Document:

exv10w9

Exhibit 10.9

2008 RESTRICTED STOCK UNIT AGREEMENT

     THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”), which contains the terms and
conditions for the Restricted Stock Units (“Restricted Stock Units” or “RSUs”) referred to in the
2008 Restricted Stock Unit Award Letter delivered in hard copy or electronically to Participant
(“2008 Award Letter”), is by and between THE WILLIAMS COMPANIES, INC., a Delaware corporation (the
“Company”) and the individual identified on the last page hereof (the “Participant”).

1. Grant of RSUs. Subject to the terms and conditions of The Williams Companies, Inc. 2007
Incentive Plan, as amended from time to time (the “Plan”), this Agreement and the 2008 Award
Letter, the Company hereby grants an award (the “Award”) to the Participant of <@Num+C @>
RSUs effective <@GrDt+C@> (the “Effective Date”). The Award gives the Participant the right
to receive the number of shares of the Common Stock of the Company equal to the number of RSUs
shown in the prior sentence, subject to adjustment under the terms of this Agreement. These shares
are referred to in this Agreement as the “Shares.” Until the Participant receives payment of the
Shares under the terms of Paragraph 4, the Participant shall have no rights as a stockholder of the
Company with respect to the Shares.

2. Incorporation of Plan. The Plan is hereby incorporated herein by reference and all
capitalized terms used herein which are not defined in this Agreement shall have the respective
meanings set forth in the Plan. The Participant acknowledges that he or she has received a copy of,
or has online access to, the Plan and hereby accepts the RSUs subject to all the terms and
provisions of the Plan and this Agreement.

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

4. Payment of Shares.

(a) Except as otherwise provided in Subparagraph 4(b) below, the Participant shall receive
payment of all Shares on the date that is three years after the Effective Date (not
including the Effective Date) (the “Maturity Date”). For example, if the Effective Date of
the Participant’s award under this Agreement is May 17, 2008, the Maturity Date will be May
17, 2011.

(b) If the Participant dies prior to the Maturity Date while serving as a Non-Management
Director of the Company or his or her service as a Non-Management Director of the Company
terminates for any other reason prior to the Maturity Date and such termination constitutes
a “separation from service” as defined under Treasury Regulation § 1.409A-1, as amended, the
Participant shall receive payment of all Shares at the time of such death or separation from
service. In this regard, if at the time a Non-Management Director’s service as a
Non-Management Director terminates, such

 

Non-Management Director is also providing services to the Company or an Affiliate (as defined
below) as an independent contractor, no separation from service by such Non-Management
Director shall occur and no Shares shall be payable to such Non-Management Director until
the date on which such Non-Management Director has a Separation from Service as an
Independent Contractor (as defined below) from the Company and its Affiliates.

(c) All Shares that are paid pursuant to the Participant’s death or separation from service
Subparagraph 4(b) above shall be paid to the Participant upon occurrence of the event giving
rise to the right to payment or, in the case of Participant’s death, to the beneficiary of
the Participant under the Plan or, if no beneficiary has been designated, to the
Participant’s estate, provided that, except as otherwise required under Federal securities
laws or other applicable law, all Shares that are paid pursuant to Subparagraph 4(b) above
shall be paid not more than 90 days following the occurrence of the event giving rise to the
right to payment.

(d) Shares that become payable under this Agreement will be paid by the Company by the
delivery to the Participant, or, in the case of the Participant’s death, to the
Participant’s beneficiary or legal representative, of one or more certificates (or other
indicia of ownership) representing shares of Williams Common Stock equal in number to the
number of Shares otherwise payable under this Agreement.

(e) Upon conversion of RSUs into Shares under this Agreement, such RSUs shall be cancelled.

5. Definitions. As used in this Agreement, the following terms shall have the definitions
set forth below.

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

(b) “Separation from Service as an Independent Contractor” will occur upon the expiration of
the contract (or in the case of more than one contract, all contracts) under which services
are performed by a Non-Management Director for the Company or an Affiliate, but only if the
expiration constitutes a good-faith and complete termination of the contractual
relationship. An expiration of a contract shall not constitute a good faith and complete
termination of the contractual relationship if the Company or an Affiliate anticipates
either a renewal of a contractual relationship or the Non-Management Director’s becoming an
employee. The determination of whether a Separation from Service as an Independent
Contractor has occurred shall be governed by the provisions of Treasury Regulation §
1.409A-1, as amended.

6. Other Provisions.

(a) The Participant understands and agrees that payments under this Agreement shall not be
used for, or in the determination of, any other payment or benefit under any continuing
agreement, plan, policy, practice or arrangement providing for the making of

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any payment or the provision of any benefits to or for the Participant or the Participant’s
beneficiaries or representatives, including, without limitation, any employment agreement,
any change of control severance protection plan or any employee benefit plan as defined in
Section 3(3) of ERISA, including, but not limited to qualified and non-qualified retirement
plans.

(b) The Participant agrees and understands that, upon payment of Shares under this
Agreement, stock certificates (or other indicia of ownership) issued may be held as
collateral for monies he/she owes to Company or any of its Affiliates, including but not
limited to personal loan(s) or Company credit card debt.

(c) RSUs, Shares and the Participant’s interest in RSUs and Shares may not be sold,
assigned, transferred, pledged or otherwise disposed of or encumbered at any time prior to
the Participant’s becoming entitled to payment of Shares under this Agreement.

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

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

(f) The parties to this Agreement intend that this Agreement meet the applicable
requirements of Section 409A of the Code and recognize that it may be necessary to modify
this Agreement and/or the Plan to reflect guidance under Section 409A of the Code issued by
the Internal Revenue Service. Participant agrees that the Board shall have sole discretion
in determining (i) whether any such modification is desirable or appropriate and (ii) the
terms of any such modification.

(g) The Participant shall become a party to this Agreement by accepting the Award either
electronically or in writing in accordance with procedures of the Board, its delegates or
agents.

(h) Nothing in this Agreement or the Plan shall confer upon the Participant the right to
continue to serve as a director of the Company.

7. Notices. All notices to the Company required hereunder shall be in writing and delivered
by hand or by mail, addressed to The Williams Companies, Inc., One Williams Center, Tulsa, Oklahoma
74172, Attention: Stock Administration Department. Notices shall become effective upon their
receipt by the Company if delivered in the foregoing manner. To direct the sale of any Shares
issued under this Agreement, the Participant must contact Fidelity at
http://netbenefits.fidelity.com or by telephone at 800-544-9354.

8. Tax Consultation. You understand you will incur tax consequences as a result of
acquisition or disposition of the Shares. You agree to consult with any tax consultants you think
advisable in connection with the acquisition of the Shares and acknowledge that you are not
relying, and will not

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rely, on the Company for any tax advice.

	 	 	 	 	 
	 	THE WILLIAMS COMPANIES, INC.

 	 
	 	By:  	 	 
	 	 	Steven J. Malcolm 	 
	 	 	President and CEO 	 
	 

Participant: <@Name

SSN: <@SSN @>

4exv10w11

Exhibit 10.11

AMENDMENT TO

THE WILLIAMS COMPANIES, INC. 2002 INCENTIVE PLAN

(AS AMENDED AND RESTATED EFFECTIVE JANUARY 23, 2004)

AND AWARD AGREEMENTS THEREUNDER

This Amendment (“Amendment”) to The Williams Companies, Inc. 2002 Incentive Plan (as amended and
restated effective January 23, 2004) (“Plan”), and to Award Agreements pursuant to which Awards
have previously been made thereunder, is hereby adopted effective the 26th day of
January, 2007.

WHEREAS, Section 4.2 of the Plan provides that upon the occurrence of certain events, adjustments
may be made to (a) the number and type of Shares (or other securities or property) with respect to
which Awards may be granted under the Plan, (b) the number and type of Shares (or other securities
or property) subject to outstanding Awards, (c) the grant or exercise price with respect to any
award under the Plan or provision made for a cash payment to the holder of an outstanding Award,
(d) the number and kind of Shares of outstanding Restricted Shares or relating to any other
outstanding Award in connection with which Shares are subject, and (e) the number of Shares with
respect to which Awards may be granted to a Grantee; and

WHEREAS, the Board of Directors of the Company has determined that it is in the best interest of
the Company to provide protection against both dilution and accretion of Awards and greater
assurance of the continued ability of the Company to make Awards under the Plan upon the occurrence
of certain events;

NOW, THEREFORE, the Plan and each Award Agreement pursuant to which Awards under the Plan have been
granted and remain outstanding are hereby amended as follows:

1. Section 4.2 of the Plan is amended and restated in its entirety to read as follows:

4.2 Adjustments in Authorized Shares and Awards. In the event of any
dividend or other distribution (whether in the form of cash, Shares, or other
property, but excluding regular, quarterly cash dividends), recapitalization,
forward or reverse stock split, subdivision, consolidation or reduction of capital,
reorganization, merger, consolidation, scheme of arrangement, split-up, spin-off or
combination involving the Company or repurchase or exchange of Shares or other
securities of the Company or other rights to purchase Shares or other securities of
the Company, or other similar corporate transaction or event that affects the
Shares, provided that any such transaction or event referred to heretofore does not
involve the receipt of consideration by the Company, then the Committee shall, in
such manner as it deems equitable in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made

 

 

available under the Plan, adjust
(a) the number and type of Shares (or other securities or property) with respect to
which Awards may be granted, (b) the number and type of Shares (or other securities
or property) subject to outstanding Awards, (c) the grant or exercise
price with respect to any Award or, if deemed appropriate, make provision for a cash
payment to the holder of an outstanding Award, (d) the number and kind of
outstanding Shares of Restricted Stock or relating to any other outstanding Award in
connection with which Shares are subject, (e) the number of Shares with respect to
which Awards may be granted to a Grantee, as set forth in Section 4.3 and (f) the
number of Shares subject to outstanding Restricted Stock Units granted under Section
13.5; provided, in each case, that with respect to Awards of Incentive Stock Options
intended as of the grant date to qualify as Incentive Stock Options, no such
adjustment shall be authorized to the extent that such adjustment would cause the
Plan to violate Section 422(b)(1) of the Code; and provided further that the number
of Shares subject to any Award denominated in Shares shall always be a whole number.
By way of example and not limitation, neither the conversion of any convertible
securities of the Company nor the open market purchase of Shares by the Company
shall be treated as a transaction that “does not involve the receipt of
consideration” by the Company.

2. Each Award Agreement pursuant to which an Award was made under the Plan and that remains
outstanding as of the date this Amendment is hereby amended to incorporate Section 4.2 as amended
and restated as set forth in Paragraph 1 above, but only to the extent that application of such
amendment would not adversely affect such Award in any material way.

3. Except as set forth in Paragraphs 1 and 2 above, the Plan and Award Agreement and all of their
respective terms and conditions shall continue in effect.

4. All capitalized terms in this Amendment shall have the meanings set forth in the Plan except to
the extent otherwise defined herein.

This Amendment is hereby approved and adopted effective as of the date first set forth above.

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