Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
 FIRST
AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of the 19th day of December, 2014 (this “First Amendment”), is entered into among Washington Gas Light Company, a Virginia and District of Columbia corporation (the
“Borrower”), the lenders party hereto, and Wells Fargo Bank, National Association, as administrative agent for the Lenders (the “Administrative Agent”). 

RECITALS 
 A. The
Borrower, the lenders party thereto and the Administrative Agent are parties to that certain Credit Agreement dated as of April 3, 2012 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit
Agreement”). Capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement as they may be amended pursuant to this First Amendment. 

B. The Borrower, the Administrative Agent and the Lenders party hereto have agreed to make certain amendments to the Credit Agreement on the
terms and conditions set forth herein. 
 STATEMENT OF AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

AMENDMENTS TO CREDIT AGREEMENT 

1.1 Amendments to Section 1.1 Consisting of New Definitions. The following definitions are hereby added to Section 1.1 of the
Credit Agreement in appropriate alphabetical order: 
 “Anti-Corruption Laws” means all laws, rules, and
regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“Designated Person” means any Person listed on a Sanctions List. 

“First Amendment” shall mean the First Amendment to Credit Agreement, dated as of December 19, 2014,
among the Borrower, the Lenders party thereto, and the Administrative Agent. 
 “First Amendment Effective
Date” has the meaning given to such term in Article II to the First Amendment. 

 “First Amendment Fee Letter” means the letter agreement among
the Borrower, the Parent, Wells Fargo Securities, the Administrative Agent and BTMU dated as of December 1, 2014. 

“Sanctioned Country” means a country or territory which is at any time subject to Sanctions. 

“Sanctions” means: 

(a) economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (i) the U.S.
government and administered by OFAC, (ii) the United Nations Security Council, (iii) the European Union or (iv) Her Majesty’s Treasury of the United Kingdom; and 

(b) economic or financial sanctions imposed, administered or enforced from time to time by the U.S. State Department, the U.S.
Department of Commerce or the U.S. Department of the Treasury. 
 “Sanctions List” means any of the lists of
specifically designated nationals or designated persons or entities (or equivalent) held by the U.S. government and administered by OFAC, the U.S. State Department, the U.S. Department of Commerce or the U.S. Department of the Treasury or the United
Nations Security Council or any similar list maintained by the European Union, any other EU Member State, Her Majesty’s Treasury of the United Kingdom or any other U.S. government entity, in each case as the same may be amended, supplemented or
substituted from time to time. 
 1.2 Amendments to Section 1.1 Consisting of Modifications to Existing Definitions. The
following definitions in Section 1.1 of the Credit Agreement are hereby amended in their entirety as follows: 

“Administrative Fee Letter” means the letter to the Borrower from Wells Fargo dated as of December 1,
2014. 
 “Facility Termination Date” means September 30, 2017, provided that upon the delivery
of a certificate of the Secretary or an Assistant Secretary of the Borrower certifying that attached thereto are true and correct copies of all Governmental Approvals required to be obtained in order for the term of this Agreement to extend through
the fifth anniversary of the First Amendment Effective Date, and that such Governmental Approvals have been issued and are in full force and effect; then the Facility Termination Date shall be automatically extended to December 19, 2019 (as
such date may be further extended from time to time pursuant to Section 2.6). 
 “Federal Funds Effective
Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published
for such day (or, if such day is not a 

  
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Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the
quotations at approximately 10:00 a.m. on such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion. 

Notwithstanding the foregoing, in no event shall the Federal Funds Effective Rate be less than 0%. 

“Fee Letters” means, collectively, the Active Arrangers Fee Letter, the Passive Arrangers Fee Letter, the
Administrative Fee Letter and the First Amendment Fee Letter. 
 “LIBOR Rate” means: 

(a) with respect to each LIBOR Rate Loan comprising part of the same borrowing for any Interest Period, an interest rate per
annum obtained by dividing (i) (y) the London Interbank Offered Rate (or a comparable or successor rate which is approved by the Administrative Agent) appearing on Reuters Screen LIBOR01 Page (or other commercially available source
providing quotations of such rate as selected by the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period for deposits denominated in
Dollars or (z) if such rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day
funds in the approximate amount of the LIBOR Rate Loan being made, continued or converted and with a term equivalent to such Interest Period would be offered by Wells Fargo’s London Branch to major banks in the London interbank eurodollar
market at their request at approximately 11:00 a.m., London time, two Business Days prior to the first day of such Interest Period, by (ii) the amount equal to 1.00 minus the Reserve Requirement (expressed as a decimal) for such Interest
Period. 
 (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to
(i) the London Interbank Offered Rate (or a comparable or successor rate which is approved by the Administrative Agent) appearing on Reuters Screen LIBOR01 Page (or other commercially available source providing quotations of such rate as
selected by the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) on such date of determination for an Interest Period equal to one month (commencing on the date of determination of such interest rate) or (ii) if
such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate
amount of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by Wells Fargo’s London Branch to major banks in the London interbank eurodollar market at their request at the date and time of
determination. 

  
 3 

 Notwithstanding the foregoing, in no event shall the LIBOR Rate be less than 0%.

 “Loan Documents” means this Agreement and any Notes issued pursuant to Section 2.11, the Fee
Letters, the First Amendment and all other agreements, instruments, documents and certificates now or hereafter executed and delivered to the Administrative Agent or any Lender by or on behalf of the Borrower with respect to this Agreement, in each
case as amended, modified, supplemented or restated from time to time. 
 1.3 Amendment to Section 2.6. The introductory
paragraph to Section 2.6 and Section 2.6.1 are hereby amended in their entirety as follows: 
 2.6 Extension
Option. After the first anniversary of the First Amendment Effective Date, and then no earlier than 60 days and no later than 30 days prior to each anniversary of the First Amendment Effective Date, but on no more than two occasions, the
Borrower may, by written notice to the Administrative Agent, request that the Lenders extend the Facility Termination Date for an additional year. Any election by a Lender to extend the term of its Commitment pursuant to such a request shall be at
such Lender’s sole discretion and subject to such credit evaluation as such Lender may determine. 
 2.6.1 No extension
pursuant to this Section 2.6 shall become effective unless agreed to in writing not later than 15 days prior to the relevant anniversary of the First Amendment Effective Date by Lenders then holding more than 50% of the Commitments. 

1.4 Amendment to Section 5.13. Section 5.13 is hereby amended in its entirety as follows: 

5.13 Anti-Corruption Laws and Sanctions. 

(a) The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower
and its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower and its Subsidiaries and, to the knowledge of the Borrower, their respective directors, officers,
employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. 
 (b)
To the extent applicable, each of the Borrower and its Subsidiaries is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, the International Emergency Economic Powers Act, as amended, and each of the
foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the PATRIOT Act. 

  
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 (c) Neither the Borrower nor any of its Subsidiaries nor, to the knowledge of the
Borrower, any director, officer, employee, agent or controlled Affiliate of the Borrower or any of its Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby is a Designated Person, nor
is the Borrower or any of its Subsidiaries located, organized or resident in any Sanctioned Country. 
 (d) No part of the
proceeds of the Loans or Letters of Credit will be used by the Borrower (i) in violation of Anti-Corruption Laws, applicable Sanctions or the Patriot Act or (ii) for the purpose of funding, financing or facilitating any activities or
business of or with any Designated Person. 
 1.5 Amendment to Section 6.3. Section 6.3 is hereby amended in its entirety as
follows: 
 6.3 Corporate Existence, Compliance with Laws, Taxes, Examination of Books, Insurance, etc. The Borrower shall, and shall
cause each of its Material Subsidiaries to: preserve and maintain its corporate existence and all of its material rights, privileges and franchises if failure to maintain such existence, rights, privileges or franchises would materially and
adversely affect the financial condition or operations of, or the business taken as a whole, of the Borrower and its Subsidiaries; comply with the requirements of all Applicable Laws, rules, regulations and orders of governmental or regulatory
authorities (except Anti-Corruption Laws and Sanctions), except if failure to comply with such requirements would not materially and adversely affect the financial condition or operations of, or the business taken as a whole, of the Borrower and its
Subsidiaries; comply in all material respects with the requirements of all Anti-Corruption Laws and Sanctions; provide such information and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist
the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act; pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior to the
date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained; maintain all of its
properties used or useful in its business in good working order and condition, ordinary wear and tear excepted; permit representatives of any Lender or the Administrative Agent, during normal business hours, to examine, copy and make extracts from
its books and records, to inspect its properties, and to discuss its business and affairs with its officers, all to the extent reasonably requested by such Lender or the Administrative Agent (as the case may be); and keep insured by

  
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financially sound and reputable insurers all property of a character usually insured by corporations engaged in the same or similar business similarly situated against loss or damage of the kinds
and in the amounts customarily insured against by such corporations and carry such other insurance as is usually carried by such corporations. 

1.6 Amendment to Section 6.4. Section 6.4 is hereby amended in its entirety as follows: 

6.4 Use of Proceeds. The Borrower shall use the proceeds of the Loans and Letters of Credit hereunder for its general corporate purposes
(in compliance with all applicable legal and regulatory requirements). The Borrower shall not request any borrowing of Loans or the issuance of any Letter of Credit, and the Borrower shall not use, and the Borrower shall cause its Subsidiaries and
its or their respective directors, officers and employees not to use, the proceeds of any Loans or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of
value, to any Person in violation of any Anti- Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (iii) in
any manner that would result in the violation of any Sanctions applicable to any party hereto. 
 1.7 Amendment to Schedule. Schedule
1.1-B (Commitments and Notice Addresses) to the Credit Agreement is hereby amended in its entirety in the form attached to the First Amendment. 

ARTICLE II 
 CONDITIONS
OF EFFECTIVENESS 
 This First Amendment shall become effective as of the date (such date being referred to as the “First
Amendment Effective Date”) when, and only when, each of the following conditions precedent shall have been satisfied: 

(a) The Administrative Agent shall have received the following, each dated as of the First Amendment Effective Date (unless
otherwise specified), and in such number of copies as the Administrative Agent shall have requested: 
 (i) Fully executed
counterparts of this First Amendment from the Borrower, each Lender, and the Administrative Agent. 
 (ii) Copies of the
articles or certificate of incorporation of the Borrower, together with all amendments thereto, and a certificate of good standing, each certified by the appropriate governmental officer in its jurisdictions of incorporation. 

  
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 (iii) Copies, certified by the Secretary or Assistant Secretary of the Borrower,
of its by-laws and of its Board of Directors’ resolutions and of resolutions or actions of any other body authorizing (i) the execution of the First Amendment and (ii) borrowings hereunder by the Borrower in an aggregate amount up to
$350,000,000. 
 (iv) An incumbency certificate, executed by the Secretary or Assistant Secretary of the Borrower, which
shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of the Borrower authorized to sign the Loan Documents, upon which certificate the Administrative Agent and the Lenders shall be entitled to
rely until informed of any change in writing by the Borrower. 
 (v) A certificate, signed by the chief financial officer of
the Borrower, stating that the conditions specified in Section 4.2(b) and (c) of the Credit Agreement have been satisfied. 

(vi) A written opinion of the Borrower’s counsel, addressed to the Lenders substantially in the form delivered at the
initial closing of the Credit Agreement. 
 (vii) Any Notes requested by a Lender pursuant to Section 2.11 of the Credit
Agreement payable to the order of each such requesting Lender. 
 (viii) Evidence satisfactory to the Administrative Agent of
any required Governmental Approvals or consents regarding this First Amendment. 
 (b) The Borrower shall have paid
(i) to Wells Fargo Securities, the Administrative Agent and BTMU, for their own respective accounts, on the First Amendment Effective Date, the fees required to be paid under the First Amendment Fee Letter, (ii) to the Administrative
Agent, the initial payment of the annual administrative fee described in the Administrative Fee Letter, (iii) all other fees and reasonable expenses of the Arrangers, the Administrative Agent and the Lenders required to be paid on or prior to
the First Amendment Effective Date (including reasonable fees and expenses of counsel to the Administrative Agent) in connection with this First Amendment and (iv) all accrued and unpaid fees and interest due under the Credit Agreement and
owing as of the First Amendment Effective Date. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent, the Issuing Banks and the Lenders to enter into this First Amendment, the Borrower hereby represents and
warrants to the Administrative Agent and Lenders that: 

  
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 3.1 The Borrower has all necessary corporate power and authority to execute, deliver and perform
its obligations under this First Amendment, and the execution, delivery and performance of this First Amendment, and the consummation of the transactions herein contemplated, by the Borrower have been duly authorized by all necessary corporate
action on its part; and this First Amendment has been duly and validly executed and delivered by the Borrower and the Credit Agreement, as amended by the First Amendment, constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms. 
 3.2 No consent, approval, authorization or other action by, notice to, or registration or filing with, any Governmental
Authority or other Person is or will be required as a condition to or otherwise in connection with the due execution, delivery and performance by the Borrower of this First Amendment or the Credit Agreement as amended by the First Amendment or the
legality, validity or enforceability hereof or thereof, other than consents, authorizations and filings that have been made or obtained and that are in full force and effect. 

3.3 The representations and warranties of the Borrower contained in the Credit Agreement and the other Loan Documents are true and correct as
of the First Amendment Effective Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier
date. 
 3.4 Both before and after giving effect to the transactions contemplated by this First Amendment, there exists no Event of Default
or Unmatured Default. 
 ARTICLE IV 

ACKNOWLEDGEMENT AND CONFIRMATION OF THE BORROWER 

The Borrower hereby confirms and agrees that after giving effect to this First Amendment, the Credit Agreement and the other Loan Documents
remain in full force and effect and enforceable against the Borrower in accordance with their respective terms and shall not be discharged, diminished, limited or otherwise affected in any respect, and the amendments contained herein shall not,
in any manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect of, the Obligations of any Borrower evidenced by or arising under the Credit Agreement and the other Loan Documents,
which shall not in any manner be impaired, limited, terminated, waived or released, but shall continue in full force and effect. The Borrower represents and warrants to the Lenders that it has no knowledge of any claims, counterclaims, offsets, or
defenses to or with respect to its obligations under the Loan Documents, or if the Borrower has any such claims, counterclaims, offsets, or defenses to the Loan Documents or any transaction related to the Loan Documents, the same are hereby waived,
relinquished, and released in consideration of the execution of this First Amendment. This acknowledgement and confirmation by the Borrower is made and delivered to induce the Administrative Agent and the Lenders to enter into this First Amendment,
and the Borrower acknowledges that the Administrative Agent and the Lenders would not enter into this First Amendment in the absence of the acknowledgement and confirmation contained herein. 

  
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 ARTICLE V 

MISCELLANEOUS 
 5.1
Reallocation of Commitments. The parties hereto acknowledge and agree that effective as of the First Amendment Effective Date, (i) each Lender’s Commitment shall be as reflected on Schedule 1.1-B attached hereto and (ii) the
participations in any outstanding Letters of Credit issued under the Credit Agreement shall be automatically adjusted to give effect to the revised Applicable Percentages of the Lenders. 

5.2 Joinder of Royal Bank of Canada as a New Lender. Effective on the First Amendment Effective Date, Royal Bank of Canada (the
“New Lender”) shall be deemed to be a party to and a “Lender” under the Credit Agreement and shall be bound by all of the terms and provisions applicable to Lenders under the Credit Agreement. The New Lender
(i) represents and warrants that it is legally authorized to enter into this First Amendment and the Credit Agreement and to consummate the transactions contemplated by this First Amendment and the Credit Agreement, (ii) confirms that it
has received a copy of the Credit Agreement, together with copies of the most recent financial statements referred to in Section 6.1 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this First Amendment and the Credit Agreement, (iii) will independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, (iv) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under
the Credit Agreement as delegated to the Administrative Agent, by the terms thereof, together with such powers as are reasonably incidental thereto and (v) agrees that it will perform in accordance with their terms all the obligations which by
the terms of the Credit Agreement are required to be performed by it as a Lender. 
 5.3 Governing Law. This First Amendment shall be
governed by and construed and enforced in accordance with the laws of the State of New York. 
 5.4 Full Force and Effect. Except as
expressly amended hereby, the Credit Agreement shall continue in full force and effect in accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,”
and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this First Amendment. Any reference to the Credit Agreement or any of the other Loan Documents herein or in any such documents
shall refer to the Credit Agreement and Loan Documents as amended hereby. This First Amendment is limited as specified and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement
except as expressly set forth herein. This First Amendment shall constitute a Loan Document under the terms of the Credit Agreement. 
 5.5
Expenses. The Borrower agrees (i) to pay all reasonable and documented fees and expenses of counsel to the Administrative Agent, and (ii) to reimburse the Administrative Agent for all reasonable and documented out-of-pocket
expenses, in each case, in connection with the preparation, negotiation, execution and delivery of this First Amendment and the other Loan Documents delivered in connection herewith. 

  
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 5.6 Severability. To the extent any provision of this First Amendment is prohibited by or
invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other
jurisdiction or the remaining provisions of this First Amendment in any jurisdiction. 
 5.7 Successors and Assigns. This First
Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. 

5.8 Construction. The headings of the various sections and subsections of this First Amendment have been inserted for convenience only
and shall not in any way affect the meaning or construction of any of the provisions hereof. 
 5.9 Counterparts. This First Amendment
may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.
Delivery of an executed counterpart of a signature page of this First Amendment by telecopy or by electronic mail in a .pdf or similar file shall be effective as delivery of a manually executed counterpart of this First Amendment. A complete set of
counterparts shall be lodged with the Borrower and the Administrative Agent. 
 5.10 FATCA Grandfathering. For purposes of determining
withholding Taxes imposed under FATCA, from and after the effective date of this First Amendment, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not
qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	 WASHINGTON GAS LIGHT COMPANY,
 as
Borrower

		
	By:	 	  

		 	Name:
		 	Title:

 SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent,

Issuing Bank, Swingline Lender and Lender

		
	By:	 	  

		 	Name:
		 	Title:

  
 SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 THE BANK OF TOKYO-MITSUBISHI
 UFJ,
LTD., as Syndication Agent and
 Lender

		
	By:	 	  

		 	Name:
		 	Title:

  
 SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 BRANCH BANKING AND TRUST
 COMPANY,
as Lender

		
	By:	 	  

		 	Name:
		 	Title:

  
 SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	TD BANK, N.A., as Lender
		
	By:	 	  

		 	Name:
		 	Title:

  
 SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	ROYAL BANK OF CANADA, as Lender
		
	By:	 	  

		 	Name:
		 	Title:

  
 SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 U.S. BANK, NATIONAL ASSOCIATION,
 as
Lender

		
	By:	 	  

		 	Name:
		 	Title:

  
 SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	 THE BANK OF NEW YORK MELLON, as

Lender

		
	By:	 	  

		 	Name:
		 	Title:

  
 SIGNATURE PAGE TO 

FIRST AMENDMENT TO CREDIT AGREEMENT 

 Schedule 1.1-B 

COMMITMENTS 
  

					
	 Lender
	  	Commitment	 
	 Wells Fargo Bank, National Association
	  	$	62,343,750.00	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	62,343,750.00	  
	 Branch Banking and Trust Company
	  	$	62,343,750.00	  
	 TD Bank, N.A.
	  	$	62,343,750.00	  
	 Royal Bank of Canada
	  	$	39,375,000.00	  
	 U.S. Bank, National Association
	  	$	39,375,000.00	  
	 The Bank of New York Mellon
	  	$	21,875,000.00	  
	 Total
	  	$	350,000,000.00	  

 NOTICE ADDRESSES 
  

			
	 Party
	  	 Address

	WGL Holdings, Inc.	  	 WGL Holdings, Inc.
 101 Constitution Ave.,
N.W.
 Washington, D.C. 20080
 Attention: Anthony Nee,
Treasurer
 Telephone: (202) 624-6588
 Facsimile:
(        )                     

Email: anee@washgas.com
  

	Wells Fargo Bank, National Association	  	 If to the Administrative Agent or Swingline Lender:

Wells Fargo Bank, National Association
 1525 West W.T. Harris
Blvd.
 Charlotte, NC 28262
 Mail Code: D1109-019

Attention: Syndication Agency Services
 Telephone No.: (704)
590-2706
 Telecopy No.: (704) 590-2790
 E-mail:
agencyservices.requests@wellsfargo.com
  
 If to the Issuing Lender:

Wells Fargo Bank, National Association
 301 South College Street,
14th Floor
 MAC D1053-144

Charlotte, NC 28288
 Attention: Elaine Shue

Telephone No.: (704) 715-3133
 Telecopy No.: (877) 487-0377

E-mail: elaine.shue@wellsfargo.com

 

			
		  	 With a copy to:
 Wells Fargo Bank,
National Association
 301 South College Street, 14th Floor

MAC D1053-144
 Attention: Allison Newman

Telephone No.: (704) 383-5260
 Telecopy No.: (704) 715-1486

E-mail: allison.newman@wellsfargo.comExhibit 4.4

 

VERASTEM, INC.

Nonstatutory Stock Option Agreement
  Inducement Award

 

1.            Grant of Option.

 

This agreement (this “Agreement”) is made and entered into on [   ], 20[   ] (the “Grant Date”) by and between Verastem, Inc., a Delaware corporation (the “Company”), and [   ] (the “Participant”).  This Agreement evidences an inducement award granted by the Company to the Participant, of an option to purchase, in whole or in part, a total of [   ] shares (the “Shares”) of common stock, $0.0001 par value per share, of the Company (“Common Stock”) at $[   ] per Share. This option is granted to the Participant in connection with the Participant entering into employment with the Company and is regarded by the parties as an inducement material to the Participant’s entering into employment within the meaning of NASDAQ Listing Rule 5635(c)(4).  Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern Time, on [   ] (the “Final Exercise Date”).

 

It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms.

 

2.            Relationship to and Incorporation of the 2012 Incentive Plan.

 

This option shall be subject to and governed by, and shall be construed and administered in accordance with, the terms and conditions of the Company’s 2012 Incentive Plan, as amended from time to time (the “Plan”), which terms and conditions are incorporated herein by reference, except for those terms and conditions contained in Sections 3(c), 4(a), 4(b), 5(b), 6, 7 and 8 of the Plan and any amendments to such sections of the Plan.  Notwithstanding the foregoing, this option is not awarded under the Plan and the grant of this option and issuance of any Shares pursuant to the exercise of this option shall not reduce the number of shares of Common Stock available for issuance under awards pursuant to the Plan.  Capitalized terms in this Agreement have the meanings specified in the Plan, unless a different meaning is specified in this Agreement.

 

By accepting all or any part of this option the Participant agrees to be bound by the terms and conditions set forth in this Agreement and the Plan, a copy of which has been furnished to the Participant.

 

3.            Vesting Schedule.

 

This option will become exercisable (“vest”) as to 25% of the Shares on the first anniversary of the Vesting Commencement Date and as to an additional 6.25% of the Shares at the end of each successive three month period following the first anniversary of the Vesting Commencement Date until the 4th  anniversary of the Vesting Commencement Date (with the

 

 

number of shares vesting on each vesting date rounded down to the nearest whole share except with respect to the final vesting date on which all remaining unvested shares shall vest), subject to the Participant’s continued employment or other service relationship with the Company on each such vesting date. For purposes of this Agreement, “Vesting Commencement Date” shall mean [   ].

 

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 4 hereof or under the terms of the Plan.

 

4.            Exercise of Option.

 

(a).          Form of Exercise. Each election to exercise this option shall be effected by delivery of a completed Notice of Stock Option Exercise in the form attached hereto as Exhibit A, signed by the Participant, and received by the Company at its principal office, accompanied by this Agreement and payment in full in the manner provided in the Plan. The Participant may purchase less than the number of Shares covered hereby, provided that no partial exercise of this option may be for any fractional share.

 

(b).          Continuous Relationship with the Company Required. Except as otherwise provided in this Section 4, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, employed by or otherwise providing services to the Company.

 

(c).          Termination of Relationship with the Company. If the Participant’s employment or other service relationship ceases for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation.

 

(d).          Exercise Period Upon Death or Disability. If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is employed by or otherwise providing services to the Company and the Company has not terminated such employment or other service relationship for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

 

2

 

(e).          Termination for Cause. If, prior to the Final Exercise Date, the Participant’s employment or other service relationship with the Company is terminated by the Company for Cause (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such termination of employment or other service relationship. If, prior to the Final Exercise Date, the Participant is given notice by the Company of the termination of his or her employment or other service relationship by the Company for Cause, and the effective date of such termination is subsequent to the date of the delivery of such notice, the right to exercise this option shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s employment or other service relationship shall not be terminated for Cause as provided in such notice or (ii) the effective date of such termination of employment or other service relationship (in which case the right to exercise this option shall, pursuant to the preceding sentence, terminate immediately upon the effective date of such termination of employment or other service relationship). If the Participant is party to an employment, consulting or severance agreement with the Company that contains a definition of “cause” for termination of employment or other service relationship, “Cause” shall have the meaning ascribed to such term in such agreement. Otherwise, “Cause” shall mean willful misconduct by the Participant or willful failure by the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar agreement between the Participant and the Company), as determined by the Company, which determination shall be conclusive. The Participant’s employment or other service relationship shall be considered to have been terminated for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that termination for Cause was warranted.

 

5.            Withholding.

 

No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option.

 

6.            Transfer Restrictions.

 

This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution or pursuant to a qualified domestic relations order, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant.

 

[Remainder of Page Intentionally Left Blank.]

 

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IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal by its duly authorized officer. This option shall take effect as a sealed instrument.

 

	
 
    	
VERASTEM, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

PARTICIPANT’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s 2012 Incentive Plan.

 

	
 
    	
PARTICIPANT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

SIGNATURE PAGE TO NONSTATUTORY STOCK OPTION AGREEMENT

 

 

NOTICE OF STOCK OPTION EXERCISE

 

Date:      (1)

 

Verastem, Inc.
 117 Kendrick, Suite 500
 Needham, MA 02494

Attention: Treasurer

 

Dear Sir or Madam:

 

I am the holder of a Nonstatutory Stock Option granted to me as an inducement award subject to the terms and conditions of the Verastem, Inc. 2012 Incentive Plan on     (2) for the purchase of     (3) shares of Common Stock of the Company at a purchase price of $     (4) per share.

 

I hereby exercise my option to purchase     (5) shares of Common Stock, for which I have enclosed     (6) in the amount of     (7). Please register my stock certificate as follows:

 

	
Name(s):
    	
 
    	
(8)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Tax I.D. 
    	
 
    	
(9)
    
	
#:
    	
 
    	
 
    

 

(1)         Enter the date of exercise.

(2)         Enter the date of grant.

(3)         Enter the total number of shares of Common Stock for which the option was granted.

(4)         Enter the option exercise price per share of Common Stock.

(5)         Enter the number of shares of Common Stock to be purchased upon exercise of all or part of the option.

(6)         Enter “cash”, “personal check” or if permitted by the option, “stock certificates No. XXXX and XXXX”.

(7)         Enter the dollar amount (price per share of Common Stock times the number of shares of Common Stock to be purchased), or the number of shares tendered. Fair market value of shares tendered, together with cash or check, must cover the purchase price of the shares issued upon exercise.

(8)         Enter name(s) to appear on stock certificate: (a) Your name only; (b) Your name and other name (i.e., John Doe and Jane Doe, Joint Tenants With Right of Survivorship); or (c) In the case of a Nonstatutory option only, a Child’s name, with you as custodian (i.e., Jane Doe, Custodian for Tommy Doe). Note: There may be income and/or gift tax consequences of registering shares in a Child’s name.

(9)         Social Security Number of Holder(s).

 

5

 

	
Very truly yours,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
(Signature)
    	
 
    

 

6

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