Document:

exv10w12

Exhibit 10.12

AMENDMENT NO. 2

TO

THE WILLIAMS COMPANIES, INC. 2002 INCENTIVE PLAN

(AS AMENDED AND RESTATED EFFECTIVE JANUARY 23, 2004),

AWARD AGREEMENTS AND DEFERRAL ELECTIONS THEREUNDER

This Amendment No. 2 (“Amendment”) to The Williams Companies, Inc. 2002 Incentive Plan (as amended
and restated effective January 23, 2004) and as further amended (“Plan”) is hereby adopted
effective the 20th day of November, 2008.

WHEREAS, in October 2004, Congress adopted Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”);

WHEREAS, final regulations to Section 409A of the Code become fully effective January 1, 2009
(Section 409A of the Code and such final regulations and other guidance thereunder being referred
to below in the aggregate as “Section 409A); and

WHEREAS, certain Awards made under the Plan remain outstanding and, together with the Plan, must
comply with Section 409A beginning January 1, 2009;

WHEREAS, the Board of Directors of the Company has determined that it is in the best interest of
the Company to amend the Plan to comply with Section 409A;

NOW, THEREFORE, the Plan is hereby amended as follows:

1. Section 2.44 is amended to add the following at the end of the Section:

Notwithstanding the foregoing, except as otherwise provided in the Award Agreement
with respect to such Award, with respect to any Award subject to Section 409A of the
Code, “Termination of Affiliation” shall mean a “separation from service” as defined
in Section 409A of the Code and guidance thereunder.

2. Section 5.8 is amended to add the following at the end of the Section:

Notwithstanding anything herein to the contrary, in no event will any deferral or
payment of a deferred number of Shares or any other payment with respect to any
Award be allowed if the Committee determines, in its sole discretion, that the
deferral would result in the imposition of the additional tax under
Section 409A(a)(1)(B) of the Code.

 

 

3. Section 13.5(a) is amended to add the following to the end of the second sentence of the
Section:

,including, but not limited to, restrictions designed to comply with the
requirements of Section 409A of the Code.

4. The last sentence of Section 13.6(e) is deleted and is replaced in its entirety by the
following sentence:

Such settlement shall be made at the time or times specified in the applicable Deferral
Election; provided that a Non-Employee Director may further defer settlement of the
Deferral Account by filing a new Deferral Election subject to such restrictions and advance
filing requirements as the Company may impose, including, but not limited to, restrictions
designed to comply with the requirements of Section 409A of the Code.

5. A new Section 16.20 is added to read in its entirety as follows:

16.20 Code Section 409A Compliance. The Board intends that, except as may be
otherwise determined by the Committee, any Awards under the Plan satisfy the
requirements of Section 409A of the Code and related regulations and Treasury
pronouncements (“Section 409A”) to avoid the imposition of any taxes, including
additional income taxes, thereunder. If the Committee determines that an Award,
Award Agreement, payment, distribution, deferral election, transaction or any other
action or arrangement contemplated by the provisions of the Plan would, if
undertaken, cause a Grantee to become subject to Section 409A, unless the Committee
expressly determines otherwise, such Award, Award Agreement, payment, distribution,
deferral election, transaction or other action or arrangement shall not be
undertaken and the related provisions of the Plan and/or Award Agreement and/or
deferral election will be deemed modified, or, if necessary, rescinded in order to
comply with the requirements of Section 409A to the extent determined by the
Committee without the consent of or notice to the Grantee. Notwithstanding the
foregoing, with respect to any Award intended by the Committee to be exempt from the
requirements of Section 409A which is to be paid out when vested, such payment shall
be made as soon as administratively feasible after the Award became vested, but in
no event shall such payment be made later than 2-1/2 months after the end of the
calendar year in which the Award became vested unless (a) deferred pursuant to
Section 5.8 or (b) otherwise permitted under the exemption provisions of
Section 409A.

6. Except as set forth in Paragraphs 1 through 5 above, the Plan, each Award Agreement and/or each
deferral election and all of their respect terms and conditions shall continue in effect.

 

 

7. 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.

	 	 	 	 
	 	/s/ Stephanie Cipolla

	 	Date: 12/1/08exv10w14

Exhibit 10.14

AMENDMENT NO. 1

TO

THE WILLIAMS COMPANIES, INC. 2007 INCENTIVE PLAN

This Amendment No. 1 (“Amendment”) to The Williams Companies, Inc. 2007 Incentive Plan (“Plan”) is
hereby adopted effective the 20th day of November, 2008.

WHEREAS, in October 2004, Congress adopted Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”);

WHEREAS, final regulations to Section 409A of the Code become fully effective January 1, 2009
(Section 409A of the Code and such final regulations and other guidance thereunder being referred
to below in the aggregate as “Section 409A”); and

WHEREAS, the Board has determined that it is in the best interest of the Company to amend the Plan
to(a) further reflect the Company’s intent that the Plan and Awards thereunder comply with Section
409A and (b) change certain provisions of the Plan relating to Change in Control;

NOW, THEREFORE, the Plan is hereby amended as follows:

1. The last sentence of Section 2.48 is deleted and replaced in its entirety with the following:

Notwithstanding the foregoing, except as otherwise provided in the Award Agreement
with respect to such Award, with respect to an Award subject to Section 409A of the
Code, “Termination of Affiliation” shall mean a “separation from service” as defined
in Section 409A of the Code and guidance thereunder.

2. Section 14.1 of the Plan is amended by deleting the phrase “, but not during a Merger of Equals
Period,” from the first sentence.

3. Section 14.2(d) is amended and restated in its entirety to read as follows:

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

 

 

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

     (ii) a significant reduction in the authority and responsibility assigned to
the Grantee; or

     (iii) any reduction in or failure to pay Grantee’s base salary; or

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

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

     (vi) the failure of the Surviving Corporation following a Reorganization Transaction
to assume all Awards previously made under the Plan or to provide equivalent awards of
substantially the same value.

     Notwithstanding anything in this Article 14 to the contrary, no act or omission
shall constitute grounds for “Good Reason”:

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

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

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

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

4. Section 14.2(e)(ii) is amended by deleting the phrase “(or by a simple majority for
purposes of subsection (b) of the definition of ‘Merger of Equals’).”

5. Section 14.2(f) is deleted in its entirety.

 

 

6. Section 14.2(g) is deleted in its entirety.

7. Section 15.3(e) is amended by deleting in full the proviso at the end of the last sentence of
such Section.

8. Except as set forth in Paragraphs 1 through 7 above, the Plan and its terms and conditions shall
continue in effect.

9. Notwithstanding anything to the contrary in the Plan or in any Award Agreement, this Amendment
shall not be incorporated into nor amend or change in any respect the terms of any Award or Award
Agreement outstanding on the effective date hereof.

10. 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.

	 	 	 	 
	 	/s/ Stephanie Cipolla

	 	Date: 12/1/08

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