Document:

EX-10.4

 Exhibit 10.4 

Forest City Employer, LLC Severance Plan 

and 
 Summary Plan
Description 
 (As of July 1, 2018) 

The Forest City Employer, LLC Severance Plan (the “Severance Plan”) is available to Forest City associates (“you” or an
“associate”) who satisfy all of the requirements described below. The Severance Plan is intended to provide benefits to eligible associates of Forest City Employer, LLC (“Forest City” or the “Company”). The Severance
Plan is an unfunded plan, which means that benefits under the Severance Plan are paid only from the general assets of the Company. 
 Purpose of This
Document 
 This document is the plan document for the Severance Plan, as prescribed by the Employee Retirement Income Security Act of
1974, as amended (“ERISA”) and is also intended to satisfy the requirements for a summary plan description under ERISA, a body of law enacted by Congress to safeguard your interests and those of your beneficiaries. ERISA does not require
an employer to provide benefits; however, it does provide you with certain rights when you participate in certain benefit plans. This document explains whether you are eligible to receive benefits under the Severance Plan, the amount of benefits you
may receive, how your benefits will be paid, your rights under ERISA, and various other administrative information. 
 The Severance Plan
supersedes and completely replaces any prior severance or termination pay plan or practice previously applicable to eligible associates as of the Effective Date, which plans or practices are no longer in effect. 

Eligibility 
 You are eligible to
participate in the Severance Plan if you are a regular full-time or part-time associate of Forest City, and you are terminated without “cause” (defined below) including, without limitation, in connection with (i) a reduction-in-force, (ii) a voluntary window program, or (iii) a sale or divestiture of the business unit or division to which you are assigned. 

You are not eligible to participate in the Severance Plan if you: 
  

	 	•	 	 Are a temporary employee; 

 

	 	•	 	 Are terminated for “cause”; 

 

	 	•	 	 Receive benefits under a Forest City severance agreement; 

 

	 	•	 	 Have a separate contract with Forest City governing severance benefits upon the termination of your employment;

	 	•	 	 Are a member of a union or your employment is subject to a collective bargaining agreement;

  

	 	•	 	 Are on a military leave of absence when benefits would begin and the leave extends through the period when
benefits would be paid; 

  

	 	•	 	 Are receiving long-term disability benefits when severance benefits would begin; 

 

	 	•	 	 Are on an unpaid leave of absence that lasts longer than 12 weeks and extends past the date your termination of
employment is effective; or 

  

	 	•	 	 Are assigned to properties where ownership is not controlled by Forest City or Forest City Real Estate Services,
LLC and you have yet to reach one year of Forest City service. 

 Furthermore, you will not be eligible to receive
benefits under the Severance Plan if you accept another position within Forest City or if a Comparable Position (defined below) is offered to you by Forest City, a successor employer, or a third party with which Forest City has contracted to assume
responsibility for any Forest City operations or property. A “Comparable Position” is one that is located within a reasonable commuting distance (defined as within 50 miles) of your former worksite or residence, having similar hours and
job responsibilities and comparable base compensation and target annual bonus opportunity to your prior position as determined by the Plan Administrator within its sole discretion. If you are offered continued employment with Forest City, a
successor employer, or a third party with which Forest City has contracted to assume responsibility for any Forest City operations or property in a position that is not a Comparable Position, then you may resign within 90 days thereafter and be
eligible for severance under this Severance Plan as if your employment were terminated without cause provided that you give notice to the Company of the event or condition causing your position not to be a Comparable Position within 60 days after it
initially occurs or exists and the Company fails to cure such event or condition within 30 days after receiving such notice. 
 For purposes
of this Severance Plan, the term “cause” means: (i) your continued failure to perform your duties with Forest City (other than any such failure resulting from any medically determined physical or mental impairment); (ii) your engaging
in gross misconduct, gross insubordination or gross negligence in the course of performing your duties for Forest City; or (iii) your conviction, guilty plea or plea of nolo contendere for any crime involving dishonesty or for any
felony. 
 Receiving Your Benefit 
 The
amount of your severance benefit is based on your: 
  

	 	•	 	 Base pay as of your termination date, which is your “regular earnings” or your regular salary or
regular straight time wages. It does not include overtime pay, bonuses, commissions, cash and non-cash fringe benefits, incentive compensation payments, equity awards or other forms of special compensation.
For part-time associates, your base pay will be determined based on your average straight-time hours worked over the past year. 

  
 2 

	 	•	 	 Years of service with Forest City, which equals the number of full and partial years (rounded as provided below)
you have been employed from your seniority date until your termination date, but not including any break in service; provided, that if your employment terminated (whether before or after the Effective Date, as defined below) under circumstances that
entitled you to benefits under the Severance Plan or any predecessor plan, and you are subsequently re-employed by Forest City, your seniority date shall be the date you become
re-employed. Any partial years of service will be rounded to the nearest whole year (whether greater or lesser) in determining your eligibility for severance. 

An eligible participant will receive payment of his or her base pay for the number of weeks determined in accordance with the table below
based upon the participant’s years of service (“Severance Pay”). The Severance Pay will be paid over the applicable salary continuation period noted in the table below in accordance with the Company’s regular payroll practices in
effect at the date of termination, commencing on the first payroll date following the date the Release Agreement described below becomes effective and irrevocable in accordance with its terms. Further, if the period during which the
participant’s Release Agreement must be signed and become effective and irrevocable in accordance with its terms spans two calendar years, then, to the extent required to comply with Section 409A of the Internal Revenue Code (the
“Code”), any payment of Severance Pay will commence on the first payroll date that occurs in the second calendar year and after the Release Agreement has become effective and irrevocable, and that first installment shall include all
payments that otherwise would have been paid had no delay been imposed. 
 Severance Pay awarded under the Severance Plan shall be net of
any income or employment taxes which are required to be withheld from such payments. Your employment and certain other employment-related benefits, such as Short-Term and Long-Term Disability, end on your termination date. If enrolled, any Medical,
Dental, Life, Vision and Medical FSA benefits end on the last day of the month in which you cease to be actively employed. However, in connection with your termination, you may convert your Forest City Medical, Dental, and Vision coverage to COBRA
coverage, as provided under COBRA. Under COBRA you may also continue contributions on an after-tax basis to your Medical FSA. 

Your termination date is your last day of active work with Forest City or the last day of any notice period of your termination, whichever is
later, provided that your termination also constitutes a “separation from service” within the meaning of Section 409A of the Code.     

If you are receiving short-term disability benefits when your severance benefits would otherwise begin, your severance benefits are delayed
until those disability payments end. If you are approved for long-term disability benefits, you are not entitled to severance benefits. 

  
 3 

 Severance Pay Schedule 

Your Severance Pay is determined according to this schedule: 
  

			
	 Severance Pay

	 Years of Service
	  	 Weeks of Salary Continuation

	Less than or = 1	  	16
	2	  	16
	3	  	16
	4	  	16
	5	  	18
	6	  	21
	7	  	24
	8	  	27
	9	  	30
	10	  	33
	11	  	36
	12	  	39
	13	  	42
	14	  	45
	15	  	48
	16	  	51
	17	  	54
	18	  	57
	19	  	60
	20	  	63
	21	  	66
	22	  	69
	23	  	72
	24	  	75
	25	  	78
	26	  	81
	27	  	84
	28	  	87
	29	  	90
	30	  	93
	31	  	96
	32	  	99
	33	  	102
	34 and greater	  	104

 Medical, Dental and Vision Benefits 

While you are receiving Severance Pay pursuant to the Severance Plan, you may also be eligible to continue your Medical, Dental, Vision and
Medical FSA benefits under COBRA. To be eligible for COBRA continuation you must be enrolled in and covered by the respective Forest City benefits program on your last day on active payroll. 

  
 4 

 The Severance Plan will provide all persons who are receiving Severance Pay and are eligible
for and elect COBRA coverage under the Medical, Dental and Vision benefits with COBRA coverage, at a cost of thirty-five percent (35%) of full COBRA rates through the end of the month in which salary continuation ends, up to a maximum of 18 months.
An amount equal to the Company-provided COBRA subsidy (or such other amounts as may be required by law) will be included in the eligible participant’s income for tax purposes to the extent required by applicable law and the Company may withhold
taxes from the participant’s other compensation for this purpose. 
 Release Agreement 

You must sign a severance agreement containing a general release and waiver of claims (Release Agreement) to be entitled to receive your
Severance Pay and any subsidy toward COBRA rates. In the Release Agreement, you give up any rights and claims you have against Forest City and its affiliates that may arise from your employment or the termination of your employment. A copy of the
sample Release Agreement is available for your inspection. The sample Release Agreement is subject to change for compliance with applicable law. 

If you do not sign and return your Release Agreement within the time period specified for its return or you timely revoke your signed Release
Agreement, then you are not eligible for severance benefits under the Severance Plan. 
 You must comply with the Release Agreement
throughout your salary continuation period to continue receiving your benefit payments from the Severance Plan. 
 Forfeiture 

You stop receiving benefits if you: 
  

	 	•	 	 Accept an employment offer from Forest City, its subsidiaries or other affiliates; 

 

	 	•	 	 Are offered and refuse a comparable job with Forest City, successor employer, or a third party with which Forest
City has contracted to assume responsibility for any Forest City operations or property; or 

  

	 	•	 	 Fail to comply with your Release Agreement. 

If you die while receiving severance benefits, the remaining payments are paid in a lump sum to your surviving spouse, if you are married, or
otherwise to your estate. 

  
 5 

 Compliance with Tax Rules 

This paragraph addresses the potential application of Section 409A of the Code (“Section 409A”) to payments and benefits
received under the Severance Plan. Section 409A imposes payment restrictions on “nonqualified deferred compensation” (i.e., potentially including payments owed to you upon termination of employment). Failure to comply with
these restrictions could result in negative tax consequences to you, including immediate taxation, interest and a 20% additional income tax. It is the Company’s intent that this Severance Plan be exempt from the application of, or otherwise
comply with, the requirements of Section 409A. Specifically, any taxable benefits or payments provided under this Severance Plan are intended to be a series of separate payments that qualify for the “short-term deferral” exception to
Section 409A to the maximum extent possible, and to the extent they do not so qualify, are intended to qualify for the involuntary separation pay exceptions to Section 409A, to the maximum extent possible. If neither of these exceptions
applies, and if you are a “specified employee” within the meaning of Section 409A, then notwithstanding any provision in this Severance Plan to the contrary and to the extent required to comply with Section 409A, all amounts that
would otherwise be paid or provided during the first six months following the termination date shall instead be accumulated through and paid or provided (without interest), on the first business day following the
six-month anniversary of the termination date. 
 This paragraph addresses the potential application
of the golden parachute excise tax (the “Excise Tax”) under Section 4999 of the Code to payments and benefits that you may receive in connection with any potential sale or other change in control of Forest City Realty Trust, Inc. By
way of background, the Excise Tax would apply if: (i) you are a “disqualified individual” and receive payments or benefits related to a change in control as defined under Section 280G of the Code (a “Transaction”), such
as Severance Pay, COBRA subsidies and accelerated vesting of equity awards or similar benefits (referred to as “Parachute Payments”); and (ii) the aggregate present value of your Parachute Payments equals or exceeds three times your
“Base Amount” (which generally equals your average W-2 income for the five-calendar-year period immediately preceding the closing of the Transaction). The Excise Tax, if applicable, would equal 20%
of the excess of the Parachute Payments over your Base Amount, in addition to income and employment taxes. In the event any Parachute Payments are subject to the Excise Tax, then you would receive either (i) the full amount of such Parachute
Payments, or (ii) such lesser portion of the Parachute Payments that would avoid the imposition of the Excise Tax, whichever results in you receiving the greater after-tax amount. The objective of this
provision is to maximize your after-tax benefit in the event that any Parachute Payments could be subject to the Excise Tax. The forfeiture of Parachute Payments, if applicable, shall be applied by: first
reducing the cash Severance Pay; then cancellation of accelerated vesting of performance-based equity awards (based on the reverse order of the date of grant); then cancellation of accelerated vesting of other equity awards (based on the reverse
order of the date of grant); and finally, reduction of any other benefits or payments due to you (with benefits or payments in any group having different payment terms being reduced on a pro-rata basis). All
determinations required to be made under this paragraph and the assumptions to be utilized in arriving at such determination, shall be made by a major accounting firm with expertise in such matters designated by the Company (the “Accounting
Firm”). Any determination by the Accounting Firm shall be binding upon the participants and the Company. 

  
 6 

 Administrative Information 

Plan Sponsor 
 Forest City Employer, LLC 

127 Public Square, Suite 3100 
 Cleveland, OH 44114 

Employer Identification Number (EIN): 30-0828121. 

Plan Administrator 
 The Company is the
Plan Administrator of the Severance Plan. The Plan Administrator is the named fiduciary and administrator of the Severance Plan. Therefore, the Plan Administrator is authorized to control and manage the operation and administration of the Severance
Plan. The Plan Administrator, as named fiduciary, may delegate any of its responsibilities to, or engage the services of, such persons or entities to exercise any fiduciary functions of the Plan Administrator, to render advice or to perform services
with respect to the Severance Plan as it shall determine to be necessary or appropriate. 
 The Plan Administrator shall promulgate any
rules and regulations it deems necessary in order to carry out the purposes of the Severance Plan or to interpret the provisions of the Severance Plan; provided, however, that no rule, regulation or interpretation shall be contrary to the provisions
of the Severance Plan. Subject only to the claims procedure outlined in the Severance Plan, the rules, regulations and interpretations made by the Plan Administrator shall be final and binding on all persons. 

In exercising its fiduciary duty, the Plan Administrator has discretionary authority to determine eligibility for benefits and to interpret
the terms of the Severance Plan. Using its discretionary authority, the Plan Administrator may correct defects, make findings of fact, rectify any omission or reconcile any inconsistency or ambiguity in the Severance Plan. Further, the Plan
Administrator shall have the sole and absolute discretion to determine the rights and status under the Severance Plan of eligible associates or other persons, to resolve questions or disputes arising under the Severance Plan, and to make any
determinations with respect to the benefits payable under the Severance Plan and the persons entitled to these benefits. Without limiting the generality of the foregoing, the Plan Administrator is hereby granted the authority (1) to determine
whether a particular termination of employment constitutes a qualifying termination under the Severance Plan, (2) to determine whether a particular associate is an eligible associate, (3) to determine an eligible associate’s years of
credited service, and (4) to determine if an eligible associate is entitled to Severance Pay and, if so, the amount of such Severance Pay. The Plan Administrator’s determination of the rights of any associate or former associate hereunder
shall be final and binding on all persons, subject only to the claim and appeals procedures outlined in the Severance Plan. 

  
 7 

 The Plan Administrator can be contacted at: 

Forest City Employer, LLC 
 127
Public Square, Suite 3100 
 Cleveland, OH 44114 

(216) 621-6060 

Agent for Service of Legal Process 
 If
you wish to begin legal proceedings relative to the Severance Plan, you should direct legal process to the Plan Administrator at the address noted above. 

Plan Identification 
 The Severance Plan
is identified by the following official names and numbers: 
 Forest City Employer, LLC Severance Plan 

Plan Number 503 
 Effective Date 

The Effective Date of the Severance Plan is September 11, 2017. The Severance Plan was amended and restated on March 4, 2018 and
again on July 1, 2018, as set forth herein. 
 Plan Year 

The Plan Year for purposes of maintaining the records of the Severance Plan is a calendar year, commencing on January 1 and ending on
December 31. 
 Governing Law 
 The
Severance Plan and all rights thereunder shall be governed by the laws of the State of Ohio, except to the extent preempted by ERISA. 
 Type of Plan and
Funding 
 The Severance Plan is an unfunded employee welfare plan under ERISA and is not a qualified plan under the Code. As an unfunded
plan, all benefits are paid out of the general assets of the Company and no participant will have any greater claim to any asset than other general creditors. No funds are set aside or held in trust to secure the benefits offered to participants
under the Severance Plan. 

  
 8 

 Claim and Appeals Procedure 

Your benefit under the Severance Plan will be paid to you as a matter of course; accordingly, there is no need to file a claim for your benefit
with the Plan Administrator other than completing and signing the Release Agreement, and any administrative forms which may be required by the Plan Administrator. As soon as is practicable, you will be notified of the amount of your benefit under
the Severance Plan. 
 If you dispute the amount of your benefit, you may file a written claim with the Plan Administrator. Your written
request should include your name and the name of your employer. You must make such a written request within 90 days after the date you were denied a benefit. The Plan Administrator must respond to your claim for benefits within 90 days after the
date of your claim for benefits. If your claim is incomplete or if the Plan Administrator needs additional time to review your claim, this timeframe may change. 

If the Plan Administrator asks you for additional information to complete your claim, the amount of time you have to provide the requested
information is 45 days. If the Plan Administrator needs additional time to review your claim or review the additional information you are requested to provide, the timeframe for deciding your claim may be extended. If the Plan Administrator needs an
extension, you will receive a notice before the end of the initial claim denial period explaining when you can expect to receive the decision. The extension period cannot last longer than an additional 90 days after the end of the initial claim
determination period specified above or, if earlier, after the earlier of receipt of your additional information or your deadline for submitting that additional information. 

If your claim for benefits is wholly or partially denied, you will receive a written notice containing the following information: 

 

	 	•	 	 the specific reasons for the determination; 

 

	 	•	 	 a reference to the specific Severance Plan provisions on which the determination is based; 

 

	 	•	 	 a statement describing additional material or information necessary to complete the claim and why such
information is necessary; 

  

	 	•	 	 a statement describing plan procedures and time limits for appealing the determination; and

  

	 	•	 	 details regarding any available external review and the right to sue in federal court under Section 502(a)
of ERISA. 

 If you believe your claim was denied in error, you may appeal this decision. You must submit your appeal
request to the Plan Administrator within 60 days following your receipt of the written denial notice. You may submit written comments, documents or other information in support of your appeal and have access, upon request, to all relevant documents
free of charge. The review of the claim denial will take into account all new information, whether or not presented or available at the initial claim review, and will not be influenced by the initial claim decision. 

  
 9 

 The Plan Administrator must respond to your appeal within 60 days following its receipt of
your appeal request. If the Plan Administrator needs additional time to review your claim, the timeframe for deciding your claim may be extended. The extension period cannot last longer than 60 days after the end of the initial appeal determination
period specified above. 
 If your appeal is denied, the denial notice will contain the following information: 

 

	 	•	 	 the specific reasons for the determination; 

 

	 	•	 	 a reference to the specific Severance Plan provisions on which the determination was based;

  

	 	•	 	 a statement that you are entitled to receive upon request, and without charge, reasonable access to or copies of
all documents, records, or other information relevant to the determination; 

  

	 	•	 	 a statement describing any voluntary appeal procedures offered by the Severance Plan and your right to obtain
information about these procedures; and 

  

	 	•	 	 a statement describing your right to bring a civil lawsuit under Section 502(a) of ERISA.

 The appeal determination notice may be provided in written or electronic form. If it is provided in electronic form,
you have the right to request and receive it on a written paper document at no charge. Both the electronic and paper versions will contain the same style, format and content. 

Once you have submitted a claim and completed all available levels of appeal described above, you will have exhausted the appeals process.
Once you exhaust the appeals process, you will have no further recourse with the Plan Administrator or the Company. If you want to further challenge a benefit denial, you will have the right to sue the Severance Plan in federal court. 

Legal Action 
 If you exhaust or are
treated as having exhausted all levels of the claims appeal process, you may bring suit against the Severance Plan in federal court under Section 502(a) of ERISA. You do not need to request an external review before filing suit. If you decide
to sue the Severance Plan, you must do so within one year after receiving the final appeal denial notice. Any action brought must be in Ohio state court or in the United States District Court for the Northern District of Ohio and no other. 

Note: If your claim for benefits relates to coverage under the Medical, Dental, Vision or FSA continuation coverage as provided in this
Severance Plan, the Claims and Appeals Procedure provision of the Forest City Employer, LLC Group Insurance Plan Summary Plan Description shall control. If you require a copy of the Forest City Employer, LLC Group Insurance Plan Summary Plan
Description, please contact the Plan Administrator. 

  
 10 

 Recovery of Overpayments (Recoupment) 

This provision applies whenever the Severance Plan has made an overpayment or an erroneous payment of benefits to you. The Severance Plan has
an equitable lien on any payment if the Severance Plan provides benefits greater than it should have. The Severance Plan has (and, as a condition of receiving benefits from the Severance Plan, you agree that the Severance Plan has) an equitable lien
on the overpayment, as well as the right to recover the overpayment from you. The Severance Plan may reduce or withhold future benefits to recover any incorrect payments or overpayments. 

Amendment and Termination of the Severance Plan 

Except as otherwise provided herein, the Board of Directors of Forest City Realty Trust, Inc. reserves the right to amend, modify, suspend,
discontinue or otherwise terminate the Severance Plan at any time and for any reason. Any amendment shall be expressed in a written instrument executed by an officer of Forest City Realty Trust, Inc. All such amendments may be retroactive to any
date up to and including the Effective Date, and shall be retroactive to the Effective Date unless other provision is specifically made. The Board of Directors of Forest City Realty Trust, Inc. shall have the right to delegate amendment and
termination authority under the Severance Plan to its Benefit Committee in its sole and absolute discretion; provided, however that any such amendment or termination that may have a material impact on the financial condition of Forest City Realty
Trust, Inc. or any subsidiary of Forest City Realty Trust, Inc. may only be adopted by the Board of Directors of Forest City Realty Trust, Inc. Further, the Benefits Committee can further delegate its amendment and termination authority to the
officers and managers of the Human Resources Department of the Company. Notwithstanding anything contained in the foregoing, (i) no amendment or termination of the Severance Plan shall adversely affect the right of any participant to any
benefit under the Severance Plan to which he or she became entitled prior to such amendment or termination; (ii) on or prior to December 31, 2018, the Severance Plan shall not be subject to amendment, modification, suspension,
discontinuance or termination in any respect which adversely affects the rights of participants (including the removal of an individual as a participant) without the consent of each participant so affected; and (iii) in anticipation of, on, or
within two (2) years after a Change of Control (as defined in the Forest City Realty Trust, Inc. 1994 Stock Plan), the Severance Plan shall not be subject to amendment, modification, suspension, discontinuance or termination in any respect
which adversely affects the rights of participants (including the removal of an individual as a participant) without the consent of each participant so affected. 

Your Rights Under ERISA 
 As a participant
in the Forest City Employer, LLC Severance Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Severance Plan participants shall be entitled to: 

Receive Information About Your Plan and Benefits 
  

	 	•	 	 Examine, without charge, at the Plan Administrator’s office and at other specified locations such as
worksites, all documents governing the Severance Plan and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit
Administration. 

  
 11 

	 	•	 	 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the
Severance Plan, including copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies. 

 

	 	•	 	 Receive a summary of the Severance Plan’s annual financial report. The Plan Administrator is required by law
to furnish each participant with a copy of this summary annual report. 

 Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Severance Plan participants, ERISA imposes duties upon the people who are responsible for the operation of
the employee benefit plan. The people who operate the Severance Plan, called “fiduciaries” of the plan, have a duty to do so prudently and in the interest of you and other plan participants and beneficiaries. No one, including your
employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 

Enforce Your Rights 
 If
your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time
schedules. 
 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Severance Plan
documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day
until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 
 If
you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Severance Plan’s decision or lack thereof concerning the qualified status of a
domestic relations order or a medical child support order, you may file suit in Federal court. If it should happen that plan fiduciaries misuse the Severance Plan’s money, or if you are discriminated against for asserting your rights, you may
seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful the court may order the person you have sued to pay these costs and
fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

  
 12 

 Assistance with Your Questions 

If you have any questions about the Severance Plan, you should contact the Plan Administrator. If you have any questions about this statement
or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your
telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your
rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 
  

			
	FOREST CITY EMPLOYER, LLC
		
	By:	 	 /s/ David J LaRue

		 	David J. LaRue, President & CEO

  
 13Exhibit

Exhibit 10.1

INDEMNIFICATION AGREEMENT
This Indemnification Agreement (“Agreement”) is made as of July 30, 2018 by and between Ranger Energy Services, Inc., a Delaware corporation (the “Company”), and Michael C. Kearney (“Indemnitee”).
RECITALS:
WHEREAS, directors, officers and other persons in service to corporations or business enterprises are subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself;
WHEREAS, highly competent persons have become more reluctant to serve as directors, officers or in other capacities unless they are provided with adequate protection through insurance and adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, (i) the Amended and Restated Bylaws of the Company (as may be amended, the “Bylaws”) require indemnification of the officers and directors of the Company, (ii) Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”) and (iii) the Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;
WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and the Amended and Restated Certificate of Incorporation of the Company (as may be amended, the “Certificate of Incorporation”) and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and
WHEREAS, (i) Indemnitee does not regard the protection available under the Bylaws and insurance as adequate in the present circumstances, (ii) Indemnitee may not be willing to serve or continue to serve as a director or officer of the Company without adequate protection, (iii) the Company desires Indemnitee to serve in such capacity and (iv) Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified.

AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
Section 1.Definitions. (a) As used in this Agreement:
“Affiliate” of any specified Person shall mean any other Person directly or indirectly controlling, controlled by or under common control with such specified Person.
“Corporate Status” describes the status of a person who is or was a director, officer, employee or agent of the Company or any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company.(%4)
“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.
“Enterprise” shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, trustee, agent or fiduciary.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
“Expenses” shall mean all reasonable costs, expenses, fees and charges, including, without limitation, attorneys’ fees, document and e-discovery costs, litigation expenses, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include, without limitation, expenses incurred in connection with any appeal resulting from, incurred by Indemnitee in connection with, arising out of, or in respect of or relating to, any Proceeding, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, for purposes of Section 12(d) hereof only, expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement and any interest, assessments or other charges in respect of the foregoing. “Expenses” shall not include “Liabilities.”
“Indemnity Obligations” shall mean all obligations of the Company to Indemnitee under this Agreement, including the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

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“Independent Counsel” shall mean a law firm of fifty (50) or more attorneys, or a member of a law firm of fifty (50) or more attorneys, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or any other party to the Proceeding giving rise to a claim for indemnification hereunder; provided, however, that the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
“Liabilities” shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other amounts payable in connection with, arising out of, or in respect of or relating to any Proceeding, including, without limitation, amounts paid in settlement in any Proceeding and all costs and expenses in complying with any judgment, order or decree issued or entered in connection with any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding.
“Person” shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency or body or any other legal entity.
“Proceeding” shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, formal or informal hearing, inquiry or investigation, litigation, inquiry, administrative hearing or any other actual, threatened or completed judicial, administrative or arbitration proceeding (including, without limitation, any such proceeding under the Securities Act of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought in the right of the Company or otherwise, and whether of a civil, criminal, administrative or investigative nature, in each case, in which Indemnitee was, is or will be, or is threatened to be, involved as a party, witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any actual or alleged action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or inaction) on Indemnitee’s part while acting as director or officer of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement can be provided under this Agreement.
“Sponsor Entities” means (i) CSL Capital Management, LLC, Ranger Energy Holdings, LLC and Torrent Energy Holdings, LLC and (ii) any of their respective Affiliates and any investment fund or other Person advised or managed by any Sponsor Entity; provided, however, that neither the Company nor any of its subsidiaries shall be considered Sponsor Entities hereunder.
(a)    For the purpose hereof, references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes 

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duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good faith and in a manner such Person reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
Section 2.    Indemnity in Third-Party Proceedings. The Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or reasonably incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding (other than any Proceeding brought by or in the right of the Company to procure a judgment in its favor, which is provided for in Section 3 below), or any claim, issue or matter therein.
Section 3.    Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by applicable law, from and against all Liabilities and Expenses suffered or incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding brought by or in the right of the Company to procure a judgment in its favor, or any claim, issue or matter therein. No indemnification for Liabilities and Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to such indemnification.
Section 4.    Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, and without limiting the rights of Indemnitee under any other provision hereof, including any rights to indemnification pursuant to Sections 2 or 3 hereof, to the fullest extent permitted by applicable law, to the extent that Indemnitee is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved Proceeding, claim, issue or matter. For purposes of this Section 4 and without limitation, the termination of any Proceeding or claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
Section 5.    Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or otherwise a participant, including by a request to respond to discovery requests, receipt of a subpoena or similar demand for documents or testimony, in any Proceeding to which Indemnitee is not a party and is not threatened to be made a party, Indemnitee shall be indemnified against all Expenses suffered or incurred (or, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection therewith.

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Section 6.    Additional Indemnification. Notwithstanding any limitation in Sections 2, 3 or 4 hereof, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Liabilities and Expenses suffered or reasonably incurred (and, in the case of retainers, reasonably expected to be incurred) by Indemnitee in connection with such Proceeding, including but not limited to:
(a)    the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and
(b)    the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.
Section 7.    Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to indemnify or hold harmless Indemnitee, or, in the case of (a) and (d), to advance Expenses to Indemnitee:
(a)    for which payment has actually been made to or on behalf of Indemnitee under any insurance policy obtained by the Company except with respect to any excess beyond the amount paid under such insurance policy;
(b)    for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;
(c)    for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements) or in respect of claw-back provisions promulgated under the rules and regulations of the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act;
(d)    except as provided in Section 12(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee or, if Indemnitee was nominated to the Board by one or more of the Sponsor Entities, such Sponsor Entity, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee or, if Indemnitee was nominated to the Board by one or more of the Sponsor Entities, such Sponsor Entity, against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (i) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law or (iii) 

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such Proceeding is being brought by Indemnitee to assert, interpret or enforce Indemnitee’s rights under this Agreement (for the avoidance of doubt, Indemnitee shall not be deemed, for purposes of this subsection, to have initiated or brought any claim by reason of (A) having asserted any affirmative defenses in connection with a claim not initiated by Indemnitee or (A) having made any counterclaim (whether permissive or mandatory) in connection with any claim not initiated by Indemnitee); or
(e)    if a final decision by a court having jurisdiction in the matter that is not subject to appeal shall determine that such indemnification is not lawful.
Section 8.    Advancement. In accordance with the pre-existing requirements of the Bylaws, and notwithstanding any provision of this Agreement to the contrary, the Company shall advance, to the extent not prohibited by applicable law, the Expenses and Liabilities reasonably incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within ten (10) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all Expenses reasonably incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that Indemnitee undertakes to repay the amounts advanced to the extent that it is ultimately determined by final judicial decision from which there is no further right to appeal that the Indemnitee is not entitled to be indemnified by the Company. Nothing in this Section 8 shall limit Indemnitee’s right to advancement pursuant to Section 12(d) of this Agreement. This Section 8 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Sections 7(a) or (d) hereof.
Section 9.    Procedure for Notification and Defense of Claim.
(a)    Indemnitee shall promptly notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement hereunder following the receipt by Indemnitee of written notice thereof (the date of such notification, the “Submission Date”). The written notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding, including any appeal therein. Any delay or failure by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay or failure in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

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(b)    In the event Indemnitee is entitled to indemnification and/or advancement with respect to any Proceeding, Indemnitee may, at Indemnitee’s option, (i) retain counsel (including local counsel) selected by Indemnitee and approved by the Company to defend Indemnitee in such Proceeding, at the sole expense of the Company (which approval shall not be unreasonably withheld, conditioned or delayed), or (i) have the Company assume the defense of Indemnitee in such Proceeding, in which case the Company shall assume the defense of such Proceeding with counsel selected by the Company and approved by Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed) within ten (10) days of the Company’s receipt of written notice of Indemnitee’s election to cause the Company to do so. If the Company is required to assume the defense of any such Proceeding, it shall engage legal counsel for such defense, and the Company shall be solely responsible for all fees and expenses of such legal counsel and otherwise of such defense. Such legal counsel may represent both Indemnitee and the Company (and any other party or parties entitled to be indemnified by the Company with respect to such matter) unless, in the reasonable opinion of legal counsel to Indemnitee, there is a conflict of interest between Indemnitee and the Company (or any other such party or parties) or there are legal defenses available to Indemnitee that are not available to the Company (or any such other party or parties). Notwithstanding either party’s assumption of responsibility for defense of a Proceeding, each party shall have the right to engage separate counsel at its own expense. If the Company has responsibility for defense of a Proceeding, the Company shall provide the Indemnitee and its counsel with all copies of pleadings and material correspondence relating to the Proceeding. Indemnitee and the Company shall reasonably cooperate in the defense of any Proceeding with respect to which indemnification is sought hereunder, regardless of whether the Company or Indemnitee assumes the defense thereof. Indemnitee may not settle or compromise any Proceeding without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. The Company may not settle or compromise any Proceeding without the prior written consent of Indemnitee, which consent shall not be unreasonably withheld, conditioned or delayed.
Section 10.    Procedure Upon Application for Indemnification.
(a)    Upon written request by Indemnitee for indemnification pursuant to Section 9(a) hereof, if any determination by the Company is required by applicable law with respect to Indemnitee’s entitlement thereto, such determination shall be made (i) if Indemnitee shall request such determination be made by Independent Counsel, by Independent Counsel, and (i) in all other circumstances, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (A) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (A) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (A) if so directed by the Board, by the stockholders of the Company holding a majority of the securities of the Company entitled to vote; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such 

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determination. Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall, to the fullest extent permitted by law, be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company will not deny any written request for indemnification hereunder made in good faith by Indemnitee unless a determination as to Indemnitee’s entitlement to such indemnification described in this Section 10(a) has been made. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Liabilities and Expenses arising out of or relating to this Agreement or its engagement pursuant hereto.
(b)    In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a) hereof, (i) the Independent Counsel shall be selected by the Company within ten (10) days of the Submission Date (the cost of such Independent Counsel to be paid by the Company), (i) the Company shall give written notice to Indemnitee advising it of the identity of the Independent Counsel so selected and (i) Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company Indemnitee’s written objection to such selection. Such objection by Indemnitee may be asserted only on the ground that the Independent Counsel selected does not meet the requirements of “Independent Counsel” as defined in this Agreement. If such written objection is made and substantiated, the Independent Counsel selected shall not serve as Independent Counsel unless and until Indemnitee withdraws the objection or a court has determined that such objection is without merit. Absent a timely objection, the person so selected shall act as Independent Counsel. If no Independent Counsel shall have been selected and not objected to before the later of (A) thirty (30) days after the Submission Date and (B) ten (10) days after the final disposition of the Proceeding, including any appeal therein, each of the Company and Indemnitee shall select a law firm or member of a law firm meeting the qualifications to serve as Independent Counsel, and such law firms or members of law firms shall select the Independent Counsel.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
Section 11.    Presumptions and Effect of Certain Proceedings.
(a)    In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent not prohibited by applicable law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall, to the fullest extent not prohibited by applicable law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that 

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indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
(b)    Subject to Section 12(d) hereof, if the person, persons or entity empowered or selected under Section 10 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by applicable law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if (i) the determination is to be made by Independent Counsel and Indemnitee objects to the Company’s selection of Independent Counsel and (i) the Independent Counsel ultimately selected requires such additional time for the obtaining or evaluating of documentation or information relating thereto; provided further, however, that such 60-day period may also be extended for a reasonable time, not to exceed an additional sixty (60) days, if the determination of entitlement to indemnification is to be made by the stockholders of the Company.
(c)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.
(d)    Reliance as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.
(e)    Actions of Others. The knowledge or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Section 12.    Remedies of Indemnitee.
(a)    Subject to Section 12(d) hereof, in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (i) advancement is not timely made pursuant to Section 8 of this Agreement, (i) no 

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determination of entitlement to indemnification shall have been timely made pursuant to Section 10(a) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification, (i) payment of indemnification is not made pursuant to Sections 4 or 5 or the third to the last sentence of Section 10(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (i) payment of indemnification pursuant to Sections 2, 3 or 6 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (i) in the event that the Company or any other Person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification or advancement. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b)    In the event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 12 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be.
(c)    If a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a prohibition of such indemnification under applicable law.
(d)    The Company shall, to the fullest extent not prohibited by applicable law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. It is the intent of the Company that Indemnitee not be required to incur Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by applicable law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the Company under this Agreement or the Bylaws, or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement or insurance recovery, as the case may be.

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(e)    Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein; provided that, in absence of any such determination with respect to such Proceeding, the Company shall advance Expenses with respect to such Proceeding.
Section 13.    Non-Exclusivity; Survival of Rights; Insurance; Subrogation.
(a)    The rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. The Company shall not adopt any amendment or alteration to, or repeal of, the Certificate of Incorporation or the Bylaws, the effect of which would be to deny, diminish or encumber the Indemnitee’s rights to indemnification pursuant to this Agreement, the Certificate of Incorporation, the Bylaws or applicable law relative to such rights prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
(b)    The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement and insurance provided by one or more Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity). The Company hereby acknowledges and agrees that (i) the Company shall be the indemnitor of first resort with respect to any Proceeding, Expense, Liability or matter that is the subject of the Indemnity Obligations, (i) the Company shall be primarily liable for all Indemnity Obligations and any indemnification afforded to Indemnitee in respect of any Proceeding, Expense, Liability or matter that is the subject of Indemnity Obligations, whether created by applicable law, organizational or constituent documents, contract (including this Agreement) or otherwise, (i) any obligation of any other Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) to indemnify Indemnitee or advance Expenses or Liabilities to Indemnitee in respect of any Proceeding shall be secondary to the obligations of the Company hereunder, (i) the Company shall be required to indemnify Indemnitee and advance Expenses or Liabilities to Indemnitee hereunder to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) or insurer of any such Person and (i) the Company irrevocably waives, relinquishes 

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and releases any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the Company hereunder. In the event any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed by the Company or payable under any Company insurance policy, the payor shall have a right of subrogation against the Company or its insurer or insurers for all amounts so paid which would otherwise be payable by the Company or its insurer or insurers under this Agreement. In no event will payment of an Indemnity Obligation by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) or their insurers affect the obligations of the Company hereunder or shift primary liability for any Indemnity Obligation to any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity). Any indemnification, insurance or advancement provided by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) with respect to any liability arising as a result of Indemnitee’s Corporate Status or capacity as an officer or director of any Person is specifically in excess over any Indemnity Obligation of the Company or valid and any collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company under this Agreement.
(c)    The Company shall maintain an insurance policy or policies providing liability insurance providing reasonable and customary coverage as compared with similarly situated companies (as determined by the Board in its reasonable discretion) for directors, officers, employees, trustees, or agents of any Enterprise, and Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, trustee or agent under such policy or policies and such policies shall provide for and recognize that the insurance policies are primary to any rights to indemnification, advancement or insurance proceeds to which Indemnitee may be entitled from one or more Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity) to the same extent as the Company’s indemnification and advancement obligations set forth in this Agreement. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
(d)    In the event of any payment under this Agreement, the Company shall be subrogated to the rights of recovery of Indemnitee, including rights of indemnification provided to Indemnitee from any other person or entity with whom Indemnitee may be associated; provided, however, that the Company shall not be subrogated to the extent of any such payment of all rights of recovery of Indemnitee with respect to any Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entity).

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(e)    The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of Indemnitee.
Section 14.    Duration of Agreement; Not Employment Contract. This Agreement shall continue until and terminate upon the latest of: (i) ten (10) years after the date that Indemnitee shall have ceased to serve as director, officer, employee or agent of the Company or any other Enterprise, (i) one (1) year after the date of final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding, including any appeal, commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto or (i) the expiration of all statutes of limitation applicable to possible Proceedings to which Indemnitee may be subject arising out of Indemnitee’s Corporate Status. The indemnification provided under this Agreement shall continue as to the Indemnitee even though he or she may have ceased to be a director or officer of the Company or of any of the Company’s direct or indirect subsidiaries or to have Corporate Status. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. The Company shall require and cause any successor, and any direct or indirect parent of any successor, whether direct or indirect by purchase, merger, consolidation or otherwise, to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any other Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries or any other Enterprise), if any, is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Company (or any of its subsidiaries or any other Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director of the Company, by the Certificate of Incorporation, the Bylaws or the DGCL.
Section 15.    Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law; (a) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (a) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
Section 16.    Enforcement.

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(a)    The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer, employee or agent of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer, employee or agent of the Company.
(b)    This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and shall not be deemed a substitute therefor, nor diminish or abrogate any rights of Indemnitee thereunder.
Section 17.    Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.
Section 18.    Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (a) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (a) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (a) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:
		
	(i)
	If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Company.

(ii)    If to the Company to
Ranger Energy Services, Inc. 
800 Gessner, Suite 1000 
Houston, Texas 77024 
Attention: Board of Directors
or to any other address as may have been furnished to Indemnitee by the Company.
Section 19.    Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for Liabilities or for Expenses, in connection with any Proceeding, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Company and Indemnitee as a result of the event(s) and transaction(s) giving cause to such Proceeding; and (a) the relative fault 

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of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and transaction(s).
Section 20.    Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (a) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (a) consent to service of process at the address set forth in Section 18 of this Agreement with the same legal force and validity as if served upon such party personally within the State of Delaware; (a) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (a) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.  
Section 21.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.
Section 22.    Third-Party Beneficiaries. The Sponsor Entities are intended third-party beneficiaries of this Agreement and shall have all of the rights afforded to Indemnitee under this Agreement.
Section 23.    Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.
	
		
	RANGER ENERGY SERVICES, INC. 

	INDEMNITEE

	By:   /s/ Darron M. Anderson   
	By:   /s/ Michael C. Kearney   

	Name:   Darron M. Anderson
	Name:   Michael C. Kearney

	Title:   President, Chief Executive Officer and Director 
	Title:   Director

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

    

SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT

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