Document:

WELLS FARGO & COMPANY 8-K

Exhibit
4.2

 

[Face
of Note]

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

	CUSIP
    NO. 95001HHQ7	FACE
    AMOUNT:  $________
	REGISTERED
    NO. ___	 

  

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to a Basket of One Index and Two ETFs

due
March 28, 2025

 

WELLS
FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Maturity Payment Amount (as defined below), in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date”
shall be March 28, 2025. If the Calculation Day (as defined below) is not postponed for any Basket Component (as defined below),
the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Calculation Day is postponed for
any Basket Component, the “Stated Maturity Date” shall be the later of (i) the Initial Stated Maturity
Date and (ii) three Business Days (as defined below) after the last Calculation Day as postponed. This Security shall not
bear any interest.

 

Any
payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company
for such purpose.

 

“Face
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Face Amount.”

 

     

     

    

 

Determination
of Maturity Payment Amount

 

The
“Maturity Payment Amount” of this Security will equal:

 

		•	if
                                         the Ending Value is greater than the Starting Value: the Face Amount plus:

 

 

  

		•	if
                                         the Ending Value is less than or equal to the Starting Value, but greater than or equal
                                         to the Threshold Value: the Face Amount; or

 

		•	if
                                         the Ending Value is less than the Threshold Value: the Face Amount minus:

 

 

 

All
calculations with respect to the Maturity Payment Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Maturity Payment Amount will be rounded to the nearest cent,
with one-half cent rounded upward.

 

“Basket”
shall mean a basket comprised of the following Basket Components, with the return of each Basket Component having the weighting
noted parenthetically: S&P 500® Index (60%); iShares® MSCI EAFE ETF (30%); and iShares®
MSCI Emerging Markets ETF (10%).

 

“Basket
Component” shall mean each of the S&P 500 Index, the iShares MSCI EAFE ETF and the iShares MSCI Emerging Markets
ETF.

 

The
“Pricing Date” shall mean March 25, 2020.

 

The
“Starting Value” is 100.

 

The
“Ending Value” will be calculated based on the weighted returns of the Basket Components and will be equal
to the product of (i) 100 and (ii) an amount equal to 1 plus the sum of: (A) 60% of the Component Return of the
S&P 500 Index; (B) 30% of the Component Return of the iShares MSCI EAFE ETF; and (C) 10% of the Component Return
of the iShares MSCI Emerging Markets ETF.

 

The
“Component Return” of a Basket Component will be equal to:

 

Final
Component Value – Initial Component Value

Initial
Component Value

 

where,

 

		●	the
                                         “Initial Component Value” is the Closing Value of such Basket Component
                                         on the Pricing Date, as set forth below; and

 

    2 

     

    

 

		●	the
                                         “Final Component Value” will be the Closing Value of such Basket Component
                                         on the Calculation Day.

 

The
Initial Component Values of the Basket Components are as follows: S&P 500 Index (2475.56); iShares MSCI EAFE ETF ($52.08);
and iShares MSCI Emerging Markets ETF ($34.07).

 

The
“Closing Value” means, with respect to the Index on any Trading Day, its Closing Level on that Trading Day,
and with respect to a Fund on any Trading Day, its Fund Closing Price on that Trading Day.

 

“Index”
shall mean the S&P 500 Index.

 

“Fund”
shall mean each of the iShares MSCI EAFE ETF and the iShares MSCI Emerging Markets ETF.

 

“Underlying
Index” shall mean each of the MSCI EAFE Index and MSCI Emerging Markets Index.

 

The
“Closing Level” of the Index on any Trading Day means the official closing level of the Index reported by the
Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market
data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or
rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth
below under “Adjustments to the Index,” “Discontinuance of the Index” and “Market Disruption Events.”

 

The
“Fund Closing Price” with respect to a Fund on any Trading Day means the product of (i) the Closing Price of
one share of such Fund (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day
and (ii) the Adjustment Factor applicable to such Fund on such Trading Day.

 

The
“Closing Price” for one share of a Fund (or one unit of any other security for which a Closing Price must be
determined) on any Trading Day means the official closing price on such day published by the principal United States securities
exchange registered under the Securities Exchange Act of 1934, as amended, on which such Fund (or any such other security) is
listed or admitted to trading.

 

The
“Adjustment Factor” means, with respect to a share of a Fund (or one unit of any other security for which a
Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of such
Fund. See “Anti-dilution Adjustments Relating to a Fund; Alternate Calculation” below.

 

The
“Threshold Value” is 70, which is equal to 70% of the Starting Value.

 

The
“Participation Rate” is 205%.

 

    3 

     

    

 

“Index
Sponsor” shall mean the sponsor or publisher of the Index.

 

“Fund
Sponsor” shall mean the sponsor of a Fund.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

A
“Trading Day” with respect to the Index means a day, as determined by the Calculation Agent, on which (i) the
Relevant Stock Exchanges with respect to each security underlying the Index are scheduled to be open for trading for their respective
regular trading sessions and (ii) each Related Futures or Options Exchange with respect to the Index is scheduled to be open
for trading for its regular trading session.

 

The
“Related Futures or Options Exchange” for the Index means an exchange or quotation system where trading has
a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to
the Index.

 

The
“Relevant Stock Exchange” for any security underlying the Index means the primary exchange or quotation system
on which such security is traded, as determined by the Calculation Agent.

 

A
“Trading Day” with respect to a Fund means a day, as determined by the Calculation Agent, on which the Relevant
Stock Exchange and each Related Futures or Options Exchange with respect to such Fund or any successor thereto, if applicable,
are scheduled to be open for trading for their respective regular trading sessions.

 

The
“Relevant Stock Exchange” for a Fund means the primary exchange or quotation system on which shares (or other
applicable securities) of such Fund are traded, as determined by the Calculation Agent.

 

The
“Related Futures or Options Exchange” for a Fund means each exchange or quotation system where trading has
a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to
such Fund.

 

The
“Calculation Day” shall be March 25, 2025. If such day is not a Trading Day with respect to any Basket Component,
the Calculation Day for each Basket Component will be postponed to the next succeeding day that is a Trading Day with respect
to each Basket Component. The Calculation Day for a Basket Component is also subject to postponement due to the occurrence of
a Market Disruption Event (as defined below) with respect to such Basket Component. If a Market Disruption Event occurs or is
continuing with respect to a Basket Component on the Calculation Day, then the Calculation Day for such Basket Component will
be postponed to the first succeeding Trading Day for such Basket Component on which a Market Disruption Event for such Basket
Component has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth
Trading Day for such Basket Component after the originally scheduled Calculation Day, that eighth Trading Day shall be

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deemed
to be the Calculation Day for such Basket Component. If the Calculation Day has been postponed eight Trading Days for a Basket
Component after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to
such Basket Component on such eighth Trading Day, the Calculation Agent will determine the Closing Value of such Basket Component
on such eighth Trading Day (i) in the case of the Index, in accordance with the formula for and method of calculating the Closing
Level of the Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect
to any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of
the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the
actual closing time of the regular trading session of such Relevant Stock Exchange) on such date of each security included in
the Index and (ii) in the case of a Fund, based on its good faith estimate of the value of the shares (or other applicable securities)
of such Fund as of the close of trading on such date. As used in clause (i) of the immediately preceding sentence, “closing
price” means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security
as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the
regular trading session of such Relevant Stock Exchange. Notwithstanding a postponement of the Calculation Day for a particular
Basket Component due to a Market Disruption Event with respect to such Basket Component on such Calculation Day, the originally
scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event.
See “—Market Disruption Events.”

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the
Calculation Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Ending Value and the Maturity Payment Amount, which term shall, unless the context otherwise
requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities,
LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after
the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this
Security.

 

Adjustments
to the Index

 

If
at any time the method of calculating the Index or a Successor Equity Index, or the closing level thereof, is changed in a material
respect, or if the Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion
of the Calculation Agent, fairly represent the level of such index had those changes or modifications not been made, then the
Calculation Agent will, at the close of business in New York, New York, on each date that the closing level of such index is to
be calculated, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary
in order to arrive at a level of an index comparable to the Index or Successor Equity Index as if those changes or modifications
had not been made, and the Calculation Agent will calculate the closing level of the Index or Successor Equity Index with reference
to such index, as so adjusted. Accordingly, if the method of calculating the Index or Successor Equity Index is modified so that
the level of

 

    5 

     

    

 

such
index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or reverse
split in such equity index), then the Calculation Agent will adjust the Index or Successor Equity Index in order to arrive at
a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

Discontinuance
of the Index

 

If
the Index Sponsor discontinues publication of the Index, and the Index Sponsor or another entity publishes a successor or substitute
equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Index (a “Successor
Equity Index”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company,
the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity
and calculate the Closing Value of the Index as described above. Upon any selection by the Calculation Agent of a Successor Equity
Index, the Company will cause notice to be given to the Holder of this Security.

 

In
the event that the Index Sponsor discontinues publication of the Index prior to, and the discontinuance is continuing on, the
Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation
Agent will calculate a substitute Closing Level for the Index in accordance with the formula for and method of calculating the
Index last in effect prior to the discontinuance, but using only those securities that comprised the Index immediately prior to
that discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for the
Index, the Successor Equity Index or level will be used as a substitute for the Index for all purposes, including the purpose
of determining whether a Market Disruption Event exists.

 

If
on the Calculation Day the Index Sponsor fails to calculate and announce the level of the Index, the Calculation Agent will calculate
a substitute Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect
prior to the failure, but using only those securities that comprised the Index immediately prior to that failure; provided
that, if a Market Disruption Event occurs or is continuing on such day with respect to the Index, then the provisions set
forth above under the definition of “Calculation Day” shall apply in lieu of the foregoing.

 

Market
Disruption Events 

 

A
“Market Disruption Event” with respect to the Index means any of the following events as determined by the
Calculation Agent in its sole discretion:

 

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchanges or otherwise relating to securities which then comprise
                                         20% or more of the level of the Index or any Successor Equity Index at any time during
                                         the one-hour period that ends at the Close of Trading on that day, whether by reason
                                         of movements in price exceeding limits permitted by those Relevant Stock Exchanges or
                                         otherwise.

 

    6 

     

    

 

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to the Index or any Successor Equity Index on any Related Futures or Options
                                         Exchange at any time during the one-hour period that ends at the Close of Trading on
                                         that day, whether by reason of movements in price exceeding limits permitted by the Related
                                         Futures or Options Exchange or otherwise.

 

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, securities that then comprise 20% or more of the level of the
                                         Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during
                                         the one-hour period that ends at the Close of Trading on that day.

 

		(D)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, futures or options contracts relating to the Index or any Successor
                                         Equity Index on any Related Futures or Options Exchange at any time during the one-hour
                                         period that ends at the Close of Trading on that day.

 

		(E)	The
                                         closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities
                                         that then comprise 20% or more of the level of the Index or any Successor Equity Index
                                         are traded or any Related Futures or Options Exchange with respect to the Index or any
                                         Successor Equity Index prior to its Scheduled Closing Time unless the earlier closing
                                         time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange,
                                         as applicable, at least one hour prior to the earlier of (1) the actual closing time
                                         for the regular trading session on such Relevant Stock Exchange or Related Futures or
                                         Options Exchange, as applicable, and (2) the submission deadline for orders to be entered
                                         into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable,
                                         system for execution at such actual closing time on that day.

 

		(F)	The
                                         Relevant Stock Exchange for any security underlying the Index or Successor Equity Index
                                         or any Related Futures or Options Exchange with respect to the Index or Successor Equity
                                         Index fails to open for trading during its regular trading session.

 

For
purposes of determining whether a Market Disruption Event has occurred with respect to the Index:

 

		(1)	the
                                         relevant percentage contribution of a security to the level of the Index or any Successor
                                         Equity Index will be based on a comparison of (x) the portion of the level of such
                                         index attributable to that security and (y) the overall level of the Index or Successor
                                         Equity Index, in each case immediately before the occurrence of the Market Disruption
                                         Event;

 

    7 

     

    

 

		(2)	the
                                         “Close of Trading” on any Trading Day for the Index or any Successor
                                         Equity Index means the Scheduled Closing Time of the Relevant Stock Exchanges with respect
                                         to the securities underlying the Index or Successor Equity Index on such Trading Day;
                                         provided that, if the actual closing time of the regular trading session of any such
                                         Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day,
                                         then (x) for purposes of clauses (A) and (C) of the definition of “Market
                                         Disruption Event” above, with respect to any security underlying the Index or Successor
                                         Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the
                                         “Close of Trading” means such actual closing time and (y) for purposes
                                         of clauses (B) and (D) of the definition of “Market Disruption Event”
                                         above, with respect to any futures or options contract relating to the Index or Successor
                                         Equity Index, the “Close of Trading” means the latest actual closing time
                                         of the regular trading session of any of the Relevant Stock Exchanges, but in no event
                                         later than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

		(3)	the
                                         “Scheduled Closing Time” of any Relevant Stock Exchange or Related
                                         Futures or Options Exchange on any Trading Day for the Index or any Successor Equity
                                         Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related
                                         Futures or Options Exchange on such Trading Day, without regard to after hours or any
                                         other trading outside the regular trading session hours; and

 

		(4)	an
                                         “Exchange Business Day” means any Trading Day for the Index or any
                                         Successor Equity Index on which each Relevant Stock Exchange for the securities underlying
                                         the Index or any Successor Equity Index and each Related Futures or Options Exchange
                                         with respect to the Index or any Successor Equity Index are open for trading during their
                                         respective regular trading sessions, notwithstanding any such Relevant Stock Exchange
                                         or Related Futures or Options Exchange closing prior to its Scheduled Closing Time.

 

A
“Market Disruption Event” means, with respect to a Fund, any of the following events as determined by the Calculation
Agent in its sole discretion:

 

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchange or otherwise relating to the shares (or other applicable
                                         securities) of such Fund or any Successor Fund (as defined below) on the Relevant Stock
                                         Exchange at any time during the one-hour period that ends at the Close of Trading on
                                         such day, whether by reason of movements in price exceeding limits permitted by such
                                         Relevant Stock Exchange or otherwise.

 

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to the shares (or other applicable securities) of such Fund or any Successor
                                         Fund on any Related Futures or Options Exchange at any time during the one-hour period
                                         that ends at the Close of Trading on that day, whether by reason of movements in price
                                         exceeding limits permitted by the Related Futures or Options Exchange or otherwise.

 

    8 

     

    

 

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, shares (or other applicable securities) of such Fund or any
                                         Successor Fund on the Relevant Stock Exchange at any time during the one-hour period
                                         that ends at the Close of Trading on that day.

 

		(D)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, futures or options contracts relating to shares (or other applicable
                                         securities) of such Fund or any Successor Fund on any Related Futures or Options Exchange
                                         at any time during the one-hour period that ends at the Close of Trading on that day.

 

		(E)	The
                                         closure of the Relevant Stock Exchange or any Related Futures or Options Exchange with
                                         respect to such Fund or any Successor Fund prior to its Scheduled Closing Time unless
                                         the earlier closing time is announced by the Relevant Stock Exchange or Related Futures
                                         or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the
                                         actual closing time for the regular trading session on such Relevant Stock Exchange or
                                         Related Futures or Options Exchange, as applicable, and (2) the submission deadline
                                         for orders to be entered into the Relevant Stock Exchange or Related Futures or Options
                                         Exchange, as applicable, system for execution at the Close of Trading on that day.

 

		(F)	The
                                         Relevant Stock Exchange or any Related Futures or Options Exchange with respect to such
                                         Fund or any Successor Fund fails to open for trading during its regular trading session.

 

For
purposes of determining whether a Market Disruption Event has occurred with respect to a Fund:

 

		(1)	“Close
of Trading” means the Scheduled Closing Time of the Relevant Stock Exchange with respect to such Fund or any Successor
Fund; and

 

		(2)	the
                                         “Scheduled Closing Time” of the Relevant Stock Exchange or any Related
                                         Futures or Options Exchange on any Trading Day for such Fund or any Successor Fund means
                                         the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures
                                         or Options Exchange on such Trading Day, without regard to after hours or any other trading
                                         outside the regular trading session hours.

 

Anti-dilution
Adjustments Relating to a Fund; Alternate Calculation

 

Anti-dilution
Adjustments 

 

The
Calculation Agent will adjust the Adjustment Factor with respect to a Fund as specified below if any of the events specified below
occurs with respect to such Fund and the

 

    9 

     

    

 

effective
date or ex-dividend date, as applicable, for such event is after the Pricing Date and on or prior to the Calculation Day for such
Fund.

 

The
adjustments specified below do not cover all events that could affect a Fund. The Calculation Agent may, in its sole discretion,
make additional adjustments to any terms of this Security upon the occurrence of other events that affect or could potentially
affect the market price of, or shareholder rights in, such Fund, with a view to offsetting, to the extent practical, any such
change, and preserving the relative investment risks of this Security. In addition, the Calculation Agent may, in its sole discretion,
make adjustments or a series of adjustments that differ from those described herein if the Calculation Agent determines that such
adjustments do not properly reflect the economic consequences of the events specified herein or would not preserve the relative
investment risks of this Security. All determinations made by the Calculation Agent in making any adjustments to the terms of
this Security, including adjustments that are in addition to, or that differ from, those described herein, will be made in good
faith and a commercially reasonable manner, with the aim of ensuring an equitable result. In determining whether to make any adjustment
to the terms of this Security, the Calculation Agent may consider any adjustment made by the Options Clearing Corporation or any
other equity derivatives clearing organization on options contracts on the affected Fund.

 

For
any event described below, the Calculation Agent will not be required to adjust the Adjustment Factor for a Fund unless the adjustment
would result in a change to such Adjustment Factor then in effect of at least 0.10%. The Adjustment Factor resulting from any
adjustment will be rounded up or down, as appropriate, to the nearest one-hundred thousandth.

 

		(A)	Stock
                                         Splits and Reverse Stock Splits

 

If
a stock split or reverse stock split has occurred with respect to a Fund, then once such split has become effective, the Adjustment
Factor for such Fund will be adjusted to equal the product of the prior Adjustment Factor for such Fund and the number of securities
which a holder of one share (or other applicable security) of such Fund before the effective date of such stock split or reverse
stock split would have owned or been entitled to receive immediately following the applicable effective date.

 

		(B)	Stock
                                         Dividends

 

If
a dividend or distribution of shares (or other applicable securities) of a Fund has been made by such Fund ratably to all holders
of record of such shares (or other applicable security), then the Adjustment Factor for such Fund will be adjusted on the ex-dividend
date to equal the prior Adjustment Factor for such Fund plus the product of the prior Adjustment Factor for such Fund and the
number of shares (or other applicable security) of such Fund which a holder of one share (or other applicable security) of such
Fund before the ex-dividend date would have owned or been entitled to receive immediately following that date; provided, however,
that no adjustment will be made for a distribution for which the number of securities of such Fund paid or distributed is based
on a fixed cash equivalent value.

 

    10 

     

    

 

		(C)	Extraordinary
                                         Dividends

 

If
an Extraordinary Dividend (as defined below) has occurred with respect to a Fund, then the Adjustment Factor for such Fund will
be adjusted on the ex-dividend date to equal the product of the prior Adjustment Factor for such Fund and a fraction, the numerator
of which is the Closing Price per share (or other applicable security) of such Fund on the Trading Day preceding the ex-dividend
date, and the denominator of which is the amount by which the Closing Price per share (or other applicable security) of such Fund
on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend Amount (as defined below).

 

For
purposes of determining whether an Extraordinary Dividend has occurred:

 

		(1)	“Extraordinary
Dividend” means any cash dividend or distribution (or portion thereof) that the Calculation Agent determines, in its
sole discretion, is extraordinary or special; and

 

		(2)	“Extraordinary
Dividend Amount” with respect to an Extraordinary Dividend for the securities of a Fund will equal the amount per share
(or other applicable security) of such Fund of the applicable cash dividend or distribution that is attributable to the Extraordinary
Dividend, as determined by the Calculation Agent in its sole discretion.

 

A
distribution on the securities of a Fund described below under the section entitled “—Reorganization Events”
below that also constitutes an Extraordinary Dividend will only cause an adjustment pursuant to that “—Reorganization
Events” section.

 

		(D)	Other
                                         Distributions

 

If
a Fund declares or makes a distribution to all holders of the shares (or other applicable security) of such Fund of any non-cash
assets, excluding dividends or distributions described under the section entitled “—Stock Dividends” above,
then the Calculation Agent may, in its sole discretion, make such adjustment (if any) to the Adjustment Factor as it deems appropriate
in the circumstances. If the Calculation Agent determines to make an adjustment pursuant to this paragraph, it will do so with
a view to offsetting, to the extent practical, any change in the economic position of a holder of this Security that results solely
from the applicable event.

 

		(E)	Reorganization
                                         Events

 

If
a Fund, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange of securities with another
exchange traded fund, and such Fund is not the surviving entity (a “Reorganization Event”), then, on or after
the date of such event, the Calculation Agent shall, in its sole

 

    11 

     

    

 

discretion,
make an adjustment to the Adjustment Factor for such Fund or the method of determining the Maturity Payment Amount or any other
terms of this Security as the Calculation Agent determines appropriate to account for the economic effect on this Security of
such event, and determine the effective date of that adjustment. If the Calculation Agent determines that no adjustment that it
could make will produce a commercially reasonable result, then the Calculation Agent may deem such event a Liquidation Event (as
defined below).

 

Liquidation
Events

 

If
a Fund is de-listed, liquidated or otherwise terminated (a “Liquidation Event”), and a successor or substitute
exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to such Fund, then,
upon the Calculation Agent’s notification of that determination to the Trustee and the Company, any subsequent Fund Closing
Price for such Fund will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded
fund (such exchange traded fund being referred to herein as a “Successor Fund”), with such adjustments as the
Calculation Agent determines are appropriate to account for the economic effect of such substitution on the holder of this Security.

 

If
a Fund undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund Closing Price
of such Fund is to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the
Calculation Agent will, in its discretion, calculate the Fund Closing Price for such Fund on such date by a computation methodology
that the Calculation Agent determines will as closely as reasonably possible replicate such Fund, provided that if the Calculation
Agent determines in its discretion that it is not practicable to replicate such Fund (including but not limited to the instance
in which the sponsor of the relevant Underlying Index discontinues publication of that Underlying Index), then the Calculation
Agent will calculate the Fund Closing Price for such Fund in accordance with the formula last used to calculate such Fund Closing
Price before such Liquidation Event, but using only those securities that were held by such Fund immediately prior to such Liquidation
Event without any rebalancing or substitution of such securities following such Liquidation Event.

 

If
a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for a Fund, such Successor
Fund or Fund Closing Price will be used as a substitute for such Fund for all purposes, including for purposes of determining
whether a Market Disruption Event exists with respect to such Fund.

 

If
any event is both a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for purposes
of this Security unless the Calculation Agent makes the determination referenced in the last sentence of the section entitled
“—Anti-dilution Adjustments—Reorganization Events” above.

 

Alternate
Calculation

 

If
at any time the method of calculating a Fund or a Successor Fund, or the related Underlying Index, is changed in a material respect,
or if a Fund or a Successor Fund is in any

 

    12 

     

    

 

other
way modified so that such fund does not, in the opinion of the Calculation Agent, fairly represent the price of the securities
of such Fund or such Successor Fund had such changes or modifications not been made, then the Calculation Agent may, at the close
of business in New York City on the date that any Fund Closing Price is to be determined, make such calculations and adjustments
as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange
traded fund comparable to such Fund or such Successor Fund, as the case may be, as if such changes or modifications had not been
made, and calculate the Fund Closing Price of such Fund and the Maturity Payment Amount with reference to such adjusted Closing
Price of such Fund or such Successor Fund, as applicable.

 

Calculation
Agent

 

The
Calculation Agent will determine the Maturity Payment Amount. In addition, the Calculation Agent will (i) determine the Closing
Values of the Basket Components under certain circumstances, (ii) determine if adjustments are required to the Closing Values
of the Basket Components under the circumstances described in this Security, (iii) if publication of the Index is discontinued,
select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Value of that Index under
the circumstances described in this Security, (iv) determine whether a Market Disruption Event or non-Trading Day has occurred,
and (v) if a Fund undergoes a Liquidation Event, select a Successor Fund or, if no Successor Fund is available, determine the
Fund Closing Price of such Fund.

 

The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall
be a broker-dealer, bank or other financial institution) with respect to this Security.

 

All
determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

 

Tax
Considerations

 

The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

 

Redemption
and Repayment

 

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to March
28, 2025. This Security is not entitled to any sinking fund.

 

Acceleration

 

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment
Amount (calculated as set forth in the next sentence) of

 

    13 

     

    

 

this
Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the
Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment Amount hereof calculated
as provided herein as though the date of acceleration was the Calculation Day.

 

__________________

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[The
remainder of this page has been left intentionally blank]

 

    14 

     

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

DATED:

 

	 

	WELLS
FARGO FINANCE LLC

	 

	 

	 

	 

	 

	By:

	 

	 

	 

	 

	 

	 

	 

	 

	Its:

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	Attest:

	    

	 

	 

	 

	 

	 

	 

	 

	Its:

	 

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the

series
designated therein described

in
the within-mentioned Indenture.

 

	CITIBANK,
N.A.,

	 

	 

	as
Trustee

	 

	 

	 

	 

	By:

	 

	 

	 

	Authorized
Signature

	 

	 

	 

	 

	 

	OR

	 

	 

	 

	 

	 

	WELLS
FARGO BANK, N.A.,

	 

	 

	as
Authenticating Agent for the Trustee

	 

	 

	 

	 

	By:

	 

	 

	 

	Authorized
Signature

	 

  

    15 

     

    

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to a Basket of One Index and Two ETFs

due
March 28, 2025

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time
to time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”), and Citibank, N.A., as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company.
The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-,
commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic
or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest
at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times
or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 

The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.

 

The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security.

 

Guarantee

 

The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

Modification
and Waivers 

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the

 

    16 

     

    

 

Company,
the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders
of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the
Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
or the Guarantor with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may
be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding,
on behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether
any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture
has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount
of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

Defeasance

 

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security. The remaining
provisions of Section 401 of the Indenture shall apply to this Security.

 

Authorized
Denominations

 

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

 

Registration
of Transfer

 

Upon
due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for
an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject
to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z)
an Event of Default with respect

 

    17 

     

    

 

to
the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence,
it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date
and other terms and of authorized denominations aggregating a like amount.

 

This
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary
or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the
Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall
be affected by notice to the contrary.

 

Obligation
of the Company Absolute

 

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Maturity Payment Amount at the times, place and rate, and in the coin
or currency, herein prescribed, except as otherwise provided in this Security.

 

No
Personal Recourse

 

No
recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based hereon, or otherwise in respect hereof,
or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer
or director, as such, past, present or future, of the Company or any successor corporation or of the Guarantor or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

 

Defined
Terms

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

 

Governing
Law

 

This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws.

 

    18 

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

	 

	 

	 

	 

	TEN
COM

	--

	as
tenants in common

	 

	 

	 

	 

	 

	TEN
ENT

	--

	as
tenants by the entireties

	 

	 

	 

	 

	 

	JT
TEN

	--

	as
joint tenants with right

	 

	 

	 

	of
survivorship and not

	 

	 

	 

	as
tenants in common

	 

 

	UNIF
    GIFT MIN ACT	--	 	Custodian	 
	 	 	(Cust)	 	(Minor)

 

	Under
Uniform Gifts to Minors Act

	 

	 

	 

	 

	 

	(State)

	 

 

Additional
abbreviations may also be used though not in the above list.

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

	Please
Insert Social Security or

	 

	Other
                                         Identifying Number of Assignee

	 

	 

	 

	 

 

	 

	 

	 

	(Please
                                         print or type name and address including postal zip code of Assignee)

 

    19 

     

    

the
within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer
the said Security on the books of the Company, with full power of substitution in the premises.

 

	Dated:
_________________________

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

 

    20Exhibit 10.1

 

FIRST AMENDMENT TO THIRD AMENDED AND
RESTATED CREDIT AGREEMENT

 

March 30, 2020

 

THIS FIRST AMENDMENT
TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is by and among EQM Midstream Partners, LP,
a Delaware limited partnership (the “Borrower”), the Lenders party hereto (collectively, the “Approving
Lenders”) and Wells Fargo Bank, National Association, in its capacity as Administrative Agent (the “Administrative
Agent”), Swing Line Lender, and an L/C Issuer under that certain Third Amended and Restated Credit Agreement, dated as of
October 31, 2018 (the “Credit Agreement”), by and among the Borrower, the Approving Lenders, any other
Lenders from time to time party thereto, the Administrative Agent and any other Persons named therein. Capitalized terms used herein
and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement, as amended by this Amendment.

 

WHEREAS, the Borrower
has requested that the Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement as more fully described
herein; and

 

WHEREAS, the Approving
Lenders and the Administrative Agent have agreed to such amendments on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.            Amendments
to the Credit Agreement. Effective automatically and immediately (the “Effective Time”), so long
as the conditions precedent set forth in Section 2 of this Amendment have been satisfied (or waived in writing by
the Administrative Agent and the Approving Lenders), the parties hereto agree that the Credit Agreement is hereby amended as follows:

 

a)            The
following definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“Covered Entity”
means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 382.2(b).

 

“Covered Party”
has the meaning specified in Section 10.25.

 

     

     

    

 

“Credit Letter Agreement”
means that certain Letter Agreement, dated as of February 26, 2020, by and between EQT Corporation, a Pennsylvania corporation,
and the Borrower.

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“Deferred Revenue Adjustment”
means, as to any applicable period, an aggregate net amount determined by the Borrower in good faith equal to the difference between
the amount of revenue recognized with respect to all contractual performance obligations and the amount of consideration received
with respect to all contractual performance obligations. Upon the reasonable request of the Administrative Agent, the Borrower
shall provide the Administrative Agent with supporting documentation for its calculation of the Deferred Revenue Adjustment.

 

“ETRN” means
Equitrans Midstream Corporation, a Pennsylvania corporation.

 

“Eureka” means
Eureka Midstream Holdings, LLC, a Delaware limited liability company, any successor thereof and any Subsidiary thereof.

 

“First Amendment”
means the First Amendment to Credit Agreement, dated March 30, 2020, by and among the Borrower, the Lenders party thereto,
the Administrative Agent and any other Persons party thereto.

 

“First Amendment Effective
Date” means March 30, 2020.

 

“Gas Gathering Agreement”
means that certain Gas Gathering and Compression Agreement, dated as of February 26, 2020, by and among EQT Corporation, a
Pennsylvania corporation, EQT Production Company, a Pennsylvania corporation, Rice Drilling B LLC, a Delaware limited liability
company, EQT Energy, LLC, a Delaware limited liability company, and EQM Gathering Opco, LLC, a Delaware limited liability company,
as amended, restated, supplemented, modified, waived or replaced from time to time.

 

“Intercompany Loan Agreement”
means that certain Loan Agreement, dated as of March 3, 2020, by and between the Borrower, as lender, and ETRN, as borrower,
as amended, restated, supplemented, modified, waived or replaced from time to time.

 

“Merger Agreement”
means that certain Agreement and Plan of Merger, dated as of February 26, 2020, by and among ETRN, the Borrower and the other
Persons party thereto, as amended, restated, supplemented, modified, waived or replaced from time to time.

 

    2

     

    

 

“MVP Project”
means that certain Qualified Project referred to as the “MVP Project” in that certain letter agreement with respect
to Qualified Project EBITDA Adjustments, dated as of October 25, 2019, by and between the Borrower and the Administrative
Agent.

 

“Partnership Restructuring
Event” has the meaning given to such term in the Partnership Agreement.

 

“Partnership Rollup
Event” has the meaning given to such term in the Partnership Agreement.

 

“QFC” has
the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12
U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support”
has the meaning specified in Section 10.25.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Share Purchase Agreements”
means (i) that certain Share Purchase Agreement, dated as of February 26, 2020, by and between EQT Corporation, a Pennsylvania
corporation, and ETRN, pursuant to which ETRN agreed to purchase Equity Interests in ETRN from EQT Corporation in exchange for
cash and (ii) that certain Share Purchase Agreement, dated as of February 26, 2020, by and between EQT Corporation and
ETRN, pursuant to which ETRN agreed to purchase Equity Interests in ETRN from EQT Corporation in exchange for a promissory note
issued by ETRN in favor of EQT Corporation and which promissory note was assigned to the Borrower, in each case, as amended, restated,
supplemented, modified, waived or replaced from time to time.

 

“Specified Transactions”
means (i) the negotiation, execution and delivery of, and the consummation of the transactions under, the Merger Agreement,
(ii) the negotiation, execution and delivery of each of the Gas Gathering Agreement, the Intercompany Loan Agreement, the
Share Purchase Agreements, the letter agreement described in clause (i) of the definition of Water Services Transaction below
and any similar agreement described in clause (ii) of such definition, and the Credit Letter Agreement, and (iii) the
negotiation, execution and delivery of, and the consummation of the transactions under, any documentation governing a transaction
permitted by Sections 7.01, 7.05 (including any Partnership Rollup Event or Partnership Restructuring Event), 7.08
or 7.09, in each case, together with any amendments, restatements, supplements, modifications, waivers or replacements to
any of the foregoing.

 

“Supported QFC”
has the meaning specified in Section 10.25.

 

    3

     

    

 

“Term Loan Agreement”
means that certain Term Loan Agreement, dated as of August 16, 2019, by and among the Borrower, as borrower, Toronto Dominion
(Texas) LLC, as administrative agent, the lenders party thereto and any other parties thereto as amended, restated, amended and
restated, supplemented, refinanced, replaced or otherwise modified from time to time.

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

“U.S. Special Resolution
Regimes” has the meaning specified in Section 10.25.

 

“Water Services Transaction”
means (i) the transactions contemplated by that certain letter agreement, dated as of February 26, 2020, by and between
affiliates of EQT Corporation, a Pennsylvania corporation, and certain Subsidiaries of the Borrower concerning the procurement,
storage, transportation and/or supply of fresh and produced water and (ii) any other material procurement, storage, transport,
and/or supply agreement for fresh and produced water, together with any amendments, restatements, supplements, modifications, waivers
or replacements to any of the foregoing.

 

b)            The
definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended as follows:

 

		(i)	by replacing the “Pricing Grid” in its entirety with the following “Pricing Grid”:

 

PRICING GRID

 

	Pricing 

Level	 	 	Public Debt Ratings
 S&P/Moody’s/Fitch	 	Commitment

 Fee	 	 	Eurodollar

 Rate	 	 	Letters 

of

 Credit	 	 	Base 

Rate	 
	 	1	 	 	BBB+/Baa1/BBB+ or higher	 	 	0.125	%	 	 	1.125	%	 	 	1.125	%	 	 	0.125	%
	 	2	 	 	BBB/Baa2/BBB	 	 	0.150	%	 	 	1.250	%	 	 	1.250	%	 	 	0.250	%
	 	3	 	 	BBB-/Baa3/BBB-	 	 	0.200	%	 	 	1.375	%	 	 	1.375	%	 	 	0.375	%

 

    4

     

    

 

	 	4	 	 	BB+/Ba1/BB+	 	 	0.300	%	 	 	1.750	%	 	 	1.750	%	 	 	0.750	%
	 	5	 	 	BB/Ba2/BB	 	 	0.350	%	 	 	2.000	%	 	 	2.000	%	 	 	1.000	%
	 	6	 	 	BB-/Ba3/BB-	 	 	0.400	%	 	 	2.375	%	 	 	2.375	%	 	 	1.375	%
	 	7	 	 	B+/B1/B+ or lower or unrated by S&P and Moody’s	 	 	0.500	%	 	 	2.750	%	 	 	2.750	%	 	 	1.750	%

 

		(ii)	by amending and restating the fourth sentence under the defined term “Public Debt Ratings” to read in its entirety
as follows:

 

In the event that the Borrower does not have a Public
Debt Rating from at least one of S&P or Moody’s, then the Applicable Rate shall be calculated at “Pricing Level
7” on the “Pricing Grid” above.

 

		(iii)	by adding a final sentence under the defined term “Public Debt Ratings” to read in its entirety as follows:

 

For the avoidance of doubt, the pricing level in effect
on the First Amendment Effective Date shall be “Pricing Level 5” on the “Pricing Grid” above.

 

c)            The
definition of “Bail-In Action” in Section 1.01 of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of
an Affected Financial Institution.

 

d)            The
definition of “Bail-In Legislation” in Section 1.01 of the Credit Agreement is hereby amended and restated
in its entirety to read as follows:

 

“Bail-In Legislation”
means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

e)            The
definition of “Capital Lease” in Section 1.01 of the Credit Agreement is hereby amended by replacing the
reference therein to “capital lease” with “finance lease”.

 

    5

     

    

 

f)            The
definition of “Change of Control” in Section 1.01 of the Credit Agreement is hereby amended and restated
in its entirety to read as follows:

 

“Change of Control”
means (a) the failure of the Borrower to own, directly or indirectly, 100% of the Capital Stock of Equitrans, L.P. or (b) except
in connection with a transaction permitted by and consummated in accordance with Section 7.05(iv), (i) the failure
of ETRN to own, directly or indirectly, a majority of the Voting Stock of the General Partner, or (ii) the failure of the
General Partner to be the general partner of, and to Control, the Borrower.

 

g)            The
definition of “Commercial Operation Date” in Section 1.01 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

 

“Commercial Operation
Date” means, as context may require, the date on which a Qualified Project is scheduled to be or is actually substantially
complete and commercially operable or, at the option of the Borrower, (a) with respect to a Qualified Project (other than
the MVP Project) of any Designated Joint Venture, a later date reasonably agreed by the Borrower and the Administrative Agent in
light of the anticipated timing of dividends and distributions from such Designated Joint Venture (but in any event no later than
the end of the first full fiscal quarter after such a Qualified Project is substantially complete and commercially operable) and
(b) with respect to the MVP Project, December 31, 2020 or a later date reasonably agreed by the Borrower and the Administrative
Agent (acting on the direction of the Required Lenders).

 

h)            The
definition of “Compliance Certificate” in Section 1.01 of the Credit Agreement is hereby amended and restated
to read in its entirety as follows:

 

“Compliance Certificate” means
a certificate substantially in the form of Exhibit C or such other form reasonably acceptable to the Administrative
Agent.

 

i)            The
definition of “Consolidated Debt” in Section 1.01 of the Credit Agreement is hereby amended by adding the
word “consolidated” immediately prior to the first instance of the word “Debt” in such definition.

 

j)            The
definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended and restated
in its entirety to read as follows:

 

“Consolidated EBITDA”
means, for any period, subject to Section 1.03(c), an amount equal to (a) Consolidated Net Income for such period
plus (b) to the extent deducted in determining Consolidated Net Income for such period, the aggregate amount of (i) taxes
based on or measured by income, (ii) Consolidated Interest Charges, (iii) transaction expenses incurred for such period
related to (A) the execution and delivery of this Agreement and any amendments, supplements, modifications, refinancings or
replacements

 

    6

     

    

 

thereto (including, without limitation, financing fees and expenses), (B) the execution and delivery of the Term
Loan Agreement and any amendments, supplements, modifications, refinancings or replacements thereto (including, without limitation,
financing fees and expenses), (C) the Specified Transactions, (D) any Qualified Acquisition and (E) any other debt
incurrence permitted under Section 7.09, provided, that, no such transaction expenses incurred after
the First Amendment Effective Date that exceed $10 million, in the aggregate, shall be added pursuant to this clause (iii), and
(iv) depreciation and amortization expense plus (c) the amount of cash dividends and cash distributions earned
in such period by the Borrower and its Subsidiaries on a consolidated basis from (i) unconsolidated subsidiaries of the Borrower
or other Persons and (ii) Designated Joint Ventures, provided that the amount of cash dividends and cash distributions earned
in such period from Designated Joint Ventures formed, designated or otherwise acquired after the First Amendment Effective Date
and added pursuant to this clause (c)(ii) shall not exceed, in the aggregate twenty-five percent (25%) of the total actual
Consolidated EBITDA for such period (which total actual Consolidated EBITDA shall be determined before giving effect to the inclusion
of any such amounts from such Designated Joint Ventures) plus (d) the amount collected during the period from finance
lease arrangements with Affiliates to the extent not already recognized in Consolidated Net Income plus (e) non-cash
long term compensation expenses plus (f) to the extent the aggregate Deferred Revenue Adjustment as determined by the
Borrower resulted from an excess of consideration received over the amount of revenue recognized, which would have had the effect
of reducing Consolidated Net Income for such period, the aggregate Deferred Revenue Adjustment minus (g) to the extent
included in determining Consolidated Net Income for such period, other income and equity in earnings from unconsolidated subsidiaries
of the Borrower minus (h) any amounts previously added to Consolidated EBITDA pursuant to clause (e) above during
a prior period to the extent they are paid in cash during the current period minus (i) to the extent the aggregate
Deferred Revenue Adjustment as determined by the Borrower resulted from an excess of revenue recognized over the amount of consideration
received, which would have had the effect of increasing Consolidated Net Income for such period, the aggregate Deferred Revenue
Adjustment.

 

k)            The
definition of “Consolidated Net Tangible Assets” in Section 1.01 of the Credit Agreement is hereby amended
and restated to read in its entirety as follows:

 

“Consolidated Net Tangible
Assets” means, at any date of determination, the total amount of consolidated assets of the Borrower and its Subsidiaries
minus the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and other like intangible assets,
all as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of the Borrower and its Subsidiaries
for the most recently completed fiscal quarter for which financial statements have been or are required to be

 

    7

     

    

 

delivered pursuant
to Section 6.01(a) or Section 6.01(b), in accordance with GAAP.

 

l)            The
definition of “Consolidated Subsidiaries” in Section 1.01 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

 

“Consolidated Subsidiaries”
means, at any date, any Subsidiary or other entity, the accounts of which would be consolidated with those of the Borrower in its
consolidated financial statements if such statements were prepared as of such date. Notwithstanding the above, it is understood
and agreed that a Designated Joint Venture, upon consummation of the assumption or acquisition by the Borrower or any of its Subsidiaries
of membership interests or other interests in such Designated Joint Venture, will not be considered to be a Consolidated Subsidiary
for purposes of this Agreement whether or not it is required to be consolidated by GAAP; provided, that for the purposes
of Sections 5.04(c), 6.01(a) and 6.01(b), “Consolidated Subsidiaries” shall include such
Designated Joint Venture if and to the extent required to be consolidated by GAAP; provided further, that in such instances,
the Borrower will provide such financial information for such Designated Joint Venture to the Lenders as the Lenders shall reasonably
request to enable the Lenders to verify what adjustments were made by the Borrower to Consolidated Debt, Consolidated EBITDA and
other consolidated amounts in order to exclude such Designated Joint Venture in calculating compliance with Section 7.02
of this Agreement.

 

m)            The
definition of “Debt” in Section 1.01 of the Credit Agreement is hereby amended by amending and restating
clauses (a) and (d) in their entirety to read as follows:

 

		(a)	all obligations of such Person for borrowed money and all obligations of such Person evidenced
by bonds, debentures, notes, loan agreements or other similar instruments (provided that, at no time shall surety bonds, performance
bonds or similar instruments be included within this clause (a) except to the extent of a reimbursement obligation
then outstanding);

 

		(d)	debt (excluding at any time (i) prepaid interest
thereon and (ii) surety bonds, performance bonds or similar instruments to the extent there is not a reimbursement obligation
then outstanding) secured by a Lien on property owned or being purchased by such Person (including debt arising under conditional
sales or other title retention agreements), whether or not such debt shall have been assumed by such Person or is limited in recourse;

 

n)            The
definition of “Designated Joint Venture” in Section 1.01 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

 

    8

     

    

 

“Designated Joint Venture”
means, (a) Mountain Valley Pipeline, (b) Eureka, (c) if so elected by the Borrower, with the prior written consent
of the Administrative Agent, one or more of Borrower’s non-wholly owned subsidiaries, whether owned on the Closing Date or
created or acquired after the Closing Date and (d) any direct or indirect subsidiary of any Designated Joint Venture under
clause (a), (b) or (c) of this definition while such election is in effect (it being understood
and agreed that, for the avoidance of doubt, if any Designated Joint Venture under clause (a), (b) or (c) of
this definition (i) would be a wholly-owned Subsidiary of the Borrower but for its status as a Designated Joint Venture, the
Borrower may make an election to designate such Designated Joint Venture as a Subsidiary (it being further understood and agreed
that the Borrower may not subsequently elect to re-designate a wholly-owned Subsidiary as a Designated Joint Venture) or (ii) would
cease to have any direct or indirect ownership retained by the Borrower, such entity shall, automatically and without further notice
or other action, cease to be a Designated Joint Venture for all purposes under this Agreement).

 

o)            The
definition of “Fee Letters” in Section 1.01 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

 

“Fee Letters”
means, collectively, (i) the fee letter agreement, dated October 9, 2018 among the Borrower and Wells Fargo, (ii) the
fee letter agreement, dated October 9, 2018 among the Borrower, Wells Fargo, Wells Fargo Securities, LLC, PNC Capital Markets,
LLC and PNC Bank, (iii) the fee letter agreement, dated as of March 30, 2020 between the Borrower, Wells Fargo and Wells
Fargo Securities, LLC, and (iv) with respect to an L/C Issuer, any additional fee letter agreement between it and the applicable
Borrower with respect to Letters of Credit issued hereunder by such L/C Issuer.

 

p)            The
definition of “General Partner” in Section 1.01 of the Credit Agreement is hereby amended and restated
in its entirely to read as follows:

 

“General Partner”
means EQGP Services, LLC, a Delaware limited liability company (including any permitted successors and assigns under the Partnership
Agreement) or any other Person that becomes the general partner of the Borrower so long as such Person is a Subsidiary of ETRN.

 

q)            The
definition of “Material Subsidiary” in Section 1.01 of the Credit Agreement is hereby amended and restated
in its entirety to read as follows:

 

“Material Subsidiary”
means any Domestic Subsidiary of Borrower for which (i) its assets and the assets of its consolidated Subsidiaries comprise
more than 5% of the assets of the Borrower and its Consolidated Subsidiaries, or (ii) its revenue and the revenue of its consolidated
Subsidiaries comprise more than 5% of the revenue of the Borrower and its

 

    9

     

    

 

Consolidated Subsidiaries, in each case determined on
a consolidated basis in accordance with GAAP as of the end of the most recent fiscal year.

 

r)            The
definition of “Partnership Agreement” in Section 1.01 of the Credit Agreement is hereby amended and restated
in its entirely to read as follows:

 

“Partnership Agreement”
means the Fourth Amended and Restated Agreement of Limited Partnership of the Borrower dated as of April 10, 2019 among the
General Partner, Equitrans Gathering Holdings, LLC, EQM GP Corporation and Equitrans Midstream Holdings, LLC, together with any
other Persons (as defined therein) who are or who become Partners (as defined therein) in the Borrower or parties thereto as provided
therein, as amended through the First Amendment Effective Date and as further amended, restated, amended and restated, or otherwise
modified from time to time in a manner not prohibited by this Agreement.

 

s)            The
definition of “Permitted Transferee” in Section 1.01 of the Credit Agreement is hereby deleted in its entirety.

 

t)            The
definition of “Subsidiary” in Section 1.01 of the Credit Agreement is hereby amended by amending and restating
the third sentence thereof in its entirety to read as follows:

 

Notwithstanding the above, it is understood and agreed
that a Designated Joint Venture shall not be a “Subsidiary” of the Borrower for purposes of this Agreement (subject
to the parenthetical at the end of the definition of “Designated Joint Venture”).

 

u)            The
definition of “Write-Down and Conversion Powers” in Section 1.01 of the Credit Agreement is hereby amended
and restated to read in its entirety as follows:

 

“Write-Down and Conversion
Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA
Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

v)            Section 1.03(c)(i) of
the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

    10

     

    

 

(i)            For
purposes of calculating compliance with the financial covenant set forth in Section 7.02, Consolidated EBITDA, Consolidated
Interest Charges and Consolidated Debt shall be calculated on a pro forma basis as if any Acquisition or Material Disposition occurring
during the period referenced in clause (b) of the definition of Consolidated Leverage Ratio in Section 1.01
had been consummated at the beginning of such period.

 

w)            Section 2.18
of the Credit Agreement is hereby amended by amending and restating the first sentence of clause (a) in its entirety to read
as follows:

 

The Borrower may, from time to
time, upon notice to the Administrative Agent (which shall promptly notify the Lenders), request a one-year extension of the Maturity
Date then in effect; provided that not more than two such extensions shall be effected.

 

x)            Section 5.04(c) of
the Credit Agreement is hereby amended by replacing references therein to “the Borrower and its Consolidated Subsidiaries”
with “the Borrower and its Consolidated Subsidiaries (or, if applicable, ETRN and its consolidated subsidiaries)”.

 

y)            Section 5.20
of the Credit Agreement is hereby amended by replacing references therein to “EEA” with “Affected”.

 

z)            Section 6.01
of the Credit Agreement is hereby amended by

 

		(i)	amending and restating clauses (a) and (b) in their entirety to read as follows:

 

(a)            as
soon as available, and in any event within the earlier of (i) ninety (90) days after the end of each fiscal year of the Borrower
and (ii) five (5) days after such information is required to be filed with the SEC, a consolidated balance sheet of the
Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of operations,
cash flows and changes in equity for such fiscal year, setting forth in each case in comparative form (to the extent applicable
and, in any event, without requiring restatements for discontinued operations) the figures for the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified
public accountant of nationally recognized standing selected by the Borrower, which report and opinion shall be prepared in accordance
with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or
exception or any qualification or exception as to the scope of such audit. Notwithstanding the foregoing, after the “effective
time” (however denominated with respect to the closing of the relevant transactions) under the Merger Agreement, the obligations
set

 

    11

     

    

 

forth in this Section 6.01(a) may be satisfied with respect to the delivery of financial statements of the
Borrower and its Consolidated Subsidiaries by furnishing to the Administrative Agent and each Lender: (A) a consolidated balance
sheet of ETRN (or another public parent of the Borrower) and its consolidated subsidiaries as of the end of such fiscal year and
the related consolidated statements of operations, cash flows and changes in equity for such fiscal year, setting forth in each
case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP,
audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing
selected by ETRN (or such other public parent of the Borrower), which report and opinion shall be prepared in accordance with generally
accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any
qualification or exception as to the scope of such audit and (B) supplemental information reasonably available to the Borrower
that explains in reasonable detail the differences between the information relating to ETRN (or such other public parent of the
Borrower) and its consolidated subsidiaries, on the one hand, and the information relating to the Borrower and its Consolidated
Subsidiaries, on the other hand. If the financial statements of ETRN are used for this purpose, the delivery timeline in the first
clause (ii) above shall be deemed to mean five (5) days after such information is required to be filed with the SEC with
respect to ETRN (or such other public parent of the Borrower);

 

(b)            as
soon as available, and in any event within the earlier of (i) forty-five (45) days after the end of each of the first three
quarters of each fiscal year of the Borrower beginning with the fiscal quarter ended March 31, 2019 and (ii) five (5) days
after such information is required to be filed with the SEC, a consolidated balance sheet of the Borrower and its Consolidated
Subsidiaries as of the end of such quarter and the related consolidated statements of operations and cash flows for such quarter
and for the portion of the Borrower’s fiscal year ended at the end of such quarter, setting forth in the case of such statements
of operations and cash flows, in comparative form (to the extent applicable and, in any event, without requiring restatements for
discontinued operations) the figures for the corresponding quarter and the corresponding portion of the Borrower’s previous
fiscal year, all certified (subject to normal year-end adjustments and the absence of footnotes) as to fairness of presentation,
conformity to GAAP and consistency by the chief financial officer or the chief accounting officer of the General Partner, on behalf
of the

 

    12

     

    

 

Borrower. Notwithstanding the foregoing, after the “effective time” (however denominated with respect to the
closing of the relevant transactions) under the Merger Agreement, the obligations set forth in this Section 6.01(b) may
be satisfied with respect to the delivery of financial statements of the Borrower and its Consolidated Subsidiaries by furnishing
to the Administrative Agent and each Lender: (A) a consolidated balance sheet of ETRN (or another public parent of the Borrower)
and its consolidated subsidiaries as of the end of such quarter and the related consolidated statements of operations and cash
flows for such quarter and for the portion of ETRN’s (or such other public parent of the Borrower’s) fiscal year ended
at the end of such quarter, setting forth in the case of such statements of operations and cash flows, in comparative form the
figures for the corresponding quarter and the corresponding portion of ETRN’s (or such other public parent of the Borrower’s)
previous fiscal year, all certified (subject to normal year-end adjustments and the absence of footnotes) as to fairness of presentation,
conformity to GAAP and consistency by the chief financial officer or the chief accounting officer of ETRN (or such other public
parent of the Borrower) and (B) supplemental information reasonably available to the Borrower that explains in reasonable
detail the differences between the information relating to ETRN (or such other public parent of the Borrower) and its consolidated
subsidiaries, on the one hand, and the information relating to the Borrower and its Consolidated Subsidiaries, on the other hand.
If the financial statements of ETRN (or such other public parent of the Borrower) are used for this purpose, the delivery timeline
in the first clause (ii) above shall be deemed to mean five (5) days after such information is required to be filed with
the SEC with respect to ETRN (or such other public parent of the Borrower);

 

(ii)  amending the first
paragraph appearing in the flush portion of Section 6.01 of the Credit Agreement to (a) add “, ETRN’s
website on the Internet at the website provided to the Administrative Agent (which as of the First Amendment Effective Date is
https://www.equitransmidstream.com) or another website provided to the Administrative Agent in a notice from the Borrower”
immediately after the reference to “Schedule 10.02” appearing therein, (b) striking “(i)” and (c) striking
 “, and (ii) on which the Borrower notifies (which may be facsimile or electronic mail) the Administrative Agent and
each Lender of the posting of any such documents”.

 

aa)          Section 6.03(b) of
the Credit Agreement is hereby amended by replacing the reference therein to “EQT Corporation and its Subsidiaries or a Permitted
Transferee” with “ETRN”.

 

    13

     

    

 

bb)         Section 7.01
of the Credit Agreement is hereby amended by amending and restating each of clauses (l), (m), and (x) in their entirety to
read as follows:

 

(l)            Liens,
if any and at any time, in favor of the Administrative Agent or any Lender securing, or constituting a set-off right in respect
of, any of the Obligations or any Cash Collateral required under the Loan Documents;

 

(m)          (i)         Liens
on “Incremental Term Loan Cash Collateral” securing only “Incremental Term Loans” and (ii) setoff
rights at any time provided under the Term Loan Agreement or any other financing permitted hereunder;

 

(x)            Liens
not otherwise permitted by the foregoing clauses of this Section securing Debt or other obligations not to exceed in the aggregate
an amount equal to 5% of Consolidated Net Tangible Assets at the time of creation, incurrence, assumption or imposition of such
Lien; and

 

cc)          Section 7.02
of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

7.02            Financial
Covenant. The Borrower will not permit the Consolidated Leverage Ratio, as at the end
of each fiscal quarter of the Borrower, to be anything other than as set forth in the table below:

 

	Fiscal Quarter	Consolidated Leverage Ratio
	Each fiscal quarter ending prior to the First Amendment Effective Date	Less than or equal to 5.00 to 1.00
	Each fiscal quarter ending on and after the First Amendment Effective Date and on or prior to March 31, 2021	Less than or equal to 5.75 to 1.00
	Each fiscal quarter ending on and after June 30, 2021 and on or prior to December 31, 2021	Less than or equal to 5.50 to 1.00
	Each fiscal quarter ending on and after March 31, 2022 and on or prior to December 31, 2022	Less than or equal to 5.25 to 1.00
	Each fiscal quarter ending on and after March 31, 2023	Less than or equal to 5.00 to 1.00

 

    14

     

    

 

provided, that subsequent
to the consummation of a Qualified Acquisition (including a Qualified Acquisition consummated prior to the First Amendment Effective
Date), the maximum Consolidated Leverage Ratio permitted with respect to each of the first three consecutive quarters ending following
such Qualified Acquisition shall be increased by 0.50; provided, further, that the maximum Consolidated Leverage
Ratio permitted with respect to any of such first three consecutive fiscal quarters ending following such Qualified Acquisition
shall not exceed the greater of (x) 5.50 to 1.00 and (y) the maximum Consolidated Leverage Ratio for such fiscal quarter
specified in the table above.

 

dd)          Section 7.03
of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

7.03            Transactions
with Affiliates. Borrower will not, and will not permit any Subsidiary to, directly or
indirectly, pay any funds to or for the account of, make any investment in, lease, sell, transfer or otherwise dispose of any assets,
tangible or intangible, to, or participate in, or effect, any transaction with, any officer, director, employee or Affiliate unless
any such transactions between the Borrower and its Subsidiaries on the one hand and any officer, director, employee or Affiliate
(other than another Subsidiary) on the other hand, shall be on an arm’s length basis and on terms no less favorable to the
Borrower or such Subsidiary than could have been obtained from a third party who was not an officer, director, employee or Affiliate
(other than another Subsidiary); provided, that the foregoing provisions of this Section shall not (a) prohibit the Borrower
and each Subsidiary from declaring or paying any lawful dividend or distribution otherwise permitted hereunder, (b) prohibit
the Borrower or a Subsidiary from providing credit support for its Subsidiaries as it deems appropriate in the ordinary course
of business, (c) prohibit the Borrower or a Subsidiary from engaging in a transaction or transactions that are not on an arm’s
length basis or are not on terms as favorable as could have been obtained from a third party, provided that such transaction or
transactions occurs within a related series of transactions, which, in the aggregate, are on an arm’s length basis and are
on terms as favorable as could have been obtained from a third party, (d) prohibit the Borrower or a Subsidiary from engaging
in non-material transactions with any officer, director, employee or Affiliate that are not on an arm’s length basis or are
not on terms as favorable as could have been obtained from a third party but are in the ordinary course of the Borrower’s
or such Subsidiary’s business, so long as, in each case, after giving effect thereto, no Default or Event of Default shall
have occurred and be continuing, (e) prohibit the Borrower and its Subsidiaries from entering into a definitive agreement
with respect to or effecting (i) a Partnership Restructuring Event and the transactions related thereto or (ii) a Partnership
Rollup Event or a Drop-Down Acquisition with ETRN, any of its Subsidiaries or any of its or their respective Affiliates and the
transactions related thereto, and in each case shall not prohibit the

 

    15

     

    

 

performance by any Person party thereto of their obligations
thereunder, (f) prohibit any corporate sharing agreements with respect to tax sharing and general overhead and administrative
matters, (g) prohibit the Borrower or any of its Subsidiaries from engaging in a transaction with an Affiliate if such transaction
has been approved by the conflicts committee of the General Partner, (h) prohibit transactions between the Borrower or any
Subsidiary or Designated Joint Venture, on the one hand, and any Subsidiary or Designated Joint Venture, on the other hand, that
are on terms and conditions reasonably fair to the Borrower in all material respects in the good faith judgment of the Borrower,
(i) prohibit transactions involving any employee benefit plans or related trusts and (j) prohibit the payment of reasonable
compensation, fees and expenses (as determined by the Borrower) to, and indemnity provided on behalf of, the General Partner and
directors, employees and officers of the General Partner, the Borrower or any Subsidiary.

 

ee)          Section 7.05
of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

7.05.            Mergers
and Fundamental Changes. Borrower will not, nor will it permit any of its Subsidiaries
to, (a) enter into any transaction of merger or (b) consolidate, liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution); provided, that: (i) a Person (including a Subsidiary of the Borrower but not the Borrower)
may be merged or consolidated with or into the Borrower so long as (A) the Borrower shall be the continuing or surviving entity,
(B) no Default or Event of Default shall exist or be caused thereby, and (C) the Borrower remains liable for its obligations
under this Agreement and all the rights and remedies hereunder remain in full force and effect, (ii) a Subsidiary of the Borrower
may merge with or into another Subsidiary of the Borrower or any other Person, (iii) any Subsidiary of the Borrower may liquidate,
wind up or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the
Borrower and is not materially disadvantageous to the Lenders and (iv) the Borrower may enter into a definitive agreement
with respect to or effecting a Partnership Rollup Event or a Partnership Restructuring Event or otherwise merge with or into ETRN
or any Subsidiary thereof, so long as (A) no Default or Event of Default shall exist or be caused thereby, (B) the Borrower
continues in existence or the surviving entity assumes the Borrower’s obligations under this Agreement pursuant to an agreement
reasonably satisfactory to the Administrative Agent, (C) the Borrower continues in existence or the surviving entity has an
Investment Grade Rating, and (D) the Lenders have, to the extent reasonably requested prior to the closing of such transaction,
satisfied reasonably required “know your customer” diligence on any counterparty in connection with such transaction.

 

    16

     

    

 

ff)           Section 7.08
of the Credit Agreement is hereby amended by replacing the first word thereof with “Except in the case of a Partnership Rollup
Event or a Partnership Restructuring Event, the”.

 

gg)         Section 7.09
of the Credit Agreement is hereby amended by:

 

(i)  deleting the “and”
appearing at the end of clause (g);

 

(ii)  amending and restating
clause (h) in its entirety to read as follows:

 

(h)            other
Debt of the Subsidiaries of the Borrower so long as, after giving effect to the incurrence of such Debt, the aggregate outstanding
principal amount of all such Debt outstanding under this clause (h) does not exceed 5% of Consolidated Net Tangible Assets
at the time of incurrence; and

 

(iii) 
adding clause (i) to read in its entirety as follows:

 

(i)              any
Debt of a direct or indirect Subsidiary of the Borrower to the Borrower or any other direct or indirect Subsidiary of the Borrower
in connection with intercompany arrangements.

 

hh)         Section 7.10
of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

7.10.            Changes
in Fiscal Year; Organization Documents. The Borrower shall not (a) make changes to
its (i) fiscal year or (ii) Organization Documents, which, in either case, would reasonably be expected to have a Material
Adverse Effect or (b) change the definitions of “Partnership Rollup Event” or “Partnership Restructuring
Event” in the Partnership Agreement in a manner materially adverse to the Lenders.

 

ii)            A
new Section 7.11 of the Credit Agreement is hereby added as follows:

 

7.11.            Burdensome
Agreements. Neither the Borrower nor any Subsidiary shall enter into any Contractual Obligation
that limits the ability (i) of any Subsidiary to make cash dividends or other distributions to the Borrower or to otherwise
transfer property to the Borrower, (ii) of any Subsidiary to Guarantee the Obligations or (iii) of the Borrower or any
Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person to secure the Obligations, other than,
in each case, any such limitation existing under or by reason of:

 

(a)            this
Agreement or any other Loan Document;

 

(b)            applicable
Laws;

 

    17

     

    

 

(c)            any
Contractual Obligation outstanding on the First Amendment Effective Date;

 

(d)            any
Contractual Obligation (i) governing property existing at the time of the acquisition thereof, so long as the limitation related
only to such property or (ii) of any Subsidiary existing at the time such Subsidiary was merged or consolidated with or into,
or acquired by the Borrower or a Subsidiary of the Borrower, or otherwise became a Subsidiary of the Borrower, in each case not
created in contemplation of such acquisition, merger or consolidation or otherwise becoming a Subsidiary of the Borrower;

 

(e)            customary
non-assignment provisions entered into in the ordinary course of business;

 

(f)            restrictions
on cash or other deposits or on net worth (or other measure of creditworthiness) imposed by customers, suppliers, landlords or
tenants under Contractual Obligations entered into in the ordinary course of business;

 

(g)            any
Contractual Obligation related to any Debt or any Lien not prohibited by this Agreement;

 

(h)            any
Contractual Obligation related to any sale, transfer or other Disposition of a Subsidiary or any other property not prohibited
by this Agreement pending the consummation of such sale, transfer or other Disposition; provided that such restrictions
and conditions apply only to such Subsidiary or such other property that is the subject of such sale, transfer or other Disposition;

 

(i)             any
Contractual Obligation related to preferred equity interests issued by the Borrower, any Subsidiary of the Borrower, or any direct
or indirect parent of any of the foregoing, or the payment of dividends thereon in accordance with the terms thereof; provided
that (x) the issuance of such preferred equity interests is not otherwise prohibited by this Agreement and (y) the terms
of such preferred equity interests do not expressly restrict the ability of any Subsidiary to make Restricted Payments (other than
requirements to pay dividends or liquidation preferences on such preferred equity interests prior to paying any Restricted Payments);

 

(j)             customary
provisions in joint venture agreements and other similar agreements applicable to joint ventures not otherwise prohibited by this
Agreement and applicable solely to such joint venture;

 

    18

     

    

 

(k)             Contractual
Obligations related to (i) the Merger Agreement, (ii)  a Partnership Restructuring Event, (iii) a Partnership Rollup
Event or (iv)  another transaction permitted under Section 7.05;

 

(l)              Contractual
Obligations where the stated liability (for the avoidance of doubt, excluding any inchoate or contingent liabilities) of the Borrower
or any of its Subsidiaries under such Contractual Obligations does not exceed $25,000,000 per fiscal year in the aggregate at any
one time for all such Contractual Obligations;

 

(m)            customary
provisions in leases, subleases, licenses or asset sale or purchase agreements otherwise permitted by this Agreement so long as
such restrictions relate solely to the assets subject thereto;

 

(n)            customary
provisions restricting subletting or assignment of any lease governing a leasehold interest of the Borrower or any Subsidiary;

 

(o)            any
Contractual Obligation (i) with respect to surety bonds, performance bonds or similar instruments, and guarantees associated
therewith, (ii) constituting an indemnity or performance obligation and guarantees associated therewith, or (iii) evidencing
letters of credit and related documentation, in each case to the extent not otherwise prohibited by this Agreement;

 

(p)            any
Contractual Obligation that is primarily commercial in nature, including but not limited to gas gathering agreements, water services
contracts, transportation agreements, procurement contracts for goods and services and other agreements or arrangements for the
purchase, sale, transportation, gathering, collection, supply, and/or storage, of natural gas or other hydrocarbons, or similar
transactions or services with respect to natural gas or other hydrocarbons; or

 

(q)            any
amendment, modification, restatement, renewal, increase, extension, supplement, refunding, replacement or refinancing of any restriction,
provision or Contractual Obligation otherwise permitted under this Section 7.11; provided that any such amendment,
modification, restatement, renewal, increase, extension, supplement, refunding, replacement or refinancing is no more restrictive,
when taken as a whole, with respect to such limitations than those contained in such Contractual Obligations as in effect immediately
prior to such amendment, modification, restatement, renewal, increase, extension, supplement, refunding, replacement or refinancing.

 

    19

     

    

 

jj)            Section 8.01(h) of
the Credit Agreement is hereby amended by replacing the reference in clause (x) therein to “EQT Corporation or a Permitted
Transferee” with “ETRN, any direct or indirect subsidiary thereof or EQT Corporation”.

 

kk)          Section 10.23
of the Credit Agreement is hereby amended by (i) replacing the references therein to “EEA Financial Institution”
with “Affected Financial Institution”, (ii) replacing the references therein to “an EEA Resolution Authority”
with “the applicable Resolution Authority” and (iii) replacing the reference therein to “any EEA Resolution
Authority” with “the applicable Resolution Authority”.

 

ll)            A
new Section 10.25 of the Credit Agreement is hereby added as follows:

 

10.25          Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC
Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows
with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and
Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws
of the State of New York and/or of the United States or any other state of the United States):

 

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and
rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party
or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against
such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the

 

    20

     

    

 

parties
with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support.

 

mm)         Exhibit C
of the Credit Agreement is hereby amended and restated in the form attached hereto as Annex I.

 

2.            Conditions
of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that:

 

a)            the
Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower, the Approving Lenders (which
shall constitute the “Required Lenders” as defined in the Credit Agreement) and the Administrative Agent;

 

b)            the
representations and warranties contained in Section 3 of this Amendment shall be true and correct in all respects as
of the Effective Time; and

 

c)            the
Borrower shall have paid all fees and other amounts required to be paid by the Borrower on or prior to the Effective Time pursuant
to the Credit Agreement and that certain fee letter agreement, dated as of March 30, 2020 between the Borrower, Wells Fargo
and Wells Fargo Securities, LLC to the extent such fees and other amounts are invoiced to the Borrower at least three (3) Business
Days prior to the Effective Time.

 

3.            Representations
and Warranties. The Borrower hereby represents and warrants as follows as of the Effective Time:

 

a)            The
Borrower has taken all necessary corporate or other organizational action to authorize the execution and delivery of this Agreement
and performance of the Credit Agreement, as amended by this Agreement. Each of this Amendment and the Credit Agreement as modified
hereby constitutes the valid and binding obligation of the Borrower, enforceable in accordance with its terms, except as such enforcement
may be limited by bankruptcy, insolvency, or similar laws of general application relating to the enforcement of creditors’
rights; and

 

b)            The
representations and warranties of the Borrower contained in Article V of the Credit Agreement (except the representations
and warranties in Sections 5.04(d) and 5.05 of the Credit Agreement, as to any matter which has heretofore been
disclosed in writing by the Borrower to the Lenders by written notice given to the Administrative Agent), shall be true and correct
in all material respects (provided that (i) if a representation or warranty is qualified by materiality or Material Adverse
Effect, then it shall be true and correct in all respects, and (ii) the representation and warranty made in Section 5.15(a) of
the Credit Agreement is true and correct in all respects) on and as of the Effective Time (or, if such representation or warranty
speaks as of an earlier date, as of such earlier date).

 

c)            No
Default exists immediately prior to and immediately after giving effect hereto.

 

    21

     

    

 

4.            Reference
to and Effect on the Credit Agreement.

 

a)            This
Amendment shall be deemed to constitute a Loan Document for all purposes and in all respects. Upon the effectiveness hereof, each
reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit
Agreement, as amended hereby.

 

b)            Each
Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain
in full force and effect and are hereby ratified and confirmed.

 

c)            THIS
AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
Except with respect to the subject matter hereof and the changes contemplated hereby, the execution, delivery and effectiveness
of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender, nor constitute
a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed
and/or delivered in connection therewith.

 

5.            Governing
Law; Venue; Waiver of Right to Trial by Jury; No General Partner’s Liability for Revolving Facility. This
Amendment shall be governed by, and construed in accordance with, the law of the State of New York. Sections 10.17(b), 10.19 and
10.22 of the Credit Agreement shall apply to this Amendment, mutatis mutandis.

 

6.            Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part
of this Amendment for any other purpose.

 

7.            Counterparts.
This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have
the same force and effect as manual signatures delivered in person.

 

[Signature Pages Follow]

 

    22

     

    

  

IN WITNESS WHEREOF,
this Amendment has been duly executed as of the day and year first above written.

 

	 	EQM MIDSTREAM PARTNERS, LP,
	 	as the Borrower
	 	 
	 	By: EQGP Services, LLC, its general partner
	 	 
	 	 	By:	/s/ Kirk R. Oliver
	 	 	Name:	Kirk R. Oliver
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

Signature
Page to First Amendment to Credit Agreement

 

    

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swing Line Lender, L/C Issuer and an Approving Lender
	 	 
	 	By:	/s/ Borden Tennant 
	 	Name:	Borden Tennant 
	 	Title:	Vice President

 

Signature
Page to First Amendment to Credit Agreement

 

    

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as an Approving Lender
	 	 
	 	By:	/s/ Kyle T. Helfrich
	 	Name:	Kyle T. Helfrich
	 	Title:	Vice President

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as an Approving Lender
	 	 
	 	By:	/s/ Marc Graham
	 	Name:	Marc Graham
	 	Title:	Managing Director

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

  

	 	BARCLAYS BANK PLC, as an Approving Lender
	 	 
	 	By:	/s/ Sydney G. Dennis
	 	Name:	Sydney G. Dennis
	 	Title:	Director 

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	CITIBANK, N.A., as an Approving Lender
	 	 
	 	By:	/s/ Michael Zeller
	 	Name:	Michael Zeller
	 	Title:	Vice President 

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA, as an Approving Lender
	 	 
	 	By:	/s/ Jamie Minieri
	 	Name:	Jamie Minieri
	 	Title:	Authorized Signatory

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as an Approving Lender
	 	 
	 	By:	/s/ Stephanie Balette
	 	Name:	Stephanie Balette
	 	Title:	Authorized Officer

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	MUFG BANK, LTD., as an Approving Lender
	 	 
	 	By:	/s/ Kevin Sparks
	 	Name:	Kevin Sparks
	 	Title:	Director

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as an Approving Lender
	 	 
	 	By:	/s/ Michael Borowiecki
	 	Name:	Michael Borowiecki
	 	Title:	Authorized Signatory   

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as an Approving Lender
	 	 
	 	By:	/s/ Ronald E. McKaig
	 	Name:	Ronald E. McKaig
	 	Title:	Managing Director

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

  

	 	BMO HARRIS BANK N.A., as an Approving Lender
	 	 
	 	By:	/s/ Kevin Utsey
	 	Name:	Kevin Utsey
	 	Title:	Managing Director

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as an Approving Lender
	 	 
	 	By:	/s/ Nupur Kumar
	 	Name:	Nupur Kumar
	 	Title:	Authorized Signatory
	 	 	 
	 	 	 
	 	By:	/s/ Nicolas Thierry
	 	Name:	Nicolas Thierry
	 	Title:	Authorized Signatory

  

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

  

	 	DEUTSCHE BANK AG NEW YORK BRANCH, as an Approving Lender
	 	 
	 	By:	/s/ Ming K. Chu	 
	 	Name:	Ming K. Chu	 
	 	Title:	Director	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Annie Chung	 
	 	Name:	Annie Chung	 
	 	Title:	Director	 

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

  

	 	SUMITOMO MITSUI BANKING CORPORATION, as an Approving Lender
	 	 
	 	By:	/s/ Michael Maguire
	 	Name:	Michael Maguire
	 	Title:	Managing Director

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

  

	 	U.S. BANK NATIONAL ASSOCIATION, as an Approving Lender
	 	 
	 	By:	/s/ William S. Rogers
	 	Name:	William S. Rogers
	 	Title:	Senior Vice President

  

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

  

	 	TRUIST BANK formerly known as BRANCH BANKING AND TRUST COMPANY, as an Approving Lender
	 	 
	 	By:	/s/ Max Greer
	 	Name:	Max Greer
	 	Title:	Senior Vice President

  

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as an Approving Lender
	 	 
	 	By:	/s/ Donovan C. Broussard
	 	Name:	Donovan C. Broussard
	 	Title:	Authorized Signatory
	 	 	 
	 	By:	/s/ Jacob W. Lewis
	 	Name:	Jacob W. Lewis
	 	Title:	Authorized Signatory

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

  

	 	THE HUNTINGTON NATIONAL BANK, as an Approving Lender
	 	 
	 	By:	/s/ Phil Andresen
	 	Name:	Phil Andresen
	 	Title:	Vice President

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	FIRST NATIONAL BANK OF PENNSYLVANIA, as an Approving Lender
	 	 
	 	By:	/s/ Robert E. Heuler
	 	Name:	Robert E. Heuler
	 	Title:	Vice Pres.

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON, as an Approving Lender
	 	 
	 	By:	/s/ John T. Smathers
	 	Name:	John T. Smathers
	 	Title:	Director

 

Signature Page to First Amendment
to Credit Agreement

 

     

     

    

 

Annex I

 

Exhibit C

 

(See attached)

 

     

     

    

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: _______________,
_____

 

To:Wells Fargo Bank, National Association, as Administrative
Agent

 

Ladies and Gentlemen:

 

Reference is made to that certain Third
Amended and Restated Credit Agreement, dated as of October 31, 2018 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein
defined), among EQM Midstream Partners, LP, a Delaware limited partnership (the “Borrower”), the Lenders from
time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an L/C Issuer,
and the other L/C Issuers therein named.

 

The undersigned Responsible Officer hereby
certifies to the Administrative Agent and the Lenders (solely in his/her official capacity and not any individual capacity) as
of the date hereof that he/she is the ____________________________________1
of the General Partner, and that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent
on the behalf of the General Partner, acting on behalf of the Borrower, and that:

 

[Use following paragraph 1 for fiscal
year-end financial statements]

 

1.       The
[(A)]2 year-end audited financial
statements required by Section 6.01(a) of the Agreement for the fiscal year of [the Borrower / ETRN / [  ̃ ]3]4
ended as of the above date, together with the report and opinion of an independent certified public accountant [and (B) supplemental
information that explains in reasonable detail the differences between the information relating to [ETRN / [  ̃ ]
5]]6
and its consolidated subsidiaries, on the one hand, and the information relating to the Borrower and its Consolidated Subsidiaries,
on the other hand, in each case as]7
required by such section are:

 

[select one]:

 

[attached hereto as Schedule 1]

 

-- or --

 

[available in electronic format and have
been delivered pursuant to Section 6.01 of the Agreement].

 

 

 

1
If this is a quarterly compliance certificate, it must be signed by the chief financial officer or the chief accounting officer.

2
Select bracketed language if the financial statements of ETRN or another public parent are being delivered to satisfy
the requirements of Section 6.01(a).

3
Legal name of other public parent.

4
Select as appropriate.

5
Legal name of other public parent.

6
Select as appropriate.

7
Select bracketed language if the financial statements of ETRN or another public parent are being delivered to satisfy
the requirements of Section 6.01(a).

 

     

     

    

 

[Use following paragraph 1 for fiscal quarter-end
financial statements]

 

1.       The
[(A)]8 unaudited financial statements
required by Section 6.01(b) of the Agreement for the fiscal quarter of [the Borrower/ ETRN / [  ̃ ]
9]10
ended as of the above date [and (B) supplemental information that explains in reasonable detail the differences between
the information relating to [ETRN / [  ̃ ] 11]12
and its consolidated subsidiaries, on the one hand, and the information relating to the Borrower and its Consolidated
Subsidiaries, on the other hand, in each case as]13
required by such section are:

 

[select one]:

 

[attached hereto as Schedule 1]

 

-- or --

 

[available in electronic format and have
been delivered pursuant to Section 6.01 of the Agreement].

 

Such financial
statements fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows
of the [Borrower and its Consolidated Subsidiaries / ETRN and its consolidated subsidiaries / [  ̃ ]14
and its consolidated subsidiaries]15
in accordance with GAAP consistently applied as at such date and for such period, subject only to normal year-end
audit adjustments and the absence of footnotes.

 

2.       The
undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the transactions and condition (financial or otherwise) of the Borrower during the accounting period covered
by the financial statements referenced in paragraph 1 above.

 

3.       A
review of the activities of the Borrower during such fiscal period has been made under the supervision of the undersigned with
a view to determining whether during such fiscal period the Borrower performed and observed all its obligations under the Loan
Documents, and

 

[select one]:

 

[to the best knowledge of the undersigned
during such fiscal period, (a) the Borrower performed and observed each covenant and condition of the Loan Documents applicable
to it, and (b) no Default exists.]

 

--or--

 

8
Select bracketed language if the financial statements of ETRN or another public parent are being delivered to satisfy
the requirements of Section 6.01(b).

9
Legal name of other public parent.

10
Select as appropriate.

11
Legal name of other public parent.

12
Select as appropriate.

13
Select bracketed language if the financial statements of ETRN or another public parent are being delivered to satisfy
the requirements of Section 6.01(b).

14
Legal name of other public parent.

15
Select as appropriate.

 

     

     

    

 

[the following covenants or conditions
have not been performed or observed [or: the following Default exists] and the following is a list of each such Default and its
nature and status:]

 

4.       The
financial covenant analyses and information set forth on Schedule 2 attached hereto are true and accurate in all material
respects as of the “Financial Statement Date” referenced above.

 

5.       Attached
hereto as Schedule 3 is a complete and accurate list as of the last day of the fiscal period referenced above of each of
the Borrower’s Subsidiaries, together with its jurisdiction of formation, and the Borrower’s direct or indirect percentage
ownership therein. As of the date hereof, each such Subsidiary is duly incorporated or formed, validly existing and in good standing
under the laws of its jurisdiction of incorporation or formation, and has all corporate or other organizational powers and all
material governmental authorizations required to carry on its business as now conducted, except where the absence of any of the
foregoing would not reasonably be expected to have a Material Adverse Effect.

 

[signature page follows]

 

     

     

    

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of _______________, _____.

 

	 	EQM MIDSTREAM PARTNERS, LP, a Delaware limited partnership
	 	 	 
	 	By: EQGP Services, LLC, its general partner, a Delaware limited liability company
	 	 	 
	 	By:  	         
	 	Name:  
	 	Title:

 

     

     

    

 

Schedule 1

to the Compliance Certificate

 

Financial Statements

 

 

[select one]:

 

[See attached]

 

-- or --

 

[Available in electronic format and have been delivered pursuant
to Section 6.01 of the Agreement]

 

     

     

    

 

Schedule 2

to the Compliance Certificate

($ in 000’s)

 

For the Quarter/Year ended

___________________ (“Statement Date”)

 

Section 7.02 – Consolidated Leverage Ratio.

 

	I.	
        Consolidated Debt for fiscal quarter ended the Statement
Date
	 

 

	 	
        A.         
	Debt
        of the Borrower and its Subsidiaries on a consolidated basis at Statement Date:

         
	$____________________

 

	 	
        B.       
	Debt
of the Borrower or a Subsidiary solely resulting from a pledge of the membership interests or other equity interests in a Designated
Joint Venture owned by the Borrower or such Subsidiary securing indebtedness of such Designated Joint Venture:
	$____________________

 

	 	
        C.     
	Consolidated Debt on
the Statement Date

(Lines 1.A. - 1.B.):
	$____________________

 

	II.	
        Consolidated EBITDA for the period of four consecutive
fiscal quarters ended on the Statement Date
	 

 

	 	
        A.    
	Consolidated
Net Income for such period:
	$____________________

 

	 	
        B.       
	to the extent deducted
in determining Consolidated Net Income for such period, taxes based on or measured by income: 
	$____________________

 

	 	
        C.        
	to
the extent deducted in determining Consolidated Net Income for such period, Consolidated Interest Charges:
	$____________________

 

	 	
        D.   
	to
the extent deducted in determining Consolidated Net Income for such period, transaction expenses, provided, that, no such transaction
expenses incurred after the First Amendment Effective Date that exceed $10.0 million, in the aggregate, shall be added pursuant
to this Line II.D, related to:
	 

 

	 	i.  	the execution
and delivery of the Agreement and any amendments, supplements, modifications, refinancings or replacements thereto (including,
without limitation, financing fees and expenses):	$____________________

 

     

     

    

 

	 	ii. 	 the execution and delivery of the Term Loan Agreement
and any amendments, supplements, modifications, refinancings or replacements thereto (including, without limitation, financing
fees and expenses):	___________________

 

	 	iii. 	 the Specified
Transactions16:	___________________

 

	 	iv. 	 any Qualified Acquisition17:	$____________________

 

	 	v.  	any other debt incurrence permitted under Section 7.09:	$____________________

 

	 	Total for Line II.D. (Lines II.D.i + II.D.ii + II.D.iii + II.D.iv + II.D.v):	$____________________

 

	 	E.	to the extent deducted in determining Consolidated Net
Income for such period, depreciation and amortization expense: 	$____________________

 

	 	F.	the amount of cash dividends and cash distributions
earned in such period by the Borrower and its Subsidiaries on a consolidated basis from (i) unconsolidated subsidiaries of the
Borrower or other Persons and (ii) Designated Joint Ventures, provided that the amount of cash dividends and cash distributions
earned in such period from Designated Joint Ventures formed, designated or otherwise acquired after the First Amendment Effective
Date and added pursuant to this Line II.F.ii shall not exceed, in the aggregate twenty-five percent (25%) of the total actual
Consolidated EBITDA for such period (which total actual Consolidated EBITDA shall be determined before giving effect to the inclusion
of any such amounts from such Designated Joint Ventures):	$____________________

 

	 	
        G.    
	the amount
collected during the period from finance lease arrangements with Affiliates to the extent not already recognized in Consolidated
Net Income: 
	$____________________

 

	 	
        H.  
	non-cash long
term compensation expenses: 
	$____________________

 

 

16
(i) The negotiation, execution and delivery of, and the consummation of the transactions under, the Merger Agreement,
(ii) the negotiation, execution and delivery of each of the Gas Gathering Agreement, the Intercompany Loan Agreement, the Share
Purchase Agreements, the letter agreement described in clause (i) of the definition of Water Services Transaction and any similar
agreement described in clause (ii) of such definition, and the Credit Letter Agreement, and (iii) the negotiation, execution and
delivery of, and the consummation of the transactions under, any documentation governing a transaction permitted by Sections 7.01,
7.05 (including any Partnership Rollup Event or Partnership Restructuring Event), 7.08 or 7.09 of the Agreement, in each case,
together with any amendments, restatements, supplements, modifications, waivers or replacements to any of the foregoing.

 

17
An Acquisition by the Borrower or any Subsidiary, the aggregate purchase price for which, when combined with the
aggregate purchase price for all other Acquisitions by the Borrower and its Subsidiaries in any rolling 12-month period, is greater
than or equal to $25,000,000.

 

     

     

    

 

	 	
        I.    
	to the extent
the aggregate Deferred Revenue Adjustment as determined by the Borrower resulted from an excess of consideration received over
the amount of revenue recognized, which would have had the effect of reducing Consolidated Net Income for such period, the aggregate
Deferred Revenue Adjustment: 
	$____________________

 

	 	
        J.      
	to the
extent included in determining Consolidated Net Income for such period, other income and equity in earnings from unconsolidated
subsidiaries of the Borrower: 
	$____________________

 

	 	
        K.    
	any amounts
previously added to Consolidated EBITDA pursuant to Line II.H above during a prior period to the extent they are paid in
cash during the current period: 
	$____________________

 

	 	
        L.   
	to
the extent the aggregate Deferred Revenue Adjustment as determined by the Borrower resulted from an excess of revenue recognized
over the amount of consideration received, which would have had the effect of increasing Consolidated Net Income for such period,
the aggregate Deferred Revenue Adjustment: 
	$____________________

 

	 	
        M.    
	Consolidated
EBITDA at Statement Date (Lines II.A. + II.B. + II.C. + II.D. + II. E. + II.F + II.G + II.H + II.I – II.J – II.K -
II.L.):[18] 
	$____________________

 

	III.	
        Consolidated
        Debt to Consolidated EBITDA for fiscal quarter ended the Statement Date:

        (Line I.C.  ̧ Line
        II.M.)

         

        Maximum permitted:19
	____________________

 

	Fiscal Quarter	
        Maximum

        Consolidated Leverage Ratio

	Each fiscal quarter ending prior to the First Amendment Effective Date	5.00 to 1.00
	Each fiscal quarter ending on and after the First Amendment Effective Date and on or prior to March 31, 2021	5.75 to 1.00
	Each fiscal quarter ending on and after June 30, 2021 and on or prior to December 31, 2021	5.50 to 1.00
	Each fiscal quarter ending on and after March 31, 2022 and on or prior to December 31, 2022	5.25 to 1.00
	Each fiscal quarter ending on and after March 31, 2023	5.00 to 1.00

   

 

18
May include, at Borrower’s option, Qualified Project EBITDA Adjustments as provided in, and in accordance with
the terms of, Section 1.03(c)(ii) and the definition of “Qualified Project EBITDA Adjustments” set forth in the Credit
Agreement

19
Subsequent to the consummation of a Qualified Acquisition (including a Qualified Acquisition consummated prior to
the First Amendment Effective Date), the maximum Consolidated Leverage Ratio permitted with respect to each of the first three
consecutive quarters ending following such Qualified Acquisition shall be increased by 0.50; provided, further,
that the maximum Consolidated Leverage Ratio permitted with respect to any of such first three consecutive fiscal quarters ending
following such Qualified Acquisition shall not exceed the greater of (x) 5.50 to 1.00 and (y) the maximum Consolidated Leverage
Ratio specified for any applicable period in the table below Line III.

 

     

     

    

 

Schedule 3

 

	Name of Subsidiary	Jurisdiction of Organization	Direct/Indirect Ownership Percentage

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