Document:

Equipment Financing Agreement

 Exhibit 10.13 

 

											
	EQUIPMENT
FINANCING AGREEMENT
	AGREEMENT NO.
      13379                    
	 
	(“Borrower”)
	 	 
	 FULL LEGAL NAME:
	  	Buffalo Shredding and Recovery, LLC
	 	 
	 STATE OF ORGANIZATION:
	  	New York
	 	 
	 STREET ADDRESS:
	  	3175 Lake Shore Rd.
	 			 
	 CITY:
        Hamburg                               
  STATE:          NY                        
	  		 	COUNTY:          Erie                  
              	 	ZIP CODE:
          14219-1407                    
	 		 
	 TELEPHONE
NO.          
716-823-2741                                    
	  		 	FAX
NO.                                        
                                         
                                         
        
	 
	 
	 QUANTITY
	  	FULL DESCRIPTION OF COLLATERAL INCLUDING MODEL, SERIAL NUMBER
	 	  	As described in attached Exhibit A
	 COLLATERAL LOCATION (IF DIFFERS FROM ADDRESS ABOVE)

	
                        STREET
ADDRESS:
                                         
                           CITY:
                            COUNTY:
                            STATE:
                            ZIP:

	 
	 
	 TOTAL LOAN AMOUNT(not to

exceed $10,418,000) See Exhibit B
	 	 NO. OF MONTHLY PAYMENTS*

120
 MONTHLY
PAYMENT AMOUNT
 Draw A: $82,813.98
 Draw B: per attached Exhibit B
  
 * INCLUDING ADVANCE PAYMENTS
	  		 	 NO. OF ADVANCE PAYMENTS
 0
 TOTAL ADVANCE PAYMENT AMOUNT
	 	SECURITY DEPOSIT
	  

Draw A: $7,891,189.94

Draw B: per attached Exhibit B

 
	 	  		 	 	 FEES

$500.00

	 	  	 	 	 	 	 

 TERMS OF EQUIPMENT FINANCING AGREEMENT 
 Borrower and First Niagara Leasing, Inc. (“Lender”) agree as follows: 

 

 1. SECURITY INTEREST. Borrower grants Lender a continuing security interest in the above
described property (collectively the “Collateral” and individually an “Item” or “Item of Collateral”) to secure payment and performance of the Obligations. “Obligations” means any and all loans, advances,
debts, liabilities, obligations, indebtedness, rental payments, obligations, and credit of any kind or character owing by Borrower to Lender of any kind or nature, present or future, whether as borrower or guarantor, however evidenced, whether
arising under this agreement or any other loan, lease, note, letter of credit, guaranty, collateral or other agreement or by operation of law, and whether direct or indirect, absolute or contingent, due or to become due, now owing or existing or
hereafter arising or created and however acquired, and any amendments, extensions, renewals or increases thereof, including, without limitation, all principal, interest, charges, expenses, commitment or facility fees, collateral management or other
fees, treasury management obligations, foreign exchange obligations, obligations due pursuant to any interest rate protection agreement entered into by Borrower, reasonable attorneys’ fees and expenses related to the collection of the
foregoing, and any other amounts payable by Borrower under this agreement or any other agreements between Borrower and Lender whether executed in connection herewith or otherwise. 

2. PAYMENTS. Borrower will repay Lender the loan indicated above (the “Loan”), together with interest thereon until paid in full at
a per annum rate of (a) Four and 77/100 percent (4.77%) from the date of funding with respect to Draw A, in the above number of monthly payments each in the monthly payment amount indicated above, and (b) as set forth in the attached
Exhibit B from the date of funding with respect to Draw B, in the number of monthly payments and the amount set forth therein. The total advance payment amount, any security deposit and any fees indicated above are payable on the signing of this
agreement. With respect to Draw A, the first regular monthly payment of principal, together with unpaid interest as herein set forth, is due on the 12th day of January, 2012 with each subsequent monthly payment being payable on the same day of each
month thereafter (and with respect to Draw B see Exhibit B attached hereto). All other amounts due under this agreement are payable upon Borrower’s receipt of Lender’s invoice, or on acceleration of the Obligations under paragraph 16
below. Lender will apply the total advance payment amount to the last monthly payments, ratably between installments of Draw A and Draw B due on the same day, in reverse order of maturity; provided that if there is an Event of Default, any payments
under this agreement may be applied to the obligations in such manner as Lender chooses. NOTWITHSTANDING THE ABOVE, DRAW A AND DRAW B ARE SUBJECT TO BORROWER BEING IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS EQUIPMENT FINANCE AGREEMENT.

 3. NO AGENCY. BORROWER ACKNOWLEDGES THAT NEITHER THE SUPPLIER OF AN ITEM, NOR ANY AGENT, EMPLOYEE OR OTHER REPRESENTATIVE OF ANY
SUCH SUPPLIER, IS AN AGENT OF LENDER AND FURTHER THAT NONE OF SUCH PARTIES IS AUTHORIZED TO WAIVE OR ALTER ANY TERM OR CONDITION OF THIS AGREEMENT. NO REPRESENTATION AS TO ANY MATTER BY ANY SUCH PARTY BINDS LENDER OR AFFECTS BORROWER’S DUTY TO
PAY AND PERFORM THE OBLIGATIONS. 
 4. NON CANCELABLE AGREEMENT; PREPAYMENT; NO OFFSET. BORROWER MAY NOT PREPAY THE LOAN OR CANCEL
THIS AGREEMENT DURING THE FIRST TWELVE (12) MONTHS. ANY PREPAYMENT OF THE AGREEMENT WILL BE SUBJECT TO A PREPAYMENT PREMIUM OF 5% OF THE OUTSTANDING BALANCE

 
PLUS ANY UNAMORTIZED DEFERRED ORIGINATION COSTS INCURRED BY THE LENDER. 
 ALL
PAYMENTS UNDER THIS AGREEMENT ARE TO BE MADE WITHOUT OFFSET. 
 5. FINANCING. THIS AGREEMENT IS SOLELY A FINANCING AGREEMENT. LENDER
HAS HAD NO INVOLVEMENT IN THE SELECTION OR PURCHASE OF, AND MAKES NO REPRESENTATION OR WARRANTY AS TO, ANY ITEM OF COLLATERAL. 
 6.
LOCATION; INSPECTION; USE. Borrower will keep, or, as to an Item which is vehicle or other rolling stock, permanently garage and not remove from the United States, as appropriate, each Item of Collateral at the Collateral Location or at such other
location to which such Item may have been moved with the prior written consent of Lender. Upon request, Borrower will advise Lender as to the exact location of an item of Collateral. Lender may inspect the Collateral during normal business hours and
enter the premises where the Collateral may be located for such purpose. Borrower will keep, in accordance with generally accepted accounting principles consistently applied, accurate and complete records concerning the Collateral and Lender shall
be entitled to audit and make extracts from such records or any of Borrower’s books, ledgers, financial reports, correspondence or other records. Borrower will use each Item only for commercial or business purposes and operate each Item in a
careful and proper manner and in compliance with the requirements of all applicable laws, insurance policies and manufacturers’ instructions and warranties. 
 7. ALTERATIONS. Without Lender’s prior written consent, Borrower will not make any alterations or additions to an Item of Collateral that detract from such Collateral’s economic value or functional
utility. All additions made to an Item will not be removed if removal would impair the Item’s economic value or functional utility. The Collateral includes all modifications, additions to and replacements and substitutions for any Item.
Borrower will not substitute or replace any Item with another Item without Lender’s prior written consent except in the ordinary course of maintenance and provided that such replacement or substitution does not detract from the
Collateral’s economic value or functional utility. 
 8. LOSS OR DAMAGE; MAINTENANCE. Borrower bears the entire risk of loss,
theft, damage or destruction of any Item of Collateral in whole or in part from any reason whatsoever (“Casualty Loss”). No Casualty Loss to any Item of Collateral shall relieve Borrower from its responsibility to pay the Obligations or
from any other obligation under this agreement or any related document. In the event of Casualty Loss to any Item of Collateral, Borrower shall immediately notify Lender of the same and Borrower shall, if so directed by Lender, immediately repair
the same. If Lender determines that any Item of Collateral has suffered a Casualty Loss beyond repair (“Lost Collateral”), then Borrower, at the option of Lender, shall: (i) immediately replace the Lost Collateral with similar collateral
in good repair, condition and working order free and clear of any liens, in which event such replacement equipment shall automatically be Collateral under and secured by this agreement; or (ii) on the next scheduled payment date which (but no less
than thirty (30) days after the date of the Casualty Loss), pay to Lender all accrued and unpaid Obligations, late charges and other amounts due under this agreement on or before such payment date. Borrower will maintain the Collateral in good
repair, condition and working order. Borrower will cause all necessary repairs to be made promptly by qualified parties. Borrower will cause each Item of Collateral for which a service contract is generally available to be covered by such a contract
that provides coverages typical as to property of the type involved and is issued by a competent servicing entity. 

 

  

											
		 	SEE PAGE 2 FOR ADDITIONAL TERMS AND CONDITIONS WHICH ARE PART OF THIS AGREEMENT.
			
		 	(LENDER)	  	(BORROWER)
		 	 First Niagara Leasing, Inc.
	    		  	Buffalo Shredding and Recovery, LLC
		 	 FULL LEGAL NAME OF LENDER
	    		  	FULL LEGAL NAME OF BORROWER
		 		  		    		  	By: Metalico Syracuse, Inc., its sole Member
		 	By:	  	X /s/ CHERYL MALICKI	    		  	By:	  	/s/ MICHAEL J. DRURY
		 	Title:        	  	Authorized Representative	    		  	Name, Title:	  	Michael J. Drury, President
		 	Date:	  	 	    		  	Date:	  	December 12, 2011

 9. SECURITY DEPOSIT. If any amount is set forth above as a Security Deposit, Borrower must
deposit that amount with Lender as security for the performance of the Obligations. Upon the occurrence of any Event of Default, Lender may, but is not obligated to, apply such amount to curing such Event of Default. Upon the termination of this
agreement and performance of all of the Obligations, Lender will return to Borrower any remaining balance of such Security Deposit. Unless prohibited by applicable law, Lender will not pay any interest to Borrower on any Security Deposit and Lender
may commingle any such Security Deposit with its other funds. 
 10. TITLING. If any Item of Equipment is a vehicle or other
equipment subject to a certificate of title statute, Borrower will promptly (a) take all steps requested by Lender to cause the security interest of Lender to be noted on the certificate of title, (b) provide Lender an original (or copy,
if acceptable to Lender) of the certificate of title relating to such Item of Equipment, and (c) sign any other instruments or documents requested by Lender, including a power of attorney, to permit Lender to properly perfect and enforce its
security interest in such Item of Equipment. Without limiting the foregoing, Borrower hereby authorizes and irrevocably appoints Lender as Borrower’s attorney-in-fact, with full power of substitution, coupled with an interest to execute motor
vehicle title documentation necessary to obtain repossession title certificates and/or lien notation. 
 11. TAXES. Borrower will
timely make any filings required with respect to, and will pay, when due, any taxes, fees, including registrations, fines, penalties and other governmental assessments based on the ownership or use of the Collateral and will pay as directed by
Lender or reimburse Lender for all other governmental assessments (including gross receipts taxes but exclusive of Federal and State taxes based on Lender’s net income) related to the Obligations, the Collateral or otherwise related to this
agreement. At the request of Lender, Borrower shall establish adequate reserves for the payment of taxes and assessments and make all required withholding and other tax deposits. Nothing herein shall be interpreted to require the payment of any tax,
assessment or charge so long as its validity is being contested in good faith and by appropriate proceedings diligently conducted, and Borrower has established an adequate reserve for any such expense. 

12. INSURANCE. Borrower will maintain and provide Lender evidence satisfactory to Lender of all risk insurance against loss of or damage to
the Collateral for not less than the full replacement value thereof, and against fire, theft and other risks (including, if required, flood) in such amounts and in such forms as Lender reasonably requires, including, without limitation, originals or
duplicates of such policies of insurance or certificates to be delivered to Lender, on the date hereof, upon each renewal and upon its request, and as is customary in the case of other persons engaged in the same or similar business of Borrower,
naming Lender as loss payee under a lender’s loss payable clause satisfactory to Lender and naming Lender as additional insured, as applicable. Such insurance will be in a form and with companies approved by Lender, will provide at least 30
days advance written notice to Lender of material change or cancellation, will provide full breach of warranty protection, and will provide that the coverage is “primary.” Borrower will cause such insurance to provide the same protection
to any assignee of Lender as its interests may appear. The proceeds of such insurance, at the option of Lender, will be applied towards (a) the repair or replacement of the appropriate Item or Items of Collateral, or (b) payment of the
Obligations. Any excess of such proceeds remaining will belong to Borrower. Borrower will provide the Lender with evidence of public liability and property damage coverage applicable to the Collateral in such amounts and in such forms as Lender
reasonably requires. If Borrower fails to comply with this section, Lender is authorized to obtain such insurance in the name of Borrower or Lender at the expense of Borrower. 
 13. LENDER’S PAYMENT. If Borrower fails to perform any of the Obligations, Lender may perform such Obligations, and Borrower will reimburse Lender the cost of such performance. 

14. INDEMNITY. Borrower indemnifies, defends and holds Lender harmless against any third-party claim, action, liability or expense, including
reasonable attorney’s fees and court costs, incurred by Lender related to this agreement. While it is not anticipated that Lender will have any liability for torts related to the Collateral, this indemnity covers tort proceedings including any
strict liability claim, any claim under another theory related to latent or other defects and any patent, trademark or service mark infringement claim. This indemnity survives termination of this agreement and payments of the Obligations.

 15. DEFAULT. Any of the following constitutes an event of default (an “Event of Default”) under this agreement:
(a) Borrower fails to pay any amount payable under this agreement when due after any applicable grace period; (b) Borrower defaults in payment or in performance of any other Obligations or Borrower breaches any covenant, representation,
warranty, or condition set forth in this agreement or any other document related hereto after any applicable grace period, or any statement made by Borrower to Lender is false or materially misleading or Borrower breaches, or there occurs a default
under, any other agreement with Lender or any of Lender’s parent, subsidiary or affiliated companies; (c) death or judicial declaration of incompetence of any Obligor (as defined below), if an individual; (d) any Obligor is dissolved;
any Obligor becomes insolvent or unable to pay its debts when due; any Obligor stops doing business as a going concern; any Obligor merges, consolidates or transfers all or substantially all of its assets; any Obligor makes an assignment for the
benefit of creditors; or any Obligor undergoes a substantial deterioration in its financial condition; (e) any Obligor or any partner, member, or majority owner of any Obligor voluntarily files or has filed against it involuntarily, a petition
for liquidation, reorganization, adjustment of debt or similar relief under the Federal Bankruptcy Code or any other present or future federal or state bankruptcy or insolvency law, or a trustee, receiver or liquidator is appointed for any Obligor
or any partner, member, or majority owner of any Obligor or for a substantial part of the assets of any Obligor or for a substantial part of the assets of any partner, member, or majority owner of any Obligor; (f) any Obligor defaults under a
material lease, financing or borrowing agreement with a third party; or (g) Lender in good faith deems itself insecure as a result of a material adverse change in any Obligor’s financial condition or otherwise. “Obligor” means
Borrower and any other person or entity who or that is now or hereafter liable, whether directly or indirectly or absolutely or contingently, for the payment of any of the Obligations. 

16. REMEDIES. Upon the occurrence of an event of default, Lender has the rights and remedies of a secured party under the Uniform Commercial
Code and under

 
any other applicable law or in equity, as the same may from time to time be in effect, in addition to those rights granted herein and in any other agreement now or hereafter in effect between
Borrower and Lender, and in connection therewith, Lender may: (a) declare any or all the Obligations immediately due and payable without notice or demand to Borrower; and, in such event, Borrower must pay immediately to Lender (i) all
amounts then due and payable by Borrower to Lender under this agreement, and (ii) the present value of all monthly payments payable in the future under this agreement, computed at a discount rate of 3% per annum; (b) take possession
of and, if deemed appropriate, render unusable any or all Items of Collateral, without demand or notice, wherever located, without any process of law and without liability for any damages occasioned by such taking of possession including damages to
contents; (c) require Borrower to assemble any or all Items of Collateral at a location in reasonable proximity to Lender’s location set forth in this agreement; (d) upon notice to Borrower required by law, sell or otherwise dispose
of any Items of Collateral, whether or not in Lender’s possession, in a commercially reasonable manner at public or private sale as designated in such notice and apply the net proceeds of such sale after deducting all costs of such sale,
including, but not limited to, costs of transportation, repossession, storage, refurbishing, attorneys fees, advertising and brokers fees, to the Obligations in such order of application as Lender may elect, with Borrower remaining liable for any
deficiency together with interest thereon at the highest rate then payable on the Obligations, and with any excess being returned to Borrower; (e) make, adjust or settle and receive payment on any insurance claims with respect to the
Collateral; (f) without obligation to do so, perform any or all such covenants or obligations of Borrower hereunder, and Borrower shall pay an amount equal to the expense thereof to Lender upon demand by Lender, and all such amounts shall
become part of the Obligations secured hereby; (g) use any other remedy available under the Uniform Commercial Code or to Lender under law or in equity. Lender has the right at any time, and from time to time, to set-off against any of the
Obligations, whether or not then due and payable, any amount that Lender, or any of Lender’s parent, subsidiary or affiliated companies, owe, in any capacity, to Borrower, whether pursuant to a deposit account or a certificate of deposit or
otherwise, and whether or not then due and payable. Without in any way requiring notice to be given in the following manner, Borrower agrees that any notice by Lender of sale, disposition or other intended action hereunder or in connection herewith,
whether required by the Uniform Commercial Code or otherwise, shall constitute reasonable notice to Borrower if such notice is mailed by regular mail, postage prepaid, at least five (5) days prior to such action, to the address set forth above
as the location of Borrower’s chief executive office or to any other address which Borrower has specified in writing to Lender as the address to which notices hereunder shall be given to Borrower. Lender may exercise any one or more of the
above remedies at any time and from time to time. No course of dealing and no delay or omission by Lender in exercising any right or remedy hereunder or with respect to any Obligations shall operate as a waiver thereof or of any other right or
remedy, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right or remedy. Lender may remedy any Event of Default by Borrower hereunder or with respect to any Obligations in
any reasonable manner without waiving the Event of Default remedied and without waiving any other prior or subsequent Event of Default by Borrower. All rights and remedies of Lender hereunder are cumulative, and are in addition to any and all rights
and remedies available to Lender under the Uniform Commercial Code and other applicable law in effect from time to time. Lender shall have no obligation to take, and Borrower shall have the sole responsibility for taking, any and all steps to
preserve rights against any and all prior parties to any instrument or chattel paper constituting Collateral whether or not in Lender’s possession. Lender shall not be responsible to Borrower for loss or damage resulting from Lender’s
failure to enforce or collect any Collateral or to collect any moneys due or to become due thereunder. Borrower waives protest of any instrument constituting Collateral at any time held by Lender on which Borrower is in any way liable and waives
notice of any other action taken by Lender. Without limiting its rights of setoff under New York law generally, upon and at any time and from time to time after demand or any occurrence or existence of any Event of Default, Lender shall have the
right to place an administrative hold on, and setoff against each obligation of Borrower pursuant to this agreement, each obligation of Lender or any affiliate of Lender (in any capacity) owing to Borrower, whether now existing or hereafter arising
or accruing, whether or not then due and whether pursuant to any account or certificate of deposit or in any other manner. Such setoff shall become effective at the time Lender determines even though evidence thereof is not entered in the records of
Lender until later. The rights and benefits of Lender hereunder shall, if Lender so agrees, inure to any party acquiring any interest in the Obligations or any part thereof 
 17. EXPENSES. Borrower will pay Lender its costs and expenses, including repossession and attorneys’ fees and court costs, incurred by Lender in enforcing this agreement, or costs and expenses incurred
by Lender in realizing upon or protecting any Collateral and in enforcing and collecting any Obligations or any guaranty thereof, including, without limitation, if Lender retains counsel for advice, suit, insolvency proceedings or any of the above
purposes, the reasonable counsel’s fees and expenses incurred by Lender. This obligation includes the payment of such costs and expenses whether Lender starts a lawsuit or other proceeding or not, and if Lender starts a lawsuit or other
proceeding, whether or not such lawsuit or proceeding is dismissed. 
 18. ASSIGNMENT. Without the prior written consent of Lender,
Borrower will not sell, lease or create or allow any lien other than Lender’s security interest against an Item of Collateral or assign any of Borrower’s obligations under this agreement. Consent to any of the foregoing applies only in the
given instance. 
 Lender may assign, pledge or otherwise transfer any of its rights under this agreement from
time to time without notice to Borrower. If Borrower is given notice of any such assignment, Borrower will acknowledge receipt thereof in writing and thereafter pay any amounts due as directed in the notice. The rights of an assignee to amounts due
under this agreement will be free of any claim or defense Borrower may have against Lender, and Borrower will not assert against an assignee any claim or defense which Borrower may have against Lender. The term “Lender” after any such
assignment includes any such assignee. Subject to the foregoing, this agreement 

 

 
inures to the benefit of, and is binding upon, the heirs, personal representatives, successors and assigns of the parties. 
 19. PROTECTION OF SECURITY INTEREST. Borrower will mark any Item or its location, as reasonably requested by Lender, to indicate Lender’s security interest in such Item. As between the parties, the
Collateral will at all times be deemed personalty. Borrower will provide Lender a waiver, if requested by Lender and in form and content satisfactory to Lender, from each person with an interest in the real property where an Item is or will be
located disclaiming any interest in such Item and agreeing to provide Lender access to such real property for the purpose of removing such Item upon the occurrence of an Event of Default. Borrower authorizes Lender to file from time to time any
Uniform Commercial Code financing statement or financing statement amendment against Borrower as Lender deems appropriate. 
 20.
BORROWER’S NAME. Borrower represents that its exact legal name and state of organization have been correctly identified to Lender and promises to provide Lender with written notice of any change 30 days before its occurrence. 

21. LATE PAYMENT. If Lender does not receive any amount payable under this agreement within 10 days of the due date thereof, Borrower will
pay to Lender a late charge of 5% of the amount due or $20, whichever is greater. In addition, Borrower will pay to Lender any actual additional expenses incurred by Lender in its collection efforts. 

22. AFFIRMATIVE COVENANTS OF BORROWER. In addition to any other covenant or agreement contained herein: (a) Borrower will defend the
Collateral against the claims and demands of all other parties including, without limitation, defenses, setoffs, claims and counterclaims asserted by any obligor against Borrower and/or Lender, will keep the Collateral free from all security
interests, liens or other encumbrances, and will not sell, transfer, lease, assign, deliver or otherwise dispose of any Collateral or any interest therein without the prior written consent of Lender; (b) Borrower will deliver to Lender, upon
demand, any instruments, documents and chattel paper constituting, representing or relating to the Collateral or any part thereof and any schedules, invoices, shipping documents, delivery receipts, purchase orders, contracts or other documents
representing or relating to the Collateral or any part thereof; (c) Borrower will execute and deliver to Lender such certificates of title, assignments and other documents and will take such other actions relating to the security interest
granted herein and the perfection thereof as Lender may reasonably request and will pay all costs of title searches and filing financing statements, certificates of title, assignments and other documents in all public offices requested by Lender;
(d) Borrower will promptly notify Lender in writing as soon as Borrower has knowledge of, and furnish or cause to be furnished to Lender such information regarding the same as Lender may request of (i) the institution or filing of any
litigation, action, suit, claim or counterclaim to which Borrower is a party, or (ii) any administrative proceeding against, or investigation of, Borrower by or before any regulatory body or governmental agency, where the outcome of such
litigation, action, suit, claim, counterclaim, administrative proceeding or investigation may have a Material Adverse Effect on Borrower, or such litigation, action, suit, claim, counterclaim, administrative proceeding or investigation questions the
validity of this agreement, or any related document, or any action taken or to be taken pursuant to the foregoing; and furnish or cause to be furnished to Lender such information regarding the same as Lender may request; (e) Borrower will
maintain its existing entity status in good standing, and maintain its existing rights and franchises, in its jurisdiction of formation and remain or become duly licensed or qualified and in good standing in each jurisdiction in which the conduct of
its business requires such qualification or licensing; (f) Borrower will engage only in the business conducted by it on the date of this agreement and other businesses reasonably related thereto; and (g) Borrower will notify Lender in
writing of the occurrence of any Event of Default or any act or condition, which, with the giving of notice or the passage of time might become an Event of Default. Any reference herein to a “Material Adverse Effect” shall mean a material
adverse effect on: (a) the property, assets, financial condition, business or operations of the Borrower or any guarantor; (b) the ability of Borrower to perform any of its payment or other obligations under this agreement, or any related
document to which it is a party; (c) the legality, validity or enforceability of the obligations of Borrower under this agreement, or any related document to which it is a party; or (d) the ability of Lender to exercise its rights and
remedies with respect to, or otherwise realize upon, any of the collateral or any of the security for the obligations of Borrower to Lender or any affiliate of Lender under this agreement or any document executed in connection herewith. 

23. NEGATIVE COVENANTS OF BORROWER Borrower, without the prior written consent of Lender, covenants and agrees that it will not:
(a) Without thirty (30) days prior written notice to Lender, (i) change its business addresses or chief executive office, or (ii) make any change in Borrower’s name, state of formation, identity or organizational status;
(b) permit any part of the Collateral to be or become an accession to other goods not covered by this agreement; (c) except for liens in favor of Lender or permitted encumbrances agreed to by Lender prior to the execution of this agreement
(if any), create, incur, assume or suffer to exist any mortgage, lien, security interest, pledge or other encumbrance on the Collateral; (d) convey, sell, transfer, lease, or sell and lease back, all or any substantial portion of its property,
assets or business to any other Person, or merge or consolidate with or into any other Person or into any joint venture or partnership with any other Person, (f) purchase, redeem, acquire or retire any of Borrower’s ownership interests
whether such interests are in the form of stock, partnership or limited partnership interests, limited liability company units or other ownership interests; or (g) make or suffer to exist any investments in, or loans or advances to, any other
Person except (i) advance payments or deposits against purchases made in the ordinary course of Borrower’s regular business; (ii) direct obligations to the United States of America; (iii) any existing investments in, or existing
advances to, any affiliate; or (iv) temporary advances to employees to cover expenses incurred in the ordinary course of Borrower’s business. As used herein “Person” shall mean any individual, corporation, limited liability
company, partnership, joint venture, trust, unincorporated association, government or political subdivision or other entity, body, organization or group. 
 24. ADDITIONAL REPRESENTATIONS AND WARRANTIES OF BORROWER. Borrower represents: (a) that Lender’s security interest in the Collateral is a first security interest and that there are no other
security interests in or liens on the Collateral; (b) Borrower is the owner of the Collateral free and clear of all security

 
interests, liens or other encumbrances, except the security interest granted herein in favor of Lender and any liens disclosed in writing to Lender prior to the execution of this agreement;
(c) Borrower has good and marketable title to the Collateral and has the power and authority to own the Collateral, to grant the security interest contemplated by this agreement and to enter into and perform this agreement and any other
document or instrument delivered in connection herewith; (d) except as may hereafter be disclosed in writing by Borrower to Lender, the Collateral is located at and used in connection with Borrower’s business operations at the address(es)
specified herein, and Borrower’s records concerning the Collateral are kept only at such address(es) (e) if Borrower is not an individual, Borrower is an entity, duly organized, and validly existing, and in good standing under the laws of
the State of its formation or organization; has all necessary power and authority to transact the business in which it is engaged; is duly licensed or qualified and in good standing in each other jurisdiction in which the conduct of such business
requires such licensing or such qualification, except where the failure to be so licensed or qualified would not have a Material Adverse Effect; (f) Borrower has all necessary power and authority to enter this agreement and to execute, deliver
and perform this agreement, and any other document executed in connection with this agreement, all of which have been duly authorized by all proper and necessary action by Borrower and the owners of Borrower; (g) this agreement, and any other
document executed in connection herewith constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms except as enforceability may be limited by applicable bankruptcy and insolvency laws and
laws affecting creditor’s rights generally; (h) there are not any actions, suits, proceedings (whether or not on behalf of Borrower) or investigations pending or, to the best of Borrower’s knowledge, threatened against Borrower which,
if adversely determined, would, in any case or in the aggregate, have a Material Adverse Effect, or which question the validity of this agreement, or any other documents executed in connection with this agreement, or any action taken or to be taken
pursuant to any of the foregoing; (i) no consent, license, approval or authorization of, or registration, declaration or filing with, any court, governmental body or authority or other Person, which has not been obtained or made, is required in
connection with the valid execution, delivery or performance of this agreement, or any other documents executed in connection with this agreement or in connection with any of the transactions contemplated thereby, other than filings and recordings
in connection with this agreement; (j) Borrower is not in violation of any term of its organizational documents, or of any agreement or other instrument or agreement pertaining to indebtedness for borrowed money; (k) Borrower is not in
violation of any term of any other indenture, instrument, or agreement to which it is a party or by which it may be bound, resulting, or which might reasonably be expected to result, in a Material Adverse Effect, nor is Borrower in violation of any
order, writ, judgment, injunction or decree of any court of competent jurisdiction, and to Borrower’s best knowledge, Borrower is not in violation of any statute, rule or regulation of any competent governmental authority, the violation of
which could reasonably be expected to have a Material Adverse Effect; (l) Borrower is not insolvent as defined in any applicable state or federal statute, nor will Borrower be rendered insolvent by the execution and delivery of this Agreement,
or any document related hereto, and after the making of any loan or credit facility hereunder, Borrower reasonably expects to (i) be able to pay its debts as they become due, (ii) have funds and capital sufficient to carry on its business
and all businesses in which it is about to engage, and (iii) own property having a value at both fair valuation and at fair salable value in the ordinary course of Borrower’s business greater than the amount required to pay its debts as
they become due; (m) the execution and delivery of this agreement and any other document related to this agreement and the performance of all of the same is and will be in compliance with the foregoing and will not result in any violation or
result in the creation of any mortgage, lien, security interest, charge or encumbrance upon any properties or assets except in favor of Lender; (n) Borrower has duly filed all federal and other tax returns required to be filed and has paid all
taxes required by such returns through its latest fiscal year end, and has not received any assessments by the Internal Revenue Service or other taxing authority for additional unpaid taxes. 

25. PATRIOT ACT. Borrower warrants, represents and covenants that neither Borrower nor any guarantor nor any of their respective affiliates
is or will be a person (a) that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order 13224 issued on September 24, 2001 (“EO13224”), (b) whose name appears on the United States Treasury
Department’s Office of Foreign Assets Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons,” (c) who commits, threatens to commit or supports “terrorism,” as defined in
EO13224, or (d) who is otherwise affiliated with any entity or person listed above (any and all parties or persons described in subparts [a] - [d] above are herein referred to as a “Prohibited Person”). Borrower covenants and agrees
that neither Borrower, nor any guarantor nor any of their respective affiliates will knowingly (i) conduct any business, nor engage in any transaction or dealing, with any Prohibited Person, including, but not limited to, the making or
receiving of any contribution of funds, goods, or services to or for the benefit of a Prohibited Person, or (ii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to
violate, any of the prohibitions set forth in EO13224. Borrower further covenants and agrees to deliver (from time to time) to Lender any such certification or other evidence as may be requested by Lender in its sole and absolute discretion,
confirming each such representation. 
 26. CHOICE OF LAW AND INTEREST LIMITATION. THIS AGREEMENT SHALL BE INTERPRETED AND THE
RIGHTS AND LIABILITIES OF THE PARTIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF THE CONFLICT OF LAWS. THIS AGREEMENT HAS BEEN DELIVERED TO AND ACCEPTED BY LENDER AND WILL BE DEEMED TO BE MADE IN THE
STATE OF NEW YORK. IF UNDER A FINAL JUDICIAL INTERPRETATION OF APPLICABLE LAW INTEREST IS DEEMED TO HAVE BEEN PAYABLE UNDER THIS AGREEMENT AT A RATE IN EXCESS OF THE MAXIMUM RATE ALLOWED BY SUCH LAW, THE AMOUNT NECESSARY TO RESULT IN SUCH INTEREST
NOT BEING PAYABLE AT A RATE IN EXCESS OF SUCH MAXIMUM RATE WILL BE DEEMED TO HAVE BEEN A MISTAKE AND AUTOMATICALLY CANCELLED AND, IF RECEIVED BY LENDER, RETURNED TO BORROWER OR APPLIED TO THE OBLIGATIONS IN LENDER’S SOLE DISCRETION. ANY
PROVISION OF THIS AGREEMENT WHICH FOR ANY REASON MAY BE HELD UNENFORCEABLE IN ANY JURISDICTION WILL, AS TO SUCH JURISDICTION,

 

 
BE INEFFECTIVE WITHOUT INVALIDATING THE REMAINING PROVISIONS OF THIS AGREEMENT. 
 27. ADDITIONAL DOCUMENTS. Borrower will sign and deliver to Lender any documents that Lender reasonably requests to protect Lender’s interest in the Collateral. Borrower further will furnish Lender (if
requested by Lender) (a) copies of Borrower’s filed federal tax returns and a fiscal year-end financial statement including balance sheet and profit and loss statement within 120 days of the close of each fiscal year and (b) such
other information and documents as Lender may reasonably request. Borrower will reimburse Lender for all search and filing fees incurred by Lender in connection with this agreement. 

28. NOTICES. Any notice required by this agreement or the UCC will be directed to the intended recipient, if Borrower, to Borrower’s
last known address in Lender’s records, or if to Lender to First Niagara Leasing, Inc., 726 Exchange Street, Suite 900, Buffalo, New York 14210 or such other address of which Lender has given Borrower written notice and may be mailed, sent by
facsimile or delivered personally. Any notice will be deemed given (a) if sent by mail, 5 business days after being deposited with the United States Postal Service, (b) when sent by facsimile, upon receipt of electronic confirmation of
successful transmission, or (c) if delivered personally, on receipt. 
 29. MISCELLANEOUS. This agreement constitutes the
entire agreement of the parties as to the subject matter hereof and may not be amended except by a written agreement signed by the parties. Any waiver by Lender must be in writing, and other action by Lender or Lender’s failure to act will not
operate as a waiver. Whenever the context of this agreement requires, the singular includes the plural. If there is more than one Borrower named in this agreement, the liability of each is joint and several. The titles to the paragraphs of this
agreement are solely for the convenience of the parties and are not an aid in the interpretation. Time is of the essence of this agreement. The Obligations will survive the release of the security interest in the Collateral. Borrower hereby appoints
Lender as attorney-in-fact of Borrower, irrevocably and with power of substitution, in the same manner, to the same extent and with the same effect as if Borrower were to do the same to file financing statements relating to the Collateral or to
execute and file any such financing statement in Borrower’s name, all as Lender may deem appropriate to perfect and continue Lender’s security interest in and to the Collateral, to endorse the name of Borrower on any instruments, documents
or other evidences of the Collateral that may come into Lender’s possession, to execute proofs of claim and loss, to execute endorsements, assignments or other instruments of conveyance or transfer, and to perform all other acts which Lender
deems appropriate to protect and preserve the Collateral and to enforce the terms of this agreement. The agency hereunder is unconditional and shall not terminate until all of the Obligations are paid in full. Lender and Borrower shall include the
heirs, distributees, executors or administrators, or successors or assigns, of those parties. No modification, rescission, waiver, release or amendment of any provision of this agreement shall be binding except by a written agreement subscribed by
Borrower and by a duly authorized officer of Lender. This agreement and the transaction evidenced hereby shall be construed under the laws of New York State as the same may from time to time be in effect. All terms defined in the Uniform Commercial
Code, unless otherwise defined in this agreement or in any financing statement, shall have the definitions set forth in the Uniform Commercial Code adopted in New York State as in effect on the date of this agreement and as the same may be amended,
modified or supplemented from time to time. If any term of this Agreement shall be held to be invalid, illegal or unenforceable, the validity of all other terms hereof shall in no way be affected thereby. This Agreement is and is intended to be a
continuing security agreement and shall remain in full force and effect until all of the Obligations and any extensions or renewals thereof shall be paid in full. 
 30. FINANCIAL COVENANTS: (a) Maximum Capital Expenditures; Neither Borrower nor Borrower’s parent company, Metalico, Inc., shall incur or make any Capital Expenditure combined in excess of
$25,000,000.00 per annum for the fiscal year 2011, and each fiscal year thereafter, such Capital Expenditure combined shall not exceed $10,000,000.00 per annum. “Capital Expenditure” means any expenditure to expend money for any purchase
or other acquisition of any asset that may be properly classified as a fixed or capital asset on a consolidated balance sheet Metalico, Inc. and its subsidiaries, prepared in accordance with generally accepted accounting principles. Notwithstanding
the foregoing, to the extent that the maximum Capital Expenditure covenant contained herein is inconsistent with the maximum Capital Expenditure covenant contained in any senior financing agreement or other senior financing document (as amended, the
“Senior Financing Documents”) to which the Borrower or Metalico, Inc. is subject, then the maximum Capital Expenditure covenant contained herein shall be amended to the extent necessary to “mirror” the Capital Expenditure
covenant set forth in such Senior Financing Documents. 
 (b) Minimum Fixed Charge Coverage Ratio of 1.10 to 1.0 at the end of each
fiscal quarter for the four (4) most recently completed fiscal quarters commencing December 31, 2011, measured on a consolidated/consolidating basis. “Fixed Charge Coverage Ratio” means, as of the date of determination, the ratio
of (i) EBITDA minus the unfinanced portion of Capital Expenditures to (ii) Fixed Charges, all calculated for Metalico, Inc. and its subsidiaries (including Borrower) on a consolidated basis in accordance with generally accepted accounting
principles. Notwithstanding the foregoing, to the extent that the minimum Fixed Charge Coverage Ratio covenant contained herein is inconsistent with the minimum Fixed Charge Coverage Ratio covenant contained in any Senior Financing Documents to
which the Borrower or Metalico, Inc. is subject, then the minimum Fixed Charge Coverage Ratio covenant contained herein shall be amended to the extent necessary to “mirror” the Fixed Charge Coverage Ratio covenant set forth in such Senior
Financing Documents; provided, however, that in no event shall such inconsistency with the Senior Financing Documents result in a minimum Fixed Charge Coverage Ratio of less than 1.00 to 1.00, nor shall the component definitions of “Fixed
Charge Coverage Ratio” be deemed to be amended or modified.

 “EBITDA” means, for any period, net income for such period plus (a) without
duplication and to the extent deducted in determining net income for such period, the sum of (i) interest expense for such period, (ii) income tax expense for such period, (iii) any extraordinary non-cash charges for such period and
(iv) any other non-cash charges for such period (but excluding any non-cash charge in respect to an item that was included in net income in a prior period and any non-cash charge that relates to the write-down or write-off of inventory), minus
((b) without duplication and to the extent included in net income, (i) any cash payments made during such period in respect of non-cash charges described in clause (a) (iv) taken in a prior period and (ii) any extraordinary gains
and any non-cash items of income for such period, all calculated for Metalico, Inc. and its subsidiaries (including Borrower) on a consolidated basis in accordance with generally accepted accounting principles. 

“Fixed Charges” means, with reference to any period, without duplication, cash interest expense, plus cash prepayments and
scheduled principal payments on indebtedness made during such period, plus expense for taxes paid in cash, plus dividends or distributions paid in cash, plus capital lease obligation payments, plus cash contributions to any Plan, so long as such
cash contributions are not expensed in the income statement, plus any liability payments made by Metalico, Inc. and/or Metalico Buffalo, Inc. under the non-compete provisions of the Goodman SPA or related documents that are not expensed in Metalico,
Inc.’s consolidated Income Statements, all calculated for Metalico, Inc. and its subsidiaries on a consolidated basis. 

“Plan” means any employee pension benefit plan (other than a multiemployer plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Internal Revenue Code or Section 302 of ERISA, and in respect of which any Borrower or any ERISA affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 Borrower will cause Metalico, Inc. to adhere to the financial
covenants as herein above stated and shall notify Lender if changed in the Senior Financing Documents. 
 31. CERTIFICATION. THE
PERSON EXECUTING THIS AGREEMENT ON BEHALF OF BORROWER CERTIFIES THAT PERSON’S DUE AUTHORITY TO DO SO, AND THAT EACH ITEM OF COLLATERAL WILL, AT THE TIME LENDER FUNDS THE LOAN, BE OWNED BY BORROWER FREE AND CLEAR OF LIENS OR ENCUMBRANCES AND BE
IN GOOD CONDITION AND WORKING ORDER. 
 32. CONSENT TO JURISDICTION. BORROWER CONSENTS IN EACH ACTION AND OTHER LEGAL PROCEEDING
COMMENCED BY LENDER AND ARISING OUT OF OR OTHERWISE RELATING TO THIS AGREEMENT, OR ANY OF THE COLLATERAL, TO THE NONEXCLUSIVE JURISDICTION OF ANY COURT THAT IS EITHER A COURT OF RECORD OF THE STATE OF NEW YORK OR A FEDERAL COURT LOCATED IN THE
WESTERN DISTRICT OF NEW YORK. 
 33. BORROWER (a) KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES EACH RIGHT
BORROWER MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO, AND EACH RIGHT TO ASSERT ANY CLAIM FOR DAMAGES (INCLUDING, BUT NOT LIMITED TO, PUNITIVE DAMAGES) IN ADDITION TO ACTUAL DAMAGES IN, ANY ACTION OR OTHER LEGAL PROCEEDING, OF ANY NATURE RELATING TO
(i) THIS AGREEMENT, ANY LOAN, LEASE, OR COLLATERAL DOCUMENT, (ii) ANY TRANSACTION CONTEMPLATED IN ANY SUCH DOCUMENTS OR (iii) ANY NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT, ANY OF THE OBLIGATIONS, ANY
COLLATERAL OR ANY OTHER COLLATERAL AND (b) CERTIFIES THAT (i) NEITHER LENDER, ANY LENDER AFFILIATE NOR ANY REPRESENTATIVE OF LENDER OR ANY LENDER AFFILIATE HAS REPRESENTED TO BORROWER THAT LENDER OR ANY LENDER AFFILIATE WILL NOT SEEK TO
ENFORCE THE WAIVER MADE BY BORROWER IN THIS SECTION 32, AND (ii) IT HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS AGREEMENT AS NECESSARY AND APPROPRIATE BY INDEPENDENT LEGAL COUNSEL. 

 

			
		  	 
		  	            Initials

 BORROWER HAS READ AND AGREES TO ALL ITEMS ON THIS PAGE

 

 EXHIBIT B 
 TO 
 EQUIPMENT FINANCING AGREEMENT 

This Exhibit B No. 14862 dated February 27, 2012 is attached to and is a part of Equipment Financing Agreement
No. 13379. 
 Draw B 
  

			
	
Amount
	    	$2,526,810.06
	 Rate of Interest
	    	4.77% per annum
	 Funding Date
	    	February 27, 2012
	 Number of Monthly Payments
	    	118
	 First Monthly Payment due
	    	March 22, 2012
	 Monthly Payment Amount
	    	$26,847.33
	 Total Loan Amount (Draws A +
B)
	    	$10,418,000.00

 The terms of this Exhibit B shall become effective upon the execution and delivery hereof by the parties hereto. 

LENDER:  First Niagara Leasing, Inc. 
  

			
	BY: X	 	   /S/ CHERYL
MALICKI

		 	 Cheryl Malicki

		 	Authorized Representative
		 	Date: February 27, 2012

 BORROWER:  Buffalo Shredding and Recovery, LLC 
 By: Metalico New York, Inc. (fka Metalico Syracuse, Inc.), its sole Member 
  

			
	BY: X	 	   /S/ MICHAEL
DRURY

		 	Michael J. Drury
		 	President
		 	Date: February 27, 2012

 AMENDMENT 1 

Dated February 17, 2012 
 to 
 EQUIPMENT FINANCING AGREEMENT NO. 13379 (the “Agreement”)

 dated December 12, 2011 between Buffalo Shredding and Recovery, LLC 

(as “Borrower”) and First Niagara Leasing, Inc. (as “Lender”) 

Effective this 17th day of February 2012, the parties hereto agree that the above referenced Agreement is hereby amended as follows:

  

	 	1.	Section 30 Financial Covenants: (a) Maximum Capital Expenditures, is amended such that Lender hereby consents to the Borrower incurring Capital
Expenditures for fiscal year 2011 of approximately $28,000,000. 

  

	 	2.	The definition of “Fixed Charges” as stated in section 30(b) is hereby replaced and restated as follows: 

“Fixed Charges” means, with reference to any period, without duplication, cash interest expense, plus cash prepayments and
scheduled principal payments on indebtedness made during such period, plus net taxes paid in cash, plus dividends or distributions paid in cash, plus capital lease obligation payments, plus cash contributions to any Plan, so long as such cash
contributions are not expensed in the income statement, all calculated for Metalico, Inc. and its subsidiaries on a consolidated basis, it being understood that any redemption of the convertible notes (including redemptions made prior to 2012) shall
not be used in calculating Fixed Charges other than as set forth in Section 6.08 (b) (vi) of the Chase Senior Financing Document. 
 All other terms and conditions of the Agreement shall remain unaltered. The parties have caused this Amendment 1 to be executed by their duly authorized representatives as of the date first set forth
above. 
  

									
	 Lender: First Niagara Leasing, Inc.
	 		 	 Borrower: Buffalo Shredding and Recovery, LLC

		 		 		 	 By: Metalico New York, Inc., its sole Member

					
	 By:
	 	 /S/ CHERYL MALICKI
	 		 	 By:
	 	 /S/ MICHAEL J. DRURY

					
	 Name:
	 	 Cheryl Malicki
	 		 	 Name:
	 	 Michael J. Drury

					
	 Title:
	 	 Authorized Representative
	 		 	 Title:
	 	 PresidentForm of Indemnification Agreement

 Exhibit 10.10 
 FORM OF INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement
(“Agreement”) is made and entered into as of this              day of
                     2010, by and among Forum Energy Technologies, Inc. (the “Company”), a Delaware corporation, and
                     (“Indemnitee”). 
 WHEREAS, in light of the litigation costs and risks to directors and officers resulting from their service to companies, and the desire of the Company to attract and retain qualified individuals to serve
as directors and officers, it is reasonable, prudent and necessary for the Company to indemnify and advance expenses on behalf of the directors and officers of the Company to the extent permitted by applicable law so that they will serve or continue
to serve the Company free from undue concern regarding such risks; 
 WHEREAS, the Company has requested that Indemnitee serve
or continue to serve as a director of the Company and may have requested or may in the future request that Indemnitee serve one or more Enterprises (as hereinafter defined) as an officer, director or in other capacities; 

WHEREAS, Indemnitee is willing to serve as a director of the Company or in any other Corporate Status (as hereinafter defined) on the
condition that Indemnitee be so indemnified; and 
 WHEREAS, this Agreement is a supplement to and in furtherance of the Second
Amended and Restated Certificate of Incorporation of the Company, as may be further amended from time to time after the date hereof (the “Certificate of Incorporation”), the Amended and Restated Bylaws of the Company, as may be
further amended from time to time after the date hereof in accordance with the terms thereof (the “Forum Bylaws” and, together with the Certificate of Incorporation, the “Company Organizational Documents”), any
organizational documents of any other Enterprise (collectively, the “Enterprise Organizational Documents”) and any resolutions adopted by the Board of Directors or similar governing body of any other Enterprise, and shall not be
deemed to be a substitute therefor nor to diminish or abrogate any rights of Indemnitee thereunder. 
 NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 1. Services by Indemnitee. Indemnitee will serve or continue to serve as a director of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders
Indemnitee’s resignation or is removed in accordance with the Company Organizational Documents. Indemnitee may from time to time also agree to serve, as the Company may request from time to time, in another capacity for any Enterprise.
Indemnitee and the Company each acknowledge that they have entered into this Agreement as a means of inducing Indemnitee to serve, or continue to serve, the Company in such capacities. Indemnitee may at any time and for any reason resign from such
position or positions (subject to any other contractual obligation or any obligation imposed by operation of law). 
 2.
Indemnification - General. On the terms and subject to the conditions of this Agreement, the Company shall, to the fullest extent permitted under applicable law and so long 

  
 - 1 -

 
as Indemnitee has not engaged in Disabling Conduct, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all losses, liabilities, judgments, fines, penalties,
costs, Expenses (as hereinafter defined) and other amounts that Indemnitee reasonably incurs and that result from, arise in connection with or are by reason of Indemnitee’s Corporate Status (as hereinafter defined) and shall advance Expenses to
Indemnitee. The obligations of the Company under this Agreement (a) shall continue after such time as Indemnitee ceases to serve as a director of the Company or in any other Corporate Status, and (b) include, without limitation, claims for
monetary damages against Indemnitee in respect of any actual or alleged liability or other loss of Indemnitee, to the fullest extent permitted under applicable law as in existence on the date hereof (and to such greater extent as applicable law may
hereafter from time to time permit) provided that Indemnitee has not engaged in Disabling Conduct. The other provisions in this Agreement are provided in addition to and as a means of furtherance and implementation of, and not in limitation of, the
obligations expressed in this Section 2. 
 3. Proceedings Other Than Proceedings by or in the Right of the Company.
If in connection with or by reason of Indemnitee’s Corporate Status Indemnitee was, is, or is threatened to be made, a party to or a participant in any Proceeding (as hereinafter defined), other than a Proceeding by or in the right of the
Company to procure a judgment in its favor, the Company shall, to the fullest extent permitted under applicable law and so long as Indemnitee has not engaged in Disabling Conduct, indemnify Indemnitee with respect to, and hold Indemnitee harmless
from and against, all Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such liabilities, judgments,
penalties, fines and amounts paid in settlement) reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with such Proceeding or any claim, issue or matter therein. 

4. Proceedings by or in the Right of the Company. If by reason of Indemnitee’s Corporate Status Indemnitee was, is, or is
threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor, the Company shall, to the fullest extent permitted under applicable law and so long as Indemnitee has not
engaged in Disabling Conduct, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with such Proceeding; provided,
however, that indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company
only if (and only to the extent that) the court in which such Proceeding shall have been brought or is pending shall determine that despite such adjudication of liability and in light of all circumstances such indemnification may be made.

 5. Mandatory Indemnification in Case of Successful Defense. Notwithstanding any other provision of this Agreement, to
the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding (including, without limitation, any Proceeding brought by or
in the right of the Company), the Company shall, to the fullest extent permitted under applicable law and so long as Indemnitee has not engaged in Disabling Conduct, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and
against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection therewith. If Indemnitee is not wholly 

  
 - 2 -

 
successful in defense of such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the
fullest extent permitted under applicable law and so long as Indemnitee has not engaged in Disabling Conduct, indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with each successfully
resolved claim, issue or matter. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, on substantive or procedural grounds,
shall be deemed to be a successful result as to such claim, issue or matter. 
 6. Partial Indemnification. If Indemnitee
is entitled under any provision of this Agreement or otherwise to indemnification by the Company for some or a portion of the Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and
other charges paid or payable in connection with or in respect of such liabilities, judgments, penalties, fines and amounts paid in settlement) incurred by Indemnitee or on behalf of Indemnitee in connection with a Proceeding or any claim, issue or
matter therein, in whole or in part, the Company shall, to the fullest extent permitted under applicable law and so long as Indemnitee has not engaged in Disabling Conduct, indemnify Indemnitee to the fullest extent to which Indemnitee is entitled
to such indemnification. 
 7. Indemnification for Additional Expenses Incurred to Secure Recovery or as Witness.

  

	 	(a)	The Company shall, to the fullest extent permitted under applicable law and so long as Indemnitee has not engaged in Disabling Conduct, indemnify Indemnitee with
respect to, and hold Indemnitee harmless from and against, any and all Expenses and, if requested by Indemnitee, shall advance on an as-incurred basis (as provided in Section 8 of this Agreement) such Expenses to Indemnitee, which are
reasonably incurred by Indemnitee in connection with any action or proceeding or part thereof brought by Indemnitee for (i) indemnification or advance payment of Expenses by the Company under this Agreement, any other agreement or the Company
Organizational Documents; or (ii) recovery under any directors’ and officers’ insurance policies maintained by the Company or other Enterprise. 

 

	 	(b)	To the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness (or is forced or asked to respond to discovery requests) in any Proceeding
to which Indemnitee is not a party, the Company shall, to the fullest extent permitted under applicable law and so long as Indemnitee has not engaged in Disabling Conduct, indemnify Indemnitee with respect to, and hold Indemnitee harmless from and
against, and the Company will advance on an as-incurred basis (as provided in Section 8 of this Agreement), all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection therewith. 

8. Advancement of Expenses. The Company shall, to the fullest extent permitted under applicable law, pay on a current and
as-incurred basis all Expenses incurred by Indemnitee in connection with any Proceeding in any way connected with, resulting from or relating to Indemnitee’s Corporate Status. Such Expenses shall be paid in advance of the final disposition of
such Proceeding, without regard to whether Indemnitee will ultimately be entitled to be 

  
 - 3 -

 
indemnified for such Expenses and without regard to whether an Adverse Determination has been or may be made, except as contemplated by the last sentence of Section 9(f) of this
Agreement. Upon submission of a request for advancement of Expenses pursuant to Section 9(c) of this Agreement, Indemnitee shall be entitled to advancement of Expenses as provided in this Section 8, and such advancement of
Expenses shall continue until such time (if any) as there is a final non-appealable judicial determination that Indemnitee is not entitled to indemnification or that Indemnitee engaged in Disabling Conduct. Indemnitee shall repay such amounts
advanced if and to the extent that it shall ultimately be determined in a decision by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is not entitled to be indemnified by the Company for such Expenses or that
Indemnitee engaged in Disabling Conduct. Such repayment obligation shall be unsecured and shall not bear interest. The Company shall not impose on Indemnitee additional conditions to advancement or require from Indemnitee additional undertakings
regarding repayment. 
 9. Indemnification Procedures. 

(a) Notice of Proceeding. Indemnitee agrees to notify the Company promptly upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses hereunder. Any failure by Indemnitee to notify the Company will relieve
the Company of its advancement or indemnification obligations under this Agreement only to the extent the Company can establish that such omission to notify resulted in actual prejudice to it, and the omission to notify the Company will, in any
event, not relieve the Company from any liability which it may have to indemnify Indemnitee or advance Expenses to Indemnitee otherwise than under this Agreement. If, at the time of receipt of any such notice, the Company has director and officer
insurance policies in effect, the Company will promptly notify the relevant insurers in accordance with the procedures and requirements of such policies. 
 (b) Defense; Settlement. The Company shall not, without the prior written consent of Indemnitee, which may be provided or withheld in Indemnitee’s sole discretion, effect any settlement of any
Proceeding against Indemnitee or which could have been brought against Indemnitee or which potentially or actually imposes any cost, liability, exposure or burden on Indemnitee unless such settlement solely involves the payment of money or
performance of any obligation by Persons other than Indemnitee and includes an unconditional release of Indemnitee from all liability on any matters that are the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing
in connection with such matters. The Company shall not be obligated to indemnify Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if such settlement is effected by Indemnitee without the Company’s prior written
consent, which consent shall not be unreasonably withheld. 
 (c) Request for Advancement; Request for
Indemnification. 

  
 - 4 -

 (i) To obtain advancement of Expenses under this Agreement, Indemnitee shall submit to the
Company a written request therefor, together with such invoices or other supporting information as may be reasonably requested by the Company and reasonably available to Indemnitee, and, only to the extent required by applicable law which cannot be
waived, an unsecured written undertaking to repay amounts advanced. The Company shall make advance payment of Expenses to Indemnitee no later than ten (10) days after receipt of the written request for advancement (and each subsequent request
for advancement) by Indemnitee. If, at the time of receipt of any such written request for advancement of Expenses, the Company has director and officer insurance policies in effect, the Company will promptly notify the relevant insurers in
accordance with the procedures and requirements of such policies. 
 (ii) To obtain indemnification under this Agreement, at
any time after submission of a request for advancement pursuant to Section 9(c)(i) of this Agreement, Indemnitee may submit a written request for indemnification hereunder. The time at which Indemnitee submits a written request for
indemnification shall be determined by the Indemnitee in the Indemnitee’s sole discretion. Once Indemnitee submits such a written request for indemnification (and only at such time that Indemnitee submits such a written request for
indemnification), a Determination shall thereafter be made, as provided in and only to the extent required by Section 9(d) of this Agreement. In no event shall a Determination be made, or required to be made, as a condition to or
otherwise in connection with any advancement of Expenses pursuant to Section 8 and Section 9(c)(i) of this Agreement. If, at the time of receipt of any such request for indemnification, the Company has director and officer
insurance policies in effect, the Company will promptly notify the relevant insurers in accordance with the procedures and requirements of such policies. 
 (d) Determination. Any Determination shall be made within thirty (30) days after receipt of Indemnitee’s written request for indemnification pursuant to Section 9(c)(ii) (or in the
case of a Determination to be made by Independent Counsel within 30 days of the selection of Independent Counsel) and such Determination shall be made, subject to Section 9(g), in the specific case as follows: 

(i) If a Potential Change in Control or a Change in Control shall have occurred, by Independent Counsel (selected in accordance with
Section 9(e)) in a written opinion to the Board of Directors, a copy of which opinion shall be delivered to Indemnitee, unless Indemnitee shall request that such determination be made by the Board of Directors, or a committee of the Board of
Directors, in which case by the Person or Persons or in the manner provided for in clause (x) or (y) of Section 9(d)(ii) below; or 
 (ii) If a Potential Change in Control or a Change in Control shall not have occurred, (x) by the Board of Directors by a majority vote of the Disinterested Directors even though less than a quorum of
the Board of Directors, (y) by a majority vote of a committee consisting solely of one or more Disinterested Directors designated to act in the matter by a majority vote of all Disinterested Directors, even though less than a quorum of the
Board of Directors, or (z) if there are no Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, with
Independent Counsel being selected by a vote of the 

  
 - 5 -

 
Disinterested Directors as set forth in clauses (x) or (y) of this Section 9(d)(ii), or if such vote is not obtainable or such a committee of Disinterested Directors cannot be
established, by a majority vote of the Board of Directors. 
 If a Determination is made that Indemnitee is entitled to indemnification, payment
to Indemnitee shall be made within ten (10) days after such Determination. Indemnitee shall reasonably cooperate with the Person or Persons making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such Persons upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such Determination.
Any Expenses incurred by Indemnitee in so cooperating with the Disinterested Directors or Independent Counsel, as the case may be, making such determination shall be advanced and borne by the Company (irrespective of the Determination as to
Indemnitee’s entitlement to indemnification) and the Company is liable to indemnify and hold Indemnitee harmless therefrom. 
 (e) Independent Counsel. If a Potential Change in Control or a Change in Control shall not have occurred and the determination of entitlement to indemnification is to be made by Independent
Counsel, the Independent Counsel shall be selected by (i) a majority vote of the Disinterested Directors, even though less than a quorum of the Board of Directors or (ii) if there are no Disinterested Directors, by a majority vote of the
Board of Directors, and the Company shall give written notice to Indemnitee, within ten (10) days after receipt by the Company of Indemnitee’s request for indemnification, specifying the identity and address of the Independent Counsel so
selected. If a Potential Change in Control or a Change in Control shall have occurred and the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected by Indemnitee, and
Indemnitee shall give written notice to the Company, within ten (10) days after submission of Indemnitee’s request for indemnification, specifying the identity and address of the Independent Counsel so selected (unless Indemnitee shall
request that such selection be made by the Disinterested Directors or a committee of the Board of Directors, in which event the Company shall give written notice to Indemnitee within ten (10) days after receipt of Indemnitee’s request for
the Board of Directors or a committee of the Disinterested Directors to make such selection, specifying the identity and address of the Independent Counsel so selected). In either event, (A) such notice to Indemnitee or the Company, as the case
may be, shall be accompanied by a written affirmation of the Independent Counsel so selected that it satisfies the requirements of the definition of “Independent Counsel” in Section 14 and that it agrees to serve in such capacity and
(B) Indemnitee or the Company, as the case may be, may, within seven (7) days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection.
Any objection to the selection of Independent Counsel pursuant to this Section 9(e) may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of the definition of “Independent Counsel”
in Section 14, and the objection shall set forth with particularity the factual basis of such assertion. If such written objection is timely made, the 

  
 - 6 -

 
Independent Counsel so selected may not serve as Independent Counsel unless and until a court of competent jurisdiction (the “Court”) has determined that such objection is
without merit. In the event of a timely written objection to a choice of Independent Counsel, the party originally selecting the Independent Counsel shall have seven (7) days to make an alternate selection of Independent Counsel and to give
written notice of such selection to the other party, after which time such other party shall have five (5) days to make a written objection to such alternate selection. If, within thirty (30) days after submission of Indemnitee’s
request for indemnification pursuant to Section 9(c)(ii), no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court for resolution of any objection that shall have been made by
the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a Person selected by the Court or by such other Person as the Court shall designate, and the Person with respect to
whom an objection is so resolved or the Person so appointed shall act as Independent Counsel under Section 9(d). The Company shall pay any and all fees and expenses reasonably incurred by such Independent Counsel in connection with acting
pursuant to Section 9(d), and the Company shall pay all fees and expenses reasonably incurred incident to the procedures of this Section 9(e) regardless of the manner in which such Independent Counsel was selected or appointed. Upon the
due commencement of any judicial proceeding or arbitration pursuant to Section 9(f) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable
standards of professional conduct then prevailing). 
 (f) Consequences of Determination; Remedies of
Indemnitee. The Company shall be bound by and shall have no right to challenge a Favorable Determination. If an Adverse Determination is made, or if for any other reason the Company does not make timely indemnification payments or advances of
Expenses, Indemnitee shall have the right to commence a Proceeding before a court of competent jurisdiction to challenge such Adverse Determination and/or to require the Company to make such payments or advances (and the Company shall have the right
to defend their position in such Proceeding and to appeal any adverse judgment in such Proceeding). Indemnitee shall be entitled to be indemnified for all Expenses incurred in connection with such a Proceeding and to have such Expenses advanced by
the Company in accordance with Section 8 of this Agreement. If Indemnitee fails to challenge an Adverse Determination, or if Indemnitee challenges an Adverse Determination and such Adverse Determination has been upheld by a final
judgment of a court of competent jurisdiction from which no appeal can be taken, then, to the extent and only to the extent required by such Adverse Determination or final judgment, the Company shall not be obligated to indemnify or advance Expenses
to Indemnitee under this Agreement. 
 (g) Presumptions; Burden and Standard of Proof. The parties intend
and agree that, to the extent permitted by law, in connection with any Determination with respect to Indemnitee’s entitlement to indemnification hereunder by any Person, including a court: 

  
 - 7 -

 (i) it will be presumed that Indemnitee is entitled to indemnification under this
Agreement, and the Enterprise or any other Person challenging such right will have the burden of proof to overcome that presumption in connection with the making by any Person of any determination contrary to that presumption; 

(ii) the termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of
nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the applicable
Enterprise, and, with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s conduct was unlawful or that Indemnitee did not act in accordance with any other applicable standard of conduct imposed by
contract, applicable law or otherwise; 
 (iii) Indemnitee will be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the applicable Enterprise, including financial statements, or on information supplied to Indemnitee by the officers, employees, or committees of the Board of Directors or other governing body of
the applicable Enterprise, or on the advice of legal counsel for the applicable Enterprise or on information or records given in reports made to the applicable Enterprise by an independent certified public accountant or by an appraiser or other
expert or advisor selected by the applicable Enterprise; and 
 (iv) the knowledge and/or actions, or failure to act, of any
director, officer, manager, representative, agent or employee of any Enterprise or other relevant enterprises will not be imputed to Indemnitee in a manner that limits or otherwise adversely affects Indemnitee’s rights hereunder. 

The provisions of this Section 9(g) shall not be deemed to be exclusive or to limit in any way the other circumstances in
which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 
 10. Insurance;
Subrogation; Other Rights of Recovery, etc. 
  

	 	(a)	 The Company shall use its reasonable best efforts to purchase and maintain a policy or policies of insurance with reputable insurance companies with
A.M. Best ratings of “A” or better, providing Indemnitee with coverage for any liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, or arising out of
Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability. Such insurance policies shall have coverage terms and policy limits at least as favorable to Indemnitee as the
insurance coverage provided to any other current or former officer or director of the Company. If the Company has such insurance in effect at the time it receives from Indemnitee any notice of the commencement of an action, suit, proceeding or other
claim, the Company shall give prompt notice of the commencement of such action, suit, proceeding or other claim to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take all necessary or desirable
action to 

  
 - 8 -

	 	
cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding or other claim in accordance with the terms of such policy. The Company shall
continue to provide such insurance coverage to Indemnitee for a period of at least six (6) years after Indemnitee ceases to serve as a director or in any Corporate Status. 

 

	 	(b)	In the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of
Indemnitee against any other Enterprise, and Indemnitee hereby agrees, as a condition to obtaining any advancement or indemnification from the Company, to assign to the Company all of Indemnitee’s rights to obtain from such other Enterprise
such amounts to the extent that they have been paid by the Company to or for the benefit of Indemnitee as advancement or indemnification under this Agreement and are adequate to indemnify Indemnitee with respect to the costs, Expenses or other items
to the full extent that Indemnitee is entitled to indemnification or other payment hereunder; and Indemnitee will (upon request by the Company) execute all papers required and take all action necessary to secure such rights, including execution of
such documents as are necessary to enable the Company to bring suit or enforce such rights. 

  

	 	(c)	The Company hereby unconditionally and irrevocably waives, relinquishes and releases, and covenants and agrees not to exercise (and to cause each of the other
Enterprises not to exercise), any rights that the Company may now have or hereafter acquire against any Designating Partner (or former Designating Partner), any of their respective affiliates or Indemnitee that arise from or relate to the existence,
payment, performance or enforcement of the Company’s obligations under this Agreement or under any other indemnification agreement or arrangement (whether pursuant to contract, the Company Organizational Documents, Enterprise Organizational
Documents or otherwise) with any Person, including, without limitation, any right of subrogation (whether pursuant to contract or common law), reimbursement, exoneration, contribution or indemnification, or to be held harmless, and any right to
participate in any claim or remedy of Indemnitee against any Designating Partner (or former Designating Partner), any of their respective affiliates or Indemnitee, whether or not such claim, remedy or right arises in equity or under contract,
statute or common law, including, without limitation, the right to take or receive from any Designating Partner (or former Designating Partner), any of their respective affiliates or Indemnitee, directly or indirectly, in cash or other property or
by set-off or in any other manner, payment or security on account of such claim, remedy or right. 

  

	 	(d)	The Company shall not be liable to pay or advance to Indemnitee any amounts otherwise indemnifiable under this Agreement or under any other indemnification agreement if
and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

  

	 	(e)	 The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee in respect of or relating to Indemnitee’s Corporate Status
shall be 

  
 - 9 -

	 	
reduced by any amount Indemnitee has actually received as payment of indemnification or advancement of Expenses from such other Enterprise, except to the extent that such indemnification payments
and advance payment of Expenses when taken together with any such amount actually received from other Enterprises or under directors’ and officers’ insurance policies maintained by one or more Enterprises are inadequate to fully pay all
costs, Expenses or other items to the full extent that Indemnitee is otherwise entitled to indemnification or other payment hereunder. 

  

	 	(f)	Except for the rights set forth in Sections 10(c) and 10(e) of this Agreement, the rights to indemnification and advancement of Expenses as provided by
this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time, whenever conferred or arising, be entitled under applicable law, under the Company’s Organizational Documents, Enterprise Organizational
Documents or under any other agreement, resolution of directors (or similar governing body) of any Enterprise, or otherwise. Indemnitee’s rights under this Agreement are present contractual rights that fully vest upon Indemnitee’s first
service as a director of the Company. The Parties hereby agree that Sections 10(c), 10(d) and 10(e) of this Agreement shall be deemed exclusive and shall be deemed to modify, amend and clarify any right to indemnification or
advancement provided to Indemnitee under any other contract, agreement or document with any Enterprise relating to advancement or indemnification. 

  

	 	(g)	No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any
action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other right or remedy. 

 11. Employment Rights; Successors; Third Party Beneficiaries.

  

	 	(a)	Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be, or retained, in the employment of the Company. This Agreement shall
continue in force as provided above after Indemnitee has ceased to serve as a director of the Company or in any Corporate Status. 

  

	 	(b)	This Agreement shall be binding upon each of the Company and their successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs,
executors and administrators. 

  

	 	(c)	The Designating Partners are express third party beneficiaries of this Agreement, are entitled to rely upon this Agreement, and may specifically enforce the
Company’s obligations hereunder (including but not limited to the obligations specified in Section 10 of this Agreement) as though a party hereunder. 

  
 - 10 -

 12. Severability. If any provision or provisions of this Agreement shall be held to
be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (b) such provision or provisions shall be deemed reformed to the extent
necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

13. Exception to Right of Indemnification or Advancement of Expenses. Notwithstanding any other provision of this Agreement and
except as provided in Section 7(a) of this Agreement or as may otherwise be agreed by the Company, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding
initiated by Indemnitee (other than a Proceeding by Indemnitee (i) to enforce Indemnitee’s rights under this Agreement or (ii) to enforce any other rights of Indemnitee to indemnification, advancement or contribution from the Company
under any other contract, the Company Organizational Documents, Enterprise Organizational Documents or under statute or other law, including any rights under the DGCL), unless the initiation of such Proceeding or making of such claim shall have been
approved by the Board of Directors. 
 14. Definitions. For purposes of this Agreement: 

 

	 	(a)	“Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act as in
effect on the date hereof. 

  

	 	(b)	“Board of Directors” or “Board” means the board of directors of the Company. 

 

	 	(c)	“Change of Control” shall have the same meaning as the definition of “Change in Control” as set forth in the LTIP as in effect on the date
hereof. 

  

	 	(d)	“Corporate Status” describes the status of a person by reason of such person’s past, present or future service as a director or in any capacity
for any Enterprise. 

  

	 	(e)	“Designating Partners” means any of the Sponsor Companies, in each case so long as an individual designated (directly or indirectly) by a Sponsor
Company, or any of their respective affiliates, serves as a director of the Company or in any other Corporate Status. 

  

	 	(f)	 “Determination” means a determination that either (x) indemnification of Indemnitee is proper in the circumstances because
Indemnitee met a particular standard of conduct (a “Favorable Determination”) or (y) indemnification of Indemnitee is not proper in the circumstances because Indemnitee failed to meet a particular standard of conduct (an
“Adverse Determination”). An Adverse Determination shall include the decision that a Determination was required in 

  
 - 11 -

	 	
connection with indemnification and the decision as to the applicable standard of conduct. 

  

	 	(g)	“DGCL” means the Delaware General Corporation Law, and any successor statute thereto, as either of them may from time to time be amended.

  

	 	(h)	“Disabling Conduct” means, with respect to Indemnitee, any act or omission resulting from fraud, gross negligence, willful breach of the Company
Organizational Documents or other Enterprise Organizational Documents or a willful illegal act (other than an act or omission treated as a criminal violation in a foreign country that is not a criminal violation in the United States).

  

	 	(i)	“Disinterested Director” with respect to any request by Indemnitee for indemnification hereunder, means a director of the Company who at the time of
the vote is not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 

  

	 	(j)	“Enterprise” shall mean the Company and its subsidiaries and any other entity, constituent entity (including any constituent of a constituent) absorbed
in a consolidation or merger to which the Company (or any of its subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan, or other enterprise of which Indemnitee is or was serving at the request
of the Company as a director, officer, trustee, manager, venturer, proprietor, partner, member, employee, agent, fiduciary or similar functionary. 

  

	 	(k)	“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

 

	 	(l)	“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

 

	 	(m)	 “Expenses” shall mean all reasonable direct and indirect costs, fees and expenses of any type or nature whatsoever and shall
specifically include, without limitation, all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness, in, or
otherwise participating in, a Proceeding, including, but not limited to, the premium for appeal bonds, attachment bonds or similar bonds and all interest, assessments and other charges paid or payable in connection with or in respect of any such
Expenses, and shall also specifically include, without limitation, all reasonable attorneys’ fees and all other expenses incurred by or on behalf of Indemnitee in connection with preparing and submitting any requests or statements for
indemnification, advancement, contribution or any other 

  
 - 12 -

	 	
right provided by this Agreement. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amounts of judgments or fines against Indemnitee. 

 

	 	(n)	“Independent Counsel” means, at any time, any law firm, or a member of a law firm, that (a) is experienced in matters of limited partnership,
limited liability company or corporation law, as applicable, and (b) is not, at such time, or has not been in the three years prior to such time, retained to represent: (i) any Enterprise or Indemnitee in any matter material to either such
party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnities under similar indemnification agreements), (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder
or (iii) the Beneficial Owner, directly or indirectly, of securities of the Company representing 5% or more of the ownership interests or the voting power of the Company’s then outstanding voting securities. Notwithstanding the foregoing,
the term “Independent Counsel” shall not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto and to be jointly and severally liable therefor. 

  

	 	(o)	“LTIP” means the Forum Energy Technologies, Inc. 2010 Stock Incentive Plan. 

 

	 	(p)	“Person” means any individual, entity or group (within the meaning of Rule 13d-5 of the Exchange Act but excluding any employee benefit plan of
such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan). 

  

	 	(q)	“Potential Change in Control” shall be deemed to have occurred if (i) any Person shall have announced publicly an intention to take actions to
effect a Change in Control, or commenced any action that, if successful, would reasonably be expected to result in the occurrence of a Change in Control; (ii) the Company enters into an agreement or arrangement, the consummation of which would
result in the occurrence of a Change in Control; or (iii) any other event occurs that the Board of Directors declares to be a Potential Change of Control. 

 

	 	(r)	 “Proceeding” includes any actual, threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, whether brought by or in the right of any Enterprise or otherwise and whether civil, criminal, administrative or investigative in
nature, in which Indemnitee was, is, may be or will be involved as a party, witness or otherwise, by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part while
acting as a director of the 

  
 - 13 -

	 	
Company or serving any other Enterprise (in each case whether or not he is acting or serving in any such capacity or has such status at the time any liability or expense is incurred for which
indemnification or advancement of Expenses can be provided under this Agreement). 

  

	 	(s)	“Qualified Public Offering” means the initial underwritten public offering of common Equity Interests of the Company pursuant to an effective
registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended (other than a registration statement on Form S-8 or any successor form). 

 

	 	(t)	“Sponsor Companies” means SCF-V, L.P., SCF-VI, L.P. and SCF-VII, L.P., and any other investment fund or related management company or Company that is
an affiliate of SCF-V, L.P., SCF-VI, L.P. and SCF-VII, L.P. (other than the Company) or that is advised by the same investment adviser as any of the foregoing entities or by an affiliate of such investment adviser. 

15. Construction. Whenever required by the context, as used in this Agreement the singular number shall include the plural, the
plural shall include the singular, and all words herein in any gender shall be deemed to include (as appropriate) the masculine, feminine and neuter genders. 
 16. Reliance. The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director
of the Company, the Company hereby acknowledges that Indemnitee is relying upon this Agreement in serving as a director of the Company or serving any other Enterprise. 
 17. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in a writing identified as such by all of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

18. Notice Mechanics. All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed to
have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been direct, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day
after the date on which it is so mailed: 
  

	 	(a)	If to Indemnitee to: 

									
	  
	  		  		  	
	  
	  		  		  	
	  
	  		  		  	
	Attention:	 	  
	  		  		  	

  

	 	(b)	If to the Company to: 

  
 - 14 -

 Forum Energy Technologies, Inc. 

8807 W. Sam Houston Pkwy N, Suite 200 
 Houston, Texas 77040 
 Attention: James W. Harris 

Facsimile: 713-351-7997 
 with a copy to: 
 Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 
 Houston, Texas 77002 
 Attention: Scott N. Wulfe 

Facsimile: (713) 615-5637 

or to such other address as may have been furnished (in the manner prescribed above) as follows: (a) in the case of a change in address for notices
to Indemnitee, furnished by Indemnitee to the Company and (b) in the case of a change in address for notices to the Company, furnished by the Company to Indemnitee. 
 19. Contribution. To the fullest extent permitted under applicable law and so long as Indemnitee has not engaged in Disabling Conduct, if the indemnification provided for in this Agreement is
unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in
settlement and/or for reasonably incurred Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in
order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and their other directors,
officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 20. Governing Law;
Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement and the legal relations among the parties shall, to the fullest extent permitted by law, be governed by, and construed and enforced in accordance with, the
laws of the State of Texas, without regard to its conflict of laws rules. 
 21. Headings. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the
same Agreement. 
 [Remainder of Page Intentionally Blank] 

  
 - 15 -

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year
first above written. 
  

					
	Company:	 	FORUM ENERGY TECHNOLOGIES, INC.
			
		 	By:	 	  

		 	 Name:

Title:
	 	
		
		 	  

	Indemnitee:	 	Name:	 	

 Annex A 
 Evelyn M. Angelle 
 John A. Carrig 
 Michael McShane 
 Franklin Myers 
 Louis A. Raspino 
 John Schmitz

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]