Document:

EX-10.42

 Exhibit 10.42 
 SEVENTH AMENDMENT 
 TO DEVELOPMENT AND SUPPLY AGREEMENT 

Effective as of date of the last signature below, Abbott Laboratories, an Illinois corporation having a principal place of business at
100 Abbott Park Road, Abbott Park, Illinois 60064-3500 (“Abbott”), and Seattle Genetics, Inc., a Delaware corporation having a principal place of business at 21823 – 30th Drive Southeast in Bothell, Washington 98021 (“Seattle
Genetics”) (individually the “Party” or collectively the “Parties”) agree to the following terms and conditions (this “Seventh Amendment”) as set forth below. 

WHEREAS, the Parties entered into a Development and Supply Agreement with an Effective Date of February 23, 2004 for the
manufacture of a chimeric anti-CD30 AC10 monoclonal antibody known as cAC10 Bulk Drug Substance (the “Original Agreement”), which also constitutes the antibody component of SGN-35 and the Parties subsequently entered into six amendments to
the Original agreement (the “First Amendment”, “Second Amendment”, “Third Amendment”, “Fourth Amendment”, “Fifth Amendment” and “Sixth Amendment”, respectively. Collectively the Original
Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment and the Sixth Amendment are hereinafter referred to as the “Agreement”); and 

WHEREAS, the Parties desire to further amend the Agreement as herein provided as of the date hereof. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained here and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 1. Incorporation
of the Agreement. All capitalized terms which are used but not otherwise defined herein shall have the same meanings as set forth in the Agreement, and the Agreement, to the extent not inconsistent with this Seventh Amendment, is incorporated
herein by this reference as though the same was set forth in its entirety. To the extent any terms and provisions of the Agreement are inconsistent with the amendments set forth in Paragraphs 2 and 3 below, such terms and provisions shall be deemed
superseded hereby. Except as specifically set forth herein, the Agreement shall remain in full force and effect and its provisions shall be binding on the parties. 
 2. Process Development Work. The Parties agree that Abbott shall perform the activities set forth in Stage 13a of Attachment 1 hereto pursuant to the terms and conditions of the Agreement.

 3. Payment Schedule. As compensation for the activities to be performed by Abbott pursuant to Attachment 1 hereto,
Seattle Genetics shall pay to Abbott the price established for each project stage on the dates set forth in Attachment 2. Billings associated with this Seventh Amendment may be combined on the same invoice with other, regular Payment Schedule
charges. 
 4. Project References. All references to the Project set forth in the Agreement, with the exception of the
Payment Schedule and Facility Reservation Fee for the Project, shall also be deemed to apply to the activities performed by Abbott, pursuant to this Seventh Amendment. 

 
 Confidential treatment has been requested for portions of this document.
This document omits the information subject to the 
 confidential treatment request. Omissions are designated as ***. A complete version
of this document has been filed separately with 
 the Securities and Exchange Commission. 

 6. Effectuation. The amendment to the Agreement contemplated by this Seventh
Amendment shall be deemed effective as of the last date written below upon the full execution of this Seventh Amendment and without any further action required by the parties hereto. There are no conditions precedent or subsequent to the
effectiveness of this Seventh Amendment. All terms and conditions set forth in Agreement that are not amended hereby shall remain in full force and effect. Any term of this Seventh Amendment may be amended with the written consent of both parties.
From the date hereof, any reference to the Agreement shall be deemed to refer to the Agreement as amended by this Seventh Amendment. 
 7. Counterparts. This Seventh Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same
instrument. One or more counterparts of this Seventh Amendment may be delivered by facsimile, with the intention that delivery by such means shall have the same effect as delivery of an original counterpart thereof. 

8. Entire Agreement. This Seventh Amendment and exhibits hereto are the product of both of the Parties hereto, and together with
the Agreement and exhibits thereto constitute the entire agreement between such parties pertaining to the subject matter hereof, and merge all prior negotiations and drafts of the Parties with regard to the transactions contemplated herein.

 IN WITNESS WHEREOF, the parties have executed Second Amendment of the dates set forth below. 

 

							
	ABBOTT LABORATORIES 	  	SEATTLE GENETICS, INC.
				
	By:	 	  /s/ Keith Kentala
	  	By:	  	  /s/ Clay B. Siegall

	Name: Keith Kentala	  	Name: Clay. B. Siegall
	Title: General Manager, Commercial Operations	  	Title: President & CEO
	Date: 01/02/2013	  	Date: 12/19/12

 STAGE 13A: REFERENCE STANDARD GENERATION AND STABILITY 

[***]. 
 Table 1: Reference Standard Testing
– Qualification and Stability (i.e. Re-evaluation) Testing 
  

																									
	 Storage Temperature
	  	Time point (Months)	 
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 	 	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 	 	 	[	***] 	 	 	[	***] 	 	 	[	***] 

 [***] 
 Seattle
Genetics Deliverables: 
 [***] 
 Abbot
Deliverables: 
 [***] 
 Price:

  

					
	 Reference standard generation & year [***] testing:
	  	 	$[***]	  
	 Stability testing – years [***] through [***]
	  	 	$[***]	  
		  	  
	  
	 
	 Total
	  	 	$[***]        	  

  

	***	Confidential treatment has been requested with respect to the redacted portions of the referenced exhibit. 

 PAYMENT SCHEDULE 

[***] 

2012 
  

																																																							
	 Stage
	  	 Activities
	  	Jan	 	  	Feb	 	  	Mar	 	  	Apr	 	  	May	 	  	Jun	 	  	Jul	 	  	Aug	 	  	Sep	 	  	Oct	 	  	Nov	 	  	Dec	 	  	Year	 
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
		  	 Total
	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  

 2013 
  

																																																							
	 Stage
	  	 Activities
	  	Jan	 	  	Feb	 	  	Mar	 	  	Apr	 	  	May	 	  	Jun	 	  	Jul	 	  	Aug	 	  	Sep	 	  	Oct	 	  	Nov	 	  	Dec	 	  	Year	 
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
		  	 Total
	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  

 2014 
  

																																																							
	 Stage
	  	 Activities
	  	Jan	 	  	Feb	 	  	Mar	 	  	Apr	 	  	May	 	  	Jun	 	  	Jul	 	  	Aug	 	  	Sep	 	  	Oct	 	  	Nov	 	  	Dec	 	  	Year	 
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
		  	 Total
	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  

 2015 
  

																																																							
	 Stage
	  	 Activities
	  	Jan	 	  	Feb	 	  	Mar	 	  	Apr	 	  	May	 	  	Jun	 	  	Jul	 	  	Aug	 	  	Sep	 	  	Oct	 	  	Nov	 	  	Dec	 	  	Year	 
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
		  	 Total
	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  

 2016 
  

																																																							
	 Stage
	  	 Activities
	  	Jan	 	  	Feb	 	  	Mar	 	  	Apr	 	  	May	 	  	Jun	 	  	Jul	 	  	Aug	 	  	Sep	 	  	Oct	 	  	Nov	 	  	Dec	 	  	Year	 
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
	13A	  	 Reference Std Gen and Testing
	  				  				  				  				  				  				  				  				  				  				  	 	[***]	  	  				  	 	[***]	  
		  	 Total
	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  

  

	***	Confidential treatment has been requested with respect to the redacted portions of the referenced exhibit.EX-10.4

 EXHIBIT 10.4 
 Date=Grant Date 
  

	TO:	<@Name@> 

  

	FROM:	Alan S. Armstrong 

SUBJECT: 2013 Performance-Based Restricted Stock Unit Award 
 You have been selected to receive a performance-based restricted stock unit award to be paid if the Company exceeds the Threshold goal for Total Shareholder Return, as established by the Committee, over
the Performance Period. This award is subject to the terms and conditions of The Williams Companies, Inc. 2007 Incentive Plan, as amended and restated from time to time, and the 2013 Performance-Based Restricted Stock Unit Agreement (the
“Agreement”). 
 This award is granted to you in recognition of your role as an employee whose responsibilities and performance are
critical to the attainment of long-term goals. This award and similar awards are made on a selective basis and are, therefore, to be kept confidential. 
 Subject to all of the terms of the Agreement, you will become entitled to payment of the award if you are an active employee of the Company on the third anniversary of the grant date and if performance
measures are certified for the three-year period beginning January 1 of the year in which this award is made to you. The adjustment and termination provisions associated with this award are included in the Agreement. 

If you have any questions about this award, you may contact a dedicated Fidelity Stock Plan Representative at 1-800-544-9354. 

 2013 PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT 

THIS 2013 PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”), which contains the terms and conditions
for the Restricted Stock Units (“Restricted Stock Units” or “RSUs”) referred to in the 2013 Performance-Based Restricted Stock Unit Award Letter delivered in hard copy or electronically to the Participant (“2013 Award
Letter”), is by and between THE WILLIAMS COMPANIES, INC., a Delaware corporation (the “Company”), and the individual identified on the last page hereof (the “Participant”). 

1. Grant of RSUs. Subject to the terms and conditions of The Williams Companies, Inc. 2007 Incentive Plan, as amended and restated from time to
time (the “Plan”), this Agreement, and the 2013 Award Letter, the Company hereby grants to the Participant an award (the “Award) of <@Num+C @> RSUs effective <@GrDt+C@> (the “Effective Date”). The
Award, which is subject to adjustment under the terms of this Agreement, gives the Participant the opportunity to earn the right to receive the number of shares of the Common Stock of the Company equal to the number of RSUs shown in the prior
sentence if the Target goal, as established by the Committee, is achieved by the Company over the Performance Period. These shares, together with any other shares that are payable under this Agreement, are referred to in the Agreement as
“Shares.” Until the Participant both becomes vested in the Shares under the terms of Paragraph 5 and is paid such Shares under the terms of Paragraph 6, the Participant shall have no rights as a stockholder of the Company with respect to
the Shares. 
 2. Incorporation of Plan and Acceptance of Documents. The Plan is hereby incorporated herein by reference, and all
capitalized terms used herein which are not defined in this Agreement shall have the meaning set forth in the Plan. The Participant acknowledges that he or she has received a copy of, or has online access to, the Plan, and hereby automatically
accepts the RSUs subject to all the terms and provisions of the Plan and this Agreement. The Participant hereby further agrees that he or she has received a copy of, or has online access to, the Plan prospectus, as updated from time to time, and
hereby acknowledges his or her automatic acceptance and receipt of such prospectus electronically. 
 3. Committee Decisions and
Interpretations; Committee Discretion. The Participant hereby agrees to accept as binding, conclusive and final all actions, decisions and/or interpretations of the Committee, its delegates, or agents, upon any questions or other matters arising
under the Plan or this Agreement. 
 4. Performance Measures; Number of Shares Payable to the Participant. 

(a) Performance measures established by the Committee shall be based on targeted levels of both absolute and relative Total Shareholder
Return. The Committee establishes 

 
(i) “Threshold,” “Target” and “Stretch” goals for Total Shareholder Return (both for absolute and relative Total Shareholder Return) during the Performance Period
and (ii) the designated numbers of Shares that may be received by a Participant based upon the achievement of each such goal during the Performance Period, all as more fully described in Subparagraphs 4(b) through 4(c) below. The number of
Shares that may be received by the Participant if the Target goal is reached is equal to the number of RSUs set forth in Paragraph 1 above. 
 (b) The RSUs awarded to Participant and subject to this Agreement as reflected in Paragraph 1 above represents Participant’s opportunity to earn the right to payment of an equal number of Shares
(“Target Number of Shares”) upon (i) certification by the Committee that 100% of the Target goal for Total Shareholder Return for the Performance Period has been met and (ii) satisfaction of all the other conditions set forth in
Paragraph 5 below. 
 (c) Subject to the Committee’s discretion as set forth in Subparagraph 4(d) below and to satisfaction
of all other conditions set forth in Paragraph 5 below, the actual number of Shares earned by and payable to Participant upon certification of Total Shareholder Return results and satisfaction of all other conditions set forth in Paragraph 5 below
will be determined on a continuum ranging from 0% (at the Threshold goal) to 200% (at the Stretch goal) of the Target Number of Shares depending on the level of Total Shareholder Return certified by the Committee at the end of the Performance
Period. 
 (d) Notwithstanding (i) any other provision of this Agreement or the Plan or (ii) certification by the
Committee that targets for Total Shareholder Return above the Threshold goal have been achieved during the Performance Period, the Committee may in its sole and absolute discretion reduce, but not below zero (0), the number of Shares payable to the
Participant based on such factors as it deems appropriate, including but not limited to the Company’s performance. Accordingly, any reference in this Agreement to Shares that (i) become payable, (ii) may be received by a Participant
or (iii) are earned by a Participant, and any similar reference, shall be understood to mean the number of Shares that are received, payable or earned after any such reduction is made. 
 5. Vesting; Legally Binding Rights. 
 (a) Notwithstanding any other
provision of this Agreement, a Participant shall not be entitled to any payment of Shares under this Agreement unless and until such Participant obtains a legally binding right to such Shares and satisfies applicable vesting conditions for such
payment. 
 (b) Except as otherwise provided in Subparagraphs 5(c) – 5(g) below and subject to the provisions of
Subparagraph 4(d) above, the Participant shall vest in Shares under this Agreement only if and at the time that both of the following conditions are fully satisfied: 
 (i) The Participant remains an active employee of the Company or any of its Affiliates on the third anniversary of the Effective Date (the “Maturity Date”); and 

 (ii) The Committee certifies that the Company has met Total Shareholder Return targets above
the Threshold goal as defined by the Committee for the three-year performance period beginning January 1, 2013 (the “Performance Period”). Certification, if any, by the Committee for the Performance Period shall be made by the
Maturity Date or as soon thereafter as is administratively practicable. 
 (c) If a Participant dies, becomes Disabled (as
defined below) or qualifies for Retirement (as defined below) prior to the Maturity Date while an active employee of the Company or any of its Affiliates, at but not prior to the Maturity Date, and only to the extent and at the time that the
Committee certifies that the performance measures for the Performance Period are satisfied under Subparagraph 5(b)(ii) above, upon such certification, the Participant shall vest in that number of Shares the Participant might otherwise have received
for the Performance Period in accordance with Subparagraphs 4(a) through 4(d) above prorated to reflect that portion of the Performance Period prior to such Participant’s ceasing being an active employee of the Company and its Affiliates. The
pro rata number of Shares in which the Participant may become vested in such case shall equal that number determined by multiplying (i) the number of Shares the Participant might otherwise have received for the Performance Period in accordance
with Subparagraphs 4(a) to 4(d) above times (ii) a fraction, the numerator of which is the number of full and partial months in the period that begins the month following the month that contains the Effective Date and ends on (and
includes) the date the Participant ceases being an active employee of the Company and its Affiliates, and the denominator of which is the total number of full and partial months in the period that begins the month following the month that contains
the Effective Date and ends on (and includes) the Maturity Date. 
 (d) As used in this Agreement, the terms
“Disabled,” “qualify for Retirement,” “Separation from Service” and “Affiliate” shall have the following respective meanings: 
 (i) A Participant shall be considered Disabled if such Participant (A) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (B) is, by reason of any medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering
employees of the Participant’s employer. Notwithstanding the forgoing, all determinations of whether a Participant is Disabled shall be made in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and guidance thereunder. 
 (ii) A Participant “qualifies for Retirement” only if such Participant
experiences a Separation from Service (as defined in (iii) below) after attaining age fifty-five (55) and completing at least three (3) years of service with the Company or any of its Affiliates. 

 (iii) “Separation from Service” means a Participant’s termination or deemed
termination from employment with the Company and its Affiliates (as defined in (iv) below). For purposes of determining whether a Separation from Service has occurred, the employment relationship is treated as continuing intact while the
Participant is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months, or if longer, so long as the Participant retains a right to reemployment with his or her employer under
an applicable statute or by contract. For this purpose, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for his or her employer. If the period
of leave exceeds six (6) months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship will be deemed to terminate on the first date immediately following such six
(6) month period. Notwithstanding the foregoing, if a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less
than six (6) months, and such impairment causes the Participant to be unable to perform the duties of the Participant’s position of employment or any substantially similar position of employment, a twenty-nine (29) month period of
absence shall be substituted for such six (6) month period. For purposes of this Agreement, a Separation from Service occurs at the date as of which the facts and circumstances indicate either that, after such date: (A) the Participant and
the Company reasonably anticipate the Participant will perform no further services for the Company and its Affiliates (whether as an employee or an independent contractor) or (B) that the level of bona fide services the Participant will perform
for the Company and its Affiliates (whether as an employee or independent contractor) will permanently decrease to no more than twenty (20%) of the average level of bona fide services performed over the immediately preceding thirty-six
(36) month period or, if the Participant has been providing services to the Company and its Affiliates for less than thirty-six (36) months, the full period over which the Participant has rendered services, whether as an employee or
independent contractor. The determination of whether a Separation from Service has occurred shall be governed by the provisions of Treasury Regulation § 1.409A-1, as amended, taking into account the objective facts and circumstances with
respect to the level of bona fide services performed by the Participant after a certain date. 
 (iv) As used in this Agreement,
“Affiliate” means all persons with whom the Company would be considered a single employer under Section 414(b) of the Code, and all persons with whom such person would be considered a single employer under Section 414(c) of the
Code. 
 (e) If a Participant experiences a Separation from Service prior to the Maturity Date and within two years following a
Change in Control, either voluntarily for Good Reason or involuntarily (other than due to Cause), the Participant shall vest in that number of Shares equal to the number of Shares that might otherwise be received by the Participant upon
achievement of the Target goal. 

 (f) If the Participant experiences an involuntary Separation from Service prior to the
Maturity Date and the Participant either receives benefits under a severance pay plan or program maintained by the Company or receives benefits under a separation agreement with the Company, at but not prior to the Maturity Date and only to the
extent the Committee certifies that the performance measures for the Performance Period are satisfied under Subparagraph 5(b)(ii) above, the Participant shall, on the date of such certification, become vested in that number of Shares the Participant
might otherwise have received for the Performance Period in accordance with Paragraph 4 above pro rated to reflect that portion of the Performance Period prior to the Participant’s ceasing being an active employee of the Company and its
Affiliates. The pro rata number of Shares which may be payable to the Participant on but not prior to the Maturity Date in such case shall equal that number determined by multiplying (i) the number of Shares the Participant might otherwise have
received for the Performance Period in accordance with Paragraph 4 above times (ii) a fraction, the numerator of which is the number of full and partial months in the period that begins the month following the month that includes the
Effective Date and ends on (and includes) the date the Participant ceases being an active employee of the Company and its Affiliates, and the denominator of which is the number of full and partial months in the period that begins the month following
the month that contains the Effective Date and ends on (and includes) the Maturity Date. 
 (g) If (i) the Participant
experiences an involuntary Separation from Service prior to the Maturity Date due to a sale of a business or the outsourcing of any portion of a business, and (ii) the Company or any of its Affiliates fails to make an offer of comparable
employment, as defined in a severance plan or program maintained by the Company, to the Participant, then at the time and to the extent the Committee certifies that the performance measures for the Performance Period are satisfied under Subparagraph
5(b)(ii) above, upon such certification, the Participant shall become vested in that number of Shares the Participant might otherwise have received for the Performance Period in accordance with Paragraph 4 above pro rated to reflect that portion of
the Performance Period prior to the Participant’s ceasing being an active employee of the Company and its Affiliates. The pro rata number of Shares in which the Participant may become vested on, but not prior to, the Maturity Date in such case
shall equal that number of Shares determined by multiplying (i) the number of Shares the Participant might otherwise have received for the Performance Period in accordance with Paragraph 4 above times (ii) a fraction, the numerator
of which is the number of full and partial months in the period that begins the month following the month that contains the Effective Date and ends on (and includes) the date the Participant ceases being an active employee of the Company and its
Affiliates, and the denominator of which is the total number of full and partial months in the period that begins the month following the month that contains the Effective Date and ends on (and includes) the Maturity Date. For purposes of this
Subparagraph 5(g), a Termination of Affiliation shall constitute an involuntary Separation from Service. 

 6. Payment of Shares. 

 

	 	(a)	 (i) The payment date for all Shares in which a Participant becomes vested pursuant to Subparagraph 5(e) above shall be the thirtieth (30th) day after such Participant’s Separation from Service,
provided that if the Participant was a “key employee” within the meaning of Section 409A(a)(B)(i) of the Code immediately prior to his or her Separation from Service, payment shall not be made sooner than six (6) months
following the date of such Separation from Service. 

 (ii) For purposes of this Subparagraph 6(a), “key
employee” means an employee designated on an annual basis by the Company as of December 31 (the “Key Employee Designation Date”) as an employee meeting the requirements of Section 416(i) of Code utilizing the definition of
compensation under Treasury Regulation § 1.415(c)-2(d)(2). A Participant designated as a “key employee” shall be a “key employee” for the entire twelve (12) month period beginning on April 1 following the Key
Employee Designation Date. 
 (b) The payment date for all Shares in which the Participant becomes vested pursuant to Paragraph 5
above, other than Subparagraph 5(e) (as to which the payment date is determined in accordance with Subparagraph 6(a) above), shall be the calendar year containing the Maturity Date. 

(c) Upon conversion of RSUs into Shares under this Agreement, such RSUs shall be cancelled. Shares that become payable under this
Agreement will be paid by the Company by the delivery to the Participant, or the Participant’s beneficiary or legal representative, one or more certificates (or other indicia of ownership) representing Shares of Williams Common Stock equal in
number to the number of Shares otherwise payable under this Agreement less the number of Shares having a Fair Market Value, as of the date the withholding tax obligation arises, equal to the minimum statutory withholding requirements.
Notwithstanding the foregoing, to the extent permitted by Section 409A of the Code and the guidance thereunder, if federal employment taxes become due upon the Participant’s becoming entitled to payment of Shares, the number of Shares
necessary to cover minimum statutory withholding requirements may, in the Company’s discretion, be used to satisfy such requirements upon such entitlement. 
 7. Other Provisions. 
 (a) The Participant understands and agrees that
payments under this Agreement shall not be used for, or in the determination of, any other payment or benefit under any continuing agreement, plan, policy, practice or arrangement providing for the making of any payment or the provision of any
benefits to or for the Participant or the Participant’s beneficiaries or representatives, including, without limitation, any employment agreement, any change of control severance protection plan or any employee benefit plan as defined in
Section 3(3) of ERISA, including, but not limited to qualified and non-qualified retirement plans. 
 (b) The Participant
agrees and understands that, subject to the limit expressed in clause (iii) of the following sentence, stock certificates (or other indicia of ownership) issued may be held as collateral for monies he/she owes to Company or any of its
Affiliates, including but not limited to personal loan(s), Company credit card debt, relocation repayment obligations or benefits from any plan that provides for pre-paid educational assistance. In addition, the Company may accelerate the time or
schedule of 

 
a payment of vested Shares and/or deduct from any payment of Shares to the Participant under this Agreement, or to his or her beneficiaries in the case of the Participant’s death, that
number of Shares having a Fair Market Value at the date of such deduction to the amount of such debt as satisfaction of any such debt, provided that (i) such debt is incurred in the ordinary course of the employment relationship between
the Company or any of its Affiliates and the Participant, (ii) the aggregate amount of any such debt-related collateral held or deduction made in any taxable year of the Company with respect to the Participant does not exceed $5,000, and
(iii) the deduction of Shares is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant. 
 (c) Except as provided in Subparagraphs 5(c) through 5(g) above, in the event that the Participant’s employment with the Company or any of its Affiliates terminates prior to the Maturity Date, RSUs
subject to this Agreement and any right to Shares issuable hereunder shall be forfeited. 
 (d) The Participant acknowledges that
this Award and similar awards are made on a selective basis and are, therefore, to be kept confidential. 
 (e) RSUs, Shares and
the Participant’s interest in RSUs and Shares, may not be sold, assigned, transferred, pledged or otherwise disposed of or encumbered at any time prior to both (i) the Participant’s becoming vested in Shares and (ii) payment of
Shares under this Agreement. 
 (f) If the Participant at any time forfeits any or all of the RSUs pursuant to this Agreement,
the Participant agrees that all of the Participant’s rights to and interest in such RSUs and in Shares issuable thereunder shall terminate upon forfeiture without payment of consideration. 

(g) The Committee shall determine whether an event has occurred resulting in the forfeiture of the RSUs and any Shares issuable thereunder
in accordance with this Agreement and all determinations of the Committee shall be final and conclusive. 
 (h) With respect to
the right to receive payment of Shares under this Agreement, nothing contained herein shall give the Participant any rights that are greater than those of a general creditor of the Company. 

(i) The obligations of the Company under this Agreement are unfunded and unsecured. Each Participant shall have the status of a general
creditor of the Company with respect to amounts due, if any, under this Agreement. 
 (j) The parties to this Agreement intend
that this Agreement meet the requirements of Section 409A of the Code and recognize that it may be necessary to modify this Agreement and/or the Plan to reflect guidance under Section 409A of the Code issued by the Internal Revenue
Service. Participant agrees that the Committee shall have sole discretion in determining (i) whether any such modification is desirable or appropriate and (ii) the terms of any such modification. 

 (k) The Participant hereby automatically becomes a party to this Agreement whether or not he
or she accepts the Award electronically or in writing in accordance with procedures of the Committee, its delegates or agents. 

(l) Nothing in this Agreement or the Plan shall interfere with or limit in any way the right of the Company or an Affiliate to terminate
the Participant’s employment or service at any time, nor confer upon the Participant the right to continue in the employ of the Company and/or Affiliate. 
 (m) The Participant hereby acknowledges that nothing in this Agreement shall be construed as requiring the Committee to allow a Domestic Relations Order with respect to this Award. 

8. Notices. All notices to the Company required hereunder shall be in writing and delivered by hand or by mail, addressed to The Williams
Companies, Inc., One Williams Center, Tulsa, Oklahoma 74172, Attention: Stock Administration Department. Notices shall become effective upon their receipt by the Company if delivered in the foregoing manner. To direct the sale of any Shares issued
under this Agreement, contact Fidelity at http://netbenefits.fidelity.com or by telephone at 800-544-9354. 
 9. Forfeiture and Clawback.
Notwithstanding any other provision of the Plan or this Agreement to the contrary, by accepting the Award represented by this Agreement, the Participant acknowledges that any incentive-based compensation paid to the Participant hereunder may be
subject to recovery by the Company under any clawback policy that the Company may adopt from time to time, including without limitation any policy that the Company may be required to adopt under Section 954 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Shares may be listed. The Participant further agrees to promptly
return any such incentive-based compensation which the Company determines it is required to recover from you under any such clawback policy. 

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

 

			
	THE WILLIAMS COMPANIES, INC.
		
	By:	 	                             
                                         
                         
		 	Alan S. Armstrong
		 	President and CEO

  

	Participant:	<@Name 

  

	SSN:	<@SSN @>

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