Document:

EX-10.1

Exhibit 10.1

REGISTRATION RIGHTS AGREEMENT

dated as of

March 5, 2009

between

THE WILLIAMS COMPANIES, INC.

and

CITIGROUP GLOBAL MARKETS INC.

on behalf of themselves and the Initial Purchasers listed on Schedule I hereto

THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of
March 5, 2009, between The Williams Companies, Inc. (the “Company”), a corporation duly organized
and existing under the laws of the State of Delaware, and Citigroup Global Markets Inc., acting on
behalf of themselves and the several initial purchasers listed on Schedule I hereto (the “Initial
Purchasers”).

This Agreement is made pursuant to the Purchase Agreement dated as of February 26, 2009, among
the Company and Citigroup Global Markets Inc., as representative of the Initial Purchasers (the
“Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of
$600,000,000 aggregate principal amount of its 8.75% Senior Notes due 2020 (the “Securities”). The
Securities are to be issued pursuant to the provisions of an Indenture dated the date hereof (as
amended, supplemented or otherwise modified from time to time, the “Indenture”) by and among the
Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).

In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company
has agreed to provide to each Initial Purchaser and its direct and indirect transferees the
registration rights with respect to the Securities set forth in this Agreement. The execution of
this Agreement is a condition to the closing under the Purchase Agreement.

In consideration of the foregoing, the parties hereto agree as follows:

	 	1.	 	Definitions.

As used in this Agreement, the following capitalized defined terms have the following
meanings:

“1933 Act” shall mean the Securities Act of 1933, as amended from time to time.

“1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

“Additional Interest” shall have the meaning set forth in Section 2(e).

“Agreement” shall have the meaning set forth in the preamble.

“Business Day” shall have the meaning set forth in Rule 13e-4(a)(3) under the 1934 Act.

“Closing Date” shall mean the Closing Date as defined in the Purchase Agreement.

“Commission” shall mean the Securities and Exchange Commission.

“Company” shall have the meaning set forth in the preamble and also includes the Company’s
successors.

“Exchange Dates” shall have the meaning set forth in Section 2(a)(ii).

“Exchange Offer Registration” shall mean a registration under the 1933 Act effected pursuant
to Section 2(a) hereof.

“Exchange Offer Registration Statement” shall mean a registration statement on Form S-4 (or,
if applicable, on another appropriate form) relating to an offering of Exchange Securities pursuant
to a Registered Exchange Offer and all amendments and supplements to such registration statement,
in each case including the Prospectus contained therein, all exhibits thereto and all material
incorporated by reference therein.

“Exchange Securities” shall mean any securities issued by the Company to be offered to Holders
in exchange for Securities (pursuant to the Registered Exchange Offer or otherwise) pursuant to an
Exchange Offer Registration Statement containing terms identical to the Securities for which they
are exchanged except that (i) interest thereon shall accrue from the last date on which interest
was paid on the Securities or, if no such interest has been paid, from the date of issuance of the
Securities, and (ii) the Exchange Securities will not contain the legend appearing on the face of
the Securities in the form recited in the Indenture and will not contain terms with respect to
transfer restrictions or Additional Interest.

“Holder” shall mean each Initial Purchaser, for so long as it owns any Transfer Restricted
Securities, and each of its successors, assigns and direct and indirect transferees who become
registered owners of Transfer Restricted Securities under the Indenture; provided that for purposes
of Sections 4 and 5 of this Agreement, the term “Holder” shall include Participating Broker-Dealers
(as defined in Section 4(a)).

“Indemnified Party” shall have the meaning set forth in Section 5(c).

“Indemnifying Party” shall have the meaning set forth in Section 5(c).

“Indenture” shall have the meaning set forth in the preamble.

“Initial Purchasers” shall have the meaning set forth in the preamble.

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of
outstanding Transfer Restricted Securities; provided that, for purposes of Section 6(b), whenever
the consent or approval of Holders of a specified percentage of Transfer Restricted Securities is
required hereunder, Transfer Restricted Securities held by the Company or any of its affiliates (as
such term is defined in Rule 405 under the 1933 Act) (other than the Initial Purchasers or
subsequent Holders of Transfer Restricted Securities if such subsequent Holders are deemed to be
such affiliates solely by reason of their holding of such Transfer Restricted Securities) shall not
be considered outstanding and shall not be counted in determining whether such consent or approval
was given by the Holders of such required percentage or amount.

“Participant” shall have the meaning set forth in Section 5(a).

“Participating Broker-Dealer” shall have the meaning set forth in Section 4(a) hereof.

“Person” shall mean an individual, partnership, limited liability company, corporation, trust
or unincorporated organization, or a government or agency or political subdivision thereof.

“Prospectus” shall mean the prospectus included in a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any
portion of the Transfer Restricted Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including all material
incorporated by reference therein.

“Purchase Agreement” shall have the meaning set forth in the preamble.

“Registration Default” shall have the meaning set forth in Section 2(e).

“Registered Exchange Offer” shall mean the exchange offer by the Company of Exchange
Securities for all Securities that are Transfer Restricted Securities pursuant to Section 2(a)
hereof.

“Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company with this Agreement, including without limitation: (i) all Commission,
stock exchange or Financial Industry Regulatory Authority (“FINRA”) registration and filing fees,
including if applicable, the fees and expenses of any “qualified independent underwriter” required
to be retained by any holder of Transfer Restricted Securities in accordance with the rules and
regulations of FINRA, (ii) all fees and expenses incurred in connection with compliance with state
securities or blue sky laws (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with blue sky qualification of any of the Exchange Securities
or Transfer Restricted Securities), (iii) all expenses of any Person in preparing or assisting in
preparing, word processing, printing and distributing any Registration Statement, any Prospectus,
any amendments or supplements thereto, any underwriting agreements, securities sales agreements and
other documents relating to the performance of and compliance with this Agreement, (iv) all rating
agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under
applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii)
the fees and disbursements of counsel for the Company and, in the case of a Shelf Registration
Statement, the reasonable fees and disbursements of one counsel for the Holders (which counsel
shall be selected by the Majority Holders and which counsel may also be counsel for the Initial
Purchasers) and (viii) the fees and disbursements of the independent public accountants of the
Company, including the expenses of any special audits or “comfort” letters required by or incident
to such performance and compliance, but excluding fees of counsel to the Underwriters (other than
the fees and expenses set forth in clause (ii) above) and the Holders and underwriting discounts
and commissions and transfer taxes, if any, relating to the sale or disposition of Transfer
Restricted Securities by a Holder.

“Registration Statement” shall mean any registration statement of the Company that covers any
of the Exchange Securities or the Transfer Restricted Securities pursuant to the provisions of this
Agreement and all amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

“Securities” shall have the meaning set forth in the preamble.

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof.

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company
pursuant to the provisions of Section 2(b) of this Agreement which covers all of the Transfer
Restricted Securities (but no other securities unless approved by the Holders of a majority of the
aggregate principal amount of outstanding Transfer Restricted Securities that are covered by such
Shelf Registration Statement) on an appropriate form under Rule 415 under the 1933 Act, or any
similar rule that may be adopted by the Commission, and all amendments and supplements to such
registration statement, including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by reference therein.

“TIA” shall have the meaning set forth in Section 3(l) hereof.

“Transfer Restricted Securities” shall mean each outstanding Security until: (i) when in the
case of a Holder who was entitled to participate in the Registered Exchange Offer, an Exchange
Offer Registration Statement with respect to such Security shall have been declared effective under
the 1933 Act and either (a) such Security shall have been exchanged by a Person other than a
broker-dealer for an Exchange Security in the Registered Exchange Offer or (b) the Registered
Exchange Offer shall have been consummated and such Security was not tendered by the Holder thereof
in the Registered Exchange Offer; (ii) following the exchange by a broker-dealer in the Registered
Exchange Offer of a Security for an Exchange Security, the date on which such Exchange Security is
sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a
copy of the Prospectus contained in the Exchange Offer Registration Statement; (iii) the date on
which such Security has been effectively registered under the 1933 Act and disposed of in
accordance with the Shelf Registration Statement; or (iv) the date that is two years after the date
of this Agreement.

“Trustee” shall have the meaning set forth in the preamble.

“Underwriter” shall have the meaning set forth in Section 3 hereof.

“Underwritten Registration or Underwritten Offering” shall mean a registration in which
Transfer Restricted Securities are sold to an Underwriter for reoffering to the public.

	 	2.	 	Registration under the 1933 Act.

(a) To the extent not prohibited by any applicable law or applicable interpretation of
the Staff of the Commission, the Company shall (1) file an Exchange Offer Registration
Statement on or prior to 180 days after the Closing Date covering the offer by the Company
to the Holders to exchange all of the Transfer Restricted Securities for an equal aggregate
principal amount of Exchange Securities and (2) use its commercially reasonable efforts to
cause such Exchange Offer Registration Statement to be declared effective on or prior to 270
days after the Closing Date. The Company shall use its commercially reasonable efforts to
have the Exchange Offer Registration Statement remain effective until the closing of the
Registered Exchange Offer. The Company shall commence the Registered Exchange Offer
promptly after the Exchange Offer Registration Statement has been declared effective by the
Commission and use its commercially reasonable efforts to have the Registered Exchange Offer
consummated (by issuing Exchange Securities for all tendered, and not validly withdrawn
Transfer Restricted Securities) not later than 30 Business Days, or longer, if required by
the federal securities laws, after such effective date. The Company shall commence the
Registered Exchange Offer by mailing the related exchange offer Prospectus and accompanying
documents to each Holder stating, in addition to such other disclosures as are required by
applicable law:

(i) that the Registered Exchange Offer is being made pursuant to this
Registration Rights Agreement and that all Transfer Restricted Securities validly
tendered will be accepted for exchange;

(ii) the dates of acceptance for exchange (which shall be a period of at least
20 Business Days from the date such notice is mailed) (the “Exchange Dates”);

(iii) that any Transfer Restricted Security not tendered will remain
outstanding and continue to accrue interest, but will not retain any rights under
this Agreement;

(iv) that Holders electing to have a Transfer Restricted Security exchanged
pursuant to the Registered Exchange Offer will be required to surrender such
Transfer Restricted Security, together with the enclosed letters of transmittal, to
the institution and at the address specified in the notice prior to the close of
business on the last Exchange Date; and

(v) that Holders will be entitled to withdraw their election, not later than
the close of business on the last Exchange Date, by sending to the institution and
at the address (located in the Borough of Manhattan, The City of New York) specified
in the notice, a telegram, telex, facsimile transmission or letter setting forth the
name of such Holder, the principal amount of Transfer Restricted Securities
delivered for exchange and a statement that such Holder is withdrawing his election
to have such Transfer Restricted Securities exchanged.

As soon as practicable after the last Exchange Date, the Company shall:

(A) accept for exchange Transfer Restricted Securities or portions
thereof tendered and not validly withdrawn pursuant to the Registered
Exchange Offer; and

(B) deliver, or cause to be delivered, to the Trustee for cancellation
all Transfer Restricted Securities or portions thereof so accepted for
exchange by the Company and issue and cause the Trustee to promptly
authenticate and deliver to each Holder an Exchange Security equal in
aggregate principal amount to the aggregate principal amount of the Transfer
Restricted Securities surrendered by such Holder.

The Company shall use its commercially reasonable efforts to complete the Registered
Exchange Offer as provided above and shall comply with the applicable requirements of the
1933 Act, the 1934 Act and other applicable laws and regulations in connection with the
Registered Exchange Offer. The Registered Exchange Offer shall not be subject to any
conditions, other than that the Registered Exchange Offer does not violate applicable law or
any applicable interpretation of the Staff of the Commission. The Company shall inform the
Initial Purchasers of the names and addresses of the Holders to whom the Registered Exchange
Offer is made, and the Initial Purchasers shall have the right, subject to applicable law,
to contact such Holders and otherwise facilitate the tender of Transfer Restricted
Securities in the Registered Exchange Offer.

If, during the period the Exchange Offer Registration Statement is effective, an event
occurs which makes any statement made in such Exchange Offer Registration Statement or the
related Prospectus untrue in any material respect or which requires the making of any
changes in such Exchange Offer Registration Statement or Prospectus in order to make the
statements therein not misleading, the Company shall use its commercially reasonable efforts
to, as promptly as practicable, prepare and file with the Commission a supplement or
post-effective amendment to the Exchange Offer Registration Statement or the related
Prospectus or any document incorporated therein by reference or file any other required
document so that, as thereafter delivered to the purchasers of the Transfer Restricted
Securities, such Prospectus will not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The Company agrees to notify the
Holders to suspend the exchange of the Transfer Restricted Securities as promptly as
practicable after the occurrence of such an event, and the Holders hereby agree to suspend
such exchange until the Company has amended or supplemented the Prospectus to correct such
misstatement or omission.

(b) If (i) the Company is not permitted to consummate the Registered Exchange Offer
because the Registered Exchange Offer is not permitted by applicable law or applicable
interpretation of the Staff of the Commission; or (ii) any Holder of Transfer Restricted
Securities notifies the Company prior to the 20th day following the consummation of the
Registered Exchange Offer that: (A) it is prohibited by law or applicable interpretation of
the Staff of the Commission from participating in the Registered Exchange Offer, (B) it may
not resell the Exchange Securities acquired by it in the Registered Exchange Offer to the
public without delivering a Prospectus and the Prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales or (C) it is a
broker-dealer and owns Securities acquired directly from the Company or an affiliate of the
Company, the Company shall (x) use its commercially reasonable efforts to file with the
Commission within 60 days after such filing obligation arises (or, if later, the date by
which the Company is obligated to file an Exchange Offer Registration Statement) a Shelf
Registration Statement providing for the resale by the Holders of Transfer Restricted
Securities of all of their Transfer Restricted Securities; provided, however, that no Holder
of Transfer Restricted Securities entitled to have its Transfer Restricted Securities
included in a Shelf Registration Statement shall be entitled to have its Transfer Restricted
Securities included in a Shelf Registration Statement if such Holder has failed to comply
with the paragraph immediately following clause (p) of Section 3 and (y) use its
commercially reasonable efforts to cause such Shelf Registration Statement to be declared
effective by the Commission or to become automatically effective in accordance with the
rules and regulations of the Commission on or prior to 180 days after such filing obligation
arises (or, if later, the date by which the Company is obligated to use its commercially
reasonable efforts to have the Exchange Offer Registration Statement declared effective).
If the Company is required to file a Shelf Registration Statement solely as a result of the
matters referred to in clause (ii) of the preceding sentence, the Company shall use it
commercially reasonable efforts to file and have declared effective by the Commission both
an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all
Transfer Restricted Securities and a Shelf Registration Statement (which may be a combined
Registration Statement with the Exchange Offer Registration Statement) with respect to
reoffers and resales of Transfer Restricted Securities held by the Holders who must deliver
the related Prospectus. Subject to the following paragraph, the Company agrees to use its
commercially reasonable efforts to keep the Shelf Registration Statement continuously
effective until the date that is two years from the date of this Agreement or such shorter
period that will terminate when all of the Transfer Restricted Securities covered by the
Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or
cease to be Transfer Restricted Securities within the meaning of this Agreement. The
Company further agrees to supplement or amend the Shelf Registration Statement if required
by the rules, regulations or instructions applicable to the registration form used by the
Company for such Shelf Registration Statement, the 1933 Act or any other rules and
regulations thereunder for shelf registration or if reasonably requested by a Holder with
respect to information relating to such Holder, and to use its commercially reasonable
efforts to cause any such amendment to be declared effective by the Commission and such
Shelf Registration Statement to become usable as soon as thereafter practicable. The
Company agrees to furnish to the Holders of Transfer Restricted Securities copies of any
such supplement or amendment promptly after its being used or filed with the Commission.

Notwithstanding anything to the contrary in this Agreement, the Company, upon advising
the Initial Purchasers and each Holder, may suspend the use of the Prospectus included in
any Shelf Registration Statement for periods of time not to exceed 30 consecutive days and
for no more than 60 days during any 365 day period in which such suspensions are in effect
(each such period, a “Suspension Period”) if (i) an event or circumstance occurs and is
continuing as a result of which the Shelf Registration Statement, the related Prospectus or
any document incorporated therein by reference as then amended or supplemented or proposed
to be filed would, in the good faith judgment of the Company, contain an untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, and
(ii)(A) the Company determines in its good faith judgment that the disclosure of such event
at such time would have a material adverse effect on the business, operations or prospects
of the Company or (B) the disclosure otherwise relates to a material business transaction or
development which has not been publicly disclosed; provided, however, that upon the
termination of such Suspension Period, the Company shall promptly advise the Initial
Purchasers and each Holder that such Suspension Period has been terminated.

(c) The Company shall pay all Registration Expenses in connection with the registration
pursuant to Section 2(a) or Section 2(b). Each Holder shall pay all underwriting discounts,
if any, and commissions and transfer taxes, if any, relating to the sale or disposition of
such Holder’s Transfer Restricted Securities pursuant to a Shelf Registration Statement.

(d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf
Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become
effective unless it has been declared effective by the Commission or becomes automatically
effective in accordance with the rules and regulations of the Commission; provided, however,
that if after it has been declared effective or becomes automatically effective, the
offering of Transfer Restricted Securities pursuant to a Shelf Registration Statement is
interfered with by any stop order, injunction or other order or requirement of the
Commission or any other governmental agency or court, such Registration Statement will be
deemed not to have become effective during the period of such interference until the
offering of Transfer Restricted Securities pursuant to such Registration Statement may
legally resume.

(e) The Company and the Initial Purchasers agree that the Holders will suffer damages
if the Company fails to fulfill its obligations under Section 2(a) or Section 2(b) hereof
and that it would not be feasible to ascertain the extent of such damages with precision.
Accordingly, the Company agrees that if:

(i) the Exchange Offer Registration Statement is not filed with the Commission
on or prior to the 180th day following the Closing Date,

(ii) the Exchange Offer Registration Statement is not declared effective by the
Commission on or prior to the 270th day following the Closing Date,

(iii) the Registered Exchange Offer is not completed on or prior to the
30th Business Day following the date the Exchange Offer Registration
Statement is declared effective, or

(iv) the Shelf Registration Statement is required to be filed but is not filed
or declared effective (or does not become automatically effective) within the
respective time periods set forth herein or the Shelf Registration Statement is
declared effective or becomes effective but thereafter ceases to be effective or
usable (other than during a Suspension Period) prior to the date that is two years
after the date of this Agreement other than after the Transfer Restricted Securities
have been disposed of under the Shelf Registration Statement or cease to be Transfer
Restricted Securities, without being succeeded within two Business Days by a
post-effective amendment which cures the failure and that is itself immediately
declared effective,

(each such event referred to in clauses (i) through (iv) a “Registration Default”),
Additional Interest (“Additional Interest”) will accrue on the affected Transfer Restricted
Securities. The rate of Additional Interest will be one-quarter of one percent (0.25%) per
annum on the principal amount of Transfer Restricted Securities held by such Holder for the
first 90-day period immediately following the occurrence of a Registration Default,
increasing by an additional one-quarter of one percent (0.25%) per annum on the principal
amount of affected Transfer Restricted Securities with respect to each subsequent 90-day
period thereafter up to a maximum amount of Additional Interest for all Registration
Defaults of one-half of one percent (0.50%) per annum on the principal amount of Transfer
Restricted Securities, from and including the date on which any such Registration Default
shall occur, to but excluding the date that is the earlier of (1) the date on which all
Registration Defaults have been cured or (2) the date on which such affected Transfer
Restricted Securities cease to be Transfer Restricted Securities within the meaning of this
Agreement.

Notwithstanding the foregoing, (1) the amount of Additional Interest payable shall not
increase because more than one Registration Default has occurred and is pending and (2) a
Holder of Exchange Securities or a Holder of Transfer Restricted Securities who is not
entitled to the benefits of the Shelf Registration Statement pursuant to Section 2(b) hereof
shall not be entitled to Additional Interest with respect to a Registration Default that
pertains to the Shelf Registration Statement.

(f) The Company shall notify the Trustee within one Business Day after each date on
which an event occurs in respect of which Additional Interest is required to be paid. Any
amounts of Additional Interest due pursuant to this Section 2 will be payable in addition to
any other interest payable from time to time with respect to the Transfer Restricted
Securities in cash semi-annually on the interest payment dates specified in the Indenture
(to the holders of record as specified in the Indenture), commencing with the first such
interest payment date occurring after any such Additional Interest commences to accrue. The
amount of Additional Interest will be determined in a manner consistent with the calculation
of interest under the Indenture.

(g) Without limiting the remedies available to the Holders, the Company acknowledges
that any failure by the Company to comply with its obligations under Section 2(a) and
Section 2(b) hereof may result in material irreparable injury to the Holders for which there
is no adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of any such failure, the Initial Purchasers or any
Holder may obtain such relief as may be required to specifically enforce the Company’s
obligations under Section 2(a) and Section 2(b) hereof.

	 	3.	 	Registration Procedures.

In connection with the obligations of the Company with respect to the Registration Statements
pursuant to Section 2(a) and Section 2(b) hereof, the Company shall as expeditiously as possible
(provided, however, that the Company shall not be required to take actions more promptly than
required by Sections 2(a) and 2(b)):

(a) prepare and file with the Commission a Registration Statement on the appropriate
form under the 1933 Act, which form shall (x) be selected by the Company, (y) in the case of
a Shelf Registration, be available for the sale of the Transfer Restricted Securities by the
selling Holders thereof and (z) comply as to form in all material respects with the
applicable requirements of the 1933 Act and rules and regulations promulgated thereunder and
include all financial statements required by the Commission to be filed therewith, and use
commercially reasonable efforts to cause such Registration Statement to be declared
effective by the Commission and remain effective in accordance with Section 2 hereof;

(b) prepare and file with the Commission such amendments and post-effective amendments
to each Registration Statement as may be necessary to keep such Registration Statement
effective for the applicable period, cause each Prospectus to be supplemented by any
required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
under the 1933 Act and keep each Prospectus current during the period described under
Section 4(3) and Rule 174 under the 1933 Act that is applicable to transactions by brokers
or dealers with respect to the Transfer Restricted Securities or Exchange Securities;

(c) in the case of a Shelf Registration, furnish to each Holder of Transfer Restricted
Securities, to counsel for the Initial Purchasers, to counsel for the Holders and to each
Underwriter of an Underwritten Offering of Transfer Restricted Securities, if any, without
charge, as many copies of each Prospectus, including each preliminary Prospectus and any
amendment or supplement thereto and such other documents as such Holder or Underwriter may
reasonably request, in order to facilitate the public sale or other disposition of the
Transfer Restricted Securities; and, subject to Section 3(i), the Company consents to the
use of such Prospectus and any amendment or supplement thereto in accordance with applicable
law by each of the selling Holders of Transfer Restricted Securities and any such
Underwriters in connection with the offering and sale of the Transfer Restricted Securities
covered by and in the manner described in such Prospectus or any amendment or supplement
thereto in accordance with applicable law;

(d) use its commercially reasonable efforts to register or qualify the Transfer
Restricted Securities under all applicable state securities or blue sky laws of such
jurisdictions as any Holder of Transfer Restricted Securities covered by a Registration
Statement shall reasonably request in writing by the time the applicable Registration
Statement is declared effective by the Commission, to cooperate with such Holders in
connection with any filings required to be made with FINRA and do any and all other acts and
things which may be reasonably necessary or advisable to enable such Holder to consummate
the disposition in each such jurisdiction of such Transfer Restricted Securities owned by
such Holder; provided, however, that the Company shall not be required to (i) qualify as a
foreign corporation or as a dealer in securities in any jurisdiction where it would not
otherwise be required to qualify but for this Section 3(d), (ii) file any general consent to
service of process or (iii) subject itself to taxation in any such jurisdiction if it is not
so subject;

(e) in the case of a Shelf Registration, notify each Holder of Transfer Restricted
Securities, counsel for the Holders and counsel for the Initial Purchasers (or, if
applicable, separate counsel for the Holders) promptly and, if requested by any such Holder
or counsel, confirm such notice in writing, (i) when a Registration Statement has been
declared effective or has become automatically effective and when any post-effective
amendment thereto has been filed and is declared effective, (ii) of any request by the
Commission or any state securities authority for amendments and supplements to a
Registration Statement and Prospectus or for additional information after the Registration
Statement has become effective, (iii) of the issuance by the Commission or any state
securities authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any proceedings for that purpose, (iv) if, between the
effective date of a Registration Statement and the closing of any sale of Transfer
Restricted Securities covered thereby, the Company receives any notification with respect to
the suspension of the qualification of the Transfer Restricted Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose, (v) of the happening of
any event during the period a Shelf Registration Statement is effective which makes any
statement made in such Shelf Registration Statement or the related Prospectus untrue in any
material respect or which requires the making of any changes in such Registration Statement
or Prospectus in order to make the statements therein not misleading, (vi) of any
determination by the Company that a post-effective amendment to a Registration Statement
would be appropriate and (vii) of any Suspension Period;

(f) use its commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement at the earliest possible moment and
provide immediate notice to each Holder of the withdrawal of any such order;

(g) in the case of a Shelf Registration, furnish to each Holder of Transfer Restricted
Securities, without charge, at least one conformed copy of each Registration Statement and
any post-effective amendment thereto (without documents incorporated therein by reference or
exhibits thereto, unless requested);

(h) in the case of a Shelf Registration, cooperate with the selling Holders of Transfer
Restricted Securities to facilitate the timely preparation and delivery of certificates
representing Transfer Restricted Securities (if such Securities are certificated) to be sold
and not bearing any restrictive legends (unless required by applicable securities laws) and
enable such Transfer Restricted Securities to be in such denominations (consistent with the
provisions of the Indenture) and registered in such names as the selling Holders may
reasonably request at least two Business Days prior to the closing of any sale of Transfer
Restricted Securities;

(i) in the case of a Shelf Registration, upon the occurrence of any event contemplated
by Section 3(e)(v) or (vii) hereof, use its commercially reasonable efforts to prepare and
file with the Commission a supplement or post-effective amendment to a Registration
Statement or the related Prospectus or any document incorporated therein by reference or
file any other required document so that, as thereafter delivered to the purchasers of the
Transfer Restricted Securities, such Prospectus will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The Company
agrees to notify the Holders to suspend use of the Prospectus as promptly as practicable
after the occurrence of such an event, and the Holders hereby agree to suspend use of the
Prospectus until the Company has amended or supplemented the Prospectus to correct such
misstatement or omission and has furnished copies of the amended or supplemented Prospectus
to the Holders or until the Company notifies the Holders that the sale of the Transfer
Restricted Securities may be resumed;

(j) a reasonable time prior to the filing of any Registration Statement, any
Prospectus, any amendment to a Registration Statement or amendment or supplement to a
Prospectus (except any amendment or supplement solely to add additional selling
securityholders), provide copies of such document to the Initial Purchasers and their
counsel (and, in the case of a Shelf Registration Statement, the Holders and their counsel)
and make such representatives of the Company as shall be reasonably requested by the Initial
Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders
or their counsel) available for discussion of such document, and shall not at any time file
or make any amendment to the Shelf Registration Statement, any Prospectus or any amendment
of or supplement to a Shelf Registration Statement or a Prospectus (except any amendment or
supplement solely to add additional selling securityholders) of which the Initial Purchasers
and their counsel (and, in the case of a Shelf Registration Statement, the Holders or their
counsel) have not been previously advised and furnished a copy or to which the Initial
Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders
or their counsel) shall reasonably object;

(k) obtain a CUSIP number for all Exchange Securities or Transfer Restricted
Securities, as the case may be, not later than the effective date of the applicable
Registration Statement;

(l) cause the Indenture to be qualified under the TIA, in connection with the
registration of the Exchange Securities or Transfer Restricted Securities, as the case may
be, and cooperate with the Trustee and the Holders to effect such changes to the Indenture
as may be required for the Indenture to be so qualified in accordance with the terms of the
TIA and execute, and use commercially reasonable best efforts to cause the Trustee to
execute, all documents as may be required to effect such changes and all other forms and
documents required to be filed with the Commission to enable the Indenture to be so
qualified in a timely manner;

(m) in the case of a Shelf Registration, make available for inspection by a
representative of the Holders of the Transfer Restricted Securities, any Underwriter
participating in any disposition pursuant to such Shelf Registration Statement, and
attorneys and accountants designated by the Holders, at reasonable times and in a reasonable
manner, all financial and other records, pertinent documents and properties of the Company
and cause the respective officers, directors and employees of the Company to supply all
information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with a Shelf Registration Statement, in each case, that would
customarily be reviewed or examined in connection with “due diligence” review of the
Company;

(n) use its reasonable best efforts to cause the Exchange Securities to continue to be
rated by two nationally recognized statistical rating organizations (as such term is defined
in Rule 436(g)(2) under the 1933 Act), if the Transfer Restricted Securities have been
rated;

(o) if reasonably requested by any Holder of Transfer Restricted Securities covered by
a Registration Statement, (i) promptly incorporate in a Prospectus supplement or
post-effective amendment such information with respect to such Holder as such Holder
reasonably requests to be included therein and (ii) make all required filings of such
Prospectus supplement or such post-effective amendment as soon as reasonably practicable
after the Company has received notification of the matters to be incorporated in such
filing; and

(p) in the case of a Shelf Registration, enter into such customary agreements and take
all such other actions in connection therewith (including those reasonably requested by the
Holders of a majority of the Transfer Restricted Securities being sold thereunder) in order
to expedite or facilitate the disposition of such Transfer Restricted Securities thereunder
including, but not limited to, pursuant to an Underwritten Offering and in such connection,
(i) to the extent possible, make such representations and warranties to the Holders and any
Underwriters of such Transfer Restricted Securities with respect to the business of the
Company, the Registration Statement, Prospectus and documents incorporated by reference or
deemed incorporated by reference, if any, in each case, in form, substance and scope as are
customarily made by issuers to underwriters in underwritten offerings and confirm the same
if and when requested, (ii) obtain opinions of counsel to the Company (which counsel and
opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders of a
majority in principal amount of the Transfer Restricted Securities being sold under such
Shelf Registration Statement, such Underwriters and their respective counsel) addressed to
each selling Holder and Underwriter of Transfer Restricted Securities, covering the matters
customarily covered in opinions requested in underwritten offerings, (iii) obtain “comfort”
letters from the independent certified public accountants of the Company (and, if necessary,
any other certified public accountant of any subsidiary of the Company, or of any business
acquired by the Company for which financial statements and financial data are or are
required to be included in the Registration Statement) addressed to each selling Holder and
Underwriter of Transfer Restricted Securities, such letters to be in customary form and
covering matters of the type customarily covered in “comfort” letters in connection with
underwritten offerings, and (iv) deliver such documents and certificates as may be
reasonably requested by the Holders of a majority in principal amount of the Transfer
Restricted Securities being sold under such Shelf Registration Statement or by the
Underwriters, and which are customarily delivered in underwritten offerings, to evidence the
continued validity of the representations and warranties of the Company made pursuant to
clause (i) above and to evidence compliance with any customary conditions contained in an
underwriting agreement.

In the case of a Shelf Registration Statement, the Company may require each Holder of
Transfer Restricted Securities to furnish to the Company such information regarding the
Holder and the proposed distribution by such Holder of such Transfer Restricted Securities
as the Company may from time to time reasonably request in writing. No Holder of Transfer
Restricted Securities may include its Transfer Restricted Securities in such Shelf
Registration Statement unless and until such Holder furnishes such information to the
Company. Each Holder including Transfer Restricted Securities in a Shelf Registration
Statement shall agree to furnish promptly to the Company all information regarding such
Holder and the proposed distribution by such Holder of such Transfer Restricted Securities
required to make the information previously furnished to the Company by such Holder not
materially misleading.

In connection with an Exchange Offer Registration, each Holder exchanging Securities
for Exchange Securities shall be required to represent that (i) the Exchange Securities are
being obtained in the ordinary course of business of the Person receiving such Exchange
Securities, whether or not such Person is a Holder, (ii) neither such Holder nor any such
other Person has an arrangement or understanding with any Person to participate in the
distribution of Exchange Securities, (iii) other than as set forth in Section 4, if the
Holder is not a broker-dealer, or is a broker-dealer but will not receive Exchange
Securities for its own account in exchange for Securities, neither the Holder nor any such
other Person is engaged in or intends to participate in a distribution of the Exchange
Securities and (iv) neither the Holder nor any such other Person is an “affiliate” of the
Company within the meaning of Rule 405 under the Securities Act or, if such Person is an
“affiliate,” that such Holder will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable.

In the case of a Shelf Registration, each Holder agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in Section
3(e)(v) hereof or of a Suspension Period, such Holder will forthwith discontinue disposition
of Transfer Restricted Securities pursuant to a Registration Statement until such Holder’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(i)
hereof, and, if so directed by the Company, such Holder will destroy or deliver to the
Company (at its expense) all copies in its possession, other than permanent file copies then
in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities
current at the time of receipt of such notice.

If the Company shall give any such notice to suspend the disposition of Transfer
Restricted Securities pursuant to a Registration Statement, the Company shall extend the
period during which the Registration Statement shall be maintained effective pursuant to
this Agreement by the number of days during the period from and including the date of the
giving of such notice to and including the date when the Holders shall have received copies
of the supplemented or amended Prospectus necessary to resume such dispositions.

The Holders of Transfer Restricted Securities covered by a Shelf Registration Statement
who desire to do so may sell such Transfer Restricted Securities in an Underwritten
Offering. In any such Underwritten Offering, the investment banker or investment bankers
and manager or managers (the “Underwriters”) that will administer the offering will be
selected by the Majority Holders of the Transfer Restricted Securities included in such
offering, provided that such Underwriters shall be reasonably acceptable to the Company.

	 	4.	 	Participation of Broker-Dealers in Registered Exchange Offer.

(a) The parties hereto understand that the Staff of the Commission has taken the
position that any broker-dealer that receives Exchange Securities for its own account in the
Registered Exchange Offer in exchange for Securities that were acquired by such
broker-dealer as a result of market-making or other trading activities (a “Participating
Broker-Dealer”), may be deemed to be an “underwriter” within the meaning of the 1933 Act and
must deliver a prospectus meeting the requirements of the 1933 Act in connection with any
resale of such Exchange Securities.

The Company understands that it is currently the Staff’s position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a plan of
distribution containing a statement to the above effect and the means by which Participating
Broker-Dealers may resell the Exchange Securities, without naming the Participating
Broker-Dealers or specifying the amount of Exchange Securities owned by them, such
Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus
delivery obligation under the 1933 Act in connection with resales of Exchange Securities for
their own accounts, so long as the Prospectus otherwise meets the requirements of the 1933
Act.

(b) In light of the above, notwithstanding the other provisions of this Agreement, the
Company agrees that the provisions of this Agreement as they relate to a Shelf Registration
shall also apply to an Exchange Offer Registration to the extent, and with such reasonable
modifications thereto as may be, reasonably requested by the Initial Purchasers or by one or
more Participating Broker-Dealers, in each case as provided in clause (ii) below, in order
to expedite or facilitate the disposition of any Exchange Securities by Participating
Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above;
provided, that:

(i) the Company shall not be required to amend or supplement the Prospectus
contained in the Exchange Offer Registration Statement, as would otherwise be
contemplated by Section 3(i), for a period exceeding 180 days after the last
Exchange Date (as such period may be extended pursuant to the penultimate paragraph
of Section 3 of this Agreement) and Participating Broker-Dealers shall not be
authorized by the Company to deliver and shall not deliver such Prospectus after
such period in connection with the resales contemplated by this Section 4; and

(ii) the application of the Shelf Registration procedures set forth in Section
3 of this Agreement to an Exchange Offer Registration, to the extent not required by
the positions of the Staff of the Commission or the 1933 Act and the rules and
regulations thereunder, will be in conformity with the reasonable request in writing
to the Company by the Initial Purchasers or with the reasonable request in writing
to the Company by one or more broker-dealers who certify to the Initial Purchasers
and the Company in writing that they anticipate that they will be Participating
Broker-Dealers; and provided further, that, in connection with such application of
the Shelf Registration procedures set forth in Section 3 to an Exchange Offer
Registration, the Company shall be obligated (x) to deal only with the Initial
Purchasers, as representatives of the Participating Broker-Dealers, unless they
elect not to act as such representatives, (y) to pay the fees and expenses of only
one counsel representing the Participating Broker-Dealers, which will be counsel to
the Initial Purchasers unless such counsel elects not to so act and (z) to cause to
be delivered only one, if any, “comfort” letter with respect to the Prospectus in
the form existing on the last Exchange Date and with respect to each subsequent
amendment or supplement, if any, effected during the period specified in clause (i)
above.

(c) The Initial Purchasers shall have no liability to the Company, other than as
Holders in accordance with the terms hereof, or to any other Holder with respect to any
request that they may make pursuant to Section 4(b) above.

	 	5.	 	Indemnification and Contribution.

(a) The Company agrees to indemnify and hold harmless the Initial Purchasers, each
Holder and each Person, if any, who controls the Initial Purchasers or any Holder within the
meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, or is under
common control with, or is controlled by, the Initial Purchasers or any Holder (each, a
“Participant”), from and against all losses, claims, damages and liabilities (including,
without limitation, any legal fees or other expenses reasonably incurred by a Participant in
connection with defending or investigating any such action or claim) caused by any untrue
statement or alleged untrue statement of a material fact contained in any Registration
Statement (or any amendment thereto) pursuant to which Exchange Securities or Transfer
Restricted Securities were registered under the 1933 Act, including all documents
incorporated therein by reference, or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, or caused by any untrue statement or alleged untrue statement of a
material fact contained in any Prospectus (as amended or supplemented if the Company shall
have furnished any amendments or supplements thereto) forming a part of such Registration
Statement, or caused by any omission or alleged omission to state therein a material fact
necessary to make the statements therein in the light of the circumstances under which they
were made not misleading, except insofar as such losses, claims, damages or liabilities are
caused by any such untrue statement or omission or alleged untrue statement or omission
based upon and in conformity with information relating to the Initial Purchasers or any
Holder, as the case may be, furnished to the Company in writing by such Initial Purchasers
or selling Holder expressly for use therein. In connection with any Underwritten Offering
permitted by Section 3, the Company will also enter into an underwriting agreement pursuant
to which the Company will agree to indemnify the Underwriters, if any, selling brokers,
dealers and similar securities industry professionals participating in such Underwritten
Offering, their officers and directors and each Person who controls such Persons (within the
meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act) to the same
extent as provided above with respect to the indemnification of the Holders, if requested in
connection with any Registration Statement for such Underwritten Offering.

(b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Initial Purchasers and the other selling Holders, and each of their respective
directors and officers who sign the Registration Statement and each Person, if any, who
controls the Company, the Initial Purchasers and any other selling Holder within the meaning
of either Section 15 of the 1933 Act or Section 20 of the 1934 Act to the same extent as the
foregoing indemnity from the Company to the Initial Purchasers and the Holders pursuant to
Section 5(a), but only with reference to information relating to such Holder furnished to
the Company in writing by such Holder expressly for use in any Registration Statement (or
any amendment thereto) or any Prospectus (or any amendment or supplement thereto).

(c) In case any proceeding (including any governmental investigation) shall be
instituted involving any Person in respect of which indemnity may be sought pursuant to
either paragraph (a) or paragraph (b) above, such Person (the “Indemnified Party”) shall
promptly notify the Person against whom such indemnity may be sought (the “Indemnifying
Party”) in writing, but the failure to so promptly notify the Indemnifying Party shall not
negate the obligation to so indemnify such Indemnified Party unless the Indemnifying Party
is materially prejudiced by such delay, and the Indemnifying Party, upon request of the
Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party and any others the Indemnifying Party may designate in such
proceeding and shall pay the fees and expenses of such counsel related to such proceeding.
In any such proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party have mutually
agreed to the retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the Indemnifying Party and the Indemnified
Party and, in the opinion of counsel to the Indemnifying Party, representation of both
parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. It is understood that the Indemnifying Party shall not, in
connection with any proceeding or related proceedings in the same jurisdiction, be liable
for (a) the fees and expenses of more than one separate firm (in addition to any local
counsel) for the Initial Purchasers and all Persons, if any, who control the Initial
Purchasers within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934
Act, (b) the fees and expenses of more than one separate firm (in addition to any local
counsel) for the Company, its directors, its officers who sign the Registration Statement
and each Person, if any, who controls the Company within the meaning of either such Section
and (c) the fees and expenses of more than one separate firm (in addition to any local
counsel) for all Holders and all Persons, if any, who control any Holders within the meaning
of either such Section, and that all such fees and expenses shall be reimbursed as they are
incurred. In such case involving the Initial Purchasers and Persons who control the Initial
Purchasers, such firm shall be designated in writing by the Initial Purchasers. In such
case involving the Holders and such Persons who control Holders, such firm shall be
designated in writing by the Majority Holders. In all other cases, such firm shall be
designated by the Company. The Indemnifying Party shall not be liable for any settlement of
any proceeding effected without its written consent but, if settled with such consent or if
there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify the
Indemnified Party from and against any loss or liability by reason of such settlement or
judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, effect any settlement of any pending or threatened proceeding in respect of which
such Indemnified Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party, unless such settlement (i) includes an unconditional
release of such Indemnified Party from all liability on claims that are the subject matter
of such proceeding and (ii) does not include a statement as to, or admission of, fault,
culpability or failure to act by or on behalf of such Indemnified Person.

(d) If the indemnification provided for in paragraph (a) or paragraph (b) of this
Section 5 is unavailable to an Indemnified Party or insufficient in respect of any losses,
claims, damages or liabilities, then each Indemnifying Party under such paragraph, in lieu
of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such losses, claims, damages or liabilities
in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party
or parties on the one hand and of the Indemnified Party or parties on the other hand in
connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative fault of
the Company and the Holders will be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or by the
Holders and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Holders’ respective obligations to
contribute pursuant to this Section 5(d) are several in proportion to the respective
principal amount of Transfer Restricted Securities of the applicable Holder that were
registered pursuant to a Registration Statement.

(e) The Company and each Holder agree that it would not be just or equitable if
contribution pursuant to Section 5(d) above were determined by pro rata allocation or by any
other method of allocation that does not take account of the equitable considerations
referred to in Section 5(d) above. The amount paid or payable by an Indemnified Party as a
result of the losses, claims, damages and liabilities referred to in Section 5(d) above
shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such Indemnified Party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 5, no
Holder shall be required to contribute any amount in excess of the amount by which the total
price at which Transfer Restricted Securities were sold by such Holder exceeds the amount of
any damages that such Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission; provided that in no case shall any
Initial Purchaser be required to contribute any amount in excess of the underwriting
discounts or commissions applicable to the Transfer Restricted Securities purchased by such
Initial Purchaser, as set forth in the Purchase Agreement. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. The
remedies provided for in this Section 5 are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any Indemnified Party at law or in equity.

The indemnity and contribution provisions contained in this Section 5 shall remain
operative and in full force and effect regardless of (i) any termination of this Agreement,
(ii) any investigation made by or on behalf of the Initial Purchasers, any Holder or any
Person controlling the Initial Purchasers or any Holder, or by or on behalf of the Company,
its officers or directors or any Person controlling the Company, (iii) acceptance of any of
the Exchange Securities or (iv) any sale of Transfer Restricted Securities pursuant to a
Shelf Registration Statement.

	 	6.	 	Miscellaneous.

(a) No Inconsistent Agreements. The Company has not entered into, and on or after the
date of this Agreement will not enter into, any agreement which is inconsistent with the
rights granted to the Holders of Transfer Restricted Securities in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder
do not in any way conflict with and are not inconsistent with the rights granted to the
holders of the Company’s other issued and outstanding securities under any such agreements.

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions
of this sentence, may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given unless the Company has obtained the
written consent of Holders of at least a majority in aggregate principal amount of the
outstanding Transfer Restricted Securities affected by such amendment, modification,
supplement, waiver or consent; provided, however, that no amendment, modification,
supplement, waiver or consent to any departure from the provisions of Section 5 hereof or
this paragraph (b) shall be effective as against any Holder of Transfer Restricted
Securities unless consented to in writing by such Holder.

(c) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, registered first-class mail, facsimile or any
courier guaranteeing overnight delivery (i) if to a Holder, at the most current address
given by such Holder to the Company by means of a notice given in accordance with the
provisions of this Section 6(c), which address initially is, with respect to the Initial
Purchasers, the address set forth in the Purchase Agreement and (ii) if to the Company,
initially at the Company’s address set forth in the Purchase Agreement and thereafter at
such other address, notice of which is given in accordance with the provisions of this
Section 6(c).

All such notices and communications shall be deemed to have been duly given at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the
mail, postage pre-paid, if mailed; when receipt is acknowledged, if sent by facsimile; and
on the next Business Day if timely delivered to an air courier guaranteeing overnight
delivery.

Copies of all such notices, demands, or other communications shall be concurrently
delivered by the Person giving the same to the Trustee, at the address specified in the
Indenture.

(d) Successors and Assigns. This Agreement shall inure to the benefit of, and be
binding upon, the successors, assigns and transferees of each of the parties, including,
without limitation and without the need for an express assignment, subsequent Holders of
Transfer Restricted Securities; provided that nothing herein shall be deemed to permit any
assignment, transfer or other disposition of Transfer Restricted Securities in violation of
the terms of the Securities and the Purchase Agreement. Without limiting the foregoing, if
the Company directly or indirectly consolidates with or merges with or into, or sells,
assigns, transfers, leases, conveys or otherwise disposes of all or substantially all of its
assets and properties and the assets and properties of its subsidiaries (taken as a whole)
in one or more related transactions to another person, the person formed by or surviving any
such consolidation or merger (if other than the Company) or the person to which such sale,
assignment, transfer, lease, conveyance or other disposition has been made shall expressly
assume all of the Company’s obligations of this Agreement. If any transferee of any Holder
acquires Transfer Restricted Securities, in any manner, whether by operation of law or
otherwise, such Transfer Restricted Securities shall be held subject to all of the terms of
this Agreement, and by taking and holding such Transfer Restricted Securities such Person
shall be conclusively deemed to have agreed to be bound by and to perform all of the terms
and provisions of this Agreement and such Person shall be entitled to receive the benefits
hereof. The Initial Purchasers shall have no liability or obligation to the Company with
respect to any failure by a Holder to comply with, or any breach by any other Holder of, any
of the obligations of such Holder under this Agreement.

(e) Purchases and Sales of Securities. The Company shall not, and shall not permit any
of its affiliates (as defined in Rule 405 under the 1933 Act) to, resell any of the
Securities that have been acquired by any of them, except for Securities purchased by the
Company or any of its affiliates and resold in a transaction registered under the Securities
Act.

(f) Third Party Beneficiary. Each Holder shall be a third party beneficiary to the
agreements made hereunder between the Company, on the one hand, and the Initial Purchasers,
on the other hand, shall be bound by all of the terms and provisions of this Agreement and
shall have the right to enforce such agreements directly to the extent it deems such
enforcement necessary or advisable to protect its rights or the rights of Holders hereunder.

(g) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together will constitute one and the same
agreement.

(h) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof.

(i) Governing Law. This Agreement shall be governed by the laws of the State of New
York.

(j) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or
unenforceable the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be affected or impaired
thereby.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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

	 	 	 
	THE WILLIAMS COMPANIES, INC.

	By:

	 	/s/ Rodney J. Sailor
	
 
	 	 

	 	 	Name: Rodney J. Sailor

Title: Treasurer

Confirmed and accepted as of

the date first above written:

CITIGROUP GLOBAL MARKETS INC.

on behalf of themselves and as
representatives of the several Initial
Purchasers listed on Schedule I hereto

	 	 	By: CITIGROUP GLOBAL MARKETS INC.

/s/ Chandru Harjani

Name: Chandru Harjani

Title: Vice-President

SCHEDULE I

Initial Purchasers:

Citigroup Global Markets Inc.

Banc of America Securities LLC

Barclays Capital Inc.

J.P. Morgan Securities Inc.

BNP Paribas Securities Corp.

Calyon Securities (USA) Inc.

Greenwich Capital Markets, Inc.

Scotia Capital (USA) Inc.

Wachovia Capital Markets, LLCUnited States Securities & Exchange Commission EDGAR Filing

EXHIBIT 10.1

MODIFICATION TO LOAN AND STOCK PLEDGE AGREEMENT

This modification to Loan and Stock Pledge Agreement (this “Modification”) is made as of January 16, 2009, by and between SILVERTON BANK, N.A. (“Lender”), and SUN AMERICAN BANCORP, a Delaware corporation (“Borrower”).

RECITALS

WHEREAS, Lender and Borrower entered into a loan transaction on January 16, 2008 for the maximum principal amount of Eight Million and 00/100 Dollars ($8,000,000.00) (the “Loan”), and as part of the Loan, entered into that certain Loan and Stock Pledge Agreement dated as of January 16, 2008 (the “Loan Agreement”); and

WHEREAS, Borrower has requested a modification of the terms of the Loan and Lender has agreed to same pursuant to the provisions of that certain Modification Promissory Note dated as of even date herewith in the principal amount of Seven Million Five Hundred Twenty Eight Thousand Eight Hundred Seventy and 98/100 Dollars ($7,528,870.98) (the “Modification Note”), the terms contained herein this Modification, and all other documents related thereto (collectively, the “”Loan Documents”); and 

WHEREAS, as a result of the agreed upon modification of the Loan, Lender and Borrower wish to modify the Loan Agreement;

NOW, THEREFORE, in consideration of the mutual covenants contained here, the sum of Ten and No/100 Dollars ($10.00) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, Lender and Borrower hereby covenant and agree as follows:

W I T N E S S E T H:

1.

The above recitals shall be incorporated into, and made a part of, this Modification;

2.

Any and all references to the Note shall include the Modification Note:

3.

Section 3 and 4, Affirmative and Negative Covenants, respectively, of the Loan Agreement are hereby replaced with the following:

3.

Affirmative Covenants. The Borrower agrees that so long as the Note is outstanding or this Agreement is in effect:

(a)

The Borrower shall provide on a monthly basis, as soon as practicable, and in any event within twenty-one (21) days after the end of each month of Borrower’s fiscal year, (a) an internally generated financial statement of Borrower (consisting of profit and loss statement, balance sheet, cash flow statement, past due report and report on changes in stockholder’s equity), both consolidated with subsidiaries and on a parent-only basis, certified to the Lender by an authorized financial officer of the Borrower acceptable to the Lender, (b) a Covenant Compliance Certificate and (c) on a quarterly basis, as soon as practicable, and in any event within forty-five (45) days after the end of each quarter of Borrower’s fiscal year, a copy of the quarterly call report and any other quarterly regulatory reports and filings as required by any Governmental Authority having supervisory authority over the Borrower or any Depository Institution Subsidiary for each Depository Institution Subsidiary for the most recent calendar quarter. “Covenant Compliance Certificate” shall mean a certificate, in form and content satisfactory to the Lender, which shall (i) set forth the various financial covenants and ratios which the Borrower and the Depository Institution Subsidiaries are required to comply with during the term of this Agreement, (ii) contain calculations reflecting whether or not the Borrower or each Depository Institution Subsidiary, as the case may be, is in compliance with each such financial covenant or ration requirement, (iii) contain a statement as to whether or not the Borrower is in default under the Loan Agreement or any of the other Loan Documents, and, if the Borrower is in default, such statement shall indicate the nature thereof as well as the steps which Borrower proposes to take in order to cure said default, and (iv) be certified to be true and correct by an authorized financial officer of the Borrower acceptable to the Lender.

(b)

Borrower shall provide as soon as practicable and in any event within ninety (90) days after the end of each fiscal year, year end audited financial statements of the Borrower (consisting of profit and loss statement, balance sheet , cash flow statement and report on changes in stockholders equity) consolidated with subsidiaries that are examined and reviewed by a certified public accountant selected by Borrower and acceptable to Lender, together with the unqualified opinion of such accountant.

(c)

Borrower shall provide on an annual basis and no later than ninety (90) days after the end of each fiscal year, copies of the Subsidiary’s external and/or internal loan review. 

(d)

Promptly upon transmission thereof, Borrower shall provide copies of all such financial statement, proxy statements, notices, and reports as it shall send to its stockholders and of all registration statements (with exhibits) and all reports which it is or may be required to file with the Securities  and Exchange Commission or any governmental body or agency succeeding to the functions of such Commission. 

(e)

Promptly upon Lender’s request, Borrower shall provide a copy of each other report submitted to the Borrower or any subsidiary by independent accountants in connection with any annual, interim or special audit made by them of the books of the Borrower or any Subsidiary. 

(f)

The Borrower and each Subsidiary shall punctually pay and discharge all taxes, assessments and other governmental charges or levies imposed upon it or upon its income or upon any of its property.

(g)

The Borrower and each Subsidiary shall comply in all material respects with all requirements of constitutions, statutes, rules, regulations, and orders and all orders and decrees of courts and arbitrators applicable to it or its properties. 

(h)

The Borrower shall immediately notify the Lender of any change in management or the beneficial ownership of the Borrower’s stock by any officer, director or 25% or greater shareholder of the Borrower. 

(i)

Upon Lender’s reasonable request, the Borrower will allow the Lender to inspect its Books, to perform a review of the loan portfolio of each Subsidiary as deemed necessary, and to review internal and external loan review reports. 

(j)

Upon the Lender’s written request, the Borrower shall provide any financial information, and/or other information and/or documentation as reasonably requested by the Lender. 

4.

Negative Covenants.  The Borrower agrees t6hat so long as the Note is outstanding or this Agreement is in effect:

(a)

Borrower’s Tier 1 Capital Leverage Ratio shall be greater than or equal to 4.00% and shall be measured daily but reported monthly.

(b)

Borrower’s Tier 1 Risk Based Capital Ratio shall be greater than or equal to 4.00% and shall be measured daily but reported monthly.

(c)

Subsidiary’s Tier 1 Capital Leverage Ratio shall be greater than or equal to 5.00% and shall be measured daily but reported monthly.

(d)

Subsidiary’s Tier 1 Risk Based Capital Ratio shall be greater than or equal to 6.00% and shall be measured daily but reported monthly.

(e)

Subsidiary’s Total Risk Based Capital Ratio shall be greater than or equal to 10.00% and shall be measured daily but reported monthly. 

(f)

Subsidiary’s Non-Performing Assets (defined as loans 90+ days past due, loans in non-accural status and OREO) not to exceed 10.00% of gross loans plus OREO. This covenant shall be measured daily but reported monthly. 

(g)

The Borrower will notify the Lender immediately of all significant changes in executive management.

(h)

No dividend shall be paid by the Borrower except to the three directors holding Series A preferred shares prior to the date of this Agreement. 

(i)

The Borrower shall not, directly or indirectly, become a guarantor of any obligation of, or an endorser of, or otherwise assume or become liable upon any notes, obligations, or other indebtedness or any other Person (other than a Subsidiary) except in connection with the depositing of checks in the normal and ordinary course of business. 

(j)

The Borrower shall not create, incur, assume or suffer to exist any indebtedness or Liabilities (other than this facility) for borrowed money, any indebtedness evidenced by notes, debentures or similar obligations or any conditional sales or title retention agreements or capitalized leases, which in any single case, or in aggregate, exceed Two Hundred Fifty Thousand and 00/100 Dollars ($250,000), without the prior written consent of the Lender.

(k)

The Borrower shall not permit any Subsidiary to issue, sell or otherwise dispose or part with control of any shares of any class of its stock (other than directors’ qualifying shares) except to the Borrower or a wholly-owned Subsidiary of the Borrower.

(l)

The Borrower shall not sell or otherwise dispose or part with control of any of the Stock or any other securities or indebtedness of any Subsidiary, and the Borrower shall not pledge or otherwise transfer or grant a security interest in any of the capital stock or other securities or of its Subsidiary. 

(m)

The Borrower shall not outside the ordinary course of business, and shall not permit the Bank’s Subsidiary to, pledge any assets to any other Person without the prior written consent of the Lender.

(n)

The Borrower and Subsidiary must not be in a situation requiring a material formal enforcement action by its Regulators as it relates to the financial condition of the Borrower and/or the Subsidiary, except as provided in the January 2009 Written Agreement by and among Sun American Bancorp., Sun America Bank, Federal Reserve Bank of Atlanta and State of Florida Office of Financial Regulations as set forth in Docket Nos. 08-056-WA/RB-HC and 08-056-WA/RB-SM, and in the January 2009 Supplemental Agreement by and among Sun American Bank and State of Florida Office of Financial Regulations as set forth in OFR Administrative File No. 0583-Fl-11/08.

4.

Any and all curative periods referenced in Section 6 of the Loan Agreement are hereby replaced with a fifteen (15) day cure period from the date of Default regardless of whether notice is given or not. Further, Borrower shall immediately provide oral and written notification to Lender upon its learning of an event of Default. 

5.

Any and all other terms of the Loan Agreement shall remain in full force and effect and remain otherwise unchanged;

6.

The Borrower hereby affirms, warrants and represents that all of the warranties and representations made in the Loan Agreement, and any other documents or instruments recited herein or executed in connection therewith or herewith, directly or indirectly, are true and correct as of the date hereof;

7.

Any and all capitalized terms contained herein this Modification not otherwise defined shall be given the meaning as defined in the Loan Agreement;

8.

This modification shall be governed by and construed in accordance with the laws of the State of Florida, without reference to conflict of laws principles;

9.

If any provision of this Modification operates or would prospectively operate to invalidate this Modification in whole or in part, then such provision only shall be void, as though not contained herein, and the remainder of this Modification shall remain operative in full force and effect; and

10.

This Modification 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.

IN WITNESS WHEREOF, the parties have duly executed and delivered this Modification as of the day and year first above written.

			
	 
	LENDER:

	 
	 
	 

	 
	SILVERTON BANK, N.A.

	 
	 
	  

	 
	 
	 

	 
	By:  

	/s/ TIMOTHY KOLETIC

	 
	 
	Timothy Koletic, Senior Vice President

		
	Witness:   

	 

	Name:

	 

		
	Witness:   

	 

	Name:

	 

(Signatures continue on following page)

				
	 
	BORROWER

	 
	 
	 

	 
	SUN AMERICAN BANCORP, a Delaware Corporation.

	 
	 
	  

	 
	 
	 

	 
	By:  

	/s/ ROBERT NICHOLS

	 
	 
	Robert Nichols, CFO

	March 4, 2009

		
	Witness:   

	/s/ MICHAEL GOLDEN

	Name:

	Michael Golden

		
	Witness:   

	/s/ CAROLE JETT

	Name:

	Carole Jett

LOAN CLOSING STATEMENT

			
	BORROWER:

	SUN AMERICAN BANCORP, a Delaware Corporation

	 
	 

	LENDER:

	SILVERTON BANK, N.A.

	 
	 

	SUBJECT:

	$7,528,870.98 Modification Loan

	 
	 

	EFFECTIVE DATE:

	January 16, 2009

	 
	 

	MODIFICATION LOAN AMOUNT

	$7,528,870.98

	 
	 

	LENDER’S FEES AND COSTS:

	 

	 
	 

	Lender’s Legal Fees and Costs (Langford, Myers & Orcutt, P.A.)

	$       2,500.00

	 
	 

	TOTAL AMOUNT DUE FROM BORROWER:

	$       2,500.00

	 
	 

	 
	 

	The above is a true, complete and correct statement of costs, charges and fees charged in connection with closing of the above-captioned loan and Lender is authorized to disburse same from the line of credit.

			
	BORROWER:

	 

	SUN AMERICAN BANCORP, a Delaware Corporation.

	 
	  

	 
	 

	By:  

	/s/ ROBERT NICHOLS

	 
	Robert Nichols, CFO

	March 4, 2009

		
	LENDER:

	 

	SILVERTON BANK, N.A.

	 
	  

	 
	 

	By:  

	/s/ TIMOTHY KOLETIC

	 
	Timothy Koletic, Senior Vice President

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