Document:

Exhibit 4.9

 

BLONDER TONGUE LABORATORIES, INC.

 

NONQUALIFIED STOCK OPTION AGREEMENT

 

THIS AGREEMENT is made
and entered into as of the 29th day of October, 2018 (the “Grant Date”), by and between BLONDER TONGUE
LABORATORIES, INC. a Delaware corporation (the “Company”), and Edward R. Grauch (the “Optionee”).

 

Background

 

The Optionee is a key
employee of the Company and possesses knowledge, experience and skill necessary for the Company’s future growth and success.
The Company desires to grant to the Optionee an option to purchase shares of the Company’s Common Stock as more fully set
forth below.

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, and intending to be legally bound, it is agreed as follows:

 

1. Inducement
Grant. This grant is made to the Optionee as an “inducement grant” as described in the NYSE American Company
Guide and is not made pursuant to or subject to the terms and conditions of any plan maintained by the Company.

 

2. Option
to Purchase Shares. The Company hereby grants to the Optionee an Option (the “Option”) to purchase up
to 350,000 shares of the Company’s Common Stock (the “Stock”). The purchase price for each share of Stock
shall be Eighty Eight Cents ($0.88) (the “Option Price”), which is acknowledged to be 100% of the Fair Market
Value (as defined below) of each share of Stock as of the Grant Date.

 

For purposes of this
Agreement, “Fair Market Value” shall mean, with respect to a share of Stock as of any given date, (i) if the
Stock is traded on the over-the-counter market, the mean average of the bid and the asked prices for the Stock at the close of
trading on that date, or if that day is not a trading day on the trading day immediately preceding such day; (ii) if the Stock
is listed on a national securities exchange, the arithmetic mean of the high and low selling prices of the Stock on the composite
tape on that date, or if that day in not a trading day on the trading day immediately preceding such given date; and (iii) if the
Stock is neither traded on the over-the-counter market nor listed on a national securities exchange, such value as the Board of
Directors of the Company (the “Board”), in good faith, shall determine.

 

The Option shall be exercisable
for the number of shares of Stock and during the specific exercise periods (“Exercise Period(s)”) set forth
in the following table:

 

	Number of Shares	 	Exercise Period
	70,000 Shares	 	October 29, 2019 through October 29, 2028
	70,000 Shares	 	October 29, 2020 through October 29, 2028
	105,000 Shares	 	October 29, 2021 through October 29, 2028
	105,000 Shares	 	October 29, 2022 through October 29, 2028

 

The Exercise Period for
these options shall commence on the Acceleration Date, as hereafter defined, if earlier than the date or dates set forth above.
The “Acceleration Date” is 12:01 a.m. on the date of termination of the Optionee’s employment with the
Company by reason of the Optionee’s death, retirement after reaching the age of 65 years, or by reason of the Optionee’s
retirement after becoming permanently disabled, or upon the occurrence of a change in control with respect to the Company of such
nature that it would be required to be reported to the Securities and Exchange Commission pursuant to Schedule 14A of Regulation
14A or any successor provision (whether or not the Company is then subject to such reporting requirements). A change of control
will be deemed to have occurred if any person, other than persons or entities who on the date hereof are the “beneficial
owners” (as determined pursuant to Sections 13(d) and 14(d) of the Securities Exchange Act of 1934), directly or indirectly,
of securities of the Company representing 10% or more of the combined voting power of the Company’s then outstanding securities,
is or becomes the “beneficial owner” of 25% or more of the combined voting power of the outstanding securities of the
Company or if during two consecutive year periods, the directors at the beginning of such periods cease for any reason during the
two-year period to constitute a majority of the Board.

 

     

     

    

 

3. Manner
of Exercise and Terms of Payment. The Option may be exercised in whole or in part, subject to the limitations set forth
in this Agreement, upon delivery to the Company (to the attention of the Chief Financial Officer or his designee) of a notice of
exercise in the form attached hereto as Exhibit A, accompanied by full payment of the Option Price for the shares of Stock
with respect to which the Option is exercised. Full payment shall be (i) by cashier’s check, certified check or wire transfer
of immediately available funds (each, a “Cash Payment”), which must be received by the Company by the close
of business (i.e., 5:00 p.m. EST) on the business day immediately following the date the notice of exercise is delivered, provided,
however, that if a Cash Payment is not so received by the Company, the Optionee shall be deemed, for all purposes, to have elected
to pay the Option Price by means of a Cashless Exercise (as defined below), (ii) by withholding a sufficient number of shares having
a Fair Market Value equal to the Option Price for the shares of stock with respect to which the Option is exercised (a, “Cashless
Exercise”), or (iii) if and as permitted by the Compensation Committee of the Board (the “Committee”)
in its sole discretion, by tendering stock of the Company. Each notice of exercise shall be deemed delivered to the Company on
the date and time specified in Section 11(b) below, provided however, that any such notice of exercise which is deemed delivered
on a date on which the NYSE American Exchange is closed, or at a time after the closing of the NYSE American Exchange, shall be
deemed delivered on the immediately following business day, which date shall be deemed the date of exercise for all purposes.

 

4. Termination
of Option.

 

(a) Expiration
or Termination of Employment. Except as specifically provided in Section 4(b) and 4(c) hereof, the Option granted hereunder
shall terminate as of the close of business on the earliest to occur of the date of (i) expiration of the Exercise Period, (ii)
an event of default or breach by the Optionee of the terms and conditions of this Agreement, or (iii) termination of the Optionee’s
employment with the Company for cause. If the Optionee’s employment is terminated other than for cause, death (as provided
in subsection (b) below), or retirement or disability (both as provided in subsection (c) below), the Optionee must exercise his
Option, if at all and to the extent then exercisable, within 30 days from the date of such termination, in accordance with the
terms of this Agreement.

 

(b) Death
of the Optionee. If the Optionee dies prior to the exercise of the Option in full, the Option may be exercised by the Optionee’s
executors, administrators or heirs within one year after the date of the Optionee’s death, provided death occurred during
the Optionee’s employment with the Company, or within three months following the termination of the Optionee’s employment
with the Company, by reason of the Optionee’s retirement after reaching the age of 65 years or the Optionee’s retirement
after becoming permanently disabled. Such Option may be so exercised by the Optionee’s executors, administrators or heirs
only with respect to that number of shares of Stock which the Optionee had an Option to purchase and only to the extent that the
Option was exercisable (but had not theretofore been exercised) as of the date of the earlier of the (i) retirement of the Optionee
after reaching the age of 65 years or after becoming permanently disabled, or (ii) death of the Optionee. In no event may the Option
be exercised at any time after the expiration of the Exercise Period stated in Section 2 hereof.

 

(c) Retirement
or Disability. If the Optionee’s employment with the Company is terminated, prior to the exercise of the Option in
full, by reason of the Optionee’s retirement after reaching the age of 65 years or by reason of the Optionee’s retirement
after becoming permanently disabled, the Optionee shall have the right, during the period ending three months after the date of
the Optionee’s termination of employment, to exercise the Option to the extent that it was exercisable but not exercised
at the date of the Optionee’s termination of employment with the Company. Such Option may be so exercised by the Optionee
only with respect to that number of shares of Stock which the Optionee had an Option to purchase and only to the extent that the
Option was exercisable (but had not theretofore been exercised) as of the date that the Optionee retires after reaching the age
of 65 years or after becoming permanently disabled. In no event may the Option be exercised at any time after the expiration of
the Exercise Period stated in Section 2 hereof.

 

    - 2 -

     

    

 

5. Rights
as Shareholder. The Optionee or permitted transferee of the Option shall have no rights as a shareholder of the Company
with respect to any shares of Stock subject to such Option prior to the Optionee’s purchase of such shares of Stock by exercise
of such Option.

 

6. Delivery
of Stock Certificates. The Company shall not be required to issue or deliver any certificate, or cause uncertificated shares
to be registered on the books of the Company, for any Stock purchased upon the exercise of all or any portion of the Option prior
to the fulfillment of any of the following conditions which may, from time to time, be applicable to the issuance of the Stock:

 

(a) Listing
of Shares. The admission of such shares of Stock to listing on all stock exchanges on which the Stock of the Company is
then listed.

 

(b) Registration
and/or Qualification of Shares. The completion of any registration or other qualification of such shares of Stock under
any federal or state securities laws or under the regulations promulgated by the Securities and Exchange Commission or any other
federal or state governmental regulatory body which the Board or Committee, as the case may be, deems necessary or advisable. The
Company shall in no event be obligated to register any securities pursuant to the Securities Act of 1933 (as now in effect or as
hereafter amended) or to take any other action in order to cause the issuance and delivery of such certificates to comply with
any such law, regulations or requirement.

 

(c) Approval
or Clearance. The obtaining of any approval or clearance from any federal or state governmental agency which the Board
or Committee, as the case may be, shall determine to be necessary or advisable.

 

(d) Reasonable
Lapse of Time. The lapse of such reasonable period of time following the exercise of the Option as the Board or Committee,
as the case may be, may establish from time to time for reasons of administrative convenience.

 

7. (a) Anti-Dilution.
Except as otherwise expressly provided herein, if the outstanding shares of Common Stock are hereafter changed or converted into,
or exchanged or exchangeable for, a different number or kind of shares or other securities of the Company or of another corporation
by reason of a reorganization, merger, consolidation, recapitalization, reclassification or combination of shares, stock dividend
stock split or reverse stock split, appropriate adjustment shall be made by the Board in the number of shares and kind of stock
subject to unexercised stock options hereunder, to the end that the proportionate interest of the Optionee shall be maintained
as before the occurrence of such event.

 

(b) Non-survival
of Company. In the event of a dissolution or liquidation of the Company or any merger or combination in which the Company
is not a surviving corporation, each outstanding Option granted hereunder shall terminate, but the Optionee shall have the right,
immediately prior to such liquidation, dissolution, merger or combination, to exercise the Option, in whole or in part, to the
extent that such Option is then otherwise exercisable and has not previously been exercised.

 

8. Tax
Attributes. The Option is not intended to be, and shall not be treated by the Company or the Optionee as, an “incentive
stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

 

9. Withholding.
The Optionee may elect to have the Company withhold from those shares of Stock that would otherwise be received upon exercise of
the Option, a number of shares having a Fair Market Value equal to the minimum statutory amount necessary to satisfy the Company’s
applicable federal, state, local and foreign income and employment tax withholding obligations (collectively, “Withholding
Obligations”). In the event the Optionee does not notify the Company of his election to withhold shares of Stock and
does not remit to the Company, in cash, on or before the applicable taxable event, the full amount necessary to satisfy the Withholding
Obligations, the Company shall withhold from those shares of Stock that would otherwise be issued upon exercise of the Option,
a number of shares having a Fair Market Value equal to the Withholding Obligation.

 

    - 3 -

     

    

 

10. Restrictions
on Transfers. The Option may not be transferred by the Optionee. Subject to the provisions of Section 4(b) hereto, the
Option shall be exercisable only by the Optionee during the Optionee’s lifetime.

 

11. Miscellaneous.

 

(a) The
Company reserves the right to terminate at any time, by written notice to the Optionee, any or all of the restrictions on the Stock
set forth in this Agreement. Such termination shall be effective upon the Optionee’s receipt of such notice.

 

(b) All
notices or other communication required or permitted to be given or made shall be validly given or made if delivered by hand, by
electronic communication (provided, however, that messages sent by e-mail or other electronic transmission shall not constitute
a writing, however any signature on a document or other writing that is transmitted by e-mail or electronic transmission shall
constitute a valid signature for purposes hereof), by facsimile message, by courier or by certified or registered mail addressed
to the address specified below or to such other addresses as the parties may specify in writing, and shall be deemed to have been
received: (i) if delivered by hand, on the date and time of delivery; (ii) if delivered by electronic communication or by facsimile
message, on the date and time of a confirmed transmission; and (iii) if delivered by courier or by certified or registered mail,
on the date and time of actual receipt by the recipient.

 

If to the Company: Blonder Tongue
Laboratories, Inc.

One Jake Brown Road

Old Bridge, New Jersey 08857

Attn.: Chief
Financial Officer (or his designee)

Fax Number: (732) 679-3259

 

If to the Optionee: Edward R.
Grauch

3208 Highway 98

Mexico Beach, Florida 32456

 

(c) Whenever
Federal, state and local tax is due on the exercise of Options granted under this Agreement, the Company may require the Optionee
or Participant to remit an amount sufficient to satisfy Federal, state and local withholding taxes prior to the delivery of any
certificate for such shares or the lapse of restrictions.

 

(d) Notwithstanding
anything to the contrary herein, the Option and any shares of Stock transferred upon exercise thereof shall be subject to the Company’s
ability to recoup or recover the Option, such Stock or other consideration previously granted under this Agreement, pursuant to
(i) any compensation recovery or recoupment policy (i.e., clawback policy) to be adopted by the Company from time to time in the
future (regardless of whether adopted pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
or otherwise), or (ii) any other applicable law, regulation or stock exchange rule, including without limitation, Section 304 of
the Sarbanes-Oxley Act of 2002.   

 

(e) This
Agreement does not confer upon or give to the Optionee any right to continued employment by the Company and does not in any way
affect the right of the Company to terminate the Optionee’s employment at any time.

 

(f) If
any one or more of the provisions contained in this Agreement are invalid, illegal or unenforceable, the other provisions of this
Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.

 

(g) This
Agreement shall be construed in accordance with the laws of the State of New Jersey.

 

IN WITNESS WHEREOF,
the undersigned have executed, or have caused this Agreement to be executed, as of the day and year first above written.

 

	BLONDER TONGUE LABORATORIES, INC.	 	OPTIONEE
	 	 	 
	By:	                                     	 	 
	 	Robert J. Pallé, Chief Executive Officer	 	Edward R. Grauch

 

    - 4 -

     

    

 

EXHIBIT A

 

BLONDER TONGUE LABORATORIES, INC.

 

NOTICE OF EXERCISE OF STOCK OPTION

 

I. OPTIONEE INFORMATION

 

	Name:	Edward R. Grauch
	Address:	____________________
	 	____________________

 

II. OPTION INFORMATION:

 

Date of Grant: ______________________________

 

Type of Option: Non-statutory (NSO)

 

Exercise Price per Share: $______________

 

Total Number of Shares covered by the Option: ________________________

 

Number of Shares for which the Option is now being exercised: 
____________________  (“Purchased Shares”)

 

Total exercise price: $                          

 

Method of Payment of Exercise Price (select one):

 

	 	Cashier’s check, certified check or wire transfer of immediately available funds (provided, however, if such payment is not received by the close of business on the business day immediately following the delivery of this notice, the Optionee shall be deemed, for all purposes, to have elected to pay the Option Price by means of a Cashless Exercise)
	 	Cashless Exercise (withholding a sufficient number of shares having a Fair Market Value equal to the total exercise price)

 

Name(s) in which the Purchased Shares should be registered:
 

 

 

The certificate for the Purchased Shares should be sent to the
following address:

 

 

 

ACKNOWLEDGMENT:

 

I understand that all sales of Purchased Shares are subject
to compliance with the Company’s policy on securities trades.

 

SIGNATURE AND DATE:

 

	 	 	 	 
	Optionee: Edward R. Grauch	 	Date:	 

 

    - 5 -Exhibit

EXHIBIT 10.1

EXECUTION COPY

FIRST AMENDMENT TO 
REVOLVING CREDIT AGREEMENT

THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “First Amendment”), dated as of December 19, 2018, is among WESTERN GAS EQUITY PARTNERS, LP, as the Borrower, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, and the Lenders party hereto.
R E C I T A L S
A.    The Borrower, the Administrative Agent and the Lenders are parties to that certain Revolving Credit Agreement dated as of March 14, 2016 (the “Credit Agreement”), pursuant to which the Lenders have made certain loans to and extensions of credit for the account of the Borrower.
B.    The Borrower has requested and the Lenders have agreed to amend certain provisions of the Credit Agreement as set forth in this First Amendment.
C.    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all article and section references in this First Amendment refer to articles and sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.
2.1    Amendments to Section 1.01.  
(a)    The following definitions in Section 1.01 of the Credit Agreement are hereby deleted and replaced in their entirety to read as follows:
“Agreement” — this Revolving Credit Agreement, as amended by the First Amendment and as the same may from time to time be further amended, modified, supplemented or restated.
“Maturity Date” — the earlier of (i) June 14, 2019 and (ii) 3 Business Days following the consummation of Borrower’s acquisition of all publicly held WES Common Units pursuant to and as contemplated by that certain Contribution Agreement and Agreement and Plan of Merger dated November 7, 2018 among Anadarko Petroleum Corporation and certain Affiliates, including Borrower and WES, as may be amended, supplemented or modified.
(b)    The following definitions are hereby added to Section 1.01 of the Credit Agreement where alphabetically appropriate to read as follows:
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or 

otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“First Amendment” means the First Amendment to Revolving Credit Agreement dated as of December 19, 2018 among the Borrower, the Administrative Agent and the Lenders party thereto.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
2.2    Lender ERISA Representations.  Article IX of the Credit Agreement is hereby amended by adding a new Section 9.14 at the end thereof, to read as follows:
Section 9.14.  Certain ERISA Matters.
(a)    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true: 
(i)    such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans or the Commitments,
(ii)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,
(iii)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

2

(iv)    such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b)    In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that none of the Administrative Agent, the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement or any documents related hereto).
Section 3.    Conditions Precedent.  This First Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02 of the Credit Agreement) (the “First Amendment Effective Date”):
3.1    The Administrative Agent shall have received from the Lenders and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this First Amendment signed on behalf of such Persons.
3.2    The Administrative Agent and the Lenders shall have received any amounts due and payable on the First Amendment Effective Date, including, to the extent invoiced at least one Business Day prior to the First Amendment Effective Date (unless the Borrower otherwise consents), reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.
3.3    No Default or Event of Default shall have occurred and be continuing, both prior and after giving effect to the terms of this First Amendment.
3.4    The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.
The Administrative Agent is hereby authorized and directed to declare this First Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 4.    Miscellaneous.
4.1    Confirmation.  The provisions of the Credit Agreement, as amended by this First Amendment, shall remain in full force and effect following the effectiveness of this First Amendment.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the 

3

Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.
4.2    Ratification and Affirmation; Representations and Warranties.  The Borrower hereby (a) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein and (b) represents and warrants to the Lenders that, as of the date hereof, both before and after giving effect hereto: (i) the representations and warranties contained in each Loan Document are true and accurate in all material respects (unless qualified by materiality or Material Adverse Change, in which case such representation and warranty is true and accurate in all respects) on and as of the date hereof as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, and except that for purposes hereof, the representations and warranties contained in Section 3.01(f) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 4.01(a) and (b) thereof), (ii) no event has occurred and is continuing or would result herefrom which constitutes an Event of Default or a Default and (iii) no Material Adverse Effect has occurred.  Borrower, Administrative Agent and Lenders each acknowledges and agrees that any and all Obligations are secured by the Collateral Agreement and the other Security Documents with respect to the Collateral pledged thereunder.  Borrower hereby re-pledges, re-grants and re-assigns a Lien in favor of Administrative Agent for the benefit of Lenders on all Property of Borrower described as Collateral in the Collateral Agreement and the other Security Documents to secure the Obligations.
4.3    Counterparts.  This First Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this First Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.
4.4    No Oral Agreement.  This First Amendment, the Credit Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof. This First Amendment, the Credit Agreement and the other Loan Documents represent the final agreement among the parties hereto and thereto and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.
4.5    GOVERNING LAW.  THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
[SIGNATURES BEGIN NEXT PAGE]

4

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed as of the date first written above.

	
			
	BORROWER:
	WESTERN GAS EQUITY PARTNERS, LP

	 
	 
	 

	 
	By:
	Western Gas Equity Holdings, LLC,
its general partner

	 
	 
	 

	 
	By:
	/s/ Jaime R. Casas

	 
	Name:
	Jaime R. Casas

	 
	Title:
	Senior Vice President, Chief Financial Officer and Treasurer

[Signature Page - First Amendment To WGEP Revolving Credit Agreement]

	
			
	ADMINISTRATIVE AGENT
AND LENDERS:
	WELLS FARGO BANK,
NATIONAL ASSOCIATION,

	 
	as Administrative Agent and a Lender

	 
	 
	 

	 
	By:
	/s/ Borden Tennant

	 
	Name:
	Borden Tennant

	 
	Title:
	Vice President

	 
	 
	 

	 
	PNC BANK, NATIONAL ASSOCIATION,

	 
	as a Lender

	 
	 
	 

	 
	By:
	/s/ Stephen Monto

	 
	Name:
	Stephen Monto

	 
	Title:
	SVP

	 
	 
	 

	 
	CITIBANK N.A.,

	 
	as a Lender

	 
	 
	 

	 
	By:
	/s/ Cathy Shepherd

	 
	Name:
	Cathy Shepherd

	 
	Title:
	Vice President

	 
	 
	 

	 
	MIZUHO BANK, LTD.,

	 
	as a Lender

	 
	 
	 

	 
	By:
	/s/ Donna DeMagistris

	 
	Name:
	Donna DeMagistris

	 
	Title:
	Authorized Signatory

[Signature Page - First Amendment To WGEP Revolving Credit Agreement]

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