0001299933-05-001022 Sample Contracts

PERFORMANCE-BASED DEFERRED STOCK AGREEMENT
Performance-Based Deferred Stock Agreement • March 2nd, 2005 • Williams Companies Inc • Natural gas transmission

THIS DEFERRED STOCK AGREEMENT (the “Agreement”), which contains the terms and conditions for the shares referred to in the Performance-Based Deferred Stock Award Letter delivered in hard copy or electronically to Participant (“Performance-Based Deferred Stock Award Letter”), is by and between THE WILLIAMS COMPANIES, INC., a Delaware corporation (the “Company”) and the individual identified on the last page hereof (the “Participant”).

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THE WILLIAMS COMPANIES, INC. 2002 INCENTIVE PLAN STOCK OPTION AGREEMENT
Stock Option Agreement • March 2nd, 2005 • Williams Companies Inc • Natural gas transmission

This Stock Option Agreement (“Option Agreement”) contains the terms of the Option granted to you on the date specified in the letter signed by the Committee or its delegate (the “Option Grant Letter”) accompanying this Option Agreement. Other terms are in the Option Grant Letter and the Plan.

DEFERRED STOCK AGREEMENT
Deferred Stock Agreement • March 2nd, 2005 • Williams Companies Inc • Natural gas transmission

THIS DEFERRED STOCK AGREEMENT (the “Agreement”), which contains the terms and conditions for the shares referred to in the Deferred Stock Award Letter delivered in hard copy or electronically to Participant (“Deferred Stock Award Letter”), is by and between THE WILLIAMS COMPANIES, INC., a Delaware corporation (the “Company”) and the individual identified on the last page hereof (the “Participant”).

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