Document:

Form of Warrant Agreement

 Exhibit 10.23 
 FORUM ENERGY TECHNOLOGIES, INC. 
 FORM OF WARRANT AGREEMENT FOR THE
PURCHASE OF 
 SHARES OF 
 COMMON STOCK 
 BY THIS WARRANT AGREEMENT (this “Warrant
Agreement”), FORUM ENERGY TECHNOLOGIES, INC., a Delaware corporation (the “Company”), certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Persons listed on
the signature page hereto (along with their registered permitted assigns, each a “Holder”), are entitled to subscribe for and purchase from the Company, subject to the terms and conditions set forth herein, the respective number
(subject to adjustment as set forth herein) of fully paid and non-assessable shares (the “Shares”) of the Company’s Common Stock (as defined herein) as set forth on Schedule 1 hereto, at a price per share equal to
$284.29 per Share (the “Exercise Price”), subject to adjustment and escalation as set forth herein. 
 1.
Definitions. Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated. 
 “Accredited Investor” has the meaning ascribed to such term in the Stockholders Agreement. 
 “Board” means the Board of Directors of the Company. 

“Common Stock” means the Company’s common stock, par value $.01 per share. 

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

“Conversion Right” has the meaning set forth in Section 2(c)(i). 

“Conversion Shares” has the meaning set forth in Section 2(c)(i). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

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

“Exercise Price” means the initial Exercise Price specified in the first paragraph of this Warrant Agreement, as
adjusted from time to time as provided in Section 7 and escalated as provided in Section 8. 

“Expiration Time” means the close of business on the earlier of (a) July 16, 2015 and (b) the date that
is the 30 month anniversary of the consummation of a Public Liquidity Event. 
 “Fair Market Value” means the
fair value per share of the Common Stock determined as follows: (i) if the Common Stock is not as of the date of determination a Public Stock, then 

 such determination of fair value shall be made by an investment banking firm of recognized
national standing selected by the Board; and (ii) if the Common Stock is as of the date of determination a Public Stock, then the average of the daily market prices for the five (5) consecutive trading days ending one (1) trading day
before such date of determination. The daily market price for each such trading day shall be (a) the last sale price on such date on the principal exchange where the shares of Common Stock are then listed or admitted to trading, or (b) if
no sale takes place on any such trading day on any such exchange, the average of the last reported closing bid and asked prices on such day as officially quoted on any such exchange. 

“Initial Exercise Date” means July 16, 2010. 

“Initial Public Offering” means the initial underwritten public offering and sale of shares of Common Stock on a firm
commitment basis after which the Common Stock is listed for trading on a national securities exchange registered under Section 6(a) of the Exchange Act. 
 “Notice of Conversion” has the meaning set forth in Section 2(c)(ii). 
 “Person” means an individual or a corporation, partnership, trust, incorporated or unincorporated association, limited liability company, joint venture, joint stock company, government
(or an agency or political subdivision thereof) or other entity of any kind. 
 “Public Liquidity Event” means
the consummation of an Initial Public Offering or the merger or combination of the Company with another Person as a result of which the Common Stock becomes, or is converted into or exchanged for, Public Stock or a combination of Public Stock and
other consideration. 
 “Public Stock” means shares of capital stock (including depositary receipts or
depositary shares related to common stock or similar ordinary shares) of any Person that are registered under Section 12 of the Exchange Act and listed for trading on a national securities exchange registered under Section 6(a) of the
Exchange Act. 
 “Shares” has the meaning set forth in the first paragraph of this Warrant Agreement.

 “Stockholders Agreement” means the Amended and Restated Stockholders Agreement dated as of August 2,
2010 by and among the Company, the Holder and the other stockholders of the Company named therein, as the same may be amended from time to time. 
 “Warrant” has the meaning set forth in the Warrant Certificate. 

“Warrant Certificate” means a Warrant Certificate in substantially the form attached hereto as Exhibit A.

 “Warrant Register” has the meaning set forth in Section 4. 

  
 2 

 2. Exercise of Warrant; Company Office; Expiration. 

 

	 	(a)	General. A Warrant may be exercised at any time or from time to time on or after the Initial Exercise Date and shall remain exercisable thereafter until the
Expiration Time, as to the entire number or any lesser number of whole Shares covered by the Warrant Certificate. A Warrant shall be deemed exercised in full on a cashless basis pursuant to Section 2(c) immediately prior to the
Expiration Time if such exercise would result in the issuance of any Common Stock or other consideration (if not previously exercised in full) or if such exercise would not result in such issuance, then such Warrant shall expire and be deemed
cancelled immediately after the Expiration Time. Any exercise pursuant to this Section 2 shall be in compliance with applicable federal and state securities laws and in accordance with a valid exemption from registration in connection
with the issuance of such Shares, and the Company may refuse to give effect to any exercise of a Warrant pursuant to this Warrant Agreement in the event that the Company reasonably believes that such exercise would not be consistent with the
foregoing. 

  

	 	(b)	 Cash Exercise. Subject to the last sentence in this Section 2(b), at any time prior to the earlier to occur of (A) the
Expiration Time and (B) such time as the Common Stock is Public Stock, Holder may exercise a Warrant, in whole or in part, by delivering to the Company at its principal executive offices or at such other office or agency designated in writing
by the Company the following: (i) the Warrant Certificate evidencing such Warrants together with the Exercise Notice attached to the Warrant Certificate as Annex I (an “Exercise Notice”), properly completed and executed by
the Holder or Holders thereof or by the duly appointed legal representative thereof or by a duly authorized attorney, and (ii) the payment in full of the aggregate Exercise Price by check or by wire transfer for each such Warrant exercised and
any other amounts required to be paid pursuant hereto. All Warrant Certificates surrendered to the Company shall be promptly cancelled by the Company and shall not be reissued by the Company. Upon receipt thereof, the Company shall, as promptly as
practicable, execute or cause to be executed and deliver or cause to be delivered to Holder a certificate or certificates reflecting Holder’s ownership of the aggregate number of shares of Common Stock issuable upon such exercise, together with
cash in lieu of any fraction of a share of Common Stock, as hereinafter provided. The Common Stock certificate or certificates so delivered shall be in such denomination or denominations as such Holder shall request in the Exercise Notice and shall
be registered in the name of Holder or, subject to any restrictions on transfer, such other name as shall be designated in the Exercise Notice. The Warrant Certificate shall be deemed to have been exercised and such certificate or certificates
evidencing such Common Stock shall be deemed to have been effective, and Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such Common Stock for all purposes, as of the date the
Exercise Notice, together with the cash or check or checks and the Warrant Certificate, is received by the Company as described above and all taxes imposed by law upon such Holder, if any, pursuant to Section 6 prior to the issuance of
such Common Stock have been paid. Payment of the Exercise Price shall be made at the option of Holder by certified or official bank check or by wire transfer. Notwithstanding the foregoing, at any time and from time to time while the Common Stock is
Public Stock, any Holder may nonetheless exercise its Warrant pursuant to this Section 2(b) if such exercise occurs during 

  
 3 

	 	 
the sixty (60) days prior to the Expiration Time or during the period commencing with the giving of any notice pursuant to Section 10(c) or, if earlier, the public announcement
of the entry into a definitive agreement by the Company that contemplates the consummation of a transaction or any other action that would result in an adjustment pursuant to Section 9 and ending on the consummation of such transaction
or action or the public announcement that such transaction or action is no longer being pursued; provided, however, that the Holders of Warrants to purchase not less than eighty percent (80%) of the aggregate Shares then remaining to be
purchased upon exercise in accordance with this Warrant Agreement may, by delivery of a notice to the Company, elect not to allow a cash exercise pursuant to this Section 2(b) during any such sixty (60) day period.

  

	 	(c)	Cashless Exercise. 

 (i) Except as otherwise provided in this Section 2(c), at any time and from time to time while the Common Stock is Public Stock, in lieu of the payment of the Exercise Price, Holder shall have
the right (but not the obligation), to require the Company to convert a Warrant, in whole or in part, into Shares (the “Conversion Right”) as provided for in this Section 2(c). In addition, in connection with an Initial
Public Offering or a transaction that results in the Common Stock becoming Public Stock or at any time following such time as the Common Stock is Public Stock, if at such time (or in connection with such transaction or Initial Public Offering) less
than twenty percent (20%) of the aggregate Shares originally subject to this Warrant Agreement remain subject to purchase upon exercise pursuant to this Warrant Agreement (or will remain subject to purchase in connection with the consummation
of such transaction or Initial Public Offering after giving effect to Warrants previously exercised or to be exercised in connection with the consummation of such transaction or Initial Public Offering), the Company shall have the right, by delivery
of a written notice to the Holders (a “Conversion Call Notice”), to cause the exercise of all Warrants on a cashless basis in accordance with this Section 2(c) on a date specified in such Conversion Call Notice, which
date shall be no less than twenty (20) days following the date such Conversion Call Notice is given in accordance with Section 18 (and which required conversion, if in connection with an Initial Public Offering or a transaction that
results in the Common Stock becoming Public Stock, shall be made contingent upon the consummation of such Initial Public Offering or transaction, and which date of conversion shall be specified as the date of consummation of such transaction or
Initial Public Offering). Upon exercise of the Conversion Right, the Company shall deliver to Holder (without payment by Holder of any of the Exercise Price) that number of Shares (the “Conversion Shares”) equal to the quotient
obtained by dividing (x) the net value of the aggregate Shares (or portion thereof as to which the Conversion Right is being exercised if the Conversion Right is being exercised in part) at the time the Conversion Right is exercised (determined
by subtracting (A) the sum of the aggregate Exercise Price of the Shares as to which the Conversion Right is being exercised in effect immediately prior to the exercise of the Conversion Right and all taxes imposed by law upon Holder, if any,
which the Company shall pay pursuant to Section 6 from (B) the aggregate Fair Market Value of the Shares as to which the Conversion Right is being exercised immediately prior to the exercise of the Conversion Right) by (y) the
Fair Market Value of one Share immediately prior to the exercise of the Conversion Right. 

  
 4 

 (ii) In order to exercise the Conversion Right, Holder
shall surrender to the Company at its principal executive offices or at such other office or agency designated in writing by the Company the following: the Warrant Certificate evidencing such Warrants together with the Notice of Conversion attached
to the Warrant Certificate as Annex II (a “Notice of Conversion”), properly completed and executed by the Holder or Holders thereof or by the duly appointed legal representative thereof or by a duly authorized attorney. The
presentation and surrender of the Notice of Conversion shall be deemed a waiver of Holder’s obligation to pay all or any portion of the aggregate purchase price payable for the Shares as to which such Conversion Right is being exercised.
Notwithstanding anything to the contrary herein, the Warrants shall be deemed to be exercised in accordance with this Section 2(c) and the Holders thereof shall be deemed to have exercised their Conversion Right immediately prior to the
Expiration Time if the net value of the aggregate Shares (determined in accordance with Section 2(c)(i) above) is a positive amount as of the Expiration Time. If as of the ninetieth (90th) day prior to the Expiration Time the Common Stock is not then
a Public Stock, the Company shall engage an investment banking firm of recognized national standing (in accordance with the definition of Fair Market Value) to determine the Fair Market Value of the Common Stock as of the Expiration Time. In the
event that the investment banking firm has not determined the Fair Market Value by the Expiration Time, the Warrants shall be deemed to have been automatically exercised immediately prior to the Expiration Time in accordance with this
Section 2(c)(ii), but the settlement of such exercise shall be delayed until such time as such investment banking firm is able to deliver its valuation determination. The Warrants (or so much thereof as shall have been surrendered for
conversion or deemed to have been converted pursuant to this Section 2(c)(ii)) shall be deemed to have been converted immediately prior to the close of business on (A) the day of surrender of the Notice of Conversion and such
Warrant Certificate for conversion in accordance with the foregoing provisions, (B) the date specified in a Conversion Call Notice, or (C) the Expiration Time, as the case may be. In connection with any conversion in accordance with this
Section 2(c), the Company shall pay, on behalf of Holder, all taxes imposed by law upon Holder, if any, pursuant to Section 6. 
 3. Stock Ownership; Stock Certificates; Partial Exercise. Upon each exercise of a Warrant, the Holder shall be deemed to be the holder of record of the Shares issuable upon such exercise as of the
close of business on the day the Warrant is exercised in accordance with Section 2 above, notwithstanding that the stock transfer books of the Company shall then be closed or certificates representing such Shares shall not then have been
actually delivered to the Holder. As soon as possible after each such exercise of a Warrant, the Company shall issue and deliver to the Holder a certificate or certificates for the Shares (or Conversion Shares, as the case may be) issuable upon such
exercise issued in such denominations as may be specified by the Holder in the Exercise Notice or Notice of Conversion, as applicable, and registered in the name of the Holder or, subject to Section 12, such other name or names as shall
be designated in the Holder’s Exercise Notice or Notice of Conversion, as applicable, along with cash in lieu of any fractional shares pursuant to Section 7(h). If a Warrant should be exercised in part only, the Company shall, upon
surrender of the Warrant Certificate for cancellation, execute and deliver a new Warrant Certificate evidencing the right of the Holder to purchase the balance of the Shares subject to purchase hereunder on the terms and conditions set forth herein
(including all changes and adjustments that have occurred hereunder). 

  
 5 

 4. Company Records; Transfer or Assignment of Warrant; Exchange of Warrant. Any
Warrant issued in connection herewith or in substitution herefor, upon complete or partial transfer, assignment or exercise shall be numbered and shall be registered in the warrant register of the Company (the “Warrant Register”) as
it is issued. The Company shall treat the registered holder of any Warrant on the Warrant Register as the owner in fact thereof for all purposes, except that if a Warrant is properly transferred or assigned in accordance with the terms hereof and
the Stockholders Agreement (if then applicable) and written notice of such transfer or assignment is given to the Company, the Company shall treat the transferee or assignee as the owner thereof for all purposes. Subject to the terms hereof, a
Warrant shall be transferred by the Company upon delivery thereof duly endorsed by the Holder or by his duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment or authority to transfer. In case of
transfer by executors, administrators, guardians or other legal representatives, duly authenticated evidence of their authority shall be produced if requested by the Company in its reasonable discretion. The Company shall immediately register all
properly completed assignments and transfers in the Warrant Register and, upon any registration of assignment or transfer, the Company shall deliver a new Warrant Certificate or Warrant Certificates to the Person entitled thereto on the terms and
conditions set forth herein (including all changes and adjustments that have occurred hereunder). A Warrant, if properly transferred or assigned, may be exercised by a subsequent Holder without having a new Warrant Certificate issued. The Warrant
Certificate may be exchanged at the option of the Holder thereof for another Warrant Certificate, or other Warrant Certificates, of different denominations and representing in the aggregate the right to purchase the same number of shares of Common
Stock on the terms and conditions set forth herein (including all changes and adjustments that have occurred hereunder) upon surrender to the Company or its duly authorized agent. All provisions of this Section 4 shall be subject to
Section 11. 
 5. Reserved Stock. The Company shall reserve and keep available at all times solely for the
purpose of providing for the exercise of the Warrants the maximum number of shares of Common Stock as to which the Warrants may then be exercised. All such shares of Common Stock shall be duly authorized and free of preemptive rights and, when
issued upon such exercise, shall be validly issued, fully paid and non-assessable. 
 6. Payment of Taxes. All Common
Stock issuable upon the exercise of the Warrants pursuant to the terms hereof shall be validly issued as fully paid and non-assessable and without any preemptive rights. The Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issue or delivery hereof, unless such tax or charge is imposed by law upon the Holder, in which case such taxes or charges shall be paid by the Holder or by the Company on behalf of the
Holder to the extent provided in Section 2(c)(ii). The Company shall not be required, however, to pay any tax or other charge imposed in connection with any transfer involved in the issue of any certificate for Common Stock issuable upon
exercise of a Warrant in any name other than the Holder, and in such case the Company shall not be required to issue or deliver any share certificate until such tax or other charge has been paid or it is has been established to the satisfaction of
the Company that no such tax or other charge is due. 

  
 6 

 7. Certain Adjustments. 

(a) Number of Shares; Exercise Price. The number of shares of Common Stock for which the Warrants are exercisable and the Exercise
Price shall be subject to adjustment from time to time as set forth in this Section 7. The Company shall give each Holder notice of any event described in this Section 7 which requires an adjustment pursuant to this
Section 7 either at the time of such event or promptly thereafter. 
 (b) Stock Dividends, Subdivisions and
Combinations. If at any time the Company shall: 
 (i) take a record of the holders of its Common Stock for
the purpose of entitling them to receive a dividend payable in, or other distribution of, additional shares of Common Stock, 
 (ii) subdivide its outstanding shares of Common Stock into a larger number of shares of Common Stock, or 
 (iii) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, 
 then (i) the number of shares of Common Stock for which each Warrant is exercisable immediately after the occurrence of any such event shall be adjusted to equal the number of shares of Common Stock
which a record holder of the same number of shares of Common Stock for which such Warrant is exercisable immediately prior to the occurrence of such event would own or be entitled to receive after the happening of such event, and (ii) the
Exercise Price shall be adjusted to equal (A) the then current Exercise Price multiplied by the number of shares of Common Stock for which such Warrant is exercisable immediately prior to the adjustment divided by (B) the number of shares
for which such Warrant is exercisable immediately after such adjustment. 
 (c) Subsequent Rights Offerings. If the
Company, at any time while any Warrants are outstanding, shall issue rights, options, warrants, or equivalent rights to all or substantially all of the holders of Common Stock (and not to the Holder in its capacity as a Holder) entitling them to
subscribe for or purchase shares of Common Stock at a price per share less than the Fair Market Value, then the Exercise Price shall be adjusted to equal the product of the Exercise Price immediately prior to such adjustment multiplied by a
fraction, of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights, options, warrants, or equivalent rights plus the number of additional shares of Common Stock offered for
subscription or purchase, and of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights, options, warrants or equivalent rights plus the number of shares which the aggregate offering
price of the total number of shares so offered (assuming receipt by the Company in full of all consideration payable upon exercise of such rights, options, warrants or equivalent rights) would purchase at such Fair Market Value. Such adjustment
shall be made whenever such rights, options, warrants, or equivalent rights are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options, warrants or
equivalent rights. In such event, the number of shares of 

  
 7 

 
Common Stock issuable upon the exercise of each Warrant shall be increased to the number obtained by dividing (i) the product of (a) the number of Shares issuable upon the exercise of
such Warrant before such adjustment, and (b) the Exercise Price in effect immediately prior to the issuance giving rise to this adjustment by (ii) the new Exercise Price determined in accordance with the immediately preceding sentence.

 (d) Other Distributions. If the Company, at any time while any Warrants are outstanding, shall fix a record date for
the making of a distribution to all holders of Common Stock of, or distribute without fixing a record date to all holders of Common Stock, (i) shares of any class other than its Common Stock, (ii) evidences of indebtedness of the Company
or any subsidiary, (iii) cash or other assets, or (iv) rights or warrants (other than those subject to Section 7(c) above), in each such case the Exercise Price in effect immediately prior thereto shall be reduced immediately
thereafter to the price determined by multiplying (A) the Exercise Price by (B) the result obtained by dividing (x) an amount equal to the difference resulting from (1) the number of shares of Common Stock outstanding on such
record or distribution date multiplied by the Fair Market Value per share on such date, less (2) the fair market value of said shares of any class other than Common Stock, evidences of indebtedness, cash or other assets or rights or warrants to
be so distributed as determined by the Board in good faith, by (y) the number of shares of Common Stock outstanding on such date multiplied by the Fair Market Value on such date; such adjustment shall be made successively whenever such a date
occurs. In such event, the number of shares of Common Stock issuable upon the exercise of each Warrant shall be increased to the number obtained by dividing (i) the product of (a) the number of Shares issuable upon the exercise of such
Warrant before such adjustment, and (b) the Exercise Price in effect immediately prior to the issuance giving rise to this adjustment by (ii) the new Exercise Price determined in accordance with the immediately preceding sentence. In the
event that such distribution is not so made, the Exercise Price and the number of Shares issuable upon exercise of each Warrant then in effect shall be readjusted, effective as of the date when the Board determines not to distribute such shares,
evidences of indebtedness, assets, rights or warrants, as the case may be, to the Exercise Price that would then be in effect and the number of Shares that would then be issuable upon exercise of such Warrant if such record date had not been fixed.

 (e) Other Provisions Applicable to Adjustments under this Section. The following provisions shall be applicable to the
making of adjustments to the number of shares of Common Stock for which each Warrant is exercisable and the Exercise Price provided for in this Section 7: 

(i) When Adjustments to Be Made. The adjustments required by this Section 7 shall be made whenever and
as often as any specified event requiring an adjustment shall occur. For the purpose of any adjustment, any specified event shall be deemed to have occurred at the close of business on the date of its occurrence. 

(ii) Fractional Interests. In computing adjustments under this Section 7, fractional interests in
Common Stock shall be taken into account to the nearest 1/100th of a share. 
 (iii) When Adjustment Not
Required. If the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or distribution or subscription or purchase rights and shall, thereafter and before the distribution

  
 8 

 
to stockholders thereof, legally abandon its plan to pay or deliver such dividend, distribution, subscription or purchase rights, then thereafter no adjustment shall be required by reason of the
taking of such record and any such adjustment previously made in respect thereof shall be rescinded and annulled. 
 (iv) Escrow of Property. If after any property or securities becomes distributable pursuant to this Section 7 by reason of the taking of any record of the holders of Common Stock, but
prior to the occurrence of the event for which such record is taken, and the Holder exercises a Warrant, any additional securities or other property issuable upon exercise by reason of such adjustment shall be held in escrow for the Holder by the
Company to be issued to the Holder upon and to the extent that the event actually takes place, upon payment of the then current Exercise Price. Notwithstanding any other provision to the contrary herein, if the event for which such record was taken
fails to occur or is rescinded, then such escrowed property or securities shall be canceled by the Company and the escrowed property returned. 

Notwithstanding anything to the contrary in this Warrant Agreement, in no event shall an adjustment to the Exercise Price permit the Holder to purchase
or acquire any capital stock of the Company (including Conversion Shares) for less than the aggregate par value of the shares of stock to be purchased or acquired under this Warrant Agreement. 

(f) No Impairment. The Company shall not, by amendment of the Certificate of Incorporation or through any consolidation, merger,
reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant Agreement or the Warrants, and will at all times in
good faith assist in carrying out all of such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Holder against dilution or other impairment. Without limiting the generality of the
foregoing, the Company (i) will use its best efforts to ensure that the par value of any Shares (or any other shares of capital stock) receivable upon the exercise of a Warrant shall not exceed the Exercise Price for such Shares, (ii) will
take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of stock that is free from all taxes, liens and charges with respect to the issuance thereof on the
exercise of a Warrant from time to time outstanding, and (iii) will not take any action which results in any adjustment pursuant to this Section 7 if the total number of shares of Common Stock issuable after such action upon the
exercise of all of the Warrants would exceed the total number of shares of Common Stock then authorized by the Certificate of Incorporation and available for the purpose of issuance upon such exercise. 

(g) Notice. Whenever there shall be an adjustment as provided in this Section 7, the Company shall promptly cause
written notice thereof to be sent to the Holder, which notice shall set forth the Exercise Price after such adjustment and a brief statement of the facts requiring such adjustment and the computation thereof. However, the failure by the Company to
satisfy its obligations under this Section 7(g) shall not in any manner affect or alter the rights of the Holder under this Warrant Agreement. 

  
 9 

 (h) Fractional Shares. The Company shall not be required to issue fractions of shares
of Common Stock of the Company upon the exercise of a Warrant. If any fraction of a Share would be issuable upon the exercise of any Warrant (or specified portions thereof), the Company shall purchase such fraction for an amount in cash equal to the
same fraction of the Fair Market Value of such Share of Common Stock on the date of exercise of such Warrant. 
 8.
Time-Based Escalation of Exercise Price. The Exercise Price shall increase by one-half of one percent (0.5%) of the then-current Exercise Price on the last day of each month following the Initial Exercise Date. 

9. Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. If the Company reorganizes its capital,
reclassifies its capital securities, consolidates or merges with or into another Person (where the Company is not the surviving Person or where there is a change in or distribution with respect to the Common Stock of the Company), or sells,
transfers or otherwise disposes of all or substantially all its property, assets or business to another Person and, pursuant to the terms of such reorganization, reclassification, merger, consolidation or disposition of assets, units, shares or
stock of the successor or acquiring Person, or any cash, units, shares or stock or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of the units, shares or
stock of the successor or acquiring Person (“Other Property”), are to be received by or distributed to holders of the Common Stock of the Company, then each Holder shall have the right thereafter to receive, upon exercise of a
Warrant, the number of units, shares or stock of the successor or acquiring Person or of the Company, if it is the surviving Person, and Other Property receivable upon or as a result of such reorganization, reclassification, merger, consolidation or
disposition of assets by a holder of the number of Shares for which such Warrant is exercisable immediately prior to such event. If any such reorganization, reclassification, merger, consolidation or disposition of assets occurs, the successor or
acquiring Person (if other than the Company) shall expressly assume the due and punctual observance and performance of each and every covenant and condition of this Warrant Agreement to be performed and observed by the Company and all the
obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined by the Board) in order to provide for adjustments of the Common Stock for which each Warrant is exercisable, which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 9, and all references in this Agreement to the “Company” shall be deemed to be a reference to such successor or acquiring Person. In determining the kind
and amount of stock, securities and/or property receivable upon consummation of such reorganization, reclassification, merger, consolidation or disposition of assets if the holders of Common Stock have the right to elect the kind or amount of
consideration receivable upon consummation of such transaction, then the Holders of the Warrants, in connection with such transaction and at the same time holders of Common Stock are allowed to make such election, shall be given the right to make a
similar election with respect to the number of shares of stock or other securities or property for which such Holder’s Warrant shall thereafter be exercisable. For purposes of this Section 9, “units, shares or stock of the
successor or acquiring Person” includes units, shares or stock of such Person of any class that is not preferred as to distributions or assets over any other class of units, shares or stock of such entity and that is not subject to redemption
and shall also include any evidences of indebtedness, units, shares or stock or other securities that are convertible into or exchangeable for any such units, shares or stock, either immediately or upon the arrival of a

  
 10 

 
specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such units, shares or stock, and all references in this Agreement to
“Common Stock” shall be deemed to be a reference to such units, shares or stock of the successor or acquiring Person. The foregoing provisions of this Section 9 shall similarly apply to successive reorganizations,
reclassifications, mergers, consolidations, or disposition of assets. 
 10. Certain Notices. In case at any time the
Company shall propose: 
 (a) to pay any dividend or make any distribution on shares of Common Stock or to fix a record date for
the making of any such dividend or distribution to holders of Common Stock; or 
 (b) to take, or fix a record date for, any
action that would result in any adjustment to the Exercise Price pursuant to Section 7; 
 (c) to effect any
reclassification or change of outstanding shares of Common Stock, or consolidation or merger, or sale, lease or conveyance of property, of the type addressed in Section 9; or 

(d) to effect any voluntary or involuntary liquidation, dissolution or winding-up of the Company; 

then, and in any one or more of such cases, the Company shall give written notice thereof to the Holders at least 10 days prior to the date on which
(i) the books of the Company shall close, or a record date shall be set, for any such action described in Section 10(a) or Section 10(b) or (ii) such reclassification, change, consolidation, merger, sale, lease,
conveyance, liquidation, dissolution or winding-up described in Section 10(c) or Section 10(d) shall be effective, as the case may be. 
 11. Expenses. Subject to Section 6, the Company shall pay all costs, fees, taxes (other than any federal or state income or stock transfer taxes) and expenses payable in connection with
the preparation, issuance and delivery from time to time of Shares (or Conversion Shares, as the case may be) or other securities issued upon the exercise, transfer or assignment of this Warrant Agreement or any Warrant. 

12. Restrictions on Transfer. The Holder, by its acceptance hereof and its acceptance of a Warrant Certificate, represents and
warrants (i) that it is acquiring the Warrant and any Shares (or Conversion Shares, as the case may be) or other securities issued upon the exercise of such Warrant for investment purposes, for its own account, and not with an intent to sell or
distribute such Warrant or any such Shares (or Conversion Shares, as the case may be) or other securities except in compliance with applicable United States federal and state securities law and (ii) it is an Accredited Investor. In addition,
the Holder acknowledges that the Warrant and the Shares (or Conversion Shares, as the case may be) are subject to the terms and conditions set forth in the Stockholders Agreement, and neither the Warrant nor any of the Shares (or Conversion Shares,
as the case may be) or other securities issued upon the exercise of such Warrant, nor any interest in either, may be sold, assigned, pledged, hypothecated, encumbered or in any other manner transferred or disposed of, in whole or in part, except in
compliance with applicable United States federal and state securities laws, 

  
 11 

 
the terms of the Stockholders Agreement and the terms and conditions hereof. The provisions of this Section 12 shall be binding upon all subsequent holders of the Warrant, if any. The
Shares (or Conversion Shares, as the case may be) or other securities issued upon exercise of the Warrant shall be subject to a stop-transfer order and the certificate or certificates evidencing any such shares shall bear the following legend:

 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF UNLESS IT HAS BEEN REGISTERED UNDER THE SECURITIES ACT OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE (AND, IN SUCH CASE, AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH OFFER, SALE, TRANSFER OR DISPOSITION IS NOT REQUIRED TO BE REGISTERED UNDER THE SECURITIES ACT HAS BEEN PROVIDED TO THE COMPANY). THIS SECURITY IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND
OTHER TERMS AND CONDITIONS SET FORTH IN THE AMENDED AND RESTATED STOCKHOLDERS AGREEMENT OF THE COMPANY, AND SET FORTH IN THE CERTIFICATE OF INCORPORATION AND BYLAWS OF THE COMPANY, COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS PRINCIPAL
EXECUTIVE OFFICES. 
 13. Warrants. 
  

	 	(a)	Issuance of Warrants. Each Warrant shall be evidenced by a Warrant Certificate in substantially the form of Exhibit A hereto, the provisions of which are
incorporated herein and shall be signed by or bear the facsimile signature of the Company. In the event the person whose signature has been placed upon any Warrant Certificate shall have ceased to serve in the capacity in which such person signed
the Warrant Certificate before such Warrant Certificate is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

 

	 	(b)	Effect of Signature. Unless and until signed by the Company pursuant to this Warrant Agreement, a Warrant Certificate shall be invalid and of no effect and may
not be exercised by the Holder thereof. 

 14. Loss, Theft, Etc. Upon receipt of evidence satisfactory to
the Company of the loss, theft, destruction or mutilation of any Warrant Certificate and upon surrender and cancellation of any Warrant Certificate if mutilated, the Company shall execute and deliver to the Holder thereof a new Warrant Certificate
in the form and substance of the lost, stolen, destroyed or mutilated Warrant Certificate (including all changes and adjustments that have occurred hereunder). In any such event, the Company shall have the right to require the Holder to post a bond
as reasonable security therefor, the cost of which shall be paid by the Holder. 

  
 12 

 15. No Rights or Liabilities as a Stockholder. Nothing contained in this Warrant
Agreement shall be construed as conferring upon the Holder hereof any rights as a stockholder of the Company or as imposing any obligation upon such Holder to purchase any securities or as imposing any liability upon such Holder as a stockholder of
the Company, whether such obligation or liability is asserted by the Company or by creditors of the Company at law or in equity. 
 16. Governing Law. This Warrant Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to conflicts of laws principles
thereof. 
 17. Remedies. The Company stipulates that the remedies at law of the Holder in the event of any default or
threatened default by the Company in the performance of or compliance with any of the terms of this Warrant Agreement are not and will not be adequate, and that, to the extent permitted by applicable law, such terms may be specifically enforced by a
decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise. The Company hereby waives any requirements for the securing or posting of any bond with respect to
such remedy of specific performance or other injunctive relief. 
 18. Notices. All notices, requests, claims, demands
and other communications hereunder shall be in writing and shall be deemed to have been duly given or made (a) when delivered if delivered in person or sent by nationally recognized overnight or second day courier service, (b) upon
transmission by fax if transmission is confirmed, or (c) three Business Days after deposit with a United States post office if delivered by registered or certified mail (postage prepaid, return receipt requested) to the respective parties and
addressed (i) if to any Holder of any Warrant, to the address of such Holder as set forth in the Warrant Register or to such other address as such Holder has notified the Company of in writing in accordance herewith, except that notices of
change of address shall only be effective upon receipt or (ii) if to the Company, to the address set forth in Section 2 or to such other address as the Company may designate by written notice in accordance herewith, except that
notices of change of address shall only be effective upon receipt; provided, however, that the exercise of any Warrant shall be effected only in the manner provided in Section 2. 

19. Miscellaneous. This Warrant Agreement and any terms hereof may be changed, waived, discharged, modified, amended or terminated
only by an instrument in writing signed by the Company and the Holders of Warrants to purchase not less than eighty percent (80%) of the aggregate Shares then remaining to be purchased upon exercise in accordance with this Warrant Agreement.
Any provision of this Warrant Agreement which shall be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the Company waives any provision of law which
shall render any provision hereof prohibited or unenforceable in any respect. Each Holder, by acceptance of a Warrant Certificate, agrees to all of the terms and provisions of this Warrant Agreement applicable thereto. 

  
 13 

 20. Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise
any right hereunder on the part of the Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. If the Company fails to comply with any other provision of this Warrant Agreement as
determined by a court of law or as mutually determined by the Holder and the Company, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

21. Successors and Assigns. Subject to the provisions of Section 12 hereof, this Warrant Agreement and the rights
evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and assigns of the Holder. The provisions of this Warrant Agreement are intended to be for the benefit of all Holders from time to
time of this Warrant Agreement and shall be enforceable by any such Holder. 
 22. Headings. The headings used in this
Warrant Agreement are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant Agreement. 

  
 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant Agreement to be duly executed and
its corporate seal to be impressed hereon and attested by its Secretary or an Assistant Secretary. 
  

					
	Dated:                     , 2010	 	FORUM ENERGY TECHNOLOGIES, INC.
			
		 	By:	 	  

		 	Name:	 	C. Christopher Gaut
		 	Title:	 	Chief Executive Officer
			
		 	HOLDER:	 	
			
		 	By:	 	  

		 		 	(print or type full legal name)

[Signature Page to Warrant] 

 SCHEDULE 1 

 

			
	 Name of Warrant Holder
	  	 Number of Shares

		  	
		  	
		  	
		  	

 EXHIBIT A TO WARRANT 

FORM OF WARRANT CERTIFICATE 
 [FACE] 
 EACH OF THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF UNLESS IT HAS BEEN REGISTERED UNDER THE SECURITIES ACT OR UNLESS AN EXEMPTION
FROM REGISTRATION IS AVAILABLE (AND, IN SUCH CASE, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH OFFER, SALE, TRANSFER OR DISPOSITION IS NOT REQUIRED TO BE REGISTERED UNDER THE SECURITIES ACT HAS BEEN PROVIDED
TO THE COMPANY). EACH OF THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OTHER TERMS AND CONDITIONS SET FORTH IN THE AMENDED AND RESTATED STOCKHOLDERS AGREEMENT OF THE COMPANY, AND
SET FORTH IN THE CERTIFICATE OF INCORPORATION AND BYLAWS OF THE COMPANY, COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES. 
  

							
	No. [    ]	  		  		  	[            ] Shares

 WARRANT CERTIFICATE 
 FORUM ENERGY TECHNOLOGIES, INC. 

This Warrant Certificate certifies that [            ], or registered
assigns, is the registered Holder of warrants (the “Warrants”) expiring on the Expiration Time to subscribe for and purchase from the Company fully paid and non-assessable shares of common stock of Forum Energy Technologies, Inc., a
Delaware corporation (the “Company”). Each Warrant entitles the Holder upon exercise at any time on or after the Initial Exercise Date until the Expiration Time, to receive from the Company the number of fully paid and
non-assessable shares of common stock of the Company set forth above (the “Shares”) at the Exercise Price payable upon surrender of this Warrant Certificate, with the form of election to purchase set forth as Annex I hereto
or the form of notice of conversion as set forth as Annex II hereto, as applicable, properly completed and executed, together with payment of the Exercise Price (or through “cashless exercise” if permitted by the Warrant Agreement)
at the office of the Company, subject to the conditions set forth herein and in the Warrant Agreement between the Company and the Warrant Holders. The Exercise Price and number of Shares issuable upon exercise of the Warrants are subject to
adjustment upon the occurrence of certain events set forth in the Warrant Agreement. Terms used but not defined in this Warrant Certificate shall have the meaning ascribed to such term in the Warrant Agreement.

 Upon any exercise of the Warrant for less than the total number of Shares provided for
herein, there shall be issued to the Holder or the Holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised. 
 Warrant Certificates, when surrendered at the office of the Company by the Holder hereof in person or by attorney duly authorized in writing, may be exchanged in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants. 

Upon due presentment for registration of transfer of the Warrant Certificate at the office of the Company, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge
except for any applicable tax or governmental charge. 
 The Company may deem and treat the Holder as the absolute owner of this
Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone other than the Company) for the purpose of any exercise hereof, and for all other purposes, and the Company shall not be affected by any notice to
the contrary. 
 This Warrant Certificate does not entitle the Holder to any of the rights of a stockholder of the Company.

 This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of Delaware.

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be signed below.

 Dated:                     

 

			
	FORUM ENERGY TECHNOLOGIES, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 ANNEX I TO WARRANT CERTIFICATE 

To: FORUM ENERGY TECHNOLOGIES, INC. 
 ELECTION TO EXERCISE 
 The undersigned hereby exercises its rights to subscribe for
            Shares covered by the within Warrant Certificate. The undersigned hereby confirms as of the date hereof the representations and warranties of the undersigned contained in
Section 12 of the Warrant Agreement. The undersigned tenders payment herewith in the amount of $            and requests that certificates for such shares in the following
denominations be issued in the name of, and delivered to, the person at the following address: 
  

			
	 Denominations: 
	 	 

			
		
	 	 	 
		
	 	 	 
		
	 	 	 

 (Print Address and Social Security Number or 

Employer Identification Number as applicable) 
 and, if said number of Shares shall not be all the Shares covered by the within Warrant Certificate, that a new Warrant Certificate for the balance remaining of the Shares covered by the within Warrant
Certificate be registered in the name of, and delivered to, the undersigned at the address stated below: 
  

					
	
Date:                    ,   
     
	 	Name:	 	 
		 		 	(Print)
			
		 		 	 
		 		 	(Signature)
			
		 	Address:	 	 
		 		 	 

 ANNEX II TO WARRANT CERTIFICATE 

To: FORUM ENERGY TECHNOLOGIES, INC. 
 NOTICE OF CONVERSION 
 (To be executed upon conversion of the attached Warrant)

 The undersigned irrevocably elects to surrender this Warrant Certificate for the number of Conversion Shares as shall be
issuable pursuant to the cashless exercise provisions of Section 2(c) of the Warrant Agreement, in respect of             Shares underlying this Warrant Certificate, and
requests that the Company execute or cause to be executed a certificate or certificates reflecting the undersigned’s ownership of the aggregate number of Conversion Shares issuable upon such exercise, together with cash in lieu of any fraction
of a Conversion Share (and any securities or other property issuable upon such exercise) and deliver or cause to be delivered to the undersigned such certificate or certificates the undersigned as follows: 

 

					
	Name	  	Address	 
		  			
		  			
		  			
		  			

 and, if said number of Shares shall not be all the Shares covered by the within Warrant Certificate, that a new
Warrant Certificate for the balance remaining of the Shares covered by the within Warrant Certificate be registered in the name of, and delivered to, the undersigned at the address stated below: 

 

					
	
Date:                    ,   
     
	  	Name:	 	 
		  		 	(Print)
			
		  		 	 
		  		 	(Signature)
			
		  	Address:Subscription Agreement - James L. McCulloch

 Exhibit 10.24 

 
  

 
 SUBSCRIPTION AGREEMENT

 between 
 FORUM ENERGY TECHNOLOGIES, INC. 
 and 
 JAMES L. MCCULLOCH

 October 25, 2010 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I ISSUANCE OF COMMON SHARES	  
			
	 Section 1.1
	  	 Purchase and Issuance of Shares; Purchase Price.
	  	 	1	  
	  
 ARTICLE II CLOSING
	 
   

			
	 Section 2.1
	  	 Closing
	  	 	1	  
	  
 ARTICLE III REPRESENTATIONS AND
WARRANTIES OF THE CORPORATION
	 
   

			
	 Section 3.1
	  	 Organization
	  	 	2	  
	 Section 3.2
	  	 Authorization
	  	 	2	  
	 Section 3.3
	  	 Valid Issuance of Common Stock
	  	 	2	  
	  
 ARTICLE IV REPRESENTATIONS AND
WARRANTIES OF THE INVESTOR
	 
   

			
	 Section 4.1
	  	 Authorization
	  	 	3	  
	 Section 4.2
	  	 Brokers or Finders
	  	 	3	  
	 Section 4.3
	  	 Restrictions on Transfer or Sale of the Stock.
	  	 	3	  
	 Section 4.4
	  	 Investor Status.
	  	 	4	  
	  
 ARTICLE V MISCELLANEOUS
	 
   

			
	 Section 5.1
	  	 Issuance Subject to Stockholders Agreement
	  	 	5	  
	 Section 5.2
	  	 Notices
	  	 	5	  
	 Section 5.3
	  	 Entire Agreement
	  	 	5	  
	 Section 5.4
	  	 Binding Effect; Assignment; No Third Party Benefit; Termination
	  	 	6	  
	 Section 5.5
	  	 Severability
	  	 	6	  
	 Section 5.6
	  	 Governing Law
	  	 	6	  
	 Section 5.7
	  	 Construction
	  	 	6	  
	 Section 5.8
	  	 Injunctive Relief
	  	 	7	  
	 Section 5.9
	  	 Consent to Jurisdiction.
	  	 	7	  
	 Section 5.10
	  	 Amendment; Termination
	  	 	7	  
	 Section 5.11
	  	 Waiver
	  	 	7	  
	 Section 5.12
	  	 Counterparts
	  	 	8	  

 SUBSCRIPTION AGREEMENT 

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of October 25, 2010 (the
“Effective Date”), by and between Forum Energy Technologies, Inc., a Delaware corporation (the “Corporation”), and James L. McCulloch (the “Investor”). 

BACKGROUND: 
 WHEREAS, the Corporation has entered into that certain Employment Agreement dated as of October 25, 2010, by and between the Corporation and the Investor (the “Employment
Agreement”); and 
 WHEREAS, in connection with the execution and delivery of the Employment Agreement by the
Corporation and the Investor, the Corporation desires to issue and sell to the Investor up to 7,035 shares (the “Shares”) of common stock, par value $0.01 per share, of the Corporation (“Common Stock”). 

NOW, THEREFORE, for and in consideration of the foregoing and the respective representations, warranties, covenants, agreements and
conditions set forth herein, the parties agree as follows: 
 ARTICLE I 

ISSUANCE OF SHARES 
 Section 1.1 Purchase and Issuance of Shares; Purchase Price. At the Closing and on the terms and subject to the conditions set forth in this Agreement, the Corporation shall issue and sell to
the Investor, and the Investor shall purchase for cash, at a price per share equal to $284.29 (the “Purchase Price”), the Shares. The Investor shall make payment for such Shares in cash in the amount of $1,999,980.10 by check made
payable to the Corporation or by wire transfer to a bank account designated by the Corporation in writing to the Investor prior to the Closing or by such other payment as is mutually agreed to by the Investor and the Corporation. 

ARTICLE II 

CLOSING 

Section 2.1 Closing. The purchase and sale of the Shares shall be subject to, and shall occur immediately following
the commencement of Investor’s employment with the Corporation as of the Effective Date (as such term is defined in the Employment Agreement), or at such other time and place as the Corporation and the Investor shall mutually agree (which time
and place are designated as the “Closing”). 
 (a) Deliveries by the Investor at Closing. Subject
to the terms and conditions hereof, at the Closing, the Investor shall cause the following to be delivered to the Corporation: 

(i) the aggregate Purchase Price payable by the Investor for the Shares as set forth in Section 1.1; 

 (ii) counterparts of the Stockholders Agreement, duly executed by the Investor as a
shareholder of the Corporation; and 
 (iii) all other agreements, documents, instruments and other writings reasonably required
to be delivered to the Corporation by the Investor at or prior to the Closing pursuant to this Agreement. 
 (b) Deliveries
by the Corporation at Closing. Subject to the terms and conditions hereof, promptly after the Closing, the Corporation shall cause to be delivered to the Investor a stock certificate duly executed and delivered on behalf of the
Corporation representing the Shares. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE CORPORATION 
 The Corporation represents and warrants the following to the Investor as of the date hereof and as of the date of the Closing: 
 Section 3.1 Organization. The Corporation is duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with full power and authority to conduct its
business as it is currently being conducted and to own its assets and to consummate the transactions contemplated by this Agreement; and has obtained any other authorizations, approvals, permits and orders required by law that are material to the
Corporation for the conduct of its business as it is currently being conducted and to consummate the transactions contemplated by this Agreement. 
 Section 3.2 Authorization. The Corporation has the requisite power and authority to execute and deliver this Agreement and to carry out the provisions of this Agreement. This Agreement has
been duly and validly executed and delivered and constitutes, assuming due execution and delivery by the Investor, a valid and legally binding obligation of the Corporation, enforceable against the Corporation in accordance with its terms, subject
to creditors’ rights. The Corporation has duly authorized the issuance and sale of the shares of Common Stock upon the terms of this Agreement by all requisite corporate action, including the authorization by the Corporation’s board of
directors of the issuance and sale of the shares of Common Stock in accordance herewith. 
 Section 3.3 Valid Issuance
of Common Stock. The shares of Common Stock issuable in accordance with this Agreement when paid for and delivered to the Investor in accordance with the terms of this Agreement will constitute validly authorized, duly issued, fully paid and
non-assessable shares of Common Stock, and the issuance thereof will not conflict with the organizational documents of the Corporation, as amended to date, nor with any outstanding warrants, option, call, preemptive right or commitment of any type
relating to the Corporation’s capital stock. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 
 The Investor represents and warrants the following to the Corporation as of the date 

  
 2 

 
hereof and as of the date of the Closing: 
 Section 4.1
Authorization. The Investor has the requisite power and authority to execute and deliver this Agreement and to carry out the provisions of this Agreement. This Agreement has been duly and validly executed and delivered and constitutes,
assuming due execution and delivery by the Corporation, a valid and legally binding obligation of the Investor, enforceable against the Investor in accordance with its terms, subject to creditors’ rights. 

Section 4.2 Brokers or Finders. No Person has or will have, as a result of the issuance of the shares of Common Stock
pursuant to this Agreement, any right, interest or valid claim against or upon the Corporation or any of its subsidiaries for any commission, fee or other compensation as a finder or broker because of any act or omission by the Investor or his
agents. 
 Section 4.3 Restrictions on Transfer or Sale of the Stock. 

(a) The Investor is acquiring the shares of Common Stock solely for the Investor’s own beneficial account, for investment purposes,
and not with a view to, or for resale in connection with, any distribution of the Common Stock. The Investor understands that the securities being purchased have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), and all applicable state securities laws by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of the Investor and of the other representations made by the
Investor in this Agreement. The Investor understands that the Corporation is relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether this transaction meets
the requirements for such exemptions. 
 (b) The Investor understands that the shares of Common Stock being purchased are
“restricted securities” under applicable federal securities laws and that the Securities Act and the rules of the Securities and Exchange Commission (the “Commission”) provide in substance that the undersigned may dispose
of the securities being purchased only pursuant to an effective registration statement under the Securities Act or an exemption therefrom, and the undersigned understands that the Corporation has no obligation or intention to register any of the
securities being purchased, or to take action so as to permit sales pursuant to the Securities Act (including Rule 144 thereunder) except as may be required by the Corporation to comply with the Registration Rights Agreement attached as an exhibit
to the Stockholders Agreement (as defined below). Accordingly, the Investor understands that under the Commission’s rules, the Investor may dispose of the securities being purchased principally only in “private placements” which are
exempt from registration under the Securities Act, in which event the transferee will acquire “restricted securities” subject to the same limitations as in the hands of the Investor. As a consequence, the Investor understands that he must
bear the economic risks of the investment in the securities purchased for an indefinite period of time. 
 (c) The Investor
agrees: (i) that he will not sell, assign, pledge, give, transfer or otherwise dispose of the securities purchased or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of such
securities under the Securities Act and all applicable state securities laws or in a transaction which is exempt from the registration provisions of the Securities Act and all applicable state securities laws; (ii) that the certificate(s) for
the securities purchased will bear a legend making reference to the foregoing 

  
 3 

 
restrictions; and (iii) that the Corporation and any transfer agent for the securities purchased shall not be required to give effect to any purported transfer of any of such securities
except upon compliance with the foregoing restrictions. 
 (d) The Shares issuable pursuant to this Agreement shall be subject
to a stop transfer order and the certificate or certificates evidencing any such Shares shall bear the following legend: 
 THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF UNLESS IT HAS BEEN REGISTERED UNDER THE SECURITIES ACT
OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE (AND, IN SUCH CASE, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH OFFER, SALE, TRANSFER OR DISPOSITION IS NOT REQUIRED TO BE REGISTERED UNDER THE SECURITIES
ACT HAS BEEN PROVIDED TO THE COMPANY). THIS SECURITY IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OTHER TERMS AND CONDITIONS SET FORTH IN THE AMENDED AND RESTATED STOCKHOLDERS AGREEMENT OF THE COMPANY, AND SET FORTH IN THE CERTIFICATE OF
INCORPORATION AND BYLAWS OF THE COMPANY, COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES. 

Section 4.4 Investor Status. 
 (a) The Investor is an “Accredited Investor” (as such term is defined in the Stockholders Agreement). 
 (b) The Investor is familiar with the business and financial condition, properties, operations and prospects of the Corporation and has had an opportunity to ask questions of the Corporation’s
management and has made all investigations which he deems necessary or desirable. The Investor has carefully considered and has, to the extent the Investor believes such discussion necessary, discussed with the Investor’s professional
legal, tax, accounting and/or financial advisors, as the case may be, the suitability of an investment in the Corporation for the Investor’s particular tax and financial situation and has determined that the Common Stock to be
purchased by the Investor pursuant to this Agreement is a suitable investment for the Investor. 
 (c) The Investor, either
alone or with the Investor’s attorney, as applicable, has such knowledge and experience in financial, tax and business matters so as to enable the Investor to use the information made available to the Investor to evaluate the merits and risks
of an investment in the Shares and to make an informed investment decision with respect thereto. 

  
 4 

 (d) The Investor is not purchasing the Shares as a result of or after any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or meeting. 
 (e) The Investor is able to bear the substantial economic risks of an investment in the Shares for an indefinite period of time, has no need for liquidity in such investment and, at the present
time, could afford a complete loss of such investment. 
 (f) The Investor recognizes that investment in the Shares
involves substantial risks, including loss of the entire amount of such investment. Further, the Investor has taken full cognizance of and understands all of the risks related to the purchase of the Shares. 

ARTICLE V 

MISCELLANEOUS 
 Section 5.1 Issuance Subject to Stockholders Agreement. The Investor hereby acknowledges that the Shares are hereby expressly subject to, and the Investor shall be a party to, the terms and
conditions of the Amended and Restated Stockholders Agreement dated as of August 2, 2010, by and among the Corporation and the other stockholders of the Corporation named therein, as the same may be amended from time to time (the
“Stockholders Agreement”). 
 Section 5.2 Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed to have been duly given or made (a) when delivered if delivered in person or sent by nationally recognized overnight or second day courier service, (b) upon transmission by
fax if transmission is confirmed, or (c) three Business Days after deposit with a United States post office if delivered by registered or certified mail (postage prepaid, return receipt requested) to the respective parties as follows:

 if to the Corporation: 
 Forum Energy Technologies, Inc. 
 8807 W Sam Houston Pkwy N., Suite 200 

Houston, TX 77040 

Attention: James Harris 
 Fax: (713) 351-7997 
 if to the Investor: 

James L. McCulloch 
 [                    ] 
 [                    ] 
 [                    ] 
 or to such other address as any party may have furnished to the others in writing in accordance herewith, except that notices of change of address shall only be effective upon receipt. 

Section 5.3 Entire Agreement. This Agreement and any other writings referred to herein or delivered pursuant hereto,
constitutes the entire agreement among the parties hereto 

  
 5 

 
with respect to the subject matter hereof and supersedes all prior contracts, agreements and understandings, whether oral or written, among the parties with respect to the subject matter hereof.

 Section 5.4 Binding Effect; Assignment; No Third Party Benefit; Termination. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective heirs, permitted successors, permitted assigns and legal representatives; and by their signatures hereto, the Corporation and the Investor intend to and do hereby become bound.
Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective heirs, permitted successors, permitted assigns or legal representatives any legal or equitable
right, remedy or claim under, in or in respect of this Agreement or any provision herein contained, except to the extent expressly provided in this Agreement. Neither this Agreement nor any of the rights, interests, or obligations hereunder shall be
assigned by the Corporation to any Person without the prior written consent of the Investor. Neither this Agreement nor any of the rights, interests, or obligations hereunder shall be assigned by the Investor to any Person without the prior written
consent of the Corporation. 
 Section 5.5 Severability. If any provision of this Agreement is held to be
illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this
Agreement; provided that if any such provision may be made enforceable by limitation thereof, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable law. Furthermore, in
lieu of (and to the extent of) each such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be
possible and be legal, valid and enforceable. 
 Section 5.6 Governing Law. This Agreement shall be governed by and
construed in accordance with the law of the state of Delaware, without regard to the conflicts of law principles of such state. 

Section 5.7 Construction. Unless the context requires otherwise: (a) pronouns in the masculine, feminine and
neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa, (b) the term “including” shall be construed to be expansive rather than
limiting in nature and to mean “including, without limitation,” (c) references to Articles and Sections refer to Articles and Sections of this Agreement; (d) the words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited,
(e) all references to “days” are to calendar days, (f) the term “Business Day” shall mean any day except Saturday, Sunday or any day on which banks are generally not open for business in Houston, Texas, and
(g) the term “Person” shall mean an individual or a corporation, partnership, trust, incorporated or unincorporated association, limited liability company, joint venture, joint stock company, government (or an agency or
political subdivision thereof) or other entity of any kind. The descriptive headings 

  
 6 

 
used herein are inserted for convenience of reference only, do not constitute a part of this Agreement, and shall not affect in any manner the meaning or interpretation of this Agreement.

 Section 5.8 Injunctive Relief. The parties hereto acknowledge and agree that irreparable damage would
occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Agreement, and shall be entitled to enforce specifically the provisions of this Agreement, in any court of the United States or any state thereof having jurisdiction, in addition to any other remedy to which the
parties may be entitled under this Agreement or at law or in equity. Each party to this Agreement hereby waives any requirements for the securing or posting of any bond with respect to such remedy of specific performance or other injunctive relief.

 Section 5.9 Consent to Jurisdiction. 
 (a) The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the courts of Houston, Texas and the Court of Chancery located in Delaware, and appropriate appellate courts therefrom,
over any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby, and each party hereby irrevocably agrees that all claims in respect of such dispute or proceeding may be heard and determined in such
courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of or relating to this Agreement or any of the
transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute. The parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. This consent to jurisdiction is being given solely for purposes of this Agreement and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a
party to this Agreement may become involved. 
 (b) The parties hereto hereby consents to process being served by any party to
this Agreement in any suit, action, or proceeding of the nature specified in subsection (a) above by the mailing of a copy thereof in the manner specified by the provisions of Section 5.2. 

(c) The parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding, or counterclaim arising out of or
relating to this Agreement. 
 Section 5.10 Amendment; Termination. The provisions of this Agreement may be
amended, modified, supplemented, restated or waived only with the written consent of the Corporation and the Investor. In the event that the Investor does not deliver the Purchase Price and the other documents and instruments required to be
delivered at Closing in accordance with Section 2.1(a), the Corporation shall have the right to terminate this Agreement by delivery of written notice to the Investor. 

Section 5.11 Waiver. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance
by that Person of its obligations with respect to this Agreement is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to this Agreement.
Failure on the part of a Person to complain of any act of any Person or to declare any Person in 

  
 7 

 
default with respect to this Agreement, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the
applicable statute of limitations period has run. 
 Section 5.12 Counterparts. This Agreement may be
executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all such counterparts together shall constitute one instrument. Delivery of a copy of this Agreement bearing an original signature
by facsimile transmission or by electronic mail shall have the same effect as physical delivery of the paper document bearing the original signature. 
 [Signature pages follow.] 

  
 8 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

  

			
	THE CORPORATION:
		
		 	FORUM ENERGY TECHNOLOGIES, INC.
		
		 	By: /s/ C. Christopher
Gaut                                 
		 	Name: C. Christopher Gaut
		 	Title: Chief Executive Officer
	
	THE INVESTOR:
		
		 	By: /s/ James L.
McCulloch                                
		 	Name: James L. McCulloch

 Signature Page to Subscription Agreement (McCulloch)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}]]