Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 17, 2012, The Williams Companies, Inc. (the "Company") entered into
a Consulting Agreement and Release (the "Agreement") with Phillip D. Wright, the
Company's former Senior Vice President - Corporate Development. Mr. Wright
retired from the Company on April 1, 2012.
Pursuant to the terms of the Agreement, Mr. Wright agreed to provide consulting
services to the Company through April 1, 2014. The Company determined that the
continued availability of Mr. Wright's knowledge, expertise, and experience is
desirable. The Agreement also included a comprehensive release from Mr. Wright
and agreements concerning noncompetition, nonsoliciation of the Company's
employees, and noninterference. In exchange for the foregoing, the Company
agreed to make payments to Mr. Wright totaling $500,000.
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