Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of August 17, 2017, is made
by and among II-VI INCORPORATED, a Pennsylvania corporation (the “Borrower”),the GUARANTORS (as defined in the Credit Agreement (as defined below)), the LENDERS (as defined in the Credit
Agreement) party hereto, and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders (hereinafter referred to in such capacity as the “Administrative Agent”). 

WITNESSETH: 
 WHEREAS, the
Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to that certain Third Amended and Restated Credit Agreement dated as of July 28, 2016 (the “Agreement”); and 

WHEREAS, the Borrower and the Guarantors have requested the Lenders to make certain amendments to the Agreement in order to, among other
things, permit (subject to the terms and conditions contained herein) the incurrence by the Borrower of additional unsecured Indebtedness. The Lenders have agreed to such accommodations, subject to the terms and conditions set forth in this
Amendment. 
 NOW THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and
intending to be legally bound hereby, covenant and agree as follows: 
 1.    Recitals. The foregoing recitals
are incorporated herein by reference. 
 2.    Defined Terms. Capitalized terms not otherwise defined in this
Amendment have the meanings given to them in the Agreement. 
 3.    Amendment of Section 1.1 of
the Agreement. Section 1.1 of the Credit Agreement is hereby amended to amend and restate the following definitions in their entirety as set forth below: 

Applicable Commitment Fee Rate shall mean the percentage rate per annum based on the Consolidated Net Leverage Ratio
then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Commitment Fee.” 

Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Consolidated Net Leverage
Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” 

 Applicable Margin shall mean, as applicable: 

(i)    the percentage spread to be added to the Base Rate applicable to Revolving Credit Loans under the
Base Rate Option based on the Consolidated Net Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Revolving Credit Base Rate Spread”, or 

(ii)    the percentage spread to be added to the Euro-Rate applicable to Revolving Credit Loans under the
Euro-Rate Option based on the Consolidated Net Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Revolving Credit Euro-Rate Spread”, or 

(iii)    the percentage spread to be added to the Base Rate applicable to Term Loans under the Base Rate
Option based on the Consolidated Net Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Term Loan Base Rate Spread”, or 

(iv)    the percentage spread to be added to the Euro-Rate applicable to Term Loans under the Euro-Rate
Option based on the Consolidated Net Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Term Loan Euro-Rate Spread”. 

Capital Stock shall mean any and all shares, interests, participations or other equivalents (however designated) of
capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing; provided, however, that for the avoidance
of doubt, Indebtedness which is convertible into Capital Stock shall not be or be deemed to be Capital Stock. 

4.    Amendment of Section 1.1 of the Agreement. Section 1.1 of the Credit Agreement is
hereby amended to insert the following new definitions in their appropriate alphabetical position: 
 Consolidated Net
Leverage Ratio shall mean the ratio of (A) Consolidated Funded Debt minus one hundred percent (100%) of Eligible U.S. Cash to (B) Consolidated EBITDA. 

Eligible U.S. Cash shall mean unencumbered cash of the Loan Parties denominated in U.S. Dollars and held in an account
located within the United States of America. 

  
 2 

 First Amendment Closing Date shall mean August     ,
2017. 
 5.    Amendment of Section 8.2.1 of the Agreement. Section 8.2.1 of the
Agreement is hereby amended and restated in its entirety as follows: 
 8.2.1    Indebtedness.
Each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, at any time create, incur, assume or suffer to exist any Indebtedness, except, in each case, without duplication: 

(i)    Indebtedness under the Loan Documents; 

(ii)    Existing Indebtedness as set forth on Schedule 8.2.1 (including any
extensions or renewals thereof; provided there is no increase in the amount thereof or other significant change in the terms thereof unless otherwise specified on Schedule 8.2.1); 

(iii)    Indebtedness secured by Purchase Money Security Interests plus amounts treated as indebtedness
under GAAP with respect to Capital Leases not exceeding $75,000,000; 
 (iv)    Indebtedness of a Loan
Party to another Loan Party which is subordinated pursuant to the Intercompany Subordination Agreement; 

(v)    Indebtedness of a Loan Party to an Excluded Subsidiary which is subordinated pursuant to the
Intercompany Subordination Agreement; 
 (vi)    Indebtedness of an Excluded Subsidiary to a Loan Party
which does not exceed $50,000,000 in the aggregate at any time outstanding for all such Indebtedness; 

(vii)    Indebtedness of an Excluded Subsidiary to another Excluded Subsidiary; 

(viii)    Any (i) Lender Provided Interest Rate Hedge, (ii) Lender Provided Foreign Currency
Hedge, (iii) other Interest Rate Hedge or Foreign Currency Hedge approved by the Administrative Agent or (iv) Indebtedness under any Other Lender Provided Financial Service Product; provided however, the Loan Parties and their Subsidiaries
shall enter into an Interest Rate Hedge or Foreign Currency Hedge only for hedging (rather than speculative) purposes; 

(ix)    the YEN Revolving Credit Loan in a maximum principal amount not to exceed YEN 500,000,000; 

  
 3 

 (x)    Earn-out
obligations in respect of Consideration in a Permitted Acquisition; 
 (xi)    unsecured Indebtedness of
the Loan Parties in an aggregate principal amount not exceeding $350,000,000; provided that (A) both immediately before and after giving effect to the incurrence of such Indebtedness, the Borrower is in compliance with Sections 8.2.16 [Maximum
Leverage Ratio] and 8.2.17 [Minimum Consolidated Interest Coverage Ratio] on a pro forma basis and on the date of incurrence of such Indebtedness the Borrower shall have delivered a certificate (including reasonably detailed supporting calculations
related to the matters set forth in such certificate) signed by the Chief Executive Officer, President or Chief Financial Officer of the Borrower evidencing such pro forma compliance and setting forth as of the date of incurrence of such
Indebtedness a detailed calculation of the Consolidated Net Leverage Ratio (the “Unsecured Debt Incurrence Compliance Certificate”), (B) no Potential Default or Event of Default is then in existence or would be caused by the
issuance of any such unsecured Indebtedness, (C) such unsecured Indebtedness shall have a maturity date no earlier than ninety-one (91) days following the later of the Expiration Date or the Maturity
Date (as of the date such Indebtedness was incurred), (D) the terms of such unsecured Indebtedness shall not require any scheduled payment of principal or prepayment prior to the maturity date thereof (excluding, for the avoidance of doubt,
payments made with respect to customary repurchase rights of holders of Indebtedness that is convertible into Capital Stock upon a fundamental change and payments of cash amounts due upon conversion of such Indebtedness) and (E) the
representations, covenants and events of default in respect of such Indebtedness are no more restrictive on the applicable Loan Party than the representations, covenants and Events of Default hereof; provided, however that the terms of such
Indebtedness may contain events of default relating to failure to pay or deliver the consideration due upon conversion of such Indebtedness or other matters related to customary conversion rights or any fundamental change repurchase rights
referenced above; and 
 (xii)    Other unsecured Indebtedness which does not exceed $20,000,000 in the
aggregate at any time outstanding for all such Indebtedness. 
 6.    Amendment and Restatement of Schedule 1.1(A) -
Pricing Grid. Schedule 1.1(A) - Pricing Grid to the Agreement is hereby amended and restated in its entirety as set forth on the Schedule 1.1(A) - Pricing Grid attached hereto. 

  
 4 

 7.    Amendment and Restatement of Exhibit 8.3.3 –
Quarterly Compliance Certificate. Exhibit 8.3.3 – Quarterly Compliance Certificate to the Agreement is hereby amended and restated in its entirety as set forth on the Exhibit 8.3.3 – Quarterly
Compliance Certificate attached hereto. 
 8.    Conditions Precedent. The effectiveness of this Amendment is
subject to the receipt by the Administrative Agent of the following items, each in form and content satisfactory to the Administrative Agent: 

(a)    the Administrative Agent shall have received this Amendment, duly executed by a duly authorized
officer of each of the Loan Parties, all of the Lenders and the Administrative Agent; 
 (b)    no
Potential Default or Event of Default shall have occurred; 
 (c)    the Borrower shall have paid all of
Administrative Agent’s and Lenders’ fees pursuant to the fee letter dated as of even date herewith; 

(d)    the Borrower shall have paid all of Administrative Agent’s costs and expenses (including
Administrative Agent’s attorneys’ fees) incurred in connection with the preparation of this Amendment; and 

(e)    the Loan Parties shall have delivered to the Administrative Agent such other documents, agreements,
instruments, deliverables and items deemed reasonably necessary by the Administrative Agent. 
 9.    Force and
Effect. Each of the Loan Parties: (a) reconfirms, restates, and ratifies the Credit Agreement, the Loan Documents and all other documents executed in connection therewith except to the extent any such documents are expressly modified by
this Amendment; (b) confirms that all such documents have remained in full force and effect since the date of their execution; and (c) acknowledges and agrees that this Amendment is a Loan Document as defined under the Credit Agreement,
and a violation of any provision of this Amendment shall constitute an Event of Default under the Credit Agreement. 

10.    Representations and Warranties. The Loan Parties hereby represent and warrant to the Administrative Agent
and the Lenders that after giving effect to this Amendment: (a) the representations and warranties of the Loan Parties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of the date hereof with the
same force and effect as though made by the Loan Parties on such date, except to the extent that any such representation or warranty expressly relates solely to a previous date; and (b) the Loan Parties are in compliance with all terms,
conditions, provisions, and covenants contained in the Credit Agreement and the other Loan Documents. The execution, delivery, and performance of this Amendment have been duly authorized by all necessary corporate action, require no governmental
approval, and will neither contravene, conflict with, nor result in the breach of any law, charter, articles, or certificate of incorporation or organization, bylaws, operating agreement or other agreement governing or binding upon any of the Loan
Parties or any of their property; and no Event of Default or Potential Default has occurred and is continuing or exists. 

  
 5 

 11.    Waiver of Claims. The Loan Parties acknowledge and warrant that
the Loan Parties have no (and alternatively waives each and every) counterclaim, recoupment, setoff, reduction or defense with respect to the Obligations or otherwise, however arising, in contract, in tort or otherwise and whenever arising; and
(d) alternatively, releases, withdraws, waives and discharges any and all claims, rights, demands, damages, causes of action, judgments or liabilities which the Loan Parties have, had or may have ever had against any one or more of the Lenders
or the Administrative Agent, including but not limited to any arising in connection with the Obligations or otherwise. 

12.    Governing Law. This Amendment will be governed by the internal laws of the Commonwealth of Pennsylvania
without reference to its conflicts of law principles. 
 13.    Counterparts; Facsimile Signatures. This
Amendment may be executed in any number of counterparts each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. Delivery of executed signature pages hereof by
facsimile transmission from one party to another shall constitute effective and binding execution and delivery thereof by such party. Any party that delivers its original counterpart signature to this amendment by facsimile transmission hereby
covenants to personally deliver its original counterpart signature promptly thereafter to the Administrative Agent. 

  
 6 

 [SIGNATURE PAGE – FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Amendment as of the day and year first
above written with the intention that this Amendment shall constitute a sealed instrument. 
  

					
	BORROWER:
	
	II-VI INCORPORATED,
	a Pennsylvania corporation
			
	By:	 	 /s/ Mary Jane Raymond
	 	(SEAL)

 
					
	Name:	 	 Mary Jane Raymond

					
	Title:	 	 Chief Financial Officer

 [SIGNATURE PAGE – FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

 

									
		  		  	GUARANTORS:
			
		  		  	II-VI DELAWARE, INC., a Delaware corporation; II-VI OPTICAL SYSTEMS, INC., a California corporation; II-VI ADVANCED MATERIALS, INC., a Pennsylvania corporation; MARLOW INDUSTRIES, INC., a Texas corporation; HIGHYAG LASERTECHNOLOGIE, INC., a Pennsylvania corporation; PHOTOP TECHNOLOGIES,
INC., a California corporation; II-VI PHOTONICS (US), INC., a Delaware corporation; M CUBED TECHNOLOGIES, INC., a Delaware corporation; EPIWORKS, INC., an Illinois
corporation
					
		  		  	By:	  	 /s/ Mary Jane Raymond
	 	(SEAL)
		  		  	Name:	  	 Mary Jane Raymond

		  		  	Title:	  	Treasurer of each of the entities listed above, other than PHOTOP TECHNOLOGIES, INC. for which [she] is the Secretary and HIGHYAG LASERTECNOLOGIE, INC. for which she is President
			
		  		  	II-VI OPTOELECTRONIC DEVICES, INC., a Delaware corporation
					
		  		  	By:	  	 /s/ Richard Stevenson
	 	(SEAL)
		  		  	Name:	  	Richard Stevenson	 	
		  		  	Title:	  	Treasurer	 	

 [SIGNATURE PAGE – FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

 

					
	INTEGRATED PHOTONICS, INC., a Delaware corporation
			
	By:	 	 /s/ Mary Jane Raymond
	 	(SEAL)
	Name:	 	 Mary Jane Raymond
	 	
	Title:	 	 Chief Financial Officer
	 	

 [SIGNATURE PAGE – FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	PNC BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent
		
	By:	 	 /s/ Allison Fromm

	Name:	 	Allison Fromm
	Title:	 	Vice President

 [SIGNATURE PAGE – FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	 BANK OF AMERICA, N.A.,
 as a
Lender

		
	By:	 	 /s/ Richard R. Powell

	Name:	 	Richard R. Powell
	Title:	 	Vice President

 [SIGNATURE PAGE – FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	 CITIZENS BANK OF PENNSYLVANIA

as a Lender

		
	By:	 	 /s/ Donald P. Haddad

	Name:	 	Donald P. Haddad
	Title:	 	Senior Vice President

 [SIGNATURE PAGE – FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	JPMORGAN CHASE BANK, NATIONAL
	ASSOCIATION
	as a Lender
		
	By:	 	 /s/ John Malone

	Name:	 	 John Malone

	Title:	 	Managing Director

 [SIGNATURE PAGE – FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	MANUFACTURERS AND TRADERS TRUST COMPANY,
	as a Lender
		
	By:	 	 /s/ John Werbitsky

	Name:	 	 John Werbitsky

	Title:	 	Vice President

 SCHEDULE 1.1(A) 

PRICING GRID 
 VARIABLE PRICING AND
FEES BASED ON CONSOLIDATED NET LEVERAGE RATIO 
  

																											
	 Level
	  	 Consolidated Net

Leverage
Ratio
	  	Commitment
Fee	 	 	Letter of
Credit Fee	 	 	Revolving
Credit Base
Rate Spread	 	 	Term Loan
Base Rate
Spread	 	 	Revolving
Credit Euro-
Rate Spread	 	 	Term Loan
Euro-Rate
Spread	 
	 I
	  	Less than or equal to1.00 to 1.00	  	 	0.15	% 	 	 	1.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	1.00	% 	 	 	1.00	% 
	 II
	  	Greater than 1.00 to 1.00 but less than or equal to 1.50 to 1.00	  	 	0.20	% 	 	 	1.25	% 	 	 	0.25	% 	 	 	0.25	% 	 	 	1.25	% 	 	 	1.25	% 
	 III
	  	Greater than 1.50 to 1.00 but less than or equal to 2.00 to 1.00	  	 	0.20	% 	 	 	1.50	% 	 	 	0.50	% 	 	 	0.50	% 	 	 	1.50	% 	 	 	1.50	% 
	 IV
	  	Greater than 2.00 to 1.00 but less than or equal to 2.50 to 1.00	  	 	0.25	% 	 	 	1.75	% 	 	 	0.75	% 	 	 	0.75	% 	 	 	1.75	% 	 	 	1.75	% 
	 V
	  	Greater than 2.50 to 1.00 but less than or equal to 3.00 to 1.00	  	 	0.25	% 	 	 	2.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	2.00	% 	 	 	2.00	% 
	 VI
	  	Greater than 3.00 to 1.00	  	 	0.25	% 	 	 	2.25	% 	 	 	1.25	% 	 	 	1.25	% 	 	 	2.25	% 	 	 	2.25	% 

 For purposes of determining the Applicable Margin, the Applicable Commitment Fee Rate and the Applicable
Letter of Credit Fee Rate: 
 (a)    The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter
of Credit Fee Rate shall be determined on the date of delivery of the first Unsecured Debt Incurrence Compliance Certificate based on the Consolidated Net Leverage Ratio computed on such date pursuant to such Unsecured Debt Incurrence Compliance
Certificate. 
 (b)    The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit Fee
Rate shall be recomputed (1) as of the end of each fiscal quarter ending after the First Amendment Closing Date based on the Consolidated Net Leverage Ratio as of such quarter end and (2) on the date of delivery of each Unsecured Debt
Incurrence Compliance Certificate. Any increase or decrease in the Applicable Margin, the Applicable Commitment Fee Rate or the Applicable Letter of Credit Fee Rate computed as of a quarter end or as of the date of delivery of the Unsecured Debt
Incurrence Compliance Certificate, as applicable, shall be effective on the date on which the Compliance Certificate evidencing such computation is due to 

 
be delivered under Section 8.3.3 [Certificate of Borrower] or on the date of delivery of the Unsecured Debt Incurrence Compliance Certificate, as applicable. If a Compliance Certificate is
not delivered when due in accordance with such Section 8.3.3 [Certificate of Borrower] or Section 8.2.1(xi), then the rates in Level VI shall apply as of the first Business Day after the date on which such Compliance Certificate was
required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered. 

(c)    If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any
other reason, the Borrower or the Lenders determine that (i) the Consolidated Net Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Net Leverage Ratio
would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or,
after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing
Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative
Agent, any Lender or the Issuing Lender, as the case may be, under Section 2.8 [Letter of Credit Subfacility] or Section 4.3 [Interest After Default] or Article 9 [Default]. The Borrower’s obligations under this paragraph shall
survive the termination of the Commitments and the repayment of all other Obligations hereunder. 

  
 SCHEDULE 1.1(A)
– Page 2 

 EXHIBIT 8.3.3 

FORM OF 
 QUARTERLY
COMPLIANCE CERTIFICATE 
 PNC Bank, National Association, as Administrative Agent 

The Tower at PNC Plaza, 300 Fifth Avenue 
 Pittsburgh, PA 15222

 Ladies and Gentlemen: 
 I refer to the
Third Amended and Restated Credit Agreement dated as of July 28, 2016 (as may be further amended, restated, modified or supplemented from time to time, the “Credit Agreement”) among II-VI
Incorporated (the “Borrower”), the Lenders party thereto, the Guarantors party thereto and PNC Bank, National Association, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).
Unless otherwise defined herein, terms defined in the Credit Agreement are used herein with the same meanings. 
 I,
                    , the [Chief Executive Officer/President/Chief Financial Officer] of the Borrower, do hereby certify in my capacity as
[Chief Executive Officer/President/Chief Financial Officer], as of the quarter ended             , 20     (the “Report Date”), as follows (each
calculation determined in accordance with GAAP): 
  

	 	a.	Maximum Consolidated Leverage Ratio. The Consolidated Leverage Ratio determined as provided in Section 8.2.16 [Maximum Consolidated Leverage Ratio] of the Credit Agreement (the ratio of (A) Consolidated
Funded Debt to (B) Consolidated EBITDA (as calculated below) is          to 1.00, which does not exceed the permitted ratio set forth in the table below. 

 

			
	Maximum Consolidated Leverage Ratio for all times other than during an Acquisition Period	  	Maximum Consolidated Leverage Ratio during an Acquisition Period
	3.25 to 1.00	  	3.50 to1.00

  

	 	i.	Consolidated Funded Debt of the Borrower and its Subsidiaries is calculated as follows1: 

 

							
	 1.
	 	principal balance of the Loans and all obligations of the Borrower and its Subsidiaries for borrowed money (including, without limitation, obligations under Capital Leases)	  	$	        	 
	 2.
	 	(without duplication) contingent liabilities related to letters of credit and guaranties of the Borrower and its Subsidiaries	  	$	        	 

  

	1 	provided however, that Consolidated Funded Debt shall exclude any mark to market adjustment not requiring any actual cash payment or settlement 

							
	 3.
	 	net obligations (contingent or otherwise), but in no event shall such net amount be a receivable to Borrower in excess of Zero and 00/100 Dollars ($0.00), under any Foreign Currency Hedge or Interest Rate Hedge, in each case of
the Borrower and its Subsidiaries determined and consolidated in accordance with GAAP	  	$	            	 
	 4.
	 	sum of items 1 through 3 of this subsection i equals Consolidated Funded Debt	  	$	            	 

  

	 	ii.	Consolidated EBITDA of the Borrower and its Subsidiaries is calculated as follows2: 

 

							
	 1
	 	consolidated net income (or net loss) for such period as determined in accordance with GAAP	  	$	            	 
	 2.
	 	interest expense	  	$	            	 
	 3.
	 	total income tax expense	  	$	            	 
	 4.
	 	amortization and depreciation expense	  	$	            	 
	 5.
	 	other non-cash charges, non-cash expenses, or non-cash losses to consolidated net income (provided, however,
that cash payments made in such period or in any future period in respect of such non-cash charges, expenses or losses shall be subtracted from consolidated net income in calculating Consolidated EBITDA in the
period when such payments are made)	  	$	            	 
	 6.
	 	non-recurring costs and expenses in connection with Permitted Acquisitions (not to exceed $10,000,000 in the aggregate for all Permitted Acquisitions)	  	$	            	 
	 7.
	 	sum of items 1 through 6 of this subsection ii	  	$	            	 
	 8.
	 	non-cash credits or non-cash gains to net income	  	$	            	 
	 9.
	 	item 7 minus item 8	  	$	            	 
	 10.
	 	To the extent a business was acquired by the Borrower or any of its consolidated Subsidiaries pursuant to a Permitted Acquisition, Consolidated EBITDA for such acquired business (using historical numbers, in accordance with	  	$	            	 

  

	2 	For purposes of determining Consolidated EBITDA items related to Joint Ventures shall be excluded, except that cash dividends paid by any Joint Venture to the Borrower or a wholly-owned Subsidiary of the Borrower shall
be included in Consolidated EBITDA 

  
 2 

							
		 	GAAP as if the Permitted Acquisition has been consummated at the beginning of the period ending as of the Report Date)	  			
	 11.
	 	To the extent a business or assets is disposed of by the Borrower or any of its consolidated Subsidiaries pursuant to Section 8.2.7 [Disposition of Assets or Subsidiaries], Consolidated EBITDA for such disposed of business
(using historical numbers, in accordance with GAAP as if such disposition has been consummated at the beginning of the period ending as of the Report Date)	  	$	            	 
	 12.
	 	item 9 plus item 10 minus 11 of this subsection ii equals Consolidated EBITDA	  	$	            	 

  

	 	b.	Minimum Consolidated Interest Coverage Ratio. The Consolidated Interest Coverage Ratio determined as provided in Section 8.2.17 [Minimum Consolidated Interest Coverage Ratio] of the Credit Agreement (the
ratio of (A) Consolidated EBITDA to (B) Consolidated interest expense, as calculated below) is              to 1.00, which is not less than 4.00 to 1.00, the minimum required
ratio as set forth in Section 8.2.17 [Minimum Consolidated Interest Coverage Ratio] of the Credit Agreement. 

  

	 	i.	Consolidated EBITDA of the Borrower and its Subsidiaries is $             (from item a.ii.12. above). 

 

	 	ii.	Consolidated cash payments for interest expense in such period (including the interest component of capitalized leases) is $            . 

 

	 	c.	As of the date hereof, the Borrower and the other Loan Parties have performed and complied with all covenants and conditions of the Credit Agreement; all of the representations and warranties contained in Section 6
of the Credit Agreement and in the other Loan Documents are true on and as of the date hereof with the same effect as though such representations and warranties had been made on the date hereof (except representations and warranties which expressly
relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein); no Event of Default or Potential Default exists and is continuing.

  

	 	d.	Consolidated Net Leverage Ratio. The Consolidated Net Leverage Ratio determined as provided in the Credit Agreement (the ratio of (A) Consolidated Funded Debt minus one hundred percent (100%)
of unencumbered U.S. Dollars to (B) Consolidated EBITDA (as calculated below)) is              to 1.00. 

 

	 	i.	Consolidated Funded Debt of the Borrower and its Subsidiaries is $             (from item a.i.4. above). 

  
 3 

	 	ii.	Eligible U.S. Cash (unencumbered cash of the Loan Parties denominated in U.S. Dollars and held in an account located within the United States of America) as of the Report Date is
$            . 

  

	 	iii.	Consolidated EBITDA of the Borrower and its Subsidiaries is $             (from item a.ii.12. above). 

  
 4 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate this     
day of         , 20    . 
  

					
	II-VI INCORPORATED
			
	By:	 	  
	 	(SEAL)
	Name:	 	  
	 	
	Title:Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of August 16, 2017, by and among Ranger Energy Services, Inc., a Delaware corporation (the “Company”), and each of the other parties listed on the signature pages hereto (the “Initial Holders” and, together with the Company, the “Parties”).

 

WHEREAS, in connection with, and in consideration of, the transactions contemplated by the Company’s Registration Statement on Form S-1 (File No. 333-218139), the Initial Holders have requested, and the Company has agreed to provide, registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Agreement.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows:

 

1.                                      Definitions. As used in this Agreement, the following terms have the meanings indicated:

 

“Affiliate” of any specified Person means any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified Person. For purposes of this definition, “control” of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. For the avoidance of doubt, for purposes of this Agreement, the Company and the Initial Holders shall not be considered Affiliates of each other.

 

“Agreement” has the meaning set forth in the preamble.

 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405.

 

“Blackout Period” has the meaning set forth in Section 3(o).

 

“Board” means the board of directors of the Company.

 

“Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions in the State of Texas or the State of New York are authorized or required to be closed by law or governmental action.

 

“Commission” means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.

 

“Common Stock” means Class A Common Stock and the Class B common stock, par value $0.01 per share, of the Company.

 

 

“Class A Common Stock” means the Class A common stock, par value $0.01 per share, of the Company.

 

“Company” has the meaning set forth in the preamble.

 

“Company Securities” means any equity interest of any class or series in the Company.

 

“Demand Notice” has the meaning set forth in Section 2(a)(i).

 

“Demand Registration” has the meaning set forth in Section 2(a)(i).

 

“Effective Date” means the time and date that a Registration Statement is first declared effective by the Commission or otherwise becomes effective.

 

“Effectiveness Period” has the meaning set forth in Section 2(a)(ii).

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

 

“Holder” means (i) each Initial Holder unless and until such Initial Holder ceases to hold any Registrable Securities and (ii) any holder of Registrable Securities to whom registration rights conferred by this Agreement have been transferred in compliance with Section 8(e) hereof; provided that any Person referenced in clause (ii) shall be a Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement.

 

“Holder Indemnified Persons” has the meaning set forth in Section 6(a).

 

“Holder Lock-Up Period” has the meaning set forth in Section 3(q).

 

“Initial Holders” has the meaning set forth in the preamble.

 

“Initiating Holder” means the Holder delivering the Demand Notice or the Underwritten Offering Notice, as applicable.

 

“Lock-Up Period” has the meaning set forth in the underwriting agreement entered into by the Company in connection with the initial underwritten public offering of shares of Class A Common Stock.

 

“Losses” has the meaning set forth in Section 6(a).

 

“Minimum Amount” has the meaning set forth in Section 2(a)(i).

 

“Parties” has the meaning set forth in the preamble.

 

“Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind.

 

2

 

“Piggyback Registration” has the meaning set forth in Section 2(c)(i).

 

“Piggyback Registration Notice” has the meaning set forth in Section 2(c)(i).

 

“Piggyback Registration Request” has the meaning set forth in Section 2(c)(i).

 

“Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened.

 

“Prospectus” means the prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement 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.

 

“Ranger LLC” means RNGR Energy Services, LLC, a Delaware limited liability company.

 

“Ranger LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of Ranger LLC, dated as of August 16, 2017.

 

“Registrable Securities” means the Shares; provided, however, that Registrable Securities shall not include: (i) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person that is not entitled to the registration and other rights hereunder; (ii) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; (iii) any Shares that cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise); and (iv) any Shares that are eligible for resale without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act.

 

“Registration Expenses” has the meaning set forth in Section 5.

 

“Registration Statement” means a registration statement of the Company in the form required to register under the Securities Act and other applicable law the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder of Registrable Securities included therein, and including any Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

 

“Requested Underwritten Offering” has the meaning set forth in Section 2(b).

 

3

 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act.

 

“Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act.

 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act.

 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act.

 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

 

“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (except as set forth in Section 5).

 

“Shares” means (i) the shares of Class A Common Stock held by the Holders as of the date hereof, including the shares of Class A Common Stock that may be delivered in exchange for Units held by the Holders as of the date hereof, and (ii) and any other equity interests of the Company or equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with any stock dividend, stock split, combination, reorganization, recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of the Company. For purposes of this Agreement, a Person shall be deemed to hold Shares, and such Shares shall be deemed to be in existence, whenever such Person has the right to acquire such Shares (upon conversion, exchange or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right other than vesting), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Shares.

 

“Shelf Registration Statement” means a Registration Statement of the Company filed with the Commission on Form S-3 (or any successor form or other appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable.

 

“Suspension Period” has the meaning set forth in Section 8(b).

 

“Trading Market” means the principal national securities exchange on which Registrable Securities are listed.

 

“Underwritten Offering” means an underwritten offering of Class A Common Stock for cash (whether a Requested Underwritten Offering or in connection with a public offering of Class A Common Stock by the Company, stockholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-8 or an offering on any registration statement form that does not permit secondary sales.

 

4

 

“Underwritten Offering Notice” has the meaning set forth in Section 2(b).

 

“Underwritten Offering Piggyback Notice” has the meaning set forth in Section 2(c)(ii).

 

“Underwritten Offering Piggyback Request” has the meaning set forth in Section 2(c)(ii).

 

“Underwritten Piggyback Offering” has the meaning set forth in Section 2(c)(ii).

 

“Units” has the meaning given to such term in the Ranger LLC Agreement.

 

“VWAP” means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for such security on the Trading Market for the five trading days immediately preceding, but excluding, such date.

 

“WKSI” means a “well known seasoned issuer” as defined under Rule 405.

 

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms; (b) references to Sections refer to Sections of this Agreement; (c) the terms “include,” “includes,” “including” and words of like import shall be deemed to be followed by the words “without limitation”; (d) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; (e) unless the context otherwise requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings; (g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal and statutory provisions consolidating, amending, succeeding or replacing the applicable law or statute; (h) references to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar days unless otherwise indicated.

 

2.                                      Registration.

 

(a)                                 Demand Registration.

 

(i)                                     At any time after the expiration of the Lock-Up Period, any Holder shall have the option and right, exercisable by delivering a written notice to the Company (a “Demand Notice”), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, which may include sales on a delayed or continuous basis pursuant to Rule 415 pursuant to a Shelf Registration Statement (a “Demand Registration”). The Demand Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof. Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the Registrable Securities to be

 

5

 

included therein have an aggregate value, based on the VWAP as of the date of the Demand Notice, of at least $25 million (the “Minimum Amount”).

 

(ii)                                  Within fifteen Business Days after the receipt of the Demand Notice (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, within forty-five days thereof), the Company shall, subject to the limitations of this Section 2(a), file a Registration Statement in accordance with the terms and conditions of the Demand Notice. The Company shall use all commercially reasonable efforts to cause such Registration Statement to become and remain effective under the Securities Act until all Registrable Securities covered by such Registration Statement have been sold (the “Effectiveness Period”).

 

(iii)                               Subject to the other limitations contained in this Agreement, the Company is not obligated hereunder to effect (A) a Demand Registration within 90 days after the closing of any Requested Underwritten Offering or (B) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable Securities held by the Initiating Holder shall have become and remains effective under the Securities Act and is sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice in accordance with the intended timing and method or methods of distribution thereof specified in the Demand Notice.

 

(iv)                              A Holder may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from a Holder to the effect that the Holder is withdrawing an amount of its Registrable Shares from the Demand Registration such that the remaining amount of Registrable Shares to be included in the Demand Registration is below the Minimum Amount, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement.

 

(v)                                 The Company may include in any such Demand Registration other Company Securities for sale for its own account or for the account of any other Person, subject to Section 2(c)(iii).

 

(vi)                              Subject to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such appropriate registration form of the Commission (A) as shall be selected by the Company and (B) as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the Demand Notice; provided that if the Company becomes, and is at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration for any offering and selling of Registrable Securities shall be effected pursuant to an Automatic Shelf Registration Statement, which shall be on Form S-3 or any equivalent or successor form under the Securities Act (if available to the Company). If at any time a Registration Statement on Form S-3 is effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place.

 

6

 

(vii)                           Without limiting Section 3, in connection with any Demand Registration pursuant to and in accordance with this Section 2(a), the Company shall (A) promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents, as may be necessary or advisable to register or qualify the securities subject to such Demand Registration, including under the securities laws of such jurisdictions as the Holders shall reasonably request; provided, however, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such jurisdiction solely as a result of registration and (2) such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities subject to such Demand Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of such Registrable Securities in accordance with the intended timing and method or methods of distribution thereof.

 

(viii)                        In the event a Holder transfers Registrable Securities included on a Registration Statement and such Registrable Securities remain Registrable Securities following such transfer, at the request of such Holder, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such transferee to offer and sell such Registrable Securities pursuant to such Registration Statement; provided that in no event shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent therefor from a Person for whom Registrable Securities have been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder.

 

(b)                                 Requested Underwritten Offering.  Any Holder then able to effectuate a Demand Registration pursuant to the terms of Section 2(a), ignoring for purposes of such determination Section 2(a)(iii)(B), shall have the option and right, exercisable by delivering written notice to the Company of its intention to distribute Registrable Securities by means of an Underwritten Offering (an “Underwritten Offering Notice”), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant to a new Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a “Requested Underwritten Offering”); provided, that if the Requested Underwritten Offering is pursuant to a new Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value of at least equal to the Minimum Amount as of the date of such Underwritten Offering Notice, and if the Requested Underwritten Offering is pursuant to an effective Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value of at least equal to 50 percent of the Minimum Amount as of the date of such Underwritten Offering Notice. The Underwritten Offering Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Requested Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten Offering shall be designated by the

 

7

 

Company; provided, however, that such designated managing underwriter or managing underwriters shall be reasonably acceptable to the Initiating Holder. Notwithstanding the foregoing, the Company is not obligated to effect a Requested Underwritten Offering within 90 days after the closing of a Requested Underwritten Offering.

 

(c)                                  Piggyback Registration and Piggyback Underwritten Offering.

 

(i)                                     If the Company shall at any time propose to file a registration statement under the Securities Act with respect to an offering of Company Securities (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan), then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days before) the anticipated filing date (the “Piggyback Registration Notice”). The Piggyback Registration Notice shall offer Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a “Piggyback Registration”). The Company shall use commercially reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein (“Piggyback Registration Request”) within three Business Days after sending the Piggyback Registration Notice; provided, however, that the Company shall not be required to include in such Piggyback Registration a Holder’s Registrable Securities in the event such Holder, together with its Affiliates, does not request for inclusion Registrable Securities having an aggregate value, based on the VWAP as of the date of the Piggyback Registration Notice, of at least $10 million. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration by giving written notice to the Company of its request to withdraw; provided that (A) such request must be made in writing prior to the effectiveness of such registration statement and (B) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Holder shall continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of Company Securities, all upon the terms and conditions set forth herein.

 

(ii)                                  If the Company shall at any time propose to conduct an Underwritten Offering, whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days before or two Business Days before in connection with a “bought deal” or overnight Underwritten Offering) the commencement of the Underwritten Offering, which notice shall set forth the principal terms and conditions of the issuance, including the proposed offering price (or range of offering prices), the anticipated filing date of the related registration statement (if applicable) and the number of shares of Class A Common Stock that are proposed to be registered (the “Underwritten Offering Piggyback Notice”). Receipt of any Underwritten Offering Piggyback Notice provided to any Holder pursuant to this Section 2(c)(ii) shall be kept confidential by each such Holder until such proposed Underwritten Offering is (i) publicly announced or (ii) such Holder receives notice that such proposed Underwritten Offering has been abandoned, which notice shall be provided promptly by the Company to each Holder. The Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such

 

8

 

Underwritten Offering (and any related registration, if applicable) the number of Registrable Securities as they may request in writing (an “Underwritten Piggyback Offering”); provided, however, that in the event that the Company proposes to effectuate the subject Underwritten Offering pursuant to an effective Shelf Registration Statement of the Company other than an Automatic Shelf Registration Statement, only Registrable Securities of Holders that are subject to an effective Shelf Registration Statement may be included in such Underwritten Piggyback Offering. The Company shall use commercially reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein (“Underwritten Offering Piggyback Request”) within three Business Days after sending the Underwritten Offering Piggyback Notice (or one Business Day in connection with a “bought deal” or overnight Underwritten Offering); provided, however, that the Company shall not be required to include in such Underwritten Piggyback Offering a Holder’s Registrable Securities in the event such Holder, together with its Affiliates, does not request for inclusion Registrable Securities having an aggregate value, based on the VWAP as of the date of the Underwritten Offering Piggyback Notice, of at least $10 million. Notwithstanding anything to the contrary in this Section 2(c)(ii), if the Underwritten Offering pursuant to this Section 2(c)(ii) is a “bought deal” or overnight Underwritten Offering and the managing underwriter advises the Company that the giving of notice pursuant to this Section 2(c)(ii) would adversely affect the Underwritten Offering, no such notice shall be required.  Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from an Underwritten Piggyback Offering at any time prior to the effectiveness of the applicable registration statement, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein.

 

(iii)                               If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Holders that in their reasonable opinion the inclusion of all of the Holders’ Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration, if applicable) (and any other Class A Common Stock proposed to be included in such offering) exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Underwritten Offering (and any related registration, if applicable) only that number of shares of Class A Common Stock proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the reasonable opinion of the managing underwriter or managing underwriters, will not have such adverse effect, with such number to be allocated as follows: (A) in the case of a Requested Underwritten Offering, pro rata among all Holders that have requested to include Registrable Securities in such Requested Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder; and (B) in the case of any other Underwritten Offerings, (x) first, to the Company, (y) second, if there remains availability for additional shares of Class A Common Stock to be included in such Underwritten Offering, pro rata among all Holders desiring to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, and (z) third, if there remains availability for additional shares of Class A Common Stock to be included in such registration, pro rata among any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of Class A Common Stock then held by each such holder. If any Holder disapproves of

 

9

 

the terms of any such Underwritten Offering, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the commencement of such offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration.

 

(iv)                              The Company shall have the right, at any time after giving the Piggyback Registration Notice and prior to the Effective Date of the applicable registration statement, to terminate or withdraw any registration initiated by it under this Section 2(c) at any time in its sole discretion, whether or not any Holder has elected to include Registrable Securities in such Registration Statement, by giving written notice of such termination or withdrawal to each Holder. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 4 hereof.

 

3.                                      Registration and Underwritten Offering Procedures.

 

The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of the Company and such Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows:

 

(a)                                 In connection with a Demand Registration, the Company will, at least three Business Days prior to the anticipated filing of the Registration Statement and any related Prospectus or any amendment or supplement thereto (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference into the Registration Statement), (i) furnish to such Holders copies of all such documents prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably shall propose prior to the filing thereof.

 

(b)                                 In connection with a Piggyback Registration, Underwritten Piggyback Offering or a Requested Underwritten Offering, the Company will, at least three Business Days prior to the anticipated filing of any initial Registration Statement that identifies the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto), as applicable, (i) furnish to such Holders copies of any such Registration Statement or related Prospectus or amendment or supplement thereto that identify the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto) prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably shall propose prior to the filing thereof.

 

(c)                                  The Company will use commercially reasonable efforts to as promptly as reasonably practicable (i) prepare and file with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus

 

10

 

used in connection therewith as may be necessary under applicable law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Holders; (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and (iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably practicable provide such Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling stockholders but not any comments that would result in the disclosure to such Holders of material and non-public information concerning the Company.

 

(d)                                 The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement.

 

(e)                                  The Company will notify such Holders that are included in a Registration Statement as promptly as reasonably practicable: (i) (A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included has been filed; (B) when the Commission notifies the Company whether there will be a “review” of the applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that pertain to such Holders as selling stockholders); and (C) with respect to each applicable Registration Statement or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) 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 (v) of the occurrence of any event or passage of time that makes any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such 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, or in the case of such Prospectus, it will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that the Company either promptly files a prospectus supplement to update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the

 

11

 

Registration Statement, which in either case, contains the requisite information that results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact required to be stated therein or necessary to make the statements therein not misleading or such Prospectus no longer including any untrue statement of material fact or omitting to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading).

 

(f)                                   The Company will use commercially reasonable efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period is over.

 

(g)                                  During the Effectiveness Period, the Company will furnish to each such Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system.

 

(h)                                 The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may reasonably request during the Effectiveness Period. Subject to the terms of this Agreement, including Section 8(b), the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

 

(i)                                     The Company will cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request in writing. In connection therewith, if required by the Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the 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 any such legend upon sale by the Holder of such Registrable Securities under the Registration Statement.

 

(j)                                    Upon the occurrence of any event contemplated by Section 3(e)(v), as promptly as reasonably practicable, the Company will prepare a supplement or amendment,

 

12

 

including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement will 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 not misleading, and no Prospectus will include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(k)                                 With respect to Underwritten Offerings, (i) the right of any Holder to include such Holder’s Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein, (ii) each Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten Offering agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements. The Company hereby agrees with each Holder that, in connection with any Underwritten Offering in accordance with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions and auditor “comfort” letters.

 

(l)                                     For a reasonable period prior to the filing of any Registration Statement and throughout the Effectiveness Period, the Company will make available, upon reasonable notice at the Company’s principal place of business or such other reasonable place, for inspection during normal business hours by a representative or representatives of the selling Holders, the managing underwriter or managing underwriters and any attorneys or accountants retained by such selling Holders or underwriters, all such financial and other information and books and records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; 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 Persons unless disclosure of such information is required by court or administrative order or, in the opinion of counsel to such Person, law, in which case, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure.

 

(m)                             In connection with any Requested Underwritten Offering, the Company will use commercially reasonable efforts to cause appropriate officers and employees to be available, on a customary basis and upon reasonable notice, to meet with prospective investors in presentations, meetings and road shows.

 

13

 

(n)                                 Each Holder agrees to furnish to the Company any other information regarding the Holder and the distribution of such securities as the Company reasonably determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to an Underwritten Offering.

 

(o)                                 Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration Statement (or any amendment thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement) for a period of up to 45 days if (i) the Board or the Chief Executive Officer of the Company determines that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company (including a pending securities offering by the Company), (ii) the Board or the Chief Executive Officer of the Company determines such registration would render the Company unable to comply with applicable securities laws or (iii) the Board or the Chief Executive Officer of the Company determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Blackout Period”).  In the event of a Blackout Period resulting from a pending transaction identified in Section 3(o)(i) above that is an Underwritten Offering, such Blackout Period may be extended for up to an additional 45 days if the managing underwriter or managing underwriters for such Underwritten Offering have notified the Company of the need to extend such Blackout Period.

 

(p)                                 In connection with an Underwritten Offering, the Company shall use all commercially reasonable efforts to provide to each Holder named as a selling securityholder in any Registration Statement a copy of any auditor “comfort” letters or customary legal opinions, in each case that have been provided to the managing underwriter or managing underwriters in connection with the Underwritten Offering, not later than the Business Day prior to the Effective Date of such Registration Statement.

 

(q)                                 In connection with any Underwritten Offering initiated by the Company for the sale of securities for its own account, any Holder that together with its Affiliates owns 10% or more of the outstanding Common Stock (or otherwise retains the right to appoint one or more directors to the Board pursuant to that certain Stockholders’ Agreement, dated as of the date hereof, among the Company and the other signatories thereto), shall execute a customary “lock-up” agreement with the underwriters of such Underwritten Offering containing a lock-up period equal to the shorter of (i) the shortest number of days that a director of the Company, “executive officer” (as defined under Section 16 of the Exchange Act) of the Company or any stockholder of the Company (other than a Holder or director or employee of, or consultant to, the Company) who owns 10% or more of the outstanding Common Stock contractually agrees to with the underwriters of such Underwritten Offering not to sell any securities of the Company following such Underwritten Offering and (ii) 45 days from the date of the execution of the underwriting agreement with respect to such Underwritten Offering (each such period, a “Holder Lock-Up Period”).

 

4.                                      No Inconsistent Agreements; Additional Rights. The Company shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities

 

14

 

that is inconsistent in any material respect with, or superior to, the rights granted to the Holders by this Agreement.

 

5.                                      Registration Expenses. All Registration Expenses incident to the Parties’ performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand Registration, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling Expenses) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement. “Registration Expenses” shall include, without limitation, (i) all registration and filing fees (including fees and expenses (A) with respect to filings required to be made with the Trading Market and (B) in compliance with applicable state securities or “Blue Sky” laws), (ii) printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel, auditors and accountants for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, (vii) the reasonable fees and expenses of one law firm of national standing selected by the Holders owning the majority of the Registrable Securities to be included in any such registration or offering and (viii) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.” In addition, the Company shall be responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of their officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market.

 

6.                                      Indemnification.

 

(a)                                 The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective officers and directors and any agent thereof (collectively, “Holder Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of preparation and reasonable attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein not misleading, or included in any preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date), any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the

 

15

 

Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company shall not be liable to any Holder Indemnified Person to the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person specifically for use in the preparation thereof. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder. Notwithstanding anything to the contrary herein, this Section 6 shall survive any termination or expiration of this Agreement indefinitely.

 

(b)                                 In connection with any Registration Statement in which a Holder participates, such Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, directors and any agent thereof, to the fullest extent permitted by applicable law, from and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein not misleading, or in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), any summary or final prospectus or free writing prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to the Holder furnished in writing to the Company by such Holder for use therein. This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder from the sale of the Registrable Securities giving rise to such indemnification obligation

 

(c)                                  Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any

 

16

 

settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party that is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to any local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party that are in addition to or may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder.

 

(d)                                 If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law 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 of the indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder.

 

7.                                      Facilitation of Sales Pursuant to Rule 144. To the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any Holder in connection with that Holder’s sale pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.

 

8.                                      Miscellaneous.

 

(a)                                 Remedies. In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

 

17

 

(b)                                 Discontinued Disposition. Subject to the last sentence of Section 3(o), each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(e), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section 3(j) or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement (a “Suspension Period”). The Company may provide appropriate stop orders to enforce the provisions of this Section 8(b).

 

(c)                                  Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and Holders that hold a majority of the Registrable Securities as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative to the other Holders shall require the consent of such Holder. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(d)                                 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Section 8(d) prior to 5:00 p.m. Central Time on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Agreement later than 5:00 p.m. Central Time on any date and earlier than 11:59 p.m. Central Time on such date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service (iv) upon actual receipt by the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows:

 

	
If to the   Company:
    	
Ranger   Energy Services, Inc.

Attention:   Chief Executive Officer

800   Gessner Street, Suite 1000

Houston,   Texas 77024

Electronic   mail: darron.anderson@rangerenergy.com

 
    
	
With copy   to:
    	
Vinson &   Elkins L.L.P.

Attention:   Douglas E. McWilliams; Julian J. Seiguer

1001   Fannin Street, Suite 2500

Houston,   Texas 77002

Electronic   mail: dmcwilliams@velaw.com;

jseiguer@velaw.com
    

 

18

 

	
If to any   Person that is then the registered Holder:
    	
To the   address of such Holder as it appears in the applicable register for the   Registrable Securities or such other address as may be designated in writing   by such Holder (including on the signature pages hereto).
    

 

(e)                                  Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as provided in this Section 8(e), this Agreement, and any rights or obligations hereunder, may not be assigned without the prior written consent of the Company (acting through the Board of Directors) and the Holders. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any portion of its Registrable Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in replacement of such Registrable Securities) by such Holder to a transferee of such Registrable Securities; provided (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this Agreement. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders.

 

(f)                                   No Third Party Beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement.

 

(g)                                  Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof.

 

(h)                                 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York. Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in in the Borough of Manhattan in the City of New York and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HEREBY

 

19

 

WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

(i)                                     Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

 

(j)                                    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 shall use their reasonable 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.

 

(k)                                 Entire Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written.

 

(l)                                     Termination. Except for Section 6, this Agreement shall terminate as to any Holder, when all Registrable Securities held by such Holder no longer constitute Registrable Securities.

 

[THIS SPACE LEFT BLANK INTENTIONALLY]

 

20

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

 

	
 
    	
RANGER   ENERGY SERVICES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Darron M. Anderson
    
	
 
    	
Name: 
    	
Darron M.   Anderson
    
	
 
    	
Title: 
    	
President   and Chief Executive Officer
    

 

Signature Page to Registration Rights Agreement

 

 

	
 
    	
HOLDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
RANGER   ENERGY HOLDINGS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Charles S. Leykum
    
	
 
    	
Name:
    	
Charles   S. Leykum
    
	
 
    	
Title:
    	
Senior Vice   President
    
	
 
    	
Address   for notice:
    
	
 
    	
 
    	
c/o CSL   Capital Management, LLC
    
	
 
    	
 
    	
1000   Louisiana Street
    
	
 
    	
 
    	
Suite 3850
    
	
 
    	
 
    	
Houston,   TX 77002
    
	
 
    	
 
    	
Attn:   Charles S. Leykum
    
	
 
    	
 
    	
Email:   charlie@cslenergy.com
    
	
 
    	
Facsimile:   (281) 946-8967
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TORRENT   ENERGY HOLDINGS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Charles S. Leykum
    
	
 
    	
Name:
    	
Charles   S. Leykum
    
	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
Address   for notice:
    
	
 
    	
 
    	
1304   Langham Creek Drive
    
	
 
    	
 
    	
Suite 212
    
	
 
    	
 
    	
Houston,   Texas 77084
    
	
 
    	
 
    	
Attn:   Charles S. Leykum
    
	
 
    	
 
    	
Email:   charlie@cslenergy.com
    
	
 
    	
 
    	
Facsimile:
    

 

Signature Page to Registration Rights Agreement

 

 

	
 
    	
RANGER   ENERGY HOLDINGS II, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Charles S. Leykum
    
	
 
    	
Name:
    	
Charles   S. Leykum
    
	
 
    	
Title:
    	
Manager
    
	
 
    	
Address   for notice:
    
	
 
    	
 
    	
c/o CSL   Capital Management, LLC
    
	
 
    	
 
    	
1000 Louisiana
    
	
 
    	
 
    	
Suite 3850
    
	
 
    	
 
    	
Houston,   TX 77002
    
	
 
    	
 
    	
Attn:   Charles S. Leykum
    
	
 
    	
 
    	
Email:   charlie@cslenergy.com
    
	
 
    	
 
    	
Facsimile:   (281) 946-8967
    
	
 
    	
 
    	
 
    
	
 
    	
TORRENT   ENERGY HOLDINGS II, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CSL   Energy Holdings I, LLC,
    
	
 
    	
 
    	
its   managing member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CSL   Energy Opportunity GP I, LLC,
    
	
 
    	
 
    	
its   managing member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Charles S. Leykum
    
	
 
    	
 
    	
Name:
    	
Charles   S. Leykum
    
	
 
    	
 
    	
Title:
    	
Managing   Member
    
	
 
    	
 
    	
Address   for notice:
    
	
 
    	
 
    	
 
    	
c/o CSL   Capital Management, LLC
    
	
 
    	
 
    	
 
    	
1000   Louisiana
    
	
 
    	
 
    	
 
    	
Suite 3850
    
	
 
    	
 
    	
 
    	
Houston,   TX 77002
    
	
 
    	
 
    	
 
    	
Attn:   Charles S. Leykum
    
	
 
    	
 
    	
 
    	
Email:   charlie@cslenergy.com
    
	
 
    	
 
    	
 
    	
Facsimile:   (281) 946-8967
    

 

Signature Page to Registration Rights Agreement

 

 

	
 
    	
CSL   ENERGY OPPORTUNITIES FUND II, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CSL   Energy Opportunity GP II, LLC,
    
	
 
    	
 
    	
its general   partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
/s/   Charles S. Leykum
    
	
 
    	
 
    	
Name:
    	
Charles   S. Leykum
    
	
 
    	
 
    	
Title:
    	
Managing   Member
    
	
 
    	
 
    	
Address   for notice:
    
	
 
    	
 
    	
 
    	
1000   Louisiana Street
    
	
 
    	
 
    	
 
    	
Suite 3850
    
	
 
    	
 
    	
 
    	
Houston,   Texas 77002
    
	
 
    	
 
    	
 
    	
Attn:   Charles S. Leykum
    
	
 
    	
 
    	
 
    	
Email:   charlie@cslenergy.com
    
	
 
    	
 
    	
 
    	
Facsimile:   (281) 946-8967
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
CSL   ENERGY HOLDINGS II, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
CSL   Energy Opportunity GP II, LLC,
    
	
 
    	
 
    	
its   managing member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Charles S. Leykum
    
	
 
    	
 
    	
Name:
    	
Charles   S. Leykum
    
	
 
    	
 
    	
Title:
    	
Managing   Member
    
	
 
    	
 
    	
Address   for notice:
    
	
 
    	
 
    	
 
    	
1000 Louisiana   Street
    
	
 
    	
 
    	
 
    	
Suite 3850
    
	
 
    	
 
    	
 
    	
Houston,   Texas 77002
    
	
 
    	
 
    	
 
    	
Attn:   Charles S. Leykum
    
	
 
    	
 
    	
 
    	
Email:   charlie@cslenergy.com
    
	
 
    	
 
    	
 
    	
Facsimile:   (281) 946-8967
    

 

Signature Page to Registration Rights Agreement

 

 

	
 
    	
BAYOU   WELL HOLDINGS COMPANY, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Brett   T. Agee
    
	
 
    	
Name:
    	
Brett T.   Agee
    
	
 
    	
Title:
    	
President   and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
Address   for notice: 800 Gessner, Ste. 1100
    
	
 
    	
Houston,   TX 77024
    

 

Signature Page to Registration Rights Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]