Document:

Registration Rights Agreement

 Exhibit 10.2 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of August 14, 2007, among Active Power, Inc., a Delaware corporation (the “Company”) and the purchasers signatory hereto (each such purchaser, a
“Purchaser” and, collectively, the “Purchasers”). 
 This Agreement is made pursuant to the Securities
Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser (the “Purchase Agreement”). 
 The
Company and the Purchasers hereby agree as follows: 
 1. Definitions 
 Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the
Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 “Advice” shall have the meaning set forth in Section 6(d). 
 “Effectiveness Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 75th calendar day following the date hereof (or, in the event of a “full review” by the Commission, the 120th
calendar day following the date hereof) and with respect to any additional Registration Statements which may be required pursuant to Section 3(c), the 90th calendar day following the date on which an additional Registration Statement is required to be filed hereunder; provided, however, that in the event the Company is notified by the Commission that one or more of the above
Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth Trading Day following the date on which the Company is so notified if
such date precedes the dates otherwise required above. 
 “Effectiveness Period” shall
have the meaning set forth in Section 2(a). 
 “Event” shall have the meaning set forth in
Section 2(b). 
 “Event Date” shall have the meaning set forth in Section 2(b). 
 “Filing Date” means, with respect to the Initial Registration
Statement required hereunder, the 30th calendar day following the date hereof and, with respect to any additional Registration Statements which may be
required pursuant to Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities. 
 “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable
Securities. 
  

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 “Indemnified Party” shall have the meaning set forth in
Section 5(c). 
 “Indemnifying Party” shall have the meaning set forth in Section 5(c). 

“Initial Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 “Initial Shares” means a number of Registrable Securities equal to the lesser of (i) the total number
of Registrable Securities and (ii) one-third of the number of issued and outstanding shares of Common Stock that are held by non-affiliates of the Company on the day immediately prior to the filing date of the Initial Registration Statement.

 “Losses” shall have the meaning set forth in Section 5(a). 
 “Plan of Distribution” shall have the meaning set forth in Section 2(a). 
 “Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that
includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Registrable
Securities” means (i) all of the Shares and (ii) any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing. 
 “Registration Statement” means the registration statement required to be filed hereunder and any additional registration
statements contemplated by Section 3(c), including (in each case) the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the
same purpose and effect as such Rule. 
 “Rule 424” means Rule 424 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 
  

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 “Selling Shareholder Questionnaire” shall have the meaning set forth in
Section 3(a). 
 “SEC Guidance” means (i) any publicly-available written or oral guidance,
comments, requirements or requests of the Commission staff and (ii) the Securities Act. 
 2. Shelf Registration 
 (a) On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all or such maximum portion of the Registrable Securities as permitted by SEC Guidance (provided that the Company shall use diligent efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance
with the SEC Guidance, including without limitation, the Manual of Publicly Available Telephone Interpretations D.29) that are not then registered on an effective Registration Statement for an offering to be made on a continuous basis pursuant to
Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance
herewith) and shall contain (unless otherwise directed by at least a majority in interest of the Holders) substantially the “Plan of Distribution” attached hereto as Annex A. Subject to the terms of this Agreement, the
Company shall use its best efforts to cause a Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event prior to the applicable Effectiveness Date, and shall use its
best efforts to keep such Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement have been sold, or may be sold without volume restrictions pursuant to Rule
144(k), as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness Period”). The Company shall
telephonically request effectiveness of a Registration Statement as of 5:00 p.m. New York City time on a Trading Day. The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement on the
same Trading Day that the Company telephonically confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. New York City time on the Trading Day
after the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424. Failure to so notify the Holder within 1 Trading Day after such notification of effectiveness or failure to file a final
Prospectus as foresaid shall be deemed an Event under Section 2(b). Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 2(b), if any SEC Guidance sets forth a
limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the 

  

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registration of all or a greater portion of Registrable Securities), the number of Registrable Securities to be registered on such Registration Statement
will be reduced on a pro rata basis based on the total number of unregistered Shares held by such Holders; provided, however, that, prior to any reduction in the number of Registrable Securities included in a Registration Statement as
set forth in this sentence, the number of shares of Common Stock set forth on Schedule 6(b) hereto which shall have been included on such Registration Statement shall be reduced by up to 100%. 
 (b) If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial
Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to
file with the Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities Act, within five Trading Days of the date that the Company is notified (orally or in
writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, or (iii) prior to the effective date of a Registration Statement, the Company fails to
file a pre-effective amendment and otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within 10 Trading Days after the receipt of comments by or notice from the Commission that such amendment is
required in order for such Registration Statement to be declared effective, or (iv) as to, in the aggregate among all Holders on a pro-rata basis based on their purchase of the Securities pursuant to the Purchase Agreement, a Registration
Statement registering for resale all of the Initial Shares is not declared effective by the Commission by the Effectiveness Date of the Initial Registration Statement, or (v) all of the Registrable Securities are not registered for resale
pursuant to one or more effective Registration Statements on or before September 30, 2008, or (vi) after the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as
to all Registrable Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, for more than 10 consecutive Trading Days or more than an
aggregate of 20 Trading Days (which need not be consecutive Trading Days) during any 12-month period (any such failure or breach being referred to as an “Event”, and for purposes of clause (i), (iv) and (v) the date
on which such Event occurs, and for purpose of clause (ii) the date on which such five Trading Day period is exceeded, and for purpose of clause (iii) the date which such 10 Trading Day period is exceeded, and for purpose of clause
(vi) the date on which such 10 or 20 Trading Day period, as applicable, is exceeded being referred to as “Event Date”), then, in addition to any other rights the Holders may have hereunder or under applicable law, on each such
Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated
damages and not as a penalty, equal to 1% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for any unregistered Registrable Securities then held by such Holder. The parties agree that (1) the Company shall
not be liable for liquidated damages under this Agreement with 

  

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respect to any Warrants or Warrant Shares and (2) the maximum aggregate liquidated damages payable to a Holder under this Agreement shall be 12% of the
aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven business days after the date payable, the Company will pay
interest thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such
interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event. 
 3. Registration Procedures. 
 In
connection with the Company’s registration obligations hereunder, the Company shall: 
 (a) Not less than 5 Trading Days
prior to the initial filing of each Registration Statement and not less than one Trading Day prior to the filing of any related Prospectus or any pre- or post-amendment or supplement thereto or to such Registration Statement (including, upon request
of any Holder, any document that would be incorporated or deemed to be incorporated therein by reference, provided that if such request is not made prior to such 5 or 2 Trading Day period, as applicable, then the Company’s obligation shall only
be to provide such document promptly within a reasonable period of time following such request), the Company shall (i) furnish to each Holder copies of all such documents proposed to be filed, which documents (other than those incorporated or
deemed to be incorporated by reference) will be subject to the review of such Holders and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries as shall be necessary, in the
reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements
thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith, provided that the Company is notified of such objection in writing no later than 5 Trading Days after the Holders have been so furnished
copies of an initial Registration Statement or 1 Trading Day after the Holders have been so furnished copies of any related Prospectus or pre- or post-effective amendments or supplements thereto or to such Registration Statement. Each Holder agrees
to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex B (a “Selling Shareholder Questionnaire”) not less than two Trading Days prior to the Filing Date or by the end of the fourth
Trading Day following the date on which such Holder receives draft materials in accordance with this Section. 
 (b) (i)
Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to
the applicable Registrable Securities for the Effectiveness Period and 

  

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prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable
Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424; (iii) respond
as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to any Holder upon request true and complete copies of
all correspondence from and to the Commission relating to a Registration Statement (provided that the Company may excise any information contained therein which would constitute material non-public information as to any Holder which has not executed
a confidentiality agreement with the Company); and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration
Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so
supplemented. 
 (c) If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the
number of shares of Common Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case prior to the applicable Filing Date, an additional Registration Statement covering the
resale by the Holders of not less than the number of such Registrable Securities. 
 (d) Notify the Holders of Registrable
Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible
(and, in the case of (i)(A) below, not less than one Trading Day prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day (i)(A) when a Prospectus or any Prospectus
supplement or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and, upon request of any Holder
whenever the Commission comments in writing on such Registration Statement; and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the Commission or any
other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information; (iii) of the issuance by the Commission or any other federal or state governmental authority of
any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect
to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; (v) of the occurrence of any event or
passage of time that makes the financial statements included in a Registration 

  

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Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be
incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and
(vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to
allow continued availability of a Registration Statement or Prospectus, provided that any and all of such information shall remain confidential to each Holder until such information otherwise becomes public, unless disclosure by a Holder is required
by law; provided, further, that notwithstanding each Holder’s agreement to keep such information confidential, each such Holder makes no acknowledgement that any such information is material, non-public information. 
 (e) Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or
suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 (f) Furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each
amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including
those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available on the EDGAR system need not be furnished in physical form. 
 (g) Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 (h) The Company shall cooperate with any registered broker-dealer which is effecting resales of Registrable Securities in
effecting any filing with the National Association of Securities Dealers, Inc. (“NASD”) Corporate Financing Department pursuant to NASD Rule 2710 and pay the filing fee required in connection with such filing. 
 (i) Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate
with the selling 

  

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Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities for the
resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the
Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in
any such jurisdiction. 
 (j) If requested by a Holder, cooperate with such Holders to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and
to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request. 
 (k) Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into account the Company’s good faith assessment of any adverse consequences to the Company and
its stockholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be
incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of
Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its best efforts to ensure that the use of the
Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(k) to suspend the availability of a Registration Statement and Prospectus, subject to the payment of partial
liquidated damages otherwise required pursuant to Section 2(b), for a period not to exceed 60 calendar days (which need not be consecutive days) in any 12 month period. 
 (l) Comply with all applicable rules and regulations of the Commission. 
 (m) The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect
to the registration of the Registrable 

  

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Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s request, any liquidated damages that
are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company. 
 (n) If the Commission requires any Holder to be identified in a Registration Statement as an underwriter, then the Company shall make
available for inspection by (i) any Holder, (ii) legal counsel for such Holder and (iii) one firm of accountants or other agents retained by the Holders (collectively, the “Inspectors”), all pertinent financial and other
records, and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all
information which any Inspector may reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to a Holder) or use of any Record or other information which the
Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement
or is otherwise required under the Securities Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such
Records has been made generally available to the public other than by disclosure in violation of this or any other Transaction Document. Each Holder agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or
governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records
deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Holder) shall be deemed to limit the Holders’ ability to sell Registrable Securities in a manner which is otherwise consistent with
applicable laws and regulations. 
 At the reasonable request of any Holder required to be identified as an underwriter by the
Commission, the Company shall furnish to such Holder, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as a Holder may reasonably request (i) a letter, dated such date, from the
Company’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the Holders, and (ii) an opinion,
dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Holders. 
 4. Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by
the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses 

  

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referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and
expenses of the Company’s counsel and auditors) (A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading,
(C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or
exemptions of the Registrable Securities) and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders, and (D) if not previously paid by the Company in
connection with an Issuer Filing, with respect to any filing that may be required to be made by any broker through which a Holder intends to make sales of Registrable Securities with the NASD pursuant to NASD Rule 2710, so long as the broker is
receiving no more than a customary brokerage commission in connection with such sale, (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and
delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in
connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this
Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal
fees or other costs of the Holders. 
 5. Indemnification. 
 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold
harmless each Holder, the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock),
investment advisors and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members, shareholders, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person
holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration
Statement, any Prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary 

  

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to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading
or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement,
except to the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent
that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the
use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). The
Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. 
 (b) Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its
directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such
controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s failure to comply with the prospectus delivery
requirements of the Securities Act or (y) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising
out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading (i) to the extent, but only to the extent, that such untrue statement or omission
is contained in any information so furnished in writing by such Holder to the Company specifically for inclusion in such Registration Statement or such Prospectus or (ii) to the extent that such information relates to such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this
purpose), such Prospectus or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated or defective Prospectus after the
Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). In no event shall the liability of any selling Holder hereunder be
greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
  

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 (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or
asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and
the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof;
provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a
court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced the Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed
promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the
defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its
written consent, which consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
 Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to
the Indemnifying Party; provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is judicially determined to be not
entitled to indemnification hereunder. 
 (d) Contribution. If the indemnification under Section 5(a) or 5(b) is
unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless 

  

 12 

 
for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or
omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party
in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro
rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be
required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder. 
 The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may
have to the Indemnified Parties. 
 6. Miscellaneous. 
 (a) Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to
exercise all rights granted by law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The Company and each Holder agree that monetary damages would not provide
adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert
or shall waive the defense that a remedy at law would be adequate. 
 (b) No Piggyback on Registrations; Prohibition on Filing Other
Registration Statements. Except for Joseph F. Pinkerton, III, who has waived such rights with respect to any Registration Statement to be filed with respect to the Registrable Shares covered by this 

  

 13 

 
Agreement, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the
Company in any Registration Statements other than the Registrable Securities. The Company shall not file any other registration statements (other than on Form S-8 or Form S-4) until all Registrable Securities are registered pursuant to a
Registration Statement that is declared effective by the Commission, provided that this Section 6(b) shall not prohibit the Company from filing amendments to registration statements filed prior to the date of this Agreement. 
 (c) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to a Registration Statement. 
 (d) Discontinued Disposition. By its
acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue disposition
of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The
Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as it practicable. The Company agrees and acknowledges that any periods during which the Holder is required to discontinue the disposition of the
Registrable Securities hereunder shall be subject to the provisions of Section 2(b). 
 (e) Piggy-Back Registrations. If, at any
time during the Effectiveness Period, there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an
offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities
to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s stock option or other employee benefit plans, then the Company shall deliver to each Holder a
written notice of such determination and, if within fifteen days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable
Securities such Holder requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144(k)
promulgated by the Commission pursuant to the Securities Act or that are the subject of a then effective Registration Statement. 
 (f)
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the
same shall be in writing and signed by the Company and the Holders of a majority of the then outstanding Registrable Securities (including, for this purpose any Registrable Securities issuable upon exercise or conversion of any Security). If a
Registration Statement does not register all of the Registrable Securities pursuant to a waiver or amendment done in compliance with the previous 

  

 14 

 
sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have
the right to designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively
to the rights of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates;
provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the first sentence of this Section 6(f). 
 (g) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set
forth in the Purchase Agreement. 
 (h) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations hereunder without the prior written consent of all of the Holders of the
then outstanding Registrable Securities. Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement. 
 (i) No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any
of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. Except as set forth on Schedule 6(i), neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights with respect to any of its securities to any Person that have
not been satisfied in full. 
 (j) Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of
which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same
counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” or “.tif” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” or “.tif” signature page were an original thereof. 
 (k) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in
accordance with the provisions of the Purchase Agreement. 
 (l) Cumulative Remedies. The remedies provided herein are cumulative and
not exclusive of any other remedies provided by law. 
 (m) Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the 

  

 15 

 
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
 (n) Headings. The headings in this Agreement are for convenience only, do not constitute a part of
the Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 (o) Independent Nature of Holders’
Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other
Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to protect and
enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. 
 ******************** 
  

 16 

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

			
	ACTIVE POWER, INC.
		
	By:	 	 /s/ Jim Clishem

	 Name:
 Title:
	 	 Jim Clishem
 President and CEO

 [SIGNATURE PAGES OF HOLDERS FOLLOW] 
  

 [Signature Page to Active Power 2007 PIPE Registration Rights Agreement] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: SF Capital Partners Ltd. 
 Signature of Authorized Signatory of Purchaser: /s/ Brian H. Davidson

 Name of Authorized Signatory: Brian H. Davidson 
 Title of
Authorized Signatory: Managing Director 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: Southport Energy Alternatives Fund, L.P. 
 Signature of Authorized Signatory of Purchaser: /s/
Anthony Grammalva 
 Name of Authorized Signatory: Anthony Grammalva 
 Title of Authorized Signatory: CEO Sound Energy Partners, Inc. Its Investment Manager 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: Southport Energy Alternatives SPV Offshore Fund, Inc. 
 Signature of Authorized Signatory of
Purchaser: /s/ Anthony Giammalva 
 Name of Authorized Signatory: Anthony Giammalva 
 Title of Authorized Signatory: CEO – Sound Energy Partners, Inc. – It’s Investment Advisor 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: Southport Energy Alternatives SPV Fund, LP 
 Signature of Authorized Signatory of Purchaser: /s/
Anthony Giammalva 
 Name of Authorized Signatory: Anthony Giammalva 
 Title of Authorized Signatory: CEO Sound Energy Partners, Inc. Its Investment Manager 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: UBS O’Connor LLC F/B/O: O’Connor Pipes Corporate Strategies Master Limited 
 Signature of
Authorized Signatory of Purchaser: /s/ Andy Martin 
 Name of Authorized Signatory: Andy Martin 
 Title of Authorized Signatory: Executive Director 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: RHO Management Trust IV 
 Signature of Authorized Signatory of Purchaser: /s/ Jeffrey I. Martin

 Name of Authorized Signatory: Jeffrey I. Martin 
 Title of
Authorized Signatory: Attorney-in-fact 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: Steelhead Investments Ltd. 
 Signature of Authorized Signatory of Purchaser: /s/ J. Baker Gentry, Jr.

 Name of Authorized Signatory: J. Baker Gentry, Jr. 
 Title of
Authorized Signatory: Authorized Signatory 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: Paperworld Environmental Opportunities Fund (Register Holder: Paperworld Environmental Opportunities) 
 Signature of Authorized Signatory of Purchaser: /s/ Bruce Jenkyn-Jones 
 Name of Authorized Signatory: Bruce Jenkyn-Jones 
 Title of Authorized Signatory: Director of Investments 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: Impax Environmental Markets (Ireland) Fund (Registered Holder: RBC Dexia Investor Services Bank) 
 Signature of Authorized Signatory of Purchaser: /s/ Bruce Jenkyn-Jones 
 Name of Authorized Signatory: Bruce Jenkyn-Jones 
 Title of Authorized Signatory: Director of Investments 
 [SIGNATURE PAGES CONTINUE] 

 [SIGNATURE PAGE OF HOLDERS TO ACPW RRA] 
 Name of Holder: Impax Environmental Markets PLC (Registered Holder: Nortrust Nominees Limited Account: IEM01) 
 Signature
of Authorized Signatory of Purchaser: /s/ Bruce Jenkyn-Jones 
 Name of Authorized Signatory: Bruce Jenkyn-Jones 
 Title of Authorized Signatory: Director of Investments 
 [SIGNATURE PAGES CONTINUE] 

 Annex A 
 Plan of Distribution 
 Each Selling Stockholder (the “Selling Stockholders”) of the
common stock and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their shares of common stock on the Nasdaq Global Market or any other stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Stockholder may use any one or more of the following methods when selling shares: 
  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the
transaction; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	 privately negotiated transactions; 

  

	 	•	 	 settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part; 

  

	 	•	 	 broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	 through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; 

  

	 	•	 	 a combination of any such methods of sale; or 

  

	 	•	 	 any other method permitted pursuant to applicable law. 

 The Selling Stockholders may also sell shares under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), if available, rather than under this prospectus. 
 Broker-dealers engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency
transaction not in excess of a customary brokerage commission in compliance with NASDR Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with NASDR IM-2440. 
  

 A-1 

 In connection with the sale of the common stock or interests therein, the Selling Stockholders may enter
into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The Selling Stockholders may also sell shares of the
common stock short and deliver these securities to close out their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares
such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 
 The Selling Stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Each Selling Stockholder has informed the Company
that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the Common Stock. In no event shall any broker-dealer receive fees, commissions and markups which, in the aggregate, would
exceed eight percent (8%). 
 The Company is required to pay certain fees and expenses incurred by the Company incident to the registration
of the shares. The Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. 
 Because Selling Stockholders may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the
prospectus delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than
under this prospectus. Each Selling Stockholder has advised us that they have not entered into any written or oral agreements, understandings or arrangements with any underwriter or broker dealer regarding the sale of the resale shares. There is no
underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the Selling Stockholders. 
 We agreed
to keep this prospectus effective until the earlier of (i) the date on which the shares may be resold by the Selling Stockholders without registration and without regard to any volume limitations by reason of Rule 144(k) under the Securities
Act or any other rule of similar effect or (ii) all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale shares will be sold only through registered or
licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale shares may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the
registration or qualification requirement is available and is complied with. 
  

 A-2 

 Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of
the resale shares may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling
Stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of the common stock by the Selling Stockholders
or any other person. We will make copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance
with Rule 172 under the Securities Act). 
  

 A-3 

 Annex B 
 ACTIVE POWER, INC. 
 Selling Securityholder Notice and Questionnaire 
 The undersigned beneficial owner of common stock (the “Registrable Securities”) of Active Power, Inc., a Delaware corporation (the
“Company”), understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration Statement”) for the
registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration
Rights Agreement”) to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the
meanings ascribed thereto in the Registration Rights Agreement. 
 Certain legal consequences arise from being named as a selling
securityholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not
being named as a selling securityholder in the Registration Statement and the related prospectus. 
 NOTICE 
 The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby elects to include the Registrable
Securities owned by it in the Registration Statement. 
  

 B-1 

 The undersigned hereby provides the following information to the Company and represents and warrants that such
information is accurate: 
 QUESTIONNAIRE 
  

	1.	Name. 

  

					
		 	(a)	 	Full Legal Name of Selling Securityholder
			
		 		 	  

			
		 	(b)	 	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
			
		 		 	  

			
		 	(c)	 	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this
Questionnaire):
			
		 		 	  

  

	2.	Address for Notices to Selling Securityholder: 

  

																	
	  

	
	  

	
	  

					
			
	Telephone:	 		 	  

					
			
	Fax:	 		 	  

					
			
	Contact Person:	 		 	  

  

	3.	Broker-Dealer Status: 

  

					
		 	(a)	 	Are you a broker-dealer?
			
		 		 	Yes   ̈    No   ̈
			
		 	(b)	 	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?
			
		 		 	Yes   ̈    No   ̈
			
		 	Note:	 	If “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

  

 B-2 

					
		 	(c)	 	 Are  you an affiliate of a broker-dealer?

			
		 		 	Yes   ̈    No   ̈
			
		 	(d)	 	If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable
Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?
			
		 		 	Yes   ̈    No   ̈
			
		 	Note:	 	If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

  

	4.	Beneficial Ownership of Securities of the Company Owned by the Selling Securityholder. 

  

					
		 	Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities issuable
pursuant to the Purchase Agreement.
			
		 	(a)	 	Type and Amount of other securities beneficially owned by the Selling Securityholder:
			
		 		 	  

			
		 		 	  

  

 B-3 

	5.	Relationships with the Company: 

  

			
		 	Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the
undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
		
		 	State any exceptions here:
		
		 	  

		
		 	  

 The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the
information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective. 
 By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information in the Registration Statement and the related prospectus and any
amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus. 
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by
its duly authorized agent. 
  

													
	Date:                             	 		  	Beneficial Owner:	 		 	  

				
		 		  	By:	 	  

		 		  	Name:	 	  

		 		  	Title:	 	  

 PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT
MAIL, TO: 
  

 B-4Form of Nonqualified Stock Option Award

 Exhibit 10.20 
 NONQUALIFIED STOCK OPTION AWARD 
 PURSUANT TO THE CCF HOLDING COMPANY 
 2007 STOCK INCENTIVE PLAN 
 THIS
NONQUALIFIED STOCK OPTION AWARD (the “Award”) is made as of the Grant Date by and between CCF HOLDING COMPANY (the “Company”), a Georgia corporation, and
                                        
(the “Participant”). 
 Upon and subject to the Terms and Conditions attached hereto and incorporated herein by reference, the
Company hereby awards as of the Grant Date to Participant a nonqualified stock option (the “Option”), as described below, to purchase the Option Shares. 
  

	A.	Grant Date:                     , 2007. 

  

	B.	Type of Option: Nonqualified Stock Option. 

  

	C.	Plan under which granted: CCF Holding Company 2007 Stock Incentive Plan. 

  

	D.	Option Shares: All or any part of                      shares of the
Company’s common stock (the “Common Stock”), subject to adjustment as provided in the attached Terms and Conditions. 

  

	E.	Exercise Price: $             per share, subject to adjustment as provided in the attached Terms and Conditions.
The Exercise Price is, in the judgment of the Committee, not less than 100% of the Fair Market Value of a share of Common Stock on the Grant Date. 

  

	 F.
	 Option Period: The Option may be exercised only during the Option Period which commences on the Grant Date and ends,
generally, on the earliest of (a) the tenth (10th) anniversary of the Grant Date; (b) three (3) months following the date the
employment relationship between the Participant and the Company and its Affiliates terminates for reasons other than death or Disability; or (c) one (1) year following the date the employment relationship between the Participant and the
Company and its Affiliates terminates due to death or Disability; provided however, that the Option may be exercised as to no more than the vested Option Shares determined pursuant to the Vesting Schedule. Note that other limitations to
exercising the Option, as described in the attached Terms and Conditions, may apply. 

  

	G.	Vesting Schedule: The Option Shares shall become vested in accordance with the following Schedule (the “Vesting Schedule”): 

  

			
	 Percentage of Option Shares
 Which are Vested Shares
	  	 Months of Service After
 the Grant Date

		  	
		  	

 IN WITNESS WHEREOF, the Company has executed and sealed this Award as of the Grant Date set forth
above. 
  

			
	CCF HOLDING COMPANY
		
	By:	 	  

		
	Title:	 	  

 TERMS AND CONDITIONS 
 TO THE 
 NONQUALIFIED STOCK OPTION AWARD 
 PURSUANT TO THE CCF HOLDING COMPANY 
 2007 STOCK INCENTIVE PLAN 

1. Exercise of Option. Subject to the provisions provided herein or in the Award made pursuant to the CCF Holding Company 2007 Stock Incentive
Plan, the Option may be exercised with respect to all or any portion of the vested Option Shares at any time during the Option Period by: 
 (a) the delivery to the Company, at its principal place of business, of a written notice of exercise in substantially the form attached hereto as Exhibit 1, which shall be actually delivered to the
Company no earlier than thirty (30) days and no later than ten (10) days prior to the date upon which Participant desires to exercise all or any portion of the Option; 
 (b) payment to the Company of the Exercise Price multiplied by the number of Option Shares being purchased (the “Purchase
Price”) as provided in Section 3; and 
 (c) satisfaction of the withholding tax obligations under Section 2.

 (d) Notwithstanding any other provision of this Award, in the event that the capital of the Company or any bank subsidiary
falls below the minimum requirements determined by the primary state or federal regulator of the Company (the “Regulator”), the Regulator may direct the Company to require the Participant to exercise, or otherwise forfeit, the Option in
whole or in part. If the Regulator gives such direction, the Company will notify the Participant promptly after the Regulator notifies the Company in writing that the Participant must exercise, or otherwise forfeit, the Option in whole or in part.
If the Participant does not exercise the Option in accordance with the Company’s direction within twenty-one (21) days of the Company’s notification to the Participant, the Committee may provide for the cancellation of the Option.

 Upon acceptance of such notice and receipt of payment in full of the Purchase Price and any withholding taxes, the Company shall cause to be issued a
certificate representing the Option Shares purchased. 
 2. Withholding. The Participant must satisfy his federal, state and local
withholding taxes imposed by reason of the exercise of the Option either by paying to the Company the full amount of the withholding obligation in cash or cash equivalents or, alternatively, by electing, irrevocably and in writing in substantially
the form of Exhibit 2 (a “Withholding Election”) to (i) tender whole shares of Common Stock which have been owned by the Participant for at least six (6) months prior to the date of exercise having a Fair Market
Value equal to the withholding obligation; or (ii) have the smallest number of whole shares of Common Stock withheld by the Company which, when multiplied by the Fair Market Value of the Common Stock as of the date the Option is exercised, is
sufficient to satisfy the amount of minimum required withholding tax obligations. The Participant may make a Withholding Election only if the following conditions are met: 
 (a) the Withholding Election is made on or prior to the date on which the amount of tax required to be withheld is determined (the
“Tax Date”) by executing and delivering to the Company a properly completed Notice of Withholding in substantially the form attached hereto as Exhibit 2; and 

 (b) any Withholding Election will be irrevocable; however, the Committee may, in its sole
discretion, disapprove and give no effect to the Withholding Election. 
 3. Purchase Price. Payment of the Purchase Price for all
Option Shares purchased pursuant to the exercise of an Option shall be made: 
 (a) in cash or cash equivalents; 

(b) by the delivery to the Company of a number of shares of Common Stock which have been owned by the Participant for at least six
(6) months prior to the date of exercise having an aggregate Fair Market Value, as determined under the plan, on the date of exercise equal to the Purchase Price; 
 (c) by receipt of the Purchase Price in cash from a broker, dealer or other “creditor” as defined by Regulation T issued by
the Board of Governors of the Federal Reserve System following delivery by the Participant to the Committee of instructions in a form acceptable to the Committee regarding delivery to such broker, dealer or other creditor of that number of Option
Shares with respect to which the Option is exercised, but only as and to the extent permitted under Section 13(k) of the Exchange Act (Section 402 of the Sarbanes-Oxley Act of 2002); or 
 (d) in any combination of the foregoing. 
 4. Vesting. 
 (a) The Option Shares shall become vested Option Shares in accordance
with the Vesting Schedule provided in the Award. 
 (b) For purposes of the Vesting Schedule, the Participant shall be granted
a month of service for each full calendar month following the Grant Date during which the employment relationship between the Participant and the Company and its Affiliates continues. No period of time following the Participant’s Termination of
Employment with the Company (including all Affiliates) shall count towards the vesting of Option Shares. 
 (c)
Notwithstanding subsection (a), the Option will be fully vested as of the date of the Participant’s retirement from employment with the Company on or after attaining age fifty-five (55) and completing at least ten (10) consecutive
years of employment with the Company and its Affiliates. 
 (d) Notwithstanding subsection (a), the Option will be fully
vested as of a date determined by the Committee which is no less than thirty (30) days prior to the effective date of a Change in Control. 
 5. Rights as Shareholder. Until the stock certificates reflecting the Option Shares accruing to the Participant upon exercise of the Option are issued to the Participant, the Participant shall have no rights as a shareholder with
respect to such Option Shares. The Company shall make no adjustment for any dividends or distributions or other rights on or with respect to Option Shares for which the record date is prior to the issuance of that stock certificate, except as the
Plan or the attached Award otherwise provides. 
 6. Restriction on Transfer of Option and of Option Shares. The Option evidenced
hereby is nontransferable other than by will or the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant (or in the event of his Disability, by his personal representative) and
after his death, only by his legatee or the executor of his estate. 
  

 2 

 7. Changes in Capitalization. 
 (a) The number of Option Shares and the Exercise Price shall be proportionately adjusted for any nonreciprocal transaction between the
Company and the holders of capital stock of the Company that causes the per share value of the shares of Common Stock underlying the Option to change, such as a stock dividend, stock split, spinoff, rights offering, or recapitalization through a
large, nonrecurring cash dividend. 
 (b) In the event of a merger, consolidation, extraordinary dividend, sale of
substantially all of the Company’s assets or other material change in the capital structure of the Company, or a tender offer for shares of Common Stock, or a Change in Control, the Committee shall take such action to make such adjustments in
the Option or the terms of this Award as the Committee, in its sole discretion, determines in good faith is necessary or appropriate, including, without limitation, adjusting the number and class of securities subject to the Option, with a
corresponding adjustment in the Exercise Price, substituting a new option to replace the Option, accelerating the termination of the Option Period, removing any restrictions, or terminating the Option in consideration of a cash payment to the
Participant in an amount equal to the excess of the then Fair Market Value of the Option Shares over the aggregate Exercise Price of the Option Shares. Any determination made by the Committee pursuant to this Section 6(b) will be final and
binding on the Participant. Any action taken by the Committee need not treat all participants equally. 
 (c) The existence of
the Plan and the Option granted pursuant to this Award shall not affect in any way the right or power of the Company to make or authorize any adjustment, reclassification, reorganization or other change in its capital or business structure, any
merger or consolidation of the Company, any issue of debt or equity securities having preferences or priorities as to the Common Stock or the rights thereof, the dissolution or liquidation of the Company, any sale or transfer of all or any part of
its business or assets, or any other corporate act or proceeding. Any adjustment pursuant to this Section may provide, in the Committee’s discretion, for the elimination without payment therefor of any fractional shares that might
otherwise become subject to any Option. 
 8. Special Limitation on Exercise. No purported exercise of the Option shall be effective
without the approval of the Committee, which may be withheld to the extent that the exercise, either individually or in the aggregate together with the exercise of other previously exercised stock options and/or offers and sales pursuant to any
prior or contemplated offering of securities, would, in the sole and absolute judgment of the Committee, require the filing of a registration statement with the United States Securities and Exchange Commission or with the securities commission of
any state. If a registration statement is not in effect under the Securities Act of 1933 or any applicable state securities law with respect to shares of Common Stock purchasable or otherwise deliverable under the Option, the Participant
(a) shall deliver to the Company, prior to the exercise of the Option or as a condition to the delivery of Common Stock pursuant to the exercise of an Option, such information, representations and warranties as the Company may reasonably
request in order for the Company to be able to satisfy itself that the Option Shares are being acquired in accordance with the terms of an applicable exemption from the securities registration requirements of applicable federal and state securities
laws and (b) shall agree that the shares of Common Stock so acquired will not be disposed of except pursuant to an effective registration statement, unless the Company shall have received an opinion of counsel that such disposition is exempt
from such requirement under the Securities Act of 1933 and any applicable state securities law. 
  

 3 

 9. Legend on Stock Certificates. Certificates evidencing the Option Shares, to the extent
appropriate at the time, shall have noted conspicuously on the certificates a legend intended to give all persons full notice of the existence of the conditions, restrictions, rights and obligations set forth herein and in the Plan. 
 10. Governing Laws. This Award and the Terms and Conditions shall be construed, administered and enforced according to the laws of the State of
Georgia; provided, however, the Option may not be exercised except in compliance with exemptions available under applicable state securities laws of the state in which the Participant resides and/or any other applicable securities laws. 

11. Successors. This Award and the Terms and Conditions shall be binding upon and inure to the benefit of the heirs, legal representatives,
successors and permitted assigns of the Participant and the Company. 
 12. Notice. Except as otherwise specified herein, all notices
and other communications under this Award shall be in writing and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the
proposed recipient at the last known address of the recipient. Any party may designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein. 
 13. Severability. In the event that any one or more of the provisions or portion thereof contained in the Award and these Terms and Conditions
shall for any reason be held to be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of the Award and these Terms and Conditions, and the Award and these Terms and Conditions
shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein. 
 14. Entire
Agreement. Subject to the terms and conditions of the Plan, the Award and the Terms and Conditions express the entire understanding of the parties with respect to the Option. 
 15. Violation. Except as provided in Section 6, any transfer, pledge, sale, assignment, or hypothecation of the Option or any portion thereof
shall be a violation of the terms of the Award or these Terms and Conditions and shall be void and without effect. 
 16. Headings and
Capitalized Terms. Section headings used herein are for convenience of reference only and shall not be considered in construing the Award or these Terms and Conditions. Capitalized terms used, but not defined, in either the Award or the Terms
and Conditions shall be given the meaning ascribed to them in the Plan. 
 17. Specific Performance. In the event of any actual or
threatened default in, or breach of, any of the terms, conditions and provisions of the Award and these Terms and Conditions, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to
any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. 
 18. No Right to
Continued Retention. Neither the establishment of the Plan nor the award of Option Shares hereunder shall be construed as giving the Participant the right to continued employment with the Company or any Affiliate. 
  

 4 

 19. Definitions. As used in this Award, 
 (a) “Change in Control” means any one of the following events which may occur after the date the Option is granted:

 (1) the acquisition by any person or persons acting as a group within the meaning of Section 13(d) of the Securities
Exchange Act of 1934 (other than the Company or any equity holder of the Company as of the date of this Award) (a “Person”) of the then outstanding voting ownership interests of the Company if, after the transaction, the acquiring person
(or persons) owns, controls or holds with power to vote more than twenty-five percent (25%) of any class of voting securities of the Company; 
 (2) the acquisition by a Person of the control of the election of a majority of the Company’s directors; or 
 (3) the acquisition of the exercise of a controlling influence over the management or policies of the Company by a Person. 
 Notwithstanding the foregoing, no Change in Control shall be deemed to have occurred with respect to Options granted to a Participant by reason of any actions or events in which the Participant participates in a
capacity other than in the Participant’s capacity as an employee or director of the Company. 
 (b) Other capitalized
terms that are not defined herein have the meaning set forth in the Plan or the Award, except where the context does not reasonably permit. 
  

 5 

 EXHIBIT 1 
 NOTICE OF EXERCISE OF 
 STOCK OPTION TO PURCHASE 
 COMMON STOCK OF 
 CCF HOLDING COMPANY

  

					
	Name	 	  
	 	
	Address	 	  
	 	
	  
	 	
	Date	 	  
	 	

 CCF Holding Company 
 Attn:
                                        

  

	Re:	Exercise of Nonqualified Stock Option 

 Gentlemen: 
 Subject to acceptance hereof by CCF Holding Company (the “Company”) and pursuant to the provisions of the CCF Holding Company 2007 Stock
Incentive Plan (the “Plan”), I hereby give notice of my election to exercise options granted to me to purchase
                                        
shares of Common Stock of the Company under the Nonqualified Stock Option Award (the “Award”) dated as of                     . The
purchase shall take place as of                     , 20     (the “Exercise Date”). 
 On or before the Exercise Date, I will pay the applicable purchase price as follows: 
  

	 	[    ]	by delivery of cash or a certified check for $                     for the
full purchase price payable to the order of CCF Holding Company. 

  

	 	[    ]	by delivery of a stock certificate representing shares of Common Stock that I have owned for at least six months which I will surrender to the Company with my endorsement as payment
of the purchase price. If the number of shares of Common Stock represented by such certificate exceed the number to be applied against the purchase price, I understand that a new certificate will be issued to me reflecting the excess number of
shares. 

  

	 	[    ]	by delivery of the purchase price by
                                        ,
a broker, dealer or other “creditor” as defined by Regulation T issued by the Board of Governors of the Federal Reserve System. I hereby authorize the Company to issue a stock certificate for the number of shares indicated above in
the name of said broker, dealer or other creditor or its nominee pursuant to instructions received by the Company and to deliver said stock certificate directly to that broker, dealer or other creditor (or to such other party specified in the
instructions received by the Company from the broker, dealer or other creditor) upon receipt of the purchase price. 

  

 Exhibit 1 – Page 1 of  3 

 The required federal, state, and local income tax withholding obligations on the exercise of the Award
shall be paid on or before the Exercise Date in cash or cash equivalents or, alternatively, in the manner provided in the Withholding Election previously tendered or to be tendered to the Company no later than the Tax Date. 
 As soon as the stock certificate is registered in my name, please deliver it to me at the above address. 
 If the Common Stock being acquired is not registered for issuance to and resale by the Participant pursuant to an effective registration statement on
Form S-8 (or successor form) filed under the Securities Act of 1933, as amended (the “1933 Act”), I hereby represent, warrant, covenant, and agree with the Company as follows: 
 The shares of the Common Stock being acquired by me will be acquired for my own account without the participation of any other person, with the intent of
holding the Common Stock for investment and without the intent of participating, directly or indirectly, in a distribution of the Common Stock and not with a view to, or for resale in connection with, any distribution of the Common Stock, nor am I
aware of the existence of any distribution of the Common Stock; 
 I am not acquiring the Common Stock based upon any representation, oral or
written, by any person with respect to the future value of, or income from, the Common Stock but rather upon an independent examination and judgment as to the prospects of the Company; 
 The Common Stock was not offered to me by means of publicly disseminated advertisements or sales literature, nor am I aware of any offers made to other
persons by such means; 
 I am able to bear the economic risks of the investment in the Common Stock, including the risk of a complete loss of
my investment therein; 
 I understand and agree that the Common Stock will be issued and sold to me without registration under any state law
relating to the registration of securities for sale, and will be issued and sold in reliance on the exemptions from registration under the 1933 Act, provided by Sections 3(b) and/or 4(2) thereof and the rules and regulations promulgated thereunder;

 The Common Stock cannot be offered for sale, sold or transferred by me other than pursuant to: (A) an effective registration under the
1933 Act or in a transaction otherwise in compliance with the 1933 Act; and (B) evidence satisfactory to the Company of compliance with the applicable securities laws of other jurisdictions. The Company shall be entitled to rely upon an opinion
of counsel satisfactory to it with respect to compliance with the above laws; 
 The Company will be under no obligation to register the
Common Stock or to comply with any exemption available for sale of the Common Stock without registration or filing, and the information or conditions necessary to permit routine sales of securities of the Company under Rule 144 under the 1933 Act
are not now available and no assurance has been given that it or they will become available. The Company is under no obligation to act in any manner so as to make Rule 144 available with respect to the Common Stock; 
 I have and have had complete access to and the opportunity to review and make copies of all material documents related to the business of the Company,
including, but not limited to, contracts, financial statements, tax returns, leases, deeds and other books and records. I have examined such of these documents as I wished and am familiar with the business and affairs of the Company. I realize that
the purchase of the Common Stock is a speculative investment and that any possible profit therefrom is uncertain; 
  

 Exhibit 1 – Page 2 of  3 

 I have had the opportunity to ask questions of and receive answers from the Company and any person acting
on its behalf and to obtain all material information reasonably available with respect to the Company and its affairs. I have received all information and data with respect to the Company which I have requested and which I have deemed relevant in
connection with the evaluation of the merits and risks of my investment in the Company; 
 I have such knowledge and experience in financial
and business matters that I am capable of evaluating the merits and risks of the purchase of the Common Stock hereunder and I am able to bear the economic risk of such purchase; and 
 The agreements, representations, warranties and covenants made by me herein extend to and apply to all of the Common Stock of the Company issued to me
pursuant to this Award. Acceptance by me of the certificate representing such Common Stock shall constitute a confirmation by me that all such agreements, representations, warranties and covenants made herein shall be true and correct at that time.

 I understand that the certificates representing the shares being purchased by me in accordance with this notice shall bear a legend
referring to the foregoing covenants, representations and warranties and restrictions on transfer, and I agree that a legend to that effect may be placed on any certificate which may be issued to me as a substitute for the certificates being
acquired by me in accordance with this notice. I further understand that capitalized terms used in this Notice of Exercise without definition shall have the meanings given to them in the Award or in the Plan, as applicable. 
 Very truly yours, 
  

			
	  	 	  
 

  

					
	 AGREED TO AND ACCEPTED:
	  		  	
	 CCF HOLDING COMPANY
	  		  	
			
	By:
                                        
                        	  		  	
	 Title:
                                        
                     
	  		  	
			
	 Number of Shares
	  	Number of Shares	  	
	 Exercised:                                     
                
	  	Remaining:                                     
            	  	
			
	 Date:
                                        
                    
	  		  	

  

 Exhibit 1 – Page 3 of  3 

 EXHIBIT 2 
 NOTICE OF WITHHOLDING ELECTION 
 CCF HOLDING COMPANY 
 2007 STOCK INCENTIVE PLAN 
  

			
	TO:	 	  

		
	FROM:	 	  

		
	RE:	 	Withholding Election

 This election relates to the Option identified in Paragraph 3 below. I hereby certify that: 
  

	(1)	My correct name and social security number and my current address are set forth at the end of this document. 

  

	(2)	I am (check one, whichever is applicable). 

  

	 	[    ]	the original recipient of the Option. 

  

	 	[    ]	the legal representative of the estate of the original recipient of the Option. 

  

	 	[    ]	the legal guardian of the original recipient of the Option. 

  

	(3)	The Option to which this election relates was issued on
                    , 2007, under the CCF Holding Company 2007 Stock Incentive Plan (the “Plan”) in the name of
                                        
for the purchase of a total of                      shares of Common Stock of the Company. This election relates to
                     shares of Common Stock issuable upon exercise of the Option, provided that the numbers set forth above shall be deemed
changed as appropriate to reflect the applicable Plan provisions. 

  

	(4)	In connection with any exercise of the Option with respect to the Common Stock, I hereby elect: 

  

	 	[    ]	to have certain of the shares otherwise issuable pursuant to the exercise withheld by the Company for the purpose of having the value of the shares applied to pay federal, state,
and local taxes arising from the exercise. 

  

	 	[    ]	to tender shares of Common Stock held by me for a period of at least six (6) months prior to the exercise of the Option for the purpose of having the value of the shares
applied to pay such taxes. 

 The shares to be withheld or tendered, as applicable, shall have, as of the Tax Date applicable to
the exercise, a Fair Market Value equal to the minimum statutory tax withholding requirement under federal, state, and local law in connection with the exercise. 
  

	(5)	This Withholding Election is made no later than the Tax Date and is otherwise timely made pursuant to the Plan and the Award. 

  

	(6)	I understand that this Withholding Election may not be revised, amended or revoked by me. 

	(7)	The Plan has been made available to me by the Company. I have read and understand the Plan and I have no reason to believe that any of the conditions to the making of this
Withholding Election have not been met. 

  

	(8)	Capitalized terms used in this Notice of Withholding Election without definition shall have the meanings given to them in the Award or in the Plan, as applicable.

  

									
	Dated:	 	  
	 		 		 	  

		 		 		 		 	Signature
					
		 	  
	 		 		 	  

		 	Social Security Number	 		 		 	Name (Printed)
					
		 		 		 		 	  

		 		 		 		 	Street Address
					
		 		 		 		 	  

		 		 		 		 	City, State, Zip Code

  

 2

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