Company have been duly authorized and are validly issued, fully paid and
nonassessable. Except as expressly referenced herein or as set forth in Exhibit D, there are as of the date of this Agreement no options, warrants or other convertible securities or rights to purchase Equity Securities of the Company
authorized, issued or outstanding, and the Company is not obligated in any other manner to issue shares of its Equity Securities. The offer and sale of all Equity Securities of the Company issued before the Closing Date complied with or were exempt
from registration or qualification under all applicable federal and state securities laws. 
 4.5. No Conflict. The execution and
delivery of this Agreement and the Notes by the Company, the performance by the Company of its obligations hereunder and thereunder, and the consummation of the transactions contemplated hereby will not be in conflict with or constitute, with or
without the passage of time and giving of notice, either (i) a violation of or a default under any provision of the Company’s certificate of incorporation or bylaws, or instrument, judgment, order, writ, decree, contract, rule, statute,
regulation or agreement to which the Company is a party or by which it is bound, or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets, property or revenue of the Company or the suspension,
revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company. 
 4.6. Governmental Filings.
Assuming the accuracy of the representations made by the Purchasers in Section 5 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or
local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act of 1933, as amended
(the “Securities Act”), and applicable state securities laws. 
 5. Representations, Warranties, and Covenants of each
Purchaser. Each Purchaser represents and warrants to and covenants with the Company as follows: 
 5.1. Authorization. When
executed and delivered by the Purchaser, and assuming execution and delivery by the Company, this Agreement will constitute a valid and binding obligation of the Purchaser, enforceable against such Purchaser in accordance with its terms, except to
the extent that such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other laws of general application relating to or 

  
 5 

 
affecting enforcement of creditors’ rights and laws concerning equitable remedies. 

5.2. Brokers and Finders. The Purchaser has not retained any investment banker, broker, or finder in connection with the transactions
contemplated by this Agreement. 
 5.3. Investment. The Purchaser is acquiring the Note as well as any shares of the Qualified
Financing Securities (collectively, the “Securities”) for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof. The Purchaser has no present
intention of selling, granting any participation in, or otherwise distributing any Securities. By executing this Agreement, the Purchaser further represents that it has no contract, undertaking, agreement, or arrangement with any person to sell,
transfer, or grant participation to such person or to any third person, with respect to any Securities. 
 5.4. No Public Market.
The Purchaser understands and acknowledges that the offering of the Securities pursuant to this Agreement will not be registered under the Securities Act on the grounds that the offering and sale of securities contemplated by this Agreement are
exempt from registration pursuant to one or more exemptions under the Securities Act, including without limitation the exemption provided by Section 4(a)(2) thereof, and that the Company’s reliance upon such exemption is predicated upon
the Purchaser’s representations as set forth in this Agreement. The Purchaser further understands that no public market now exists for any of the securities issued by the Company and that the Company has given no assurances that a public market
will ever exist for the Company’s securities. 
 5.5. Experience; Etc. The Purchaser represents that he, she or it:
(a) has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of a prospective investment in the Note being purchased by the Purchaser; (b) believes that he, she or it has
received all the information requested from the Company that might be necessary or appropriate for deciding whether to obtain the Note; (c) has had the opportunity to discuss the Company’s business, management, and financial affairs with
the Company’s management; (d) has the ability to bear the economic risks of this investment; and (e) is able, without materially impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer
a complete loss on this investment. 
 5.6. Accredited Investor. The Purchaser qualifies as an “accredited investor”
within the meaning of Regulation D of the rules and regulations promulgated under the Securities Act. 
 5.7. Investment
Representations, Warranties and Covenants by Non-United States Persons. Each Purchaser who is a Non-U.S. person (as defined in Section 5.7(d) below) hereby represents and warrants to the Company as follows: 

(a) This Agreement is made by the Company with the Purchaser, who is a Non-U.S. person, in reliance upon such Non-U.S. person’s
representations, warranties and covenants made in this Section 5.7. 
 (b) Such Non-U.S. person has been advised and

  
 6 

 
acknowledges that: 
 (i) the Securities have not been, and when issued, will not be
registered under the Securities Act, the securities laws of any state of the United States or the securities laws of any other country; 

(ii) in issuing and selling the Securities to such Non-U.S. person pursuant hereto, the Company is relying upon the “safe harbor”
provided by Regulation S and/or on Section 4(a)(2) under the Securities Act; 
 (iii) it is a condition to the availability of the
Regulation S “safe harbor” that the Securities not be offered or sold in the United States or to a U.S. person until the expiration of a one-year “distribution compliance period” (or a six-month “distribution compliance
period,” if the issuer is a “reporting issuer,” as defined in Regulation S) following the date of issuance; and 
 (iv)
notwithstanding the foregoing, prior to the expiration of the one-year “distribution compliance period” (or six-month “distribution compliance period,” if the issuer is a “reporting issuer,” as defined in Regulation S)
after the date of issuance (the “Restricted Period”), the Securities may be offered and sold by the holder thereof only if such offer and sale is made in compliance with the terms of this Agreement and either: (A) if the offer
or sale is within the United States or to or for the account of a U.S. person (as such terms are defined in Regulation S), the securities are offered and sold pursuant to an effective registration statement or pursuant to Rule 144 under the
Securities Act or pursuant to an exemption from the registration requirements of the Securities Act; or (B) the offer and sale is outside the United States and to other than a U.S. person. 

(c) As used herein, the term “United States” means the United States of America, its territories and possessions, any State of the
United States, and the District of Columbia, and the term “U.S. person” (as defined in Regulation S) means: 
 (i) a natural
person resident in the United States; 
 (ii) any partnership or corporation organized or incorporated under the laws of the United States;

 (iii) any estate of which any executor or administrator is a U.S. person; 

(iv) any trust of which any trustee is a U.S. person; 

(v) any agency or branch of a foreign entity located in the United States; 

(vi) any nondiscretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or
account of a U.S. person; 
 (vii) any discretionary account or similar account (other than an

  
 7 

 
estate or trust) held by a dealer or other fiduciary organized, incorporated and (if an individual) resident in the United States; and 

(viii) a corporation or partnership organized under the laws of any foreign jurisdiction and formed by a U.S. person principally for the
purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or
trusts. 
 (d) As used herein, the term “Non-U.S. person” means any person who is not a U.S. person or is deemed not to be a U.S.
person under Rule 902(k)(2) of the Securities Act. 
 (e) Such Non-U.S. person agrees that with respect to the Securities, until the
expiration of the Restricted Period: 
 (i) such Non-U.S. person, its agents or its representatives have not and will not solicit offers to
buy, offer for sale or sell any of the Securities, or any beneficial interest therein in the United States or to or for the account of a U.S. person; and 

(ii) notwithstanding the foregoing, the Securities may be offered and sold by the holder thereof only if such offer and sale is made in
compliance with the terms of this Agreement and either: (A) if the offer or sale is within the United States or to or for the account of a U.S. person (as such terms are defined in Regulation S), the securities are offered and sold pursuant to
an effective registration statement or pursuant to Rule 144 under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act; or (B) the offer and sale is outside the United States and to other than
a U.S. person; and 
 (iii) such Non-U.S. person shall not engage in hedging transactions with regard to the Securities unless in
compliance with the Securities Act. 
 The foregoing restrictions are binding upon subsequent transferees of the Securities, except for
transferees pursuant to an effective registration statement. Such Non-U.S. person agrees that after the Restricted Period, the Securities may be offered or sold within the United States or to or for the account of a U.S. person only pursuant to
applicable securities laws. 
 (f) Such Non-U.S. person has not engaged, nor is it aware that any party has engaged, and such Non-U.S.
person will not engage or cause any third party to engage, in any directed selling efforts (as such term is defined in Regulation S) in the United States with respect to the Securities. 

(g) Such Non-U.S. person: (i) is domiciled and has its principal place of business outside the United States; (ii) certifies it is
not a U.S. person and is not acquiring the Securities for the account or benefit of any U.S. person; and (iii) at the time of the date of the Closing, the Non-U.S. person or persons acting on Non-U.S. person’s behalf in connection
therewith will be located outside the United States. 
 (h) At the time of offering to such Non-U.S. person and

  
 8 

 
communication of such Non-U.S. person’s order to purchase the Securities, and at the time of such Non-U.S. Person’s execution of this Agreement, the Non-U.S. person or persons acting on
Non-U.S. person’s behalf in connection therewith were located outside the United States. 
 (i) Such Non-U.S. person is not a
“distributor” (as defined in Regulation S) or a “dealer” (as defined in the Securities Act). 
 (j) Such Non-U.S.
person acknowledges that the Company shall make a notation in its stock books regarding the restrictions on transfer set forth in this Section 5.7 and shall transfer such Securities on the books of the Company only to the extent consistent
therewith. 
 In particular, such Non-U.S. person acknowledges that the Company shall refuse to register any transfer of the Note not made
in accordance with the provisions of Regulation S, pursuant to registration under the Securities Act or pursuant to an available exemption from registration. 

6. Legends and Restrictions on Transfer. 

6.1. Securities Act. The Securities shall bear such restrictive legends as required by the Financing Documents, including, without
limitation, a legend substantially in the following form: 
 “THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR REGISTERED OR QUALIFIED UNDER THE SECURITIES OR “BLUE SKY” LAWS OF ANY JURISDICTION. SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE REGISTRATION
PROVISIONS OF SAID ACT AND THE REGISTRATION, QUALIFICATION AND FILING REQUIREMENTS OF ALL APPLICABLE JURISDICTIONS HAVE BEEN COMPLIED WITH OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED OR THAT THE PROPOSED TRANSACTION WILL BE EXEMPT FROM REGISTRATION, QUALIFICATION AND FILING IN ALL SUCH JURISDICTIONS.” 

6.2. No Transfer. No Purchaser may sell or transfer any Note without the prior written consent of the Requisite Noteholders, except to
any affiliated fund, investment vehicle, partner or limited partner or equity holder of such Purchaser. A Purchaser that transfers a Note shall promptly notify the Company of such transfer. The Company shall not transfer or assign its obligations
under any Note without the prior written consent of the Requisite Noteholders (except as set forth in Section 7.1). 
 7.
Miscellaneous. 
 7.1. Successors and Assigns. Subject to the restrictions on transfers of the Notes set forth in
Section 6.2, this Agreement shall be assignable by any party without the written consent of the other parties hereto; provided, however, that a merger to which the 

  
 9 

 
Company is a party shall not be considered an assignment requiring consent for purposes of Section 6.2; provided, further, that the Company may assign the Notes without the consent of
the other parties hereto to any individual or entity that acquires control of the stock, all or substantially all assets or business of the Company, or to the surviving entity of a merger to which the Company is a party or the entity that controls
such surviving entity. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

7.2. Survival of Representations and Warranties. All representations and warranties contained herein shall survive the execution and
delivery of this Agreement and the Closing. 
 7.3. Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 7.4. Governing Law. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without reference to the conflicts of law provisions thereof. The Purchaser consents to service of process in any such action by certified or
registered mail, return receipt requested. The Purchaser consents to the jurisdiction of such courts over the Purchaser, stipulates the convenience, efficiency and fairness of proceeding in such courts, and covenants not to allege or assert the
inconvenience, inefficiency or unfairness of proceeding in such courts. 
 7.5. Notices. All notices, requests, consents, and other
communications under this Agreement shall be in writing and shall be delivered by hand, sent by overnight courier, facsimile or e-mail, or mailed by first class certified or registered mail, return receipt requested, postage prepaid: 

(a) If to the Company: 
 ZP
Holdings, Inc. 
 34790 Ardentech Court 

Fremont, CA 94555 
 Attn:
 President and CEO 
 Fax:   (510) 952-4632 

with a copy to: 
 Foley Hoag LLP

 Seaport West 
 155 Seaport
Boulevard 
 Boston, MA 02210-2600 

Attn:  Jeffrey Quillen, Esq. 

Fax:   (617) 832-7000 

(b) If to a Purchaser, at the address set forth beneath the Purchaser’s name on Exhibit A attached hereto, or at such other
address as may have been 

  
 10 

 
furnished in writing by such Purchaser to the Company. 
 Notices provided in
accordance with this Section 7.5 shall be deemed delivered (i) upon personal delivery with signature required, (ii) one Business Day after they have been sent to the recipient by reputable overnight courier service (charges prepaid
and signature required), (iii) upon confirmation of successful transmission of a facsimile message containing such notice if sent before 5 p.m., local time of the recipient, on any Business Day, and as of 9 a.m. local time of the recipient on
the next Business Day if sent thereafter, or (iv) three Business Days after deposit in the United States mail. The term “Business Day” as used in this Section 7.5 shall mean any day other than Saturday, Sunday or a day on
which banking institutions are not required to be open in the State of California or New York. 
 7.6. Complete Agreement. This
Agreement (including the Exhibits hereto and the issued Notes) constitutes the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such
subject matter. 
 7.7. Amendments and Waivers. This Agreement and each Note may be amended, modified, or terminated, and the
observance of any term of this Agreement may be waived, with respect to all parties to this Agreement (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Requisite
Noteholders; provided, however, that no such amendment, modification or waiver shall be effective to the extent such amendment, modification or waiver adversely affects the rights of any holder of a Note in a manner different from those of
such consenting holders (other than differences related to the different principal amounts of the Notes) without the consent of each such differently affected holder. No waivers of or exceptions to any term, condition or provision of this Agreement,
in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

7.8. Counterparts; Facsimile Signatures; Expenses. This Agreement may be executed in any number of counterparts, each of which shall
be deemed to be an original instrument, and all of which together shall for all purposes constitute one and the same Agreement. A signature of any party to this Agreement transmitted by facsimile, electronic mail (including pdf) or other electronic
means shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. The Company shall pay on demand all reasonable fees and expenses, including reasonable attorney’s fees and expenses in connection with
the preparation, execution and delivery of this Agreement and the Notes up to a maximum amount of $10,000. 
 7.9. Pronouns.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 

7.10. Section Headings and References. The section headings are for the convenience of the parties and in no way alter, modify, amend,
limit, or restrict the contractual obligations of the parties. Any reference in this agreement to a particular section or subsection shall refer to a section or subsection of this Agreement, unless specified otherwise. 

  
 11 

 [signature page follows] 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Note Purchase Agreement as of the date first
written above. 
  

													
	ZP HOLDINGS, INC.	 		 		 		 	
						
	By:	 	 /s/ Vikram Lamba
	 		 		 		 	
		 	Name:	 	Vikram Lamba	 		 		 		 	
		 	Title:	 	President and CEO	 		 		 		 	
			
	PROQUEST MANAGEMENT LLC	 		 	PROQUEST INVESTMENTS IV, L.P.
					
	By:	 	 /s/ Alain Schreiber
	 		 	By:	 	 /s/ Alain Schreiber

		 	Name:	 	Alain Schreiber	 		 		 	Name:	 	Alain Schreiber
		 	Title:	 	Managing Member	 		 		 	Title:	 	Managing Member
					
	NEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP	 		 		 		 	
						
	By:	 	NEA Partners 12, Limited Partnership,	 		 		 		 	
		 	its general partner	 		 		 		 	
						
	By:	 	 /s/ Louis S. Citron
	 		 		 		 	
		 	Name:	 	Louis S. Citron	 		 		 		 	
		 	Title:	 	Chief Legal Officer	 		 		 		 	
			
	BMV DIRECT SO LP	 		 	BMV DIRECT SOTRS LP
					
	By:	 	BioMed Realty, L.P.,	 		 	By:	 	BioMed Realty Holdings, Inc.,
		 	its general partner	 	its general partner
					
	By:	 	 /s/ Kevin M. Simonsen
	 		 	By:	 	 /s/ Kevin M. Simonsen

		 	Name:	 	Kevin M. Simonsen	 		 		 	Name:	 	Kevin M. Simonsen
		 	Title:	 	VP, Real Estate Legal	 		 		 	Title:	 	VP, Real Estate Legal

 Signature Page to Note Purchase Agreement 

 EXHIBIT A 

Schedule of Purchasers 
  

					
	 Name and Address
	  	Original Principal Amount	 
	 BMV Direct SO LP

17190 Bernardo Center Drive

San Diego, CA 92128

Attn: Corporate Legal

Fax No.: (858) 485-9843
	  	$	303,372.00	  
	 BMV Direct SOTRS LP

17190 Bernardo Center Drive

San Diego, CA 92128

Attn: Corporate Legal

Fax No.: (858) 485-9843
	  	$	991,047.43	  
	 New Enterprise Associates 12, Limited Partnership

c/o New Enterprise Associates

1954 Greenspring Drive, Suite 600

Timonium, MD 21093

Attn: Louis Citron, General Counsel

Fax No.: (410) 842-4100
	  	$	1,159,532.21	  
	 ProQuest Investments IV, L.P.

90 Nassau Street, Fifth Floor

Princeton, NJ 08542

Fax No.: (609) 919-3750
	  	$	579,766.10	  
	 ProQuest Management LLC

90 Nassau Street, Fifth Floor

Princeton, NJ 08542

Fax No.: (609) 919-3750
	  	$	5.30	  
		  	  
	  
	 
	 Total:
	  	$	3,033,723.04	  
		  	  
	  
	 

 EXHIBIT B 

Form of Subordinated Convertible Promissory Note 

[see attached] 

 EXHIBIT C 

Stock Purchase Agreement 

[see attached] 

 STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT (the “Agreement”), dated as of September 9, 2013, is made and entered into by and
among BMV Direct SO LP a Delaware limited partnership (“BMV SO”), New Enterprise Associates 12, Limited Partnership, a Delaware limited partnship (“NEA”), ProQuest Investments IV, L.P., a Delaware limited
partnership (“ProQuest IV”), ProQuest Management LLC, a Delaware limited liability company (“ProQuest LLC,” and, together with BMV SO, NEA and ProQuest IV, the “Buyers”) and Nomura Phase4 Ventures
L.P., a limited partnership registered in England (the “Seller”).  
 WHEREAS, the Buyers and the Seller
(collectively, the “Major Holders”) hold significant amounts of shares of the common stock, par value $0.0001 per share (“Common Stock”) of ZP Holdings, Inc., a Delaware corporation (the “Company”);

 WHEREAS, the Company requires additional capital for its operations and has requested that the Major Holders purchase unsecured,
subordinated convertible promissory notes of the Company (collectively, “Bridge Notes”) pursuant to a Note Purchase Agreement, dated on or about the date hereof, among the Company and certain Major Holders (the “Note
Purchase Agreement”); 
 WHEREAS, the Company advised each Major Holder that if it did not purchase Bridge Notes then:
(i) such Major Holder could voluntarily decrease its ownership interest in the Company by selling a portion of its shares of Common Stock to other Major Holders that are purchasing Bridge Notes, in exchange for aggregate consideration of
approximately US$100.00 (“Voluntary Dilution”); or (ii) if such Major Holder decided not to effect Voluntary Dilution, then the Company would increase the other participating Major Holders’ ownership interest by issuing
warrants and other securities to such Major Holders in consideration of their purchase of Bridge Notes, which would lead to dilution for any nonparticipating Major Holders (the “Involuntary Dilution”); 

WHEREAS, the Buyers desire to purchase Bridge Notes and have agreed to enter into the Note Purchase Agreement; 

WHEREAS, a representative of Seller regularly attends meetings of the Company’s Board of Directors and has received the same
information as the other Major Holders regarding the Company’s prospects of raising additional capital from sales of capital stock to investors other than the Major Holders and revenues from potential collaborations with strategic partners;

 WHEREAS, the Seller desires not to purchase Bridge Notes, to forgo the possibility of converting the Bridge Notes into shares
of Common Stock, not to suffer Involuntary Dilution in order to, among other reasons, encourage and promote the other Major Investors’ investment of new capital into the Company, and will instead accept Voluntary Dilution by selling to the
Buyers 864,000 of the 4,014,092 shares of Common Stock currently held by Seller, upon and subject to the terms and conditions of this Agreement; and 

 WHEREAS, as a condition to closing the transactions contemplated by this Agreement, it
shall be necessary to obtain a waiver of certain provisions of that certain Stockholder Rights and Voting Agreement by and among the Company and the Major Holders, among others, dated as of April 26, 2012 (the “Stockholder
Agreement”). 
 NOW, THEREFORE, in consideration of the premises and of the respective representations, warranties,
covenants, agreements and conditions contained herein, the Buyers and the Seller agree as follows: 
 1. Definitions. As used in this
Agreement, the following terms shall have the meanings set forth below: 
 “Securities” means 864,000 shares of Common
Stock currently held, beneficially and of record, by Seller. 
 “Purchase Price” means US$0.00011574 per share of Common
Stock, payable by the Buyers to Seller as described in Section 2.1. 
 “Securities Act” means the United States
Securities Act of 1933, as amended, and the rules and regulations in effect from time to time thereunder. 
 2. Purchase and Sale of the
Securities; Closing. The Buyers and the Seller agree as follows: 
 2.1. Purchase and Sale of the Securities. On
the basis of the representations and warranties, and subject to the terms and conditions, set forth herein: (a) each Buyer, severally and not jointly, agrees to purchase from the Seller; and (b) Seller agrees to sell to each Buyer,
respectively, all of Seller’s right, title and interest in, to and under the Securities in accordance with the following: 
  

	 	(i)	Seller transfers to BMV SO: 368,649 shares of Common Stock, in exchange for US$42.68; 

  

	 	(ii)	Seller transfers to NEA: 330,233 shares of Common Stock, in exchange for US$38.23; 

  

	 	(iii)	Seller transfers to ProQuest IV: 165,116 shares of Common Stock, in exchange for US$19.12; and 

  

	 	(iv)	Seller transfers to ProQuest LLC: 2 shares of Common Stock, in exchange for US$0.01. 

2.2. Closing. Subject to the terms and conditions of this Agreement, the closing of the sale and purchase of the
Securities under this Agreement (the “Closing”) shall take place at Foley Hoag LLP, 155 Seaport Boulevard, Boston, MA 02210-2600 (or remotely via the exchange of documents and signatures) on or after the date hereof on the date that
the Buyers and the Seller shall agree (the date of the Closing, the “Closing Date”). At the Closing: (a) the Seller shall deliver to the Buyers original 

  
 - 18 - 

 
certificates representing the Securities and such other appropriate instruments of transfer and assignment (including duly executed stock powers), as the Buyers shall reasonably request prior to
the Closing Date, in order to vest in the Buyers, as of the Closing Date, the Seller’s right, title and interest in, to and under the Securities in accordance with Section 2.1 of this Agreement; (b) the Seller shall deliver such other
instruments as may be necessary or appropriate to evidence compliance by Seller with all of its representations, warranties, covenants and undertakings herein contained; and (c) the Buyers shall deliver or cause to be delivered to Seller the
Purchase Price specified in Section 2.1 in immediately available funds (in accordance with instructions separately provided from Seller to the Buyers prior to the Closing Date). 

3. Conditions to the Buyers’ Obligation. The obligation of the Buyers to purchase and pay for the Securities is subject to the
satisfaction (or waiver by the Buyers) of the following conditions as of the Closing Date: 
 3.1. the representations and
warranties of the Seller made in this Agreement shall be true and correct in all respects, as of the date hereof and as of the Closing Date as though then made; 

3.2. the Seller shall have delivered to the Buyers the documents and instruments contemplated by Section 2.2 above; 

3.3. the Major Holders shall have obtained all consents and waivers necessary to effect the transactions contemplated in this
Agreement (including, without limitation, all waivers with respect to Section 5 of the Stockholder Agreement); and 

3.4. there shall be no pending or threatened claims, actions, litigation or administrative, regulatory or governmental
investigations or proceedings against either Seller or the Buyers with respect to enjoining or preventing the Closing or which might otherwise restrain, prohibit or invalidate any portion of this Agreement. 

4. Conditions to the Seller’s Obligation. The obligation of the Seller to sell and deliver the Securities to each of the Buyers is
subject to the satisfaction (or waiver by the Seller) of the following conditions as of the Closing Date: 
 4.1. the Buyers
shall have purchased Bridge Notes pursuant to the Note Purchase Agreement; 
 4.2. the representations and warranties of the
Buyers made in this Agreement shall be true and correct in all respects, as of the date hereof and as of the Closing Date as though then made; 

4.3. the Buyers shall have delivered the Purchase Price to the Seller as contemplated by Section 2.2 above; 

  
 - 19 - 

 4.4. the Major Holders shall have obtained all consents and waivers necessary to
effect the transactions contemplated in this Agreement (including, without limitation, all waivers with respect to Section 5 of the Stockholder Agreement); and 

4.5. there shall be no pending or threatened claims, actions, litigation or administrative, regulatory or governmental
investigations or proceedings against either Seller or the Buyers with respect to enjoining or preventing the Closing or which might otherwise restrain, prohibit or invalidate any portion of this Agreement. 

5. Representations and Warranties of the Buyers. Each Buyer, severally and not jointly with the other Buyers, represents and warrants
to the Seller that: 
 5.1. Each Buyer has all requisite power and authority to enter into and perform this Agreement and to
consummate the transactions contemplated hereby. Each Buyer has duly and validly authorized, executed and delivered this Agreement. 

5.2. This Agreement constitutes a valid and binding agreement of each Buyer, enforceable against each Buyer in accordance with
its terms, except as enforceability may be limited by: (a) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to or affecting creditors’ rights generally; and
(b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

5.3. Each Buyer is an “accredited investor,” as defined in Rule 501 of Regulation D promulgated under the Securities
Act, and hereby confirms that any Common Stock to be received by such Buyer pursuant to this Agreement will be acquired for investment for such Buyer’s ’own account, not as a nominee or agent, and not with a view to the resale or
distribution of any of the Securities, and that each Buyer has no present intention of selling, granting any participation in, or otherwise distributing the same. Each Buyer further represents that it does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Securities acquired pursuant to Section 2.1 of this Agreement, except with respect to arrangements and
agreements with a Buyer’s limited partners, shareholders and partners, as entered into in the ordinary course of Buyer and not with a view towards the transactions contemplated by this Agreement. 

5.4. Each Buyer has such knowledge and experience in financial and business matters that the Buyer is capable of evaluating the
merits and risks of its investment in the Securities, and can bear the economic risk of its investment (including the full loss of such investment). Each Buyer has carefully considered and, to the extent such Buyer believes appropriate, has
discussed with such Buyer’s professional legal, tax and financial advisors, the suitability of an investment in the Securities with respect to the Buyer’s particular tax and financial situation. Each Buyer has determined that its
investment in the Securities is suitable for such Buyer. 
 6. Representations and Warranties of the Seller. The Seller represents
and warrants to the Buyers that: 

  
 - 20 - 

 6.1. The Seller has all requisite corporate power and authority to enter into and
perform this Agreement and to consummate the transactions contemplated hereby. The Seller has duly and validly authorized, executed and delivered this Agreement. 

6.2. This Agreement constitutes a valid and binding agreement of the Seller, enforceable against the Seller in accordance with
its terms, except as enforceability may be limited by: (a) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to or affecting creditors’ rights generally; and
(b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

6.3. No consent, approval, qualification, order or authorization of, or filing with, any local, state or federal governmental
authority is required for the consummation by the Seller of the transactions contemplated hereby. 
 6.4. Neither the Seller
nor its affiliates own any direct or indirect interest in any securities of the Company other than 4,014,092 shares of Common Stock. The Seller owns the Securities (and shall transfer the Securities such that they will be held following the Closing)
free and clear of all claims, liens, security interests, charges or other encumbrances of any kind, including, but not limited to, any preemptive rights or rights of first refusal or other restrictions on transfer of any kind, except as set forth in
the Stockholder Agreement. There are no restrictions on the transfer of the Securities other than restrictions arising under the Securities Act and as may be set forth in the Stockholder Agreement. No person or entity has any right to purchase the
Securities or any portion thereof or interest therein. 
 7. Applicable Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without reference to principles of conflicts of law thereof. 
 8. Invalidity of
Provisions. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of
this Agreement, including that provision, in any other jurisdiction, and this Agreement shall be construed in all other respects as if such invalid and unenforceable provisions were omitted. 

9. Survival of Representations and Warranties. The representations, warranties and covenants contained herein shall survive the Closing
or any termination of this Agreement. 
 10. Headings; Execution in Counterparts. The headings and captions contained herein are for
convenience of reference only and shall not control or affect the meaning or construction of any provision hereof. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and which together shall constitute
but one and the same instrument. 

  
 - 21 - 

 11. Notices. All notices and other communications relating to this Agreement shall be
dated and in writing and shall be deemed to have been duly given when delivered, if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, and when received if delivered otherwise, to the party to
whom it is directed; 
  

	 	(a)	If to the Seller, to the Seller at the following address: 

 Nomura Phase4
Ventures L.P. 
 c/o Nomura International 

One Angel Lane 

London 

EC4R 3AB 

Attn: Stephen Booysen 

Fax: (44 20) 7102 9075 
  

	 	(b)	If to the Buyers, to each Buyer at the following address: 

 BMV Direct SO LP

 17190 Bernardo Center Drive 

San Diego, CA 92128 

Attn: Corporate Legal 

Fax No.: (858) 485-9843 

New Enterprise Associates 12, Limited Partnership 

c/o New Enterprise Associates 

1954 Greenspring Drive, Suite 600 

Timonium, MD 21093 

Attn: Louis Citron, General Counsel 

Fax: (410) 842-4100 

ProQuest Investments IV, L.P. 

90 Nassau Street, Fifth Floor 

Princeton, NJ 08542 

Fax: (609) 919-3750 

ProQuest Management LLC 

90 Nassau Street, Fifth Floor 

Princeton, NJ 08542 

Fax No.: (609) 919-3750 

with a copy to: 

Kunzler Law Group, PC, as counsel to 

BMV Direct SO LP 

8 East Broadway, Suite 600 

Salt Lake City, Utah 84111 

  
 - 22 - 

 Attn:  Curtis Oscarson, Esq. 

Fax:   801.693.1612 

12. Waivers. No waiver of the provisions hereof shall be valid unless in writing and signed by the party to be bound and then only to
the extent therein set forth. No failure or delay by any party in exercising any right or remedy hereunder shall operate as a waiver thereof, and a waiver of a particular right or remedy on one occasion shall not be deemed a waiver of any other
right or remedy or a waiver on any subsequent occasion. 
 13. Amendment. This Agreement shall be binding upon the parties and may
not be abandoned, supplemented, changed or modified in any manner, orally or otherwise, except by an instrument in writing of concurrent or subsequent date signed by each of the parties hereto. This Agreement is binding upon and shall inure to the
benefit of the parties and their respective agents, assigns, heirs, executors, successors and administrators. 
 14. Integration. The
parties agree that this Agreement contains the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all other prior agreements, representations and understandings, both written and oral, among the
parties with respect to the subject matter hereof. 
 15. Interpretation. Should any provision of this Agreement require
interpretation in any legal or other proceeding, it is agreed that the court, legal tribunal or other arbiter interpreting or construing the same shall not imply a presumption that the terms hereof shall be more strictly construed against one party
by reason of the rule of construction that a document is to be construed more strictly against the party who itself or through its agent prepared the same, it being agreed that the agents of all parties have participated in the preparation of this
Agreement. 
 16. Third Party Beneficiaries. Nothing expressed or implied in this Agreement is intended or shall be construed to
confer upon or give to any third party any rights or remedies against any party hereto. 
 17. Further Assurances. Each of the
parties hereto covenants and agrees upon the request of the other, to do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further acts, deeds, documents, assignments, transfers, conveyances, powers
of attorney and assurances as may be reasonably necessary or desirable to give full effect to this Agreement (including any such as are reasonably necessary or desirable to have certificates or agreements representing the Securities issued or
registered in the name of each Buyer or its designated nominee(s)). 
 [signature page follows] 

  
 - 23 - 

 IN WITNESS WHEREOF, the Buyers and the Seller have executed this Stock Purchase Agreement as of
the date first above written. 
  

									
	BUYERS:
			
	 BMV DIRECT SO LP
  
	 		 	NEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP
	By:	 	BioMed Realty, L.P.,	 		 	By:	 	NEA Partners 12, Limited Partnership,
		 	its general partner	 		 		 	its general partner
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
			
	PROQUEST INVESTMENTS IV, LP	 		 	PROQUEST MANAGEMENT LLC
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
	
	SELLER:
				
	NOMURA PHASE4 VENTURES L.P.	 		 		 	
					
	By:	 	Phase4 Ventures Limited, as manager on behalf of Nomura Phase4 Ventures L.P.	 		 		 	
					
	By:	 	  
	 		 		 	
		 	Name:	 		 		 	
		 	Title:	 		 		 	

  
 - 24 - 

 EXHIBIT D 

Capitalization 
  

			
	Authorized shares of Common Stock:	  	30,000,000
	Outstanding shares of Common Stock:	  	20,424,620.078 as follows:

  

									
	 Name of Stockholder
	  	Number of
Shares Owned	 	  	Percent
Ownership	 
			
	 ALZA Corporation
	  	 	7,052.067	  	  	 	0.035	% 
			
	 Mahmoud Ameri
	  	 	16.000	  	  	 	0.000	% 
			
	 James Barrett
	  	 	22.000	  	  	 	0.000	% 
			
	 BMV Direct SO LP
	  	 	798,829.000	  	  	 	3.911	% 
			
	 BMV Direct SOTRS LP
	  	 	4,947,076.000	  	  	 	24.221	% 
			
	 Joseph Bravo
	  	 	2.000	  	  	 	0.000	% 
			
	 Peter Daddona
	  	 	1,275,151.000	  	  	 	6.243	% 
			
	 Werner Frei
	  	 	2.455	  	  	 	0.000	% 
			
	 Vikram Lamba
	  	 	2,525,000.000	  	  	 	12.363	% 
			
	 Laurie Liu
	  	 	6.000	  	  	 	0.000	% 
			
	 Jimmy Lopez
	  	 	1.000	  	  	 	0.000	% 
			
	 Jim Mellers
	  	 	8.000	  	  	 	0.000	% 
			
	 NEA Ventures 2006, Limited Partnership
	  	 	19.836	  	  	 	0.000	% 
			
	 New Enterprise Associates 12, Limited Partnership
	  	 	5,147,122.904	  	  	 	25.201	% 
			
	 Nomura Phase4 Ventures L.P.
	  	 	3,150,091.946	  	  	 	15.423	% 
			
	 Gary Otake
	  	 	17.000	  	  	 	0.000	% 
			
	 Elaine Peters
	  	 	11.000	  	  	 	0.000	% 
			
	 ProQuest Investments IV, L.P.
	  	 	2,573,570.870	  	  	 	12.600	% 
			
	 ProQuest Management LLC
	  	 	24.000	  	  	 	0.000	% 
			
	 John Richard
	  	 	30.000	  	  	 	0.000	% 
			
	 Samantha Olivia Sadlowski
	  	 	1.000	  	  	 	0.000	% 
			
	 Gail Schulze
	  	 	467.000	  	  	 	0.002	% 
			
	 Thorsten von Stein
	  	 	44.000	  	  	 	0.000	% 
			
	 Cedric Wright
	  	 	5.000	  	  	 	0.000	% 
			
	 Greg Yedinak
	  	 	50.000	  	  	 	0.000	% 

 The Company has reserved 2,264,108 shares of Common Stock for issuance pursuant to the terms of its 2012 Stock
Incentive Plan. Options to purchase 2,075,600 of such shares have been granted and are outstanding. 
 Certain former stockholders of Zosano Pharma, Inc., a
Delaware corporation and wholly owned subsidiary of the Company (“Subsidiary”), have a right to receive an aggregate of 2,630.133 shares of Common Stock subject to their execution of certain documents in connection with the April
2012 reorganization of Subsidiary.

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