What will WPZ Public Unitholders be entitled to receive in the Merger?

Q:

What will WPZ Public Unitholders be entitled to receive in the Merger?

A:

Each WPZ Public Unitholder will be entitled to receive Williams Common Stock in exchange for such holder’s WPZ Public Units at the Exchange Ratio (1.494 shares of Williams Common Stock for each one WPZ Common Unit). If the Exchange Ratio would result in a WPZ Public Unitholder being entitled to receive a fractional share of Williams Common Stock, such holder will receive cash (payable in U.S. dollars, without interest) in lieu of such fractional share in an amount equal to the product obtained by multiplying (1) such fraction by (2) the average of the closing price of Williams Common Stock as reported on the NYSE Composite Transactions Tape (as reported by Bloomberg Financial Markets or such other source as the parties shall agree in writing) over the five-trading-day period ending on the third trading day immediately preceding the effective time of the Merger. For additional information regarding exchange procedures, please read “The Merger Agreement — Exchange of Units; Fractional Units.”