Document:

Registration Rights Agreement dated as of October 1, 2012

 Exhibit 10.3 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of October 1, 2012, is by and among
Genesee & Wyoming Inc., a Delaware corporation (the “Company”), and each of the Persons listed on Schedule 1 hereto (collectively, the “Purchasers”). The Purchasers and any other Person who may become a
party hereto pursuant to Section 11(c) are referred to individually as a “Shareholder” and collectively as the “Shareholders”. 
 WHEREAS, the Company and Carlyle Partners V, L.P., a Delaware limited partnership (the “Initial Purchaser Representative”) are parties to the Investment Agreement, dated as of
July 23, 2012, as amended by the First Amendment to Investment Agreement, dated as of September 10, 2012, as the same may hereafter be amended from time to time (the “Investment Agreement”); and 

WHEREAS, in accordance with Section 5.9 of the Investment Agreement, the Initial Purchaser Representative transferred and assigned
all its rights, interests and obligations under the Investment Agreement to the Purchasers pursuant to the Assignment and Assumption Agreement among the Initial Purchaser Representative, the Purchasers and the Company, dated as of September 28,
2012; and 
 WHEREAS, the Purchasers desire to have and the Company desires to grant certain registration and other rights with
respect to the Registrable Securities on the terms and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE,
for and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows: 
 Section 1. Definitions. As used in this Agreement, the following terms shall have the following meanings,
and terms used herein but not otherwise defined herein shall have the meanings assigned to them in the Investment Agreement: 

“Adverse Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the
Company’s board of directors (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement or report would not be materially misleading; (ii) would not be required
to be made at such time but for the filing, effectiveness or continued use of such Registration Statement or report; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“Agreement” shall have the meaning set forth in the preamble. 

“Automatic Shelf Registration Statement” shall have the meaning set forth in Rule 405 (or any successor provision) of
the Securities Act. 
 “Certificates of Designations” shall mean each of those certain Certificates of
Designations of the Company, setting forth the rights, privileges, preferences and restrictions of the Convertible Preferred Stock, dated as of the date hereof, as may be amended from time to time. 

“Class A Common Stock” shall mean all shares currently or hereafter existing of Class A Common Stock, par value
$0.01 per share, of the Company. 
 “Convertible Preferred Stock” shall mean all shares currently or hereafter
existing of Series A-1 Preferred Stock. 
 “Demand Notice” shall have the meaning set forth in
Section 3(a). 

  
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 “Demand Registration” shall have the meaning set forth in
Section 3(a). 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any
successor statute thereto and the rules and regulations of the SEC promulgated thereunder. 
 “Indemnified
Party” shall have the meaning set forth in Section 8(c). 
 “Indemnifying Party” shall have the
meaning set forth in Section 8(c). 
 “Investment Agreement” shall have the meaning set forth in the
recitals. 
 “Long-Form Registration” shall have the meaning set forth in Section 3(a). 

“Losses” shall have the meaning set forth in Section 8(a). 

“Marketed Offering” shall mean a registered underwritten offering of Registrable Securities (including any registered
underwritten Shelf Offering) that is consummated, withdrawn or abandoned by the applicable Shareholders following formal participation by the Company’s management in a customary “road show” (including an “electronic road
show”) or other similar marketing effort by the Company. 
 “Person” shall mean any natural person,
corporation, limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal
entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any government or agency or political subdivision thereof. 
 “Piggyback Notice” shall have the meaning set forth in Section 4(a). 
 “Piggyback Registration” shall have the meaning set forth in Section 4(a). 
 “Piggyback Request” shall have the meaning set forth in Section 4(a). 
 “Proceeding” shall mean an action, claim, suit, arbitration or proceeding (including an investigation or partial proceeding, such as a deposition), whether commenced or threatened.

 “Prospectus” shall mean the prospectus included in any Registration Statement (including a prospectus that
discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A or Rule 430B promulgated under the Securities Act), as amended or supplemented by any prospectus supplement,
and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 

“Public Offering” shall mean the sale of Class A Common Stock to the public pursuant to an effective Registration
Statement (other than Form S-4 or Form S-8 or any similar or successor form) filed under the Securities Act or any comparable law or regulatory scheme of any foreign jurisdiction. 

“Registrable Securities” shall mean, as of any date of determination, the shares of Class A Common Stock issued to
the Purchasers pursuant to the Investment Agreement (whether or not subsequently transferred to any Shareholder), or hereafter acquired by the Purchasers or any Shareholder pursuant to the conversion of the Convertible Preferred Stock, and any other
securities issued or issuable with respect to any such shares by way of share split, share dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise. As to any particular Registrable Securities, once
issued, such securities shall cease to be Registrable Securities when (i) they are sold pursuant to an effective Registration Statement under the Securities Act, (ii) the holder thereof, together with its, his or her affiliates,
beneficially owns less than 1.5% of the shares of Class A Common Stock (including all shares issuable upon the conversion of all Convertible Preferred Stock) at such time 

  
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and such holder is able to dispose of all of its, his or her Registrable Securities pursuant to Rule 144 without any volume limitations thereunder, (iii) they shall have ceased to be
outstanding, or (iv) they have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities. 

“Registration Statement” shall mean any registration statement of the Company under the Securities Act which covers any
of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by
reference or deemed to be incorporated by reference in such registration statement. 
 “Rule 144” shall mean
Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “SEC” shall mean the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and any successor statute thereto and the rules and
regulations of the SEC promulgated thereunder. 
 “Shareholders” shall have the meaning set forth in the
preamble. 
 “Shelf Offering” shall have the meaning set forth in Section 4(c). 

“Short-Form Registration” shall have the meaning set forth in Section 3(a). 

“Take-Down Notice” shall have the meaning set forth in Section 4(c). 

“underwritten registration” or “underwritten offering” shall mean a registration in which securities of
the Company are sold to an underwriter for reoffering to the public. 
 “Well-Known Seasoned Issuer” shall have
the meaning set forth in Rule 405 (or any successor provision) of the Securities Act. 
 Section 2. Holders of
Registrable Securities. A Person is deemed, and shall only be deemed, to be a holder of Registrable Securities if such Person owns Registrable Securities or has a right to acquire such Registrable Securities and such Person is a Shareholder.

 Section 3. Demand Registrations. 
 (a) Requests for Registration. Subject to the following paragraphs of this Section 3(a), one or more Shareholders shall have the right, by delivering or causing to be delivered a written
notice to the Company, to require the Company to register pursuant to the terms of this Agreement, under and in accordance with the provisions of the Securities Act, the offer, sale and distribution of all of the number of Registrable Securities
requested to be so registered pursuant to the terms of this Agreement on Form S-3 (which, unless all Shareholders delivering such notice request otherwise, shall be (i) filed pursuant to Rule 415 under the Securities Act and (ii) if the
Company is a Well-Known Seasoned Issuer at the time of filing such registration statement with the SEC, designated by the Company as an Automatic Shelf Registration Statement), if the Company is then eligible for such short-form, or any similar or
successor short-form registration (“Short-Form Registrations”) or, if the Company is not then eligible for such short form registration, on Form S-1 or any similar or successor long-form registration (“Long-Form
Registrations”) (any such written notice, a “Demand Notice” and any such registration, a “Demand Registration”), as soon as reasonably practicable after delivery of such Demand Notice, but, in any event,
the Company shall be required to make the initial filing of the Registration Statement in connection with such Demand Registration within 75 days, in the case of a Long-Form Registration, or 21 days, in the case of a Short-Form Registration,
following receipt of such Demand Notice; 

  
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provided, however, that a Demand Notice may only be made if the sale of the Registrable Securities requested to be registered by such Shareholders is reasonably expected to result
in aggregate gross cash proceeds in excess of $50,000,000 (without regard to any underwriting discount or commission). Following receipt of a Demand Notice for a Demand Registration in accordance with this Section 3(a), the Company shall use
its reasonable best efforts to file a Registration Statement in accordance with such Demand Notice as promptly as practicable and shall use its reasonable best efforts to cause such Registration Statement to be declared effective under the
Securities Act as promptly as practicable after the filing thereof. Notwithstanding anything to the contrary in this Agreement, no later than the first Mandatory Conversion Date (as defined in the Certificates of Designations), the Company shall
register pursuant to Rule 415 under the Securities Act and cause to be then effective an Automatic Shelf Registration Statement or, if the Company is not then eligible to use an Automatic Shelf Registration Statement, another Short-Form
Registration, registering the offer, sale and distribution by the Shareholders of all of the Registrable Securities to be received by the Shareholders as a result of the conversion of such Shareholder’s Convertible Preferred Stock on such
Mandatory Conversion Date and all other Registrable Securities (including all shares issuable upon the conversion of all Convertible Preferred Stock) not previously so registered pursuant to a then effective registration statement; provided,
however, that if the Company is not then eligible to use an Automatic Shelf Registration Statement or another Short-Form Registration, the Company may comply with the foregoing through a Long-Form Registration that is available for the
immediate offer, sale and distribution by the Shareholders of all such Registrable Securities. 
 No Demand Registration shall
be deemed to have occurred for purposes of this Section 3, and any Demand Notice delivered in connection therewith shall not count as a Demand Notice for purposes of Section 3(e), if (x) the Registration Statement relating thereto
(and covering not less than all Registrable Securities specified in the applicable Demand Notice for sale in accordance with the intended method or methods of distribution specified in such Demand Notice) (i) does not become effective, or
(ii) is not maintained effective for the period required pursuant to this Section 3 or (y) the offering of the Registrable Securities pursuant to such Registration Statement is subject to a stop order, injunction, or similar order or
requirement of the SEC during such period. 
 All requests made pursuant to this Section 3 will specify the number of
Registrable Securities to be registered and the intended methods of disposition thereof. 
 Except as otherwise agreed by all
Shareholders with Registrable Securities subject to a Demand Registration, the Company shall use its reasonable best efforts to maintain the continuous effectiveness of the Registration Statement with respect to any Demand Registration until such
securities cease to be Registrable Securities or such shorter period upon which all Shareholders with Registrable Securities included in such Registration Statement have notified the Company that such Registrable Securities have actually been sold.

 Within six business days after receipt by the Company of a Demand Notice pursuant to this Section 3(a), the Company
shall deliver a written notice of any such Demand Notice to all other holders of Registrable Securities, and the Company shall, subject to the provisions of Section 3(b), include in such Demand Registration all such Registrable Securities with
respect to which the Company has received written requests for inclusion therein within 10 business days after the date that such notice has been delivered; provided that such holders must agree to the method of distribution proposed by the
Shareholders who delivered the Demand Notice and, in connection with any underwritten registration, such holders (together with the Company and the other holders including securities in such underwritten registration) must enter into an underwriting
agreement in the form reasonably approved by the Shareholders holding the majority of the Registrable Securities. All requests made pursuant to the preceding sentence shall specify the aggregate amount of Registrable Securities to be registered and
the intended method of distribution of such securities. 
 (b) Priority on Demand Registration. If any of the
Registrable Securities registered pursuant to a Demand Registration are to be sold in an underwritten offering, and the managing underwriter or underwriters advise the holders of such securities in writing that in its good faith opinion the total
number or dollar amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the price, timing or distribution of such offering (including securities proposed to be included by other holders of

  
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securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration rights), then there shall be included in such underwritten offering the
number or dollar amount of Registrable Securities and such other securities that in the opinion of such managing underwriter can be sold without adversely affecting such offering, and such number of Registrable Securities and such other securities
shall be allocated as follows: 
 (i) first, pro rata among the holders of Registrable Securities that
have requested to participate in such Demand Registration on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by such holders; and 

(ii) second, the securities for which inclusion in such Demand Registration, as the case may be, was requested by the
Company. 
 No securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be
included in such offering. 
 (c) Postponement of Demand Registration. The Company shall be entitled to postpone
(but not more than once in any 12-month period), for a reasonable period of time not in excess of 60 days, the filing (but not the preparation) of a Registration Statement if the Company delivers to the Shareholders requesting registration a
certificate certifying that such registration and offering would reasonably be expected to materially adversely affect or materially interfere with any bona fide material financing of the Company or any material transaction under
consideration by the Company or require the Company to make an Adverse Disclosure; provided, however, that (i) with respect to each 12-month period, the 60-day maximum described in this sentence will be reduced by one day for each
day during which holders of Registrable Securities are required to discontinue disposition of securities pursuant to the last paragraph of Section 6 and (ii) in the event any Mandatory Conversion Date occurs on or prior to the second
anniversary of the date hereof, the restrictions in Section 3(a) and this Section 3(c) shall not apply from the first such Mandatory Conversion Date until the business day after the second anniversary of the date hereof; provided,
further, however, that with respect to the foregoing (ii), to the extent that each holder of Registrable Securities subject to the Mandatory Conversion is offered the option to include all its securities so converted in a concurrently
consummated underwritten offering pursuant to a Piggyback Registration, the restrictions in Section 3(a) and this Section 3(c) shall continue to apply. Such certificate shall contain a statement of the reasons for such postponement and an
approximation of the anticipated delay. The Shareholders receiving such certificate shall keep the information contained in such certificate confidential subject to the same terms set forth in Section 6(o). If the Company shall so postpone the
filing of a Registration Statement, the Shareholders requesting such registration shall have the right to withdraw the request for registration by giving written notice to the Company within 10 days of the anticipated termination date of the
postponement period, as provided in the certificate delivered to the applicable Shareholders and, for the avoidance of doubt, upon such withdrawal, the withdrawn request shall not constitute a Demand Notice; provided that in the event such
Shareholders do not so withdraw the request for registration, the Company shall continue to prepare a Registration Statement during such postponement such that, if it exercises its rights under this Section 3(c), it shall be in a position to
and shall, as promptly as practicable following the expiration of the applicable deferral or suspension period, file or update and use its reasonable efforts to cause the effectiveness of the applicable deferred or suspended Registration Statement.

 (d) Cancellation of a Demand Registration. Holders of a majority of the Registrable Securities that are to be
registered in a particular offering pursuant to this Section 3 shall have the right to notify the Company that they have determined that the registration statement be abandoned or withdrawn, in which event the Company shall abandon or withdraw
such registration statement; provided, that such Demand Notice underlying such abandonment or withdrawal shall not be deemed to be a Demand Notice for purposes of 3(e) if in response to a material adverse change regarding the Company or a
material adverse change in the financial markets generally. 

  
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 (e) Number of Demand Notices. In connection with the provisions of this
Section 3, the Shareholder shall have (i) two Demand Notices in connection with Marketed Offerings, which it is permitted to deliver (or cause to be delivered) to the Company hereunder; provided, that in connection therewith the
Company shall cause its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration Statement (including participation in “road shows”), and (ii)four additional
Demand Notices in any 365 day period (other than in connection with a Marketed Offering), which it is permitted to deliver (or cause to be delivered) to the Company hereunder provided, that in connection therewith the Company shall not be
obligated to cause its officers to support the marketing of the Registrable Securities covered by the Registration Statement and such officers will not be obligated to participate in any “road shows”. 

Section 4. Piggyback Registration; Shelf Take Down. 
 (a) Right to Piggyback. Except with respect to a Demand Registration, the procedures for which are addressed in Section 3, if the Company proposes to file a registration statement under
the Securities Act with respect to an offering of Class A Common Stock whether or not for sale for its own account and whether or not an underwritten offering or an underwritten registration (other than a registration statement (i) on Form
S-4, Form S-8 or any successor forms thereto, (ii) filed in connection with an exchange offer or any employee benefit or dividend reinvestment plan or (iii) relating solely to the offer and sale of debt securities), then the Company shall
give prompt written notice of such filing no later than five business days prior to the filing date (the “Piggyback Notice”) to all of the holders of Registrable Securities. The Piggyback Notice shall offer such holders the
opportunity to include (or cause to be included) in such registration statement the number of Registrable Securities as each such holder may request (a “Piggyback Registration”); provided, however, that until the
expiration of the transfer restrictions set forth in Section 4.2(a) of the Investment Agreement, the Company shall only be required to use its reasonable best efforts to register the subsequent resale of such Registrable Securities by the
holders thereof under the registration statement subject to a Piggyback Registration and not to include such Registrable Securities with any securities sold pursuant to an offering thereunder (subject to Section 3(c)). Subject to
Section 4(b), the Company shall include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein (each a “Piggyback Request”) within 10
business days after notice has been given to the applicable holder. The Company shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier to occur of (x) 180 days after the
effective date thereof and (y) consummation of the distribution by the holders of the Registrable Securities included in such Registration Statement. 
 (b) Priority on Piggyback Registrations. If any of the Registrable Securities to be registered pursuant to the registration giving rise to the rights under this Section 4 are to be sold
in an underwritten offering, the Company shall use reasonable best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit holders of Registrable Securities who have submitted a Piggyback Request in
connection with such offering to include in such offering all Registrable Securities included in each holder’s Piggyback Request on the same terms and conditions as any other shares of capital stock, if any, of the Company included in the
offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering advise the Company in writing that it is their good faith opinion the total number or dollar amount of securities that such holders,
the Company and any other Persons having rights to participate in such registration, intend to include in such offering is such as to adversely affect the price, timing or distribution of the securities in such offering, then there shall be included
in such underwritten offering the number or dollar amount of securities that in the opinion of such managing underwriter or underwriters can be sold without so adversely affecting such offering, and such number of Registrable Securities shall be
allocated as follows: (i) first, all securities proposed to be sold by the Company for its own account (except to the extent the Company seeks to avail itself of the second proviso of Section 3(c), in which case such number of Registrable
Securities shall first be allocated to all Registrable Securities subject to such Mandatory Conversion prior to any securities proposed to be sold by the Company for its own account); (ii) second, all Registrable Securities requested to be
included in such registration pursuant to Section 4, pro rata among such holders on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by such holders; and (iii) third,
all other securities requested to be included in such Registration Statement; provided that holders may, prior to the earlier of the (i) effectiveness of the Registration Statement and (ii) time at which the offering price and/or
underwriter’s discount are determined with the managing underwriter or underwriters, withdraw their request to be included in such registration pursuant to this Section 4. 

  
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 (c) Shelf-Take Downs. At any time that a shelf registration statement covering
Registrable Securities pursuant to Section 3 or Section 4 is effective, if any Shareholder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to sell all or part of its Registrable Securities
included by it on the shelf registration statement (a “Shelf Offering”), then, the Company shall amend or supplement the shelf registration statement as may be necessary in order to enable such Registrable Securities to be
distributed pursuant to the Shelf Offering (taking into account the inclusion of Registrable Securities by any other holders pursuant to this Section 4(c)). In connection with any Shelf Offering, including any Shelf Offering that is a Marketed
Offering: 
 (i) such proposing holder(s) shall also deliver the Take-Down Notice to all other holders of
Registrable Securities included on such shelf registration statement and permit each such holder to include its Registrable Securities included on the shelf registration statement in the Shelf Offering if such holder notifies the proposing holder(s)
and the Company within five days after delivery of the Take-Down Notice to such holder; and 
 (ii) if the Shelf
Offering is underwritten, in the event that the underwriters of such Shelf Offering advise such holders in writing that it is their good faith opinion the total number or dollar amount of securities proposed to be sold exceeds the total number or
dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be included, then the underwriter may limit the number of Registrable Securities which would
otherwise be included in such Shelf Offering in the same manner as described in Section 3(b) with respect to a limitation of shares to be included in a registration; 
 provided, however, that each Shelf Offering that is a Marketed Offering initiated by a Shareholder shall be deemed to be a demand subject to the provisions of Section 3(a) (subject to
Section 3(d)), and shall decrease by one the number of Demand Notices such Shareholder is entitled to pursuant to Section 3(e)(i); provided, further, that, without the consent of the board of directors of the Company, no
Shareholder shall initiate more than four underwritten Shelf Offerings (other than in connection with a Marketed Offering) in any 365 day period; provided, further, that a Take-Down Notice with respect to an underwritten offering that
is not a Marketed Offering may only be made if the sale of the Registrable Securities requested to be sold by all Shareholders in the Shelf Offering is reasonably expected to result in aggregate gross cash proceeds in excess of $25,000,000 (without
regard to any underwriting discount or commission). 
 Section 5. Restrictions on Public Sale by Holders of Registrable
Securities. Each holder of Registrable Securities agrees with all other holders of Registrable Securities and the Company in connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to
Section 3 and Section 4(a), respectively (whether or not such holder elected to include Registrable Securities in such Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in such
offering, not to effect any public sale or distribution of any of the Company’s securities (except as part of such underwritten offering), including a sale pursuant to Rule 144 or any swap or other economic arrangement that transfers to another
any of the economic consequences of owning the Class A Common Stock, or to give any Demand Notice during the period commencing on the date of the Prospectus and continuing for not more than 90 days after the date of the Prospectus (or, in
either case, Prospectus supplement if the offering is made pursuant to a “shelf” registration), pursuant to which such public offering shall be made, plus, a then customary “booster shot” extension required to permit research
analysts to publish research reports compliant with Rule 139 under the Securities Act pursuant to FINRA Rule 2711 (or a successor thereto). In connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to
Section 3 or Section 4, the Company shall be responsible for negotiating all “lock-up” agreements with the underwriters and, in addition to the foregoing provisions of this Section 5, the Shareholders and holders of
Registrable Securities agree to execute the form so negotiated; provided, that the form so negotiated is reasonably acceptable to the Shareholders and holders of Registrable Securities and consistent with the agreement set forth in this
Section 5 and that, in the case of a Marketed Offering, the Company’s executive officers and directors shall also have executed such form of agreement so negotiated. 

  
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 If any registration pursuant to Section 3 of this Agreement shall be in connection with
any: (i) Marketed Offering (including with respect to a Shelf Offering pursuant to Section 4(c) hereof), the Company will cause each of its executive officers and directors to sign a “lock-up” agreement consistent with that
contemplated in the immediately preceding paragraph and (ii) underwritten offering (including with respect to a Shelf Offering pursuant to Section 4(c) hereof), the Company will also not effect any public sale or distribution of any common
equity (or securities convertible into or exchangeable or exercisable for common equity) (other than a registration statement (A) on Form S-4, Form S-8 or any successor forms thereto or (B) filed solely in connection with an exchange offer
or any employee benefit or dividend reinvestment plan) for its own account, within 90 days (plus, a then customary “booster shot” extension required to permit research analysts to publish research reports compliant with Rule 139 under the
Securities Act pursuant to FINRA Rule 2711 (or a successor thereto)) after the date of the Prospectus for such offering except as may otherwise be agreed with the holders of the Registrable Securities in such offering. 

Section 6. Registration Procedures. If and whenever the Company is required to effect the registration of any
Registrable Securities under the Securities Act as provided in Section 3 or Section 4, the Company shall effect such registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of
disposition thereof, and pursuant thereto the Company shall cooperate in the sale of the securities and shall, as expeditiously as possible to the extent applicable: 
 (a) prepare and file with the SEC a Registration Statement or Registration Statements on such form as shall be available for the sale of the Registrable Securities by the holders thereof or by the Company
in accordance with the intended method or methods of distribution thereof and in accordance with this Agreement, and use its reasonable best efforts to cause such Registration Statement to become effective and to remain effective as provided herein;
provided, however, that before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including documents that would be incorporated or deemed to be incorporated therein by reference), the Company shall
furnish or otherwise make available to the holders of the Registrable Securities covered by such Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed to be filed, which documents will be
subject to the reasonable review and comment of such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to
participate in the preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including reasonable access to the
Company’s books and records, officers, accountants and other advisors. The Company shall not file any such Registration Statement or Prospectus or any amendments or supplements thereto (including such documents that, upon filing, would be
incorporated or deemed to be incorporated by reference therein) with respect to a Demand Registration to which the holders of a majority of the Registrable Securities covered by such Registration Statement, their counsel, or the managing
underwriters, if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Company’s counsel, such filing is necessary to comply with applicable law; 

(b) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to
keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration
Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; 

  
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 (c) notify each selling holder of Registrable Securities, its counsel and the managing
underwriters, if any, promptly, and (if requested by any such Person) confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement
or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for
additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if at any time the Company has reason to
believe that the representations and warranties of the Company contained in any agreement (including any underwriting agreement) contemplated by Section 6(n) below cease to be true and correct, (v) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (vi) if
the Company has knowledge of the happening of any event that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading (which notice shall notify the selling holders only of the occurrence of such an event and shall provide no additional information regarding such
event to the extent such information would constitute material non-public information); 
 (d) use its reasonable best efforts
to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for
sale in any jurisdiction at the earliest date reasonably practicable; 
 (e) if requested by the managing underwriters, if any,
or the holders of a majority of the then outstanding Registrable Securities being sold in connection with an underwritten offering, promptly include in a Prospectus supplement or post-effective amendment such information as the managing
underwriters, if any, and such holders may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as
practicable after the Company has received such request; provided, however, that the Company shall not be required to take any actions under this Section 6(e) that are not, in the opinion of counsel for the Company, in compliance
with applicable law; 
 (f) furnish or make available to each selling holder of Registrable Securities, its counsel and each
managing underwriter, if any, without charge, at least one conformed copy of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but
excluding schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits, unless requested in writing by such holder, counsel or underwriter); provided that the Company may furnish or make available
any such documents in electronic format; 
 (g) deliver to each selling holder of Registrable Securities, its counsel, and the
underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto as such Persons may reasonably request from time to time in connection with the
distribution of the Registrable Securities; provided that the Company may furnish or make available any such documents in electronic format (other than, in the case of a Marketed Offering, upon the request of the managing underwriters thereof
for printed copies of any such Prospectus or Prospectuses); and the Company, subject to the last paragraph of this Section 6, hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling holders
of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any such amendment or supplement thereto; 

  
 9 

 (h) prior to any public offering of Registrable Securities, use its reasonable best efforts
to register or qualify or cooperate with the selling holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the securities or “blue sky” laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to keep each such
registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective pursuant to this Agreement and to take any other action that may be necessary or advisable to enable such
holders of Registrable Securities to consummate the disposition of such Registrable Securities in such jurisdiction; provided, however, that the Company will not be required to (i) qualify generally to do business in any
jurisdiction where would not otherwise be required to qualify but for this Agreement or (ii) take any action that would subject it to general service of process in any such jurisdiction where it would not otherwise be subject but for this
Agreement; 
 (i) cooperate with, and direct the Company’s transfer agent to cooperate with, the selling holders of
Registrable Securities and the managing underwriters, if any, to facilitate the timely settlement of any offering or sale of Registrable Securities, including the preparation and delivery of certificates (not bearing any legends) or book-entry (not
bearing stop transfer instructions) representing Registrable Securities to be sold after receiving written representations from each holder of such Registrable Securities that the Registrable Securities represented by the certificates so delivered
by such holder will be transferred in accordance with the Registration Statement and, in connection therewith, if reasonably required by the Company’s transfer agent, the Company shall promptly after the effectiveness of the registration
statement cause an opinion of counsel as to the effectiveness of any Registration Statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent
which authorize and direct the transfer agent to issue such Registrable Securities without restriction upon sale by the holder of such shares of Registrable Securities under the Registration Statement; 

(j) upon the occurrence of, and its knowledge of, any event contemplated by Section 6(c)(vi) above, prepare a supplement or
post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to
the purchasers of the Registrable Securities being sold thereunder, such that the Registration Statement will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, not misleading, and the Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; 
 (k) prior to the effective date of the Registration Statement
relating to the Registrable Securities, provide a CUSIP number for the Registrable Securities; 
 (l) provide and cause to be
maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(m) use its reasonable best efforts to, cause all shares of Registrable Securities covered by such Registration Statement to be listed
on a national securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange, as the case may be, prior to the effectiveness of such Registration Statement; 

(n) enter into such agreements (including underwriting agreements in form, scope and substance as is customary in underwritten offerings
and such other documents reasonably required under the terms of such underwriting agreements, including customary legal opinions and auditor “comfort” letters) and take all such other actions reasonably requested by the holders of a
majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the disposition of such Registrable Securities; 

  
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 (o) in connection with a customary due diligence review, make available for inspection by a
representative of the selling holders of Registrable Securities, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by such selling holders or underwriter (collectively,
the “Offering Persons”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the
officers, directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in
connection with such Registration Statement, provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Offering Persons unless
(i) disclosure of such information is required by court or administrative order, (ii) disclosure of such information, in the reasonable judgment of the Offering Persons, is required by law or applicable legal process (including in
connection with the offer and sale of securities pursuant to the rules and regulations of the SEC), (iii) such information is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to
safeguard by such Offering Persons in violation of this Agreement or (iv) such information (A) was known to such Offering Persons (prior to its disclosure by the Company) from a source other than the Company when such source, to the
knowledge of the Offering Persons, was not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information, (B) becomes available to the Offering Persons from a source other than the
Company when such source, to the knowledge of the Offering Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information or (C) was developed independently by the
Offering Persons or their respective representatives without the use or, or reliance on, information provided by the Company. In the case of a proposed disclosure pursuant to (i) or (ii) above, such Person shall be required to give the
Company written notice of the proposed disclosure prior to such disclosure (except in the case of (ii) above when a proposed disclosure was or is to be made in connection with a Registration Statement or Prospectus under this Agreement); and

 (p) cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of
such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA, including the use reasonable best efforts to obtain FINRA’s pre-clearance or pre-approval of the Registration Statement
and applicable Prospectus upon filing with the SEC. 
 The Company may require each holder of Registrable Securities as to which
any registration is being effected to furnish to the Company in writing such information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time,
reasonably request in writing and the Company may exclude from such registration the Registrable Securities of any holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. 

Each holder of Registrable Securities agrees if such holder has Registrable Securities covered by such Registration Statement that, upon
receipt of any written notice from the Company of the happening of any event of the kind described in Section 6(c)(ii), 6(c)(iii), 6(c)(iv) or 6(c)(v), such holder will forthwith discontinue disposition of such Registrable Securities covered by
such Registration Statement or Prospectus until such holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(j), or until it is advised in writing by the Company that the use of the applicable
Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; provided, however, that the time periods under
Section 3 with respect to the length of time that the effectiveness of a Registration Statement must be maintained shall automatically be extended by the amount of time the holder is required to discontinue disposition of such securities.

  
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 Section 7. Registration Expenses. All fees and expenses incurred by the
Company and incident to the performance of or compliance with this Agreement by the Company (including (i) all registration and filing fees (including fees and expenses with respect to (A) all SEC, stock exchange or trading system and
FINRA registration, listing, filing and qualification and any other fees associated with such filings, including with respect to counsel for the underwriters and any qualified independent underwriter in connection with FINRA qualifications,
(B) rating agencies and (C) compliance with securities or “blue sky” laws, including any fees and disbursements of counsel for the underwriters in connection with “blue sky” qualifications of the Registrable Securities
pursuant to Section 6(h)), (ii) fees and expenses of the financial printer, (iii) messenger, telephone and delivery expenses of the Company, (iv) fees and disbursements of counsel for the Company, (v) fees and disbursements
of all independent certified public accountants, including the expenses of any special audits and/or “comfort letters” required by or incident to such performance and compliance), shall be borne by the Company whether or not any
Registration Statement is filed or becomes effective. All underwriters discounts and selling commissions and all stock transfer taxes, in each case related to Registrable Securities registered in accordance with the Agreement, shall be borne by the
Shareholders of Registrable Securities included in such registration pro rata among each other on the basis of the number of Registrable Securities so registered (provided that such stock transfer taxes shall be borne solely by the holders of
Registrable Securities subject to such taxes). 
 Except as set forth above, the Company shall not be required pursuant to this
Agreement to pay (i) fees and disbursements of any counsel retained by any holder of Registrable Securities or by any underwriter, (ii) any underwriter’s fees (including discounts, commissions or fees of underwriters, selling brokers,
dealer managers or similar securities industry professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by the Company), or (iii) any other expenses of the holders of
Registrable Securities not specifically required to be paid by the Company pursuant to the first paragraph of this Section 7. 
 Section 8. Indemnification. 
 (a) Indemnification by the
Company. The Company shall, without limitation as to time, indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or
Prospectus, the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each of them, each Person who controls each such holder (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each such controlling person, each underwriter, if any, and each Person who controls (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter, from and against any and all losses, claims, damages, liabilities, costs (including costs of preparation and reasonable attorneys’
fees and any legal or other fees or expenses incurred by such party in connection with any investigation or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively, “Losses”), as
incurred, arising out of or based upon any untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus, offering circular, any amendments or supplements thereto, “issuer free writing prospectus” (as such
term is defined in Rule 433 under the Securities Act) or other document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification, or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any rule or
regulation thereunder applicable to the Company and (without limitation of the preceding portions of this Section 8(a)) will reimburse each such holder, each of its officers, directors, partners, members, managers, shareholders, accountants,
attorneys, agents and employees and each Person who controls each such holder and the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each such controlling person, each such
underwriter, and each Person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such Loss or action, provided that the Company will not be
liable in any such case to the extent that any such Loss arises out of or is based on any untrue statement or omission by such holder or underwriter, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or
alleged omission) is made in such Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information regarding such holder of Registrable Securities furnished to the Company by such
holder of Registrable Securities expressly for inclusion therein. It is agreed that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in settlement of any such Loss or action if such settlement is effected
without the consent of the Company (which consent shall not be unreasonably withheld). 

  
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 (b) Indemnification by Holder of Registrable Securities. The Company may
require, as a condition to including any Registrable Securities in any registration statement filed in accordance with this Agreement, that the Company shall have received an undertaking reasonably satisfactory to it from the prospective seller of
such Registrable Securities to indemnify, to the fullest extent permitted by law, severally and not jointly with any other holders of Registrable Securities, the Company, its directors and officers and each Person who controls the Company (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and all other prospective sellers, from and against all Losses arising out of or based on any untrue statement of a material fact contained in any such
Registration Statement, Prospectus, offering circular, any amendments or supplements thereto, “issuer free writing prospectus” (as such term is defined in Rule 433 under the Securities Act) or other document, or any omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and to reimburse the Company, its directors and officers and each Person who controls the Company (within the meaning of
Section 15 of the Securities Act and Section 20 of the Exchange Act) and all other prospective sellers for any legal or any other expenses reasonably incurred in connection with investigating or defending any such Loss or action, in each
case to the extent, but only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, offering circular, any amendments or supplements thereto, “issuer free writing prospectus” (as such term
is defined in Rule 433 under the Securities Act) or other document in reliance upon and in conformity with written information regarding such holder of Registrable Securities furnished to the Company by such holder of Registrable Securities
expressly for inclusion therein; provided, however, that the obligations of such holder under such undertaking shall not apply to amounts paid in settlement of any such Losses (or actions in respect thereof) if such settlement is
effected without the consent of such holder (which consent shall not be unreasonably withheld); and provided, further, that the liability of such holder of Registrable Securities shall be limited to the net proceeds received by such
selling holder from the sale of Registrable Securities covered by such Registration Statement. 
 (c) Conduct of
Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder or under the undertaking contemplated by Section 8(b) (an “Indemnified Party”), such Indemnified Party shall give prompt notice to the
party from which such indemnity is sought (the “Indemnifying Party”) of any claim or of the commencement of any Proceeding with respect to which such Indemnified Party seeks indemnification or contribution pursuant hereto;
provided, however, that the delay or failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced
by such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified Party of such claim or Proceeding, to, unless in
the Indemnified Party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, assume, at the Indemnifying Party’s expense, the defense of any such claim or
Proceeding, with counsel reasonably satisfactory to such Indemnified Party; provided, however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or Proceeding and to participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the Indemnifying Party agrees to pay such fees and expenses; or (ii) the Indemnifying Party fails promptly to assume, or in
the event of a conflict of interest cannot assume, the defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, in which case the Indemnified Party shall have the right
to employ separate counsel and to assume the defense of such claim or proceeding at the Indemnifying Party’s expense; provided, further, however, that the Indemnifying Party shall not, in connection with any one such claim
or Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys
(together with appropriate local counsel) at any time for all of the Indemnified Parties. Whether or not such defense is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability for any settlement made without

  
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its consent (but such consent will not be unreasonably withheld). The Indemnifying Party shall not consent to entry of any judgment or enter into any settlement that does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from all liability in respect of such claim or litigation for which
such Indemnified Party would be entitled to indemnification hereunder. All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such
proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, promptly upon receipt of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an
Indemnified Party is not entitled to indemnification hereunder, provided that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such
Indemnified Party is not entitled to indemnification under this Section 8). 
 (d) Contribution. If the
indemnification provided for in this Section 8 is unavailable to an Indemnified Party in respect of any Losses (other than in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the
other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the
other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or
omitted) by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission.

 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 8(d), an
Indemnifying Party that is a selling holder of Registrable Securities shall not be required to contribute any amount in excess of the amount that such Indemnifying Party has otherwise been, or would otherwise be, required to pay pursuant to
Section 8(b) by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (e) Notwithstanding the foregoing, to
the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control. 
 Section 9. Rule 144. 

(a) The Company shall use reasonable best efforts to: (i) file the reports required to be filed by it under the Securities Act and
the Exchange Act in a timely manner, to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144; and
(ii) so long as any Registrable Securities are outstanding, furnish holders thereof upon request (A) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act, and of the
Exchange Act and (B) a copy of the most recent annual or quarterly report of the Company (except to the extent the same is available on EDGAR). 
 (b) The foregoing provisions of this Section 9 are not intended to modify or otherwise affect any restrictions on transfers of securities contained in the Investment Agreement. 

  
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 Section 10. Underwritten Registrations. 

(a) In connection with any underwritten offering, the investment banker or investment bankers and managers shall be selected by
(i) the Shareholder holding the majority of Registrable Securities included in any Demand Registration, including any Shelf Offering, initiated by the Shareholder, which selection shall be reasonably acceptable to the Company (and approval of
the same not to be unreasonably withheld), and (ii) the Company to administer any other offering, including any Piggyback Registration. 
 (b) No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell the Registrable Securities it desires to have covered by a Registration Statement on the
basis provided in any underwriting arrangements in customary form and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting
arrangements. 
 Section 11. Miscellaneous. 

(a) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of each of the Shareholders. Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other
holders of Registrable Securities may be given by holders of at least a majority of the Registrable Securities being sold by such holders pursuant to such Registration Statement. 

(b) Notices. All notices required to be given hereunder shall be in writing and shall be deemed to be duly given if
personally delivered, telecopied and confirmed, or mailed by certified mail, return receipt requested, or overnight delivery service with proof of receipt maintained, at the following address (or any other address that any such party may designate
by written notice to the other parties): 
 If to the Company, to the address of its principal executive offices. If to any
Shareholder, at such Shareholder’s address as set forth on the records of the Company. Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if delivered by telecopy, be deemed received on the first business
day following confirmation; shall, if delivered by overnight delivery service, be deemed received the first business day after being sent; and shall, if delivered by mail, be deemed received upon the earlier of actual receipt thereof or five
business days after the date of deposit in the United States mail. 
 (c) Successors and Assigns; Shareholder
Status. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including subsequent holders of Registrable Securities acquired, directly or indirectly, from the
Shareholders; provided, however, that (x) the Company may not assign this Agreement (in whole or in part) with the prior written consent of the holders of a majority of the Registrable Securities and (y) such successor or
assign shall not be entitled to such rights unless the successor or assign shall have executed and delivered to the Company an Addendum Agreement substantially in the form of Exhibit A hereto (which shall also be executed by the Company)
promptly following the acquisition of such Registrable Securities, in which event such successor or assign shall be deemed a Shareholder for purposes of this Agreement. For the avoidance of doubt, to the extent any Shareholder assigns some or all of
its rights hereunder to deliver a Demand Notice or a Take-Down Notice to any permitted assignee, such Shareholder shall, if such rights to deliver Demand Notices or Take-Down Notices are subject to limitations pursuant to this Agreement, including
Section 3(e) and the provisos to Section 4(c), no longer be entitled to exercise such rights, but only to the extent assigned, and the exercise of such Demand Notice or Take-Down Notice by such assignee shall be subject to the provisions
of this Agreement, including Section 3(e) and the provisos to Section 4(c). Except as provided in Section 8 with respect to an Indemnified Party, nothing expressed or mentioned in this Agreement is intended or shall be construed to
give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein contained. 

  
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 (d) Counterparts. This Agreement may be executed in two or more counterparts
and delivered by facsimile, pdf or other electronic transmission with the same effect as if all signatory parties had signed and delivered the same original document, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 
 (e) Headings; Construction. The section and paragraph headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the context requires otherwise: (i) pronouns in the masculine, feminine and neuter genders shall be
construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa; (ii) the term “including” shall be construed to be expansive rather than limiting in nature and to mean
“including, without limitation,”; (iii) references to sections and paragraphs refer to sections and paragraphs of this Agreement; and (iv) the words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder” and words of similar import refer to this Agreement as a whole, including Exhibit A hereto, and not to any particular subdivision unless expressly so limited. 

(f) Governing Law. This Agreement shall be governed by and construed in accordance with, the laws of the State of New York.

 (g) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(h) Entire Agreement. This Agreement, the Investment Agreement and the Certificates of Designations are intended by the
parties as a final expression of their agreement, and are intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein, with respect to the registration rights granted by the Company with respect to Registrable Securities. This Agreement, together with
the Investment Agreement and the Certificates of Designations, supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 (i) Securities Held by the Company or its Subsidiaries. Whenever the consent or approval of holders of a specified percentage of Registrable Securities is required hereunder, Registrable
Securities held by the Company or its subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required percentage. 
 (j) Specific Performance; Further Assurances. The parties hereto recognize and agree that money damages may be insufficient to compensate the holders of any Registrable Securities for breaches
by the Company of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the event of any such breach. The parties hereto agree that in the event the registrations and sales of
Registrable Securities are effected pursuant to the laws of any jurisdiction outside of the United States, such parties shall use their respective reasonable best efforts to give effect as closely as possible to the rights and obligations set forth
in this Agreement, taking into account customary practices of such foreign jurisdiction, including executing such documents and taking such further actions as may be reasonably necessary in order to carry out the foregoing. 

  
 16 

 (k) Term. This Agreement shall terminate with respect to a Shareholder on the
date on which such Shareholder ceases to hold Registrable Securities; provided, that, such Shareholder’s rights and obligations pursuant to Section 8, as well as the Company’s obligations to pay expenses pursuant to
Section 7, shall survive with respect to any registration statement in which any Registrable Securities of such Shareholders were included and, for the avoidance of doubt, any underwriter lock-up that a Shareholder has executed prior to a
Shareholder’s termination in accordance with this clause shall remain in effect in accordance with its terms. 
 (l)
Consent to Jurisdiction; Waiver of Jury Trial. The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of the courts of the State of New York and the federal courts of the United States of America located in New
York, and appropriate appellate courts therefrom, over any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby, and each party hereby irrevocably agrees that all claims in respect of such dispute or
proceeding may be heard and determined in such courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of
or relating to this Agreement or any of the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. This consent to jurisdiction is being given solely for purposes of this Agreement and is not intended to, and shall not, confer consent to jurisdiction
with respect to any other dispute in which a party to this Agreement may become involved. 
 Each of the parties hereto hereby
consents to process being served by any party to this Agreement in any suit, action, or proceeding of the nature specified in the paragraph above by the mailing of a copy thereof in the manner specified by the provisions of Section 11(b).

 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

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

			
	GENESEE & WYOMING INC.
		
	By:	 	/s/ Allison M. Fergus        
		 	Name: Allison M. Fergus
		 	Title: General Counsel & Secretary

 [Registration Rights Agreement Signature Page] 

 

			
	CP V COINVESTMENT A, L.P.
	    By: TC GROUP V, L.P., its general partner
		
	By:	 	/s/ Gregory S. Ledford        
		 	Name: Gregory S. Ledford
		 	Title: Authorized Person
	
	CARLYLE PARTNERS V GW, L.P.
	    By: TC GROUP V, L.P., its general partner
		
	By:	 	/s/ Gregory S. Ledford        
		 	Name: Gregory S. Ledford
		 	Title: Authorized Person
	
	CP V GW AIV2, L.P.
	    By: TC GROUP V, L.P., its general partner
		
	By:	 	/s/ Gregory S. Ledford        
		 	Name: Gregory S. Ledford
		 	Title: Authorized Person
	
	CP V GW AIV4, L.P.
	    By: TC GROUP V, L.P., its general partner
		
	By:	 	/s/ Gregory S. Ledford        
		 	Name: Gregory S. Ledford
		 	Title: Authorized Person

 

			
	CP V COINVESTMENT B, L.P.
	    By: TC GROUP V, L.P., its general partner
		
	By:	 	/s/ Gregory S. Ledford        
		 	Name: Gregory S. Ledford
		 	Title: Authorized Person

  

			
	CP V GW AIV1, L.P.
	    By: TC GROUP V, L.P., its general partner
		
	By:	 	/s/ Gregory S. Ledford        
		 	Name: Gregory S. Ledford
		 	Title: Authorized Person

  

			
	CP V GW AIV3, L.P.
	    By: TC GROUP V, L.P., its general partner
		
	By:	 	/s/ Gregory S. Ledford        
		 	Name: Gregory S. Ledford
		 	Title: Authorized Person

 
 

  
 [Registration Rights
Agreement Signature Page] 
  

 SCHEDULE 1 
 LIST OF PURCHASERS 
 CP V Coinvestment A, L.P., a Delaware limited partnership 

CP V Coinvestment B, L.P., a Delaware limited partnership 
 Carlyle Partners V GW, L.P., a Delaware limited partnership 
 CP V GW AIV1, L.P., a Delaware
limited partnership 
 CP V GW AIV2, L.P., a Delaware limited partnership 
 CP V GW AIV3, L.P., a Delaware limited partnership 
 CP V GW AIV4, L.P., a Delaware limited
partnership 
 Schedule 1 

 EXHIBIT A 
 ADDENDUM AGREEMENT 
 This Addendum Agreement is made this
            day of             , 20            , by and between
            (the “New Shareholder”) and [•] (the “Company”), pursuant to a Registration Rights Agreement dated as of [•] (the
“Agreement”), by and among the Company and the Purchasers. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. 

W I T N E S S E T H:

 WHEREAS, the Company has agreed to provide registration rights with respect to the Registrable Securities as set forth in the
Agreement; and 
 WHEREAS, the New Shareholder has acquired Registrable Securities directly or indirectly from a Shareholder;
and 
 WHEREAS, the Company and the Shareholders have required in the Agreement that all persons desiring registration rights
must enter into an Addendum Agreement binding the New Shareholder to the Agreement to the same extent as if it were an original party thereto; 
 NOW, THEREFORE, in consideration of the mutual promises of the parties, the New Shareholder acknowledges that it has received and read the Agreement and that the New Shareholder shall be bound by, and
shall have the benefit of, all of the terms and conditions set out in the Agreement to the same extent as if it were an original party to the Agreement and shall be deemed to be a Shareholder thereunder. 

 

	
	  
	New Shareholder

 Address: 

	
	  
	  

 Exhibit A-1 

 Agreed to on behalf of [the Company] pursuant to Section 11(c) of the Agreement.

  

			
	[THE COMPANY]
		
	By:	 	 
	
	 
	Printed Name and Title

 Exhibit A-2Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”), dated as of July 13, 2012, is entered into by and between Black Elk Energy Offshore Operations, LLC, a Texas limited liability company (the “Company”), and James F. Hagemeier, an individual residing at 3039
Bentgrass Dr., Katy, TX 77450 (“Employee”). 
 WHEREAS, the Employee has been providing services to the Company and in
that capacity BEE and the Company has been, and will deliver confidential data of BEE and the Company to the Employee; 

WHEREAS, the Company wants to employ the Employee directly, and Employee wants to terminate his employment agreement with BEE and be
employed by the Company directly instead; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements herein contained, and intending to be legally bound hereby, the Company and Employee hereby agree as follows: 
 1.
Employment. The Company agrees to employ Employee, and Employee agrees to be employed by the Company, upon the terms and subject to the conditions herein provided. 
 2. Term. The employment of Employee will be for a period (referred to herein as the “Employment Term”) commencing on the date of this Agreement and ending the earliest of (i) three
(3) years from the date of this Agreement, or (ii) the date of termination of Employee’s employment pursuant to Section 5 hereof. (“Termination Date”). 

3. Position and Duties. 
 (a) Position. During the Employment Term, Employee will serve as the Vice President and Chief Financial Officer of the Company and in such other capacities as the Board of Managers of the Company
(the “Board”) may designate from time to time, expressly provided that the Board may not materially diminish or reduce the Employee’s duties and privileges hereunder. In such capacities, Employee will have such duties, functions,
responsibilities and authority customarily associated with the positions Employee holds, and subject of the description of the Employee’s duties and metrics for those duties as set forth on Exhibit A hereto, and further subject to any
applicable restrictions imposed by the Bylaws of the Company and to the directives of the Board. 
 (b) Duties. During
the Employment Term, Employee will devote substantially all of his time, skill and attention to the business and affairs of the Company, and in furtherance of the business and affairs of the Company, except for usual, ordinary and customary periods
of vacation and absence due to illness or other disability; provided, however, that Employee may devote reasonable periods of time in connection with the following activities, if such activities do not substantially interfere with the performance of
Employee’s duties and services hereunder, do not violate any other provisions of this Agreement and do not consume more than 10% of Employee’s working hours: 

(i) serving as a director, officer or member of a committee of any organization, if serving in such capacity does not
involve any conflict with the business of the Company and such organization is not in competition in any manner whatsoever with the business of the Company; 

  
 1 

 (ii) fulfilling speaking engagements; and 

(iii) engaging in charitable and community activities. 

4. Compensation and Related Matters. 
 (a) Base Salary. Employee will be paid a base salary at the rate of $250,000 per annum, to be paid on a semi-monthly basis, less statutory payroll deductions, payable in accordance with the payroll
practices adopted by the Company. After the first anniversary of the date of this Agreement, the base salary may be reviewed periodically and increases in such base salary may be granted at the sole discretion of the Board. 

(b) Benefits. Employee will, during the Employment Term be eligible to participate in any life insurance, medical, disability and
any other employee benefit plans, or any incentive pay, deferred compensation, profit-sharing or retirement plans of the Company that may be in effect, from time to time, to the extent such plans are generally available to other executive officers
of the Company. Any earned but unpaid bonuses or other discretionary compensation payment for any period shall be paid within the earlier of 30 days following the termination of employment or two and a half months following the end of the taxable
year in which the right to such payment is no longer subject to a substantial risk of forfeiture. 
 (c) Vacations.
Employee, during each twelve-month period of the Employment Term, will be entitled to four (4) weeks vacation, holidays and other paid or unpaid leaves of absence consistent with the Company’s normal policies. 

(d) Expenses. Employee will be reimbursed for reasonable expenses for travel and entertainment as described in the Company’s
policies and only as approved by the Company in advance of expenditure, incurred in the performance of his duties and services hereunder and in furtherance of the business of the Company. Expenses will only be reimbursed upon presentation by
Employee of an itemized account, accompanied by appropriate receipts sufficient to enable the Company to meet Internal Revenue Service documentation standards for deductibility of such expense. Any expenses incurred by the Employee shall be
reimbursed within two and a half months of the end of the taxable year in which the Employee incurs the expense, provided that the expense is incurred by the Employee while employed with the Company. 

  
 2 

 (e) Education, Licenses and Training. Subject to Subsection (d) above:

 (i) the Company will reimburse in full all reasonable costs associated with any job-related education or any
continuing professional education required for Employee to maintain any licenses or certifications; and 
 (ii)
the Company will pay all reasonable fees for licenses, certifications or memberships in professional organizations. 
 5.
Termination of Employment. 
 (a) Employee’s employment hereunder: 

(i) will automatically terminate upon the death, Disability, voluntary resignation, or retirement of Employee; and for purposes hereof,
“Disability,” means a physical or mental disability or other incapacity which renders the Employee unable, with reasonable accommodation, to perform his/her duties for 180 consecutive days or for an aggregate of more than six
(6) months in any twelve (12) month period; 
 (ii) may be terminated at any time: 

(A) By the Employee after a material breach by the Company of any material provision of this Agreement which, if
correctable by the Company, remains uncorrected for thirty (30) days following written notice of such breach to the Company from the Employee; or 
 (B) By the Employee upon a Change of Control (as defined below); 

(C) By the Company, upon ten (10) days notice without cause. 

 

	 	(iii)	may be terminated by the Company upon ten (10) days’ written notice, for “cause”, which will mean by reason of any of the following:

 (A) Employee’s conviction of, or plea of nolo contendere to, any felony or to any crime or
offense causing substantial harm to the Company (whether or not for personal gain) or involving acts of theft, fraud or embezzlement; 
 (B) willful and intentional misuse or diversion of any of the Company’s funds; 
 (C) embezzlement; 
 (D) fraudulent or willful and material
misrepresentations or concealments on any written reports submitted to the Company; or 

  
 3 

	 	(E)	after a material breach by the Employee of any material provision of this Agreement which, if correctable by the Employee, remains uncorrected for thirty (30) days
following written notice of such breach to the Employee from the Company. 

  

	 	(F)	Termination of the Employee under 5(a)(iii) constitutes a separation from service for purposes of the Treasury Regulations promulgated under the Internal Revenue Code.

 (b) Upon termination of Employee’s employment by the Employee pursuant to Section 5(a)(ii) above, the
Employee will be entitled to receive, and Company will pay, a lump sum severance compensation in an amount equal to one year’s annual base salary of the Employee, plus benefits for one year that Employee may be entitled to receive pursuant to
Subsection 4(b) above. Upon termination pursuant to Section 5(a)(i), or by Company pursuant to Section 5(a)(iii), above, the Company will pay all amounts of salary and benefits due through the date of termination. 

(c) Change of Control, for the purposes of this Agreement means (i) upon (A) the sale, lease or other disposition of all or
substantially all of the assets of the Company or (B) an acquisition of the Company by another corporation or entity by consolidation, merger or other reorganization in which the holders of the Company’s outstanding voting stock
immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the corporation or other entity surviving such transaction, provided that a “Change
of Control” shall not apply to a merger effected exclusively for the purpose of changing the domicile of the Company. 
 6.
Business Opportunities and Intellectual Property; Non-Compete; Non-Solicitation. Employee acknowledges that in the course of his employment hereunder and under his predecessor agreement with BEE and performance of services on behalf of
the Company he will have access to confidential and proprietary business opportunities, economic and trade secrets and relationships of the Company. Therefore, in consideration of this Agreement, Employee hereby agrees as provided below in this
Section 6. 
 (a) Employee hereby assigns and agrees to assign to the Company and its successors, assigns or
designees, all of Employee’s right, title and interest in and to all Business Opportunities and Intellectual Property (as defined below), and further acknowledges and agrees that all Business Opportunities and Intellectual Property constitute
the exclusive property of the Company. 
 For purposes hereof “Business Opportunities” will mean all business ideas,
prospects, proposals, products or other opportunities pertaining to solicitation, service and 

  
 4 

 
retention of clients of the Company that are developed by Employee during the Employment Term, or originated by any third party and brought to the attention of Employee during the Employment
Term, together with information relating thereto. 
 For purposes hereof “Intellectual Property” will mean all ideas,
inventions, discoveries, processes, designs, methods, substances, articles, computer programs and improvements (including, without limitation, enhancements to, or further interpretation or processing of, information that was in the possession of
Employee prior to the date of this Agreement), whether or not patentable or copyrightable, which do not fall within the definition of Business Opportunities, which the Employee discovers, conceives, invents, creates or develops, alone or with
others, during the Employment Term, if such discovery, conception, invention, creation or development (A) occurs in the course of the Employee’s employment with the Company, or (B) occurs with the use of any of the Company’ time,
materials or facilities, or (C) in the opinion of the Board, relates or pertains in any material way to the Company’ purposes, activities or affairs. 
 (b) Non-Compete Obligations During Employment Term. Employee agrees that during the Employment Term, Employee will not, other than through the Company, engage or participate in any manner, whether
directly or indirectly through any family member or as an employee, employer, consultant, agent, principal, partner, more than one percent shareholder, officer, director, licensor, lender, lessor or in any other individual or representative
capacity, in any business or activity which is engaged in the business of acquiring or developing oil and gas properties. 
 (c)
Non-Compete Obligations – Post Termination. Employee agrees that in the event the Employee’s employment is terminated by the Company pursuant to Section 5 (a)(i) or 5(a)(iii), during the period commencing on the date of
termination up to and including the earlier of (i) the repayment in full of the obligations under the Credit Agreement or (ii) July 13, 2015, Employee shall not, directly or indirectly engage in, participate in or assist, as principal
or agent, officer, director, employee, franchisee, consultant, partner, shareholder, member or otherwise, alone or in association with any other person, corporation or other entity, any business whose activities, services or products are in
competition with the Company in a County, Parish or offshore block, or in the immediately adjacent Counties, Parishes or offshore blocks thereto, in which the Company or any one of its divisions, subsidiaries or affiliated entities owns, leases,
operates or has an interest in property, or is currently evaluating a prospect at the time of Employee’s termination of employment or has evaluated a prospect within one (1) year prior to the date of employee’s termination of
employment, regardless of whether such prospect is currently producing, a geological concept or otherwise; provided, however, that the foregoing restriction shall not apply in the case of a company the stock of which is traded either on a national
or a regional stock exchange or over-the-counter, where Employee owns less than 5% of the stock of such company. 
 (d)
Non-Solicitation Obligations. The Employee will not, during the period commencing on the date hereof until the later of July 13, 2015 or one year from the Termination Date with Company (the “Non-Solicitation Period”) for any
reason solicit, entice, persuade or induce, directly or indirectly, on Employee’s own account or as an agent, stockholder, owner, employee, employer or otherwise: 
 (1) any business from (A) any current clients or customers of the Company, or (B) any potential clients or customers of Company that Employee may have contacted or been assigned to during the
Term hereof; or 

  
 5 

 (2) any employees, consultants, agents, representatives or any other person who is under
contract with or rendering services of the Company to (A) terminate his or her employment by, or contractual relationship with, the Company, (B) refrain from extending or renewing the same (upon the same or new terms), (C) refrain
from rendering services to or for the Company, (D) become employed by or to enter into contractual relations with any persons other than the Company, or (E) enter into a relationship with a competitor of the Company. 

(d) Non-Disparagement Obligations. Employee agrees not to engage in any conduct or make any statements which are critical of the
Company, or any of the employees, officers, directors or other persons regarding, relating to or in connection with Employee’s employment, or if applicable, the termination of Employee’s employment or Employee’s separation from the
Company 
 (e) Confidentiality Obligations. In connection with Employee’s employment with the Company, Company is
furnishing certain information and trade secrets to Employee that are non-public, confidential or proprietary in nature (the “Information”). The term Information means information or data in any form or medium, tangible or
intangible, relating to the business of the Company that is actually disclosed by the Company to the Employee, whether before or after the date of this Agreement, including, without limitation, information concerning (i) names, addresses,
electronic mail addresses and telephone, telex and facsimile numbers of employees, consultants, clients, customers and any other person or entity related to the business of the Company; (ii) information of a technical nature such as trade
secrets, patents, product specifications, data, know-how, formulas, compositions, processes, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, innovations, improvements, past, current and planned research and
development, computer software and programs (including object code and source code), and database technologies, systems, structures and architectures; (iii) information of a business nature, such as marketing plans, business plans, strategies,
forecasts, unpublished financial information, budgets, projections, information and data concerning costs, profits, market share, sales, current or planned service methods and processes, customer lists, current and anticipated customer requirements,
price lists, market studies, business plans, or information regarding suppliers or lenders; (iv) notes, photographs or memoranda related to the preceding subparts (i), (ii) and (iii); (v) information generated or derived by the
Employee that contains, reflects or is derived from any of the Information described above; and (vi) any other information obtained from the Company that is not known to the public. 

  
 6 

 The term “Information” does not include information which (1) has been or may
in the future be publicly available through no fault of the Employee and not in violation of the rights of the Company; (2) prior to disclosure by the Company is known to or is within the legitimate possession of the Employee; (3) is
received in good faith by the Employee from any third party without notice of any restriction against its further disclosure; (4) is independently developed by persons who have not had access to or knowledge of the Information; (5) is not
considered confidential by the Company; or (6) must be produced under applicable law or an order of court of competent jurisdiction. 
 (i) Written Information considered by the Company as confidential or proprietary and provided to him need not be clearly marked in a conspicuous place to be considered as confidential or proprietary.
Company will use its best efforts to mark Written Information as confidential or proprietary. Oral information delivered by the Company shall also be confidential or proprietary pursuant to the terms of this Agreement. 

(ii) In consideration of Company disclosing the Information to him, Employee agrees to keep the Information strictly
confidential and shall not disclose the Information without the prior written consent of Company to any person, including any corporations, divisions, subsidiaries, associates, employees, directors, officers, guarantors, counsel, agents and
consultants (collectively, “Representatives”) of the Employee who are not directly involved in the business of the Company and shall not be used by him or his Representatives other than in connection with business of the Company.
The Information shall remain at all times the property of Company, and no license is granted hereby. 
 (iii)
Employee agrees that within three (3) business days of Company’s request, all copies of the Information in any form whatsoever, including any electronic formats, (including, but not limited to any reports, memoranda or other materials
prepared by Employee or at his direction) will be returned by him to Company, and he shall provide a certificate to Company that all Information has been returned. 

(iv) In the event that Employee or anyone to whom he supplies the Information receives a request to disclose all or any
part of the Information, including any request under the terms of a subpoena or governmental body, Employee agrees to (A) immediately notify Company of the existence, terms and circumstances surrounding such a request; (B) consult with
Company on the advisability of taking legally available steps to resist or narrow such request; and (C) if disclosure of such Information is required, furnish only that portion of the Information which, in the written opinion of counsel of
Company, Employee is legally compelled to disclose, and to exercise commercially reasonable efforts to obtain an order or other reliable assurance that confidential treatment will be accorded to such portion of the disclosed Information that Company
so designates. 

  
 7 

 (v) Neither the Company nor any of its Representatives has made or makes
any representation or warranty as to the Information’s accuracy or completeness. Employee agrees that neither Company nor its Representatives shall have any liability to him or any of his Representatives resulting from the provision or use of
the Information. 
 7. Divisibility of Agreement. In the event that any term, condition or provision of this Agreement is
for any reason rendered void, all remaining terms, conditions and provisions will remain and continue as valid and enforceable obligations of the parties. 
 8. Notices. Any notices or other communications required or permitted to be sent hereunder will be in writing and will be duly given if personally delivered or sent postage pre-paid by certified or
registered mail, return receipt requested, to each party as follows: 
  

					
	(a)	  	to the Company:	  	Black Elk Energy Offshore Operations, LLC
		  		  	11451 Katy Freeway, Suite 500
		  		  	Houston, Texas 77079
		  		  	Attn: John G. Hoffman, President
			
	(b)	  	to the Employee:	  	James F. Hagemeier
		  		  	3039 Bentgrass Dr.
		  		  	Katy, TX 77450

 Either party may change his or its address for the sending of notice to such party by written notice to the other
party sent in accordance with the provisions hereof. 
 9. Complete Agreement. This Agreement contains the entire
understanding of the parties with respect to the employment of Employee and supersedes all prior arrangements or understanding with respect thereto and all oral or written employment agreements or arrangements between the Company and Employee. This
Agreement may not be altered or amended except in a writing duly executed by both parties. 
 10. Assignment. This
Agreement is personal and non-assignable by Employee. It will inure to the benefit of any corporation or other entity with which the Company will merge or consolidate or to which the Company will sell all or substantially all of its assets and may
be assigned by the Company to any affiliate of the Company or to any corporation or entity with which such affiliate will merge or consolidate or which will acquire all or substantially all of the assets of such affiliate. 

11. Counterparts. This Agreement may be executed in counterparts, each of which will be an original and all of which together will
constitute one and the same agreement. 

  
 8 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date
first above written. 
  

							
	COMPANY:	 		 	BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC
				
		 		 	By:	 	 

 

		 		 	Name:	 	 John Hoffman

		 		 	Title:	 	 President/CEO

			
	EMPLOYEE:	 		 	 

		 		 	Name: James F. Hagemeier

 [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT] 

  
 S-1

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