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EXHIBIT 10.1
SEPARATION AGREEMENT AND GENERAL RELEASE

THIS SEPARATION AGREEMENT AND GENERAL RELEASE (hereinafter “Agreement”) is made and entered into by and between Ida Kane (hereinafter “Kane”) and AppFolio, Inc. (hereinafter “AppFolio”), (hereinafter collectively the “Parties” and individually “Party”).
RECITALS
WHEREAS, Kane has been employed by AppFolio as its Chief Financial Officer since approximately February 1, 2015;
WHEREAS, Kane desires to leave her employment with AppFolio effective June 4, 2021 (hereinafter “Resignation Date”), and AppFolio has accepted her resignation effective that date; and
WHEREAS, Kane and AppFolio desire to end their employment relationship on amicable terms in accordance with the terms and conditions set forth herein.
NOW, THEREFORE, for and in consideration of the execution of this Agreement and the mutual covenants contained in the following paragraphs, AppFolio and Kane agree as follows:
1.    Incorporation of Recitals.  The Recitals and identification of the Parties to, and beneficiaries of, this Agreement are incorporated by reference as though fully set forth herein.
2.    No Admission of Liability.  The Parties agree that this Agreement, and performance of the acts required by it, does not constitute an admission of liability, culpability, negligence or wrongdoing on the part of anyone, and will not be construed for any purpose as an admission of liability, culpability, negligence or wrongdoing by either Party and/or by AppFolio current, former or future parents, subsidiaries, related entities, predecessors, successors, officers, directors, attorneys, insurers, indemnitees, shareholders, agents, employees and assigns.
3.    Final Paycheck and Expense Reimbursement.  AppFolio will deliver to Kane her final paycheck on the Resignation Date, an amount representing all unpaid salary earned through the Resignation Date, as well as a Short-Term Incentive Award at the Semi-Annual Target for the period of January 1 through June 30, 2021, which for the avoidance of doubt, is $217,500.00 in the aggregate, all less normal payroll withholdings and deductions, and pay her any reimbursable expenses due and owing consistent with AppFolio’s policy and past practice and submitted to AppFolio by Kane on a timely basis.  Kane will receive all the aforestated payments whether or not Kane signs this Agreement.  Kane acknowledges that, other than as provided herein, she is not entitled to any other payments, but for entering this Agreement.
4.    Separation Payments.  In consideration for the general release and the covenants and other promises made by Kane in this Agreement, AppFolio agrees to pay Kane the following:
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(a)    the amount of $1,000,000.00 less normal payroll withholdings and deductions.  This amount will be paid to Kane’s bank account on file with AppFolio no later than fifteen days following her execution and return of the Agreement to AppFolio.  This payment will be reported to the IRS and other taxing authorities on a Form W-2 or other appropriate form.
(b)    if Kane timely elects to obtain continued group health insurance, the COBRA premium for any and all medical, dental, and vision care benefits in effect as of the Resignation Date, until the earlier of (a) the 18-month period ending December 31, 2022, or (b) the date on which Kane first becomes eligible to obtain group health insurance through another employer.  Thereafter, Kane may elect to obtain continued group health insurance at Kane’s own expense.  During the period the AppFolio-paid COBRA premium is in effect, AppFolio will also pay the premium to keep Kane’s life and AD&D insurance coverage in effect; and
(c)    Kane’s broker fees for her exercise of her vested nonqualified stock options to a maximum of $10,000.00.  The Parties acknowledge this amount will be treated as a reimbursable out-of-pocket expense.
5.    Stock Options.  In further consideration for the general release and covenants and other promises made by Kane in this Agreement, AppFolio agrees to extend the exercise period provided in the AppFolio 2015 Stock Incentive Plan for all of Kane’s vested nonqualified options from ninety days following the June 4, 2021 Resignation Date to January 6, 2023, subject to the provisions of Paragraph 4.7 of AppFolio’s 2015 Stock Incentive Plan.
6.    Exclusivity of Benefits.  Except as expressly provided in Paragraphs 3 and 4 of this Agreement, Kane acknowledges that she has received all payments, including without limitation any wages and benefits owed to her by AppFolio, and understands that AppFolio is relying upon that acknowledgment in entering into this Agreement. Kane shall not be entitled to any additional payments or benefits, including, without limitation, under the Long-Term and Short-Term Cash Incentive Plans and Long-Term Equity Incentive Plans, in connection with her employment or the cessation thereof or under or in connection with any contract, agreement or understanding, written, oral or implied, between Kane and AppFolio.  Without limiting the foregoing, Kane also acknowledges that she shall not vest in or be eligible for any compensation other than as provided herein and her rights under any AppFolio retirement or welfare benefit plan shall be governed by the terms of those plans.
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7.    Mutual Release of Claims.
(a)    Kane’s General Release.  Kane for herself and her heirs, executors, administrators, assigns and successors does hereby release and forever discharge the “AppFolio Releasees” hereunder, consisting of AppFolio and each of its respective past and present employees, managers, officers, directors, shareholders, members, partners, associates, parents, subsidiaries, affiliates, successors, heirs, assigns, agents, representatives, lawyers, insurers, indemnitees, and all persons acting by, through, under or in concert with them, or any of them, including specifically, but without limitation, Investment Group of Santa Barbara, of and from any and all Claims, as defined in Paragraph 7(b).
(b)    Claims Released.  The “Claims” released herein include any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent, which the undersigned now has or may hereafter have against the AppFolio Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. Without limiting the generality of the foregoing, Claims shall include: any claims in any way arising out of, based upon, or related to Kane’s employment by or service to AppFolio, or the cessation of that employment; any claim for wages, salary, commissions, bonuses, fees, profit-sharing or incentive payments, including specifically, without limitation, under the Long Term and Short-Term Executive Cash Incentive Plans, the Long-Term Equity Incentive Plan, expense reimbursements, leave, vacation, severance pay or other benefits; any alleged breach of any express or implied contract of employment; any alleged torts, including without limitation, intentional interference with contractual relations or prospective advantage, intentional or negligent infliction of emotional distress and defamation, or other alleged legal restrictions on AppFolio Releasees’ actions; and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Claims arising under: Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq.; Equal Pay Act, as amended, 29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq.; the False Claims Act, 31 U.S.C. § 3729 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining Notification Act, as amended, 29 U.S.C. § 2101 et seq.; the Fair Labor Standards Act, 29 U.S.C. § 215 et seq., the Sarbanes-Oxley Act of 2002; the California Fair Employment and Housing Act, as amended, California Labor Code § 12940 et seq.; the California Equal Pay Law, as amended, California. Labor Code §§ 1197.S(a), 1199.5; the Moore-Brown-Roberti Family Rights Act of 1991, as amended, California Gov’t Code §§ 12945.2, 19702.3; California Labor Code §§ 1101, 1102, 69 Ops. Cal. Atty. Gen. 80 (1986); California Labor Code §§ 1102.5(a), (b); the California WARN Act, California Labor Code § 1400 et seq.; the California False Claims Act, California Gov’t Code § 12650 et seq.; the California Corporate Criminal Liability Act, California Penal Code § 387; the California Labor Code or any other federal, state or local law.  Notwithstanding the foregoing, nothing contained in this release shall purport to release any right that may not be released by private agreement.
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(c)    AppFolio’s General Release.  AppFolio does hereby release and forever discharge Kane and her heirs, executors, administrators, assigns and successors, (“Kane Releasees”) of all claims, actions, causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liabilities, demands, damages, losses, costs, attorneys’ fees or expenses of any nature, known or unknown, fixed or contingent, which AppFolio now has or may hereafter have against Kane Releasees, or any of them by reason of any matter, cause, or thing, whatsoever from the beginning of time to the date hereof, with the exception of claims relating to any unlawful act by Kane.  Notwithstanding the foregoing, nothing contained in this release shall purport to release any right that may not be released by private agreement.
(d)    Unknown Claims.  KANE AND APPFOLIO ACKNOWLEDGE THAT SHE AND IT ARE HEREBY ADVISED OF AND ARE FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”
KANE AND APPFOLIO BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY WAIVE ANY RIGHTS SHE AND IT MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.
(e)    No Assignments of Claims.  Kane represents and warrants that there has been no assignment or other transfer of any interest in any Claim that she may have against the AppFolio Releasees, or any of them, and Kane agrees to indemnify and hold harmless the AppFolio Releasees, and each of them, with respect to any liability, Claims, demands, damages, costs, expenses and attorneys’ fees incurred by the AppFolio Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer.
(f)    No Actions.  Kane and AppFolio represent and warrant that there is no pending suit, charge, action, complaint or other legal proceeding by either of them against any of the AppFolio or Kane Releasees.  The Parties agree that if they hereafter commence any suit, charge, action, complaint or other legal proceeding arising out of, based upon, or relating to any of the claims released hereunder or in any manner assert against each Party’s Releasees, or any of them, any of the claims released hereunder, then such Party shall pay to the other Party’s Releasees, and each of them, in addition to any other damages caused to such Releasees thereby, all attorneys’ fees incurred by the such Releasees in defending or otherwise responding to said suit or claim.  The foregoing shall not apply to Kane’s right to file a charge with the United States Equal Employment Opportunity Commission; however, Kane hereby waives any right to any damages or individual relief resulting from any charge.
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(g)    No Reliance.  Each Party acknowledges that different or additional facts may be discovered in addition to what is now known or believed to be true by her or it with respect to the matters released in this Agreement, and they agree that this Agreement shall be and remain in effect in all respects as a complete and final release of the matters released, notwithstanding any different or additional facts.
8.    Release of ADEA Claims.  Kane acknowledges that she is knowingly and voluntarily waiving and releasing any rights she may have under the Age Discrimination in Employment Act (“ADEA’’), as amended.  Kane also acknowledges that the consideration given for the waiver and release in Paragraph 4 and 5 hereof is in addition to anything of value to which she was or is already entitled.  Kane further acknowledges that she has been advised by this writing, as required by the ADEA and the Older Workers’ Benefit Protection Act, that: (a) her waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement; (b) she should consult with an attorney prior to executing this Agreement; (c) she has twenty-one (21) days to consider this Agreement (although she may choose to voluntarily execute this Agreement earlier); (d) she has seven (7) days following the re-execution of this Agreement to revoke it; (e) any revocation of this Agreement must be made in writing and delivered to Jason Randall, President and CEO, at the following email address: jason.randall@appfolio.com, within the seven day period; and (f) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after this Agreement is re-executed by Kane.
9.    Confidentiality.  Kane will not, directly or indirectly, provide to any person or entity any information that concerns or relates to the terms and conditions hereof, including statements misrepresenting the terms or conditions hereof, provided that Kane may make disclosure of the foregoing: (i) to the extent that such disclosure is specifically required by law or legal process (including without limitation, reporting the Payment to any tax authority) or as authorized in writing by AppFolio; (ii) to her tax advisor(s) or accountant(s) as may be necessary for the preparation of tax returns or other reports required by law; and/or (iii) to her attorney(s), provided that prior to disclosing any such information (except disclosures required by law or legal process or as authorized in writing), Kane will inform the recipients of the limitations of this Paragraph 9.
This Agreement shall not prohibit Kane from reporting possible violations of federal or state laws or regulations to any federal or state governmental agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal or state laws or regulations.  Kane does not need the prior authorization from AppFolio or any affiliate thereof to make any such reports or disclosures and is not required to notify AppFolio that Kane has made any such reports or disclosures.
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10.    Non-Disparagement.
(a)    Kane shall not, verbally or in writing, disparage (or encourage or solicit others to disparage) AppFolio Releasees or any past or present (as of the time the Agreement is made) officer, director or employee of AppFolio who was employed during Kane’s period of employment with AppFolio, or otherwise make statements whether or not such statements are thought to be (or are) true, and whether or not such statements are made publicly, privately, subject to confidentiality obligations or otherwise which could tend to harm or injure the personal or business reputation or business, of AppFolio Releasees or of any past or present officer, director or employee of AppFolio who was employed during Kane’s period of employment with AppFolio, and whether or not such statements are made to any present or former employee or director of AppFolio or to someone outside of AppFolio; provided, however, that such covenant shall not restrict Kane from providing information that she reasonably believes to be truthful to any government authority investigating Kane, AppFolio or AppFolio’s officers, directors or employees, or from providing testimony or other evidence pursuant to a subpoena or other order issued by a Court or agency of competent jurisdiction.
(b)    AppFolio’s directors and officers shall not verbally or in writing, disparage (or encourage or solicit others to disparage) Kane, or otherwise make statements whether or not such statements are thought to be (or are) true, and whether or not such statements are made publicly, privately, subject to confidentiality obligations or otherwise which could tend to harm or injure Kane’s personal or business reputation, and whether or not such statements are made to any present or former employee or director of AppFolio or to someone outside of AppFolio; provided, however, that such covenant shall not restrict any of the individual directors or officers from providing information that they reasonably believe to be truthful to any government authority investigating Kane, AppFolio or AppFolio’s officers, directors or employees, or from providing testimony or other evidence pursuant to a subpoena or other order issued by a Court or agency of competent jurisdiction, or which is reasonably necessary to implement this Agreement.
11.    Non-Cooperation.  Kane shall not solicit or encourage any other person or entity to file or assert any Claims, or assist or cooperate with any person or entity filing or asserting any Claims, except to the extent specifically required by law or legal process.  Notwithstanding the foregoing, nothing contained in this Paragraph or this Agreement shall prohibit Kane from communicating directly with any law enforcement or regulatory or self-regulatory body.
12.    Return of AppFolio Property.  On or shortly after the Resignation Date, Kane will return all AppFolio property in her possession to AppFolio and will delete all AppFolio confidential information from any of her personal electronic devices and return to AppFolio all AppFolio confidential information she may have in hard copy.
13.    Insurance.  AppFolio represents and warrants that it has paid all premiums for all insurance policies in place affording coverage to Kane as of the Effective Date.  AppFolio further represents and warrants that it will either (a) continue to maintain all such policies with similar limits for a period of five years after the Effective Date or (b) ensure Kane is protected to 
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a similar extent and degree in the event that AppFolio elects not to maintain all or certain policies within five years of the Effective Date.
14.    Dispute Resolution.
(a)    The Parties agree that all disputes in any way relating to or arising out of this Agreement, including, but not limited to, the interpretation, enforcement or implementation of this Agreement, including, but not limited, to the Agreement’s confidentiality provision (Paragraph 9) and non-disparagement provision (Paragraph 10), shall be finally determined by confidential arbitration administered by JAMS pursuant to the then applicable employment arbitration rules of JAMS (subject to the specific provisions of this Agreement) before a retired state or federal court judge provided by JAMS as the sole and exclusive remedy for resolving such disputes.
(b)    The Parties agree that in all proceedings under this Paragraph 14, (a) they shall be entitled to conduct such reasonable discovery as the arbitrator may allow; (b) the arbitrator shall be entitled to award the full range of relief as would be available to the prevailing party in a court of law; (c) the arbitrator shall determine the scope of his or her jurisdiction and all issues concerning the arbitrability of disputes; (d) the arbitrator shall issue a reasoned decision; and (e) the decision of the arbitrator shall be final and binding on each of the  parties.  The parties agree that any such arbitration shall take place in Santa Barbara County in the State of California.
(c)    The party initiating the arbitration shall pay the filing fee and the parties participating in the arbitration shall each pay a pro-rata portion of the arbitrator’s fee and administration fee, provided, however, that the arbitrator shall award to the prevailing party that party’s pro-rata share of the fees.
(d)    If any party to this Agreement brings a judicial action to enforce rights hereunder, such action shall be barred as a result of the exclusive remedy provided in this Paragraph 14, and the prevailing party in any such action, including with respect to seeking dismissal thereof, shall be entitled to recover its costs and expenses, including reasonable attorneys’ fees, incurred in connection with such lawsuit.
(e)    THE PARTIES EACH ACKNOWLEDGE AND AGREE THAT BY SELECTING ARBITRATION AS THE SOLE AND EXCLUSIVE REMEDY FOR RESOLVING ALL DISPUTES AMONG THEM AS CONTEMPLATED BY THIS PARAGRAPH 14, THEY WILL NOT HAVE THEIR DISPUTES DETERMINED BY A JURY TRIAL TO WHICH THEY MAY OTHERWISE BE ENTITLED.
15.    Notices.  Any notice to be given hereunder shall be deemed sufficient if addressed in writing and delivered by certified mail to the addresses listed below:
If to AppFolio:    Jason Randall
        President and CEO
        AppFolio, Inc.
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        50 Castilian Drive
        Santa Barbara, CA  93117
        Email: jason.randall@appfolio.com

If to Kane:        Ida Kane
        [street address]
        [city, state, zip code]
        Email: [email address]

Or, to such other address as either Party shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.  Either Party may change the address for notice by sending written notice of a change of address to the other Party in accordance with this Paragraph 15.
16.    Severability.  If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to exceed the limitations permitted by applicable law, as determined by such court in such action, then the provisions will be deemed reformed to apply to the maximum limitations permitted by applicable law, and the Parties hereby expressly acknowledge their desire that in such event such action be taken.  Notwithstanding the foregoing, the Parties further agree that if any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall remain in full force and effect and in no way shall be affected, impaired or invalidated.
17.    Governing Law.  This Agreement shall be governed by the laws of the State of California without regard to its conflict of laws rules.
18.    Headings.  The headings contained in this Agreement are provided for convenience only and are not part of the terms of this Agreement, and do not in any way limit, modify or alter the meaning of the terms of this Agreement.
19.    Acknowledgement.  Kane acknowledges that the payments and other benefits provided in Paragraphs 4 and 5 are consideration for Kane’s promises and covenants contained and affirmed in this Agreement, including, without limitation, her execution of the Release, and that such consideration is above and beyond any compensation to which she is entitled in connection with her employment or the cessation thereof, or under any contract or law.
20.    Agreement Jointly Drafted.  Should any provisions or terms of this Agreement or any Schedules hereto require interpretation by the court, it is agreed that the court shall not apply a presumption that the terms of this Agreement will be more strictly construed against one party because of that party’s role in drafting the documents. It is agreed that all Parties have participated in, and have been represented by counsel of their own choosing, in connection with the preparation and review of the Agreement.
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21.    Attorneys’ Fees.  The Parties shall bear their own attorneys’ fees and expenses incurred in connection with the negotiation of and entry into this Agreement, and any Claims released.
22.    No Admissions.  By entering into this Agreement, no Party hereto is admitting any liability or wrongdoing whatsoever, nor does this Agreement constitute an admission of any fact, claim or allegation. This Agreement in no way implies the truth of any claim or allegation. Furthermore, this Agreement shall not be construed as an admission that any Party violated any order, law, statute, duty, contract or obligation.
23.    Entire Agreement; Amendment.  This Agreement represents the entire agreement and understanding among the Parties concerning Kane’s employment and separation from AppFolio and, except as expressly set forth herein, supersedes and replaces any and all prior agreements and understandings concerning Kane’s relationship with AppFolio and her compensation from AppFolio. Notwithstanding the foregoing, this Agreement does not modify or supersede any Confidentiality Agreement executed by Kane in connection with her employment with AppFolio and that exists apart from this Agreement.  This Agreement may be amended only by a writing signed by both Kane and a duly authorized representative of AppFolio.
24.    Voluntary Execution of Agreement.  Kane acknowledges and agrees that she is executing this Agreement voluntarily and without any duress or undue influence on the part or behalf of AppFolio, with the full intent of releasing all Claims.  Kane further acknowledges and agrees that she has been represented in the preparation, negotiation and execution of this Agreement by legal counsel of her own choice.

    IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above.
    IDA KANE

Dated: June 4, 2021                    /s/ Ida Kane                
Ida Kane

    APPFOLIO, INC.
Dated: June 4, 2021                    /s/ Jason Randall            
By:  Jason Randall, President and CEO
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 Exhibit 4.1 

EXECUTION VERSION 

CHARAH SOLUTIONS, INC. 

INVESTOR RIGHTS AGREEMENT 

THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”) dated as of August 6, 2021 is entered into among Charah Solutions,
Inc., a Delaware corporation (the “Company”), B. Riley Financial, Inc., a Delaware corporation (“B. Riley”) and B. Riley Securities, Inc. (“B. Riley
Securities”). The Company, B. Riley and B. Riley Securities are referred to collectively herein as the “Parties” and, individually, as a “Party.” 

RECITALS 
 WHEREAS,
subject to the terms of this Agreement, the Company has agreed, among other things, to expand the size of its Board of Directors (the “Board”) by one member in connection with the consummation of the Transactions (as defined herein)
and to nominate and appoint one individual selected by B. Riley as a director to fill the vacancy created thereby, subject to certain conditions contained therein (the “Director Appointment Right”), and to provide B. Riley
with the right to designate and appoint one observer to the Board as provided herein subject to certain conditions contained therein (the “Board Observer Right”). 

WHEREAS, B. Riley Securities will purchase from the Company, 2,888,889 shares of common stock, $0.01 par value per share (the
“Common Stock”) on or around the date hereof, pursuant to that certain Stock Purchase Agreement dated as of August 6, 2021 (the “Stock Purchase Agreement”). The shares of Common Stock issued to B. Riley
Securities pursuant to the Stock Purchase Agreement shall be referred to in this Agreement as the “Shares.” 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 

1. Director Appointment Right. For so long as B. Riley and its Affiliates beneficially own at least four percent (4%) of the
outstanding shares of the Company’s Common Stock, B. Riley shall have the right, but not the obligation, to nominate one (1) member to the Board (the “B. Riley Nominee”), who shall initially be
Kenneth M. Young (the “Initial B. Riley Nominee”), and the Company shall include, and shall use its commercially reasonable efforts to cause the Board, whether acting through a committee of the
Board or otherwise, to include, in the slate of nominees recommended to stockholders of the Company (the “Stockholders”) for election as a Class I Director at any annual or special meeting of the Stockholders (or, if permitted,
by any action by written consent of the Stockholders) at or by which directors of the Company are to be elected, the B. Riley Nominee. The Board has taken action such that the Initial B. Riley Nominee shall be appointed to the Board as a
Class I Director concurrently with or prior to the consummation of the Transaction (as defined in the Stock Purchase Agreement) (the “Closing”). The B. Riley Nominee shall, in the reasonable judgment of the Board, have the
requisite skill and experience to serve as a director of a publicly traded company, not be prohibited or disqualified from serving as a director of the Company pursuant to any rule or regulation of the SEC, the New York Stock Exchange (or, if
different, the listing exchange on which the Common Stock is traded) or by applicable law and otherwise be reasonably acceptable to the Company. For the avoidance 

  
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of doubt, the Company acknowledges and agrees that the Initial B. Riley Nominee meets all of the aforementioned Board qualifications. The B. Riley Nominee shall be subject to the
approval of the Board and, as applicable, the Nominating and Corporate Governance Committee (with such approval not to be unreasonably withheld). As used herein, the term “Affiliates” shall mean with respect to any specified person,
any other person who, directly or indirectly, controls, is controlled by, or is under common control with such person, including, without limitation, any general partner, managing member, officer, director or trustee of such person, or any
registered investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such person. 

2. Board Observer Right. 

(a) For so long as B. Riley and its Affiliates beneficially own at least three percent (3%) of the outstanding shares of Common Stock
(based on the number of shares of Common Stock outstanding immediately following the Closing and without regard to any equity issuances (other than equity issuances under the Company’s equity plans) occurring after the Closing), but have no
B. Riley Nominee then serving on the Board, B. Riley shall have the right, but not the obligation, subject to the terms and conditions of this Agreement, to designate and appoint one representative (the “Observer”) to
attend all meetings (including telephonic or videoconference meetings of the Board) of the Board (not inclusive of any committees thereof), in a non-voting, observer capacity; provided, however,
that such Observer shall agree to hold in confidence all information so provided. The Observer shall not be entitled to be present during executive sessions comprised solely of independent directors of the Board. The Observer shall be subject to the
approval of the Board (with such approval not to be unreasonably withheld). Except as otherwise set forth herein, the Observer may participate fully in discussions of all matters brought to the Board for consideration and provide input and advice
with respect thereto, but in no event shall the Observer (i) be deemed to be a member of the Board; (ii) without limitation of the obligations expressly set forth in this Agreement, have or be deemed to have, or otherwise be subject to,
any duties (fiduciary or otherwise) to the Company or its stockholders; or (iii) have the right to propose or offer any motions or resolutions to the Board or to vote upon any motions or resolutions duly brought before the Board. The Observer
shall not be entitled to any cash retainer or equity awards from the Company during the course of his or her appointment to the Board. The presence of the Observer shall not be required or counted for purposes of establishing a quorum at any meeting
of the Board. 
 (b) The Company shall provide to the Observer copies of all notices, minutes, consents and other materials that it provides
to all Board members (collectively, “Board Materials”), including any draft versions, proposed written consents, and exhibits and annexes to any such materials, at the same time and in the same manner as such information is
delivered to the Board members, provided, however, that such Observer shall agree to hold in confidence all information or materials so provided. 

  
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 (c) Notwithstanding anything herein to the contrary, the Company may exclude the Observer
from access to any Board Materials or any Board meeting (or portion thereof) if the Board determines, acting in good faith, that (i) such exclusion is necessary to preserve the attorney-client or work product privilege between the Company
(and/or its Affiliates and/or its subsidiaries) and its counsel (provided, however, that any such exclusion shall only apply to such portion of such material or meeting which would be required to preserve such privilege); (ii) such
exclusion is necessary to comply with applicable laws, regulations, or any agreement to which the Company (and/or its Affiliates and/or its subsidiaries) is a party or is otherwise bound; or (iii) such Board Materials or discussion relates to
the relationship, contractual or otherwise, between the Company (and/or its Affiliates and/or its subsidiaries), on one hand, and B. Riley and/or the Observer, on the other hand, or their respective Affiliates (a “Conflict of
Interest”). Any Observer shall be required to enter into a confidentiality agreement with the Company prior to the exercise of the rights contained in this Section 2. 

(d) The Parties agree that neither the Company nor its Affiliates nor any member of the Board or Committee shall be entitled to rely on any
statements or views expressed by the Observer in any Board meeting. The Parties further agree that all information is provided to the Observer “AS IS” and the Company does not make, and expressly disclaims, any representation or warranty
as to the accuracy or completeness thereof. Without limiting the foregoing, the Company shall have no liability to the Observer, B. Riley Securities or their respective Affiliates or representatives resulting from any use or reliance on any
information. 
 3. Registration Rights. 

(a) The Company, upon written demand (a “Demand Notice”) of B. Riley Securities or any Affiliate holding the Shares (each
a “Registered Holder”), agrees to register, on one occasion, all or any portion of the Shares. On such occasion, the Company will file a registration statement with the SEC covering the resale of the Shares within thirty
(30) days after receipt of a Demand Notice and will use its commercially reasonable efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by the Securities and Exchange Commission.
The demand for registration may be made at any time following the issuance of any Shares by the Company through the third (3rd) anniversary of such issuance. Notwithstanding the foregoing
obligations, if the Company furnishes to the Registered Holder requesting a registration pursuant to this Section 3(a) a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of
Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain
effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the
Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act of 1933 (the “Securities Act”) or the Securities Exchange Act of
1934 (the “Exchange Act”), then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period
of not more than one hundred twenty (120) days. 

  
 3 

 (b) The Company shall bear all fees and expenses attendant to the registration of the Shares
pursuant to Section 3(a), but the Registered Holder shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Registered Holder to represent them in connection with the sale of the Shares. The Company
agrees to use its commercially reasonable efforts to cause the filing required by Section 3(a) to become effective in accordance with the requirements of Section 3(a) and to qualify or register the Shares in such States as are reasonably
requested by the Registered Holder; provided, however, that in no event shall the Company be required to register the Shares in a State in which such registration would cause: (i) the Company to be obligated to register or license
to do business in such State or submit to general service of process in such State, or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall use its commercially
reasonable efforts to cause any registration statement filed pursuant to the demand right granted under Section 3(a) to remain effective for a period of at least twelve (12) consecutive months after the date that the Registered Holder is
first given the opportunity to sell all of the Shares registered thereunder. The Registered Holder shall only use the prospectuses provided by the Company to sell the shares covered by such registration statement, and will immediately cease to use
any prospectus furnished by the Company if the Company advises the Registered Holder that such prospectus may no longer be used due to a material misstatement or omission. For the avoidance of doubt, the Registered Holder shall be entitled to a
demand registration under this Section 3 on only one (1) occasion. 
 (c) In addition to the demand right of registration described
in 3(a) hereof, the Registered Holder shall have the right, for a period of three (3) years following the first date upon which the Company issues any Shares, to include the Shares as part of any other registration of securities filed by the
Company (other than in connection with a transaction contemplated by Rule 145 promulgated under the Securities Act of 1933, as amended or pursuant to Form S-8 or any equivalent form); provided,
however, that if, (i) the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of shares of Common Stock which may be included in the registration statement because, in such
underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, or (ii) the Company determines in its reasonable discretion to impose a limitation on the number of shares of
Common Stock which may be included in the registration statement, or to exclude completely, because, in the Company’s reasonable judgment, inclusion of such shares would violate its existing obligations under that Registration Rights Agreement,
dated June 18, 2018, by and between the Company and the initial holders thereto (the “Registration Rights Agreement”), then the Company shall be obligated to include in such registration statement only such limited portion of
the Shares with respect to which the Registered Holder requested inclusion hereunder as the underwriter or the Company, as applicable, shall reasonably permit. The Parties hereto agree that this Agreement shall not be construed to violate or
subordinate the rights granted to the initial holders under the Registration Rights Agreement. 
 (d) The Company shall bear all fees and
expenses attendant to registering the Shares pursuant to Section 3(c) hereof, but the Registered Holder shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Registered Holder to represent them in
connection with the sale of the Shares. In the event of such a proposed registration, the Company shall furnish the Registered Holder with not less than eight (8) days’ written notice prior to the proposed date of filing of such
registration statement. Such notice to the Registered Holder shall continue to be given for each registration statement filed by the Company until such time as all of the Shares have been sold by the Registered Holder. The Registered Holder shall
exercise the “piggy-back” rights provided for herein by giving written notice, within five (5) days of the receipt of the Company’s notice of its intention to file a registration statement. There shall be no limit on the number of
times the Registered Holder may request registration under this Section 3(d). 

  
 4 

 4. Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail during normal business hours of the
recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one
(1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their
address as set forth below, or to such e-mail address, or address as subsequently modified by written notice given in accordance with this Section 4. 

 

			
	if to the Company:	  	Charah Solutions, Inc.
		  	12601 Plantside Drive
		  	Louisville, KY 40299
		  	Facsimile No:
		  	Attention: Steve Brehm
		  	Email:
		
	with a copy to:	  	Vinson & Elkins LLP
		  	2001 Ross Avenue, Suite 3900
		  	Dallas, TX 75201
		  	Facsimile No:
		  	Attention: Robert L. Kimball
		  	Email:
		
	if to B. Riley:	  	c/o B. Riley Financial, Inc.
		  	11100 Santa Monica Blvd., Suite 800
		  	Los Angeles, CA 90025
		  	Attention: Alan N. Forman, Esq.
		  	Email:
		
	with a copy to:	  	Duane Morris LLP
		  	1540 Broadway
		  	New York, NY 10036
		  	Attention: Dean Colucci

 5. Governing Law; Venue. This Agreement shall be governed by the internal law of the State of Delaware,
without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. The Parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of
Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (ii)) agree not to commence any suit, action
or other proceeding arising out of or based upon this Agreement except 

  
 5 

 
in the state courts of Delaware or the United States District Court for the District of Delaware, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or
otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT, OR THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO
THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE
PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES
ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 6. Termination.  

(a) Subject to paragraph (c) below, this Agreement shall terminate and be of no further force and effect (“Termination”),
including for the avoidance of doubt Section 3, immediately upon the failure of B. Riley and/or its Affiliates to beneficially own at least four percent (4%) of the outstanding shares of Common Stock (the “Termination
Event”), except that Sections 2 and 7 shall continue to be in full force and effect until the termination of the rights or obligations in accordance with the terms specified therein. 

(b) Notwithstanding paragraph (a) above, as soon as practicable, but in any event no later than three (3) business days after the
occurrence of the Termination Event of which B. Riley becomes aware, B. Riley shall provide notice to the Company that the Termination Event has occurred and that this Agreement has been terminated. 

(c) In the event that the Company becomes aware that the Termination Event has occurred prior to receiving notice from B. Riley as
required by paragraph (b) above, the Company shall provide notice to B. Riley that it believes that the Termination Event has occurred (the “Company Notice”), and upon B. Riley’s written confirmation to the
Company (such confirmation not to be unreasonably withheld or delayed, but in any event, shall be provided within three (3) business days of receiving the Company Notice) that the Termination Event has occurred, this Agreement shall be deemed
terminated in accordance with paragraph (a) above and, if requested by the Company, the B. Riley Nominee shall promptly resign as a member of the Board and any committees thereof. 

  
 6 

 7. Standstill. 

(a) B. Riley and its Affiliates (collectively, the “B. Riley Party”) agree that, until the later of
(A) the first anniversary of the date of this Agreement or (B) for so long as it has a right to designate and appoint an Observer as set forth in Section 2 hereof, without the prior written approval of a majority of the members of the
Board, or except as expressly contemplated herein, they will not, directly or indirectly, in any manner: 
 (i) make a public
announcement, proposal or offer (including any solicitation of proxies) to the Board or any of the Company’s stockholders regarding, or otherwise solicit, seek or offer to effect, or otherwise publicly disclose an intent to propose or enter
into or agree to enter into, singly or with any other person, directly or indirectly, to effect (A) any business combination, merger, tender offer, exchange offer or similar transaction involving the Company or any of its subsidiaries, or
(B) any restructuring, recapitalization, liquidation or similar transaction involving the Company or any of its subsidiaries; provided, however, that the B. Riley Party may privately communicate any such proposal or offer to
the Company so long as such private communications do not trigger public disclosure obligations (including the filing of a Schedule 13D or Schedule 13G or any amendment to such a filing); 

(ii) form, join or participate in any Group (with such meaning given to such term in Section 13(d)(3) of the Exchange Act
with respect to the Common Stock; 
 (iii) enter, agree to enter, propose or offer to enter into any merger, business
combination, recapitalization, restructuring, change in control transaction or other similar extraordinary transaction involving the Company or any of its subsidiaries (unless such transaction is recommended by the Board); 

(iv) otherwise act with any person, including by providing financing for another party, to seek to control the management, the
Board or the policies of the Company (other than any appointment or removal of the B. Riley Nominee); 
 (v) acquire,
agree or propose or offer to acquire (including through any hedging, swap or other similar transaction) directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition of control of another person, by joining a
partnership, limited partnership, syndicate or other group (including any group of Persons that would be treated as a single “person” under Section 13(d) of the Exchange Act) any Common Stock or securities that are convertible or
exchangeable into (or exercisable for) Common Stock, other than (A) pursuant to a transfer to any of the other B. Riley Parties, (B) as a result of any stock split, reverse stock split, stock dividend, distributions, combinations,
reclassifications or other similar transaction of voting securities of the Company or (C) in an amount that would result in total ownership of 19.9% or less of the outstanding Common Stock; 

  
 7 

 (vi) engage in any solicitation of proxies or written consents to vote any
voting securities of the Company, or conduct any non-binding referendum with respect to any voting securities of the Company, or knowingly assist or participate in any other way, directly or indirectly, in any
solicitation of proxies or written consents with respect to any voting securities of the Company, or otherwise become a “participant” in a “solicitation,” as such terms are defined in the rules under the Exchange Act; 

(vii) call, or seek to call, a meeting of the stockholders of the Company or initiate any stockholder proposal for action by
stockholders of the Company or advise, encourage or influence any person (other than its Affiliates and the other B. Riley Parties) with respect to the voting or disposition of any Common Stock (including in any “vote no,”
“withhold” or similar campaign); 
 (viii) seek, or encourage any person, to submit nominations to the Board in
furtherance of a “contested solicitation” for the election or removal of directors from the Board or seek or knowingly encourage the removal of any members of the Board or the election of any directors (other than nominees recommended by
the Board); 
 (ix) demand a copy of the Company’s list of stockholders, whether pursuant to Section 220 of the
General Corporation Law of the State of Delaware or pursuant to any other statutory right; 
 (x) deposit any Common Stock in
any voting trust or subject any Common Stock to any arrangement or agreement with respect to the voting of any Common Stock (other than any such voting trust, arrangement or agreement solely among the B. Riley Parties that is otherwise in
accordance with this Agreement); 
 (xi) publicly disclose any intention, plan or arrangement prohibited by, or inconsistent
with, the foregoing or enter into any negotiations, agreements or understandings with any person with respect to any of the foregoing; 

(xii) publicly disclose, or take any action that would reasonably cause the public disclosure (including the filing of any
document with the Securities and Exchange Commission or any disclosure to any journalist, member of the media or securities analyst) of, any intent, purpose, plan or proposal to request that the Company or the Board waive, terminate or amend the
restrictions in this Section 7(a); or 
 (xiii) knowingly facilitate, encourage or assist any third party to do any of
the foregoing. 
 Notwithstanding anything to the contrary contained in this Agreement, none of the B. Riley Parties shall be
prohibited or restricted from: (A) communicating privately with the Board or any officer or director of the Company regarding any matter, so long as such communications are not intended to, and would not reasonably be expected to, require any
public disclosure of such communications by any of the B. Riley Parties or their respective Affiliates, the Company or its Affiliates or any third party, subject in any case to any confidentiality obligations to the Company of any such director
or officer and applicable law, rules or regulations; (B) taking any action necessary to comply with any applicable laws or any action required by any federal, state, municipal, local or foreign government, governmental authority, regulatory or
administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body or by any stock exchanges that have, or may have, jurisdiction

  
 8 

 
over any B. Riley Party, provided that a breach by such B. Riley Party of this Agreement is not the cause of the applicable requirement; (C) privately communicating to any
B. Riley Party publicly available information regarding the Company, provided such communications are not otherwise reasonably expected to be publicly disclosed; (D) privately communicating to any B. Riley Party in a manner that
otherwise does not violate the terms of this Agreement; or (E) publicly providing the information required by Item 5.02(a) of Form 8-K. Further, nothing herein shall restrict any B. Riley Party from
effecting transactions in the Common Stock by or on behalf of any customer or client of such B. Riley party or any transactions by such B. Riley Party to facilitate any such transactions by or on behalf of any such customer or client. 

(b) The provisions set forth in this Section 7 shall not limit the actions of the B. Riley Nominee in his or her capacity as a
director of the Company (including receipt of any equity incentive or similar awards), recognizing that such actions are subject to such person’s fiduciary duties to the Company and its stockholders (it being understood and agreed that none of
the B. Riley Parties shall seek to do indirectly through the B. Riley Nominee any action that would be prohibited if done directly by any of the B. Riley Parties pursuant to this Section 7). 

(c) Other than with respect to Shares, each of the B. Riley Parties represents and warrants to the Company that, as of the date hereof,
neither it, nor any of its Affiliates, is engaged in any discussions or negotiations with any person who is not a B. Riley Party, and neither it, nor any of its Affiliates, has any agreements, arrangements, or understandings, written or oral,
formal or informal, and whether or not legally enforceable with any person who is not a B. Riley Party concerning the acquisition of any Common Stock, or securities that are convertible or exchangeable into (or exercisable for) Common Stock, of
the Company. 
 8. Miscellaneous. 

(a) The Company agrees to reimburse B. Riley promptly for reasonable documented out-of-pocket expenses incurred in connection with the B. Riley Nominee’s or the Observer’s attendance at Board and Committee meetings, if applicable; provided, however, that all
reimbursements payable by the Company pursuant to this Section 8(a) shall be payable in accordance with and subject to the Company’s policies and practices with respect to director expense reimbursement then in effect. 

(b) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision. Solely to the extent that any provision or restriction contained in this Agreement is found by a court to be unreasonable or unenforceable, then such court may amend or modify any such provision or restriction so it can be enforced to the
fullest extent permitted by law. 
 (c) The section headings in this Agreement have been inserted as a matter of convenience of reference and
are not a part of this Agreement. This Agreement may be executed by electronic signature in any number of counterparts, each of which together shall constitute one and the same instrument. 

  
 9 

 (d) Any waiver by any Party hereto of a breach of any provision of this Agreement shall not
operate or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a Party to insist on strict adherence to any term of this Agreement on one or more occasions shall
not be construed as a waiver or deprive such Party of the right to thereafter insist on strict adherence to that term or any other term of this Agreement. 

(e) This Agreement constitutes the entire agreement and understanding of the Parties, and supersedes any and all previous agreements and
understandings, whether oral or written, between the Parties regarding the matters set out in this Agreement. No provision of this Agreement may be amended, modified or waived, except in a writing signed by the Parties hereto. This Agreement and the
rights described herein may not be assigned by B. Riley or B. Riley Securities. 
 [Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above: 
  

			
	CHARAH SOLUTIONS, INC.
		
	By:	 	 /s/ Scott Sewell

	Name:	 	Scott Sewell
	Title:	 	President and Chief Executive Officer
	
	B. RILEY FINANCIAL, INC.
		
	By:	 	 /s/ Daniel Shribman

	Name:	 	Daniel Shribman
	Title:	 	Chief Investment Officer
	
	B. RILEY SECURITIES, INC.
		
	By:	 	 /s/ Andy Moore

	Name:	 	Andy Moore
	Title:	 	Chief Executive Officer

 [Signature Page to Investor Rights Agreement]

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