Document:

Registration Rights Agreement dated August 8, 2005

 Exhibit 4.1 
  
 Execution Copy 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of August 8, 2005, by and among CNX Gas Corporation, a
Delaware corporation (together with any successor entity thereto, the “Company”), CONSOL Energy, Inc., or its successor or assigns (“CEI”), and Friedman, Billings, Ramsey & Co., Inc., a Delaware corporation (“FBR”),
for the benefit of CEI, FBR, the purchasers of the Company’s common stock, par value $.01 per share, as participants (“Participants”) in the private placement by the Company of shares of its common stock (the “Private
Placement”), and the direct and indirect transferees of FBR and each of the Participants. 
  
 This Agreement is made pursuant to the Purchase/Placement Agreement (the “Purchase/Placement Agreement”), dated as of August 1, 2005, by and among the Company, CEI and FBR in connection with the purchase and
sale or placement of an aggregate of 24,292,754 shares of the Company’s common stock (plus an additional 3,643,913 shares to cover additional allotments, if any). In order to induce FBR to enter into the Purchase/Placement Agreement, the
Company has agreed to provide the registration rights provided for in this Agreement to FBR, the Participants, CEI and their respective direct and indirect transferees. The execution of this Agreement is a condition to the closing of the
transactions contemplated by the Purchase/Placement Agreement. 
  
 The parties hereby agree as follows: 
  

	1.	DEFINITIONS. 

  
 As used in this Agreement, the following terms shall have the following meanings: 
  
 144A/Regulation S Shares: Shares initially sold to FBR in the Private Placement and resold by FBR to “qualified
institutional buyers” (as such term is defined in Rule 144A) or to “non-U.S. persons” (in accordance with Regulation S) in an “offshore transaction” (in accordance with Regulation S). 
  
 Agreement: As defined in the preamble. 
  
 Affiliate: As to any specified Person, (i) any Person directly or
indirectly owning, controlling or holding, with power to vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person ten percent or more of whose outstanding voting securities are directly or indirectly
owned, controlled or held, with power to vote, by such other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive officer, director, trustee or general partner
of such Person and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. An indirect relationship shall include circumstances in which a Person’s spouse, children, parents, siblings or
mother-, father-, sister- or brother-in-law is or has been associated with a Person. 
  
 Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in 

 
New York, New York or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to
close. 
  
 CEI Shares: The shares of Common Stock owned by
CEI (or one of its wholly-owned subsidiaries) immediately following consummation of the Private Placement. 
  
 Closing Date: The date of this Agreement or such other time or such other date as FBR and the Company may agree. 
  
 Commission: The Securities and Exchange Commission. 
  
 Common Stock: The common stock, par value $.01 per share, of the
Company. 
  
 Company: As defined in the preamble.

  
 Controlling Person: As defined in Section 6(a) hereof.

  
 End of Suspension Notice: As defined in Section 5(b)
hereof. 
  
 Exchange Act: The Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated by the Commission pursuant thereto. 
  
 FBR: As defined in the preamble. 
  
 Holder: Each record owner of any Registrable Shares from time to time, including FBR and its Affiliates. 
  
 Indemnified Party: As defined in Section 6(c) hereof. 
  
 Indemnifying Party: As defined in Section 6(c) hereof. 
  
 IPO Registration Statement: As defined in Section 2(b) hereof.

  
 Liabilities: As defined in Section 6(a) hereof.

  
 NASD: The National Association of Securities Dealers,
Inc. 
  
 No Objections Letter: As defined in Section
4(a)(xx) hereof. 
  
 Offering Memorandum: The Offering
Memorandum of the Company dated August 1, 2005 pursuant to which the 144A/Regulation S Shares and the Private Placement Shares are offered and sold. 
  
 Participant: As defined in the preamble. 
  
 Person: An individual, partnership, corporation, trust, unincorporated organization, government or agency or political subdivision thereof, or any
other legal entity. 
  
 Private Placement: As defined in
the preamble. 
  

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 Private Placement Shares: Shares initially sold by the Company directly to “accredited
investors” (within the meaning of Rule 501(a) promulgated under the Securities Act) as Participants, with FBR acting as placement agent. 
  
 Proceeding: An action, claim, suit or proceeding (including without limitation, an investigation or partial proceeding, such as a deposition),
whether commenced or, to the knowledge of the Person subject thereto, threatened. 
  
 Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments and supplements to any such prospectus, including post-effective amendments, and
all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 
  
 Purchase/Placement Agreement: As defined in the preamble. 
  

Purchaser Indemnitee: As defined in Section 6(a) hereof. 
  
 Questionnaire: As defined in Section 4(b) hereof. 
  
 Questionnaire Deadline: As defined in Section 4(b) hereof. 
  
 Registrable Shares: The 144A/Regulation S Shares, the Private
Placement Shares and the CEI Shares, upon original issuance thereof, and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder and any shares or other securities issued in respect of
such Registrable Shares by reason of or in connection with any stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares or any combination of
shares, recapitalization, merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until, in the case of any such 144A/Regulation S Share, Private Placement Share or
CEI Share, the earliest to occur of (i) the date on which it has been first registered effectively pursuant to the Securities Act and disposed of in accordance with the Registration Statement relating to it, (ii) the date on which either it is
distributed to the public pursuant to Rule 144 (or any similar provision then in effect) or is eligible for sale without registration, pursuant to Rule 144(k) promulgated by the Commission pursuant to the Securities Act or (iii) the date on which it
is sold to the Company or any of our subsidiaries. Notwithstanding anything else contained in this Agreement, the CEI Shares shall cease to be Registrable Shares upon a distribution or transfer of those shares by CEI to its shareholders (whether by
dividend, exchange offer or otherwise). 
  
 Registration
Expenses: Any and all expenses incident to the performance of or compliance with this Agreement, including, without limitation: (i) all Commission, securities exchange, NASD registration (if any), listing, inclusion and filing fees, (ii) all
fees and expenses incurred in connection with compliance with international, federal or state securities or blue sky laws (including, without limitation, any registration, listing and filing fees and reasonable fees and disbursements of counsel in
connection with blue sky qualification of any of the Registrable Shares and the preparation of a blue sky memorandum and compliance with the rules of the NASD), (iii) all expenses in preparing or assisting in preparing, word processing, duplicating,
printing, delivering and distributing any Registration Statement, any Prospectus, any 

  

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amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates and any other documents relating to the performance
under and compliance with this Agreement, (iv) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange or The Nasdaq Stock Market pursuant to Section 4(a)(xiv) of this
Agreement, (v) the fees and disbursements of counsel for the Company and of the independent public accountants of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or
incident to such performance), (vi) reasonable fees and disbursements of one counsel, reasonably acceptable to the Company, for the Holders, selected by the Holders, other than CEI, holding a majority of the Registrable Shares included in the
registration (such counsel, “Selling Holders’ Counsel”) and (vii) any fees and disbursements customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by the Company in connection with
any Registration Statement); provided, however, that Registration Expenses shall exclude brokers’ or underwriters’ discounts and commissions, if any, relating to the sale or disposition of Registrable Shares by a Holder. 
  
 Registration Statement: Any registration statement of the Company that
covers the resale of Registrable Shares pursuant to the provisions of this Agreement, including 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, if any, in such registration statement. 
  
 Regulation S: Regulation S (Rules 901-904) promulgated by the Commission under the Securities Act, as such rules may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such regulation. 
  
 Rule 144: Rule 144, and any of its referenced paragraphs, promulgated by the Commission pursuant to the Securities Act, as such rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  

Rule 158: Rule 158 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Rule 174: Rule 174 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  

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 Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule may
be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  

Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder. 
  
 Selling Holders’ Counsel: As defined under “Registration
Expenses” in Section 1 hereof. 
  
 Shares: The shares
of Common Stock being offered and sold pursuant to the terms and conditions of the Purchase/Placement Agreement. 
  
 Shelf Registration Statement: As defined in Section 2(a) hereof. 
  
 Suspension Event: As defined in Section 5(b) hereof. 
  
 Suspension Notice: As defined in Section 5(b) hereof. 
  
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for reoffering to the
public. 
  

	2.	REGISTRATION RIGHTS. 

  
 (a) Mandatory Shelf Registration. As set forth in Section 4 hereof, the Company agrees to file with the Commission as soon as reasonably
practicable following the date of this Agreement (but in no event later than the date that is 210 days after the Closing Date, except as set forth in Section 2(b)(iv) hereof) a shelf Registration Statement on Form S-1 or such other form under the
Securities Act then available to the Company providing for the resale of any Registrable Shares pursuant to Rule 415 from time to time by the Holders (a “Shelf Registration Statement”). The Company shall use its commercially reasonable
efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable. Any Shelf Registration Statement shall provide for the resale from time to time, and pursuant to any method or combination of
methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include sales over the internet) by the Holders of any and all Registrable Shares.

  

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 (b) IPO Registration. 
  
 (i) If the Company proposes to file a registration statement on Form S-1 or such other form under the
Securities Act providing for the initial public offering of shares of Common Stock (the “IPO Registration Statement”), the Company will notify each Holder of the proposed filing and afford each Holder an opportunity to include in the IPO
Registration Statement all or any part of the Registrable Shares then held by such Holder. Each Holder desiring to include in the IPO Registration Statement all or part of the Registrable Shares held by such Holder shall, within twenty (20) days
after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares such Holder wishes to include in the IPO Registration Statement. Any
election by any Holder to include any Registrable Shares in the IPO Registration Statement will not affect the inclusion of such Registrable Shares in the Shelf Registration Statement until such Registrable Shares have been sold under the IPO
Registration Statement. 
  
 (ii) Right to
Terminate IPO Registration. The Company, in its sole discretion, shall have the right to terminate or withdraw the IPO Registration Statement initiated by it referred to in this Section 2(b) prior to the effectiveness of such registration
whether or not any Holder has elected to include Registrable Shares in such registration. 
  
 (iii) Selection of Underwriter. The Company shall have the sole right to select the managing underwriter(s) for its initial public
offering, regardless of whether any Registrable Shares are included in the IPO Registration Statement or otherwise. The Company shall advise all Holders of the managing underwriter(s) for the Underwritten Offering proposed under the IPO Registration
Statement. 
  
 (iv) Shelf Registration not
Impacted by IPO Registration Statement. The Company’s obligation to file the Shelf Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of the IPO Registration Statement; provided,
however, that if, prior to filing the Shelf Registration Statement with the Commission, the Company shall have filed an IPO Registration Statement with the Commission on or prior to the 210th day after the Closing Date and such IPO Registration
Statement shall not have been declared effective on or prior to such 210th day, the Company may delay the filing of the Shelf Registration Statement beyond such 210th day in the event the staff of the Commission requests in writing, a copy of which
shall be promptly provided to FBR, that the Company delay the filing of the Shelf Registration Statement until a later date or point in time in the staff review process, provided further, however, that such delay shall not extend beyond thirty (30)
days following the date of initial effectiveness of the IPO Registration Statement. 
  
 (c) Underwriting. 
  
 (i) The right of any such Holder’s Registrable Shares to be included in the IPO Registration Statement pursuant to Section 2(b) shall be conditioned upon such Holder’s participation in such underwriting and
the inclusion of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Shares through such underwriting shall enter into an underwriting agreement in customary
form with the managing underwriter(s) selected for 

  

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such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, securities escrow agreements and other documents reasonably
required under the terms of such underwriting, and furnish to the Company such information as the Company may reasonably request in writing for inclusion in the Registration Statement; provided, however, that no Holder shall be required to make any
representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, its holdings and such Holder’s intended method of distribution and any other
representation required by law, regulation or reasonably requested by the underwriters. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation on
the number of shares to be included, then the managing underwriter(s) may exclude shares (including Registrable Shares) from the IPO Registration Statement and Underwritten Offering, and any shares included in such IPO Registration Statement and
Underwritten Offering shall be allocated first, to the Company, and second, to each of the Holders requesting inclusion of their Registrable Shares in such IPO Registration Statement (on a pro rata basis based on the total number of Registrable
Shares then held by each such Holder who is requesting inclusion); provided, however, that the number of Registrable Shares to be included in the IPO Registration Statement shall not be reduced unless all other securities of the Company held by (i)
officers, directors, other employees of the Company and consultants (other than Registrable Shares held by such persons as Holders under this Agreement); and (ii) other holders of the Company’s capital stock with registration rights that are
inferior (with respect to such reduction) to the registration rights of the Holders set forth herein, are first entirely excluded from the underwriting and registration. 
  
 (ii) Regardless of whether a Holder elects to include Registrable Shares in the IPO Registration Statement,
each Holder of Registrable Shares shall be deemed to have agreed not to effect any public sale or distribution of securities of the Company of the same or similar class or classes of the securities included in the IPO Registration Statement or any
securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A, during such periods as reasonably requested (but in no event for a period longer than thirty (30) days prior to and
sixty (60) days following the effective date of the IPO Registration Statement) by the representatives of the underwriters, if an Underwritten Offering, or by the Company in any other registration. 
  
 (iii) If any Holder disapproves of the terms of any such
underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) Business Days prior to the effective date of the Registration Statement covering the Underwritten Offering,
provided that the Holder may agree to waive this right to withdraw with the Company, the underwriters or any custodial agent in any custody agreement and/or power of attorney executed by such Holder in connection with the underwriting. Any
Registrable Shares excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 
  

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 (d) Demand Registration Rights by CEI. 
  
 (i) Demand Rights on Form Other than Form S-3.
Subject to the terms of this Agreement, in the event that the Company shall receive from CEI a written request that the Company effect a registration with respect to all or a part of the CEI Shares on a form other than Form S-3 for an offering of at
least ten percent (10%) of the then outstanding CEI Shares, the Company shall as soon as practicable, in accordance with Section 4, use commercially reasonable efforts to effect the registration of the CEI Shares specified in such request. The
Company shall not be obligated to take any action to effect any such registration pursuant to this Section 2(d) (i) within the thirty (30) days prior to or ninety (90) days following the effective date of the IPO Registration or the mandatory
Shelf Registration Statement required by Section 2(a), or (ii) after the Company has effected five (5) such registrations pursuant to this Section 2(d) in which the Company has not registered securities for its own account and such
registrations have been declared effective. If the number of CEI Shares proposed to be registered by CEI is reduced pursuant to Section 2(d)(iv), such registration shall not count toward the limit of five (5) registrations referred to in the
preceding sentence. 
  
 (ii) Right of Deferral
of Registration on Form Other than Form S-3. If the Company shall furnish to CEI a certificate signed by the President of the Company stating that, in the good faith judgment of the Board, it would be detrimental to the Company for any
registration to be effected as requested under Section 2(d)(i), the Company shall have the right to defer the filing of a Registration Statement with respect to such requested registration for a period of not more than ninety (90) days from
delivery of the request of CEI; provided, however, that the Company may not utilize this right more than once in any twelve-month period. 
  
 (iii) Request for Registration on Form S-3. Subject to the terms of this Agreement, in the event that the Company receives from CEI
a written request that the Company effect any registration on Form S-3 (or any successor form to Form S-3 regardless of its designation) at a time when the Company is eligible to register securities on Form S-3 (or any successor form to Form S-3
regardless of its designation) for an offering of Registrable Shares in an amount that would equal or exceed $1,000,000 in gross proceeds to the selling stockholders, the Company will as soon as practicable use its best efforts to effect
registration (by a Shelf Registration Statement or other means as requested by CEI) of the Registrable Shares specified in such request. There shall be no limit to the number of occasions on which the Company shall be obligated to effect
registration under this Section 2(d)(iii), but the Company shall not be required to effect more than two (2) such registrations in any calendar year. 
  
 (iv) Underwriting in Demand Registration. If CEI intends to distribute the Registrable Shares covered by the request by means of an
underwriting, they shall so advise the Company, as a part of their request made pursuant to this Section 2(d). The Company shall (together with CEI) enter into an underwriting agreement with the representative of the underwriter or
underwriters selected for such underwriting by CEI, with the approval of the Company, which approval shall not be unreasonably withheld. In the event the managing underwriter advises CEI in writing that market factors 

  

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(including, without limitation, the aggregate number of shares of Common Stock requested to be registered, the general condition of the market, and the
status of the persons proposing to sell securities pursuant to the registration) require a limitation of the number of shares to be underwritten, then the Company will include in such registration, first Registrable Shares requested to be
included in the registration by CEI, second securities proposed by the Company to be sold for its own account or for the account of others at the Company’s request, and third securities to be included in such registration pursuant
to other holders holding registration rights. No Registrable Shares or other securities excluded from the underwriting by reason of this Section 2(d)(iv) shall be included in such Registration Statement. 
  
 (v) Right of Withdrawal in Demand Registration. If
any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) Business Days prior to the effective date of the Registration
Statement covering the Underwritten Offering, provided that the Holder may agree to waive this right to withdraw with the Company, the underwriters or any custodial agent in any custody agreement and/or power of attorney executed by such Holder in
connection with the underwriting. Any Registrable Shares excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 
  
 (e) Company Registrations. 
  
 (i) Subject to the terms of this Agreement, in the event the Company decides to register any of its securities, other than as contemplated
by Sections 2(a) and 2(b) (either for its own account or the account of a security holder other than pursuant to Section 2(d) above), on a form that would be suitable for a registration involving Registrable Shares, the Company will (i) promptly
give CEI and all other Holders written notice thereof and (ii) include in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable Shares specified in a
written request delivered to the Company by CEI and the other Holders within fifteen (15) days after delivery of such written notice from the Company. 
  
 (ii) Underwriting in Piggyback Registration. 
  
 a. Notice of Underwriting in Piggyback Registration. If the registration of which the Company gives
notice is for a registered public offering involving an underwriting, the Company shall so advise CEI and the other Holders as a part of the written notice given pursuant to Section 2(e)(i). In such event, the right of CEI and the other
Holders to registration shall be conditioned upon such underwriting and the inclusion of their Registrable Shares in such underwriting to the extent provided in this Section 2(e)(ii). To the extent that CEI and/or the other Holders wish to
distribute their securities through such underwriting they shall (together with the Company and any other holders distributing their securities through such underwriting) enter into an underwriting agreement with the managing underwriter on behalf
of all underwriters for such 

  

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offering. CEI and the other Holders shall have no right to participate in the selection of the underwriters for an offering pursuant to this Section
2(e)(ii). 
  
 b. Marketing Limitation in
Piggyback Registration. In the event the managing underwriter on behalf of all underwriters advises the Holders seeking registration of Registrable Shares pursuant to this Section 2(e) in writing that market factors (including, without
limitation, the aggregate number of shares of Common Stock requested to be registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the registration) require a limitation of the number
of shares to be underwritten, the managing underwriter on behalf of all underwriters (subject to the allocation set forth in this Section 2(e)(ii)(b)) may exclude some or all Registrable Shares from such registration and underwriting. In the
event that the managing underwriter on behalf of all underwriters limits the number of shares to be included in a registration pursuant to this Section 2(e)(ii)(b), or shall otherwise require a limitation of the number of shares to be
included in the registration, then the Company will include in such registration first securities proposed by the Company to be sold for its own account, second securities included in such registration by CEI and third
Registrable Shares requested to be included in the registration by any other person holding registration rights, including the other Holders. No Registrable Shares or other securities excluded from the underwriting by reason of this Section
2(e)(ii)(b) shall be included in the Registration Statement. 
  
 c. Right of Withdrawal in Piggyback Registration. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the
underwriter, delivered at least ten (10) Business Days prior to the effective date of the Registration Statement covering the Underwritten Offering, provided that the Holder may agree to waive this right to withdraw with the Company, the
underwriters or any custodial agent in any custody agreement and/or power of attorney executed by such Holder in connection with the underwriting. Any Registrable Shares excluded or withdrawn from such underwriting shall be excluded and withdrawn
from the registration. 
  
 (f) Expenses. The Company shall
pay all Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based
on the total number of Registrable Shares sold in such registration) of all discounts and commissions payable to underwriters or brokers in connection with a registration of Registrable Shares pursuant to this Agreement. 
  
 (g) Executive Bonuses. If the Company does not file a Registration
Statement registering the resale of the Private Placement Shares and the 144A/Regulation S Shares, within 210 days after the Closing Date, other than as a result of the Commission being unable to accept such filings, then Nicholas DeIuliis, the
Chief Executive Officer of the Company, or his successor, shall forfeit 1% of any cash bonus to which he became entitled or earned as a result of 

  

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performance during the 2005 fiscal year (whether or not payable in 2005), whether under an employment agreement with the Company, a bonus plan or any other
bonus arrangement, including any bonus compensation for which payment would otherwise be deferred until after 2005, for each business day the registration default continues, up to a maximum amount of $100,000; provided, however that such forfeiture
shall not apply (i) at any time when the Company has endeavored in good faith to file the Registration Statement within the time period specified but is unable to make the filing as of the specified date as a result of circumstances beyond the
Company’s reasonable control or (ii) under the circumstances described in the proviso of Section 2(b)(iv) hereof. 
  

	3.	RULES 144 AND 144A REPORTING. 

  
 With a view to making available the benefits of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable
Shares to the public without registration, the Company agrees to: 
  
 (a) use commercially reasonable efforts to make and keep available adequate current public information, as those terms are understood and defined in Rule 144, at all times after the effective date of the first registration under the
Securities Act filed by the Company for an offering of its securities to the general public; 
  
 (b) use commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required to be filed by the Company under the Securities Act and the Exchange Act (at any time
after it has become subject to such reporting requirements); 
  
 (c) so long as a Holder owns any Registrable Shares constituting 144A/Regulation S Shares, if the Company is not required to file reports and other documents under the Securities Act and the Exchange Act, it will make available other
information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A; and 
  
 (d) so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i) a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the
Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of
the Company, and take such further actions, as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Shares without registration. 
  

	4.	REGISTRATION PROCEDURES. 

  
 (a) In connection with the obligations of the Company with respect to any registration pursuant to this Agreement, (x) the Company shall use its
commercially reasonable efforts to effect or cause to be effected the registration of the Registrable Shares under the Securities Act to 

  

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permit the sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’ intended method or methods of
distribution, and (y) the Company shall: 
  
 (i)
notify, in writing, FBR, CEI and Selling Holders’ Counsel, if any, at least ten (10) Business Days prior to the initial filing of a Registration Statement, of its intention to file a Registration Statement with the Commission and, at least five
(5) Business Days prior to the initial filing, provide a copy of the Registration Statement to FBR, its counsel, CEI and Selling Holders’ Counsel, if any, for review and comment (provided, however, that in the event the Company files the
initial Registration Statement on or before August 15, 2005, the Company need not provide prior notice of its intention to file the initial Registration Statement and will provide a reasonably complete draft of the initial Registration Statement one
(1) Business Day prior to the initial filing with the understanding that the Company will provide earlier drafts to afford as much time as reasonably practicable for review and comment in view of the intended initial filing on or before August 15,
2005 and notwithstanding clause (x) which follows may omit information regarding the selling Holders which information will be added in a subsequent pre-effective amendment); prepare and file with the Commission, as specified in this Agreement, a
Registration Statement(s), which Registration Statement(s) (x) shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith and
(y) shall be reasonably acceptable to FBR, its counsel, CEI and Selling Holders’ Counsel, if any; notify FBR, CEI and Selling Holders’ Counsel, if any, in writing, at least five (5) Business Days prior to the filing of any amendment or
supplement to such Registration Statement and, at least three (3) Business Days prior to filing, provide a copy of such amendment or supplement to FBR, its counsel, CEI and Selling Holders’ Counsel, if any, for review and comment; promptly
following receipt from the Commission, provide FBR, its counsel, CEI and Selling Holders’ Counsel, if any, copies of any comments made by the staff of the Commission relating to such Registration Statement and of the Company’s responses
thereto for review and comment; and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after filing and to remain effective, subject to Section 5 hereof, until the earliest to
occur of (1) such time as all Registrable Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares, (2) there are no Registrable Shares outstanding (including as a result of such Shares having
become eligible to be sold pursuant to Rule 144(k)) or (3) the second anniversary of the effective date of such Registration Statement (subject to extension as provided in Section 5(c) hereof); provided, further, that if the Company has an effective
Shelf Registration Statement on Form S-1 under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement form under the Securities Act, the Company may, upon thirty (30) Business Days prior written
notice to all Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is
declared effective, de-register such shares under the previous Registration Statement or transfer the filing fees from the previous Registration Statement (such transfer pursuant to Rule 429, if applicable) unless any Holder registered under the
initial Shelf Registration Statement notifies the Company within ten (10) Business Days of receipt of the Company notice that such a registration under a new 

  

 12 

 
Registration Statement and de-registration of the initial Shelf Registration Statement would interfere with its distribution of Registrable Shares in
progress at the time such notice was received; 
  
 (ii) subject to Section 4(a)(ix) hereof, (1) prepare and file with the Commission such amendments and post-effective amendments to each such Registration Statement as may be necessary to keep such Registration Statement effective for
the period described in Section 4(a)(i) hereof; (2) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be
adopted under the Securities Act; (3) amend or supplement each such Registration Statement to include the Company’s quarterly and annual financial information and other material developments (until the Company is eligible to incorporate such
information by reference into the Registration Statement), during which time sales of the Registrable Shares under the Registration Statement will be suspended until such amendment or supplement is filed and effective, and (4) comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof;

  
 (iii) furnish to the Holders, without charge,
as many copies of each Prospectus, including each preliminary Prospectus, if any, and any amendment or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of
the Registrable Shares; the Company consents to the use of such Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

 
 (iv) use its commercially reasonable efforts to register
or qualify, or obtain exemption from registration or qualification for, all Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or blue sky laws of such
jurisdictions as FBR or any Holder of Registrable Shares covered by a Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is
required to be kept effective pursuant to Section 4(a)(i) and do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable
Shares owned by such Holder; provided, however, that the Company shall not be required to (1) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to
qualify but for this Section 4(a)(iv) and except as may be required by the Securities Act, (2) subject itself to taxation in any such jurisdiction, or (3) submit to the general service of process in any such jurisdiction; 
  
 (v) use its commercially reasonable efforts to cause all
Registrable Shares covered by such Registration Statement to be registered and approved by such other 

  

 13 

 
governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Shares; 

 
 (vi) notify FBR and each Holder promptly and, if
requested by FBR or any Holder, confirm such advice in writing (1) when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (2) of the issuance by the Commission or any state
securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (3) of any request by the Commission or any other federal, state or foreign governmental authority
for amendments or supplements to a Registration Statement or related Prospectus or for additional information, (4) of the happening of any event during the period a Registration Statement is effective as a result of which such Registration Statement
or the related Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading
(which notice may be in the form of a Suspension Notice under Section 5(b) hereof) and (5) at the request of any such Holder, promptly to furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus
prepared in accordance with Section 4(a)(ix); 
  
 (vii) except as provided in Section 5, use its commercially reasonable efforts to avoid the issuance of, or if issued, as promptly as reasonably practicable to obtain the withdrawal of, any order enjoining or suspending the use or
effectiveness of a Registration Statement or suspending of the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction; 
  
 (viii) upon written request, furnish to each requesting Holder of Registrable Shares, without charge, at
least one conformed copy of each Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 
  
 (ix) except as provided in Section 5, upon the
occurrence of any event contemplated by Section 4(a)(vi)(4) hereof, use its commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any 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 the light of the circumstances under which they were made, not misleading; 
  

(x) if requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in connection with
such offering, (1) as promptly as practicable incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the underwriters, if any, or such Holders indicate relates to them or that they reasonably
request be included therein and (2) make all required filings of such Prospectus supplement or such post-effective 

  

 14 

 
amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement or
post-effective amendment; 
  
 (xi) in the case of
an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters, of: (1) an opinion of counsel for the Company, dated the date of each closing under the underwriting agreement, reasonably satisfactory to the
underwriters; and (2) a “comfort” letter, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have certified the
Company’s financial statements included in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date
of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other financial matters as such Holder and the underwriters may reasonably
request; 
  
 (xii) enter into customary
agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form) and take all other action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in
such Registration Statement and, in the case of an Underwritten Offering, make representations and warranties to the underwriters in such form and scope as are customarily made by issuers to underwriters in such underwritten offerings and confirm
the same to the extent customary if and when requested; 
  
 (xiii) make available for inspection by representatives of the Holders and the representative of any underwriters participating in any disposition pursuant to a Registration Statement and any special counsel or
accountants retained by such Holders or underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors and employees of the Company to supply all information
reasonably requested by any such representatives, the representative of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that such records, documents or information that the Company
determines, in good faith, to be confidential and notifies such representatives, representative of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by the representatives, representative of the underwriters,
counsel thereto or accountants unless (1) the disclosure of such records, documents or information is necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (2) the release of such records, documents or
information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (3) such records, documents or information have been generally made available to the public; 
  
 (xiv) use its commercially reasonable efforts (including,
without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company’s listing or inclusion application) to list or include all Registrable Shares on the New York Stock Exchange, the American Stock Exchange or The
Nasdaq Stock Market and thereafter maintain the listing on such exchange or market; 
  

 15 

 (xv) prepare and file in a timely manner all documents and reports required by the
Exchange Act and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Registration Statement as required by Section 4(a)(i)
hereof, the Company shall register the Registrable Shares under the Exchange Act and maintain such registration through the effectiveness period required by Section 4(a)(i) hereof; 
  
 (xvi) provide a CUSIP number for all Registrable Shares, not later than the effective date of the
Registration Statement; 
  
 (xvii) (1) otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, (2) make generally available to its stockholders, as soon as reasonably practicable, earnings statements covering at least 12 months that
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated under the Securities Act ) thereunder, but in no event later than the earlier of any filing date required for the filing of an annual report
on Form 10-K as applicable to the Company or forty-five (45) days after the end of each fiscal year of the Company and (3) not file any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to
which any Holder of Registrable Shares covered by any Registration Statement shall have reasonably objected on the grounds that such Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the
requirements of the Securities Act, such Holder having been furnished with a copy thereof at least two (2) Business Days prior to the filing thereof; 
  
 (xviii) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement
from and after a date not later than the effective date of such Registration Statement; 
  
 (xix) in connection with any sale or transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will
result in the security being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any, to the extent reasonably necessary to facilitate the timely preparation and delivery of any
certificates representing the Registrable Shares to be sold, which certificates shall not bear any transfer restrictive legends (other than as required by the Company’s certificate of incorporation or bylaws) and to enable such Registrable
Shares to be in such denominations and registered in such names as the representative of the underwriters, if any, or the Holders may request at least two (2) Business Days prior to any sale of the Registrable Shares, provided, however, that such
Holder has provided the Company with any documents that are reasonably requested by the Company; 
  
 (xx) if required under the rules of the NASD, in connection with the initial filing of a Shelf Registration Statement and each amendment
thereto with the Commission pursuant to Section 2(a) hereof, prepare or cause to be prepared and, within one Business Day of such filing with the Commission, file with the NASD all forms and information required or requested by the NASD in
order to obtain written confirmation from the NASD that the NASD does not object to the fairness and reasonableness of the 

  

 16 

 
underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation, a “No Objections Letter”)
relating to the resale of Registrable Shares pursuant to the Shelf Registration Statement, including, without limitation, information provided to the NASD through its COBRADesk system, and pay all costs, fees and expenses incident to the NASD’s
review of the Shelf Registration Statement and the related underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or submissions to the NASD and the legal expenses, filing fees and other
disbursements of FBR and any other NASD member that is the holder of, or is affiliated or associated with an owner of, Registrable Shares included in the Shelf Registration Statement (including in connection with any initial or subsequent member
filing); and 
  
 (xxi) upon effectiveness of the
first Registration Statement filed under this Agreement, the Company will take such actions and make such filings as are necessary to effect the registration of the Common Stock under the Exchange Act simultaneously with or immediately following the
effectiveness of the Registration Statement. 
  
 (b) Where
required to supply information or documents to FBR and/or its counsel pursuant to this Section 4, such information and/or documents need only be supplied if the registration to which information and/or documents relate is governed by either
Section 2(a) or 2(b) of this Agreement. 
  
 Notwithstanding anything to the contrary, if the Company files a mandatory Shelf Registration Statement in accordance with Section 2(a) of this Agreement, each Holder desiring to include all or any part of its Registrable Shares in
the Shelf Registration Statement pursuant to this Agreement shall, within twenty (20) Business Days after the date of the notice including a request therefor (the “Questionnaire Deadline”), provide to the Company such information as the
Company may reasonably request for use in connection with the Shelf Registration Statement or any Prospectus included therein and in any application to be filed with or under state securities laws (the “Questionnaire”), and which shall
cause the Holder to be bound by the terms of this Agreement. Notwithstanding anything to the contrary, from and after the date that the Shelf Registration Statement is declared effective by the Commission, the Company shall as promptly as is
reasonably practicable take all actions as contemplated by Sections 4(a)(i), (ii), (iii), (vi), (viii), (ix) and (x) so that such Holder delivering the Questionnaire in a timely fashion is named as a selling security holder in the initial
Shelf Registration Statement and the related Prospectus in such a manner so as to permit the Holder to deliver such Prospectus to purchasers of the Registrable Securities in accordance with the Securities Act and applicable state securities laws.
Notwithstanding anything to the contrary, to the extent any Holder desiring to be added to the mandatory Shelf Registration Statement after the effective date of such registration statement shall be required to deliver the Questionnaire to the
Company and upon receipt of such Questionnaire, the Company will, as soon as is practicable, amend such registration statement or supplement the prospectus contained therein in accordance with Commission rules and guidance. 
  
 (c) The Company may require the Holders to furnish to the Company such
information regarding the proposed distribution by the Holder of such Registrable Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration of the Registrable Shares, and no Holder
shall be entitled to be named as a selling 

  

 17 

 
stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such
information to the Company. Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the information previously furnished by such Holder not misleading. 
  
 (d) Each Holder agrees that, upon receipt of any notice from the Company of
the happening of any event of the kind described in Section 4(a)(vi)(3) or 4(a)(vi)(4) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s
receipt of the copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such
Holder’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 
  

	5.	BLACK-OUT PERIOD. 

  
 (a) Subject to the provisions of this Section 5 following the effectiveness of a Registration Statement (and the filings with any international, federal
or state securities commissions), the Company may direct the Holders, in accordance with Section 5(b), to suspend sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is
necessary and advisable (but in no event for more than an aggregate of ninety (90) days in any consecutive twelve (12)-month period commencing on the Closing Date or more than sixty (60) days in any consecutive 90-day period, except as a result of a
review of any post-effective amendment by the Commission prior to declaring any post-effective amendment to the Registration Statement effective, provided the Company has used all commercially reasonable efforts to cause such post-effective
amendment to be declared effective), if any of the following events shall occur: (i) the representative of the underwriters of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares
pursuant to the Registration Statement would have a material adverse effect on the Company’s initial public offering; (ii) the majority of the members of the Board of Directors of the Company shall have determined in good faith that (1) the
offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger, tender offer, business combination, corporate reorganization, consolidation or other
significant transaction involving the Company, (2) after the advice of counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material information not otherwise required to be disclosed
under applicable law, and (3) either (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to
consummate such transaction, or (z) the proposed transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or
such filings) to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or (iii) the majority of the members of the Board of Directors of the Company shall have determined in good
faith, after the advice of counsel, that it is required by law, rule or regulation to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the Registration
Statement for the purpose of (1) including in the 

  

 18 

 
Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the prospectus included in the Registration
Statement any facts or events arising after the effective date of the Registration Statement (or of the most-recent post-effective amendment) that, individually or in the aggregate, represents a fundamental change in the information set forth
therein; or (3) including in the prospectus included in the Registration Statement any material information with respect to the plan of distribution or any information required under Item 507 of Regulation S-K not disclosed in the Registration
Statement or any material change to such information. Upon the occurrence of any such suspension, the Company shall use its commercially reasonable efforts to cause the Registration Statement to become effective or to promptly amend or supplement
the Registration Statement on a post-effective basis or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume
sales of the Registrable Shares as soon as possible. 
  
 (b) In
the case of an event that causes the Company to suspend the use of a Registration Statement (a “Suspension Event”), the Company shall give written notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the
Registrable Shares and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its best efforts and taking all
reasonable steps to terminate suspension of the use of the Registration Statement as promptly as possible. No Holder shall effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has
received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than
permanent file copies then in such Holder’s possession of the Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the
Registration Statement (or such filings) following further notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders in the manner described above
promptly following the conclusion of any Suspension Event and its effect. 
  
 (c) Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice pursuant to this Section 5, the Company agrees that it shall extend the period of time during which the
applicable Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders
of the End of Suspension Notice and copies of the supplemented or amended Prospectus necessary to resume sales. 
  

 19 

	6.	INDEMNIFICATION AND CONTRIBUTION. 

  
 (a) The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in the Securities Act) for
such Holder (including FBR, if applicable), (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), any such Person described in clause (i) (any of the Persons referred to
in this clause (ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, directors, partners, employees, representatives and agents of any such Person or any Controlling Person (any Person referred
to in clause (i), (ii) or (iii) may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and all losses, claims, damages, judgments, actions, out-of-pocket expenses, and other
liabilities (the “Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection with any untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (as amended or supplemented if the Company shall have furnished to such Purchaser Indemnitee any amendments or supplements thereto), or
any preliminary Prospectus or any other document used to sell the Shares, or any omission or alleged omission to state therein 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, except insofar as such Liabilities arise out of or are based upon (i) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information
relating to any Purchaser Indemnitee furnished to the Company or any underwriter in writing by such Purchaser Indemnitee expressly for use therein, or (ii) any untrue statement contained in or omission from a preliminary Prospectus if a copy of the
Prospectus (as then amended or supplemented, if the Company shall have furnished to or on behalf of the Holder participating in the distribution relating to the relevant Registration Statement any amendments or supplements thereto) was not sent or
given by or on behalf of such Holder to the Person asserting any such Liabilities who purchased Shares, if such Prospectus (or Prospectus as amended or supplemented) is required by law to be sent or given at or prior to the written confirmation of
the sale of such Shares to such Person and the untrue statement contained in or omission from such preliminary Prospectus was corrected in the Prospectus (or the Prospectus as amended or supplemented). The Company shall notify the Holders promptly
of the institution, threat or assertion of any claim, proceeding (including any governmental investigation), or litigation of which it shall have become aware in connection with the matters addressed by this Agreement which involves the Company or a
Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee. 
  
 (b) In connection with any Registration Statement in which a Holder of Registrable Shares is participating, such Holder
agrees, severally and not jointly, to indemnify and hold harmless the Company, each Person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the respective partners, directors,
officers, members, representatives, employees and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the Company to each 

  

 20 

 
Purchaser Indemnitee, but only with reference to untrue statements or omissions or alleged untrue statements or omissions made in reliance upon and in strict
conformity with information relating to such Purchaser Indemnitee furnished to the Company in writing by such Purchaser Indemnitee expressly for use in any Registration Statement or Prospectus, any amendment or supplement thereto or any preliminary
Prospectus. The liability of any Purchaser Indemnitee pursuant to this paragraph shall in no event exceed the net proceeds received by such Purchaser Indemnitee from sales of Registrable Shares giving rise to such obligations. 
  
 (c) If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party”), shall promptly notify the Person
against whom such indemnity may be sought (the “Indemnifying Party”), in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability which it may have under this Section
6, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such proceeding. Notwithstanding the
foregoing, in any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the
Indemnified Party shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the action to assume the defense and employ counsel reasonably satisfactory to the
Indemnified Party, (iii) the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties to any such action (including any impleaded parties), include both such Indemnified Party and
the Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal defenses available to it which are different from or
additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying Party (in which case the
Indemnifying Party shall not have the right to assume nor direct the defense of such action on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or separate
but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (except such Indemnifying Party shall
be liable for the reasonable fees and expenses of all necessary local counsel), for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such
Indemnified Parties and any such separate firm for the Company, the directors, the officers and such control Persons of the Company as shall be designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of
any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there is a final, non-appealable judgment for the plaintiff, the Indemnifying Party agrees to indemnify any
Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Party shall, without the 

  

 21 

 
prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or
could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on all asserted claims that are the subject
matter of such proceeding. 
  
 (d) If the indemnification provided
for in paragraphs (a) and (b) of this Section 6 is for any reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold
harmless a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Liabilities (i) in such proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying Party(ies) on the other in connection with the statements or omissions that resulted in such
Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and any Purchaser Indemnitees on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by such Purchaser Indemnitees and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
  
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation (even if
such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph 6(d) above. The amount paid or payable by an Indemnified
Party as a result of any Liabilities referred to paragraph 6(d) shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6, in no event shall a Purchaser Indemnitee be required to contribute any amount in excess of the amount by which proceeds received by such Purchaser
Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of
this Section 6, each Person, if any, who controls (within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act) FBR or a Holder of Registrable Shares shall have the same rights to contribution as FBR or such Holder, as the case
may be, and each Person, if any, who controls (within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act) the Company, and each officer, director, partner, employee, representative, agent or manager of the Company shall have
the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made
against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties 

  

 22 

 
from whom contribution may be sought from any obligation it or they may have under this Section 6 or otherwise, except to the extent that any party is
materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section ll(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. 
  
 (f) The indemnity and
contribution agreements contained in this Section 6 will be in addition to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute
pursuant to this Section 6 are several in proportion to the respective number of Shares sold by each of the Purchaser Indemnitees hereunder and not joint. 
  

	7.	MARKET STAND-OFF AGREEMENT. 

  
 (a) Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or
indirectly sell, offer to sell (including without limitation any short sale), grant any option or otherwise transfer or dispose of any Registrable Shares or other shares of Common Stock of the Company or any securities convertible into or
exchangeable or exercisable for shares of Common Stock of the Company then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for a period of sixty (60) days following the effective date of an IPO
Registration Statement of the Company filed under the Securities Act; provided, however, that: 
  
 (i) the restrictions above shall not apply to Registrable Shares sold pursuant to the IPO Registration Statement; 
  
 (ii) all executive officers and directors of the Company
then holding shares of Common Stock of the Company or securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company enter into similar agreements; 
  
 (iii) the Holders shall be allowed any concession or proportionate release allowed to any officer or
director that entered into similar agreements (with such proportion being determined by dividing the number of shares being released with respect to such officer or director by the total number of issued and outstanding shares held by such officer
or director); provided, that nothing in this Section 7(a)(iii) shall be construed as a right to proportionate release for the executive officers and directors of the Company upon the expiration of the 90-day period applicable to all Holders other
than the executive officers and directors of the Company; and 
  
 (iv) this Section 7 shall not be applicable if a Shelf Registration Statement of the Company filed under the Securities Act has been declared effective prior to the filing of an IPO Registration Statement. 

 
 (b) In order to enforce the foregoing covenant, the Company shall have the
right to place restrictive legends on the certificates representing the securities subject to this Section 7 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of each Holder (and the securities
of every other Person subject to the foregoing restriction) until the end of such period. 
  

 23 

	8.	TERMINATION OF THE COMPANY’S OBLIGATION. 

  
 The Company shall have no obligation pursuant to this Agreement with respect to any Registrable Shares proposed to be sold by a Holder in a registration
pursuant to this Agreement if, in the opinion of counsel to the Company, all such Registrable Shares proposed to be sold by a Holder may be sold in a three-month period without registration under the Securities Act pursuant to Rule 144 under the
Securities Act. 
  

	9.	LIMITATIONS ON SUBSEQUENT REGISTRATION RIGHTS. 

  
 From and after the date of this Agreement, the Company shall not, without the prior written consent of CEI and the Holders beneficially owning not less
than a majority of the then outstanding Registrable Shares (provided, however, that for purposes of this Section 9, Registrable Shares that are owned, directly or indirectly, by an Affiliate or employee of the Company shall not be deemed to be
outstanding), enter into any agreement with any holder or prospective holder of any Common Stock of the Company that would allow such holder or prospective holder (a) to include such Common Stock in any Registration Statement filed pursuant to the
terms hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of his securities will not reduce the amount of Registrable Shares
of the Holders that is included, or (b) to have its Common Stock registered on a registration statement that could be declared effective prior to, or within one hundred eighty (180) days of, the effective date of any Registration Statement filed
pursuant to this Agreement. 
  

	10.	MISCELLANEOUS. 

  
 (a) Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to
exercise all rights provided herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. Subject to Section 6, the
Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific performance
in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
  
 (b) 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 or departures from the
provisions hereof may not be given, without the written consent of the Company, CEI and Holders beneficially owning not less than a majority of the then outstanding Registrable Shares; provided, however, that for purposes of this Section 10(b),
Registrable Shares that are owned, directly or indirectly, by an Affiliate or employee of the Company shall not be deemed to be outstanding. No amendment shall be deemed effective unless it applies uniformly to all Holders. Notwithstanding the
foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement and that does not directly or
indirectly affect, impair, limit or compromise the rights of other Holders may 

  

 24 

 
be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions
of the immediately preceding sentence. 
  
 (c) Notices. All
notices and other communications, provided for or permitted hereunder shall be made in writing by delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram:

  
 (i) if to a Holder, at the most current
address given by the transfer agent and registrar of the Shares to the Company; and 
  
 (ii) if to the Company at the offices of the Company at: 
  
 CNX Gas Corporation 
 1800 Washington Road 
 Pittsburgh, PA 15241 
 Attention: General Counsel 
 (facsimile: 412-831-4930) 
  
 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties
hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees that the Holders shall be third party beneficiaries to the agreements made hereunder by FBR and the Company,
and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder; provided, however, that such Holder fulfills all of its obligations hereunder.

  
 (e) Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (f) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (g) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT
MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY 

  

 25 

 
NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 (h) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties 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 hereto 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. 
  
 (i) Entire Agreement. This Agreement, together with the Purchase/Placement Agreement, is intended by the parties
hereto as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. 
  
 (j) Adjustment for Stock Splits, etc. Wherever in this Agreement there
is a reference to a specific number of shares with respect to any Registrable Shares, then upon the occurrence of any subdivision, combination, or stock dividend of such shares, the specific number of shares with respect to any Registrable Shares so
referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of stock by such subdivision, combination, or stock dividend. 
  
 (k) Survival. This Agreement is intended to survive the consummation
of the transactions contemplated by the Purchase/Placement Agreement. The indemnification and contribution obligations under Section 6 of this Agreement shall survive the termination of the Company’s obligations under Section 2 of this
Agreement. As to CEI rights hereunder, they will continue until all of the shares of Common Stock held by CEI are eligible for sale without registration pursuant to Rule 144(k). 
  
 (l) Attorneys’ Fees. In any action or proceeding brought to enforce any provision of this Agreement, or where
any provision hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any other available remedy. 
  

 26 

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

  

			
	 CNX GAS CORPORATION

		
	 By:
	 	/s/    RONALD E. SMITH        
	 Name:
	 	Ronald E. Smith
	 Title:
	 	Chief Operating Officer
	
	 CONSOL ENERGY INC.

		
	 By:
	 	/s/    WILLIAM J. LYONS        
	 Name:
	 	William J. Lyons
	 Title:
	 	Executive Vice President and
Chief Financial Officer
	
	 FRIEDMAN, BILLINGS, RAMSEY & CO., INC.

		
	 By:
	 	/s/    JAMES R.
KLEEBLATT        
	 Name:
	 	James R. Kleeblatt
	 Title:
	 	Senior Managing Director

  

 27Form of Stock Certificate

  
 Exhibit 4.2 

 

	
	

 The Corporation shall furnish without charge to each stockholder who so requests a statement of the
powers, designations, preferences and relative, participating, optional or other special rights of each class of stock of the Corporation or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Such
requests shall be made to the Corporation’s Secretary at the principal office of the Corporation. 
  
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR DESTROYED. THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE
ISSUANCE OF A REPLACEMENT CERTIFICATE. 
  
 The following
abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

																	
	 TEN COM
	 	—	  	as tenants in common	  	 	  	UNIF GIFT MIN ACT	 	— 	 	 	 	Custodian	 	 
	 TEN ENT
	 	—	  	as tenants by the entireties	  	 	  	 	 	 	 	(Cust)	 	 	 	(Minor)
	 JT TEN
	 	—	  	as joint tenants with right of	  	 	  	 	 	 	 	Under Uniform Gifts to Minors
	 	 	 	  	survivorship and not as tenants	  	 	  	 	 	 	 	Act ____________________________________
	 	 	 	  	in common	  	 	  	 	 	 	 	(State)
	 COM PROP
	 	—	  	as community property	  	 	  	UNIF TRF MIN ACT	 	—	 	 	 	Custodian (until age __________ )
	 	 	 	  	 	  	 	  	 	 	 	 	(Cust)	 	 	 	 
	 	 	 	  	 	  	 	  	 	 	 	 	 	 	under Uniform Transfers
	 	 	 	  	 	  	 	  	 	 	 	 	(Minor)	 	 	 	 
	 	 	 	  	 	  	 	  	 	 	 	 	to Minors Act __________________________
	 	 	 	  	 	  	 	  	 	 	 	 	 	 	(State)

  
 Additional
abbreviations may also be used though not in the above list. 
  
 For Value Received,
                                        
                 hereby sell(s), assign(s) and transfer(s) unto 
  

	
	 PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE

	
	  

  

	
	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	
	 
	
	 

  

			
	 	 	shares
	of the capital stock represented by the within Certificate, and do(es) hereby irrevocably constitute and appoint

  

			
	 	  	attorney-in-fact
	to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

  

			
		
	 Dated 
	 	 

  

			
	
	 
	 NOTICE: 
	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN __ THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ANY CHANGE WHATSOEVER.

  
 Signature(s) Guaranteed

  

			
		
	By	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

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