Item 3.03. Material Modifications to Rights of Security Holders.

On March 19, 2020, the Board of Directors of The Williams Companies, Inc. (the "Company") declared a dividend of one preferred stock purchase right (a "Right") for each outstanding share of common stock, par value $1.00 per share (the "Common Stock"), of the Company. The description and terms of the Rights were set forth in a limited duration Rights Agreement (the "Rights Agreement") between the Company and Computershare Trust Company, N.A., as Rights Agent.

On February 26, 2021, the Delaware Court of Chancery issued a decision regarding the Rights Agreement. The decision declared the Rights Agreement unenforceable and permanently enjoined the continued operation of the Rights Agreement. As a result, the Rights are no longer outstanding and no longer trade with the Company's Common Stock.

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