Document:

Exhibit 10.14

 EXHIBIT 10.14 
 THE WILLIAMS COMPANIES, INC. 
 AMENDED AND RESTATED 

CHANGE IN CONTROL SEVERANCE AGREEMENT 

(TIER TWO EXECUTIVES) 

 THE WILLIAMS COMPANIES, INC.

 AMENDED AND RESTATED 

CHANGE IN CONTROL SEVERANCE AGREEMENT 

(TIER TWO EXECUTIVES) 

TABLE OF CONTENTS 

 

					
	 Article I. Definitions
	  	 	1	  
		
	 1.1 “Accrued Annual Bonus”
	  	 	1	  
	 1.2 “Accrued Base Salary”
	  	 	1	  
	 1.3 “Accrued Obligations”
	  	 	1	  
	 1.4 “Affiliate”
	  	 	2	  
	 1.5 “Agreement Date”
	  	 	2	  
	 1.6 “Agreement Term”
	  	 	2	  
	 1.7 “Annual Bonus”
	  	 	2	  
	 1.8 “Article”
	  	 	2	  
	 1.9 “Base Salary”
	  	 	2	  
	 1.10 “Beneficial Owner”
	  	 	2	  
	 1.11 “Beneficiary”
	  	 	3	  
	 1.12 “Board”
	  	 	3	  
	 1.13 “Cause”
	  	 	3	  
	 1.14 “Cause Determination”
	  	 	4	  
	 1.15 “Change Date”
	  	 	4	  
	 1.16 “Change in Control”
	  	 	4	  
	 1.17 “Code”
	  	 	5	  
	 1.18 “Competitive Business”
	  	 	5	  
	 1.19 “Confidential Information”
	  	 	5	  
	 1.20 “Consummation Date”
	  	 	6	  
	 1.21 “Disability”
	  	 	6	  
	 1.22 “Disqualifying Disaggregation”
	  	 	6	  
	 1.23 “Employer”
	  	 	6	  
	 1.24 “ERISA”
	  	 	7	  
	 1.25 “Exchange Act”
	  	 	7	  
	 1.26 “Good Reason”
	  	 	7	  
	 1.27 “Gross-Up Payment”
	  	 	8	  
	 1.28 “including”
	  	 	8	  
	 1.29 “IRS”
	  	 	8	  
	 1.30 “Legal and Other Expenses”
	  	 	8	  
	 1.31 “Notice of Consideration”
	  	 	8	  
	 1.32 “Notice of Termination”
	  	 	8	  
	 1.33 “Person”
	  	 	8	  
	 1.34 “Post-Change Period”
	  	 	8	  
	 1.35 “Potential Parachute Payment”
	  	 	9	  
	 1.36 “Pro-rata Annual Bonus”
	  	 	9	  
	 1.37 “Reorganization Transaction”
	  	 	9	  

  
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	 1.38 “Restricted Shares”
	  	 	9	  
	 1.39 “SEC”
	  	 	9	  
	 1.40 “Section”
	  	 	9	  
	 1.41 “Separation from Service”
	  	 	9	  
	 1.42 “Stock Options”
	  	 	10	  
	 1.43 “Subsidiary”
	  	 	10	  
	 1.44 “Surviving Corporation”
	  	 	10	  
	 1.45 “Target Annual Bonus”
	  	 	10	  
	 1.46 “Taxes”
	  	 	10	  
	 1.47 “Termination Date”
	  	 	10	  
	 1.48 “Voting Securities”
	  	 	11	  
	 1.49 “Williams”
	  	 	11	  
	 1.50 “Williams Incumbent Directors”
	  	 	11	  
	 1.51 “Williams Parties”
	  	 	11	  
	 1.52 “Work Product”
	  	 	11	  
		
	Article II. Williams’ Obligations Upon Separation from Service	  	 	11	  
		
	 2.1 If By Executive for Good Reason or By an Employer Other Than for Cause or Disability
	  	 	11	  
	 2.2 If By the Employer for Cause
	  	 	14	  
	 2.3 If By an Executive Other Than for Good Reason
	  	 	15	  
	 2.4 If by Death or Disability
	  	 	15	  
	 2.5 Waiver and Release
	  	 	15	  
	 2.6 Breach of Covenants
	  	 	15	  
		
	Article III. Certain Additional Payments by Williams	  	 	16	  
		
	 3.1 Potential Benefit Adjustment on Account of “Golden Parachute” Excise Taxes
	  	 	16	  
	 3.2 Implementation of Calculations and Any Benefit Reduction Under Section 3.1
	  	 	16	  
	 3.3 Potential Subsequent Adjustments
	  	 	16	  
		
	Article IV. Expenses and Interest	  	 	18	  
		
	 4.1 Legal and Other Expenses
	  	 	18	  
	 4.2 Interest
	  	 	18	  
		
	Article V. No Set-off or Mitigation	  	 	18	  
		
	 5.1 No Set-off by Williams
	  	 	18	  
	 5.2 No Mitigation
	  	 	19	  
		
	Article VI. Restrictive Covenants	  	 	19	  
		
	 6.1 Confidential Information
	  	 	19	  

  
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	 6.2 Non-Competition
	  	 	19	  
	 6.3 Non-Solicitation
	  	 	20	  
	 6.4 Intellectual Property
	  	 	20	  
	 6.5 Non-Disparagement
	  	 	22	  
	 6.6 Reasonableness of Restrictive Covenants
	  	 	22	  
	 6.7 Right to Injunction: Survival of Undertakings
	  	 	23	  
		
	Article VII. Non-Exclusivity of Rights	  	 	23	  
		
	 7.1 Waiver of Certain Other Rights
	  	 	23	  
	 7.2 Other Rights
	  	 	24	  
	 7.3 No Right to Continued Employment
	  	 	24	  
		
	Article VIII. Claims Procedure	  	 	24	  
		
	 8.1 Filing a Claim
	  	 	24	  
	 8.2 Review of Claim Denial
	  	 	24	  
		
	Article IX. Miscellaneous	  	 	25	  
		
	 9.1 No Assignability
	  	 	25	  
	 9.2 Successors
	  	 	25	  
	 9.3 Payments to Beneficiary
	  	 	25	  
	 9.4 Non-Alienation of Benefits
	  	 	25	  
	 9.5 Severability
	  	 	25	  
	 9.6 Amendments
	  	 	26	  
	 9.7 Notices
	  	 	26	  
	 9.8 Joint and Several Liability
	  	 	26	  
	 9.9 Counterparts
	  	 	26	  
	 9.10 Governing Law
	  	 	27	  
	 9.11 Captions
	  	 	27	  
	 9.12 Rules of Construction
	  	 	27	  
	 9.13 Number and Gender
	  	 	27	  
	 9.14 Tax Withholding
	  	 	27	  
	 9.15 No Rights Prior to Change Date
	  	 	27	  
	 9.16 Entire Agreement
	  	 	27	  

  
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 THE WILLIAMS COMPANIES, INC. 

AMENDED AND RESTATED CHANGE-IN-CONTROL SEVERANCE AGREEMENT 
 THIS AMENDED AND RESTATED AGREEMENT dated as of                     ,
20        (the “Agreement Date”) is made by and between The Williams Companies, Inc., a corporation incorporated under the laws of the State of Delaware (“Williams”,
together with its subsidiaries, affiliates and successors thereto ) and [INSERT EXECUTIVE NAME] (“Executive”). 

RECITALS 

The Board of Directors of Williams (the “Board”) has determined that it is in the best interests of Williams and its
shareholders to encourage and motivate the Executive to devote his full attention to the performance of his assigned duties without the distraction of concerns regarding his involuntary or constructive termination of employment due to a Change in
Control of Williams. The Executive is employed by Williams or a Subsidiary and may from time to time be employed by one or more Subsidiaries. Williams and its Subsidiaries believe that it is in the best interest of the Executive, their customers,
the communities they serve, and the stockholders of Williams to provide financial assistance through severance payments and other benefits to Executive if Executive is involuntarily or constructively terminated upon or within a certain period after
a Change in Control. This Agreement is intended to accomplish these objectives. 
 This Agreement supersedes and replaces all
other written or oral exchanges, agreements, understandings, or arrangements between or among Executive and Williams and/or the Subsidiary entered into prior to the date hereof and relating to severance or benefits in relation to a Change in
Control, including, but not limited to The Williams Companies, Inc. Change in Control Severance Protection Plan as effective January 1, 1990 and amended and restated June 1, 1999 and any prior Change-in-Control Severance Agreement by and
between Williams and the Executive, but excluding The Williams Companies Retirement Restoration Plan and any agreements and plans awarding Stock Options and Restricted Shares. Each superseded agreement or understanding is void and of no further
force and effect. 
 Article I. 
 Definitions 
 As used in this Agreement, the terms specified below shall
have the following meanings: 
 1.1 “Accrued Annual Bonus” means the amount of any Annual Bonus earned but not
yet paid as of the Termination Date, other than amounts Executive has elected to defer. 
 1.2 “Accrued Base
Salary” means the amount of Executive’s Base Salary that is accrued but not yet paid as of the Termination Date, other than amounts Executive has elected to defer. 

1.3 “Accrued Obligations” means, as of the Termination Date, the sum of Executive’s Accrued Base Salary, Accrued
Annual Bonus, any accrued but unpaid Paid Time Off under 

  
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Williams’ Paid Time Off Program, and any other amounts and benefits which are then due to be paid or provided to Executive by Williams, but have not yet been paid or provided (as
applicable), provided no payments will be accelerated if such acceleration would violate Code Section 409A. 
 1.4
“Affiliate” means any Person (including a Subsidiary) that directly or indirectly, through one or more intermediaries, controls, or is controlled by or is under common control with Williams. For purposes of this definition the term
“control” with respect to any Person means the power to direct or cause the direction of management or policies of such Person, directly or indirectly, whether through the ownership of Voting Securities, by contract or otherwise.

 1.5 “Agreement Date”—see the introductory paragraph of this Agreement. 

1.6 “Agreement Term” means the period commencing on the Agreement Date and ending on the second anniversary of the
Agreement Date or, if later, such later date to which the Agreement Term is extended under the following sentence, unless earlier terminated as provided herein. The Agreement Term shall automatically be extended by one year on the first anniversary
of the Agreement Date and then each day thereafter by one day to create a new two-year term. The Agreement Term may be terminated at any time (regardless of whether before or after the first anniversary of the Agreement Date), by Williams delivering
written notice (an “Expiration Notice”) to Executive, given in accordance with Section 9.7, that the Agreement shall expire on a date specified in the Expiration Notice (the “Expiration Date”) that is not less
than 12 months after the date the Expiration Notice is delivered to Executive; provided, however, that if a Change Date occurs before the Expiration Date specified in the Expiration Notice, then such Expiration Notice shall be void and of no further
effect. Notwithstanding anything herein to the contrary, with respect to a Post-Change Period, the Agreement Term shall end at the end of the Severance Period (as defined in Section 2.1(c)) if applicable, or if there is no such Severance
Period, the earliest of the following: (a) the second anniversary of the Change Date, or (b) the Termination Date; provided that (i) the obligations, if any, of Williams to make payments under this Agreement due to a Separation from
Service which occurred during the Agreement Term shall continue beyond the Agreement Term until all such obligations are fully satisfied, and (ii) the obligations of Executive under this Agreement shall continue beyond the Agreement Term until
all such obligations are fully satisfied. Notwithstanding anything herein to the contrary, the Agreement shall automatically terminate upon the occurrence of a Disqualifying Disaggregation pursuant to Section 1.22(a). 

1.7 “Annual Bonus” means the opportunity to receive payment of a cash annual incentive. 

1.8 “Article” means an article of this Agreement. 

1.9 “Base Salary” means annual base salary in effect on the Termination Date, disregarding any reduction that would
qualify as Good Reason. 
 1.10 “Beneficial Owner” means such term as defined in Rule 13d-3 of the SEC under
the Exchange Act. 

  
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 1.11 “Beneficiary”—see Section 9.3. 

1.12 “Board” means the Board of Directors of Williams or, from and after the Change Date that gives rise to a Surviving
Corporation other than Williams, the Board of Directors of such Surviving Corporation. 
 1.13 “Cause” means
any one or more of the following: 
 (a) Executive’s conviction of or plea of nolo contendere to a felony
or other crime involving fraud, dishonesty or moral turpitude; 
 (b) Executive’s willful or reckless
material misconduct in the performance of his duties which results in an adverse effect on Williams, the Subsidiary or an Affiliate; 
 (c) Executive’s willful or reckless violation or disregard of the code of business conduct; 
 (d) Executive’s material willful or reckless violation or disregard of a Williams or Subsidiary policy; or 
 (e) Executive’s habitual or gross neglect of duties; 
 provided, however, that for purposes
of clauses (b) and (e), Cause shall not include any one or more of the following: 
 (i) bad judgment or
negligence, other than Executive’s habitual neglect of duties or gross negligence; 
 (ii) any act or
omission believed by Executive in good faith, after reasonable investigation, to have been in or not opposed to the interest of Williams, the Subsidiary or an Affiliate (without intent of Executive to gain, directly or indirectly, a profit to which
Executive was not legally entitled); 
 (iii) any act or omission with respect to which a determination could
properly have been made by the Board that Executive had satisfied the applicable standard of conduct for indemnification or reimbursement under Williams’ by-laws, any applicable indemnification agreement, or applicable law, in each case as in
effect at the time of such act or omission; or 
 (iv) during a Post-Change Period, failure to meet performance
goals, objectives or measures following good faith efforts to meet such goals, objectives or measures; and 
 further provided that, for
purposes of clauses (b) through (e) if an act, or a failure to act, which was done, or omitted to be done, by Executive in good faith and with a reasonable belief, after reasonable investigation, that Executive’s act, or failure to
act, was in the best interests of Williams, the Subsidiary or an Affiliate or was required by applicable law or administrative 

  
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regulation, such breach shall not constitute Cause if, within 10 business days after Executive is given written notice of such breach that specifically refers to this Section, Executive cures
such breach to the fullest extent that it is curable. With respect to the above definition of “cause”, no act or conduct by Executive will constitute “cause” if Executive acted: (i) in accordance with the instructions or
advice of counsel representing Williams or there was a conflict such that Executive could not consult with counsel representing Williams other qualified counsel, or (ii) as required by legal process. 

1.14 “Cause Determination”—see Section 2.2(b)(iv) 

1.15 “Change Date” means the date on which a Change in Control first occurs during the Agreement Term. 

1.16 “Change in Control” means, except as otherwise provided below, the occurrence of any one or more of the following
during the Agreement Term: 
 (a) any person (as such term is used in Rule 13d-5 of the SEC under the Exchange
Act) or group (as such term is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than an Affiliate of Williams or any employee benefit plan (or any related trust) sponsored or maintained by Williams or any of its Affiliates (a
“Related Party”), becomes the Beneficial Owner of 20% or more of the common stock of Williams or of Voting Securities representing 20% or more of the combined voting power of all Voting Securities of Williams, except that no Change
in Control shall be deemed to have occurred solely by reason of such beneficial ownership by a Person (a “Similarly Owned Company”) with respect to which both more than 75% of the common stock of such Person and Voting Securities
representing more than 75% of the combined voting power of the Voting Securities of such Person are then owned, directly or indirectly, by the persons who were the direct or indirect owners of the common stock and Voting Securities of Williams
immediately before such acquisition, in substantially the same proportions as their ownership, immediately before such acquisition, of the common stock and Voting Securities of Williams, as the case may be; or 

(b) Williams Incumbent Directors (determined using the Agreement Date as the baseline date) cease for any reason to
constitute at least a majority of the directors of Williams then serving; or 
 (c) consummation of a merger,
reorganization, recapitalization, consolidation, or similar transaction (any of the foregoing, a “Reorganization Transaction”), other than a Reorganization Transaction that results in the Persons who were the direct or indirect
owners of the outstanding common stock and Voting Securities of Williams immediately before such Reorganization Transaction becoming, immediately after the consummation of such Reorganization Transaction, the direct or indirect owners, of both at
least 65% of the then-outstanding common stock of the Surviving Corporation and Voting Securities representing at least 65% of the combined voting power of the then-outstanding Voting Securities of the Surviving Corporation, in substantially the

  
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same respective proportions as such Persons’ ownership of the common stock and Voting Securities of Williams immediately before such Reorganization Transaction; or 

(d) approval by the stockholders of Williams of a plan or agreement for the sale or other disposition of all or
substantially all of the consolidated assets of Williams or a plan of complete liquidation of Williams, other than any such transaction that would result in (i) a Related Party owning or acquiring more than 50% of the assets owned by Williams
immediately prior to the transaction or (ii) the Persons who were the direct or indirect owners of the outstanding common stock and Voting Securities of Williams immediately before such transaction becoming, immediately after the consummation
of such transaction, the direct or indirect owners, of more than 50% of the assets owned by Williams immediately prior to the transaction. 

Notwithstanding the occurrence of any of the foregoing events, a Change in Control shall not occur with respect to Executive if, in advance of such
event, Executive agrees in writing that such event shall not constitute a Change in Control. Upon the Board’s determination that a sale or other disposition of all or substantially all of the consolidated assets of Williams or a plan of
complete liquidation of Williams that was approved by stockholders, as described in Section 1.16(d), will not occur, a Change in Control shall be deemed not to have occurred from such date of determination forward, and this Agreement shall
continue in effect as if no Change in Control had occurred except to the extent termination requiring payments under this Agreement occurs prior to such Board determination. 
 1.17 “Code” means the Internal Revenue Code of 1986, as amended. 

1.18 “Competitive Business” means, as of any date, any energy business and any individual or entity (and any branch,
office, or operation thereof) which engages in, or proposes to engage in (with Executive’s assistance) any of the following in which the Executive has been engaged in the twelve (12) months preceding the Termination Date (i) the
harnessing, production, transmission, distribution, marketing or sale of oil, gas or other energy product or the transmission or distribution thereof through pipelines, wire or cable or similar medium (ii) any other business actively engaged in
by Williams which represents for any calendar year or is projected by Williams (as reflected in a business plan adopted by Williams before Executive’s Termination Date) to yield during any year during the first three-fiscal year period
commencing on or after Executive’s Termination Date, more than 5% of the gross revenue of Williams, and, in either case, which is located (x) anywhere in the United States, or (y) anywhere outside of the United States where Williams
is then engaged in, or proposes as of the Termination Date to engage in to the knowledge of the Executive, any of such activities. 
 1.19 “Confidential Information” means any non-public information of any kind or nature in the possession of Williams or any of its Affiliates, including without limitation, ideas,
processes, methods, designs, innovations, devices, inventions, discoveries, know-how, data, techniques, models, customer lists, marketing, business or strategic plans, financial information, research and development information, trade secrets or
other subject matter relating to Williams’ or its Affiliates’ products, services, businesses, operations, employees, customers or suppliers, 

  
 5 

 
whether in tangible or intangible form, including (i) any information that gives Williams or any of its Affiliates a competitive advantage in the harnessing, production, transmission,
distribution, marketing or sale of oil, gas or other energy or the transmission or distribution thereof through pipelines, wire or cable or similar medium or in the energy services or energy trading industry and other businesses in which Williams or
an Affiliate is engaged, or (ii) any information obtained by Williams or any of its Affiliates from third parties to which Williams or an Affiliate owes a duty of confidentiality, or (iii)any information that was learned, discovered, developed,
conceived, originated or prepared during or as a result of Executive’s performance of any services on behalf of Williams or any Affiliate. Notwithstanding the foregoing, “Confidential Information” shall not include:
(i) information that is or becomes generally known to the public through no fault of Executive; (ii) information obtained on a non-confidential basis from a third party other than Williams or any Affiliate, which third party disclosed such
information without breaching any legal, contractual or fiduciary obligation; or (iii) information approved for release by written authorization of Williams. 
 1.20 “Consummation Date” means the date on which a Reorganization transaction is consummated. 
 1.21 “Disability” means any medically determinable physical or mental impairment of Executive where he or she (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 Executive’s employer. Notwithstanding the forgoing, all determinations of whether an Executive is Disabled shall be made in accordance with Section 409A of the Code.

 1.22 “Disqualifying Disaggregation” means 

(a) The cessation of Executive’s employment with Williams and/or its Affiliates prior to the Change Date for any
reason, including but not limited to a cessation of employment with Williams and/or its Affiliates which is effected by a sale, spin-off, or other disaggregation (“Disaggregation”) by Williams or an Affiliate of the business unit
(including, but not limited to, a sale, spin-off or other disaggregation of a Subsidiary) which employed Executive immediately prior to such Disaggregation; or 
 (b) The cessation of Executive’s employment with Williams and/or its Affiliates during the Post-Change Period due to a Disaggregation solely where Executive is employed by the successor in
substantially the same position as the position held prior to the Disaggregation, provided the successor assumes all of Williams’ obligations under this Agreement. 
 1.23 “Employer” means Williams or, if Executive is not employed directly by Williams, the Subsidiary that from time to time employs Executive on or after the Agreement Date, and the
successor of either (provided, in the case of a Subsidiary, that such successor is also a Subsidiary). 

  
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 1.24 “ERISA” means the Employee Retirement Income security Act of 1974, as
amended. 
 1.25 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

1.26 “Good Reason” means a Separation from Service by Executive in accordance with the substantive and procedural
provisions of this Section. 
 (a) Separation from Service by Executive for “Good Reason” means a
Separation from Service initiated by Executive on account of any one or more of the following actions or omissions that, unless otherwise specified, occurs during a Post-Change Period: 

(i) a material adverse reduction in the nature or scope of Executive’s office, position, duties, functions,
responsibilities or authority (including reporting responsibilities and authority) during a Post-Change Period from the most significant of those held, exercised and assigned at any time during the 90-day period immediately before the Change Date;

 (ii) any reduction in or failure to pay Executive’s annual Base Salary at an annual rate not less than
12 times the highest monthly base salary paid or payable to Executive by his Employer in respect of the 12-month period immediately before the Change Date; 
 (iii) any reduction in the Target Annual Bonus which Executive may earn determined as of the Change Date or failure to pay Executive’s Annual Bonus on terms substantially equivalent to those provided
to peer executives of the Employer; 
 (iv) a material reduction of Executive’s aggregate compensation
and/or aggregate benefits from the amounts and/or levels in effect on the Change Date, unless such reduction is part of a policy applicable to peer executives of the Employer and of any successor entity; 

(v) required relocation during a Post-Change Period of more than 50 miles of (A) Executive’s workplace, or
(B) the principal offices of the Employer or its successor (if such offices are Executive’s workplace), in each case without the consent of Executive; provided, however, in both cases of (A) and (B) of this subsection (v), such
new location is farther from Executive’s residence than the prior location; 
 (vi) the failure at any time
of a successor to Executive’s Employer explicitly to assume and agree to be bound by this Agreement; or 

  
 7 

 (vii) the giving of a Notice of Consideration pursuant to
Section 2.2(b)(ii) and the subsequent failure to terminate Executive for Cause and within a period of 90 days thereafter in compliance with all of the substantive and procedural requirements of Section 2.2. 

(b) Notwithstanding anything in this Agreement to the contrary, no act or omission shall constitute grounds for
“Good Reason”: 
 (i) Unless Executive gives a Notice of Termination to Williams and the Employer 30
days prior to his intent to terminate his employment for Good Reason which describes the alleged act or omission giving rise to Good Reason; and 
 (ii) Unless such Notice of Termination is given within 90 days of Executive’s first actual knowledge of such act or omission; and 

(iii) Unless Williams or the Employer fails to cure such act or omission within the 30 day period after receiving the
Notice of Termination. 
 (c) No act or omission shall constitute grounds for “Good Reason”, if
Executive has consented in writing to such act or omission in a document that makes specific reference to this Section. 
 1.27
“Gross-Up Payment”—see Section 3.1. 
 1.28 “including” means including without
limitation. 
 1.29 “IRS” means the Internal Revenue Service of the United States of America. 

1.30 “Legal and Other Expenses”—see Section 4.1. 

1.31 “Notice of Consideration”—see Section 2.2(b)(ii). 

1.32 “Notice of Termination” means a written notice of a Separation from Service, if applicable, given in accordance
with Section 9.7 that sets forth (a) the specific termination provision in this Agreement relied on by the party giving such notice, (b) in reasonable detail the specific facts and circumstances claimed to provide a basis for such
Separation from Service, and (c) if the Termination Date is other than the date of receipt of such Notice of Termination, the Termination Date. 
 1.33 “Person” means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization, association, corporation, institution,
public benefit corporation, entity or government instrumentality, division, agency, body or department. 
 1.34
“Post-Change Period” means the period commencing on the Change Date and ending on the earlier of the Termination Date or the second anniversary of the Change Date. 

  
 8 

 1.35 “Potential Parachute Payment”—see Section 3.1. 

1.36 “Pro-rata Annual Bonus” means, in respect of an Employer’s fiscal year during which the Termination Date
occurs, an amount equal to the product of Executive’s Target Annual Bonus (determined as of the Termination Date) multiplied by a fraction, the numerator of which equals the number of days from and including the first day of such fiscal year
through and including the Termination Date, and the denominator of which equals 365. 
 1.37 “Reorganization
Transaction”—see clause (c) of the definition of “Change in Control”. 
 1.38 “Restricted
Shares” means shares of restricted stock, restricted stock units, deferred stock or similar awards. 
 1.39
“SEC” means the United States Securities and Exchange Commission. 
 1.40 “Section” means,
unless the context otherwise requires, a section of this Agreement. 
 1.41 “Separation from Service” means an
Executive’s termination or deemed termination from employment with Williams and its Subsidiaries. For purposes of determining whether a Separation from Service has occurred, the employment relationship is treated as continuing intact while the
Executive 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 Executive 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 Executive will return to perform services for his or her employer. If the period of
leave exceeds six (6) months and the Executive 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 Executive to be unable to perform the duties of the Executive’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 Executive and Williams
reasonably anticipate the Executive will perform no further services for Williams and its Subsidiaries (whether as an employee or an independent contractor or (B) that the level of bona fide services the Executive will perform for Williams 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 Executive has been providing services to Williams and its Subsidiaries for less than thirty-six (36) months, the full period over which the Executive 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 Executive after a certain date. 

  
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 1.42 “Stock Options” means stock options, stock appreciation rights or
similar awards. 
 1.43 “Subsidiary” means a corporation, trade or business, if it and The Williams Companies,
Inc. are members of a controlled group of corporations as defined in Code Section 414(b) or under common control as defined under Code Section 414(c); the standard of control under Code Sections 414(b) and 414(c) shall be deemed to be
“at least 80%” and all determinations shall be made in accordance with Code Section 409A and the applicable guidance thereunder. 
 1.44 “Surviving Corporation” means the parent corporation resulting from a Reorganization Transaction or, if securities representing at least 50% of the aggregate voting power of all
Voting Securities of a corporation effected by a Change in Control which is not a Reorganization Transaction are directly or indirectly owned by another corporation, such other corporation. 

1.45 “Target Annual Bonus” means, as of any date, the amount equal to the product of Executive’s Base Salary
determined as of such date multiplied by the percentage of such Base Salary to which Executive would have been entitled immediately prior to such date under any Annual Bonus arrangement for the fiscal year for which the Annual Bonus is awarded if
the performance goals established pursuant to such Annual Bonus were achieved at the 100% level as of the end of the fiscal year; provided, however, that if Executive’s Annual Bonus is discretionary and no 100% target level is formally
established either under the Annual Bonus arrangement or otherwise, Executive’s “Target Annual Bonus” shall mean the amount equal to the 100% of Executive’s Base Salary. 

1.46 “Taxes” means federal, state, local and other income, employment and other taxes. 

1.47 “Termination Date” means the date of the receipt of the Notice of Termination by Executive (if such notice is given
by Executive’s Employer) or by Executive’s Employer (if such notice is given by Executive), or any later date, not more than 30 days after the giving of such notice, specified in such notice; provided, however, that: 

(a) Executive’s employment is terminated by reason of death or Disability, the Termination Date shall be the date of
Executive’s death or the date of deemed termination of employment due to Disability, as applicable, regardless of whether a Notice of Termination has been given; and 

(b) if no Notice of Termination is given, the Termination Date shall be the last date on which Executive is employed by
an Employer; and 
 (c) for purposes of Article VI (Restrictive Covenants) if the Executive does not have a
Separation from Service, the Termination Date shall be the later of the date the entity that employs Executive ceases to be a Subsidiary, or, after a Disaggregation (as defined in Section 1.22), the date Executive’s employment with the
successor business unit terminates, whether such termination is initiated by such successor or by Executive. 

  
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 1.48 “Voting Securities” of a corporation means securities of such
corporation that are entitled to vote generally in the election of directors of such corporation. 
 1.49
“Williams”—see the introductory paragraph of this Agreement. 
 1.50 “Williams Incumbent
Directors” means, determined as of any date by reference to any baseline date: 
 (a) the members of
the Board on the date of such determination who have been members of the Board since such baseline date, and 

(b) the members of the Board on the date of such determination who were appointed or elected after such baseline date and
whose election, or nomination for election by stockholders of Williams or the Surviving Corporation, as applicable, was approved by a vote or written consent of two-thirds of the directors comprising the Williams Incumbent Directors on the date of
such vote or written consent, but excluding each such member whose initial assumption of office was in connection with (i) an actual or threatened election contest, including a consent solicitation, relating to the election or removal of one or
more members of the Board, (ii) a “tender offer” (as such term is used in Section 14(d) of the Exchange Act), or (iii) a proposed Reorganization Transaction. 

1.51 “Williams Parties” means Williams and Executive’s Employer. 

1.52 “Work Product” means any and all work product, including, but not limited to, documentation, tools, templates,
processes, procedures, discoveries, inventions, innovations, technical data, concepts, know-how, methodologies, methods, drawings, prototypes, trade secrets, notebooks, reports, findings, business plans, recommendations and memoranda of every
description, that Executive makes, conceives, discovers or develops alone or with others during the course of Executive’s employment with Williams or during the one year period following Executive’s Termination Date (whether or not
protectable upon application by copyright, patent, trademark, trade secret or other proprietary rights). 
 Article II.

 Williams’ Obligations Upon Separation from Service 

2.1 If By Executive for Good Reason or By an Employer Other Than for Cause, Disability, Death or Disqualifying Disaggregation. If
Executive has a Separation from Service for Good Reason or there is an Employer-initiated Separation from Service of the Executive for any reason other than Cause, Disability, Death or a Disqualifying Disaggregation during the Post-Change Period,
then in addition to payment of all Accrued Obligations, which shall be payable no later than ten (10) business days after the Termination Date, Williams’ and the Employer’s sole obligations to Executive under this Article II shall be
as follows: 

  
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 (a) Severance Payments. Executive shall be paid a lump-sum cash
amount equal to the sum of the following, on the first business day following six (6) months after Executive’s Separation from Service: 
 (i) Prorated Annual Bonus for Year of Termination. Executive’s Pro-rata Annual Bonus reduced (but not below zero) by the amount of any Annual Bonus paid to Executive with respect to the
Employer’s fiscal year during which the Termination Date occurs; 
 (ii) Retirement Enhancements.
The sum of: 
 (A) an amount equal to the sum of the value of the unvested portion of Executive’s accounts
or accrued benefits under any defined contribution plan qualified under Section 401(a) of the Code maintained by the Williams Parties as of the Termination Date and forfeited by Executive due to Separation from Service; and 

(B) an amount equal to two (2) times the total of the allocations made by Williams for Executive under The Williams
Companies Retirement Restoration Plan (or any successor plan) during the calendar year preceding the calendar year in which the Change Date occurs. 
 (iii) Multiple of Salary and Bonus. An amount equal to two (2) times the sum of (A) Base Salary plus (B) the Target Annual Bonus, each determined as of the Termination Date;
provided, however, that any reduction in Executive’s Base Salary or Target Annual Bonus that would qualify as Good Reason shall be disregarded for this purpose. 

(b) Stock Incentive Awards. To the extent provided in the applicable award agreements and the applicable plan, all
of Executive’s Stock Options then outstanding shall immediately become fully vested and remain exercisable until the 18-month anniversary of the Termination Date (or such later date as may be set forth in the applicable award agreement,
including, but not limited to, a later exercise date under an award agreement if Executive has met the age and service requirements for retirement) or, if earlier, the option expiration date for any such Stock Option. All of Executive’s
Restricted Shares then outstanding shall only vest and payout in accordance with the applicable award agreements for such Restricted Shares. 
 (c) Continuation of Welfare Benefits. During the lesser of the period during which Executive or a qualifying beneficiary (as defined in Section 607 of the Employee Retirement Income Security
Act of 1974, as amended) has in effect an election for post-termination continuation coverage or conversion rights to welfare benefits under applicable law, including Section 4980 of the Code (“COBRA”), or the period ending on the
18-month anniversary of the Termination Date (“Severance Period”), Executive (or, if applicable, the qualifying beneficiary) shall be entitled to such coverage at an out-of-pocket premium cost that does not

  
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exceed the out-of-pocket premium cost applicable to similarly situated active employees (and their eligible dependents); provided, however, that if Executive is eligible to retiree benefits
provided under any welfare benefit plan, program, policy, practice or procedure of the Williams Parties, Executive shall be entitled to receive such retiree benefits in lieu of the COBRA coverage provided by this Section 2.1(c). 

(d) Outplacement. Executive shall be reimbursed for reasonable fees and costs for outplacement services incurred
by Executive within six (6) months after the Separation from Service, promptly upon presentation of reasonable documentation of such fees and costs, subject to a maximum of $10,000. All requests of Executive for reimbursement must be submitted
to Williams within one (1) year of Separation from Service and Williams shall make the reimbursement of reasonable requests no later than thirty (30) days after such request, but in all events within fifteen (15) months of Separation
from Service. 
 (e) Indemnification. Executive shall be indemnified and held harmless by Williams and
the Employer on the same terms as other peer executives and to the greatest extent permitted under applicable law as the same now exists or may hereafter be amended and the Employer’s and Williams’ by-laws as such exist on the Agreement
Date, or such greater rights that may be provided by amendment to such by-laws from time to time, if Executive was, is, or is threatened to be, made a party to any pending, completed or threatened action, suit, arbitration, alternate dispute
resolution mechanism, investigation, administrative hearing or any other proceeding whether civil, criminal, administrative or investigative, and whether formal or informal, by reason of the fact that Executive is or was, or had agreed to become, a
director, officer, employee, agent or fiduciary of the Employer or any other entity which Executive is or was serving at the request of the Employer or Williams (“Proceeding”), against all expenses (including reasonable attorneys’
fees) and all claims, damages, liabilities and losses incurred or suffered by Executive or to which Executive may become subject for any reason, and (ii) shall be entitled to advancement of any such indemnifiable expenses in accordance with the
Employer’s and Williams’ by-laws as such exist on the Agreement Date, or such greater rights that may be provided by amendment to such by-laws from time to time. A Proceeding shall not include any proceeding to the extent it concerns or
relates to a matter described in Section 4.1 (concerning reimbursement of certain costs and expenses). 

(f) Directors’ and Officers’ Liability Insurance. For a period of six years after the Termination Date
(or for any known longer applicable statute of limitations period), the Executive shall be entitled to coverage under a directors’ and officers’ liability insurance policy in an amount no less than, and on the same terms as those provided
to peer executive officers and directors of the Employer. 

  
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 2.2 If by the Employer for Cause. 

(a) Termination for Cause. If the Executive has a Separation from Service for Cause during the Post-Change Period,
the Williams Parties’ sole obligation to Executive under this Article II shall be to pay Executive a lump-sum cash amount equal to all Accrued Obligations determined as of the Termination Date. 

(b) Change in Control: Procedural Requirements for Termination for Cause. For any Separation from Service for
Cause during any part of a Post-Change Period, the Williams Parties shall strictly observe each of the following substantive and procedural provisions: 
 (i) The Board shall call a meeting for the stated purpose of determining whether Executive’s acts or omissions satisfy the requirements of the definition of “Cause” and, if so, whether to
terminate Executive’s employment for Cause. 
 (ii) Not less than 15 days prior to the date of such
meeting, the Board shall provide or cause to be provided Executive and each member of the Board written notice (a “Notice of Consideration”) of (A) a detailed description of the acts or omissions alleged to constitute Cause,
(B) the date of such meeting of the Board, and (C) Executive’s rights under clauses (iii) and (iv) below. 
 (iii) Executive shall have the opportunity to present to the Board a written response to the Notice of Consideration, but shall not have the right to appear in person or by counsel before the Board.

 (iv) Executive’s employment may be terminated for Cause only if (A) the acts or omissions specified
in the Notice of Consideration did in fact occur and such actions or omissions do constitute Cause as defined in this Agreement, (B) the Board, by affirmative vote of a simple majority of its members, makes a specific determination to such
effect and to the effect that Executive’s employment should be terminated for Cause (“Cause Determination”), and (C) Williams thereafter provides Executive with a Notice of Termination that specifies in specific detail the
basis of such Separation from Service for Cause and which Notice shall be consistent with the reasons set forth in the Notice of Consideration. 
 (v) In the event that the existence of Cause shall become an issue in any action or proceeding between Executive, on the one hand, and any one or more of the Williams Parties, on the other hand, the Cause
Determination shall be final and binding on all parties, except as provided in Section 2.2(c) below. 

Nothing in this Section 2.2(b) shall preclude the Board, by majority vote, from suspending Executive from his
duties, with pay, at any time. 
 (c) Change in Control: Standard of Review. In the event that the
existence of Cause during a Post-Change Period shall become an issue in any action or proceeding between Executive, on the one hand, and any one or more of 

  
 14 

 
the Williams Parties on the other hand, the Williams Parties, as applicable, shall, notwithstanding the Cause Determination, have the burden of establishing that the actions or omissions
specified in the Notice of Consideration did in fact occur and do constitute Cause and that the Williams Parties have satisfied all applicable substantive and procedural requirements of this Section. 

2.3 If by an Executive Other Than for Good Reason. If Executive has a Separation from Service initiated by the Executive during
the Post-Change Period other than for Good Reason, Disability or death, the sole obligation of the Williams Parties to Executive under this Article II shall be to pay Executive a lump-sum cash amount equal to all Accrued Obligations determined as of
the Termination Date. 
 2.4 If by Death or Disability. If Executive dies during the Post-Change Period or if Executive
has a Separation from Service during the Post-Change Period by reason of Executive’s Disability, the Williams Parties’ sole obligation to Executive under this Article II shall be to pay Executive a lump-sum cash amount equal to all Accrued
Obligations determined as of the Termination Date. 
 2.5 Waiver and Release. Notwithstanding anything herein to the
contrary, in the event that Executive’s employment terminates pursuant to Section 2.1, no Williams Party shall have any obligation to Executive under Section 2.1(a) Sections 2.1(c)-(f) and Article III unless and until Executive
executes and delivers to Williams within sixty (60) days after Separation from Service a release and waiver of Williams, the Employer and Affiliates, in substantially the same form as attached hereto as Exhibit A, or as otherwise mutually
acceptable. 
 2.6 Breach of Covenants. If a court determines that Executive has breached any non-competition,
non-solicitation, non-disparagement, confidential information or intellectual property covenant entered into at any time between Executive (on the one hand) and Williams, the Employer, or any Affiliate (on the other hand), including the Restrictive
Covenants in Article VI, (a) no Williams Party shall have any obligation to pay or provide any severance or benefits under Articles II and/or III, (b) all of Executive’s unexercised Stock Options shall terminate as of the date of the
breach, (c) all of Executive’s Restricted Stock shall be forfeited as of the date of the breach, (d) Executive shall reimburse a Williams Party for any amount already paid under Articles II and/or III, and (e) Executive shall
repay to Williams an amount equal to the aggregate “spread” (as defined below) on all Stock Options exercised in the one year period prior to the first date on which Executive breached any such covenant (“Breach Date”). For
purposes of this Section 2.6, “spread” in respect of any Stock Option shall mean the product of the number of shares as to which such Stock Option has been exercised during the one year period prior to the Breach Date multiplied by
the difference between the closing price of the common stock on the exercise date (or if the common stock did not trade on the New York Stock Exchange or other exchange, if any, on which common stock had a higher trading volume at the time, on the
exercise date, the most recent date on which the common stock did so trade) and the exercise price of the Stock Options. 

  
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 Article III. 
 Certain Potential Benefit Adjustments by Williams 
 3.1 Potential Benefit
Adjustment on Account of “Golden Parachute” Excise Taxes. If at any time or from time to time, it shall be determined by independent tax professionals selected by Williams (“Tax Professional”)that any payment or other
benefit to Executive pursuant to Article II of this Agreement or otherwise (“Potential Parachute Payment”) is or will, but for the provisions of this Article III, become subject to the excise tax imposed by Section 4999 of the
Code or any similar tax payable under any state, local, foreign or other law, but expressly excluding any income taxes and penalties or interest imposed pursuant to Section 409A of the Code (“Excise Taxes”), then the
Executive’s Potential Parachute Payment shall be either (a) provided to the Executive in full, or (b) provided to the Executive as to such lesser extent which would result in no portion of such benefits being subject to the Excise
Taxes, whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax, and any other applicable taxes, results in the receipt by the Executive, on an after-tax
basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under the Excise Taxes (“Payments”). 
 3.2 Implementation of Calculations and Any Benefit Reduction Under Section 3.1. In the event of a reduction of benefits pursuant to Section 3.1, the Tax Professional shall determine which
benefits shall be reduced so as to achieve the principle set forth in Section 3.1. For purposes of making the calculations required by Section 3.1, the Tax Professional may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Code and other applicable legal authority. Williams and Executive shall furnish to the Tax Professional such information and documents as the
Tax Professional may reasonably request in order to make a determination under Section 3.1. Williams shall bear all costs the Tax Professional may reasonably incur in connection with any calculations contemplated by Section 3.1.

 3.3 Potential Subsequent Adjustments. 
 (a) If, notwithstanding any calculations performed or reduction in benefits imposed as described in Section 3.1, the IRS determines that Executive is liable for Excise Taxes as a result of the
receipt of any payments made pursuant to Article II of this Agreement or otherwise, then Executive shall be obligated to pay back to Williams, within thirty (30) days after a final IRS determination or in the event that the Executive challenges
the final IRS determination, a final judicial determination, a portion of the Payments equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to Williams so that the
Executive’s net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Taxes and all other applicable taxes imposed on such benefits) shall be maximized. The Repayment Amount shall be zero if a
Repayment Amount of more than zero would not result in the Executive’s net after-tax proceeds with respect to the Payments being maximized. If the Excise Taxes are not eliminated pursuant to this Section 3.3, the Executive shall pay the
Excise Taxes. 

  
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 (b) Notwithstanding any other provision of this Article III, if (i) there is a
reduction in the payments to an Executive as described above in this Article III, (ii) the IRS later determines that the Executive is liable for Excise Taxes, the payment of which would result in the maximization of the Executive’s net
after-tax proceeds (calculated based on the full amount of the Potential Parachute Payment and as if the Executive’s benefits had not previously been reduced), and (iii) the Executive pays the Excise Tax, then Williams shall pay to the
Executive those payments which were reduced pursuant to Section 3.1 or 3.3(a) as soon as administratively possible after the Executive pays the Excise Taxes to the extent that the Executive’s net after-tax proceeds with respect to the
payment of the Payments are maximized. 

  
 17 

 Article IV. 
 Expenses and Interest 
 4.1 Legal and Other Expenses. 

(a) If Executive incurs legal fees or other expenses (including expert witness and accounting fees) in an effort to
determine, secure, preserve, establish entitlement to, or obtain benefits under this Agreement (a, “Proceeding”) (collectively, “Legal and Other Expenses”), Executive shall, only if Executive is successful in the outcome
of such effort, be entitled to payment of or reimbursement for such Legal and Other Expenses in accordance with Section 4.1(b). 
 (b) The Company shall pay or reimburse all Legal and Other Expenses within thirty (30) days following the Resolution Date of such contest or dispute after presentation of Executive’s written
request for reimbursement accompanied by reasonable evidence that (i) such Legal and Other Expenses were incurred and (ii) Executive substantially prevailed in the outcome of the Proceeding with regard to which such Legal and Other
Expenses were incurred, and Executive shall make such written request within thirty (30) days following the Resolution Date of the Proceeding, provided, however, that any such payment or reimbursement shall be made no later than the 2  1/2 months following the close of the calendar year in
which the Resolution Date occurred. For purposes of this provision, “Resolution Date” means the date of settlement, entry of final judgment or other adjudication of the Proceeding (whether or not appealed). 

4.2 Interest. If an amount due is not paid to Executive under this Agreement within five business days after such amount first
became due and owing, interest shall accrue on such amount from the date it became due and owing until the date of payment at a annual rate equal to 200 basis points above the base commercial lending rate published in The Wall Street Journal
in effect from time to time during the period of such nonpayment. 
 Article V. 

No Set-off or Mitigation 
 5.1 No Set-off by Williams. Executive’s right to receive when due the payments and other benefits provided for under this Agreement is absolute, unconditional and subject to no setoff,
counterclaim, recoupment, or other claim, right or action that any Williams Party may have against Executive or others, except as expressly provided in this Section. Notwithstanding the prior sentence, any Williams Party shall have the right to
deduct any amounts outstanding on any loans or other extensions of credit to Executive from a Williams Party from Executive’s payments and other benefits (if any) provided for under this Agreement. Time is of the essence in the performance by
the Williams Parties of their respective obligations under this Agreement. 

  
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 5.2 No Mitigation. Executive shall not have any duty to mitigate the amounts payable
by any Williams Party under this Agreement by seeking new employment or self-employment following termination. Except as specifically otherwise provided in this Agreement, all amounts payable pursuant to this Agreement shall be paid without
reduction regardless of any amounts of salary, compensation or other amounts which may be paid or payable to Executive as the result of Executive’s employment by another employer or self-employment. 

Article VI. 

Restrictive Covenants 
 6.1 Confidential Information. The Executive acknowledges that in the course of performing services for Williams and its Affiliates, Executive may create (alone or with others), learn of, have
access to, or receive Confidential Information. The Executive recognizes that all such Confidential Information is the sole and exclusive property of Williams and its Affiliates or of third parties to which Williams or an Affiliate owes a duty of
confidentiality, that it is Williams’ policy to safeguard and keep confidential all such Confidential Information, and that disclosure of Confidential Information to an unauthorized third party would cause irreparable damage to Williams and its
Affiliates. Executive agrees that, except as required by the duties of Executive’s employment with Williams or any of its Affiliates and except in connection with enforcing Executive’s rights under this Agreement or if compelled by a court
or governmental agency, in each case provided that prior written notice is given to Williams, Executive will not, without the written consent of Williams, willfully disseminate or otherwise disclose, directly or indirectly, any Confidential
Information disclosed to Executive or otherwise obtained by Executive during his employment with Williams or its Affiliates, and will take all necessary precautions to prevent disclosure, to any unauthorized individual or entity (whether or not such
individual or entity is employed or engaged by, or is otherwise affiliated with, Williams or any Affiliate), and will use the Confidential Information solely for the benefit of Williams and its Affiliates and will not use the Confidential
Information for the benefit of any other Person nor permit its use for the benefit of Executive. These obligations shall continue during and after the termination of Executive’s employment for any reason and for so long as the Confidential
Information remains Confidential Information. 
 6.2 Non-Competition. During the period beginning on the Agreement Date
and ending on the first anniversary of the Termination Date, regardless of the reason for Executive’s Separation from Service, Executive agrees that without the written consent of Williams Executive shall not at any time, directly or
indirectly, in any capacity: 
 (a) engage or participate in, become employed by, serve as a director of, or
render advisory or consulting or other services in connection with, any Competitive Business; provided, however, that after Executive’s Separation from Service, this Section 6.2 shall not preclude Executive from (i) being an employee
of, or consultant to, any business unit of a Competitive Business if (A) such business unit does not qualify as a Competitive Business in its own right and (B) Executive does not have any direct or indirect involvement in, or
responsibility for, any operations of such Competitive Business that cause it to qualify as a Competitive Business, or (ii) with the approval of Williams, being a consultant to, an advisor to, a director of, or an employee of a Competitive
Business; or 

  
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 (b) make or retain any financial investment, whether in the form of equity
or debt, or own any interest, in any Competitive Business. Nothing in this subsection (b) shall, however, restrict Executive from making an investment in any Competitive Business if such investment does not (i) represent more than 1% of
the aggregate market value of the outstanding capital stock or debt (as applicable) of such Competitive Business, (ii) give Executive any right or ability, directly or indirectly, to control or influence the policy decisions or management of
such Competitive Business, or (iii) create a conflict of interest between Executive’s duties to Williams and its Affiliates or under this Agreement and his interest in such investment. 

6.3 Non-Solicitation. During the period beginning on the Agreement Date and ending on the first anniversary of the Termination
Date, regardless of the reason for Executive’s Separation from Service, Executive shall not, directly or indirectly: 
 (a) other than in connection with the good-faith performance of his duties as an officer of Williams or its Affiliates, cause or attempt to cause any employee, director or consultant of Williams or an
Affiliate to terminate his or her relationship with Williams or an Affiliate; 
 (b) employ, engage as a
consultant or adviser, or solicit the employment or engagement as a consultant or adviser, of any employee of Williams or an Affiliate (other than by Williams or its Affiliates), or cause or attempt to cause any Person to do any of the foregoing;

 (c) establish (or take preliminary steps to establish) a business with, or cause or attempt to cause others
to establish (or take preliminary steps to establish) a business with, any employee of Williams or an Affiliate, if such business is or will be a Competitive Business; or 

(d) interfere with the relationship of Williams or an Affiliate with, or endeavor to entice away from Williams or an
Affiliate, any Person who or which at any time during the period commencing one year prior to the Termination Date was or is, to Executive’s knowledge, a material customer or material supplier of, or maintained a material business relationship
with, Williams or an Affiliate. 
 6.4 Intellectual Property. 

(a) During the period of Executive’s employment with Williams or any Affiliate, and thereafter upon Williams’
request, regardless of the reason for Executive’s Separation from Service, Executive shall disclose immediately to Williams all Work Product that: (i) relates to the business of Williams or any Affiliate or any customer or supplier to
Williams or an Affiliate or any of the products or services being developed, manufactured, sold or otherwise provided by 

  
 20 

 
Williams or an Affiliate or that may be used in relation therewith; or (ii) results from tasks or projects assigned to Executive by Williams or an Affiliate; or (iii) results from the
use of the premises or personal property (whether tangible or intangible) owned, leased or contracted for by Williams or an Affiliate. Executive agrees that any Work Product shall be the property of Williams and, if subject to copyright, shall be
considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended. If and to the extent that any such Work Product is not a “work made for hire” within the meaning of the Copyright Act of 1976, as
amended, Executive hereby assigns, and agrees to assign, to Williams all right, title and interest in and to the Work Product and all copies thereof, and all copyrights , patent rights, trademark rights, trade secret rights and all other proprietary
and intellectual property rights in the Work Product, without further consideration, free from any claim, lien for balance due, or rights of retention thereto on the part of Executive. 

(b) Notwithstanding the foregoing, Williams agrees and acknowledges that the provisions of Section 6.4(a) relating
to ownership and disclosure of Work Product do not apply to any inventions or other subject matter for which no equipment, supplies, facility, or trade secret information of Williams or an Affiliate was used and that are developed entirely on
Executive’s own time, unless: (i) the invention or other subject matter relates (a) to the business of Williams or an Affiliate, or (b) to the actual or demonstrably anticipated research or development of Williams or any
Affiliate, or (ii) the invention or other subject matter results from any work performed by Executive for Williams or any Affiliate. 
 (c) Executive agrees that, upon disclosure of Work Product to Williams, Executive will, during his employment by Williams or an Affiliate and at any time thereafter, at the request and cost of Williams,
execute all such documents and perform all such acts as Williams or an Affiliate (or their respective duly authorized agents) may reasonably require: (i) to apply for, obtain and vest in the name of Williams alone (unless Williams otherwise
directs) letters patent, copyrights or other intellectual property protection in any country throughout the world, and when so obtained or vested to renew and restore the same; and (ii) to prosecute or defend any opposition proceedings in
respect of such applications and any opposition proceedings or petitions or applications for revocation of such letters patent, copyright or other intellectual property protection, or otherwise in respect of the Work Product. 

(d) In the event that Williams is unable, after reasonable effort, to secure Executive’s execution of such documents
as provided in Section 6.4(c), whether because of Executive’s physical or mental incapacity or for any other reason whatsoever, Executive hereby irrevocably designates and appoints Williams and its duly authorized officers and agents as
his agent and attorney-in-fact, to act for and on his behalf to execute and file any such application or applications and to do all other lawfully permitted acts to further the prosecution, issuance and protection of letters patent, copyright and
other intellectual property protection with the same legal force and effect as if personally executed by Executive. 

  
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 6.5 Non-Disparagement. 

(a) Executive agrees not to make, or cause to be made, any statement, observation or opinion, or communicate any
information (whether oral or written, directly or indirectly) that (i) accuses or implies that Williams and/or any of its Affiliates, together with their respective present or former officers, directors, partners, stockholders, employees and
agents, and each of their predecessors, successors and assigns, engaged in any wrongful, unlawful or improper conduct, whether relating to Executive’s employment (or the termination thereof), the business or operations of Williams, or
otherwise; or (ii) disparages, impugns or in any way reflects adversely upon the business or reputation of Williams and/or any of its Affiliates, together with their respective present or former officers, directors, partners, stockholders,
employees and agents, and each of their predecessors, successors and assigns. 
 (b) Williams agrees not to
authorize any statement, observation or opinion, or communicate any information (whether oral or written, direct or indirect) that (i) accuses or implies that Executive engaged in any wrongful, unlawful or improper conduct relating to
Executive’s employment or termination thereof with Williams, or otherwise; or (ii) disparages, impugns or in any way reflects adversely upon the reputation of Executive. 

(c) Notwithstanding anything contained herein to the contrary, nothing herein shall be deemed to preclude Executive or
Williams from providing truthful testimony or information pursuant to subpoena, court order or other similar legal or regulatory process, provided, that to the extent permitted by law, Executive will promptly inform Williams of any such obligation
prior to participating in any such proceedings. 
 6.6 Reasonableness of Restrictive Covenants. 

(a) Executive acknowledges that the covenants contained in this Agreement are reasonable in the scope of the activities
restricted, the geographic area covered by the restrictions, and the duration of the restrictions, and that such covenants are reasonably necessary to protect Williams’ legitimate interests in its Confidential Information, its proprietary work,
and in its relationships with its employees, customers, suppliers and agents. 
 (b) Williams has, and Executive
has had an opportunity to, consult with their respective legal counsel and to be advised concerning the reasonableness and propriety of such covenants. Executive acknowledges that his observance of the covenants contained herein will not deprive
Executive of the ability to earn a livelihood or to support his or her dependents. 
 (c) Executive understands
he is bound by the terms of this Article VI, whether or not he receives severance payments under the Agreement or otherwise. 

  
 22 

 6.7 Right to Injunction: Survival of Undertakings. 

(a) In recognition of the confidential nature of the Confidential Information, and in recognition of the necessity of the
limited restrictions imposed by this Agreement, Executive and Williams agree that it would be impossible to measure solely in money the damages which Williams would suffer if Executive were to breach any of his obligations hereunder. Executive
acknowledges that any breach of any provision of this Agreement would irreparably injure Williams. Accordingly, Executive agrees that if he breaches any of the provisions of this Agreement, Williams shall be entitled, in addition to any other
remedies to which Williams may be entitled under this Agreement or otherwise, to an injunction to be issued by a court of competent jurisdiction, to restrain any breach, or threatened breach, of any provision of this Agreement without the necessity
of posting a bond or other security therefor, and Executive hereby waives any right to assert any claim or defense that Williams has an adequate remedy at law for any such breach. 

(b) If a court determines that any covenant included in this Article VI is unenforceable in whole or in part because of
such covenant’s duration or geographical or other scope, such court shall have the power to modify the duration or scope of such provision, as the case may be, so as to cause such covenant as so modified to be enforceable. 

(c) All of the provisions of this Agreement shall survive any Separation from Service of Executive, without regard to the
reasons for such termination. Notwithstanding Section 2.6, in addition to any other rights it may have, neither Williams nor any Affiliate shall have any obligation to pay or provide severance or other benefits (except as may be required under
the Employee Retirement Income Security Act of 1974, as amended) after the Termination Date if Executive has materially breached any of Executive’s obligations under this Agreement. 

Article VII. 
 Non-Exclusivity of Rights 
 7.1 Waiver of Certain Other Rights. To
the extent that Executive shall have received severance payments or other severance benefits under any other plan, program, policy, practice or procedure or agreement of any Williams Party prior to receiving severance payments or other severance
benefits pursuant to Article II, the severance payments or other severance benefits under such other plan, program, policy, practice or procedure or agreement shall reduce (but not below zero) the corresponding severance payments or other benefits
to which Executive shall be entitled under Article II. To the extent that Executive accepts payments made pursuant to Article II, he shall be deemed to have waived his right to receive a corresponding amount of future severance payments or other
severance benefits under any other plan, program, policy, practice or procedure or agreement of any Williams Party. 

  
 23 

 7.2 Other Rights. Except as expressly provided in Section 7.1 and as provided in
the Recitals to this Agreement, this Agreement shall not prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive or other plan, program, policy, practice or procedure provided by a Williams Party and for
which Executive may qualify, nor shall this Agreement limit or otherwise affect such rights as Executive may have under any other agreements with a Williams Party. Amounts that are vested benefits or that Executive is otherwise entitled to receive
under any plan, program, policy, practice or procedure and any other payment or benefit required by law at or after the Termination Date shall be payable in accordance with such plan, program, policy, practice or procedure or applicable law except
as expressly modified by this Agreement. 
 7.3 No Right to Continued Employment. Nothing in this Agreement shall
guarantee the right of Executive to continue in employment, and Williams and the Employer retain the right to terminate Executive’s employment at any time for any reason or for no reason. 

Article VIII. 
 Claims Procedure 
 8.1 Filing a Claim. 

(a) Each individual eligible for benefits under this Agreement (“Claimant”) may submit his application
for benefits (“Claim”) to Williams (or to such other person as may be designated by Williams) in writing in such form as is provided or approved by Williams. A Claimant shall have no right to seek review of a denial or benefits, or
to bring any action in any court to enforce a Claim, prior to his filing a Claim and exhausting his rights to review under Sections 8.1 and 8.2. 
 (b) When a Claim has been filed properly, it shall be evaluated and the Claimant shall be notified of the approval or the denial of the Claim within 30 days after the receipt of such Claim. A Claimant
shall be given a written notice in which the Claimant shall be advised as to whether the Claim is granted or denied, in whole or in part. If a Claim is denied, in whole or in part, the notice shall contain (i) the specific reasons for the
denial, (ii) references to pertinent provisions of this Agreement on which the denial is based, (iii) a description of any additional material or information necessary to perfect the Claim and an explanation of why such material or
information is necessary, (iv) the Claimant’s right to seek review of the denial and a description of the procedures for such review and (v) a statement regarding Claimant’s right to bring a civil action under section 502(a) of
ERISA following an adverse decision on appeal. 
 8.2 Review of Claim Denial. If a Claim is denied, in whole or in part,
or if a Claim is neither approved nor denied within the 30-day period specified Section 8.1(b), the Claimant (or his or her authorized representative) shall have the right at any time to (a) request that Williams (or such other person as
shall be designated in writing by Williams) review the denial or the failure to approve or deny the Claim, (b) review pertinent documents, and (c) submit issues and comments in writing. Within 30 days after such a request is received,
Williams shall complete its review and give the Claimant written notice of its decision. Upon request and without 

  
 24 

 
charge, the Claimant will be provided reasonable access to and copies of all documents, records and other information relevant to the claim. Williams shall include in its notice to Claimant
(i) the specific reasons for its decision, (ii) references to provisions of this Agreement on which its decision is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access
to and copies of all documents, records and other information relevant to the claim; and (iv) a statement regarding the Claimant’s right to bring a civil action under ERISA Section 502(a) within 180 days of receipt of notice of denial
on appeal. 
 Article IX. 
 Miscellaneous 
 9.1 No Assignability. This Agreement is personal to
Executive and without the prior written consent of Williams shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s
legal representatives. 
 9.2 Successors. This Agreement shall inure to the benefit of and be binding upon Williams and
its successors and assigns. Williams will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Williams (or the Employer during any Post-Change
Period) to assume expressly and agree to perform this Agreement in the same manner and to the same extent that Williams (or, if applicable, the Employer) would be required to perform it if no such succession had taken place. Any successor to the
business or assets of Williams (or any Employer) which assumes or agrees to perform this Agreement by operation of law, contract, or otherwise shall be jointly and severally liable with Williams (or the Employer) under this Agreement as if such
successor were Williams (or the Employer). If Executive’s employment is transferred from Williams to a Subsidiary, or from a Subsidiary to Williams or another Subsidiary, the rights and obligations of the Employer (determined prior to such
transfer) shall automatically become the rights and obligations of the Employer (determined immediately following such transfer), without requiring the consent of Executive. 
 9.3 Payments to Beneficiary. If Executive dies before receiving amounts to which Executive is entitled under this Agreement, such amounts shall be paid in a lump sum to one or more beneficiaries
designated in writing by Executive (each, a “Beneficiary”). If none is so designated, Executive’s estate shall be his or her Beneficiary. 
 9.4 Non-Alienation of Benefits. Benefits payable under this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge,
garnishment, execution or levy of any kind, either voluntary or involuntary, before actually being received by Executive, and any such attempt to dispose of any right to benefits payable under this Agreement shall be void. 

9.5 Severability. If any one or more Articles, Sections or other portions of this Agreement are declared by any court or
governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any Article, Section or other portion not 

  
 25 

 
so declared to be unlawful or invalid. Any Article, Section or other portion so declared to be unlawful or invalid shall be construed so as to effectuate the terms of such Article, Section or
other portion to the fullest extent possible while remaining lawful and valid. 
 9.6 Amendments. This Agreement shall
not be amended or modified except by written instrument executed by Williams and Executive; provided however that notwithstanding the terms of this Agreement to the contrary, the terms of this Agreement shall be administered in such a way to comply
with Code Section 409A as reasonably deemed appropriate by Williams; provided further however that notwithstanding anything to the contrary herein, Williams shall have the unilateral right to modify or amend this Agreement as it reasonably
deems appropriate related to compliance with Code Section 409A. The parties to this Agreement intend that this Agreement meet the requirements of Internal Revenue Code Section 409A and recognize that it may be necessary to modify this
Agreement to reflect guidance under Code Section 409A issued by the Internal Revenue Service. 
 9.7 Notices. All
notices and other communications under this Agreement shall be in writing and delivered by hand, by nationally-recognized delivery service that promises overnight delivery, or by first-class registered or certified mail, return receipt requested,
postage prepaid, addressed as follows: 
 If to Executive, to Executive at his most recent home address on file
with Williams. 
 If to Williams or the Employer: 

The Williams Companies, Inc. 
 One Williams Center 
 Tulsa, Oklahoma 74172 

Attention: General Counsel 
 or to such other address as either party shall have furnished to the other in writing. Williams may also deliver notice and other communications under this Agreement in writing by email transmission to
the work email address of the Executive. 
 Notice and communications shall be effective when received by the addressee. An email notice under
this Agreement will be deemed received when sent. All other notices or communications will be deemed received when delivered if delivery is confirmed by a delivery service or return receipt. 

9.8 Joint and Several Liability. In the event that the Employer incurs any obligation to Executive pursuant to this Agreement,
such Employer, Williams and each Subsidiary, if any, of which such Employer is a subsidiary shall be jointly and severally liable with such Employer for such obligation. 
 9.9 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument.

  
 26 

 9.10 Governing Law. This Agreement shall be interpreted and construed in accordance
with the laws of the State of Oklahoma, without regard to its choice of law principles, except to the extent preempted by federal law. 
 9.11 Captions. The captions of this Agreement are not a part of the provisions hereof and shall have no force or effect. 
 9.12 Rules of Construction. Reference to a specific law shall include such law, any valid regulation promulgated thereunder, and any comparable provision of any future legislation amending,
supplementing or superseding such section. 
 9.13 Number and Gender. Wherever appropriate, the singular shall include
the plural, the plural shall include the singular, and the masculine shall include the feminine. 
 9.14 Tax Withholding.
Williams may withhold from any amounts payable under this Agreement or otherwise payable to Executive any Taxes Williams determines to be required under applicable law or regulation and may report all such amounts payable to such authority as is
required by any applicable law or regulation. 
 9.15 No Rights Prior to Change Date. Notwithstanding any provision of
this Agreement to the contrary, this Agreement shall not entitle Executive to any compensation, severance or other payments or benefits of any kind prior to a Change Date. 
 9.16 Entire Agreement. This Agreement and the documents expressly referred to herein contain the entire understanding of Williams and Executive with respect to severance or benefits in relation to
a Change in Control. 
 IN WITNESS WHEREOF, Executive and a duly authorized representative of The Williams Companies, Inc. have
executed this Amended and Restated Change in Control Severance Agreement             , 20        . 

 

			
	[INSERT EXECUTIVE NAME]
	
	 
		
	Date:	 	 

  

			
	THE WILLIAMS COMPANIES, INC., acting on behalf of itself and its Subsidiaries and Affiliates
		
	By:	 	 
		
	Title:	 	 
		
	Date:	 	 

  
 27 

 EXHIBIT A 
 THE WILLIAMS COMPANIES, INC. 
 WAIVER AND RELEASE 

CHANGE IN CONTROL SEVERANCE AGREEMENT (TIER TWO) 
 This agreement, release and waiver (the “Agreement”), made as of the              day of
            , 20          (the “Effective Date”), is made by and among The Williams Companies, Inc. (together with all
successors thereto, “Company”) and [INSERT EXECUTIVE NAME] (“Executive”). 
 WHEREAS,
the Executive and the Company have entered into The Williams Companies, Inc. Change in Control Severance Agreement (Tier Two) (“Severance Agreement”); 
 NOW THEREFORE, in consideration for receiving benefits and severance under the Severance Agreement and in consideration of the representations, covenants and mutual promises set forth in this Agreement,
the parties agree as follows: 
 1. Release. Except with respect to all of the Company’s obligations under the
Severance Agreement, the Executive, and Executive’s heirs, executors, assigns, agents, legal representatives, and personal representatives, hereby releases, acquits and forever discharges the Company, its agents, subsidiaries, affiliates, and
their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages,
indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time
prior to the day prior to execution of this Agreement that arose out of or were related to the Executive’s employment with the Company or the Executive’s termination of employment with the Company including, but not limited to, claims or
demands related to wages. salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, sabbatical benefits, severance benefits, or any other form of
compensation or equity or thing of value whatsoever; claims pursuant to under Title VII of the Civil Rights Act of 1964 as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000e, et seq.; 42 U.S.C. § 1981; 42 U.S.C. § 1983;
42 U.S.C. § 1985; 42 U.S.C. § 1986; the Equal Pay Act of 1963, 29 U.S.C. § 206(d); the National Labor Relations Act, as amended, 29 U.S.C. § 160, et seq.; the Americans With Disabilities Act of 1990, 42 U.S.C. §
12101, et seq.; the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”), 29 U.S.C. § 1001, et seq.; the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection
Act of 1990, 29 U.S.C.§ 621, et seq.; the Family and Medical Leave Act of 1993, 29 U.S.C.§ 2601 et seq.; the Equal Pay Act; the Rehabilitation Act of 1973; the federal Worker Adjustment and Retraining Notification Act (as
amended) and similar laws in other jurisdictions; the Oklahoma Anti-Discrimination Act, Okla. Stat., tit. 25, §§ 1101, et seq., and any claims for wrongful discharge, breach of contract, breach of the implied covenant of good faith
and fair dealing, fraud, discrimination, harassment, defamation, infliction of emotional distress, termination in violation of public policy, retaliation, including workers’ compensation retaliation under state statutes, tort

  
 28 

 
law; contract law; wrongful discharge; discrimination; fraud; libel; slander; defamation; harassment; emotional distress; breach of the implied covenant of good faith and fair dealing; or claims
for whistle-blowing, or other claims arising under any local, state or federal regulation, statute or common law. This Release does not apply to the payment of any and all benefits and/or monies earned, accrued, vested or otherwise owing, if any, to
the Executive under the terms of a Company sponsored tax qualified retirement or savings plan and/or The Williams Companies Retirement Restoration Plan, except that the Executive hereby releases and waives any claims that his termination was to
avoid payment of such benefits or payments, and that, as a result of his termination, he is entitled to additional benefits or payments. Additionally, this Release does not apply to the indemnification provided pursuant to the Severance Agreement.
This Release does not apply to any claim or rights which might arise out of the actions of the Company after the date the Executive signs this Agreement. 
 2. No Inducement. Executive agrees that no promise or inducement to enter into this Agreement has been offered or made except as set forth in this Agreement, that the Executive is entering into
this Agreement without any threat or coercion and without reliance or any statement or representation made on behalf of the Company or by any person employed by or representing the Company, except for the written provisions and promises contained in
this Agreement. 
 3. Damages. The parties agree that damages incurred as a result of a breach of this Agreement will be
difficult to measure. It is, therefore, further agreed that, in addition to any other remedies, equitable relief will be available in the case of a breach of this Agreement. It is also agreed that, in the event Executive files a claim against the
Company with respect to a claim released by Executive herein (other than a proceeding before the EEOC), the Company may withhold, retain, or require reimbursement of all or any portion of the benefits and severance payments under the Severance
Agreement until such claim is withdrawn by Executive. 
 4. Advice of Counsel; Time to Consider; Revocation. Executive
acknowledges the following: 
 (a) Executive has read this Agreement, and understands its legal and binding
effect. Executive is acting voluntarily and of Executive’s own free will in executing this Agreement. 

(b) Executive has been advised to seek and has had the opportunity to seek legal counsel in connection with this
Agreement. 
 (c) Executive was given at least 21 days to consider the terms of this Agreement before signing
it. 
 Executive understands that, if Executive signs this Agreement, Executive may revoke it within seven days after signing it
by delivering written notification of intent to revoke within that seven day period. Executive understands that this Agreement will not be effective until after the seven-day period has expired. 

  
 29 

 5. Severability. If all or any part of this Agreement is declared by any court or
governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any other portion of this Agreement. Any section or a part of a section declared to be unlawful or invalid shall, if possible, be construed in a
manner which will give effect to the terms of the section to the fullest extent possible while remaining lawful and valid. 
 6.
Amendment. This Agreement shall not be altered, amended, or modified except by written instrument executed by the Company and the Executive. A waiver of any portion of this Agreement shall not be deemed a waiver of any other portion of this
Agreement. 
 7. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to
be an original, but all of which together will constitute one and the same instrument. 
 8. Headings. The headings of
this Agreement are not part of the provisions hereof and shall not have any force or effect. 
 9. Rules of Construction.
Reference to a specific law shall include such law, any valid regulation promulgated thereunder, and any comparable provision of any future legislation amending, supplementing or superseding such section. 

10. Applicable Law. The provisions of this Agreement shall be interpreted and construed in accordance with the laws of the State
of Oklahoma without regard to its choice of law principles. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as
of the dates specified below. 
  

			
	[INSERT EXECUTIVE NAME]
	
	 
		
	Date:	 	 

  

			
	THE WILLIAMS COMPANIES, INC.
		
	By:	 	 
		
	Title:	 	 
		
	Date:	 	 

  
 30 

 ACKNOWLEDGMENT 

I HEREBY ACKNOWLEDGE that The Williams Companies, Inc. (“the Company”), in accordance with the Age Discrimination in Employment
Act of 1967, as amended by the Older Workers Benefit Protection Act of 1990, informed me in writing that: 
 (1)
I should consult with an attorney before signing the Change in Control Severance Agreement (“Agreement”) that was provided to me. 
 (2) I may review the Agreement for a period of up to twenty-one (21) days prior to signing the Agreement. If I choose to take less than twenty-one (21) days to review the Agreement, I do so
knowingly, willingly and on advice of counsel. 
 (3) For a period of seven (7) days following the signing
of the Agreement, I may revoke the Agreement, and that the Agreement will not become effective or enforceable until the seven (7) day revocation period has elapsed. 

(4) Any Severance Benefits paid pursuant to the Agreement will be paid in accordance with the Company’s normal pay
cycle but will not be paid to me until the seven-day revocation period has elapsed. 
 (5) Company shall not
accept my signed Agreement prior to the last day of my employment. 
 I HEREBY FURTHER ACKNOWLEDGE receipt of this Change in
Control Severance Agreement on the              day of             ,
20        . 
  

					
	WITNESS:	  		 	
			
	 	  		 	
		  		 	 
		  		 	[INSERT EXECUTIVE’S NAME]Exhibit 10.19

 EXHIBIT 10.19 

 
  
 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	  

  
 i 

  

					
	 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
	  	 	22	  
	 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
	  	 	27	  
		
	 ARTICLE IX DISPUTE RESOLUTION
	  	 	27	  
		
	 Section 9.1     Disputes
	  	 	27	  
	 Section 9.2     Escalation; Mediation
	  	 	27	  
	 Section 9.3     Court Actions
	  	 	29	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	29	  
		
	 Section 10.1     Corporate Power
	  	 	29	  
	 Section 10.2     Coordination with Certain Ancillary Agreements; Conflicts
	  	 	30	  
	 Section 10.3     Expenses
	  	 	30	  
	 Section 10.4     Amendment and Modification.
	  	 	30	  
	 Section 10.5     Waiver
	  	 	30	  
	 Section 10.6     Notices
	  	 	30	  
	 Section 10.7     Interpretation
	  	 	31	  
	 Section 10.8     Entire Agreement
	  	 	31	  
	 Section 10.9     No Third Party Beneficiaries
	  	 	32	  
	 Section 10.10     Governing Law
	  	 	32	  
	 Section 10.11     Submission to Jurisdiction
	  	 	32	  
	 Section 10.12     Assignment
	  	 	32	  
	 Section 10.13     Severability
	  	 	32	  
	 Section 10.14     Waiver of Jury Trial
	  	 	33	  
	 Section 10.15     Counterparts
	  	 	33	  
	 Section 10.16     Facsimile Signature
	  	 	33	  

  
 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 $0.01 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 11:59 p.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; 

  
 12 

 (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. 
 (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 

  
 13 

 
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. 

(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 

  
 14 

 
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, 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 

  
 16 

 
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, 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 

  
 18 

 
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. 
 (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. 

  
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 (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. 
 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 

  
 20 

 
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 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). 

  
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 (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; 
 (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; 

  
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 (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 
 (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. 

  
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 (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. 

(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 

  
 24 

 
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. 
 (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. 

  
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 (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 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 

  
 26 

 
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. 
 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 

  
 27 

 
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 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; 

  
 28 

 (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. 
 (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 

  
 29 

 (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. 
 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: 

  
 30 

	 	(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. 
 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. 

  
 31 

 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. 

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. 

  
 32 

 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.] 

  
 33 

 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:	 	 
		 	 Name:

Title:

  

			
	WPX ENERGY, INC.
		
	By:	 	 
		 	 Name:

Title:

 [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 
 WPX Energy Services Company, LLC 
 WPX Energy Marketing Services Company, LLC 

[Exhibit A to Separation and Distribution Agreement] 

 Schedule 2.5(b)(v) 

Surviving Agreements 
  

	1.	Gas Supply Fee Agreement by and between WPX Energy Marketing, LLC and Williams Energy (Canada), Inc. dated November 18, 2009 

 

	2.	ISDA 2002 Master Agreement by and between WPX Energy Marketing, LLC and Williams Energy (Canada), Inc. dated January 1, 2009, along with each transaction
thereunder 

  

	3.	ISDA 2002 Master Agreement by and between WPX Energy Marketing, LLC and Williams Olefins, L.L.C. dated August 1, 2006, along with each transaction thereunder

  

	4.	Side Letter Regarding Assignment, Assumption and Amendment of Aircraft Lease (S/N 750-0266) and Guarantee (S/N 750-0266), by and between WMB and WPX dated as of
November 30, 2011 

  

	5.	Data Center Services Agreement dated December 28, 2011 between WPX Energy, Inc. and Williams Information Technology, Inc. 

 

	6.	Real Estate Services Agreement dated December 28, 2011 between WPX Energy, Inc. and Williams Headquarters Building Company 

 

	7.	Building Services Agreement dated December 28, 2011 between WPX Energy, Inc. and The Williams Companies, Inc. 

 

	8.	Credit Reimbursement Agreement (Legacy Positions) by and between WPX Energy Marketing, LLC and Williams Merchant Services Company, LLC dated December 31, 2011

  

	9.	Deferred Assignment and Interim Management Agreement (WECI), made and entered into effective as of December 15, 2011, by and between Williams Energy (Canada), Inc.
and WPX Energy Marketing, LLC 

 [Schedule 2.5(b)(v) to Separation and Distribution Agreement] 

 Schedule 7.3 

Contracts Excluded From Indemnification 
 WGM Legacy Agreements with Current Deal Ending Date 
  

											
	Max of Maturity Date	  	 	  	 	 	  	 	 
	 Contract Type
	  	 Ext Legal
	  	Deal #	 	  	Expiration	 
	 Broker Agreement (Exchange Cleared)
	  	BNPPARIBCOMMOFUTURINC- LE	  	 	21358	  	  	 	12/31/2011	  
		  		  	 	21359	  	  	 	12/31/2011	  
		  		  	 	21363	  	  	 	6/30/2011	  
		  		  	 	21364	  	  	 	12/31/2011	  
		  		  	 	21365	  	  	 	12/31/2011	  
		  		  	 	21366	  	  	 	12/31/2011	  
		  		  	 	21367	  	  	 	12/31/2011	  
		  		  	 	21368	  	  	 	12/31/2011	  
		  		  	 	21369	  	  	 	12/31/2011	  
		  		  	 	21383	  	  	 	6/30/2011	  
		  		  	 	21384	  	  	 	3/31/2011	  
		  		  	 	21386	  	  	 	6/30/2011	  
		  		  	 	21434	  	  	 	3/31/2011	  
		  		  	 	21436	  	  	 	3/31/2011	  
		  		  	 	21445	  	  	 	6/30/2011	  
		  		  	 	21446	  	  	 	9/30/2011	  
		  		  	 	21906	  	  	 	12/31/2011	  
		  		  	 	21909	  	  	 	12/31/2011	  
		  		  	 	21911	  	  	 	12/31/2011	  
		  		  	 	21912	  	  	 	12/31/2011	  
		  		  	 	21920	  	  	 	12/31/2011	  
		  		  	 	21923	  	  	 	12/31/2011	  
		  		  	 	21930	  	  	 	12/31/2011	  
		  		  	 	21945	  	  	 	12/31/2013	  
		  		  	 	21956	  	  	 	12/31/2013	  
		  		  	 	21958	  	  	 	10/31/2011	  
		  		  	 	21964	  	  	 	10/31/2011	  
		  		  	 	21965	  	  	 	10/31/2011	  
		  		  	 	21976	  	  	 	3/31/2011	  
		  		  	 	21977	  	  	 	3/31/2011	  
		  		  	 	21981	  	  	 	10/31/2011	  
		  		  	 	21982	  	  	 	10/31/2011	  
		  		  	 	21983	  	  	 	3/31/2011	  
		  		  	 	21984	  	  	 	3/31/2011	  
		  		  	 	21985	  	  	 	3/31/2011	  
		  		  	 	24008	  	  	 	12/31/2012	  
		  		  	 	24009	  	  	 	12/31/2012	  
		  		  	 	24010	  	  	 	12/31/2012	  
		  		  	 	24011	  	  	 	12/31/2012	  
		  		  	 	24014	  	  	 	12/31/2012	  
		  		  	 	24015	  	  	 	12/31/2012	  
		  		  	 	24016	  	  	 	12/31/2012	  

  
 [Schedule
7.3 to Separation and Distribution Agreement] 

											
		  		  	 	24017	  	  	 	12/31/2012	  
		  		  	 	24053	  	  	 	12/31/2012	  
		  		  	 	24054	  	  	 	12/31/2012	  
		  		  	 	24055	  	  	 	12/31/2012	  
		  		  	 	24056	  	  	 	12/31/2012	  
		  		  	 	24057	  	  	 	12/31/2012	  
		  		  	 	25677	  	  	 	12/31/2012	  
		  		  	 	25683	  	  	 	12/31/2012	  
		  		  	 	25696	  	  	 	12/31/2012	  
		  		  	 	25697	  	  	 	12/31/2012	  
		  		  	 	25698	  	  	 	12/31/2012	  
		  		  	 	27181	  	  	 	12/31/2012	  
		  		  	 	27182	  	  	 	12/31/2012	  
		  		  	 	27185	  	  	 	12/31/2012	  
		  		  	 	27186	  	  	 	12/31/2012	  
		  		  	 	27330	  	  	 	12/31/2011	  
		  		  	 	27606	  	  	 	12/31/2012	  
		  		  	 	27681	  	  	 	12/31/2012	  
		  		  	 	28950	  	  	 	12/31/2012	  
		  		  	 	29177	  	  	 	12/31/2012	  
		  		  	 	36432	  	  	 	3/31/2012	  
		  		  	 	36433	  	  	 	3/31/2012	  
		  		  	 	37318	  	  	 	3/31/2013	  
		  		  	 	37319	  	  	 	3/31/2013	  
		  		  	 	37320	  	  	 	3/31/2013	  
		  		  	 	37381	  	  	 	10/31/2012	  
		  		  	 	37382	  	  	 	10/31/2012	  
		  		  	 	37469	  	  	 	3/31/2012	  
		  		  	 	37651	  	  	 	3/31/2013	  
		  		  	 	37652	  	  	 	10/31/2013	  
		  		  	 	38606	  	  	 	3/31/2012	  
		  	BNPPARIBCOMMOFUTURINC - LE Total	  				  	 	12/31/2013	  
	 Broker Agreement (Exchange Cleared) Total
	  		  				  	 	12/31/2013	  
	 ISDA (OTC Financial)
	  	BARCLAYSBANKPLC - LE	  	 	20961	  	  	 	12/31/2012	  
		  		  	 	20962	  	  	 	12/31/2011	  
		  		  	 	20963	  	  	 	12/31/2012	  
		  		  	 	21015	  	  	 	12/31/2011	  
		  		  	 	21016	  	  	 	12/31/2011	  
		  		  	 	21042	  	  	 	10/31/2011	  
		  	BARCLAYSBANKPLC - LE Total	  				  	 	12/31/2012	  
		  	CITIGROUPENERGYINC - LE	  	 	20954	  	  	 	12/31/2012	  
		  		  	 	21043	  	  	 	3/31/2011	  
		  	CITIGROUPENERGYINC - LE Total	  				  	 	12/31/2012	  
		  	ELPASOMARKECOMPALLC - LE	  	 	20930	  	  	 	12/31/2015	  
		  		  	 	20931	  	  	 	12/31/2015	  
		  		  	 	20932	  	  	 	12/31/2013	  
		  		  	 	20933	  	  	 	12/31/2013	  
		  		  	 	20942	  	  	 	12/31/2012	  
		  		  	 	20949	  	  	 	12/31/2012	  

  
 [Schedule
7.3 to Separation and Distribution Agreement] 

											
		  	ELPASOMARKECOMPALLC - LE Total	  				  	 	12/31/2015	  
		  	JPMORGAVENTUENERGCORPO - LE	  	 	20969	  	  	 	6/30/2011	  
		  		  	 	20972	  	  	 	6/30/2011	  
		  		  	 	20998	  	  	 	12/31/2011	  
		  		  	 	21031	  	  	 	6/30/2011	  
		  	JPMORGAVENTUENERGCORPO - LE Total	  				  	 	12/31/2011	  
		  	LOUISDREYFENERGSERVILP - LE	  	 	21003	  	  	 	12/31/2011	  
		  		  	 	21004	  	  	 	12/31/2011	  
		  		  	 	21025	  	  	 	12/31/2013	  
		  	LOUISDREYFENERGSERVILP - LE Total	  				  	 	12/31/2013	  
		  	MERRILYNCHCOMMOINC - LE	  	 	20970	  	  	 	3/31/2011	  
		  	MERRILYNCHCOMMOINC - LE Total	  				  	 	3/31/2011	  
		  	MORGASTANLCAPITGROUPINC - LE	  	 	20943	  	  	 	12/31/2011	  
		  		  	 	20944	  	  	 	12/31/2012	  
		  		  	 	21001	  	  	 	12/31/2011	  
		  		  	 	21002	  	  	 	12/31/2011	  
		  		  	 	33489	  	  	 	3/31/2011	  
		  	MORGASTANLCAPITGROUPINC - LE Total	  				  	 	12/31/2012	  
	 ISDA (OTC Financial) Total
	  		  				  	 	12/31/2015	  
	 Master Buy/Sell
	  	EQUILONENTERPRISESLLC - LE	  	 	20559	  	  	 	6/30/2011	  
		  	EQUILONENTERPRISESLLC - LE Total	  				  	 	6/30/2011	  
	 Master Buy/Sell Total
	  		  				  	 	6/30/2011	  
	 Grand Total
	  		  				  	 	12/31/2015	  

  
 [Schedule
7.3 to Separation and Distribution Agreement] 

 Schedule 7.3(d) 

California Gas Marketing Proceedings 
  

					
	 Case
	  	 Jurisdiction
	  	 Williams Entities Named

			
	San Diego Gas & Electric Company v. Sellers of Energy and Ancillary Services	  	 FERC
 Docket No. EL00-95-000 et
al
	  	The Williams Companies, Inc; Williams Energy Marketing & Trading Company; Williams Power Company, Inc.
			
	Investigation of Practices of the California Independent System Operator and the California Power Exchange	  	 FERC
 Docket No. EL00-98-000 et
al
	  	The Williams Companies, Inc; Williams Energy Marketing & Trading Company; Williams Power Company, Inc.
			
	Puget Sound Energy v. Sellers of Energy and Ancillary Services	  	 FERC
 Docket No. EL01-10-000 et
al
	  	The Williams Companies, Inc; Williams Energy Marketing & Trading Company; Williams Power Company, nc.
			
	California Independent System Operator	  	 FERC
 Docket No.
ER03-746-000
	  	The Williams Companies, Inc.; Williams Power Company, Inc.
			
	 Investigation of Anomalous Bidding Behavior
 and Practices in Western Markets
	  	 FERC
 Docket No. IN03-10-000 et
al
	  	The Williams Companies, Inc; Williams Energy Marketing & Trading Company; Williams Power Company, Inc.
			
	 Fact-Finding Investigation Into Possible
 Manipulation of Electric and Natural
 Gas Prices
	  	 FERC
 Docket No. PA02-2-000 et
al
	  	The Williams Companies, Inc; Williams Energy Marketing & Trading Company; Williams Power Company, Inc.
			
	 State of California, ex rel. Bill Lockyer,
 Attorney General,
 v.
 British Columbia Power Exchange Corp.
	  	 FERC
 Docket No. EL02-71-000 et
al
	  	The Williams Companies, Inc; Williams Energy Marketing & Trading Company; Williams Power Company, Inc.

 [Schedule 7.3(d) to Separation and Distribution Agreement] 

 Schedule 7.3(e) 

Gas Price Indices Proceedings 
  

					
	 Case
	  	 Jurisdiction
	  	 Williams Entities Named

	In re: Western States Wholesale Natural Gas Antitrust Litigation, MDL 1566	  	District of Nevada (Judge Pro), Base Case File No. CV-S-03-1431-PMP (PAL)	  	The Williams Companies, Inc.; Williams Merchant Services Company, Inc.; Williams Energy Marketing & Trading (now known as Williams Gas Marketing, Inc)
			
	Arandell Corporation, et al. v. Xcel Energy, Inc. et al.	  	 Wisconsin
 (Consolidated in to
the above MDL 1566 matter) Case No. 02:07-CV-1019-PMP -PAL
	  	The Williams Companies, Inc.; Williams Merchant Services Company, Inc.; Williams Energy Marketing & Trading (now known as Williams Gas Marketing, Inc)
			
	New Page Wisconsin System, Inc. v. CMS Resource Management Company et al.	  	 Wisconsin
 (Consolidated in to
the above MDL 1566 matter) Case No.: CV-S-09-0915-PMP (PAL)
	  	The Williams Companies, Inc.; Williams Merchant Services Company, Inc.; Williams Energy Marketing & Trading (now known as Williams Gas Marketing, Inc)
			
	Breckenridge Brewery of Colorado, LLC, et al. v. ONEOK, Inc., et al.	  	Colorado (Consolidated in to the above MDL 1566 matter) Case No. 2:06-CV-01351-PMP-PAL	  	The Williams Companies, Inc.; Williams Merchant Services Company, Inc.; Williams Energy Marketing & Trading (now known as Williams Gas Marketing, Inc)
			
	Heartland Regional Medical Center, et al. v. ONEOK, Inc., et al.	  	Missouri (Consolidated in to the above MDL 1566 matter) Case No. 02:07-CV-00987-PMP-PAL	  	The Williams Companies, Inc.; Williams Merchant Services Company, Inc.; Williams Energy Marketing & Trading (now known as Williams Gas Marketing, Inc)
			
	J.P. Morgan Trust Company v. ONEOK, In., et al.	  	Kansas (Consolidated in to the above MDL 1566 matter) Case No. 02:05-CV-01331-PMP-PAL	  	The Williams Companies, Inc.; Williams Merchant Services Company, Inc.; Williams Energy Marketing & Trading (now known as Williams Gas Marketing, Inc)
			
	Learjet, Inc., et al. v. ONEOK, Inc., et al.	  	Kansas (Consolidated in to the above MDL 1566 matter) Case No. 02:06-CV	  	The Williams Companies, Inc.; Williams Merchant Services Company, Inc.; Williams Energy Marketing & Trading (now known as Williams Gas Marketing, Inc)
			
	Scott Thompson Indemnification Claim	  	Not yet filed. Demand letter dated 12/28/10	  	The Williams Companies, Inc.; Williams Energy Marketing & Trading (now known as Williams Gas Marketing, Inc)

 [Schedule 7.3(e) to Separation and Distribution Agreement]

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