Exhibit 10.4

 

Stockholders Agreement

 

AMENDMENT AND WAIVER AGREEMENT, dated as of September 22, 2009, among the
Parties Hereto (as defined below).

 

Preliminary statement

 

Certain capitalized terms used herein are defined in section 1 hereof.

 

The parties to the Stockholders Agreement entered into the Stockholders
Agreement as of June 25, 2004.

 

Section 9.5(c) of the Stockholders Agreement provides that (a) the Stockholders
Agreement may be amended by an instrument in writing signed by the Company,
Lathi, Charter Mx and Stockholders holding a majority of the then outstanding
shares of Voting Stock, (b) the observance of any term of the Stockholders
Agreement may be waived with the written consent of the Company, Lathi, Charter
Mx and Stockholders holding a majority of the then outstanding shares of Voting
Stock and (c) any such amendment or waiver shall be binding upon each holder of
any Company securities outstanding, each future holder of all such securities
and the Company.

 

Subsequent to June 25, 2004, the Company became the successor in interest to MX
Energy under the Stockholders Agreement and Denham became the successor in
interest to Lathi under the Stockholders Agreement.

 

The Parties Hereto now wish to amend the Stockholders Agreement and to waive
certain provisions thereunder and accordingly, for good and valid consideration,
the sufficiency of which is acknowledged, agree as follows.

 

Agreement

 

1.                                      Definitions.  The following terms have
the indicated meanings when used herein.

 

(a)                                 “Charter Mx” means Charter Mx LLC, a
Delaware limited liability company.

 

(b)                                “Company” means MxEnergy Holdings Inc., a
Delaware corporation.

 

(c)                                 “Denham” means Denham Commodity Partners LP,
a Delaware limited partnership.

 

(d)                                “Effective Date” means the first date as of
which all of the following shall have occurred:

 

(i)                                    the Restructuring Effective Date shall
have occurred;

 

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(ii)                                 this agreement shall have been executed and
delivered by the Company; and

 

(iii)                              Joinder Agreements shall have been executed
and delivered to the Company by or on behalf of Denham, Charter Mx and
Stockholders holding a majority of the then outstanding shares of Voting Stock.

 

(e)                                 “Joinder Agreement” means any joinder
agreement between the Company and a Joining Party in the form of exhibit A
hereto executed and delivered by the Joining Party to the Company, pursuant to
which the Joining Party irrevocably agrees to become a party to this agreement.

 

(f)                                   “Lathi” means Lathi LLC, a Delaware
limited liability company.

 

(g)                                “MX Energy” means MxEnergy Inc., a Delaware
corporation.

 

(h)                                “Parties Hereto” means each of the
following:  (i) the Company; (ii) Denham; (iii) Charter Mx and (iv) each
Stockholder who has executed and delivered to the Company a Joinder Agreement.

 

(i)                                    “Restructuring” means the pending
restructuring of the Company’s outstanding debt pursuant to which the Company
expects issue to its current debt holders and others a significant number of
shares of common stock, as a result of which the total number of shares of
common stock outstanding will increase substantially,

 

(j)                                    “Restructuring Effective Date” means the
closing date of the Restructuring.

 

(k)                                 “Stockholder” has the meaning give such term
in the Stockholders Agreement.

 

(l)                                    “Stockholders Agreement” means that
certain Third Amended and Restated Stockholders’ Agreement, dated as of June 25,
2004, by and among MxEnergy Inc., Charter Mx, the parties listed on Exhibit A
annexed thereto, Lathi, Jeffrey A. Mayer, Carol R. Artman-Hodge and Daniel P.
Burke, Sr. and the individuals and entities listed on Exhibit B annexed thereto,
as amended prior to the date hereof.

 

(m)                              “Voting Stock” has the meaning give such term
in the Stockholders Agreement.

 

2.                                      Waiver.  The Parties Hereto agree to
waive all rights and to release all obligations of parties to the Stockholders
Agreement arising under the Stockholders Agreement, such waiver and release to
become effective immediately prior to the Effective Date.  The intention of this
section 2 is that all rights and obligations arising under the Stockholders
Agreement shall be waived effective immediately prior to the Effective Date.

 

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3.                                      Amendment.  The Parties Hereto agree to
amend the Stockholders Agreement by deleting all provisions thereof, such
amendment to become effective on the Effective Date.  The intention of this
section 3 is to terminate all rights and obligations of all parties under the
Stockholders Agreement effective as of the Effective Date.

 

4.                                      Effectiveness of this agreement;
termination of this agreement; Joinder Agreements.

 

(a)                                 This agreement will become binding upon the
Company upon execution of this agreement by the Company and shall become binding
on each person or entity who executes and delivers to the Company a Joinder
Agreement upon such execution and delivery; provided that sections 2 and 3
hereof shall become effective only when and as specified in those sections.  Any
person or entity who executes and delivers to the Company a Joinder Agreement
shall thereby become a party hereto.

 

(b)                                This agreement shall terminate and cease to
be binding on the Company and any person or entity who has executed and
delivered to the Company a Joinder Agreement on December 31, 2009 if but only if
the Effective Date shall not have occurred by December 31, 2009.

 

5.                                      Miscellaneous provisions.

 

(a)                                 Further Assurances.  Each Party Hereto shall
do and perform or cause to be done and performed all such further acts and
things and shall execute and deliver all such other agreements, certificates,
instruments, and documents as any other Party Hereto reasonably may request in
order to carry out the intent and accomplish the purposes of this agreement.

 

(b)                                Governing Law.  This agreement shall be
governed by and construed under the laws of the State of Delaware.

 

(c)                                 Jurisdiction and venue; waiver of jury
trial.

 

(i)                                    The jurisdiction and venue in any action
brought by any Party Hereto pursuant to this agreement shall properly lie in any
federal or state court located in the City and State of New York.  By execution
and delivery of this agreement, each Party Hereto irrevocably submits to the
jurisdiction of such courts for himself, herself or itself and in respect of
his, her or its property with respect to such action.  The parties irrevocably
agree that venue would be proper in such court, and hereby waive any objection
that such court is an improper or inconvenient forum for the resolution of such
action.  The parties further agree that the mailing by certified or registered
mail, return receipt requested, of any process required by any such court shall
constitute valid and lawful service of

 

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process against them, without necessity for service by any other means provided
by statute or rule of court.

 

(ii)                                 WAIVER OF JURY TRIAL.  EACH OF THE PARTIES
HERETO HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, UNCONDITIONALLY AND
IRREVOCABLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT, ANY OF THE OTHER AGREEMENTS OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE INVESTORS.

 

(d)                                Entire Agreement; Amendment; Waiver.  This
agreement:  (a) contains the entire agreement among the parties hereto with
respect to the subject matter hereof, (b) supersedes all prior written
agreements and negotiations and oral understandings, if any, with respect
thereto, (c) may not be amended or supplemented except by an instrument or
counterparts thereof in writing signed by the Company, Denham, Charter Mx and
Stockholders holding a majority of the then outstanding shares of Voting Stock,
provided, however, that any amendment which would affect any Stockholder
materially and adversely in a manner that is disproportionate to other similarly
situated Stockholders shall require the consent of such Stockholder.  Any
amendment effected in accordance with this section shall be binding upon each
holder of any Company securities outstanding (including securities into which
such securities are convertible), each future holder of all such securities and
the Company.

 

(e)                                 Binding Effect; Assignment.  This agreement
shall be binding on and inure to the benefit of the parties hereto and their
respective legal representatives, successors and assigns.

 

(f)                                   Headings; Execution in Counterparts.  The
headings and captions contained herein are for convenience of reference only and
shall not control or affect the meaning or construction of any provision
hereof.  Facsimile counterpart signatures to this agreement are valid.

 

(g)                                Pronouns.  Whenever the context may require,
any pronouns used in this agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall
include the plural, and vice versa.

 

(h)                                Attorneys’ Fees.  If any action at law or in
equity is necessary to enforce or interpret the terms of this agreement, the
prevailing party shall be entitled to reasonable attorneys’ fees, costs and
necessary disbursements in addition to any other relief to which such party may
be entitled.

 

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IN WITNESS WHEREOF, the undersigned has caused this agreement to be executed on
its behalf as of the date first written above.

 

 

MXENERGY HOLDINGS INC.

 

 

 

 

 

 

By:

/s/ Jeffrey A. Mayer

 

Name:

Jeffrey A. Mayer

 

Title:

President

 

 

 

 

OTHER PARTIES HERETO: see Joinder Agreements

 

[Signature Page to Amendment & Waiver (SHA)]

 

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Exhibit A

 

Form of Joinder Agreement

 

Joinder Agreement, dated as of                  , 2009, between MXenergy
Holdings Inc., a Delaware corporation (the “Company”), and the undersigned
stockholder of the Company (the “Joining Party”).

 

Preliminary statement

 

Reference is made to the Amendment and Waiver Agreement, dated as of
September 22, 2009, among the Company and various Stockholders (the “Amendment
and Waiver Agreement”).  Terms defined in the Amendment and Waiver Agreement and
used herein have the same meaning herein as therein.

 

The Joining Party wishes to become a party to the Amendment and Waiver Agreement
and accordingly agrees as follows.

 

Agreement

 

1.                                      The Joining Party hereby irrevocably
agrees to become a party to the Amendment and Waiver Agreement.

 

2.                                      This agreement and the Amendment and
Waiver Agreement shall become binding on the Joining Party upon execution and
delivery to the Company of this agreement by the Joining Party.

 

IN WITNESS WHEREOF, the Joining Party has executed this Joinder Agreement or
caused this Joinder Agreement to be executed on its behalf as of the date first
set forth above.

 

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JOINING PARTY:

 

 

 

GREENHILL CAPITAL PARTNERS, L.P.

 

 

 

GREENHILL CAPITAL PARTNERS (CAYMAN), L.P.

 

GREENHILL CAPITAL PARTNERS (EXECUTIVES), L.P.

 

 

 

GREENHILL CAPITAL, L.P.

 

 

 

By: GCP Managing Partner, L.P., a managing general partner of each of the
foregoing partnerships

 

 

 

By: Greenhill Capital Partners, LLC, its general partner

 

 

 

By:

/s/ [Illegible]

 

Name:

[Blank]

 

Title:

[Blank]

 

 

 

 

 

Address for Notices:

 

300 Park Avenue, 23rd Floor

 

New York, NY 10022

 

Attention General Counsel

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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JOINING PARTY:

 

 

 

 

 

CHARTER MX LLC

 

By: Charterhouse Equity Partners IV, L.P., its managing member

 

 

 

By: CHUSA Equity Investors IV, L.P., its general partner

 

 

 

By: Charterhouse Equity IV, LLC, its general partner

 

 

 

By:

/s/ William M. Landuyt

 

Name: William M. Landuyt

 

Title: Authorized Signatory

 

 

 

Address for Notices:

 

c/o Charterhouse Group, Inc.

 

535 Madison Avenue

 

New York, NY 10022

 

Attention: William Landuyt

 

 

 

with a copy to:

 

 

 

Proskauer Rose LLP

 

1585 Broadway

 

New York, NY 10036

 

Attention: Lauren K. Boglivi, Esq.

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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JOINING PARTY:

 

 

 

 

 

DENHAM COMMODITY PARTNERS FUND LP

 

 

 

By: Denham Commodity Partners GP LP

 

 

 

By: Denham GP LLC

 

By:

/s/ Paul Winters

 

Name: Paul Winters

 

Title: Authorized Signatory

 

 

 

Address for Notices:

 

200 Clarendon Street, 25th Floor

 

Boston, MA 02116

 

Attention: Stuart Porter

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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JOINING PARTY:

 

 

 

 

 

/s/ Jeffrey A. Mayer

 

Jeffrey A. Mayer

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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JOINING PARTY:

 

 

 

 

 

/s/ Carole R. Artman-Hodge

 

Carole R. Artman-Hodge

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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JOINING PARTY:

 

 

 

 

 

/s/ Chaitu Parikh

 

Chaitu Parikh

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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JOINING PARTY:

 

 

 

 

 

PEQUOT ENTERPRISES LLC

 

 

 

By:

/s/ Jeffrey A. Mayer

 

Name: Jeffrey A. Mayer

 

Title: Managing Member

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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JOINING PARTY:

 

 

 

 

 

CAROLE R. ARTMAN-HODGE 7 YR GRAT

 

 

 

By:

/s/ Carole R. Artman-Hodge

 

Name: Carole R. Atman-Hodge

 

Title: [Blank]

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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JOINING PARTY:

 

 

 

 

 

JED COMMUNICATIONS ASSOCIATES

 

 

 

By:

/s/ Daniel G. Bergstein

 

Name: Daniel G. Bergstein

 

Title: President

 

[Signature Page to Amendment & Waiver (SHA) Joinder]

 

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