Document:

Amendment No. 2 to Forebearance Agreement

 Exhibit 10.2 
 AMENDMENT NO. 2 TO FORBEARANCE AGREEMENT 
 This AMENDMENT NO. 2 TO
FORBEARANCE AGREEMENT (this “Amendment”) dated as of January 5, 2012, is by and among WELLS FARGO FOOTHILL CANADA ULC, an unlimited corporation existing under the laws of Alberta, as the administrative agent for the Lenders (in
such capacity, “Agent”), certain financial institutions party thereto as Lenders, and DIALOGIC CORPORATION, a British Columbia corporation (the “Borrower”). 

R E C I T A L S: 
 A. WHEREAS, Borrower, Agent and Lenders from time to time party thereto have entered into certain financing arrangements pursuant to that certain Credit Agreement dated as of March 5, 2008 (as
amended hereby, and as the same may have heretofore been or may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced, the “Credit Agreement”); 

B. Borrower, Agent and Lenders are party to that certain Forbearance Agreement dated as of November 14, 2011, as amended by that
certain Amendment No. 1 to Forbearance Agreement dated as of December 29, 2011 (the “Forbearance Agreement”) pursuant to which Agent and Lenders agreed to forbear from exercising their rights and remedies with respect to
the Existing Defaults and Anticipatory Defaults (as defined in the Forbearance Agreement) solely during the Forbearance Period (as defined in the Forbearance Agreement) on the terms and conditions set forth therein. 

C. Borrower has requested that Agent and Lenders agree to amend the Forbearance Agreement. 

D. Agent and Lenders are willing to amend the Forbearance Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the foregoing, and the respective agreements, warranties and covenants contained herein, the parties
hereto agree as follows: 
 SECTION 1. DEFINITIONS 
 1.1. Interpretation. All capitalized terms used herein (including the recitals hereto) shall have the respective meanings ascribed thereto in the Credit Agreement or the Forbearance Agreement
unless otherwise defined herein. 
 SECTION 2. AMENDMENTS TO FORBEARANCE AGREEMENT 

Subject to the conditions precedent set forth in Section 5 herein and in reliance on the representations and warranties set forth in
Section 4 herein, the Credit Agreement is hereby amended as follows: 
 2.1. Section 1.2(c) of the Forbearance
Agreement is amended and restated in its entirety as follows: 

 (c) “Forbearance Period” means the period commencing on the date
hereof and ending on the date which is the earliest of (i) February 6, 2012; (ii) the occurrence or existence of any Event of Default, other than the Existing Defaults or the Anticipatory Defaults; or (iii) the occurrence of any
Termination Event. 
 2.2. Section 1.2(d) of the Forbearance Agreement is hereby amended by deleting the reference to
“March 10, 2011” in clause (ii) thereof, and replacing it with “January 5, 2012”. 
 SECTION 3. ACKNOWLEDGMENTS

 3.1. Acknowledgment of Obligations. Borrower hereby acknowledges, confirms and agrees that as of the close of
business on January 5, 2012, (a) Borrower is indebted to Lenders in respect of the Advances in the principal amount of $12,577,868.44 and (b) Borrower is indebted to Lenders in respect of the Letters of Credit in the aggregate
principal amount of $0.00. Borrower hereby acknowledges, confirms and agrees that all such amounts, together with interest accrued and accruing thereon, all reimbursement obligations with respect to the Letters of Credit, and all fees, costs,
expenses and other charges now or hereafter payable by Borrower to Agent or Lenders, are unconditionally owing by Borrower to Agent and Lenders, without offset, defense or counterclaim of any kind, nature or description whatsoever. 

3.2. Acknowledgment of Security Interests. Borrower hereby acknowledges, confirms and agrees that Agent, for the benefit of the
Lender Group and the Bank Product Providers, has and shall continue to have valid, enforceable and perfected first-priority liens upon and security interests in the Collateral granted to Agent, for the benefit of the Lender Group and the Bank
Product Providers, pursuant to the Credit Agreement and the Loan Documents or otherwise granted to or held by Agent, for the benefit of the Lender Group and the Bank Product Providers (collectively, the “Security”), and the Borrower
further acknowledges, confirms and agrees that the Security secures the Obligations. 
 3.3. Binding Effect of Documents.
Borrower hereby acknowledges, confirms and agrees that: (a) each of the Credit Agreement and the Loan Documents to which it is a party (including the Forbearance Agreement, as amended by this Amendment) has been duly executed and delivered to
Agent by Borrower, and each is and shall remain in full force and effect as of the date hereof except as modified pursuant hereto, (b) the agreements and obligations of Borrower contained in such documents and in this Amendment constitute the
legal, valid and binding Obligations of Borrower, enforceable against it in accordance with their respective terms, and Borrower has no valid defense to the enforcement of such Obligations, and (c) Agent and Lenders are and shall be entitled to
the rights, remedies and benefits provided for under the Credit Agreement and the Loan Documents and applicable law. 
 3.4.
Acknowledgment of Default. Borrower hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, each of which constitutes an Event of Default and entitles Agent to exercise its rights and remedies under the
Credit Agreement and the Loan Documents, applicable law, or otherwise. Borrower represents and warrants that as of the date hereof, no Events of Default exist other than the Existing Defaults. Borrower hereby acknowledges and agrees that when the
Anticipatory Defaults occur, each shall constitute an Event of Default under the Credit Agreement and the Loan Documents. Borrower hereby acknowledges and agrees 

  
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that Agent and Lenders have the exercisable right to declare the Obligations to be immediately due and payable under the terms of the Credit Agreement and the Loan Documents. Borrower
acknowledges that Lenders are no longer obligated to make any Advances. Pursuant to and subject to the terms of Section 3.2 of the Forbearance Agreement and subject to the terms and conditions therein and in this Amendment, Agent and Lenders
have agreed to forbear during the Forbearance Period from exercising their rights and remedies under the Credit Agreement and the Loan Documents or applicable law in respect of or arising out of the Existing Defaults and the Anticipatory Defaults.
Borrower acknowledges and agrees that such agreement to forbear during the Forbearance Agreement does not apply to any Event of Default that may be in existence or may heretoafter occur other than the Existing Defaults and the Anticipatory Defaults,
and that upon the expiration or termination of the Forbearance Period, the Forbearance Agreement shall automatically and without further action terminate and be of no further force and effect, it being expressly agreed that the effect of such
termination will be to permit Agent and Lenders to exercise immediately all rights and remedies under the Credit Agreement and the Loan Documents and applicable law, including, but not limited to, accelerating all of the Obligations under the Credit
Agreement and the Loan Documents; in each case without any further notice to Borrower, passage of time or forbearance of any kind. 
 3.5. No Waivers; Reservation of Rights. Agent and Lenders have not waived, are not by this Amendment waiving, and have no intention of waiving, any Events of Default which may be continuing on the
date hereof or any Events of Default which may occur after the date hereof (whether the same or similar to the Existing Defaults, the Anticipatory Defaults or otherwise), and Agent and Lenders have not agreed to forbear with respect to any of their
rights or remedies concerning any Events of Default (other than, during the Forbearance Period, the Existing Defaults and the Anticipatory Defaults to the extent expressly set forth herein) occurring at any time. Subject to Section 3.2 of the
Forbearance Agreement (solely with respect to the Existing Defaults and the Anticipatory Defaults), Agent and Lenders reserve the right, in their discretion, to exercise any or all of their rights and remedies under the Credit Agreement and the Loan
Documents as a result of any other Events of Default occurring at any time. Agent and Lenders have not waived any of such rights or remedies, and nothing in this Agreement, and no delay on their part in exercising any such rights or remedies, shall
be construed as a waiver of any such rights or remedies. 
 3.6. Reaffirmation. Borrower hereby confirms and reaffirms
all of their obligations under the Credit Agreement, the Forbearance Agreement (as amended by this Amendment) and the other Loan Documents. Any reference in this Amendment to the Forbearance Agreement refers to the Forbearance Agreement as amended
hereby. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 
 Borrower hereby represents, warrants and covenants as follows: 
 4.1.
Representations in the Credit Agreement and the Loan Documents. Each of the representations and warranties made by or on behalf of Borrower to Agent or any Lender in the Credit Agreement or any of the Loan Documents was true and correct when
made, and is, except for the Existing Defaults and the Anticipatory Defaults, true and correct on and as of the date of this Amendment with the same full force and effect as if each of such representations and

  
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warranties had been made by Borrower on the date hereof and in this Amendment, except (i) to the extent such representations and warranties expressly refer to an earlier date (in which case
such representations and warranties were true and correct in all material respects (unless otherwise qualified by materiality, Material Adverse Changes or a dollar threshold, in which case they shall be true in all respects) on and as of such
earlier date, (ii) to the extent that any Schedule relating to any such representation and warranty was not required to be updated pursuant to the terms of the Credit Agreement until a subsequent date, (iii) to the extent such
representations or warranties are not true and correct solely as a result of the Existing Defaults or the Anticipatory Defaults, and (iv) that the existence of the Existing Defaults and the Anticipatory Defaults shall not, in and of itself, be
deemed to be a “Material Adverse Change” for the purposes of Section 4.11 of the Credit Agreement. 
 4.2.
Binding Effect of Documents. This Amendment has been duly authorized, executed and delivered to Agent and Lenders by Borrower, is enforceable in accordance with its terms and is in full force and effect. 

4.3. No Conflict. The execution, delivery and performance of this Amendment by Borrower will not violate any requirement of law or
contractual obligation of Borrower and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues. 
 SECTION 5. CONDITIONS TO EFFECTIVENESS OF CERTAIN PROVISIONS OF THIS AGREEMENT 
 The effectiveness of the terms and provisions of Section 2 and Section 3.4 of this Amendment shall be subject to the receipt by Agent of each of the following, in form and substance satisfactory
to Agent: 
 (a) an executed copy of a waiver agreement by the Term Loan Lenders, extending the forbearance period contemplated
by that certain forbearance letter from the Term Loan Lenders, dated March 10, 2011, to a date that is no earlier than February 6, 2011, in a form substantially similar to the forbearance letter dated March 10, 2011, or otherwise in
form and substance satisfactory to Agent; 
 (b) an executed copy of this Amendment, duly authorized, executed and delivered by
Borrower, each Lender and Agent; and 
 (c) execution and delivery of a Consent and Reaffirmation, in the form attached as
Exhibit A, by each Guarantor. 
 SECTION 6. MISCELLANEOUS 

6.1. Continuing Effect of Credit Agreement. Except as modified pursuant hereto, no other changes or modifications to the Credit
Agreement and the Loan Documents are intended or implied by this Amendment and in all other respects the Credit Agreement and the Loan Documents hereby are ratified, restated and confirmed by all parties hereto as of the effective date hereof. To
the extent of conflict between the terms of this Amendment, the Credit Agreement and 

  
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the Loan Documents, the terms of this Amendment shall govern and control. The Credit Agreement and the Forbearance Agreement as amended by this Amendment shall be read and construed as one
agreement. 
 6.2. Costs and Expenses. Borrower absolutely and unconditionally agrees to pay to Agent, on demand by Agent
at any time, whether or not all or any of the transactions contemplated by this Amendment are consummated: all reasonable fees and disbursements of any counsel to Agent in connection with the preparation, negotiation, execution or delivery of this
Amendment and any agreements contemplated hereby and expenses which shall at any time be incurred or sustained by Agent, any Lender, any participant of any Lender or any of their respective directors, officers, employees or agents as a consequence
of or in any way in connection with the preparation, negotiation, execution, or delivery of this Amendment and any agreements contemplated hereby. 
 6.3. Further Assurances. At Borrower’s expense, the parties hereto shall execute and deliver such additional documents and take such further action as may be necessary or desirable to
effectuate the provisions and purposes of this Amendment. 
 6.4. Successors and Assigns. This Amendment shall be binding
upon and inure to the benefit of each of the parties hereto and their respective successors and assigns. 
 6.5. Survival of
Representations, Warranties and Covenants. All representations, warranties, covenants and releases of Borrower made in this Amendment or any other document furnished in connection with this Amendment shall survive the execution and delivery of
this Amendment and the Forbearance Period, and no investigation by Agent or any Lender, or any closing, shall affect the representations and warranties or the right of Agent and Lenders to rely upon them. 

6.6. Release. 
 (a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and each
Guarantor executing a Consent and Reaffirmation attached hereto, on behalf of itself and its successors and assigns, and its present and former members, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys,
employees, agents, legal representatives and other representatives (Borrower, each Guarantor and all such other Persons being hereinafter referred to collectively as the “Releasing Parties” and individually as a “Releasing
Party”, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent, each Lender, and each of their respective successors and assigns, and their respective present and former shareholders, affiliates,
subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives and other representatives (Agent, Lenders and all such other Persons being hereinafter referred to collectively as the
“Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities
whatsoever (individually, a “Claim” and collectively, “Claims”) of every kind and nature, known or unknown, suspected or unsuspected, at law or in equity, which any Releasing Party may now or hereafter own, hold,
have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause, or thing whatsoever which 

  
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arises at any time on or prior to the date of this Amendment, for or on account of, or in relation to, or in any way in connection with this Amendment, the Credit Agreement, any of the Loan
Documents or any of the transactions hereunder or thereunder. 
 (b) Borrower and each Guarantor understands, acknowledges and
agrees that the release set forth above may be pleaded as a full and complete defense to any Claim and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach
of the provisions of such release. 
 (c) Borrower and each Guarantor agrees that no fact, event, circumstance, evidence or
transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above. 

6.7. Covenant Not to Sue. Each of the Releasing Parties hereby absolutely, unconditionally and irrevocably, covenants and agrees
with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by any Releasing Party pursuant to Section 6.6 above.
If any Releasing Party violates the foregoing covenant, Borrower, for itself and its successors and assigns, and its present and former members, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys,
employees, agents, legal representatives and other representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Releasee as a result
of such violation. 
 6.8. Severability. Any provision of this Amendment held by a court of competent jurisdiction to be
invalid or unenforceable shall not impair or invalidate the remainder of this Amendment. 
 6.9. Reviewed by Attorneys.
Borrower represents and warrants to Agent and Lenders that it (a) understands fully the terms of this Amendment and the consequences of the execution and delivery of this Amendment, (b) has been afforded an opportunity to discuss this
Amendment with, and have this Amendment reviewed by, such attorneys and other persons as Borrower may wish, and (c) has entered into this Amendment and executed and delivered all documents in connection herewith of its own free will and accord
and without threat, duress or other coercion of any kind by any Person. The parties hereto acknowledge and agree that neither this Amendment nor the other documents executed pursuant hereto shall be construed more favorably in favor of one than the
other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation and preparation of this Amendment and the other documents executed pursuant hereto or in connection herewith.

 6.10. Disgorgement. If Agent or any Lender is, for any reason, compelled by a court or other tribunal of competent
jurisdiction to surrender or disgorge any payment, interest or other consideration described hereunder to any person because the same is determined to be void or voidable as a preference, fraudulent conveyance, impermissible set-off or for any other
reason, such indebtedness or part thereof intended to be satisfied by virtue of such payment, interest, or other consideration shall be revived and continue as if such payment, interest, or other consideration had not been received by Agent or such
Lender, and the Borrower shall be liable to, 

  
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and shall indemnify, defend and hold Agent or such Lender harmless for, the amount of such payment or interest surrendered or disgorged. The provisions of this Section 6.10 shall survive
execution and delivery of this Amendment and the documents, agreements, and instruments to be executed or delivered herewith. 

6.11. Relationship. Borrower agrees that the relationship between Agent and Borrower and between each Lender and Borrower is that
of creditor and debtor and not that of partners or joint venturers. This Amendment does not constitute a partnership agreement, or any other association between Agent and Borrower or between any Lender and Borrower. Borrower acknowledges that Agent
and each Lender has acted at all times only as a creditor to such Borrower within the normal and usual scope of the activities normally undertaken by a creditor and in no event has Agent or any Lender attempted to exercise any control over Borrower
or its business or affairs. Borrower further acknowledges that Agent and each Lender has not taken or failed to take any action under or in connection with its respective rights under the Credit Agreement and the Loan Documents that in any way or to
any extent has interfered with or adversely affects such Borrower’s ownership of Collateral. 
 6.12. Governing Law:
Consent to Jurisdiction and Venue. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THE CREDIT AGREEMENT AND ANY OF THE LOAN DOCUMENTS, THE VALIDITY OF THIS AMENDMENT, THE FORBEARANCE AGREEMENT, THE CREDIT AGREEMENT AND THE LOAN DOCUMETNS AND THE
CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER AND THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO, CANADA AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN. THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED
ONLY IN THE PROVINCE OF ONTARIO AND, TO THE EXTENT REQUIRED BY APPLICABLE LAW, FEDERAL COURTS IN THE PROVINCE OF ONTARIO; PROVIDED, HOWEVER, THAT ANY ACTION SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT,
AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND EACH GUARANTOR EXECUTING THE CONSENT AND REAFFIRMATION ATTACHED HERETO EACH
WAIVES, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS
SECTION 6.12. 
 6.13. Mutual Waiver of Jury Trial. THE PARTIES HERETO AND EACH GUARANTOR EXECUTING THE
CONSENT AND REAFFIRMATION ATTACHED HERETO EACH WAIVES THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT

  
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CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. THE PARTIES HERETO EACH REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

6.14. Counterparts. This Amendment may be executed in any number of counterparts, but all of such counterparts shall together
constitute but one and the same agreement. 
 6.15. Effectiveness of Forbearance Agreement. The Forbearance Agreement is
and shall remain in full force and effect as of the date hereof except as modified by this Amendment. 
 [signatures on
following page] 

  
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 IN WITNESS WHEREOF, this Amendment is executed and delivered as of the day and year first
above written. 
  

			
	 BORROWER:
  

DIALOGIC CORPORATION,
 a British Columbia
corporation

		
	 By:
	 	 /s/ Anthony Housefather

	 Name:
	 	Anthony Housefather
	 Title:
	 	EVP, Corporate Affairs & General Counsel

  

			
	 WELLS FARGO FOOTHILL CANADA ULC

as Agent and a Lender

		
	 By:
	 	 /s/ Lawrence Clement

	Name:	 	Lawrence Clement 
	 Title:
	 	Vice President, Wells Fargo Capital Finance Corporation Canada

 Signature Page to Amendment No. 2 to Forbearance Agreement 

 EXHIBIT A 
 to 
 AMENDMENT NO. 2 TO FORBEARANCE AGREEMENT 

CONSENT AND REAFFIRMATION 
 Each of the undersigned (each a “Guarantor”) hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 2 to Forbearance Agreement (the “Amendment”; capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to such terms in that certain Credit Agreement dated as of March 5, 2008 (as amended, supplemented, extended, renewed, restated or otherwise modified from time to
time) among Agent, Borrower and the Lenders from time to time party thereto; (ii) consents to Borrower’s execution and delivery of the Amendment; (iii) agrees to be bound by the Amendment and the Forbearance Agreement (as defined in
the Amendment) as amended by the Amendment, including Section 6.6 and Section 6.7 of the Amendment; (iv) affirms that nothing contained in the Amendment, except as specifically stated therein, shall modify in any respect whatsoever
any Loan Document to which it is a party; and (v) reaffirms its obligations under (a) the guaranty of the Obligations to which it is a party and (b) each of the other Loan Documents to which it is a party (as modified by the
Amendment, collectively, the “Reaffirmed Loan Documents”) and confirms that such obligations are unconditional and not subject to any defense, setoff, counterclaim or other adverse claim. Although each Guarantor has been informed of the
matters set forth herein and has acknowledged and agreed to same, each Guarantor understands that neither Agent nor any Lender has any obligation to inform any Guarantor of such matters in the future or to seek any Guarantor’s acknowledgment or
agreement to future amendments, waivers or consents, and nothing herein shall create such a duty. 
 The undersigned further
agree that after giving effect to the Agreement, each Reaffirmed Loan Document shall remain in full force and effect. 

[signature page follows] 

 
			
	 DIALOGIC (US) INC., a Delaware corporation
 formerly known as DIALOGIC INC.

		
	By:	 	 /s/ Anthony Housefather

	Name:	 	Anthony Housefather
	Title: 	 	EVP, Corporate Affairs & General Counsel
	
	 CANTARA TECHNOLOGY, INC.,
 a Massachusetts corporation

		
	By:	 	 /s/ Anthony Housefather

	Name:	 	Anthony Housefather
	Title: 	 	EVP, Corporate Affairs & General Counsel
	
	DIALOGIC DISTRIBUTION LIMITED, a company organized under the laws of Ireland)
		
	By:	 	 /s/ Anthony Housefather

	Name: 	 	Anthony Housefather
	Title:	 	EVP, Corporate Affairs & General Counsel
	
	SIGNED SEALED AND DELIVERED AS A DEED
		
	By: 	 	 /s/ Anthony Housefather

		 	 The attorney for and on behalf of:

 

			
	 DIALOGIC DISTRIBUTION LIMITED 
 in the presence of: 

		
	Witness:	 	 /s/ Rachele Stein

	Print Name:	 	Rachele Stein
	Print Address:	 	 5800 Cavendish Blvd., 5th Floor

Montreal, Quebec
 H4M 2V9
Canada

 Signature Page to Consent and Reaffirmation 

 
			
	DIALOGIC INC., a Delaware corporation formerly known as Veraz Networks, Inc.
		
	By:	 	 /s/ Anthony Housefather

	Name:	 	Anthony Housefather
	Title: 	 	EVP, Corporate Affairs & General Counsel
	
	 DIALOGIC NETWORKS (ISRAEL) LTD.,
 a limited liability company incorporated under the laws of Israel

		
	By:	 	 /s/ Israel Zohar

	Name:	 	Israel Zohar
	Title: 	 	GM
	
	VERAZ NETWORKS DO BRASIL COMERCIO DE EQUIPAMENTOS PARA TELECOMMUNICACAO LTDA., a limited liability company duly organized and existing under the laws of
Brazil
		
	By:	 	 /s/ Iasmine Klauber

	Name:	 	Iasmine Klauber
	Title: 	 	Senior Corporate Counsel

 Signature Page to Consent and ReaffirmationSeparation and Distribution Agreement, dated as of December 30, 2011

 Exhibit 10.1 

 
  

 
 SEPARATION AND DISTRIBUTION
AGREEMENT 
 by and between 
 THE WILLIAMS COMPANIES, INC., 
 and 

WPX ENERGY, INC. 
 Dated as of December 30, 2011 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	 	Table of Definitions	  	 	2	  
	 Section 1.2
	 	Certain Defined Terms	  	 	3	  
		
	 ARTICLE II THE CONTRIBUTION
	  	 	8	  
			
	 Section 2.1
	 	Contribution of WPX Assets	  	 	8	  
	 Section 2.2
	 	Assumption of Liabilities	  	 	8	  
	 Section 2.3
	 	Effective Time; Deliveries	  	 	8	  
	 Section 2.4
	 	Transfers Not Effected on or before the Effective Time	  	 	9	  
	 Section 2.5
	 	Termination of Agreements	  	 	10	  
	 Section 2.6
	 	Governmental Approvals and Consents	  	 	10	  
	 Section 2.7
	 	Disclaimer of Representations and Warranties	  	 	11	  
		
	 ARTICLE III ACTIONS PENDING THE DISTRIBUTION
	  	 	11	  
			
	 Section 3.1
	 	Actions Prior to the Distribution	  	 	11	  
	 Section 3.2
	 	Conditions to the Distribution	  	 	12	  
		
	 ARTICLE IV THE DISTRIBUTION
	  	 	13	  
			
	 Section 4.1
	 	The Distribution	  	 	13	  
	 Section 4.2
	 	Fractional Shares	  	 	14	  
	 Section 4.3
	 	Sole Discretion of the WMB Board	  	 	14	  
		
	 ARTICLE V EXCHANGE OF INFORMATION; CONFIDENTIALITY
	  	 	14	  
			
	 Section 5.1
	 	Agreement for Exchange of Information	  	 	14	  
	 Section 5.2
	 	Ownership of Information	  	 	15	  
	 Section 5.3
	 	Compensation for Providing Information	  	 	15	  
	 Section 5.4
	 	Record Retention	  	 	16	  
	 Section 5.5
	 	Limitation of Liability	  	 	16	  
	 Section 5.6
	 	Other Agreements Providing for Exchange of Information	  	 	16	  
	 Section 5.7
	 	Cooperation	  	 	16	  
	 Section 5.8
	 	Confidentiality	  	 	16	  
	 Section 5.9
	 	Protective Arrangements	  	 	17	  
		
	 ARTICLE VI ADDITIONAL COVENANTS AND OTHER MATTERS
	  	 	18	  
			
	 Section 6.1
	 	Further Assurances	  	 	18	  
	 Section 6.2
	 	Use of Names, Logos and Information	  	 	18	  
	 Section 6.3
	 	Non-Solicitation	  	 	19	  
	 Section 6.4
	 	Information Technology Transition Costs	  	 	20	  

							
		
	 ARTICLE VII MUTUAL RELEASES; INDEMNIFICATION
	  	 	20	  
			
	 Section 7.1
	  	Mutual Releases	  	 	20	  
	 Section 7.2
	  	Indemnification by WPX	  	 	21	  
	 Section 7.3
	  	Indemnification by WMB	  	 	22	  
	 Section 7.4
	  	Indemnification Obligations Net of Insurance Proceeds and Other Amounts	  	 	23	  
	 Section 7.5
	  	Third-Party Claims	  	 	24	  
	 Section 7.6
	  	Additional Matters	  	 	25	  
	 Section 7.7
	  	Remedies Cumulative	  	 	26	  
	 Section 7.8
	  	Survival of Indemnities	  	 	26	  
	 Section 7.9
	  	Limitation on Liability	  	 	26	  
		
	 ARTICLE VIII TERMINATION
	  	 	26	  
			
	 Section 8.1
	  	Termination	  	 	26	  
	 Section 8.2
	  	Effect of Termination	  	 	26	  
		
	 ARTICLE IX DISPUTE RESOLUTION
	  	 	26	  
			
	 Section 9.1
	  	Disputes	  	 	26	  
	 Section 9.2
	  	Escalation; Mediation	  	 	27	  
	 Section 9.3
	  	Court Actions	  	 	28	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	29	  
			
	 Section 10.1
	  	Corporate Power	  	 	29	  
	 Section 10.2
	  	Coordination with Certain Ancillary Agreements; Conflicts	  	 	29	  
	 Section 10.3
	  	Expenses	  	 	29	  
	 Section 10.4
	  	Amendment and Modification.	  	 	29	  
	 Section 10.5
	  	Waiver	  	 	30	  
	 Section 10.6
	  	Notices	  	 	30	  
	 Section 10.7
	  	Interpretation	  	 	30	  
	 Section 10.8
	  	Entire Agreement	  	 	31	  
	 Section 10.9
	  	No Third Party Beneficiaries	  	 	31	  
	 Section 10.10
	  	Governing Law	  	 	31	  
	 Section 10.11
	  	Submission to Jurisdiction	  	 	31	  
	 Section 10.12
	  	Assignment	  	 	32	  
	 Section 10.13
	  	Severability	  	 	32	  
	 Section 10.14
	  	Waiver of Jury Trial	  	 	32	  
	 Section 10.15
	  	Counterparts	  	 	32	  
	 Section 10.16
	  	Facsimile Signature	  	 	32	  

  
 ii 

					
	 Exhibit A
	  	Contributed Entities	  	
	 Schedule 2.5(b)(v)
	  	Surviving Agreements	  	
	 Schedule 7.3
	  	Contracts Excluded From Indemnification	  	
	 Schedule 7.3(d)
	  	California Gas Marketing Proceedings	  	
	 Schedule 7.3(e)
	  	Gas Price Indices Proceedings	  	

  
 iii

 SEPARATION AND DISTRIBUTION AGREEMENT 

SEPARATION AND DISTRIBUTION AGREEMENT, dated as of December 30, 2011 (this “Agreement”), by and between The
Williams Companies, Inc., a Delaware corporation (“WMB”), and WPX Energy, Inc., a Delaware corporation (“WPX”). 
 RECITALS 
 A. The WMB Board has determined that it would be appropriate,
desirable and in the best interests of WMB and WMB’s stockholders to separate WMB into two publicly traded companies: (i) WMB, which will continue to own and conduct, directly and indirectly, the WMB Business, and (ii) WPX, which will
own and conduct, directly and indirectly, the WPX Business. 
 B. In connection with the separation of the WPX Business from
WMB, WMB desires to contribute or otherwise transfer, and to cause certain of its Subsidiaries to contribute or otherwise transfer, certain Assets and Liabilities associated with the WPX Business, including the stock or other equity interests of
certain of WMB’s Subsidiaries dedicated to the WPX Business, to WPX and certain of WPX’s Subsidiaries (collectively, the “Contribution”). 
 C. On the Distribution Date, and subject to the terms and conditions of this Agreement, WMB will distribute to holders of shares of WMB Common Stock, on a pro rata basis, all the outstanding shares
of common stock, par value $1.00 per share, of WPX (“WPX Common Stock”) owned by WMB on the Distribution Date (the “Distribution”). 
 D. WMB and WPX intend that the Contribution and Distribution, taken together, will qualify as a reorganization for U.S. federal income tax purposes pursuant to which no gain or loss will be recognized by
WMB or its stockholders under Section 355, 361(b)(3), 368(a)(1)(D) and related provisions of the Code, and that this Agreement is intended to be, and is hereby adopted as, a plan of reorganization under Section 368 of the Code. 

E. The parties intend this Agreement and the Ancillary Agreements to set forth the principal arrangements between them regarding the
Contribution and Distribution. 
 AGREEMENT 
 In consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows: 

 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Table of Definitions. The following
terms have the meanings set forth on the pages referenced below: 

 

					
	 Definition
	  	Page	 
	 Action
	  	 	3	  
	 Affiliate
	  	 	3	  
	 Agent
	  	 	3	  
	 Agreement
	  	 	1	  
	 Ancillary Agreements
	  	 	3	  
	 Assets
	  	 	3	  
	 Bad Act
	  	 	8	  
	 Business Day
	  	 	3	  
	 Code
	  	 	3	  
	 Consents
	  	 	3	  
	 Contract
	  	 	3	  
	 Contribution
	  	 	1	  
	 CPR
	  	 	27	  
	 Distribution
	  	 	1	  
	 Distribution Date
	  	 	3	  
	 Distribution Ratio
	  	 	4	  
	 Effective Time
	  	 	4	  
	 Employee Matters Agreement
	  	 	4	  
	 Environmental Laws
	  	 	28	  
	 Environmental Liabilities
	  	 	28	  
	 Exchange Act
	  	 	4	  
	 Form 10
	  	 	4	  
	 GAAP
	  	 	4	  
	 Governmental Approvals
	  	 	4	  
	 Governmental Authority
	  	 	4	  
	 Group
	  	 	4	  
	 Hazardous Substances
	  	 	28	  
	 Indemnifying Party
	  	 	23	  
	 Indemnitee
	  	 	23	  
	 Indemnity Payment
	  	 	23	  
	 Information
	  	 	4	  
	 Information Statement
	  	 	4	  
	 Insurance Proceeds
	  	 	5	  
	 Intended Transferee
	  	 	9	  
	 Intended Transferor
	  	 	9	  

 

					
	 Definition
	  	Page	 
	 IRS
	  	 	5	  
	 Law
	  	 	5	  
	 Liabilities
	  	 	5	  
	 Next Step Up Representatives
	  	 	27	  
	 Person
	  	 	5	  
	 Proceeding
	  	 	31	  
	 Record Date
	  	 	5	  
	 Record Holders
	  	 	5	  
	 SEC
	  	 	5	  
	 Securities Act
	  	 	6	  
	 Subsidiary
	  	 	6	  
	 Tax or Taxes
	  	 	6	  
	 Tax Sharing Agreement
	  	 	6	  
	 Third-Party Claim
	  	 	24	  
	 Transition Services Agreement
	  	 	6	  
	 WMB
	  	 	1	  
	 WMB Board
	  	 	6	  
	 WMB Business
	  	 	6	  
	 WMB Common Stock
	  	 	6	  
	 WMB Entities
	  	 	6	  
	 WMB Group
	  	 	6	  
	 WMB Indemnitees
	  	 	21	  
	 WMB Liabilities
	  	 	6	  
	 WPX
	  	 	1	  
	 WPX Assets
	  	 	7	  
	 WPX Borrowing
	  	 	7	  
	 WPX Business
	  	 	7	  
	 WPX Common Stock
	  	 	1	  
	 WPX Credit Facility
	  	 	7	  
	 WPX Entities
	  	 	7	  
	 WPX Group
	  	 	7	  
	 WPX Indemnitees
	  	 	22	  
	 WPX Liabilities
	  	 	7	  
	 WPX Notes
	  	 	8	  

 
 

  
 2 

 Section 1.2 Certain Defined Terms. For the purposes of this Agreement:

 “Action” means any claim, demand, action, suit, countersuit, audit, arbitration, inquiry,
proceeding or investigation by or before any Governmental Authority or any United States or non-United States federal, state, local or international arbitration or mediation tribunal. 

“Affiliate” of any Person means a Person that controls, is controlled by, or is under common control with
such Person; provided, however, that for purposes of this Agreement and the Ancillary Agreements, none of the WMB Entities shall be deemed to be an Affiliate of any WPX Entity and none of the WPX Entities shall be deemed to be an
Affiliate of any WMB Entity. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting
securities or other interests, by contract or otherwise. 
 “Agent” means the distribution agent
to be appointed by the WMB Board to distribute to the Record Holders the shares of WPX Common Stock pursuant to the Distribution. 
 “Ancillary Agreements” means the Transition Services Agreement, Tax Sharing Agreement, Employee Matters Agreement and any other instruments, assignments, documents and agreements executed
in connection with the implementation of the transactions contemplated by this Agreement. 

“Assets” means assets, properties and rights (including goodwill and rights arising under Contracts),
wherever located (including in the possession of vendors, other Persons or elsewhere), whether real, personal or mixed, tangible, intangible or contingent, in each case whether or not recorded or reflected or required to be recorded or reflected on
the books and records or financial statements of any Person. 
 “Business Day” means a day other
than a Saturday, Sunday or other day on which commercial banks in the State of Oklahoma are authorized or required by law to close. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Consents” means any consents, waivers or approvals from, or notification requirements to, any Person other than a member of either Group. 

“Contract” means any contract, agreement, lease, license, sales order, purchase order, instrument or
other commitment that is binding on any Person or any part of its property under applicable law. 

“Distribution Date” means the date on which the Distribution occurs. 

  
 3 

 “Distribution Ratio” means the number of shares of WPX
Common Stock to be distributed in respect of each share of WMB Common Stock in the Distribution, which ratio shall be determined by the WMB Board prior to the Record Date. 

“Effective Time” means 12:01 a.m., Eastern time, on the Distribution Date. 

“Employee Matters Agreement” means the Employee Matters Agreement, dated as of the date hereof, between
WMB and WPX, as may be amended or modified from time to time. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder. 

“Form 10” means the registration statement on Form 10 filed by WPX with the SEC to effect the
registration of WPX Common Stock pursuant to the Exchange Act in connection with the Distribution, as such registration statement may be amended or supplemented from time to time. 

“GAAP” means U.S. generally accepted accounting principles. 

“Governmental Approvals” means any notices, reports or other filings to be given to or made with, or any
releases, Consents, substitutions, approvals, amendments, registrations, permits or authorizations to be obtained from, any Governmental Authority. 
 “Governmental Authority” means any United States or non-United States federal, state, local, territorial, tribal or international court, government, department, commission, board, bureau,
agency, official or other legislative, judicial, regulatory, administrative or governmental authority. 

“Group” means the WMB Group or the WPX Group, as the context requires. 

“Information” means information, including books and records, whether or not patentable or copyrightable,
in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications,
drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including
attorney-client privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee or business information or data. 

“Information Statement” means the Information Statement, attached as an exhibit to Form 10, to be sent to
each holder of WMB Common Stock in connection with the Distribution, as such Information Statement may be amended or supplemented from time to time. 

  
 4 

 “Insurance Proceeds” means, with respect to any Liability
to be reimbursed by an Indemnifying Party that may be covered, in whole or in part, by insurance policies written by third-party providers, the amount of insurance proceeds actually received in cash under such insurance policy with respect to such
Liability, net of any costs in seeking such collection. 
 “IRS” means the U.S. Internal Revenue
Service. 
 “Law” means any statute, law, regulation, ordinance, rule, judgment, rule of common
law, order, decree, government approval, concession, grant, franchise, license, agreement, directive, guideline, policy, requirement or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or
administration of any of the foregoing by, any Governmental Authority, whether now or hereinafter in effect and, in each case, as amended. 
 “Liabilities” means any and all losses, claims, charges, debts, demands, Actions, damages, obligations, payments, costs and expenses, sums of money, bonds, indemnities and similar
obligations, penalties, covenants, Contracts, controversies, agreements, promises, omissions, guarantees, make whole agreements and similar obligations, and other liabilities, including all contractual obligations, whether absolute or contingent,
inchoate or otherwise, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising, and including those arising under any Law, Action, threatened or contemplated Action (including the costs and expenses
of demands, assessments, judgments, settlements and compromises relating thereto and attorneys’ fees and any and all costs and expenses (including allocated costs of in-house counsel and other personnel), whatsoever incurred in investigating,
preparing or defending against any such Actions or threatened or contemplated Actions), order or consent decree of any Governmental Authority or any award of any arbitrator of any kind, and those arising under any contract, commitment or
undertaking, including those arising under this Agreement or any Ancillary Agreement or incurred by a party hereto or thereto in connection with enforcing its rights to indemnification hereunder or thereunder, in each case, whether or not recorded
or reflected or required to be recorded or reflected on the books and records or financial statements of any Person. 
 “Person” means an individual, corporation, partnership, limited liability company, limited liability partnership, syndicate, person, trust, association, organization or other entity,
including any Governmental Authority, and including any successor, by merger or otherwise, of any of the foregoing. 
 “Record Date” means the close of business on the date to be determined by WMB’s Board of Directors as the record date for determining the stockholders of WMB entitled to receive
shares of WPX Common Stock pursuant to the Distribution. 
 “Record Holders” means the holders
of WMB Common Stock on the Record Date. 
 “SEC” means the U.S. Securities and Exchange
Commission. 

  
 5 

 “Securities Act” means the Securities Act of 1933, as
amended, together with the rules and regulations promulgated thereunder. 
 “Subsidiary” of any
Person means any corporation or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of
directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its
Subsidiaries; provided, however, that no Person that is not directly or indirectly wholly owned by any other Person shall be a Subsidiary of such other Person unless such other Person controls, or has the right, power or ability to
control, that Person. 
 “Tax” or “Taxes” shall have the same meaning as
ascribed to such term in the Tax Sharing Agreement. 
 “Tax Sharing Agreement” means the Tax
Sharing Agreement, dated as of the date hereof, between WMB and WPX, as may be amended or modified from time to time. 
 “Transition Services Agreement” means the Transition Services Agreement, dated as of the date hereof, between WMB and WPX, as may be amended or modified from time to time, which provides
for WMB’s provision of certain services to WPX on and after the Distribution Date. 
 “WMB
Board” means the Board of Directors of WMB or an authorized committee thereof. 
 “WMB
Business” means the business and operations other than the WPX Business conducted by WMB and the WMB Entities (whether conducted independently or in association with one or more third parties through a partnership, joint venture or other
mutual enterprise) at any time prior to, on or after the Effective Time. 
 “WMB Common Stock”
means the common stock, par value $1.00 per share, of WMB. 
 “WMB Entities” means the members
of the WMB Group. 
 “WMB Group” means WMB and each direct or indirect Subsidiary of WMB, other
than Persons in the WPX Group. 
 “WMB Liabilities” means (without duplication): (a) any
and all Liabilities that are expressly contemplated by this Agreement or any Ancillary Agreement to be retained or assumed by WMB or any WMB Entity, and all agreements, obligations and Liabilities of any WMB Entity under this Agreement or any of the
Ancillary Agreements; (b) all Liabilities to the extent relating to, arising out of or resulting from the operation of the WMB Business, as conducted at any time prior to, on or after the Effective Time; and (c) all other Liabilities of
any member of the WMB Group that are not WPX Liabilities. 

  
 6 

 “WPX Assets” means all of WMB’s and its
Subsidiaries’ right, title and interest in and to: 
 (a) any and all Assets of WMB and its Subsidiaries
that are used exclusively or held for use exclusively in the WPX Business (other than WMB’s direct or indirect equity interests in Williams Production Services, LLC and Williams Gas Marketing Services, LLC), including without limitation
(i) all of WMB’s direct or indirect stock or other equity interests in the entities set forth on Exhibit A which have been or are hereby contributed as part of the Contribution, and (ii) certain Assets of WMB that may have been
previously contributed to WPX; and 
 (b) any and all Assets that are expressly listed, scheduled or otherwise
clearly described in any Ancillary Agreement as Assets to be transferred to any WPX Entity. 
 “WPX
Borrowing” means the indebtedness of WPX incurred pursuant to the issuance of the WPX Notes and the WPX Credit Facility. 
 “WPX Business” means the exploration and production business and any other business and operations conducted by WPX and the WPX Entities (whether conducted independently or in association
with one or more third parties through a partnership, joint venture or other mutual enterprise) at any time prior to, on or after the Effective Time. 
 “WPX Credit Facility” means Credit Agreement, dated as of June 3, 2011, by and among WPX, the lenders named therein, and Citibank, N.A., as administrative agent and swingline lender.

 “WPX Entities” means the members of the WPX Group. 

“WPX Group” means WPX and each direct or indirect Subsidiary of WPX. 

“WPX Liabilities” means (without duplication): 

(a) any and all Liabilities to the extent arising out of or relating to the WPX Business or the WPX Assets, in each case
whether such Liabilities arise or accrue prior to, on or after the Effective Time (other than Tax-related Liabilities, which are exclusively governed by the Tax Sharing Agreement); 

(b) any and all Liabilities to the extent arising out of or relating to the operation of any business conducted by any WPX
Entity at any time after the Effective Time; 
 (c) any and all Liabilities that are expressly listed, scheduled
or otherwise clearly described in any Ancillary Agreement as Liabilities to be assumed by WPX or any WPX Entity; and 

  
 7 

 (d) all obligations of the WPX Group under or pursuant to this Agreement,
any Ancillary Agreement or any other instrument entered into in connection herewith or therewith. 
 “WPX
Notes” means up to $1.5 billion aggregate principal amount of senior unsecured notes issued by WPX prior to the Distribution on such terms and conditions as agreed to by WMB, WPX and the underwriters for the WPX Notes. 

ARTICLE II 

THE CONTRIBUTION 
 Section 2.1 Contribution of WPX Assets. Unless otherwise provided in this Agreement or in any Ancillary Agreement, on or before the Effective Time, WMB will (and WMB will cause its applicable
Subsidiaries to) assign, transfer and convey to WPX and its applicable Subsidiaries, and WPX will receive and accept from WMB and its applicable Subsidiaries, all of WMB’s and its applicable Subsidiaries’ right, title and interest in and
to the WPX Assets. Such assignments, transfers and conveyances will be effective at such times as provided in each respective Ancillary Agreement and will be subject to the terms and conditions of this Agreement and any applicable Ancillary
Agreement. 
 Section 2.2 Assumption of Liabilities. Unless otherwise provided in this Agreement or in any Ancillary
Agreement, on or before the Effective Time, WPX will (and WPX will cause its applicable Subsidiaries to) assume, and on a timely basis pay, perform, satisfy and discharge the WPX Liabilities in accordance with their respective terms. WPX and its
applicable Subsidiaries will be responsible for all WPX Liabilities, regardless of (a) when or where such Liabilities arose or arise, (b) whether the facts on which they are based occurred on, prior to or subsequent to the Effective Time,
(c) where or against whom such Liabilities are asserted or determined, (d) whether asserted or determined on, prior to or subsequent to the Effective Time, or (e) whether arising from or alleged to arise from negligence, recklessness,
violation of law, fraud or misrepresentation (each, a “Bad Act”) by any member of the WMB Group, the WPX Group or any of their respective past or present representatives; provided, however, that this Section 2.2
will not limit WPX’s right to make a claim against a WMB Group member for Losses suffered by it to the extent that such Losses are a direct result of a Bad Act committed by a WMB Group member subsequent to the Effective Time. Such assumptions
of WPX Liabilities will be effective at such times as provided in each respective Ancillary Agreement and will be subject to the terms and conditions of this Agreement and any applicable Ancillary Agreement. 

Section 2.3 Effective Time; Deliveries. In furtherance of the assignment, transfer and conveyance of the WPX Assets and the
assumption of the WPX Liabilities as set forth in this Agreement and the Ancillary Agreements, unless otherwise provided in this Agreement or in any Ancillary Agreement, on or before the Effective Time, the parties will execute and deliver, and they
will cause their respective Subsidiaries and representatives, as applicable, to execute and deliver: (a) each of the Ancillary Agreements; (b) such bills of sale, stock powers, certificates of title, assignments of

  
 8 

 
Contracts, subleases and other instruments of transfer, conveyance and assignment as, and to the extent, necessary or convenient to evidence the transfer, conveyance and assignment to WPX (or, as
applicable, its Subsidiaries) of all of WMB’s (or, as applicable, its Subsidiaries’) right, title and interest in and to the WPX Assets; and (c) such assumptions of Contracts and other instruments of assumption as, and to the extent,
necessary or convenient to evidence the valid and effective assumption of the WPX Liabilities by WPX (or, as applicable, its Subsidiaries). 
 Section 2.4 Transfers Not Effected on or before the Effective Time. 
 (a) The parties acknowledge and agree that some of the transfers contemplated by this Article II may not be effected on or before the Effective Time due to the inability of the parties to obtain necessary
Consents or approvals or the inability of the parties to take certain other actions necessary to effect such transfers on or before the Effective Time. To the extent any transfers contemplated by this Article II have not been fully effected on or
before the Effective Time, WMB and WPX will cooperate and use commercially reasonable efforts (and will cause the applicable members of its respective Group to use such efforts) to obtain any necessary Consents or approvals or take any other actions
necessary to effect such transfers as promptly as practicable following the Effective Time. 
 (b) Nothing in
this Agreement will be deemed to require the transfer or assignment of any Contract or other Asset by any WMB Entity (an “Intended Transferor”) to any WPX Entity (an “Intended Transferee”) to the extent that such
transfer or assignment would constitute a material breach of such Contract or cause forfeiture or loss of such Asset; provided, however, that even if such Contract or other Asset cannot be so transferred or assigned, such Contract or
other Asset will be deemed a WPX Asset solely for purposes of determining whether any Liability is a WPX Liability. 
 (c) If an attempted assignment would be ineffective or would impair an Intended Transferee’s rights under any such WPX Asset so that the Intended Transferee would not receive all such rights, then
the parties will use commercially reasonable efforts to provide to, or cause to be provided to, the Intended Transferee, to the extent permitted by law, the rights of any such WPX Asset and take such other actions as may reasonably be requested by
the other party in order to place the Intended Transferee, insofar as reasonably possible, in the same position as if such WPX Asset had been transferred as contemplated hereby. In connection therewith, (i) the Intended Transferor will promptly
pass along to the Intended Transferee when received all benefits derived by the Intended Transferor with respect to any such WPX Asset, and (ii) the Intended Transferee will pay, perform and discharge on behalf of the Intended Transferor all of
the Intended Transferor’s obligations with respect to any such WPX Asset in a timely manner and in accordance with the terms thereof which it may do without breach. If and when such Consents or approvals are obtained or such other required
actions have been taken, the transfer of the applicable WPX Asset will be effected in accordance with the terms of this Agreement and any applicable Ancillary Agreement. 

  
 9 

 Section 2.5 Termination of Agreements. 

(a) Except as set forth in Section 2.5(b), the WMB Entities, on the one hand, and the WPX Entities, on the other
hand, hereby terminate any and all agreements, arrangements, commitments or understandings (including intercompany work orders), whether or not in writing, between or among any WMB Entity, on the one hand, and any WPX Entity, on the other hand,
effective as of the Effective Time. No such terminated agreement, arrangement, commitment or understanding (including any provision thereof that purports to survive termination) shall be of any further force or effect from and after the Effective
Time. Each party shall, at the reasonable request of the other party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing. 

(b) The provisions of Section 2.5(a) shall not apply to any of the following agreements, arrangements, commitments or
understandings (or to any of the provisions thereof): 
 (i) this Agreement and the Ancillary Agreements (and
each other agreement or instrument expressly contemplated by this Agreement or any Ancillary Agreement to be entered into by any WMB Entity or WPX Entity); 
 (ii) any agreements, arrangements, commitments or understandings to which any non-wholly owned Subsidiary or non-wholly owned Affiliate of WMB or WPX, as the case may be, is a party; 

(iii) any other agreements, arrangements, commitments or understandings that this Agreement or any Ancillary Agreement
expressly contemplates will survive the Effective Time; 
 (iv) any confidentiality or non-disclosure agreements
among any members of either Group or employees of any member of either Group, including any obligation not to disclose proprietary or privileged information; and 

(v) any agreements, arrangements, commitments or understandings listed or described on Schedule 2.5(b)(v).

 (c) Except as otherwise expressly and specifically provided in this Agreement or any Ancillary Agreement, all
intercompany receivables, payables, loans and other accounts between any WMB Entity, on the one hand, and any WPX Entity, on the other hand, in existence as of immediately prior to the Effective Time shall be satisfied and/or settled by the relevant
members of the WMB Group and the WPX Group no later than the Effective Time by (i) forgiveness by the relevant obligor or (ii) one or a related series of repayments, distributions of and/or contributions to capital, in each case as
determined by WMB. 
 Section 2.6 Governmental Approvals and Consents. To the extent that any of the transactions
contemplated by this Agreement or any Ancillary Agreement requires any Governmental Approval or Consent, the parties will use their reasonable best efforts to obtain such Governmental Approval or Consent. 

  
 10 

 Section 2.7 Disclaimer of Representations and Warranties. Each of WMB (on behalf
of itself and each other WMB Entity) and WPX (on behalf of itself and each other WPX Entity) understands and agrees that, except as expressly set forth herein or in any Ancillary Agreement, no party (including its Affiliates) to this Agreement, any
Ancillary Agreement or any other agreement or document contemplated by this Agreement, any Ancillary Agreement or otherwise, is making any representations or warranties relating in any way to the Contribution, Distribution or WPX Assets. 

ARTICLE III 

ACTIONS PENDING THE DISTRIBUTION 
 Section 3.1 Actions Prior to the Distribution. 
 (a)
Subject to the conditions specified in Section 3.2 and subject to Section 4.3, each of the parties shall use its reasonable best efforts to consummate the Distribution. Such actions shall include those specified in this Section 3.1.

 (b) Prior to the Distribution, each of the parties will execute and deliver all Ancillary Agreements to which
it is a party, and will cause the other WMB Entities and WPX Entities, as applicable, to execute and deliver any Ancillary Agreements to which such Persons are parties. 

(c) Prior to the Distribution, WPX shall mail the Information Statement to the Record Holders. 

(d) WPX shall prepare, file with the SEC and use its reasonable best efforts to cause to become effective any registration
statements or amendments thereto required to effect the establishment of, or amendments to, any employee benefit and other plans necessary or appropriate in connection with the transactions contemplated by this Agreement or any of the Ancillary
Agreements. 
 (e) Each of the parties shall take all such actions as may be necessary or appropriate under the
securities or blue sky Laws of the states or other political subdivisions of the United States or of other foreign jurisdictions in connection with the Distribution. 

(f) WPX shall prepare and file, and shall use reasonable best efforts to have approved prior to the Distribution, an
application for the listing on the NYSE or another national securities exchange of the WPX Common Stock to be distributed in the Distribution, subject to official notice of listing. 

(g) Prior to the Distribution, the existing directors of WPX shall duly elect the individuals listed as members of the WPX
board of directors in the Information Statement, and such individuals shall become the members of the WPX board of directors effective as of no later than immediately prior to the Distribution. 

  
 11 

 (h) Prior to the Distribution, WMB shall deliver or cause to be delivered to
WPX the resignation from each applicable WPX Entity, effective as of no later than immediately prior to the Distribution, of each individual who will be an employee of any WMB Entity after the Distribution and who is an officer or director of any
WPX Entity immediately prior to the Distribution. 
 (i) Immediately prior to the Distribution, the Restated
Certificate of Incorporation and Restated Bylaws of WPX, each in substantially the form filed as an exhibit to the Form 10, shall be in effect. 
 (j) The parties shall, subject to Section 4.3, take all reasonable steps necessary and appropriate to cause the conditions set forth in Section 3.2 to be satisfied and to effect the Distribution
on the Distribution Date. 
 Section 3.2 Conditions to the Distribution. The obligations of the parties to
consummate the Distribution shall be conditioned on the satisfaction, or waiver by the WMB Board, in its sole and absolute discretion, of the following conditions: 

(a) The WMB Board shall, in its sole and absolute discretion, have authorized and approved the Contribution and
Distribution and not withdrawn such authorization and approval. 
 (b) The WMB Board shall have declared the
dividend of WPX Common Stock to the Record Holders. 
 (c) Each Ancillary Agreement shall have been executed by
each party thereto. 
 (d) The SEC shall have declared the Form 10 effective, no stop order suspending the
effectiveness of the Form 10 shall be in effect, and no proceedings for such purpose shall be pending before or threatened by the SEC. 
 (e) The WPX Common Stock shall have been accepted for listing on the NYSE or another national securities exchange approved by the WMB Board, subject to official notice of issuance. 

(f) WMB shall have received an opinion from WMB’s legal advisors regarding the tax consequences of the Contribution
and Distribution and such other matters, as it will determine to be necessary or advisable in its sole and absolute discretion, each of which shall remain in full force and effect, that the Contribution and Distribution will not result in
recognition for U.S. Federal income tax purposes, of income, gain or loss to WMB, or of income, gain or loss to its stockholders, except to the extent of cash received in lieu of fractional shares of WPX Common Stock. 

(g) WPX shall have received the net proceeds from the Notes and shall have made a cash distribution of approximately $979
million to Williams; 
 (h) An independent firm acceptable to WMB, in its sole and absolute discretion, shall
have delivered one or more opinions to the WMB Board confirming the solvency and financial viability of WMB and WPX, which opinions shall be in form and substance satisfactory to WMB, in its sole and absolute discretion, and shall not have been
withdrawn or rescinded. 

  
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 (i) No order, injunction or decree that would prevent the consummation of
the Distribution shall be threatened, pending or issued (and still in effect) by any Governmental Authority of competent jurisdiction, no other legal restraint or prohibition preventing the consummation of the Distribution shall be in effect, and no
other event outside the control of WMB shall have occurred or failed to occur that prevents the consummation of the Distribution. 
 (j) No other events or developments shall have occurred prior to the Distribution Date that, in the judgment of the WMB Board, would result in the Distribution having a significant adverse effect on WMB
or its stockholders. 
 (k) The actions set forth in Sections 3.1(c), (g), (h) and (i) shall have
been completed. 
 The foregoing conditions may only be waived by the WMB Board, in its sole and absolute discretion, are for
the sole benefit of WMB and shall not give rise to or create any duty on the part of the WMB Board to waive or not waive such conditions or in any way limit the right of termination of this Agreement set forth in Article VIII or alter the
consequences of any such termination from those specified in Article VIII. Any determination made by the WMB Board prior to the Distribution concerning the satisfaction or waiver of any or all of the conditions set forth in this Section 3.2
shall be conclusive. 
 ARTICLE IV 
 THE DISTRIBUTION 
 Section 4.1 The Distribution. 

(a) WPX shall cooperate with WMB to accomplish the Distribution and shall, at the direction of WMB, use its reasonable
best efforts to promptly take any and all actions necessary or desirable to effect the Distribution. Each of the parties will provide, or cause the applicable member of its Group to provide, to the Agent all documents and information required to
complete the Distribution. 
 (b) Subject to the terms and conditions set forth in this Agreement, (i) on or
prior to the Distribution Date, for the benefit of and distribution to the Record Holders, WMB will deliver to the Agent all of the issued and outstanding shares of WPX Common Stock then owned by WMB or any other WMB Entity and book-entry
authorizations for such shares and (ii) on the Distribution Date, WMB shall instruct the Agent to distribute, by means of a pro rata dividend, to each Record Holder (or such Record Holder’s bank or brokerage firm on such Record
Holder’s behalf) electronically, by direct registration in book-entry form, the number of whole shares of WPX Common Stock to which such Record Holder is entitled based on the Distribution Ratio. The Distribution shall be effective at the
Effective Time. On or as soon as practicable after the Distribution Date, the Agent will mail an account statement indicating the number of shares of WPX Common Stock that have been registered in book-entry form in the name of each Record Holder.

  
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 (c) With respect to the shares of WPX Common Stock remaining with the Agent
180 days after the Distribution Date, the Agent shall deliver any such shares as directed by WPX, with the consent of WMB (which consent shall not be unreasonably withheld or delayed). 

Section 4.2 Fractional Shares. The Agent and WMB shall, as soon as practicable after the Distribution Date,
(a) determine the number of whole shares and fractional shares of WPX Common Stock allocable to each Record Holder, (b) aggregate all such fractional shares into whole shares and sell the whole shares obtained thereby in open market
transactions at then-prevailing trading prices on behalf of Record Holders that would otherwise be entitled to fractional share interests and (c) distribute to each such Record Holder, or for the benefit of each beneficial owner of fractional
shares, such Record Holder’s or beneficial owner’s ratable share of the net proceeds of such sales, based upon the average gross selling price per share of WPX Common Stock after making appropriate deductions for any amount required to be
withheld under applicable Tax Law and less any transfer Taxes. WPX will be responsible for payment of any brokerage fees associated with such sales. The Agent, in its sole discretion, will determine the timing and method of selling such shares, the
selling price of such shares and the broker-dealer to which such shares will be sold; provided, however, that the designated broker-dealer is not an Affiliate of WMB or WPX. Neither WMB nor WPX will pay any interest on the proceeds
from the sale of such shares. 
 Section 4.3 Sole Discretion of the WMB Board. The WMB Board shall, in its sole and
absolute discretion, determine the Distribution Date and all terms of the Distribution, including the form, structure and terms of any transactions and/or offerings to effect the Distribution and the timing of and conditions to the consummation
thereof. In addition, and notwithstanding anything to the contrary set forth below, the WMB Board, in its sole and absolute discretion, may at any time and from time to time until the Distribution decide to abandon the Distribution or modify or
change the terms of the Distribution, including by accelerating or delaying the timing of the consummation of all or part of the Distribution. 
 ARTICLE V 
 EXCHANGE OF INFORMATION; CONFIDENTIALITY 

Section 5.1 Agreement for Exchange of Information. 

(a) Except in the case of an adversarial Action or threatened adversarial Action related to a request hereunder by any
member of either the WMB Group or the WPX Group against any member of the other Group (which shall be governed by such discovery rules as may be applicable thereto), and subject to Section 5.1(b), each of WMB and WPX, on behalf of the members
of its respective Group, shall use reasonable best efforts to provide (except as otherwise provided in this Agreement or any Ancillary Agreement, at the sole cost and expense of the requesting party), or cause to be provided,

  
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to the other Group, at any time before or after the Effective Time, as soon as reasonably practicable after written request therefor, any Information in the possession or under the control of the
members of such respective Group that the requesting party reasonably requests (i) in connection with reporting, disclosure, filing or other requirements imposed on the requesting party (including under applicable securities, defense
contracting or Tax Laws) by a Governmental Authority having jurisdiction over the requesting party, (ii) for use in any other judicial, regulatory, administrative, tax, insurance or other proceeding or in order to satisfy audit, accounting,
claims, regulatory, investigation, litigation, tax or other similar requirements, or (iii) to comply with its obligations under this Agreement, any Ancillary Agreement or the WPX Borrowing. The receiving party shall use any Information received
pursuant to this Section 5.1(a) solely to the extent reasonably necessary to satisfy the applicable obligations or requirements described in the immediately preceding sentence and shall otherwise take reasonable steps to protect such
Information. Nothing in this Section 5.1 shall be construed as obligating a party to create Information not already in its possession or control. 
 (b) In the event that any party determines that the exchange of any Information pursuant to Section 5.1(a) is reasonably likely to violate any Law or binding agreement, or waive or jeopardize any
attorney-client privilege, or attorney work product protection, such party shall not be required to provide access to or furnish such Information to the other party; provided, however, that the parties shall take all reasonable
measures to permit compliance with Section 5.1(a) in a manner that avoids any such harm or consequence. WMB and WPX intend that any provision of access to or the furnishing of Information that would otherwise be within the ambit of any legal
privilege shall not operate as a waiver of such privilege. 
 (c) After the Effective Time, each of WMB and WPX
shall maintain in effect systems and controls reasonably intended to enable the members of the other Group to satisfy their respective known reporting, accounting, disclosure, audit and other obligations. 

Section 5.2 Ownership of Information. Any Information owned by a member of one Group that is provided to a requesting party
pursuant to Section 5.1 shall be deemed to remain the property of the providing party. Except as specifically set forth herein, nothing contained in this Agreement shall be construed as granting or conferring rights of license or otherwise in
any such Information. 
 Section 5.3 Compensation for Providing Information. The party requesting Information
pursuant to Section 5.1 agrees to reimburse the party providing such Information for the reasonable costs, if any, of creating, gathering and copying such Information, to the extent that such costs are incurred for the benefit of the requesting
party. Except as may be otherwise specifically provided elsewhere in this Agreement or in any other agreement between the parties, such costs shall be computed in accordance with the providing party’s standard methodology and procedures.

  
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 Section 5.4 Record Retention. To facilitate the possible exchange of Information
pursuant to this Article V and other provisions of this Agreement from and after the Effective Time, each of the parties agrees to use reasonable best efforts to retain all Information in accordance with its record and retention policy as in effect
immediately prior to the Effective Time or as modified in good faith thereafter. 
 Section 5.5 Limitation of
Liability. No party shall have any liability to any other party in the event that any Information exchanged or provided pursuant to this Agreement that is an opinion, estimate or forecast, or that is based on an opinion, estimate or
forecast, is found to be inaccurate, in the absence of willful misconduct by the party providing such Information. No party shall have any liability to any other party if any Information is destroyed after reasonable best efforts by such party to
comply with the provisions of Section 5.4. 
 Section 5.6 Other Agreements Providing for Exchange of
Information. The rights and obligations granted under this Article V shall be subject to any specific limitations, qualifications or additional provisions on the sharing, exchange or confidential treatment of Information set forth in any
Ancillary Agreement. 
 Section 5.7 Cooperation. 

(a) From and after the Effective Time, except in the case of an adversarial Action or threatened adversarial Action by any
member of either the WMB Group or the WPX Group against any member of the other Group (which shall be governed by such discovery rules as may be applicable thereto), each party, upon reasonable written request of the other party, shall use
reasonable efforts to cooperate and consult in good faith with the other party to the extent such cooperation and consultation is reasonably necessary with respect to (i) any Action, (ii) this Agreement or any of the Ancillary Agreements
or any of the transactions contemplated hereby or thereby or (iii) any audit, investigation or any other legal requirement, and, upon reasonable written request of the other party, shall use reasonable efforts to make available to such other
party the former, current and future directors, officers, employees, other personnel and agents of the members of its respective Group (whether as witnesses or otherwise). The requesting party shall bear all costs and expenses in connection
therewith. 
 (b) Notwithstanding the foregoing, Section 5.7(a) shall not require a party to take any step
that would significantly interfere, or that such party reasonably determines could significantly interfere, with its business. 

Section 5.8 Confidentiality. 
 (a) Subject to Section 5.9, each of WMB and WPX, on behalf of itself and each member of its Group, shall hold, and shall cause its respective directors, officers, employees, agents, accountants,
counsel and other advisors and representatives to hold, in strict confidence and not release or disclose, with at least the same degree of care, but no less than a reasonable degree of care, that it applies to its own business sensitive and
proprietary information, all Information concerning the other Group or its business that is either in its possession (including Information in its possession prior to the Distribution) or furnished by any member of such other Group or its respective
directors, officers, 

  
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employees, agents, accountants, counsel and other advisors and representatives at any time pursuant to this Agreement, any Ancillary Agreement or otherwise, and shall not use any such Information
other than for such purposes as shall be expressly permitted hereunder or thereunder, except, in each case, to the extent that such Information is (i) in the public domain through no fault of such party or any member of such Group or any of
their respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives, (ii) later lawfully acquired from other sources by such party (or any member of such party’s Group), which sources are
not themselves bound by a confidentiality obligation, or (iii) independently generated without reference to any proprietary or confidential Information of the disclosing party or its Group. 

(b) No receiving party shall release or disclose, or permit to be released or disclosed, any such Information concerning
the other Group to any other Person, except its directors, officers, employees, agents, accountants, counsel and other advisors and representatives who need to know such Information (who shall be advised of their obligations hereunder with respect
to such Information), except in compliance with Section 5.9. Without limiting the foregoing, when any Information concerning the other Group or its business is no longer needed for the purposes contemplated by this Agreement or any Ancillary
Agreement, each disclosing party will, promptly after the request of the receiving party, either return to the disclosing party all Information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or
certify to the disclosing party that it has destroyed such Information (and such copies thereof and such notes, extracts or summaries based thereon). 
 Section 5.9 Protective Arrangements. In the event that any party or any member of its Group either determines on the advice of its counsel that it should disclose any Information pursuant to
applicable Law or receives any demand under lawful process or from any Governmental Authority or properly constituted arbitral authority to disclose or provide Information of any other party (or any member of any other party’s Group) that is
subject to the confidentiality provisions hereof, the Person required to disclose the Information shall give the applicable Person prompt, and to the extent reasonably practicable, prior written notice of such disclosure and an opportunity to
contest such disclosure, and shall use reasonable best efforts to cooperate, at the expense of the requesting Person, in seeking any reasonable protective arrangements requested by such Person. In the event that such appropriate protective
arrangement or order or other remedy is not obtained, the Person that is required to disclose such Information shall furnish, or cause to be furnished, only that portion of such Information that is legally required to be disclosed and shall use
reasonable best efforts to ensure that confidential treatment is accorded such Information. This Section 5.9 shall not apply to the disclosure of any Information to any Governmental Authority that is reasonably necessary to respond to any
inquiry by any Governmental Authority. 

  
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 ARTICLE VI 
 ADDITIONAL COVENANTS AND OTHER MATTERS 
 Section 6.1 Further
Assurances. 
 (a) In addition to the actions specifically provided for elsewhere in this Agreement, each of
the parties shall use its reasonable best efforts, prior to, on and after the Effective Time, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable under applicable Law,
regulations and agreements to consummate and make effective the transactions contemplated by this Agreement and the Ancillary Agreements. 
 (b) On or prior to the Effective Time, WMB and WPX in their respective capacities as direct and indirect stockholders of their respective Subsidiaries, shall each ratify any actions that are reasonably
necessary or desirable to be taken by WMB and WPX or any other Subsidiary of WMB or WPX, as the case may be, to effectuate the transactions contemplated by this Agreement. 
 Section 6.2 Use of Names, Logos and Information. 
 (a)
No later than the Distribution Date, WPX shall cause to be filed with the Secretary of State (or other appropriate Governmental Authority) of the states in which its Subsidiaries are located or are doing business, an amendment to their certificates
of incorporation or similar governing documents or qualification to do business to change the name of any Subsidiary with “Williams” in its name to a new name not confusingly similar to WMB’s name. 

(b) No later than the Distribution Date (or, with respect to any WPX Entity’s wells, tanks, pipelines, and other
field facilities, no later than the date that is six months after the Distribution Date), WPX shall use reasonable best efforts to remove, and WPX shall cause each member of the WPX Group to remove, from their websites, and any other publicly
distributed material (other than material required to be submitted for the purpose of regulatory filings and other similar documentation), any reference to WMB, and its business lines and plans and any names, logos, or trademarks associated
therewith. WPX and each other member of the WPX Group shall cease all use of the WMB name (and any name confusingly similar thereto) and all trademarks and service marks associated therewith no later than the Distribution Date (or, with respect to
any WPX Entity’s wells, tanks, pipelines, and other field facilities, no later than the date that is six months after the Distribution Date); provided that, if any member of the WPX Group is unable to comply with the foregoing
requirements of this Section 6.2(b) for reasons outside of its reasonable control, WPX may request WMB to grant an extension of time beyond the Distribution Date, and WMB agrees not to unreasonably withhold or delay the granting of any such
requested extension. Nothing in this Section 6.2(b) shall preclude WPX or its Subsidiaries from using the WMB name to indicate that WPX and members of the WPX Group were formerly associated with WMB, or from referring to WMB by its name for
non-trademark and non-branding purposes as is permitted by applicable Law. 

  
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 (c) WPX shall not, and shall cause each member of the WPX Group not to, take
any action, purport to take any action or otherwise hold itself out as having any authority to act on behalf of or represent in any way any member of the WMB Group. WPX shall indemnify, defend and hold harmless each of the WMB Indemnitees from and
against any and all Liabilities of the WMB Indemnitees relating to, arising out of or resulting from a breach of this Section 6.2(c). 
 Section 6.3 Non-Solicitation. 
 (a) Without the prior
consent of WMB, during the term of the Transition Services Agreement and for a period of one year thereafter, WPX will not (and will cause each other WPX Entity not to) solicit for employment, directly or indirectly, any employee or contractor
(including any contractor employed by a third party) of the WMB Entities that (i) is providing services to any WMB Entity or WPX Entity in connection with this Agreement or any Ancillary Agreement, or (ii) with whom any WPX Entity has, or
will have, more than incidental contact pursuant to this Agreement or any Ancillary Agreement. 
 (b) Without the
prior consent of WPX, during the term of the Transition Services Agreement and for a period of one year thereafter, WMB will not (and will cause each other WMB Entity not to) solicit for employment, directly or indirectly, any employee of WPX
involved in the performance of WPX obligations under this Agreement or any Ancillary Agreement. 
 (c) With
respect to each of Sections 6.3(a) and 6.3(b) above, the prohibition on solicitation shall extend 90 days after the termination of any employee’s employment or, in the case of WMB employees, 90 days after the cessation of such employee’s
involvement in the performance of all “Services” (as defined under the Transition Services Agreement). This provision shall not operate or be construed to prevent or limit any employee’s right to practice his or her profession or to
utilize his or her skills for another employer or to restrict any employee’s freedom of movement or association. 
 (d) Neither the publication of classified advertisements in newspapers, periodicals, Internet bulletin boards, or other publications of general availability or circulation, nor the consideration and
hiring of persons responding to such advertisements, shall be deemed a breach of this Section 6.3, unless the advertisement and solicitation is undertaken as a means to circumvent or conceal a violation of this provision and/or the hiring party
acts with knowledge of this hiring prohibition. 
 (e) Each of the parties (i) acknowledges and agrees that
money damages would not be a sufficient remedy for any breach of this Section 6.3 by such party (or any other member of such party’s Group), (ii) consents to a court of competent jurisdiction entering an order finding that the
non-breaching party has been irreparably harmed as a result of any such breach and (iii) consents to the granting of injunctive relief without proof of actual damages as a remedy for any such breach. Such remedies shall not be deemed to be the
exclusive remedies for a breach of this Section 6.3 but shall be in addition to all other remedies available at law or equity to the non-breaching party. 

  
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 Section 6.4 Information Technology Transition Costs. Notwithstanding anything to
the contrary in this Agreement, upon the completion of the Distribution WMB shall promptly contribute to WPX $20.1 million for certain information technology transition costs expected to be incurred by the WPX Entities in connection with the
Distribution, less any amounts funded by WMB for such costs prior to the completion of the Distribution. 
 ARTICLE VII

 MUTUAL RELEASES; INDEMNIFICATION 
 Section 7.1 Mutual Releases. 
 (a) Except (i) as
provided in Section 7.1(c), (ii) as may be otherwise provided in this Agreement or any Ancillary Agreement and (iii) for any matter for which any WPX Indemnitee is entitled to indemnification pursuant to this Article VIII,
effective as of the Effective Time, WPX does hereby, for itself and each other WPX Entity and their respective Affiliates, predecessors, successors and assigns, and, to the extent WPX legally may, all Persons that at any time prior or subsequent to
the Effective Time have been stockholders, directors, officers, members, agents or employees of WPX or any other WPX Entity (in each case, in their respective capacities as such), remise, release and forever discharge each WMB Entity, their
respective Affiliates, successors and assigns, and all Persons that at any time prior to the Effective Time have been stockholders, directors, officers, members, agents or employees of WMB or any other WMB Entity (in each case, in their respective
capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and all Liabilities whatsoever, whether at law or in equity, whether arising under any contract or agreement, by operation of law or
otherwise, existing or arising from or relating to any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Effective Time, whether
or not known as of the Effective Time. 
 (b) Except (i) as provided in Section 7.1(c), (ii) as
may be otherwise provided in this Agreement or any Ancillary Agreement and (iii) for any matter for which any WMB Indemnitee is entitled to indemnification pursuant to this Article VIII, WMB does hereby, for itself and each other WMB
Entity and their respective Affiliates, successors and assigns, and, to the extent WMB legally may, all Persons that at any time prior to the Effective Time have been stockholders, directors, officers, members, agents or employees of WMB or any
other WMB Entity (in each case, in their respective capacities as such), remise, release and forever discharge each WPX Entity, their respective Affiliates, successors and assigns, and all Persons that at any time prior to the Effective Time have
been stockholders, directors, officers, members, agents or employees of WPX or any other WPX Entity (in each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and
all Liabilities whatsoever, whether at law or in equity, whether arising under any contract or 

  
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agreement, by operation of law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions
existing or alleged to have existed on or before the Effective Time, whether or not known as of the Effective Time. 
 (c) Nothing contained in Section 7.1(a) or 7.1(b) shall impair any right of any Person to enforce this Agreement, any Ancillary Agreement, including the applicable Schedules hereto and thereto, or
any arrangement that is not to terminate as of the Effective Time, as specified in Section 2.5(b). Nothing contained in Section 7.1(a) or 7.1(b) shall release any Person from: 

(i) any Liability provided in or resulting from any agreement among any WMB Entities and any WPX Entities that is not to
terminate as of the Effective Time, as specified in Section 2.5(b), or any other Liability that is not to terminate as of the Effective Time, as specified in Section 2.5(b); 

(ii) any Liability, contingent or otherwise, assumed, transferred, assigned or allocated to the Group of which such Person
is a member in accordance with, or any other Liability of any member of any Group under, this Agreement or any Ancillary Agreement; or 
 (iii) any Liability the release of which would result in the release of any Person other than a Person released pursuant to this Section 7.1; provided that the parties agree not to bring suit
or permit any of their Subsidiaries to bring suit against any Person with respect to any Liability to the extent that such Person would be released with respect to such Liability by this Section 7.1 but for the provisions of this clause (iii).

 (d) WPX shall not make, and shall not permit any other WPX Entity to make, any claim or demand, or commence
any Action asserting any claim or demand, including any claim for indemnification, against any WMB Entity, or any other Person released pursuant to Section 7.1(a), with respect to any Liabilities released pursuant to Section 7.1(a). WMB
shall not, and shall not permit any other WMB Entity, to make any claim or demand, or commence any Action asserting any claim or demand, including any claim for indemnification, against any WPX Entity, or any other Person released pursuant to
Section 7.1(b), with respect to any Liabilities released pursuant to Section 7.1(b). 
 (e) At any
time, at the request of any other party, each party shall cause each member of its respective Group to execute and deliver releases in form reasonably satisfactory to the other party reflecting the provisions of this Section 7.1. 

Section 7.2 Indemnification by WPX. Subject to Section 7.4, WPX shall, and shall cause each of its Subsidiaries that is
in the WPX Group as of the Effective Time to, jointly and severally indemnify, defend and hold harmless WMB, each WMB Entity and each of their respective current, former and future directors, officers and employees, and each of the heirs, executors,
successors and assigns of any of the foregoing (collectively, the “WMB Indemnitees”), from and against any and all Liabilities of the WMB Indemnitees relating to, arising out of or resulting from any of the following items (without
duplication): 
 (a) any WPX Liability, including the failure of WPX or any other member of the WPX Group or any
other Person to pay, perform or otherwise promptly discharge any WPX Liabilities in accordance with their respective terms, whether prior to, on or after the Effective Time; 

  
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 (b) the WPX Business; 

(c) any breach by any WPX Entity of this Agreement or any of the Ancillary Agreements; and 

(d) any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information contained in the Form 10 or the Information Statement; provided, however, that the indemnity
provided in this Section 7.2(d) shall not apply to any WMB Indemnitee with respect to any Liability to the extent arising out of any untrue statement or omission or alleged untrue statement or omission contained in any information furnished in
writing to WPX by WMB expressly for use in such filing. 
 Notwithstanding the foregoing, no WMB Indemnitee shall be entitled to indemnification
under this Section 7.2 for any Liability for which any WPX Indemnitee is entitled to be indemnified pursuant to Sections 7.3(d) and 7.3(e) below. 
 Section 7.3 Indemnification by WMB. Subject to Section 7.4, WMB shall, and shall cause each of its Subsidiaries that is in the WMB Group as of the Effective Time to, jointly and severally
indemnify, defend and hold harmless WPX, each WPX Entity and each of their respective current, former and future directors, officers and employees, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the
“WPX Indemnitees”), from and against any and all Liabilities of the WPX Indemnitees relating to, arising out of or resulting from any of the following items (without duplication): 

(a) any WMB Liability, including the failure of WMB or any other member of the WMB Group or any other Person to pay,
perform or otherwise promptly discharge any WMB Liabilities in accordance with their respective terms, whether prior to, on or after the Effective Time; 
 (b) the WMB Business; 
 (c) any breach by any WMB Entity of this
Agreement or any of the Ancillary Agreements; and 
 (d) any cash payment determined to be owed by any WPX Entity
in any of the pending proceedings set forth on Schedule 7.3(d) related to power marketing in California; provided, that WPX shall pay, or cause to be paid, to WMB any cash that a WPX Entity receives, or is entitled to receive, in
connection with such proceedings, regardless of whether such amount exceeds any amount due from WMB to WPX pursuant to this clause; and 

  
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 (e) the pending proceedings set forth on Schedule 7.3(e) related to
published gas price indices, including, solely for purposes of this Section 7.3(e), any Liability for indirect, punitive or consequential damages relating to such proceeding; provided, that if all or any portion of the indemnification
obligation set forth in this Section 7.3(e) is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, then the parties will, to the extent permitted by law, take such actions as may
reasonably be necessary in order to place the WPX Entities in the same position as if such obligation were fully valid, legal and enforceable. 

Notwithstanding the foregoing, no WPX Indemnitee shall be entitled to indemnification under this Section 7.3 for any Liability to the extent arising
out of any of the Contracts set forth on Schedule 7.3. 
 Section 7.4 Indemnification Obligations Net of
Insurance Proceeds and Other Amounts. 
 (a) The parties intend that any Liability subject to indemnification
or reimbursement pursuant to this Agreement will be net of Insurance Proceeds and other amounts received that actually reduce the amount of the Liability for which indemnification is sought. Accordingly, the amount which any party (an
“Indemnifying Party”) is required to pay to any Person entitled to indemnification or reimbursement under this Agreement (an “Indemnitee”) will be reduced by any Insurance Proceeds and other amounts theretofore
actually recovered by or on behalf of the Indemnitee in reduction of the related Liability. If an Indemnitee receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying Party in respect of any
Liability and subsequently receives Insurance Proceeds or other amounts therefor, then the Indemnitee will promptly pay to the Indemnifying Party an amount equal to the excess of the Indemnity Payment received over the amount of the Indemnity
Payment that would have been due if the Insurance Proceeds or other amounts had been received, realized or recovered before the Indemnity Payment was made. 
 (b) An insurer that would otherwise be obligated to defend or make payment in response to any claim shall not be relieved of the responsibility with respect thereto or, solely by virtue of the
indemnification provisions hereof, have any subrogation rights with respect thereto, it being expressly understood and agreed that no insurer or any other third party shall be entitled to a “windfall” (i.e., a benefit it would not be
entitled to receive in the absence of the indemnification provisions of this Agreement) by virtue of the indemnification provisions hereof. For the avoidance of doubt, in no event shall any party be obligated to seek recovery from any insurer as a
condition to obtaining the benefit of the indemnification provisions of this Agreement or any Ancillary Agreement. 

  
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 (c) If an indemnification claim is covered by the indemnification provisions
of an Ancillary Agreement, the claim shall be made under the Ancillary Agreement to the extent applicable and the provisions thereof shall govern such claim. In no event shall any party be entitled to double recovery from the indemnification
provisions of this Agreement and any Ancillary Agreement. 
 (d) Payments and reimbursements with respect to
Tax-related Liabilities and Tax-related indemnities are governed exclusively by the Tax Sharing Agreement. To the extent of any inconsistency or conflict between this Agreement and the Tax Sharing Agreement with respect to any matter relating to
WMB’s and WPX’s respective rights, responsibilities and obligations after the Distribution with respect to Taxes, the provisions of the Tax Sharing Agreement shall apply. 

Section 7.5 Third-Party Claims. 
 (a) If an Indemnitee shall receive notice or otherwise learn of the assertion by a Person (including any Governmental Authority) that is not a WMB Entity or a WPX Entity of any claim (including
environmental claims and demands or requests for investigation or remediation of contamination) or of the commencement by any such Person of any Action with respect to which an Indemnifying Party may be obligated to provide indemnification to such
Indemnitee pursuant to this Agreement or any Ancillary Agreement (collectively, a “Third-Party Claim”), such Indemnitee shall give such Indemnifying Party written notice thereof as soon as promptly practicable, but no later than 30
days after becoming aware of such Third-Party Claim. Any such notice shall describe the Third-Party Claim in reasonable detail and contain written correspondence received from the third party that relates to the Third-Party Claim. Notwithstanding
the foregoing, the failure of any Indemnitee to give notice as provided in this Section 7.5(a) shall not relieve the related Indemnifying Party of its obligations under this Article VII, except to the extent that such Indemnifying Party is
prejudiced by such failure to give notice. 
 (b) With respect to any Third-Party Claim: 

(i) Unless the parties otherwise agree, within 30 days after the receipt of notice from an Indemnitee in accordance with
Section 7.5(a), an Indemnifying Party shall defend (and, unless the Indemnifying Party has specified any reservations or exceptions, seek to settle or compromise), at such Indemnifying Party’s own cost and expense and by such Indemnifying
Party’s own counsel, any Third-Party Claim. The applicable Indemnitee shall have the right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof, but the fees and expenses of such
counsel shall be the expense of such Indemnitee. Notwithstanding the foregoing, the Indemnifying Party shall be liable for the fees and expenses of counsel employed by the Indemnitee (A) for any period during which the Indemnifying Party has
not assumed the defense of such Third-Party Claim (other than during any period in which the Indemnitee shall have failed to give notice of the Third-Party Claim in accordance with Section 7.5(a)) or (B) to the extent that such engagement
of counsel is as a result of a conflict of interest, as reasonably determined by the Indemnitee acting in good faith. 

  
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 (ii) No Indemnifying Party shall consent to entry of any judgment or enter
into any settlement of any Third-Party Claim without the consent of the applicable Indemnitee; provided, however, that such Indemnitee shall be required to consent to such entry of judgment or to such settlement that the Indemnifying
Party may recommend if the judgment or settlement (A) contains no finding or admission of any violation of Law or any violation of the rights of any Person, (B) involves only monetary relief which the Indemnifying Party has agreed to pay
and could not reasonably be expected to have a significant adverse impact (financial or non-financial) on the Indemnitee, including a significant adverse impact on the rights, obligations, operations, standing or reputation of the Indemnitee (or any
of its Subsidiaries or Affiliates), and (C) includes a full and unconditional release of the Indemnitee. Notwithstanding the foregoing, in no event shall an Indemnitee be required to consent to any entry of judgment or settlement if the effect
thereof is to permit any injunction, declaratory judgment, other order or other nonmonetary relief to be entered, directly or indirectly, against any Indemnitee. 

(c) Whether or not the Indemnifying Party assumes the defense of a Third-Party Claim, no Indemnitee shall admit any
liability with respect to, or settle, compromise or discharge, such Third-Party Claim without the Indemnifying Party’s prior written consent, which consent shall not be unreasonably withheld or delayed. 

Section 7.6 Additional Matters. 
 (a) Any claim on account of a Liability that does not result from a Third-Party Claim shall be timely asserted by written notice given by the Indemnitee to the related Indemnifying Party. Such
Indemnifying Party shall have a period of 30 days after the receipt of such notice within which to respond thereto. If such Indemnifying Party does not respond within such 30-day period, such Indemnifying Party shall be deemed to have refused to
accept responsibility to make payment. If such Indemnifying Party does not respond within such 30-day period or rejects such claim in whole or in part, such Indemnitee shall be free to pursue remedies as specified by this Agreement and the Ancillary
Agreements. 
 (b) In the event of payment by or on behalf of any Indemnifying Party to any Indemnitee in
connection with any Third-Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating
to such Third-Party Claim against any claimant or plaintiff asserting such Third-Party Claim or against any other Person. Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such
Indemnifying Party, in prosecuting any subrogated right, defense or claim. 
 (c) In the event of an Action in
which the Indemnifying Party is not a named defendant, if either the Indemnitee or the Indemnifying Party shall so request, the parties shall endeavor to substitute the Indemnifying Party for the named defendant, if reasonably practicable. If such
substitution or addition cannot be achieved or is not requested, the named defendant shall allow the Indemnifying Party to manage the Action as set forth in this Agreement and the Indemnifying Party shall fully indemnify the named defendant against
all costs of defending the Action (including court costs, sanctions 

  
 25 

 
imposed by a court, attorneys’ fees, experts’ fees and all other external expenses, and the allocated costs of in-house counsel and other personnel), the costs of any judgment or
settlement, and the cost of any interest or penalties relating to any judgment or settlement. 
 Section 7.7 Remedies
Cumulative. The remedies provided in this Article VII shall be cumulative and shall not preclude assertion by any Indemnitee of any other rights or the seeking of any and all other remedies against any Indemnifying Party. 

Section 7.8 Survival of Indemnities. The rights and obligations of each of WMB and WPX and their respective
Indemnitees under this Article VII shall survive the sale or other transfer by any party of any assets or businesses or the assignment by it of any Liabilities. 
 Section 7.9 Limitation on Liability. Except as may expressly be set forth in this Agreement, none of WMB, WPX, or any other member of either Group shall in any event have any Liability to the
other or to any other member of the other’s Group, or to any other WMB Indemnitee or WPX Indemnitee, as applicable, under this Agreement (a) to the extent that any such Liability resulted from any willful violation of Law or fraud by the
party seeking indemnification or (b) subject to Section 7.3(e), for any indirect, punitive or consequential damages. Notwithstanding the foregoing, the provisions of this Section 7.9 shall not limit an Indemnifying Party’s
indemnification obligations with respect to any Liability that any Indemnitee may have to any third party not affiliated with any member of the WMB Group or the WPX Group. 
 ARTICLE VIII 
 TERMINATION 

Section 8.1 Termination. This Agreement and any Ancillary Agreement may be terminated at any time prior to the Distribution
in the sole discretion of WMB without the approval of WPX. The obligations of the parties under Article III (including the obligation to pursue or effect the Distribution) may be terminated by WMB if any time after the Distribution it determines, in
its sole and absolute discretion, that the Distribution would not be in the best interests of WMB or its stockholders. 

Section 8.2 Effect of Termination. In the event of any termination of this Agreement prior to the Distribution, no party (or
any of its directors or officers) shall have any Liability or further obligation to any other party with respect to this Agreement. 
 ARTICLE IX 
 DISPUTE RESOLUTION 

Section 9.1 Disputes. Except as otherwise specifically provided in any Ancillary Agreement, the procedures for discussion,
negotiation and mediation set forth in this Article IX shall apply to all disputes, controversies or claims (whether arising in contract, tort or otherwise) that may arise out of or relate to, or arise under or in connection with this Agreement or
any Ancillary Agreement, or the transactions contemplated hereby or thereby (including all actions taken in furtherance of the transactions contemplated hereby or thereby on or prior to the Effective Time), or the commercial or economic relationship
of the parties relating hereto or thereto, between or among any Person in the WMB Group and the WPX Group. 

  
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 Section 9.2 Escalation; Mediation. 

(a) It is the intent of the parties to use their respective commercially reasonable efforts to resolve expeditiously any
dispute, controversy or claim between or among them with respect to the matters covered hereby that may arise from time to time on a mutually acceptable negotiated basis. In furtherance of the foregoing, upon the written notice of either party, each
party shall appoint a representative at an authority level above the level of the individuals who have been unable to resolve the dispute (the “Next Step Up Representatives”). The Next Step Up Representatives shall be appointed as
determined in the discretion of each party considering the importance of the relationship, the complexity of the issues, and the size of the amounts in dispute. The parties shall allow for a period of 15 Business Days after the last representative
is appointed and contact information provided to the other party for the Next Step Up Representatives to negotiate a resolution of the dispute before the parties are required to move to the mediation stage. This 15 Business Day period may be waived
jointly in writing. 
 (b) If the parties are not able to resolve the dispute, controversy or claim (except those
relating to Environmental Liabilities, which are addressed in Section 9.2(c) below) through the escalation process referred to above, then either party may submit the dispute to mediation by written notice to the other party. The parties shall
jointly retain a mediator to aid the parties in their discussions and negotiations by informally providing advice to the parties. The mediator shall be selected by the parties. If the parties cannot agree on a mediator within 30 days after the
notice to mediate, the International Institute for Conflict Prevention and Resolution (“CPR”) shall designate a mediator at the request of either party. Any mediator proposed by CPR must be reasonably acceptable to both parties. Any
opinion expressed by the mediator shall be strictly advisory and shall not be binding on the parties, nor shall any opinion expressed by the mediator be admissible in any other proceeding. Costs of the mediation shall be borne equally by the parties
involved in the matter, except that each party shall be responsible for its own expenses. Mediation shall be a prerequisite to the commencement of any Proceeding (except those relating to Environmental Liabilities, which are addressed in
Section 9.2(c) below) by either party. 
 (c) If the parties are not able to resolve any technical or
factual dispute, controversy or claim relating to Environmental Liabilities through the escalation process referred to above, then either party may submit the dispute to mediation by written notice to the other party. The parties shall jointly
retain a technical mediator, such as a third-party environmental consultant or other person with specific technical expertise in the matter involved in the dispute, controversy or claim to aid the parties in their discussions and negotiations. The
technical mediator shall be selected by the parties. If the parties cannot agree on a technical mediator within 30 days after the notice to mediate, CPR shall designate a technical mediator at the request of either party. Any technical mediator
proposed by CPR must be reasonably acceptable to both parties. The technical mediator shall provide informal advice to the parties and, if requested by both parties, shall also 

  
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provide a written opinion letter or report summarizing the matter in dispute, identifying any significant assumptions or informational gaps underlying that summary, and setting forth the
conclusions and recommendations of the technical mediator. Unless mutually agreed by the parties in writing, any opinion expressed by the technical mediator shall be strictly advisory and shall not be binding on the parties, nor shall any opinion
expressed or delivered by the technical mediator be admissible in any other proceeding. Costs related to the technical mediator’s work, including any investigation, data-gathering or sampling recommended by the technical mediator, shall be
borne equally by the parties involved in the matter, except that each party shall be responsible for its own expenses. Technical mediation shall be a prerequisite to the commencement of any Proceeding relating to Environmental Liabilities by either
party. 
 (d) For purposes of this Section 9.2: 

(i) “Environmental Laws” means all federal, state, local and foreign Laws, including all judicial and
administrative orders, determinations, and consent agreements or decrees, that relate, in whole or in part, to Hazardous Substances, pollution, contaminants, harmful substances, protection of the environment or human health, including those that
regulate the use, manufacture, generation, handling, labeling, testing, transport, treatment, storage, processing, discharge, disposal, release, threatened release, control, or cleanup of harmful substances, pollutants, contaminants, Hazardous
Substances or materials containing such substances, regardless of when enacted or effective; 
 (ii)
“Environmental Liabilities” means any Liabilities arising out of or relating to the environment, human health, any Environmental Law, Hazardous Substances or exposure to Hazardous Substances, pollutants, contaminants or other
harmful substances, including (A) fines, penalties, judgments, awards, settlements, losses, damages (including consequential damages), costs, fees (including attorneys’ and consultants’ fees), expenses and disbursements,
(B) costs of defense and other responses to any administrative or judicial action (including notices, claims, complaints, suits and other assertions of liability), (C) responsibility for any investigation, remediation, monitoring or
cleanup costs, injunctive relief, tort claims, natural resource damages, and any other environmental compliance or remedial measures, in each case known or unknown, foreseen or unforeseen, and (D) any claims, suits or actions (whether
third-party or otherwise) for any Liability, including personal injury or property damage; and 
 (iii)
“Hazardous Substances” means all materials, wastes or substances defined by, or regulated under, any Environmental Laws now or in the future and any substance that can give rise to any claim, suit or action (whether third-party or
otherwise) for any Liabilities, including personal injury or property damage. 
 Section 9.3 Court Actions.

 (a) In the event that any party, after complying with the provisions set forth in Section 9.2 above,
desires to commence an Action, such party, subject to Section 10.11, may submit the dispute, controversy or claim (or such series of related disputes, controversies or claims) to any court of competent jurisdiction. 

  
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 (b) Unless otherwise agreed in writing, the parties will continue to provide
service and honor all other commitments under this Agreement and the Ancillary Agreements during the course of dispute resolution pursuant to the provisions of this Article IX, except to the extent such commitments are the subject of such dispute,
controversy or claim. 
 ARTICLE X 
 MISCELLANEOUS 
 Section 10.1 Corporate Power. WMB represents on
behalf of itself and each other WMB Entity, and WPX represents on behalf of itself and each other WPX Entity, that: 
 (a) each such Person is a corporation or other entity duly incorporated or formed, validly existing and in good standing under the Laws of the state or other jurisdiction of its incorporation or
formation, and has all material corporate or other similar powers required to carry on its business as currently conducted; 
 (b) each such Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and each other
Ancillary Agreement to which it is a party and to consummate the transactions contemplated hereby and thereby; and 
 (c) this Agreement and each Ancillary Agreement to which it is a party has been duly executed and delivered by it and constitutes a valid and binding agreement of such Person enforceable in accordance
with the terms hereof and thereof. 
 Section 10.2 Coordination with Certain Ancillary Agreements; Conflicts. In the
event of any conflict or inconsistency between any provision of any of the Ancillary Agreements and any provision of this Agreement, the applicable Ancillary Agreement shall control over the inconsistent provisions of this Agreement as to the
matters specifically addressed in such Ancillary Agreement. 
 Section 10.3 Expenses. Except as expressly set forth
in this Agreement or in any Ancillary Agreement, all fees, costs and expenses paid or incurred in connection with the Separation and the performance of this Agreement and any Ancillary Agreement, whether performed by a third-party or internally,
will be paid by the party incurring such fees or expenses, whether or not the Separation is consummated, or as otherwise agreed by the parties. 
 Section 10.4 Amendment and Modification. This Agreement and the Ancillary Agreements may not be amended, modified or supplemented in any manner, whether by course of conduct or
otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each party. 

  
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 Section 10.5 Waiver. No failure or delay of any party in exercising any right or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder. Any agreement on the part
of any party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such party. 
 Section 10.6 Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by
facsimile, upon written confirmation of receipt by facsimile, e-mail or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the
earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below,
or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
  

	 	(i)	if to WMB or any other WMB Entity, to: 

 The Williams Companies, Inc. 
 One Williams Center 

Tulsa, Oklahoma 74172-0172 
 Attention: General Counsel 
 Facsimile: 918-573-1807 

E-mail: craig.rainey@williams.com 
  

	 	(ii)	if to WPX or any other WPX Entity, to: 

 WPX Energy, Inc. 
 One Williams Center 

Tulsa, Oklahoma 74172-0172 
 Attention: General Counsel 
 Facsimile: 918-573-5942 

E-mail: james.bender@williams.com 
 Section 10.7 Interpretation. When a reference is made in this Agreement to a Section, Article, or Exhibit such reference shall be to a Section, Article, or Exhibit of this Agreement unless
otherwise indicated. The table of contents and headings contained in this Agreement or in any Exhibit are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in
this Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Schedule or Exhibit but not otherwise defined therein shall have the meaning as defined in this Agreement. All Schedules
and Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth herein. The word “including” and words of similar import when used in this Agreement shall mean “including,
without limitation,” unless otherwise specified. The word “day” when used in this Agreement shall mean “calendar day,” unless otherwise specified. 

  
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 Section 10.8 Entire Agreement. This Agreement and the Ancillary Agreements and
the Exhibits, Schedules and Appendices hereto and thereto constitute the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements,
communications and understandings among the parties with respect to the subject matter hereof. None of this Agreement or any of the Ancillary Agreements shall be deemed to contain or imply any restriction, covenant, representation, warranty,
agreement or undertaking of any party with respect to the transactions contemplated hereby and thereby other than those expressly set forth herein or therein or in any document required to be delivered hereunder or thereunder. Notwithstanding any
oral agreement or course of action of the parties or their representatives to the contrary, no party to this Agreement shall be under any legal obligation to enter into or complete the transactions contemplated hereby unless and until this Agreement
shall have been executed and delivered by each of the parties. 
 Section 10.9 No Third Party Beneficiaries. Except
for the indemnification rights under this Agreement of any WMB Indemnitee or WPX Indemnitee in their respective capacities as such, nothing in this Agreement or the Ancillary Agreements, express or implied, is intended to or shall confer upon any
Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement or the Ancillary Agreements. 

Section 10.10 Governing Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement or
the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal Laws of the State of Oklahoma, without regard to the Laws of any other jurisdiction that might be applied because of the conflicts of laws
principles of the State of Oklahoma. 
 Section 10.11 Submission to Jurisdiction. Except as otherwise specifically
provided in any Ancillary Agreement, with respect to any suit, action or proceeding relating to this Agreement or any Ancillary Agreement (a “Proceeding”), each party to this Agreement irrevocably (a) consents and submits to
the exclusive jurisdiction of the state and federal courts located in Tulsa County, Oklahoma; (b) waives any objection which such party may have at any time to the laying of venue of any Proceeding brought in any such court, waives any claim
that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction over such party; and (c) consents to the service of process at
the address set forth for notices in Section 10.6; provided, however, that such manner of service of process shall not preclude the service of process in any other manner permitted under applicable law. 

  
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 Section 10.12 Assignment. Except as specifically provided in any Ancillary
Agreement, none of this Agreement, any of the Ancillary Agreements, or any of the rights, interests or obligations hereunder or thereunder may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any party without the
prior written consent of the other parties, and any such assignment without such prior written consent shall be null and void. If any party (or any of its successors or permitted assigns) (a) shall consolidate with or merge into any other
Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (b) shall transfer all or substantially all of its properties and/or assets to any Person, then, and in each such case, the party (or
its successors or permitted assigns, as applicable) shall ensure that such Person assumes all of the obligations of such party (or its successors or permitted assigns, as applicable) under this Agreement and all applicable Ancillary Agreements.

 Section 10.13 Severability. Whenever possible, each provision or portion of any provision of this Agreement and
the Ancillary Agreements shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement or the Ancillary Agreements is held to be invalid, illegal or
unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement or the
Ancillary Agreements shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein. 

Section 10.14 Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OF THE ANCILLARY AGREEMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 10.15 Counterparts. This Agreement and each Ancillary Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. 

Section 10.16 Facsimile Signature. This Agreement may be executed by facsimile signature and a facsimile signature shall
constitute an original for all purposes. 
 [The remainder of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives as of the date first set forth above. 
  

			
	THE WILLIAMS COMPANIES, INC.
		
	By:	 	/s/ Alan S. Armstrong
		 	Name: Alan S. Armstrong
		 	Title: Chief Executive Officer

  

			
	WPX ENERGY, INC.
		
	By:	 	/s/ Ralph A. Hill
		 	Name: Ralph A. Hill
		 	Title: Chief Executive Officer

 [Signature Page to Separation and Distribution Agreement] 

 Exhibit A 

Contributed Entities 
 (such entities are held 100% by WPX Energy, Inc. 
 or its subsidiaries unless
otherwise noted) 
 WPX Energy, Inc. 

Williams Production Holdings LLC 
 Williams
Production Ryan Gulch LLC 
 Williams Production RMT Company LLC 
 Fort Union Gas Gathering, L.L.C. (11.11%) 
 Bison Royalty LLC 

Barrett Resources International Corporation 

Dakota-3 E&P Company, LLC 
 D-3 Van Hook
Gathering Services, LLC 
 Williams Production Company, LLC 
 Williams Production Rocky Mountain Company 
 Williams Production Mid-Continent Company 

Williams Arkoma Gathering Company, LLC 
 Williams
Production Keystone LLC 
 WPX Gas Resources Company 
 Williams Production Appalachia LLC 
 Williams Marcellus Gathering LLC 

Diamond Elk, LLC 
 RW Gathering, LLC (50%)

 Mockingbird Pipeline, L.P. 
 Williams
Production — Gulf Coast Company, L.P. 
 WPX Enterprises, Inc. 
 WPX Energy Marketing, LLC 
 Northwest Argentina Corporation 

Williams International Oil & Gas (Venezuela) Limited 
 [Exhibit A to Separation and Distribution Agreement]

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