UNIT PURCHASE AGREEMENT
Exhibit Z
Execution Version
This UNIT PURCHASE AGREEMENT (this “Agreement”), dated as of December 7, 2021, is entered into by and between WGR Asset Holding Company LLC, a
Delaware limited liability company (“WGRAH”), and Western Midstream Partners, LP, a Delaware limited partnership (“XXX”). WGRAH and XXX are each
referred to herein as a “Party,” and collectively as the “Parties.” Capitalized terms used but not otherwise defined herein have the meaning set
forth in that certain Second Amended and Restated Agreement of Limited Partnership of Western Midstream Partners, LP, dated as of December 31, 2019 (the “Partnership Agreement”).
RECITALS
WHEREAS, Occidental Petroleum Corporation, a Delaware corporation, owns, indirectly, 100% of
the issued and outstanding common stock of Anadarko Petroleum Corporation, a Delaware corporation, which owns, directly or indirectly, 100% of the issued and outstanding limited liability company interests of WGRAH;
WHEREAS, WGRAH owns approximately 26,639,260 common units representing limited partner
interests in XXX (“Common Units”);
WHEREAS, the Parties have agreed that XXX will purchase 2,500,000 Common Units from WGRAH
(the “Subject Units”), and WGRAH will sell to XXX the Subject Units on the terms and subject to the conditions set forth in this Agreement;
WHEREAS, the Board of Directors of WGRAH, by unanimous written consent, (i) determined that
this Agreement and the transactions contemplated hereby are in the best interests of WGRAH; and (ii) approved this Agreement and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby (such consent, the “WGRAH Consent”); and
WHEREAS, the special committee (the “Special Committee”)
of the Board of Directors (the “XXX GP Board”) of Western Midstream Holdings, LLC, a Delaware limited liability
company and the general partner of XXX (the “General Partner”), has by unanimous vote (i) determined that this Agreement and the transactions contemplated hereby are in the best interests of XXX; and
(ii) approved this Agreement and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, with such approval constituting “Special Approval” as such term is defined in the Partnership
Agreement.
NOW, THEREFORE, in consideration of the representations, warranties, covenants and
agreements set forth in this Agreement, the Parties hereby agree as follows:
ARTICLE I.
DEFINITIONS AND INTERPRETATION
Section 1.0 Definitions. As used in this Agreement, the following terms shall have the
respective meanings set forth below:
“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control
with, such specified Person through one or more intermediaries or otherwise; provided, however, that (a) with respect to the General Partner, the term “Affiliate” shall not include any Group Member, and (b)
with respect to WGRAH, the term “Affiliate” shall not include the General Partner or any member of the Partnership Group.
“Agreement” has the meaning set forth in the preamble.
“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States of
America or the State of Texas shall not be regarded as a Business Day.
“Closing” means the closing of the transactions contemplated by this Agreement.
“Closing Date” has the meaning set forth in Section 2.1.
“Code” means the Internal Revenue Code of 1986, as amended.
“Common Units” has the meaning set forth in the recitals.
“Control” means, where used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” have correlative meanings.
“Enforceability Exceptions” has the meaning set forth in Section 3.2.
“General Partner” has the meaning set forth in the recitals.
“Governmental Authority” means any federal, state, local, foreign, multi-national, supra-national, national, regional or other governmental agency,
authority, administrative agency, regulatory body, commission, board, bureau, agency, officer, official, instrumentality, court or arbitral tribunal having governmental or quasi-governmental powers or any other instrumentality or political
subdivision thereof; provided, however, that such term shall not include any entity or organization that is engaged in industrial or commercial operations and is
wholly or partly owned by any government, to the extent that such entity or organization is acting in a commercial capacity.
“Group Member” has the meaning assigned to such term in the Partnership Agreement.
“Group Member Agreement” has the meaning assigned to such term in the Partnership Agreement.
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“Intended Tax Treatment” has the meaning set forth in Section 5.1.
“Laws” has the meaning set forth in Section 3.3(c).
“Liens” means any security interest, lien, deed of trust, mortgage, pledge, charge, claim, restriction on transfer, easement, encumbrance or other
similar interest or adverse right.
“Parties” has the meaning set forth in the preamble.
“Partnership Agreement” has the meaning set forth in the preamble.
“Partnership Group” has the meaning assigned to such term in the Partnership Agreement.
“Person” means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, Governmental Authority or other entity.
“Special Committee” has the
meaning set forth in the recitals.
“Subject Units” has the meaning set forth in the recitals.
“Tax” or “Taxes” means any federal, state, local or foreign income tax, ad valorem tax, excise tax,
sales tax, use tax, franchise tax, real or personal property tax, transfer tax, gross receipts tax or other tax, assessment, duty, fee, levy or other governmental charge, together with and including, any and all interest, fines, penalties,
assessments, and additions to Tax resulting from, relating to, or incurred in connection with any of those or any contest or dispute thereof.
“Transfer Agent” means Computershare Limited.
“XXX” has the meaning set forth in the preamble.
“XXX GP Board” has the meaning set forth in the recitals.
“WGRAH” has the meaning set forth in the preamble.
“WGRAH Consent” has the meaning set forth in the recitals.
Section 1.1
Section 1.1
Section 1.1Section 1.1
TRANSACTION
REPRESENTATIONS AND WARRANTIES OF WGRAH
COVENANTS
MISCELLANEOUS
Section 1.1 Construction and Interpretation. Unless the context
requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to
Articles and Sections refer to Articles and Sections of this Agreement; (c) the terms “include,” “includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation”; (d) the terms “hereof,”
“herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; and (e) except as otherwise specifically provided in this Agreement, any agreement, instrument or statute defined or referred to
herein means such agreement, instrument or statute as from time to time amended, supplemented or modified, including (A) in the case of agreements or instruments, by waiver or consent, and, in the case of statutes, by succession of comparable
successor statues, and (B) all attachments thereto and instruments incorporated therein. The headings contained in this Agreement are for reference purposes only, and shall not affect in any way the meaning or interpretation of this
Agreement.
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ARTICLE II.
TRANSACTION
Section 2.0 Purchase and Sale of Subject Units. Pursuant to this Agreement, at the Closing, XXX agrees to purchase, and WGRAH agrees to sell, the Subject Units for a purchase price of $20.09 per unit for an aggregate purchase price of $50,225,000 (the “Purchase Price”).
Section 2.1 Closing. The Closing
shall occur on December 13, 2021 or such other date to which the Parties agree (such date, the “Closing Date”). At the Closing, (a) WGRAH shall transfer and surrender the Subject Units to XXX; and
(b) XXX shall pay WGRAH the Purchase Price.
Section 2.2 Closing Deliveries by WGRAH to XXX. At Closing, WGRAH shall deliver to XXX:
(a) the Subject Units; and
(b) each other document or instrument specified in or as may be reasonably required by this Agreement to be provided by WGRAH.
Section 2.3 Closing
Deliveries by XXX to WGRAH. At Closing, XXX shall deliver to WGRAH:
(a) full payment of the Purchase Price, by wire transfer of immediately available funds to the bank account
designated by WGRAH not less than one Business Day preceding Closing;
(b) an executed copy of the instruction letter to the Transfer Agent regarding the transfer of the Subject
Units from WGRAH to XXX; and
(c) each other document or instrument specified in or as may be reasonably required by this Agreement to be
provided by XXX.
Section 2.4 Conditions to Closing of WGRAH.
WGRAH’s obligation to sell the Subject Units at the Closing is subject to the fulfillment or (to the extent permitted by applicable Laws) written waiver by WGRAH, on or prior to the Closing Date, of each of the following conditions:
(a) Representations and Warranties Correct. The representations and warranties made by XXX in ARTICLE
IV hereof shall be true and correct in all material respects when made and as of the Closing. WGRAH shall have received from XXX a certificate to the effect set forth in the preceding sentence, signed by a duly authorized officer
thereof.
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(b) Legality. There shall not be in force any order, judgment or injunction by or with any
Governmental Authority enjoining or prohibiting the consummation of the purchase of the Subject Units, and no such order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, shall have been instituted or
threatened in writing seeking to impose any such restraint upon, or prohibition of, the consummation of the purchase of the Subject Units hereunder.
Section 2.5 Conditions to Closing of XXX.
WES’s obligation to purchase the Subject Units at the Closing is subject to the fulfillment or (to the extent permitted by applicable Laws) written waiver by XXX, on or prior to the Closing Date, of each of the following conditions:
(a) Representations and Warranties Correct. The representations and warranties made by WGRAH in ARTICLE
III hereof shall be true and correct in all material respects when made and as of the Closing. XXX shall have received from WGRAH a certificate to the effect set forth in the preceding sentence, signed by a duly authorized officer
thereof.
(b) Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation,
determination or award, in each case, entered by or with any Governmental Authority, statute, rule or regulation enjoining or prohibiting the consummation of the sale of the Subject Units hereunder and no such order, judgment, injunction,
decree, writ, stipulation, determination or award, in each case, shall have been instituted or threatened in writing seeking to impose any such restraint upon, or prohibition of, the consummation of the sale of the Subject Units hereunder.
ARTICLE III.
REPRESENTATIONS AND WARRANTIES OF WGRAH
WGRAH hereby represents and warrants to XXX that:
Section 3.0 Subject Units. As of the date hereof and immediately prior to the Closing, WGRAH is the record and beneficial owner of the Subject Units, which are held by WGRAH free and clear of all Liens except for restrictions on transfer
provided for in the Partnership Agreement and pursuant to applicable securities Laws. Neither WGRAH nor any of its Affiliates, nor any Person on behalf of WGRAH or any of its Affiliates, has taken, directly or indirectly, any action designed to
cause or that would result in, or that constitutes or that might reasonably be expected to constitute, the stabilization or manipulation of the market price of the Common Units.
Section 3.1 Organization
and Existence. WGRAH is a limited liability company, duly formed, validly existing and in good standing under the laws of the State of Delaware and is qualified to do business in each jurisdiction
where the nature of its business or the ownership of its properties requires it to be qualified, except to the extent that the failure to be so qualified would not be reasonably likely to have, individually or in the aggregate, a material
adverse effect on WGRAH and would not prevent, materially delay or materially impede the performance by WGRAH of its obligations under this Agreement. WGRAH has the requisite power and authority to carry on its business as it is now being
conducted and to own all of its properties and assets, except as would not be reasonably likely to have, individually or in the aggregate, a material adverse effect on WGRAH and would not prevent, materially delay or materially impede the
performance by WGRAH of its obligations under this Agreement.
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Section 3.2 Power
and Authority. WGRAH has the limited liability company power and authority to enter into this Agreement and each agreement and instrument to be executed and delivered by WGRAH pursuant hereto and to
perform all of its obligations and consummate the transactions contemplated hereby and thereby. WGRAH has taken all necessary and appropriate limited liability company actions to authorize, execute and deliver this Agreement and each agreement
and instrument to be executed and delivered by WGRAH pursuant hereto and to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each agreement and instrument to be executed and delivered by WGRAH pursuant
hereto will be when so executed and delivered, duly and validly executed and delivered by WGRAH and this Agreement is, and each agreement and instrument to be executed and delivered by WGRAH pursuant hereto will be when so executed and
delivered, a valid and binding obligation of WGRAH enforceable in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium or similar laws affecting the rights of creditors generally
and by general principles of equity (collectively, the “Enforceability Exceptions”).
Section
3.3 No Violations. The execution and delivery of this Agreement or any other agreement or instrument to be executed and delivered pursuant hereto by WGRAH does not,
or when executed will not, and the consummation of the transactions contemplated hereby or thereby and the performance by WGRAH of the obligations that it is obligated to perform hereunder or thereunder do not:
(a) conflict with or result in a breach of any of the provisions of the organizational documents of WGRAH;
(b) create any Lien on any Subject Units under any indenture, mortgage, lien, agreement, contract, commitment or instrument to which WGRAH is a
party or its properties and assets are bound;
(c) conflict with any municipal, state or federal ordinance, law (including common law), rule, regulation, judgment, order, writ, injunction, or decree (collectively, “Laws”) applicable to WGRAH; or
(d) conflict with, result in a breach of, constitute a default under (whether with notice or the lapse of time or both) or accelerate or permit the acceleration of the performance required
by, or require any consent, authorization or approval under, any indenture, mortgage, lien or agreement, contract, commitment or instrument to which WGRAH is a party or otherwise bound or to which any
of its properties and assets are subject;
except, in the case of clauses (b), (c) and (d), as would not be reasonably likely to have, individually or in the aggregate, a material adverse effect on WGRAH and would not prevent, materially delay or materially
impede the performance by WGRAH of its obligations under this Agreement.
Section 3.4 No Brokers. No action has been taken by or on behalf of WGRAH that would give rise to any valid claim against XXX or
its Affiliates for a brokerage commission, finder’s fee or other like payment with respect to the matters contemplated hereby.
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Section 3.5 Disclaimer of Warranties. Except as expressly set forth in this ARTICLE
III or in any agreement or instrument to be executed by WGRAH in connection with the transactions contemplated hereby, WGRAH makes no representation or warranty whatsoever and disclaims all liability and responsibility for any other
representation, warranty, statement or information made or communicated (orally or in writing), including, without limitation, any opinion, information or advice that may have been provided by any officer, shareholder, member, partner,
director, employee, agent or consultant of WGRAH or any of its Affiliates.
ARTICLE IV.
REPRESENTATIONS AND WARRANTIES OF XXX
XXX hereby represents and warrants to WGRAH that:
Section 4.0 Organization and Existence. XXX is a limited partnership, validly existing
and in good standing under the laws of the State of Delaware and is qualified to do business in each jurisdiction where the nature of its business or the ownership of its properties requires it to be qualified, except to the extent that the
failure to be so qualified would not be reasonably likely to have, individually or in the aggregate, a material adverse effect and would not prevent, materially delay or materially impede the performance by XXX of its obligations under this
Agreement. XXX has the requisite power and authority to carry on its business as it is now being conducted and to own all of its properties and assets, except as would not be reasonably likely to have, individually or in the aggregate, a
material adverse effect and would not prevent, materially delay or materially impede the performance by XXX of its obligations under this Agreement.
Section 4.1 Power and Authority. XXX has the
limited partnership power and authority to enter into this Agreement and each agreement and instrument to be executed and delivered by XXX pursuant hereto, and to perform all of its obligations and consummate the transactions contemplated
hereby and thereby. XXX has taken all necessary and appropriate limited partnership actions to authorize, execute and deliver this Agreement and each agreement and instrument to be executed and delivered by XXX pursuant hereto and to
consummate the transactions contemplated hereby and thereby. This Agreement has been, and each agreement and instrument to be executed and delivered by XXX pursuant hereto will be when so executed and delivered, duly and validly executed and
delivered by XXX and this Agreement is, and each agreement and instrument to be executed and delivered by XXX pursuant hereto will be when so executed and delivered, a valid and binding obligation of XXX enforceable in accordance with its
terms, except as such enforcement may be limited by the Enforceability Exceptions.
Section 4.2 No Violations. The execution and delivery of this Agreement or any other agreement or instrument to be executed and delivered pursuant hereto by XXX does not, or when executed will not, and the consummation of the transactions
contemplated hereby or thereby and the performance by XXX of the obligations that it is obligated to perform hereunder or thereunder do not, and at the Closing will not:
(a) conflict with or result in a breach of any of the provisions of the Partnership Agreement or any other Group Member Agreement of the Partnership Group;
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(b) create any Lien on any property or assets of any Group Member under any indenture, mortgage, lien, agreement, contract, commitment or instrument to which any Group Member is a party or
their respective properties and assets are bound;
(c) conflict with any Laws applicable to any Group Member; or
(d) conflict with, result in a breach of, constitute a default under (whether with notice or the lapse of time or both) or accelerate or permit the acceleration of the performance required
by, or require any consent, authorization or approval under, any indenture, mortgage, lien or agreement, contract, commitment or instrument to which any Group Member is a party or otherwise bound or to which any of their respective properties and
assets are subject;
except, in the case of clauses (b), (c) and (d), as would not be reasonably likely to have, individually or in the aggregate, a material adverse effect on the Partnership Group, taken as a whole, and would not
prevent, materially delay or materially impede the performance by XXX of its obligations under this Agreement.
Section 4.3 No
Brokers. No action has been taken by or on behalf of XXX or the Special Committee that would give rise to any valid claim against WGRAH or its Affiliates for a brokerage commission, finder’s fee or
other like payment with respect to the matters contemplated hereby.
Section 4.4 Disclaimer
of Warranties. Except as expressly set forth in this ARTICLE IV or in any agreement or instrument to be executed by XXX in connection with the transactions contemplated hereby, XXX makes no
representations or warranties whatsoever and disclaims all liability and responsibility for any other representation, warranty, statement or information made or communicated (orally or in writing), including, without limitation, any opinion,
information or advice that may have been provided by any officer, shareholder, member, partner, director, employee, agent or consultant of XXX or any of its Affiliates.
ARTICLE V.
COVENANTS
Section 5.0 Further
Assurances. In case at any time after the Closing any further action is necessary to carry out the transactions contemplated hereby or the purposes of this Agreement, each of the Parties will take
such further action as the other Party may reasonably request, all at the sole cost and expense of the requesting Party.
Section
5.1 Tax Treatment of the Transaction. The Parties intend that WES’s purchase of the Subject
Units in exchange for the consideration described in Section 2.1 will be treated for U.S. federal income tax purposes as a distribution by XXX to WGRAH pursuant to Section 731 of the Code and Treasury Regulations Section 1.731-1(a) (the
“Intended Tax Treatment”). Each Party shall, and shall cause its controlled Affiliates to, file all Tax returns and other reports consistent with the Intended Tax Treatment, unless required by Law
to do otherwise.
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ARTICLE VI.
MISCELLANEOUS
Section
6.0 Binding Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit
of the respective Parties and their permitted successors and assigns. No Party may assign or delegate its rights or obligations under this Agreement without the prior written consent of the other Parties, which consent may be withheld for any
reason. Any purported assignment in violation of the foregoing shall be null and void.
Section 6.1 Entire Understanding; Headings and Amendments.
(a) This Agreement and all documents to be executed and delivered pursuant hereto constitute the entire understanding between the Parties with respect to the transactions contemplated
hereby, and supersede all previous agreements of any sort with respect thereto. Article headings are included only for purposes of convenience and shall not be construed as a part of this Agreement or in any way affecting the meaning of the
provisions of this Agreement or its interpretation.
(b) This Agreement may not be amended or modified orally and no amendment or modification shall be valid unless in writing and signed by the Parties; provided,
however, no such amendment or modification shall be effective unless and until it has been approved by the Special Committee.
Section 6.2 Rights of Third Parties. This Agreement shall not be
construed to create any express or implied rights in any persons other than the Parties.
Section 6.3 Notices. All
notices shall be in writing and shall be delivered or sent by first-class mail, postage prepaid, overnight courier or by means of electronic transmission. Any notice sent shall be addressed as follows:
(a) If to WGRAH:
Occidental Petroleum Corporation
0 Xxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
Attention: Secretary
With a copy (which shall not constitute notice) to:
Xxxxxx & Xxxxxxx LLP
000 Xxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Attention: Xxxx X. Xxxxx
Attention: Xxxx X. Xxxxx
Email: xxxx.xxxxx@xx.xxx
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(b) If to XXX:
Western Midstream Partners, LP
0000 Xxxxxxxx Xxxxxx Xxxxx
Xxx Xxxxxxxxx, XX 00000
Attention: General Counsel
With copies (which shall not constitute notice) to:
Western Midstream Partners, LP
0000 Xxxxxxxx Xxxxxx Xxxxx
Xxx Xxxxxxxxx, XX 00000
Attention: Chairman, Special Committee
Hunton Xxxxxxx Xxxxx LLP
000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Attention: G. Xxxxxxx X’Xxxxx
Attention: G. Xxxxxxx X’Xxxxx
Email: xxxxxxx@xxxxxxxx.xxx
Section 6.4 Choice of Law; Submission to Jurisdiction. This Agreement, and any claim or dispute arising hereunder or relating hereto, shall be subject to and governed by the laws of the State of Delaware, excluding any conflicts-of-law rule or principle that might refer
the construction or interpretation of this Agreement to the laws of another state. EACH OF THE PARTIES AGREES THAT THIS AGREEMENT INVOLVES AT LEAST U.S. $100,000.00 AND THAT THIS AGREEMENT HAS BEEN ENTERED INTO IN EXPRESS RELIANCE UPON 6 Del.
C. § 2708. EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY AGREES (i) TO BE SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, AND (ii) TO THE EXTENT SUCH PARTY IS
NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY’S AGENT FOR ACCEPTANCE OF LEGAL PROCESS AND TO NOTIFY THE OTHER PARTY OF THE NAME AND ADDRESS OF SUCH
AGENT. EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
Section 6.5 Time of the Essence. Time is of the essence in the performance of this Agreement in all respects. If the date specified herein for giving any notice or taking any action is not a Business Day (or if the period during which any notice is required to be
given or any action taken expires on a date which is not a Business Day), then the date for giving such notice or taking such action (and the expiration date of such period during which notice is required to be given or action taken) shall be
the next day that is a Business Day.
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Section 6.6 Damage Limitations. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, TO THE FULLEST EXTENT PERMITTED BY LAW, NO PARTY HERETO SHALL BE ENTITLED TO RECOVER FROM ANY OTHER PARTY HERETO ANY AMOUNT IN RESPECT OF EXEMPLARY, PUNITIVE, REMOTE
OR SPECULATIVE DAMAGES, EXCEPT, IN EACH CASE, TO THE EXTENT SUCH DAMAGES ARE FINALLY AND JUDICIALLY DETERMINED AND PAID TO AN UNAFFILIATED THIRD PARTY. THE FOREGOING LIMITATIONS ON LIABILITY SHALL APPLY EVEN IN THE EVENT OF THE SOLE, JOINT,
AND/OR CONCURRENT, ACTIVE OR PASSIVE NEGLIGENCE, STRICT LIABILITY OR FAULT OF THE PARTY WHOSE LIABILITY IS LIMITED (EXCLUDING GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT).
Section 6.7 Waiver and Severability.
(a) No waiver, either express or implied, by any Party hereto of any term or condition of this Agreement or right to enforcement thereof shall be effective, unless such waiver is in
writing and signed by each Party. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way adversely affect the rights of the Party granting such waiver in any other respect
or at any other time. The failure of any Party to exercise any rights or privileges under this Agreement shall not be construed as a waiver of any such rights or privileges under this Agreement. The rights and remedies provided in this
Agreement are cumulative and, except as otherwise expressly provided in this Agreement, none is exclusive of any other or of any rights or remedies that any Party may hereunder or otherwise have at law or in equity.
(b) Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been
contained herein.
Section 6.8 Costs and Expenses. Except as otherwise specifically provided in this Agreement, each Party will bear its own costs and expenses in connection with this Agreement and the transactions contemplated hereby.
Section 6.9 Counterpart Execution. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one agreement.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first written above.
WGR ASSET HOLDING COMPANY LLC
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By:
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/s/ Xxxxx X. Xxxxx
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Name:
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Xxxxx X. Xxxxx
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Title:
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Vice President and Treasurer
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WESTERN MIDSTREAM PARTNERS, LP
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By:
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Western Midstream Holdings, LLC, its general partner
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By:
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/s/ Xxxxxxx X. Xxx
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Name:
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Xxxxxxx X. Xxx
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Title:
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President and Chief Executive Officer
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Signature Page to Unit Purchase Agreement