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AMENDMENT TO
THE WILLIAMS COMPANIES, INC. 2007 EMPLOYEE STOCK PURCHASE
PLAN
WHEREAS, The
Williams Companies, Inc. (the “Company”) maintains The
Williams Companies, Inc. 2007 Employee Stock Purchase Plan,
effective as of May 17, 2007, as subsequently amended (the
“Plan”); and
WHEREAS, in
accordance with the terms of the Plan the Compensation Committee
may designate the Designated Subsidiaries that may participate in
the Plan; and make certain other Plan amendments
WHEREAS, at its
September 18, 2007 meeting, consistent with the changes below,
the Compensation Committee adopted the following changes to the
Plan;
NOW THEREFORE, the
Plan is hereby amended as follows effective as provided
herein:
Section 6(a)
of the Plan is amended in its entirety to provide as
follows:
“6.
Method of Payment of Contributions .
(a) Subject
to the limitations set forth in Section 3(b), a participant
shall elect at the time and manner prescribed by the Designated
Broker to have payroll deductions made on each payday during the
Offering Period in an dollar amount of not less than $10.00 but not
to exceed $576 per payday (or such greater amount as the
Compensation Committee may establish from time to time before an
Offering Date) of such participant’s Compensation on each
payday during the Offering Period; provided further that once such
election has been made and the Offering Period begins, the
participant may not increase such election amount during such
Offering Period and may decrease such election amount only as
detailed in Section 6(b) or elsewhere in this Plan. All payroll
deductions made by a participant shall be credited to his or her
account under the Plan. A participant may not make any additional
payments into such account. Further, the maximum payroll deductions
that a participant may elect per Offering Period shall
no
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