Document:

EX-10.6

  Exhibit 10.6 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of
[                    ], 2017 by and between [New Sailfish], a Delaware corporation (the “Company”), and each of the other parties
set forth on the signature pages hereto. The Company and the other parties hereto are sometimes collectively referred to herein as the “Parties” and each is sometimes referred to herein as a “Party.” 

WHEREAS, this Agreement is made in connection with the transactions (the “Transactions”) contemplated by the Transaction
Agreement by and among Stone Energy Corporation (“Legacy Sailfish”), the Company, Sailfish Merger Sub Corporation, Talos Energy LLC (“Parent”), and Talos Production LLC, dated as of [●], 2017 (the
“Transaction Agreement”); 
 WHEREAS, immediately prior to the consummation of the Transactions, the Registration Rights
Agreement dated as of February 28, 2017 among Stone and the holders listed on Schedule I thereto was terminated pursuant to the Voting Agreements, each dated
[                    ], 2017 among Parent, Legacy Sailfish and the Legacy Holders (defined herein); and 

WHEREAS, in consideration of the mutual benefits to be derived from the Transactions, the Company and the parties hereto desire to enter into
this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01. Definitions. As used in and for purposes of this Agreement, the following terms have the following
meanings: 
 “Affiliate” means, with respect to a specified Person, any other Person that directly or indirectly controls,
is controlled by, or is under direct or indirect common control with, such specified Person. For the purposes of this definition, “control” means the power to direct or cause the direction of the management and policies of a Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has
the meaning given to such term in the introductory paragraph. 
 “Apple Entities” means, collectively, [Apple Green Energy
Feeder LLC] and [Apple Bondholder]. 
 “Commission” has the meaning given to such term in
Section 1.02. 
 “Common Stock” means the common stock of the Company, par value $0. 01 per
share. 
 “Company” has the meaning given to such term in the preamble. 

“Effectiveness Period” has the meaning given to such term in Section 2.01. 

“Equity Security” has the meaning ascribed to such term in Rule 405 under the Securities Act, and in any event includes
any security having the attendant right to vote for directors or similar representatives. 
 “Exchange Act” has the meaning
given to such term in Section 2.08(a). 

  
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 “Franklin” means Franklin Advisers, Inc., as investment manager on behalf
of certain funds and accounts. 
 “Holder” means the record holder of any Registrable Securities. 

“Included Registrable Securities” has the meaning given to such term in Section 2.03(a). 

“Losses” has the meaning given to such term in Section 2.08(a). 

“Legacy Holders” means, collectively, Franklin and MacKay. 

“MacKay” means MacKay Shields LLC, as investment manager on behalf of certain of its clients. 

“Managing Underwriter(s)” means, with respect to any Underwritten Offering, the book-running lead manager(s) of such
Underwritten Offering. 
 “Notice” has the meaning given to such term in Section 2.01. 

“Person” means any individual, corporation, partnership, limited liability company, voluntary association, joint venture,
trust, limited liability partnership, unincorporated organization, government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 

“Principal Holders” means, collectively, the Apple Entities and the Ride Entities. 

“Registrable Securities” means (i) any Common Stock held by any of the Principal Holders and the Legacy Holders or any
of their respective Affiliates as of the date of this Agreement (after giving effect to the consummation of the Transactions) and (ii) any Common Stock of the Company or any Subsidiary issued or issuable with respect to the securities referred
to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization, which Registrable Securities are subject to the rights provided herein until
such rights terminate pursuant to the provisions hereof. For the avoidance of doubt, any Person that (or whose Common Stock) is managed by a Legacy Holder or by the same investment manager as a Legacy Holder shall be considered an Affiliate of such
Legacy Holder for purposes of the definition of “Registrable Securities” in this Agreement. 
 “Registration
Expenses” means all expenses (other than Selling Expenses) incident to the Company’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to
Section 2.01 and/or in connection with an Underwritten Offering pursuant to Section 2.02(a) or Section 2.03(a), and the disposition of such Registrable Securities,
including, without limitation, all registration, filing, securities exchange listing and securities exchange fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the
Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes and the fees and disbursements of counsel and independent public accountants for the Company,
including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance. 

“Registration Statement” has the meaning given to such term in Section 2.01. 

“Ride Entities” means, collectively, [Ride Green Energy Feeder LLC] and [Ride Bondholder]. 

“Securities Act” has the meaning given to such term in Section 1.02. 

“Selling Expenses” means all underwriting fees, discounts and selling commissions applicable to the sale of Registrable
Securities. 

  
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 “Selling Holder” means a Holder who is selling Registrable Securities
pursuant to a Registration Statement. 
 “Shelf Registration Statement” has the meaning given to such term in
Section 2.01. 
 “Subsidiary” means any subsidiary of the Company. 

“Testing-the-Waters Communication” means any
oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. 

“Transaction Agreement” has the meaning given to such term in the recitals of this Agreement. 

“Transactions” has the meaning given to such term in the recitals of this Agreement. 

“Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in which Registrable
Securities are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“Written Testing-the-Waters Communication”
means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. 

Section 1.02. Registrable Securities. Any Registrable Security will cease to be a Registrable Security (a) at the time a
Registration Statement covering such Registrable Security has been declared effective by the Securities and Exchange Commission (the “Commission”), or otherwise has become effective, and such Registrable Security has been sold or
disposed of pursuant to such Registration Statement; (b) at the time such Registrable Security has been disposed of pursuant to Rule 144 (or any similar provision then in effect under the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder (the “Securities Act”)); (c) if such Registrable Security is held by the Company or one of its subsidiaries or (d) at the time such Registrable Security has been sold in a private transaction
in which the Transferor’s rights under this Agreement are not assigned to the transferee of such securities. 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01. Demand Registration. Upon the written request (a “Notice”) by a Principal Holder, Legacy Holder or
any other Holder owning or controlling at least five percent (5%) of the then outstanding Registrable Securities (subject to adjustment pursuant to Section 3.04), the Company shall file with the Commission, as soon as
reasonably practicable, but in no event more than 30 days following the receipt of the Notice, a registration statement (each, a “Registration Statement”) under the Securities Act providing for the resale of the Registrable
Securities (which may, at the option of the Holders giving such Notice, be a registration statement under the Securities Act that provides for the resale of the Registrable Securities pursuant to Rule 415 from time to time by the Holders (a
“Shelf Registration Statement”)); provided that in no event shall the Company be required to file a Registration Statement prior to the date that is 90 days after the consummation of the Transactions. The Company shall use its
commercially reasonable efforts to cause each Registration Statement to be declared effective by the Commission as soon as reasonably practicable after the initial filing of the Registration Statement. Any Registration Statement shall provide for
the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders of any and all Registrable Securities covered by such Registration Statement. To the extent the initial Registration Statement is not
made on Form S-3, the Company shall, upon becoming eligible to file a registration statement on Form S-3, prepare and file a new Registration Statement on Form S-3 to replace the initial Registration Statement and use its best efforts to cause such subsequent Registration Statement to be declared effective by the Commission as soon as reasonably practicable thereafter. The
Company shall use its commercially reasonable efforts to cause each Registration Statement filed 

  
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pursuant to this Section 2.01 to be continuously effective, supplemented and amended to the extent necessary to ensure that it is available for the resale of all
Registrable Securities by the Holders until all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”). Each Registration Statement when effective (and the
documents incorporated therein by reference) shall comply as to form in all material respects with all applicable requirements of the Securities Act and shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading. Each Holder shall be limited to two demand registrations under this Section 2.01 in any twelve-month period (provided,
however, that there shall be no limit on the number of Shelf Registration Statements that may be required by the Holders hereunder), and the Company shall not be obligated to file more than one Registration Statement within 120 days after the
effective date of any Registration Statement filed by the Company. 
 Section 2.02. Underwritten Offerings. 

(a) Request for Underwritten Offering. Subject to Section 2.02(b), in the event that a Holder elects to
dispose of Registrable Securities having an aggregate value of at least five percent (5%) of the then-outstanding Registrable Securities (subject to adjustment pursuant to Section 3.04) under a Registration Statement
pursuant to an Underwritten Offering, the Company shall, upon written request by such Holder, retain underwriters in order to permit such Holder to effect such sale through an Underwritten Offering. The obligation of the Company to retain
underwriters shall include entering into an underwriting agreement in customary form with the Managing Underwriter(s), which shall include, among other provisions, indemnities to the effect and to the extent provided in
Section 2.08 and taking all reasonable actions as are requested by the Managing Underwriter(s) to expedite or facilitate the disposition of such Registrable Securities. The Company shall, upon request of the Holder, cause
its management to participate in a roadshow or similar marketing effort on behalf of the Holder. 
 (b) Limitation on Underwritten
Offerings. In no event shall the Company be required under Section 2.02(a) to participate in more than three Underwritten Offerings requested by a Holder in any twelve-month period. Notwithstanding anything to the
contrary herein, the Legacy Holders (and their respective permitted transferees) shall be permitted to collectively request no more than one Underwritten Offering pursuant to this Section 2.02. 

(c) General Procedures. In connection with any Underwritten Offering under this Agreement, the Holders of a majority of the Registrable
Securities being sold in such Underwritten Offering shall be entitled, subject to the Company’s consent (which is not to be unreasonably withheld, conditioned or delayed), to select the Managing Underwriter(s). In connection with any
Underwritten Offering under this Agreement, each Selling Holder and the Company shall be obligated to enter into an underwriting agreement that contains such representations and warranties, covenants, indemnities and other rights and obligations as
are customary in underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such
underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or
all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent
to the obligations of such underwriters under such underwriting agreement also be conditions precedent to such Selling Holder’s obligations. If any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to
withdraw from the Underwritten Offering by notice to the Company and the Managing Underwriter(s); provided, however, that such withdrawal must be made at a time prior to the time of pricing of such Underwritten Offering. No such withdrawal
shall affect the Company’s obligation to pay Registration Expenses. 
 Section 2.03. Piggyback Rights. 

(a) Participation. If the Company proposes to file (i) a registration statement or (ii) a prospectus supplement to an
effective shelf registration statement and Holders may be included in the offering to which such prospectus 

  
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supplement relates without the filing of a post-effective amendment to such shelf registration statement, in each case, for the sale of Common Stock in an Underwritten Offering for its own
account and/or another Person, then as soon as practicable following the engagement of counsel by the Company to prepare the documents to be used in connection with such Underwritten Offering, the Company shall give notice (including notification by
electronic mail) of such proposed Underwritten Offering to each Holder holding at least five percent (5%) of the then outstanding Registrable Securities and such notice shall offer such Holders the opportunity to include in such Underwritten
Offering such number of Registrable Securities (the “Included Registrable Securities”) as each such Holder may request in writing; provided, however, that if the Company has been advised by the Managing Underwriter(s) that
the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution of the Common Stock in the Underwritten Offering, then (A) if no Registrable Securities can be
included in the Underwritten Offering in the opinion of the Managing Underwriter(s), the Company shall not be required to offer such opportunity to the Holders or (B) if any Registrable Securities can be included in the Underwritten Offering in
the opinion of the Managing Underwriter(s), then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of Section 2.03(b). Subject to
Section 2.03(b), the Company shall include in such Underwritten Offering all included Registrable Securities with respect to which the Company has received requests within two (2) Business Days (or one
(1) Business Day in connection with a “bought deal” or an “overnight” Underwritten Offering) after the Company’s notice has been delivered in accordance with Section 3.01. If no written request
for inclusion from a Holder is received within the specified time, each such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake an Underwritten
Offering and prior to the closing of such Underwritten Offering, the Company shall determine for any reason not to undertake or to delay such Underwritten Offering, the Company may, at its election, give written notice of such determination to the
Selling Holders and, (x) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering and
(y) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the
right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Company of such withdrawal at or prior to the time of pricing of
such Underwritten Offering. 
 (b) Priority of Registration. If the Managing Underwriter(s) of any proposed Underwritten Offering
advises the Company that the total amount of Registrable Securities that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect
in any material respect on the price, timing or distribution of the Common Stock offered or the market for the Common Stock, then the Common Stock to be included in such Underwritten Offering shall include the number of shares of Common Stock that
such Managing Underwriter(s) advises the Company can be sold without having such adverse effect, with such number to be allocated (i) first, to the Company unless a Holder initiates the Underwritten Offering, in which case it shall be to the
Holders who initiated the Underwritten Offering and (ii) second, and if any, the number of included Registrable Securities that, in the opinion of such Managing Underwriter(s), can be sold without having such adverse effect, with such number to
be allocated pro rata among the Holders (or the Company if a Holder initiates the Underwritten Offering) that have requested to participate in such Underwritten Offering based on the relative number of Registrable Securities then held by each such
Holder (provided that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Holders in like manner). 

Section 2.04. Delay Rights. If the Company’s board of directors determines that the Company’s compliance with its
obligations under this Article II would be materially detrimental to the Company and its shareholders because such registration would (a) materially interfere with a significant acquisition, reorganization, financing or other similar
transaction involving the Company, (b) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential or (c) render the Company unable to comply with applicable
securities laws, then the Company shall have the right to postpone compliance with its 

  
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obligations under this Article II for a period of not more than three months, provided, that such right pursuant to this Section 2.04 may not be utilized more
than twice in any twelve-month period. 
 Section 2.05. Sale Procedures. In connection with its obligations under this
Article II, the Company will, as expeditiously as reasonably practicable: 
 (a) prepare and file with the Commission such amendments
and supplements to each Registration Statement and the prospectus used in connection therewith as may be necessary to keep each Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of
the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement; 
 (b) if a
prospectus supplement will be used in connection with the marketing of an Underwritten Offering and the Managing Underwriter(s) notifies the Company in writing that, in the sole judgment of such Managing Underwriter(s), inclusion of detailed
information in such prospectus supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, use its commercially reasonable efforts to include such information in such prospectus supplement; 

(c) furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing a Registration Statement or any
supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and
regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested
by such Selling Holder with respect to such information prior to filing a Registration Statement or supplement or amendment thereto, and (ii) such number of copies of such Registration Statement and the prospectus included therein and any
supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement; 

(d) if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by a Registration
Statement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter(s), shall reasonably request; provided, however, that the Company will not be
required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general service of process in any jurisdiction where it is not then so subject; 

(e) promptly notify each Selling Holder and each underwriter, at any time when a prospectus is required to be delivered under the Securities
Act, of (i) the filing of a Registration Statement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any post-effective
amendment thereto, when the same has become effective; and (ii) any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to a
Registration Statement or any prospectus or prospectus supplement thereto; 
 (f) immediately notify each Selling Holder and each
underwriter, at any time when a prospectus is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement, as then in
effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading (in the case of the prospectus contained therein, in the
light of the circumstances under which a statement is made); (ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement, or the initiation of any proceedings for that purpose;
or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction.

  
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Following the provision of such notice, the Company agrees to, as promptly as practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the
prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading in the light of the
circumstances then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

(g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to any offering of Registrable
Securities; 
 (h) in the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for the Company dated the
date of the closing under the underwriting agreement and (ii) a “cold comfort” letter, dated the pricing date of such Underwritten Offering (to the extent available) and a letter of like kind dated the date of the closing under the
underwriting agreement, in each case, signed by the independent public accountants who have certified the Company’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion
and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus supplement included therein) as have been customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Company or its predecessors and such other matters as such underwriters and Selling Holders
may reasonably request; 
 (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

 (j) make available to the appropriate representatives of the Managing Underwriter(s) and Selling Holders access to such information and
Company personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; 

(k) cause all Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized
quotation system on which similar securities issued by the Company are then listed; 
 (l) use its commercially reasonable efforts to cause
the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition
of the Registrable Securities; 
 (m) provide a transfer agent and registrar for all Registrable Securities covered by a Registration
Statement not later than the effective date of such registration statement; and 
 (n) enter into customary agreements and take such other
actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of the Registrable Securities. 

Except to the extent required by applicable law, the Company shall not file any Registration Statement with respect to any Registrable
Securities, or any prospectus used in connection therewith, and shall not file or make any amendment to any such Registration Statement or any amendment of or supplement to any such prospectus, that refers to any Selling Holder covered thereby by
name, or otherwise identifies such Selling Holder as the holder of any securities of the Company, without the consent of such Selling Holder, such consent not to be 

  
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unreasonably withheld, conditioned or delayed, unless and to the extent such disclosure is required by law or regulation, in which case the Company shall provide written notice to such Selling
Holder no less than two (2) Business Days prior to the filing of such Registration Statement or any amendment to any such Registration Statement or any prospectus used in connection therewith or any amendment of or supplement to any such
Prospectus. 
 Each Selling Holder, upon receipt of notice from the Company of the happening of any event of the kind described in
subsection (f) of this Section 2.05, shall forthwith discontinue disposition of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by subsection (f) of this Section 2.05 or until it is advised in writing by the Company that the use of the prospectus may be resumed, and has received copies of any
additional or supplemental filings incorporated by reference in the prospectus. 
 Section 2.06. Cooperation by Holders. The
Company shall have no obligation to include in a Registration Statement, or in an Underwritten Offering pursuant to Section 2.02(a), Registrable Securities of a Selling Holder who has failed to timely furnish such
information that, in the opinion of counsel to the Company, is reasonably required in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.07. Expenses. 

(a) The Company will pay all reasonable Registration Expenses, including in the case of an Underwritten Offering, regardless of whether any
sale is made in such Underwritten Offering. Each Selling Holder shall pay all Selling Expenses in connection with any sale of its Registrable Securities hereunder 

(b) In connection with each Underwritten Offering, the Company shall reimburse the Selling Holders included in such Underwritten Offering for
the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the Registrable Securities included in such registration or participating in such Shelf Registration Statement and reasonable disbursements of each
additional counsel reasonably retained by any Selling Holder for the purpose of rendering a legal opinion to the underwriter(s) on behalf of such Selling Holder in connection with any Underwritten Offering. 

Section 2.08. Indemnification. 

(a) By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Company will indemnify and hold harmless each Selling Holder participating therein, its directors, officers, employees and agents, and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”), and its directors, officers, employees or agents, against any losses, claims, damages, expenses or liabilities
(including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder, director, officer, employee, agent or controlling Person may become subject under the Securities Act,
the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case
of any prospectus or any Written Testing-the-Waters Communication, in the light of the circumstances under which such statement is made) contained in any Written Testing-the-Waters Communication, a Registration Statement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or prospectus
supplement contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in
the case of a prospectus or any Written Testing-the-Waters Communication, in the light of the circumstances under which they were made) not misleading, and will
reimburse each such Selling Holder, its directors, officers, employees and agents, and each such controlling Person, for any legal or other expenses 

  
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reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings as such expenses are incurred; provided, however, that the Company will
not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Selling
Holder, its directors, officers, employees and agents or such controlling Person in writing specifically for use in any Written Testing-the-Waters Communication, a
Registration Statement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or prospectus supplement contained therein, or any amendment or supplement thereto, as applicable. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of such Selling Holder or any such directors, officers, employees agents or controlling Person, and shall survive the transfer of such securities by such Selling Holder.

 (b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Company, its
directors, officers, employees and agents and each Person, if any, who controls the Company within the meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to the same extent as the foregoing
indemnity from the Company to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in any Written
Testing-the-Waters Communication, a Registration Statement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or
prospectus supplement contained therein, or any amendment or supplement thereof; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses)
received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 
 (c) Notice.
Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party
in writing thereof, but the omission to so notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party. In any action brought against any indemnified party, the indemnified
party shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this
Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided,
however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the
indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the
interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other
provision of this Agreement, no indemnified party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnifying party, unless the settlement thereof imposes no
liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnifying party. 
 (d)
Contribution. If the indemnification provided for in this Section 2.08 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them
harmless in respect of any Losses, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of such 

  
 9 

 
indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that
in no event shall the Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such
indemnification. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who is not guilty of fraudulent misrepresentation. 
 (e) Other Indemnification. The provisions of this
Section 2.08 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

Section 2.09. Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission
that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after the date hereof; 
 (b) file with the Commission in a timely manner all reports and other
documents required of the Company under the Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns
any Registrable Securities, unless otherwise available via EDGAR, furnish to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may
reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 

Section 2.10. Transfer or Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities
granted to a Holder by the Company under this Article II may be transferred or assigned by such Holder to one or more transferee(s) or assignee(s) of such Registrable Securities; provided, however, that (a) unless such transferee
or assignee is an Affiliate of a Principal Holder, each such transferee or assignee holds Registrable Securities representing at least five percent (5%) of the then-outstanding Registrable Securities (subject to adjustment pursuant to
Section 3.04), (b) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee and identifying the Registrable Securities with respect to which such
registration rights are being transferred or assigned, and (c) each such transferee agrees to be bound by this Agreement. 

Section 2.11. Restrictions on Public Sale by Holders of Registrable Securities. Each Holder agrees to enter into a customary
letter agreement with underwriters providing such Holder will not effect any public sale or distribution of the Registrable Securities during the 90 calendar day period beginning on the date of a prospectus or prospectus supplement filed with the
Commission with respect to the pricing of an Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the
Company or the officers, directors or any other 

  
 10 

 
stockholder of the Company on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.11 shall not apply to (x) any Holder who does
not have the right to participate in an Underwritten Offering pursuant to Section 2.03, (y) any Holder whose Registrable Securities are not included in an Underwritten Offering after such Holder makes a request to
participate in such Underwritten Offering in accordance with the terms of Section 2.03(b) and (z) any Registrable Securities that are included in such Underwritten Offering by such Holder. 

ARTICLE III 

MISCELLANEOUS 

Section 3.01. Communications. All notices and other communications provided for or permitted hereunder shall be made in writing by
facsimile, electronic mail, courier service or personal delivery: 
 (a) if to the Apple Entities: 

Apollo Talos Holdings, L.P. 
 9
West 57th Street 
 New York, NY 10019 

Attention: Gregory Beard 

Facsimile: (646) 514-5668 

Email: gbeard@apollolp.com 

With a copy to: 
 Apollo
Management VII, L.P. 
 9 West 57th Street 

New York, NY 10019 
 Attention:
Laurie Medley 
 Facsimile: (646) 607.0528 

Email: lmedley@apollolp.com 

and 
 Apollo Commodities
Management, L.P. with respect to Series I 
 9 West 57th Street 

New York, NY 10019 
 Attention:
Laurie Medley 
 Facsimile: (646) 607.0528 

Email: lmedley@apollolp.com 

(b) if to the Ride Entities: 
 c/o
Riverstone Holdings LLC 
 712 Fifth Avenue, 36th Floor 

New York, NY 10019 
 Attention:
General Counsel 
 Facsimile: (888) 801-9301 

Email: legal@riverstonellc.com 

(c) if to Franklin: 
 c/o Franklin
Advisers, Inc. 
 One Franklin Parkway 

San Mateo, CA 94403 
 Attn:
Brendan Circle – brendan.circle@franklintempleton.com 
          Christopher Chen –
chris.chen@franklintempleton.com 

  
 11 

 (d) if to MacKay: 

c/o MacKay Shields LLC. 
 1345
Avenue of the Americas 
 New York, NY 10105 

Attn: Dohyun Cha 

         Dohyun.cha@mackayshields.com 

with a copy to: 
 Attn: Young Lee

          Young.lee@mackayshields.com 

(e) if to a transferee of a Holder, to such Holder at the address provided pursuant to Section 2.10; and 

(f) if to the Company: 
 [New
Sailfish] 
 500 Dallas St., Suite 2000 

Houston, Texas 77002 
 Attention:
General Counsel 
 Facsimile: (713) 351-4100 

Email: bmoss@talosenergyllc.com 

With a copy to (which copy shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin St., Suite 2500 

Houston, Texas 77002 
 Attention:
Stephen M. Gill 
                   Lande A.
Spottswood 
 Facsimile: (713) 615-5956 

Email: sgill@velaw.com 

            lspottswood@velaw.com 

All such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt
acknowledged, if sent via facsimile or sent via electronic mail; and when actually received, if sent by courier service or any other means. 

Section 3.02. Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.03.
Assignment of Rights. All or any portion of the rights and obligations of the Holders under this Agreement may be transferred or assigned by the Holders in accordance with Section 2.10 hereof. 

Section 3.04. Recapitalization, Exchanges, Etc. Affecting the Registrable Securities. The provisions of this Agreement shall apply
to the full extent set forth herein with respect to any and all securities of the Company, its subsidiaries, or any successor or assign of the Company or its subsidiaries (whether by merger, consolidation, sale of assets or otherwise) that may be
issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, splits, recapitalizations, pro rata distributions and the like occurring after the date of this Agreement.

 Section 3.05. Specific Performance. Damages in the event of a breach of this Agreement by a party hereto may be difficult, if
not impossible, to ascertain, and it is therefore agreed that each party, in addition to and 

  
 12 

 
without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and
enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable
relief. The existence of this right will not preclude any such party from pursuing any other rights and remedies at law or in equity that such party may have. 

Section 3.06. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all Parties
had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. The delivery of an executed counterpart copy of this Agreement by facsimile or electronic transmission in PDF format shall
be deemed to be the equivalent of delivery of the originally executed copy thereof. 
 Section 3.07. Headings. The headings in
this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 Section 3.08.
Governing Law. The laws of the State of New York shall govern this Agreement. 
 Section 3.09. Severability of
Provisions. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. 

Section 3.10. Scope of Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or
referred to herein with respect to the rights granted by the Company set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

Section 3.11. Amendment. This Agreement may be amended only by means of a written amendment signed by the Company and the Holders
of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 

Section 3.12. Termination. In the event that a given Legacy Holder ceases to “beneficially own” (as such term is defined
under the Exchange Act) five percent (5%) or more of the then-outstanding shares of Common Stock, all of such Legacy Holder’s rights and obligations under this Agreement shall expire and such Legacy Holder will cease to be a “Holder”
for all purposes hereunder, without any further action of the Company or any other party hereto. This Agreement shall otherwise terminate at such time as there are no Registrable Securities outstanding. 

Section 3.13. No Presumption. If any claim is made by a party relating to any conflict, omission, or ambiguity in this Agreement,
no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.14. Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of
one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 3.15. Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that no
Person other than the Company and the Holders shall have any obligation hereunder and 

  
 13 

 
that, notwithstanding that one or more of the Holders may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents or instruments
delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Holders or any former, current
or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any
applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner,
manager, member, stockholder or Affiliate of any of the Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any
obligations of the Holders under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each case for any
assignee of the Holders hereunder. 
 Section 3.16. Interpretation. All references to “Articles” and
“Sections” shall be deemed to be references to Articles and Sections of this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts
and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever any determination, consent or
approval is to be made or given by the Holders under this Agreement, such action shall be in the Holders’ sole discretion unless otherwise specified. 

[Signature page follows] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	[NEW SAILFISH]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 SIGNATURE
PAGE 
 TO 

REGISTRATION RIGHTS AGREEMENT 

  
 15 

			
	[APPLE ENTITIES]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 SIGNATURE
PAGE 
 TO 

REGISTRATION RIGHTS AGREEMENT 

  
 16 

			
	[RIDE ENTITIES]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 SIGNATURE
PAGE 
 TO 

REGISTRATION RIGHTS AGREEMENT 

  
 17 

			
	 FRANKLIN ADVISERS, INC., as investment

manager on behalf of certain funds and accounts

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 SIGNATURE
PAGE 
 TO 

REGISTRATION RIGHTS AGREEMENT 

  
 18 

			
	 MACKAY SHIELDS LLC, as investment

manager on behalf of certain of its clients

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 SIGNATURE
PAGE 
 TO 

REGISTRATION RIGHTS AGREEMENT 

  
 19arcw_EX10-1

		
			EXHIBIT 10.1
		

		
			FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			This FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), is entered into as of November 12, 2017, by and among ARC GROUP WORLDWIDE, INC., a Utah corporation (the “Parent”), ADVANCED FORMING TECHNOLOGY, INC. a Colorado corporation (“AFT”), ARC WIRELESS, INC., a Delaware corporation (“Wireless”), FLOMET LLC, a Delaware limited liability company (“Flomet”), 3D MATERIAL TECHNOLOGIES, LLC, a Delaware limited liability company (“3D Material”), QUADRANT METALS TECHNOLOGIES LLC, a Delaware limited liability company (“Quadrant”), ARC METAL STAMPING, LLC, a Delaware limited liability company (“Stamping”), ADVANCE TOOLING CONCEPTS, LLC, a Colorado limited liability company (“Tooling”), and THIXOFORMING LLC, a Colorado limited liability company (“Thixoforming” and together with AFT, Wireless, Flomet, 3D Material, Quadrant, Stamping and Tooling, each a “Borrower” and collectively, the “Borrowers”), the Lenders party hereto, and the Administrative Agent (as defined below).
		

		
			RECITALS:
		

		
			WHEREAS, the Parent, the Borrowers, the Lenders and Citizens Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Collateral Agent, are parties to the Second Amended and Restated Credit Agreement, dated as of September 29, 2016, as amended by that certain First Amendment to Second Amended and Restated Credit Agreement, dated as of March 21, 2017, as further amended by that certain Second Amendment to Second Amended and Restated Credit Agreement, dated of May 12, 2017, and as further amended by that certain Third Amendment to Second Amended and Restated Credit Agreement, dated of September 21, 2017 (as the same may be further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement; and
		

		
			WHEREAS, the Parent and the Borrowers wish to amend the Credit Agreement on the terms set forth herein; and
		

		
			WHEREAS, the Administrative Agent and the Lenders are willing to amend the Credit Agreement as provided for herein.
		

		
			NOW THEREFORE, in consideration of the premises and the agreements herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
		

			
	
			
				 Section 1.
			Interpretation.

			
	
			
				 1.1
			Interpretation.  This Amendment shall be construed and interpreted in accordance with the rules of construction set forth in Sections 1.02,  1.03,  1.04,  1.05 and 1.06 of the Credit Agreement.

			
	
			
				 Section 2.
			Amendment to Credit Agreement.

			
	
			
				 2.1
			Amendment of Section 1.01 (Defined Terms).  Section 1.01 of the Credit Agreement is hereby amended by adding the following new defined terms in appropriate alphabetical order:

		
			“Availability Block Amount” means $1,250,000.”
		

		
			

		 

		

			1

		

		

			 

		

 

		

		
			“Fourth Amendment Effective Date” means November 12, 2017.”
		

		
			“Fourth Amendment Liquidity Infusion” means receipt by Parent after the Fourth Amendment Effective Date of Net Cash Proceeds from junior capital (including by means of an issuance of Equity Interests permitted hereunder) or Other Subordinated Debt, in each case, on terms and conditions acceptable to the Administrative Agent.
		

		
			“Other Subordinated Creditor” means any holder of Other Subordinated Debt from time to time.”
		

		
			“Other Subordinated Debt” means unsecured Indebtedness incurred by the Parent to any Other Subordinated Creditor, on terms and conditions acceptable to the Administrative Agent including maturity, fees, repayment, covenants, subordination and interest (including that the interest rate applicable to any such Indebtedness shall in no event be in excess of the interest rate payable on the Closing Date Subordinated Indebtedness as in effect on the Fourth Amendment Effective Date and any interest payable on such Indebtedness shall only be payable in kind).”
		

		
			“Other Subordinated Loan Documents” means all agreements, instruments and documents now or hereafter executed and delivered to the Administrative Agent by the Parent or any of its Subsidiaries related to the Other Subordinated Debt.”
		

		
			“Subordinated Interest Reserve” means a reserve against the Borrowing Base and Availability, in an amount as the Administrative Agent shall deem necessary or appropriate in its reasonable credit judgment exercised in good faith, with respect to interest payments on the Closing Date Subordinated Indebtedness projected by the Administrative Agent to be paid or accrued during the twelve month period commencing on the Fourth Amendment Effective Date.
		

			
	
			
				 2.2
			Amendment of Section 1.01 (Defined Terms).  Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Line Cap” in its entirety as follows: 

		
			“Line Cap” means at any time, the lesser of (a) the aggregate Revolving Commitment and (b) the Borrowing Base; provided that for any determination of “Line Cap” pursuant to Sections 2.01, 2.03 and 4.02(d), the Borrowing Base shall be deemed to be reduced by the Availability Block Amount.
		

			
	
			
				 2.3
			Amendment of Section 1.01 (Defined Terms).  Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Reserves” in its entirety as follows: 

		
			“Reserves” means reserves in such amounts, and with respect to such matters, as the Administrative Agent shall deem necessary or appropriate in its reasonable credit judgment exercised in good faith, against the Borrowing Base or Availability, including without limitation with respect to (i) price adjustments, damages, unearned discounts, returned products or other matters for which credit memoranda are issued in the ordinary 

		 

		

			2

		

		

			 

		

 

course of any Loan Party’s business; (ii) potential dilution related to Accounts; (iii) shrinkage, spoilage and obsolescence of any Loan Party’s Inventory; (iv) slow moving Inventory; (v) other sums chargeable against the Borrowers as Revolving Loans under any section of this Agreement; (vi) amounts owing by any Loan Party to any Person to the extent secured by a Lien on, or trust over, any interest in any kind of property or asset of any Loan Party, whether real, personal or mixed, or tangible or intangible; (vii) amounts owing by any Loan Party in connection with Obligations under Secured Hedge Agreements and Cash Management Obligations; (viii) rent for locations at which Inventory is stored and as to which the Collateral Agent has not received a satisfactory landlord’s agreement or bailee letter, as applicable, (ix) the Colorado Environmental Reserve, (x) the Subordinated Interest Reserve and (xi) such other specific events, conditions or contingencies as to which the Administrative Agent, in its reasonable credit judgment exercised in good faith, determines reserves should be established from time to time hereunder; provided, that, notwithstanding the foregoing, the Administrative Agent shall not establish any Reserves in respect of any matters relating to any items of Collateral that have been taken into account in determining Eligible Accounts or Eligible Inventory, as applicable.
		

			
	
			
				 2.4
			Amendment of Section 2.03 (Prepayments).  Section 2.03(b)(v) of the Credit Agreement is hereby amended and restated in its entirety as follows:

		
			“(v)Not later than the fifth Business Day after the closing of any offering or sale of Equity Interests by or any capital contribution to the Parent (other than to the extent constituting any Fourth Amendment Liquidity Infusion and other than to the extent constituting any Excluded Contribution, but including any Cure Amount), the Borrowers will prepay the Loans hereunder in an amount equal to 100% of the amount, if any, of such Net Cash Proceeds.”
		

			
	
			
				 2.5
			Amendment of Article VI.  Article VI of the Credit Agreement is hereby amended by adding a new Section 6.22 as follows:

		
			“Section 6.22.  Fourth Amendment Liquidity Infusion.  On or prior to January 31, 2018, Parent shall have received aggregate Net Cash Proceeds from one or more Fourth Amendment Liquidity Infusions of not less than $5,000,000 disregarding any Net Cash Proceeds used to replace, retire or otherwise replace any prior Fourth Amendment Liquidity Infusion.”
		

			
	
			
				 2.6
			Amendment of Section 7.03 (Indebtedness).  Section 7.03 of the Credit Agreement is hereby amended by deleting “and” immediately following the semicolon at the end of subclause (t), adding “and” immediately following the semicolon at the end of subclause (u), adding the following new subclause (v):

		
			“(v)Indebtedness under the Other Subordinated Loan Documents in an aggregate principal amount not to exceed 85% of the amount permitted to be incurred pursuant to Section 7.03 of the Closing Date Subordinated Loan Agreement (and the corresponding provision of any other Subordinated Loan Agreement), but only if such Indebtedness is effectively subordinated to the Obligations pursuant to the terms of a 

		 

		

			3

		

		

			 

		

 

subordination agreement, in form and substance satisfactory to the Administrative Agent, between the applicable Other Subordinated Creditor and the Administrative Agent.”
		

		
			 
		

			
	
			
				 2.7
			Amendment of Section 7.13 (Payments, Prepayments, etc. of Indebtedness; Earn-Out Payments).  Section 7.13(a) of the Credit Agreement is hereby amended by deleting “and” immediately following the semicolon at the end of subclause (iv), adding “and” immediately following the semicolon at the end of subclause (v), and adding the following new subclause (vi):

		
			“(vi)on or prior to the fifth Business Day after the closing of any Fourth Amendment Liquidity Infusion resulting from an offering of Equity Interests, or such later date as agreed to in writing by the Administrative Agent, the Borrowers shall be allowed to prepay the Other Subordinated Debt, if any, in an aggregate amount not to exceed the amount of Net Cash Proceeds of such offering of Equity Interests.”
		

		
			 
		

			
	
			
				 2.8
			Amendment of Section 7.14 (Financial Covenant).  Effective as of October 1, 2017, Section 7.14 of the Credit Agreement is hereby amended and restated in its entirety as follows:

		
			“Section 7.14.  Financial Covenant.  
		

		
			(a)Permit the Fixed Charge Coverage Ratio as of the last day of any period of four consecutive fiscal quarters ending on or after December 31, 2018 to be less than the greater of (i) 1.10 to 1.00 and (ii) the maximum fixed charge coverage ratio (as such term is defined in the Subordinated Loan Documents) or equivalent ratio permitted under the Subordinated Loan Documents as of such day.
		

		
			(b)At any time on or prior to December 31, 2018, permit Availability to be less than (i) until the earlier of (A) the date of the Fourth Amendment Liquidity Infusion and (B) January 31, 2018, $1,250,000 and (ii) at any time thereafter, $3,500,000.
		

			
	
			
				 2.9
			Amendment of Section 8.04 (Equity Cure).  Section 8.04 of the Credit Agreement is hereby amended by replacing each reference to “Section 7.14” contained therein with “Section 7.14(a)”.

			
	
			
				 Section 3.
			Effectiveness.

			
	
			
				 3.1
			Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of the following condition precedent:

			
	
			
				 (a)
			this Amendment shall have been (i) executed by the Parent, each Borrower, the Administrative Agent and each Lender and (ii) acknowledged by each of the other Loan Parties, and in each case, counterparts hereof as so executed or acknowledged shall have been delivered to the Administrative Agent, sufficient in number for distribution to the Administrative Agent, each Lender and the Parent;

			
	
			
				 (b)
			and all fees of counsel to the Administrative Agent incurred in connection with this Amendment that are required to be paid pursuant to Section 10.04 of the Credit Agreement and for which the Borrowers shall have received an invoice on or prior to the date hereof shall have been or will be substantially simultaneously paid; and

			
	
			
				 (c)
			the Parent shall have delivered to the Administrative Agent an executed fee letter, dated as of the date hereof, in form and substance satisfactory to the Administrative Agent, documenting the 

		 

		

			4

		

		

			 

		

 

	payment of fees to the Administrative Agent as separately agreed, and such fees shall have been or will be substantially simultaneously paid.

			
	
			
				 3.2
			Amendment Effective Date.  So long as the conditions precedent set forth in Section 3.1 above are satisfied on or prior to November 12, 2017, this Amendment shall be effective as of November 12, 2017.

			
	
			
				 Section 4.
			Affirmation.

		
			Each of the Loan Parties hereby consents and agrees to and acknowledges and affirms the terms of this Amendment.  Each of the Loan Parties hereby further agrees that their respective obligations under the Credit Agreement, the Guarantee and Collateral Agreement and each of the other Loan Documents shall remain in full force and effect and shall be unaffected hereby.
		

			
	
			
				 Section 5.
			Representations and Warranties.    Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders party hereto as follows:

			
	
			
				 5.1
			Power and Authority.   It has all requisite power and authority to execute and deliver this Amendment and perform its obligations hereunder.

			
	
			
				 5.2
			Authorization.  It has taken all necessary corporate or limited liability company action, as applicable, to duly authorize the execution and delivery of, and performance of its obligations under, this Amendment and this Amendment has been duly executed and delivered by its duly authorized officer or officers.

			
	
			
				 5.3
			Non-Violation.  The execution and delivery of this Amendment and the performance and observance by it of the terms and provisions hereof (a) do not violate or contravene its Organization Documents or any applicable Laws or (b) conflict with or result in a breach or contravention of any provision of, or constitute a default under, any other agreement, instrument or document binding upon or enforceable against it.

			
	
			
				 5.4
			Validity and Binding Effect.  Upon satisfaction of the conditions set forth in Section 3.1 above, this Amendment shall constitute a legal, valid and binding agreement of such Loan Party, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity and principles of good faith and fair dealing.

			
	
			
				 5.5
			Representations and Warranties in the Credit Agreement.  The representations and warranties of each Loan Party contained in the Credit Agreement as modified hereby are true and correct in all material respects (without duplication of any materiality qualifier contained therein) on and as of the date hereof as though made on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date.

			
	
			
				 5.6
			No Consent.  No consent, exemption, authorization or approval of, registration or filing with, or any other action by, any Governmental Authority is required in connection with this Amendment or the execution, delivery, performance, validity or enforceability of this Amendment, except consents, exemptions, authorizations, approvals, filings and actions which have been obtained or made and are in full force and effect.

		
			

		 

		

			5

		

		

			 

		

 

		

			
	
			
				 5.7
			No Event of Default.  No Default or Event of Default exists before, nor will occur immediately after, giving effect to this Amendment or as a result of observing any provision hereof.

			
	
			
				 Section 6.
			Miscellaneous.

			
	
			
				 6.1
			Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

			
	
			
				 6.2
			Survival of Representations and Warranties.  All representations and warranties made hereunder shall survive the execution and delivery of this Amendment.

			
	
			
				 6.3
			Severability.  Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

			
	
			
				 6.4
			Headings.  The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

			
	
			
				 6.5
			Loan Documents Unaffected.  Each reference to the Credit Agreement in any Loan Document shall hereafter be construed as a reference to the Credit Agreement as modified hereby.  Except as otherwise specifically provided, this Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Credit Agreement or any other Loan Document, nor alter, modify, amend or in any way affect any provision of the Credit Agreement or any other Loan Document, including, without limitation, the guarantees, pledges and grants of security interests, as applicable, under each of the Collateral Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  This Amendment is a Loan Document.

			
	
			
				 6.6
			Entire Agreement.  This Amendment, together with the Credit Agreement and the other Loan Documents, integrates all the terms and conditions mentioned herein or incidental hereto and supersede all oral representations and negotiations and prior writings with respect to the subject matter hereof.

			
	
			
				 6.7
			Acknowledgments.  Each Loan Party hereby acknowledges that:

			
	
			
				 (a)
			it has consulted and been advised by its own legal counsel in the negotiation, execution and delivery of this Amendment and the other Loan Documents and it has consulted its own accounting, regulatory and tax advisors to the extent it has deemed appropriate;

			
	
			
				 (b)
			it is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Amendment and by the other Loan Documents;

			
	
			
				 (c)
			neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out of or in connection with this Amendment or any of the other Loan Documents, and the relationship between the Administrative Agent and the Lenders, on one hand, and the Loan Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor;

			
	
			
				 (d)
			the Lenders have no obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated by this Amendment and by the other Loan Documents, except any obligations expressly set forth in this Amendment and in the other Loan Documents;

		
			

		 

		

			6

		

		

			 

		

 

		

			
	
			
				 (e)
			the Lenders and their Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and the Lenders have no obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates; and

			
	
			
				 (f)
			no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Loan Parties and the Lenders.

			
	
			
				 6.8
			Release.  Immediately upon the execution and acceptance of this Amendment, each Loan Party and each of their respective successors, assigns, subsidiaries, affiliates, insurers, employees, attorneys, agents, representatives and other persons and/or entities connected therewith, hereby fully and forever compromises, settles, releases, acquits and discharges the Administrative Agent, the Lenders, the Arranger and their respective Affiliates and each of their and their Affiliates’ present, former and future directors, officers, employees, agents, partners, trustees, advisors or other representatives and other persons and/or entities connected therewith (collectively, the “Released Parties”) from any and all debts, claims, demands, liabilities, responsibilities, disputes, causes, damages, actions, causes of action (whether at law and/or in equity) and obligations of every nature whatsoever (whether liquidated or unliquidated, known or unknown, asserted or unasserted, foreseen or unforeseen, matured or unmatured, fixed or contingent) that each Loan Party has, had and/or may claim to have against any of the Released Parties which arise from or relate to any actions which any of the Released Parties have and/or may have taken or have and/or may have omitted to take prior to the date this Agreement was executed and, without limiting the foregoing, with respect to the Credit Agreement and/or any documents executed and/or delivered in connection with the foregoing.

			
	
			
				 6.9
			Counterparts.  This Amendment may be executed by the parties hereto separately in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same agreement.  Transmission by a party to another party (or its counsel) via facsimile or electronic mail of a signed copy of this Amendment (or a signature page of this Amendment) shall be as fully effective as delivery by such transmitting party to the other parties hereto of a counterpart of this Amendment that had been manually signed by such transmitting party.

			
	
			
				 6.10
			Governing Law.  THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARENT, EACH BORROWER, AND EACH GUARANTOR BY ITS ACKNOWLEDGMENT HEREOF HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK GOVERNS THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS.

			
	
			
				 6.11
			Jury Trial Waiver.  EACH OF THE PARTIES TO THIS AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY AMENDMENTS, WAIVERS OR OTHER MODIFICATIONS RELATING TO ANY OF THE FOREGOING), OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

		
			[Signature page follows]
		

		
			 
		

		
			

		 

		

			7

		

		

			 

		

 

		

			 

		

		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the date first above written.
		

			
					
						 

				
	
					
						Advanced Forming Technology, Inc., as a Borrower

				
	
					
						By: /s/ Drew M. Kelley

				
	
					
						Name: Drew M. Kelley

					
						Title: CFO

					
						 

				
	
					
						ARC WIRELESS, INC., as a Borrower

				
	
					
						By: /s/ Drew M. Kelley

				
	
					
						Name: Drew M. Kelley

					
						Title: CFO

					
						 

				
	
					
						FLOMET LLC, as a Borrower

				
	
					
						By: /s/ Drew M. Kelley

				
	
					
						Name: Drew M. Kelley

					
						Title: CFO

					
						 

				
	
					
						 

				
	
					
						3D MATERIAL TECHNOLOGIES,  LLC, as a Borrower

				
	
					
						By: /s/ Drew M. Kelley

				
	
					
						Name: Drew M. Kelley

					
						Title: CFO

					
						 

					
						QUADRANT METALS TECHNOLOGIES LLC, as a Borrower

					
						 

					
						 

					
						By:  /s/ Drew M. Kelley

					
						Name:  Drew M. Kelley

					
						Title:  CFO

					
						 

				

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						THIXOFORMING LLC, as a Borrower

				
	
					
						By:  /s/ Drew M. Kelley

					
						Name:  Drew M. Kelley

				
	
					
						Title:  CFO

					
						ARC METAL STAMPING, LLC, as a Borrower

				
	
					
						By: /s/ Drew M. Kelley

					
						Name:  Drew M. Kelley

					
						Title:  CFO

					
						 

				
	
					
						ADVANCE TOOLING CONCEPTS, LLC,  as a Borrower

					
						By: /s/ Drew M. Kelley

					
						Name:  Drew M. Kelley

					
						Title:  CFO

					
						ARC GROUP WORLDWIDE, INC., as the Parent

				
	
					
						By: /s/ Drew M. Kelley

				
	
					
						Name: Drew M. Kelley

					
						Title: CFO

					
						 

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						CITIZENS BANK, N.A., as Administrative Agent and Collateral Agent and as a Lender

				
	
					
						By:

					
					
						/s/ Kenneth Wales

				
	
					
						 

					
					
						Name: 

					
					
						Kenneth Wales

				
	
					
						 

					
					
						Title:

					
					
						Vice President

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