Document:

ex10-3.htm

Exhibit 10.3

 

 

It is the responsibility of any investor purchasing these securities to satisfy itself as to full observance of the laws of any relevant territory outside the United States in connection with any such purchase, including obtaining any required governmental or other consents or observing any other applicable requirements. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

 

Determine, Inc.

Common Stock

 

SUBSCRIPTION AND INVESTMENT REPRESENTATION AGREEMENT

 

THIS AGREEMENT is dated as of the date set forth on the signature page of this Agreement by and between Determine, Inc., a Delaware corporation (the “Company”), and the undersigned subscribers (the “Subscribers”). In consideration of the mutual promises contained herein, and other good and valuable consideration, the parties hereto agree as follows:

 

1.           Agreement of Sale. The Company agrees to sell to Subscribers, and Subscribers agree to acquire from the Company, that number of shares the Company’s common stock set forth in Schedule I next to each Subscriber’s name (the “Securities”). The purchase price will be paid by the Subscribers by the Subscribers acceptance of the Company’s request to convert a portion of the notes issued to Subscribers in March 2015 (the “Notes”) into the Company’s common stock pursuant to the terms of the Notes as set forth in Schedule I and for other good an valuable consideration, the receipt and sufficiency of which is hereby acknowledged. Execution of this agreement shall constitute each Subscriber’s request to convert the portion of the Notes set forth in Schedule I. pursuant to the terms of the Notes. Securities issued pursuant to the Agreement shall be subject to the same registration rights as Securities issuable upon conversion of the Notes. 

 

2.           Representations and Warranties of Each Subscriber. In consideration of the Company’s offer to sell the Securities, each Subscriber hereby represents and warrants to the Company as follows:

 

a.           Information About the Company. 

 

i.     Subscriber has reviewed the Company’s public filings with the U.S. Securities and Exchange Commission, including the risk factors described therein.

 

ii.     Subscriber has had an opportunity to ask questions of, and receive answers from, the Company concerning the business, management and financial affairs of the Company and the terms and conditions of the purchase of the Securities contemplated hereby. Subscriber has had an opportunity to obtain, and has received, any additional information deemed necessary by the Subscriber to verify such information in order to form a decision concerning an investment in the Company. 

 

iii.     Subscriber has been advised to seek legal counsel and financial advice concerning Subscriber’s investment in the Company.

 

b.           Restrictions on Transfer. Subscriber represents and warrants that the Securities are being purchased for Subscriber’s own account and for Subscriber’s investment and without the intention of reselling or redistributing the same, that Subscriber has made no agreement with others regarding any of such Securities and that Subscriber’s financial condition is such that it is not likely that it will be necessary to dispose of any of the Securities in the foreseeable future. Subscriber is aware that, in the view of the Securities and Exchange Commission, a purchase of the Securities with an intent to resell by reason of any foreseeable specific contingency or anticipated change in market values, or any change in the condition of the Company, or in connection with a contemplated liquidation or settlement of any loan obtained for the acquisition of the Securities and for which the Securities were pledged as security, would represent an intent inconsistent with the representations set forth above. Subscriber understands that the Securities have not been registered under the Securities Act of 1933, as amended, or any state or foreign securities laws in reliance on exemptions from registration under both such acts, and that, accordingly, the Securities may not be resold by the undersigned unless they are registered under both the Securities Act of 1933, as amended, and applicable state or foreign securities laws or are sold in transactions which are exempt from such registration. Subscriber therefore agrees not to sell, assign, transfer or otherwise dispose of the Securities unless a registration statement relating thereto has been duly filed and become effective under the Securities Act of 1933, as amended, and applicable state or foreign securities laws, or unless in the opinion of counsel satisfactory to the Company no such registration is required under the circumstances. 

 

 

	
Subscription Agreement
	
(Confidential) Page 1

 

 

 

 

c.           High Degree of Risk. Subscriber realizes that an investment in the Securities involves a high degree of risk, including the risks of receiving no return on the investment and of losing Subscriber’s entire investment in the Company. Subscriber is able to bear the economic risk of investment in the Securities, including the total loss of such investment. The Company can make no assurance regarding its future financial performance or as to the future profitability of the Company.

 

d.           Suitability. Subscriber has such knowledge and experience in financial and business matters that Subscriber is capable of evaluating the merits and risks of an investment in the Securities. Subscriber has obtained, to the extent deemed necessary, Subscriber’s own personal professional advice with respect to the risks inherent in, and the suitability of, an investment in the Securities in light of Subscriber’s financial condition and investment needs. Subscriber believes that the investment in the Securities is suitable for Subscriber based upon Subscriber’s investment objectives and financial needs, and Subscriber has adequate means for providing for Subscriber’s current financial needs and personal contingencies and has no need for liquidity of investment with respect to the Securities. Subscriber understands that no federal or state agency has made any finding or determination as to the fairness for investment, nor any recommendation or endorsement, of the Securities.

 

e.           Tax Liability. Subscriber has reviewed with Subscriber’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement, and has and will rely solely on such advisors and not on any statements or representations of the Company or any of its agents. Subscriber understands that Subscriber (and not the Company) shall be responsible for Subscriber’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. Under penalties of perjury, Subscriber certifies that (a) the number shown on the signature page below is Subscriber’s correct social security or taxpayer identification number and (b) Subscriber is not subject to back-up withholding either because Subscriber has not been notified that Subscriber is subject to back-up withholding as a result of a failure to report all interest and dividends, or because the Internal Revenue Service has notified Subscriber that Subscriber is no longer subject to back-up withholding.

 

e.           Residence. Subscriber’s principal residence or business address, and the location where the securities are being purchased, is Subscriber’s address listed below.

 

f.           Limitation Regarding Representations. Except as set forth in this Agreement, no representations or warranties have been made to Subscriber by the Company or any agent, employee or affiliate of the Company and in entering into this transaction, Subscriber is not relying on any information, other than that contained herein and the results of independent investigation by Subscriber. Subscriber agrees it is not relying on any oral or written information not expressly included in this Agreement, meaning Subscriber is not relying on information that has been provided by the Company, its directors, its officers or any affiliate of any of the foregoing.

 

g.           Authority. 

 

i.           Entity. If the undersigned is not an individual but an entity, the individual signing on behalf of such entity and the entity jointly and severally agree and certify that (a) the undersigned was not organized for the specific purpose of acquiring the Securities and (b) this Agreement has been duly authorized by all necessary action on the part of the undersigned, has been duly executed by an authorized officer or representative of the undersigned, and is a legal, valid and binding obligation of the undersigned enforceable in accordance with its terms.

 

ii.          Individual. If the undersigned is an individual, the undersigned is of legal age.

 

3.            Legend. Each Subscriber consents to the inscription on the certificate or certificates representing the Securities of the following legend reciting the above restrictions on the transferability of the Securities:

 

The Securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and have not been registered under any state securities laws. These Securities may not be sold, offered for sale or transferred without first obtaining (i) an opinion of counsel satisfactory to the Company that such sale or transfer lawfully is exempt from registration under the Securities Act and under the applicable state securities laws or (ii) such registration.

 

PARAGRAPH 4 IS REQUIRED IN CONNECTION WITH THE EXEMPTIONS FROM THE SECURITIES ACT AND STATE LAWS BEING RELIED ON BY THE COMPANY WITH RESPECT TO THE OFFER AND SALE OF THE SECURITIES. ALL OF SUCH INFORMATION WILL BE KEPT CONFIDENTIAL AND WILL BE REVIEWED ONLY BY THE COMPANY AND ITS COUNSEL. THE UNDERSIGNED AGREES TO FURNISH ANY ADDITIONAL INFORMATION THAT THE Company AND ITS COUNSEL DEEM NECESSARY TO VERIFY THE RESPONSES SET FORTH BELOW. 

 

 

	
Subscription Agreement
	
(Confidential) Page 2

 

 

 

 

4.     Accredited Status. Each Subscriber represents that it does qualify as an “accredited investor” as that term is defined in Regulation D under the Securities Act because the undersigned satisfies the criteria indicated on the signature page hereto. Each Subscriber further represents and warrants that the information provided under the heading “Accredited Investor Status” on the signature page to this Agreement is true and correct. The information provided under this section is required in connection with the exemptions from the Securities Act and state securities laws being relied on by the Company with respect to the offer and sale of the Securities. The undersigned agrees to furnish any additional information which the Company or its legal counsel deem necessary in order to verify the responses set forth above.

 

5.     Holding Status. Each Subscriber desires that the Securities be held as set forth on the signature page hereto.

 

6.     Confidentiality. Each Subscriber will make no written or other public disclosures regarding the Company and its business, the terms or existence of the proposed sale of Securities or regarding the parties to the proposed sale of Securities to any individual or organization without the prior written consent of the Company, except as may be required by law. 

 

7.     Notice. Correspondence regarding the Securities should be directed to the Subscribers at the address printed below. Each Subscriber is a bona fide resident of the state listed below.

 

8.     No Assignment or Revocation; Binding Effect. Neither this Agreement, nor any interest herein, shall be assignable by any Subscriber without prior written consent of the Company. Each Subscriber hereby acknowledges and agrees that it is not entitled to cancel, terminate or revoke this Agreement and that it shall survive the death, incapacity or bankruptcy of Subscriber. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective heirs, legal representatives, successors and assigns.

 

9.     Remedies. Each Subscriber acknowledges that the Company may not have an adequate remedy at law in the event of any breach of this Agreement by the Subscribers and, therefore, the Company will be entitled, in addition to any other available remedies, to injunctive and/or other equitable relief to prevent or remedy a breach of this Agreement and to attorneys’ fees and other costs incurred by the Company in commencing suit or taking other action to enforce the terms and conditions of this Agreement.

 

10.     Modifications. This Agreement may not be changed, modified, released, discharged, abandoned or otherwise amended, in whole or in part, except by an instrument in writing, signed by the Subscribers and the Company. No delay or failure of the Company in exercising any right under this Agreement will be deemed to constitute a waiver of such right or of any other rights. 

 

11.     Entire Agreement. This Agreement and the exhibits hereto are the entire agreement between the parties with respect to the subject matter hereto and thereto. This Agreement, including the exhibits, supersede any previous oral or written communications, representations, understandings or agreements with the Company or with any officers or representatives of the Company. 

 

12.     Severability. In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable in any jurisdiction, such paragraph or provision shall, as to that jurisdiction, be adjusted and reformed, if possible, in order to achieve the intent of the parties, and if such paragraph or provision cannot be adjusted and reformed, such paragraph or provision shall, for the purposes of that jurisdiction be voided and severed from this Agreement, and the entire Agreement shall not fail on account thereof but shall otherwise remain in full force and effect.

 

13.     Governing Law. This Agreement shall be governed by, subject to, and construed in accordance with the laws of the State of Delaware without regard to conflict of law principles. 

 

14.     Employment Status/Subsequent Employment. NOTHING IN THIS AGREEMENT WILL GIVE ANY SUBSCRIBER ANY RIGHT TO EITHER EMPLOYMENT OR CONTINUED EMPLOYMENT WITH THE COMPANY OR IN ANY WAY CHANGE ANY EMPLOYMENT STATUS OF SUBSCRIBER.

 

 

	
Subscription Agreement
	
(Confidential) Page 3

 

 

 

 

15.     Survival of Representations and Warranties; Indemnification. Each Subscriber understands the meaning and legal consequences of the agreements, representations and warranties contained herein, agrees that such agreements, representations and warranties shall survive and remain in full force and effect after the execution hereof and payment for the Securities, and further agrees to indemnify and hold harmless the Company and each current and future officer, director, employee, agent and shareholder of the Company from and against any and all loss, damage or liability due to, or arising out of, a breach of any agreement, representation or warranty of the undersigned contained herein. 

 

 

 

[Remainder of page left blank intentionally – signature page follows]

 

 

	
Subscription Agreement
	
(Confidential) Page 4

 

 

 

 

Schedule I

 

	
Subscriber
	
Conversion Amount
	
Securities

	
Lloyd I. Miller Trust A-4
	
$324,395.00 
	
72,847

	
Lloyd I. Miller, III – Individual
	
324,395.00 
	
72,847

	
MILFAM II, L.P.
	
324,392.50 
	
72,846

	
Total
	
973,182.50 
	
218,540 

 

 

	
Subscription Agreement
	
(Confidential) Page 5

 

 

 

 

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Subscriber hereby agrees that by signing this Subscription and Investment Representation Agreement, and upon acceptance hereof by the Company, that the terms, provisions, obligations and agreements of this Agreement shall be binding upon Subscriber.

 

	
INDIVIDUAL(S):
	
ENTITIES: 

	 	 
	                                                                        	
                                                                        

	Print Name:                                                    	
Entity Name

	 	 
	Address:                                                       	 
	                                                              	By:                                                                 
	                                                              	Name:                                                            
	                                                              	Its:                                                                 
	Social Security Number:                            	 

                         

 

Date: June 21, 2017

 

	
Number of Shares Purchased:               
	 
	 	 
	The Subscriber desires that the Securities be held as follows (check one):	 
	☐     Individual Ownership	☐     Corporation*
	☐     Community Property	☐     Trust*
	☐     Jt. Tenant with Right of Survivorship	☐     Limited Liability Company*
	 (both parties must sign)	☐     Partnership*
	☐     Tenants in Common	☐     Other (please describe):                     
	* If Securities are being subscribed for by an entity, Exhibit B to this agreement must also be completed.
	 
	 

 

The Company hereby accepts the subscription evidenced by this Subscription and Investment Representation Agreement:

 

 

 

	
Date:  June 21, 2017          

(which date shall be the effective 

date of this Agreement)
	
Determine, Inc.

	 	 
	
 
	
 

	
 
	
By:                                                       

Name:                                                  

Title:                                                    

 

 

	
Subscription Agreement
	
(Confidential) Page 6

 

 

 

 

ACCREDITED INVESTOR CRITERIA
[Mark as applicable]

 

	
______
	
The undersigned is an individual with a net worth, or a joint net worth together with his or her spouse, in excess of $1,000,000. In calculating net worth, you may include equity in personal property and real estate (excluding your principal residence), cash, short term investments, stock and securities. Indebtedness that is secured by your primary residence up to the estimated fair market value of the residence shall not be included as a liability unless it exceeds the amount outstanding 60 days before the date of this agreement other than as a result of acquisition of your primary residence. Indebtedness secured by your primary residence in excess of the fair market value of the residence shall be included as a liability.

	 	 
	
______
	
The undersigned is an individual that had an individual income in excess of $200,000 in each of the prior two years and reasonably expects an income in excess of $200,000 in the current year.

	 	 
	
______
	
The undersigned is an individual that had with his or her spouse joint income in excess of $300,000 in each of the prior two years and reasonably expects joint income in excess of $300,000 in the current year.

	 	 
	______	The undersigned is a director or executive officer of the Company.
	 	 
	______	The undersigned is an entity, and is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act. This representation is based on the following (check one or more, as applicable):

 

	 	_____	The undersigned is an entity in which all equity owners are accredited investors. (If relying on this category alone, each equity owner must complete a separate copy of this Agreement.)
	 	 	 
	 	
_____
	
The undersigned (or, in the case of a trust, the undersigned trustee) is a bank or savings and loan association as defined in Sections 3(a)(2) and 3(a)(5)(A), respectively, of the Securities Act acting either in its individual or fiduciary capacity.

 

	 	
_____
	
The undersigned is an insurance company as defined in Section 2(13) of the Securities Act.

 

	 	
_____
	
The undersigned is an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of the Securities Act.

 

	 	
_____
	
The undersigned is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

 

	 	
_____
	
The undersigned is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974 and either (check one or more, as applicable):

 

	 	 	
_____     the investment decision is made by a plan fiduciary, as defined in Section 3(21) of the Securities Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser; or

 

	 	
 
	
_____     the employee benefit plan has total assets in excess of $5,000,000; or

 

	 	 	
_____     the plan is a self-directed plan with investment decisions made solely by persons who are “Accredited Investors” as defined under the Securities Act.

 

	 	
_____
	
The undersigned is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

	 	
_____
	
The undersigned has total assets in excess of $5,000,000, was not formed for the specific purpose of acquiring Securities and is one or more of the following (check one or more, as applicable):

 

	 	
_____
	
an organization described in Section 501(c)(3) of the Internal Revenue Code; or 

 

	 	
_____
	
a corporation; or

 

	 	
_____
	
a Massachusetts or similar business trust; or

 

	 	
_____
	
a partnership.

 

	 	
_____
	
The undersigned is a trust with total assets exceeding $5,000,000, which was not formed for the specific purpose of acquiring Securities and whose purchase is directed by a person who has such knowledge and experience in financial and business matters that Subscriber is capable of evaluating the merits and risks of the investment in the Securities.

 

 

	
Subscription Agreement
	
(Confidential) Page 7EX-4.1

 Exhibit 4.1 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of June 15, 2017 by and among LONESTAR
RESOURCES US INC., a Delaware corporation (the “Company”) and BATTLECAT OIL & GAS, LLC, a Texas limited liability company (the “Initial Holder”). 

WHEREAS, in connection with the Company’s entry into the Purchase and Sale Agreement (as defined below), the Company has agreed to
provide the registration and other rights set forth in this Agreement for the benefit of the Initial Holder and each of its transferees and assigns. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows: 
 ARTICLE I. 

DEFINITIONS 

Section 1.01 Definitions. The terms set forth below are used herein as so defined: 

“Adverse Effect” has the meaning given to such term in Section 2.03(c). 

“Affiliate” means, with respect to a specified Person, directly or indirectly controlling, controlled by, or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control” means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise. 
 “Agreement” has the meaning given to such term in the
introductory paragraph. 
 “Battlecat” means Battlecat Oil & Gas, LLC, a Delaware limited liability company. 

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

“Common Stock” means the Class A Voting Common Stock, par value $0.001 per share, of the Company. 

“Company” has the meaning given to such term in the introductory paragraph. 

“EF Registration Rights Agreement” means that certain Registration Rights Agreement, dated October 26, 2016, between the
Company and EF Realisation Company Limited, as amended. 
 “Effectiveness Deadline” has the meaning given to such term in
Section 2.01(a). 
 “Effectiveness Period” has the meaning given to such term in Section 2.01(a).

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

“Filing Deadline” has the meaning given to such term in Section 2.01(a). 

 “Holder” means the Initial Holder and each of its transferees and assigns, in
each case, for so long as each such Person is a record holder of any Registrable Securities. 
 “Initial Holder” has the
meaning given to such term in the introductory paragraph. 
 “Leucadia Registration Rights Agreement” means that certain
Registration Rights Agreement, dated August 2, 2016, among the Company, Leucadia National Corporation and Juneau Energy, LLC, as amended. 

“Losses” has the meaning given to such term in Section 2.07(a). 

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

“Piggyback Notice” has the meaning given to such term in Section 2.03(a). 

“Piggyback Registration Statement” has the meaning given to such term in Section 2.03(a). 

“Preferred Stock Registration Rights Agreement” means that certain Registration Rights Agreement, dated June 15, 2017,
by and between the Company and Chambers Energy Management, LP. 
 “Primary Managing Underwriter” means, with respect to any
Underwritten Offering pursuant to Section 2.03, the lead book-running manager of such Underwritten Offering. 

“Purchase and Sale Agreement” means that certain Purchase and Sale Agreement by and between the Company and Battlecat, dated
as of May 25, 2017, as amended by that certain Amendment No. 1 to Purchase and Sale Agreement, by and between the same parties, dated as of the date hereof. 

“Registrable Securities” means (i) the aggregate number of shares of Common Stock issuable upon conversion of shares of
Series B Preferred Stock issued to Battlecat pursuant to the Purchase and Sale Agreement and held as of the date hereof and (ii) any shares of Common Stock issued or issuable with respect to any shares described in subsection (i) above by
way of a stock dividend or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, other reorganization or other similar event
with respect to the Common Stock (it being understood that, for purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right to then acquire or obtain from the Company any
Registrable Securities, whether or not such acquisition has actually been effected). 
 “Registration Expenses” has the
meaning given to such term in Section 2.06(b). 
 “Registration Statement” means a Shelf Registration
Statement, Secondary Offering Registration Statement, Piggyback Registration Statement or other registration statement required pursuant hereto, as applicable. 

  
 2 

 “Secondary Managing Underwriter” means, with respect to any Underwritten
Offering pursuant to Section 2.02, the lead book-running manager of such Underwritten Offering. 
 “Secondary
Offering” has the meaning given to such term in Section 2.02(a). 
 “Secondary Offering Registration
Statement” has the meaning given to such term in Section 2.02(a). 
 “Securities Act” means the Securities
Act of 1933, as amended. 
 “Securities Purchase Agreement” means the Amended and Restated Securities Purchase Agreement,
dated as of June 15, 2017, by and between the Company and Chambers Energy Capital III, LP, as Initial Investor, and as may be amended from time to time in accordance with terms thereof. 

“Selling Expenses” has the meaning given to such term in Section 2.06(b). 

“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement. 

“Series B Certificate of Designations” means the Certificate of Designations of Lonestar Resources US Inc. relating to Series
B Preferred Stock, dated June 15, 2017, as it may be amended from time to time in accordance therewith. 
 “Series B Preferred
Stock” means a series of the Company’s preferred stock, par value of $0.001 per share, designated as “Series B Convertible Preferred Stock,” having the terms set forth in the Series B Certificate of Designations. 

“Shelf Registration Statement” has the meaning given to such term in Section 2.01(a). 

“Stockholder Meeting” has the meaning set forth in Section 3.5 of the Securities Purchase Agreement; provided, however,
that if the Stockholder Meeting has not occurred prior to the next regularly scheduled annual meeting of the Company’s stockholders, such annual meeting shall be deemed the Stockholders Meeting. 

“Underwritten Offering” means an offering in which shares of Common Stock are sold to an underwriter on a firm commitment
basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 
 Section 1.02
Registrable Securities. Any Registrable Security will cease to be a Registrable Security (a) at the time a Registration Statement covering such Registrable Security has been declared effective by the Securities and Exchange Commission
(the “Commission”), or otherwise has become effective, and such Registrable Security has been sold or disposed of pursuant to such Registration Statement; (b) at the time such Registrable Security has been disposed of pursuant
to Rule 144 (or any similar provision then in effect) under the Securities Act; (c) if such Registrable Security is held by the Company or one of its subsidiaries; (d) at the time such Registrable Security has been sold in a private
transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities; or (e) three years after the date hereof. 

  
 3 

 ARTICLE II. 

REGISTRATION RIGHTS 

Section 2.01 Shelf Registration. 

(a) The Company shall prepare and file with the Commission a registration statement under the Securities Act providing for the resale of the
Registrable Securities as permitted by Rule 415 of the Securities Act with respect to all of the Holders (the “Shelf Registration Statement”) within two Business Days following the consummation of the Stockholder Meeting (the
“Filing Deadline”). The Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective by the Commission as soon as reasonably practicable after the initial filing of the
Shelf Registration Statement, but in any event no later than ninety (90) days after the Filing Deadline (the “Effectiveness Deadline”). The Shelf Registration Statement shall provide for the resale pursuant to any method or
combination of methods legally available to, and requested by, the Holders of any and all Registrable Securities covered by such Shelf Registration Statement. The Company shall use its commercially reasonable efforts to cause the Shelf Registration
Statement filed pursuant to this Section 2.01 to be continuously effective, supplemented and amended to the extent necessary to ensure that it is available for the resale of all Registrable Securities by the Holders until all Registrable
Securities covered by such Shelf Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”). The Shelf Registration Statement when effective (and the documents incorporated therein by reference)
shall comply as to form in all material respects with all applicable requirements of the Securities Act and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading. As soon as practicable following the date that the Shelf Registration Statement becomes effective, but in any event within two (2) business days of such date, the Company shall provide the Holders with
written notice of the effectiveness of the Shelf Registration Statement. Once a Holder’s Registrable Securities become eligible for resale without restriction and without the need for current public information pursuant to any section of Rule
144 (or any similar provision then in effect) under the Securities Act, assuming the Holder of such Registrable Securities is not an affiliate (as defined in Rule 144(a)(1) under the Securities Act) of the Company, such Holder may, at any time,
request that the Company take such steps as are reasonably necessary to deregister such Holder’s Registrable Securities and in connection therewith, such Holder’s rights under this Agreement shall all be terminated, including without
limitation the right to demand an Underwritten Offering and the right to participate in a Piggyback Registration Statement and, further, such Holder shall no longer be subject to any obligations under this Agreement, including specifically but not
limited to the obligation to enter into letter agreements with underwriters pursuant to Section 2.02. 
 (b) Notwithstanding
anything to the contrary contained herein, the Company may, upon written notice to any Selling Holder whose Registrable Securities are included in a Shelf Registration Statement, suspend such Selling Holder’s use of any prospectus that is a
part of such Shelf Registration Statement (in which event the Selling Holder shall suspend sales of the Registrable Securities pursuant to such Shelf Registration Statement) if (i) the Company is pursuing an acquisition, merger, reorganization,
disposition or other similar transaction and the Company determines in good faith that the Company’s ability to pursue or consummate such a transaction would be materially and adversely affected by any required disclosure of such transaction in
such Shelf Registration Statement or (ii) the Company has experienced some other material non-public 

  
 4 

 
event, the disclosure of which at such time, in the good faith judgment of the Company, would materially and adversely affect the Company; provided, however, that in no event shall
the Selling Holders be suspended from selling Registrable Securities pursuant to such Shelf Registration Statement for a period that exceeds an aggregate of forty-five (45) days in any 90-day period or ninety (90) days in any 365-day
period. Upon disclosure of such information or the termination of the condition described above, the Company shall provide prompt notice to the Selling Holders whose Registrable Securities are included in such Shelf Registration Statement, and shall
promptly terminate any suspension of sales it has put into effect and shall take such other actions necessary or appropriate to permit registered sales of Registrable Securities as contemplated in this Agreement. 

Section 2.02 Secondary Offering. 

(a) Request for a Secondary Offering. 

(i) Following the Effectiveness Deadline, if the Holders of a majority of the then outstanding Registrable Securities elect to
dispose of all of their Registrable Securities pursuant to an Underwritten Offering, the Company shall, upon the written request by such Holders, use its commercially reasonable efforts to (A) retain underwriters in order to permit such Holders
to effect such sale through an Underwritten Offering (a “Secondary Offering”); (B) if a registration statement is not then already available and effective, prepare and file with the Commission a registration statement under the
Securities Act providing for a Secondary Offering as permitted by Rule 415 of the Securities Act with respect to such Registrable Securities (a “Secondary Offering Registration Statement”); and (C) cause such Secondary Offering
Registration Statement to be declared effective as soon as reasonably practicable after the initial filing thereof. In addition, the Company shall give prompt written notice (including notice by electronic mail) to each other Holder (and to the
Holders under the Preferred Stock Registration Rights Agreement, Leucadia Registration Rights Agreement and the EF Registration Rights Agreement) regarding such proposed Secondary Offering, and such notice shall offer such Holders the opportunity to
include in such Secondary Offering Registration Statement such number of Registrable Securities as each such Holder may request. Each such notice shall specify, at a minimum, the number and type of securities proposed to be registered, the proposed
date of filing of such Secondary Offering Registration Statement with the Commission, the proposed means of distribution, the proposed Secondary Managing Underwriter and other underwriters (if any and if known) and a good faith estimate by the
Company of the proposed minimum offering price of such securities (if known). Each such Holder shall make such request in writing to the Company (including by electronic mail) within five (5) business days after the receipt of any such notice
from the Company, which request shall specify the number of Registrable Securities intended to be disposed of by such Holder, and, subject to the terms and conditions of this Agreement, including Section 2.02, the Company shall use its
reasonable best efforts to include in such Secondary Offering Registration Statement all Registrable Securities held by such Holders. 

(ii) The obligation of the Company to retain underwriters shall include the preparation and entry into an underwriting
agreement, in customary form, with the Secondary Managing Underwriter and other underwriters, if any, which shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.07 and customary lock-up
provisions for the Company and its directors and officers. The 

  
 5 

 
Company shall take all reasonable actions as requested by the Secondary Managing Underwriter or other underwriters (if any) to expedite or facilitate the disposition of such Registrable
Securities, including causing its management to participate in a “roadshow” or similar marketing efforts. 
 (b) Limitation on
Offerings. In no event shall the Company be required hereunder to participate in more than one Secondary Offering pursuant to the terms hereof; provided, that if a Secondary Offering is commenced but terminated prior to the pricing
thereof for any reason, the Company shall be required to participate in an additional Secondary Offering pursuant to the terms hereof. 

(c) Priority. If in connection with a Secondary Offering pursuant to this Section 2.02, the Secondary Managing Underwriter
shall advise the Company that, in its reasonable opinion, the number of securities requested and otherwise proposed to be included in such Underwritten Offering, including pursuant to the Preferred Stock Registration Rights Agreement, EF
Registration Rights Agreement or the Leucadia Registration Rights Agreement, exceeds the number that can be sold in such offering without having an adverse effect on the price, timing or distribution of the securities to be offered (an
“Adverse Effect”), then the Company shall include in such Underwritten Offering the number of Registrable Securities that such Secondary Managing Underwriter advises the Company can be sold without having such Adverse Effect, with
such number to be allocated (i) first, to the Selling Holders, as defined in and pursuant to the Leucadia Registration Rights Agreement, to the Selling Holders, as defined in and pursuant to the Preferred Stock Registration Rights
Agreement and to the Selling Holders hereunder, pro rata based on the relative number of Registrable Securities (as defined herein or in the Leucadia Registration Rights Agreement or Preferred Stock Registration Rights Agreement, as
applicable) proposed to be offered and sold by such Selling Holders and (ii) second, to the Selling Holders, as defined in and pursuant to, the EF Registration Rights Agreement. 

(d) Selection of Secondary Managing Underwriter. In connection with any Secondary Offering under this Agreement, the Secondary Managing
Underwriter shall be selected by the Holders holding a majority of the Registrable Securities proposed to be sold in such Underwritten Offering, which underwriter shall be reasonably acceptable to the Company. 

(e) Withdrawal. If any Selling Holder disapproves of the terms of a Secondary Offering, such Person may elect to withdraw its request
that the Company undertake such offering by written notice to the Company; provided, however, that such withdrawal must be made at a time prior to the time of pricing of such offering. No such withdrawal shall affect the Company’s
obligation to pay Registration Expenses, if applicable. 
 Section 2.03 Piggyback Rights. 

(a) Participation. So long as any Holder has Registrable Securities, if the Company proposes to file, whether for its own account or for
the account of the Holders, (i) a shelf registration statement (other than a Shelf Registration Statement contemplated by Section 2.01(b)), or (ii) a registration statement (other than a registration statement on Form S-4 or S-8 or
any successor forms thereto) (each of (i) and (ii), a “Piggyback Registration Statement”), then the Company shall give prompt written notice (a “Piggyback Notice”) (including notice by electronic mail) to each
Holder regarding such proposed registration, and such notice shall offer such Holders 

  
 6 

 
the opportunity to include in such Piggyback Registration Statement such number of Registrable Securities as each such Holder may request. Each Piggyback Notice shall specify, at a minimum, the
number and type of securities proposed to be registered, the proposed date of filing of such Piggyback Registration Statement with the Commission, the proposed means of distribution, the proposed Primary Managing Underwriter and other underwriters
(if any and if known) and a good faith estimate by the Company of the proposed minimum offering price of such securities. Each such Holder shall make such request in writing to the Company (including by electronic mail) within five (5) business
days (or one (1) business day in connection with any overnight or bought Underwritten Offering) after the receipt of any such Piggyback Notice, which request shall specify the number of Registrable Securities intended to be disposed of by such
Holder, and, subject to the terms and conditions of this Agreement, the Company shall use its commercially reasonable efforts to include in such Piggyback Registration Statement all Registrable Securities held by such Holders; provided, that
if, at any time after giving written notice of its intention to commence a Piggyback Registration Statement, the Company shall determine for any reason not to commence such Piggyback Registration Statement, the Company may, at its election, give
written notice of such determination within five (5) business days thereof to each Holder of Registrable Securities and, thereupon, shall not be obligated to register any Registrable Securities in connection with such Piggyback Registration
Statement (but shall nevertheless pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of the Holders of Registrable Securities that a registration be effected under Section 2.01 or
Section 2.02. 
 (b) Selection of Primary Managing Underwriter. In connection with any Underwritten Offering under this
Section 2.03, the Primary Managing Underwriter shall be selected by the Company, which Primary Managing Underwriter shall be reasonably acceptable to the Selling Holders. 

(c) Priority. If in connection with an Underwritten Offering pursuant to this Section 2.03, the Primary Managing
Underwriter shall advise the Company that, in its reasonable opinion, the number of securities requested and otherwise proposed to be included in such Underwritten Offering, including pursuant to the Preferred Stock Registration Rights Agreement or
the EF Registration Rights Agreement or the Leucadia Registration Rights Agreement, exceeds the number that can be sold in such offering without having an Adverse Effect, then the Company shall include in such Underwritten Offering the number of
Registrable Securities that such Primary Managing Underwriter advises the Company can be sold without having such Adverse Effect, with such number to be allocated (i) first, to the Company, (ii) second, to the Selling
Holders, as defined in and pursuant to the Leucadia Registration Rights Agreement, to the Selling Holders, as defined in and pursuant to the Preferred Stock Registration Rights Agreement and to the Selling Holders hereunder, pro rata based on
the relative number of Registrable Securities (as defined herein or in the Leucadia Registration Rights Agreement or the Preferred Stock Registration Rights Agreement, as applicable) proposed to be offered and sold by such Selling Holders, and
(iii) thereafter, to any holders of registration rights; and fourth, second, and if any, the number of included Registrable Securities that, in the opinion of such Primary Managing Underwriter, can be sold without having such Adverse
Effect, with such number to be allocated pro rata among the Holders that have requested to participate in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder (provided that any
securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Holders in like manner). 

  
 7 

 Section 2.04 Sale Procedures. In connection with its obligations under this
Article II, the Company will, as expeditiously as possible: 
 (a) prepare and file with the Commission such amendments and
supplements to any Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement; 
 (b) if a prospectus
supplement, offering memorandum or similar marketing document will be used in connection with the marketing of a Secondary Offering and the Secondary Managing Underwriter notifies the Company in writing that, in the sole judgment of such Secondary
Managing Underwriter, inclusion of detailed information in such prospectus supplement is of material importance to the success of such offering, the Company shall use its commercially reasonable efforts to include such information in such prospectus
supplement, offering memorandum or similar marketing document; 
 (c) furnish to each Selling Holder (i) as far in advance as
reasonably practicable before filing any Registration Statement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated
by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that
is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing the Registration Statement or supplement or amendment thereto or use of a similar marketing instrument, and
(ii) such number of copies of the Registration Statement and the prospectus included therein and any supplements and amendments thereto or similar marketing instrument as such Persons may reasonably request in order to facilitate the public
sale or other disposition of the Registrable Securities covered by the Registration Statement; 
 (d) if applicable, use its commercially
reasonable efforts to register or qualify the Registrable Securities covered by the Registration Statement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of a Secondary Offering, the Secondary
Managing Underwriter, shall reasonably request; provided, however, that the Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that
would subject it to general service of process in any jurisdiction where it is not then so subject; 
 (e) promptly notify each Selling
Holder and, if applicable, any Secondary Managing Underwriter, at any time when a prospectus is required to be delivered under the Securities Act, of (i) the filing of the Registration Statement or any prospectus or prospectus supplement to be
used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any post-effective amendment thereto, when the same has become effective; and (ii) any written comments from the
Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to the Registration Statement or any prospectus or prospectus supplement thereto; 

  
 8 

 (f) immediately notify each Selling Holder and, if applicable, any Secondary Managing
Underwriter, at any time when a prospectus is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Registration Statement or any
post-effective amendment thereto, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any
prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, or the
initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws
of any jurisdiction. Following the provision of such notice, the Company agrees to, as promptly as practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus
supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and to take
such other reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 
 (g) upon
a Selling Holder’s request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or
self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to any offering of Registrable Securities; 

(h) in the case of an Underwritten Offering, including a Secondary Offering, furnish upon request, (i) an opinion of counsel for the
Company dated the date of the closing under the underwriting agreement or purchase agreement, as applicable and (ii) a “comfort” letter, dated the pricing date of such offering (to the extent available) and a letter of like kind dated
the date of the closing under the underwriting agreement or purchase agreement, as applicable, in each case, signed by the independent public accountants who have certified the Company’s financial statements included or incorporated by
reference into the applicable Registration Statement, and each of the opinion and the “comfort” letter shall be in customary form and covering substantially the same matters with respect to such Registration Statement (and the prospectus
and any prospectus supplement included therein) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters or placement agents in public offerings or private placements, as
applicable, of securities by the Company and such other matters as the Secondary Managing Underwriter or Selling Holders, as applicable, may reasonably request; 

(i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

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

  
 9 

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

Each Selling Holder, upon receipt of notice from the Company of the happening of any event of the kind described in subsection
(f) of this Section 2.04, shall forthwith discontinue disposition of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by subsection (f) of this Section 2.04 or until it is advised in writing by the Company that the use of the prospectus may be resumed, and has received copies of any additional or supplemental
filings incorporated by reference in the prospectus. 
 Section 2.05 Cooperation by Holders. The Company shall have no
obligation to include in a Registration Statement Registrable Securities of a Selling Holder who has failed to timely furnish such information that, in the opinion of counsel to the Company, is reasonably required in order for a registration
statement or prospectus supplement, as applicable, to comply with the Securities Act. 
 Section 2.06 Expenses. 

(a) Expenses. The Company will pay all reasonable Registration Expenses of any Registration Statement, any Underwritten Offering or any
Secondary Offering, regardless of whether any sale of Registrable Securities is consummated. Each Selling Holder shall pay its pro rata shall of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. For the
avoidance of doubt, each Selling Holder’s pro rata allocation of Selling Expenses shall be the percentage derived by dividing (i) the number of Registrable Securities sold by such Selling Holder in connection with such sale by
(ii) the aggregate number of Registrable Securities sold by all Selling Holders in connection with such sale. 
 (b) Certain
Definitions. “Registration Expenses” means all expenses incident to the Company’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on any Registration Statement and
the disposition of Registrable Securities covered thereby, including, without limitation, all registration, filing, securities exchange listing and securities exchange fees, all registration, filing, qualification and other fees and expenses of
complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes, any fees and disbursements of
counsel and independent public accountants for the Company, including the expenses of any special audits or “cold comfort” letters required by or 

  
 10 

 
incident to such performance and compliance, any expenses of any “road shows.” “Selling Expenses” means all underwriting discounts and selling commissions or placement
agency fees applicable to the sale of Registrable Securities, and all attorneys’ fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 

Section 2.07 Indemnification. 

(a) By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Company will indemnify and hold harmless each Selling Holder participating therein, its directors, officers, employees and agents, and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the
Exchange Act, and its directors, officers, employees or agents, against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to
which such Selling Holder, director, officer, employee, agent or controlling Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained in the Registration
Statement, any preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse each such Selling Holder, its
directors, officers, employee and agents, and each such controlling Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings as such expenses are
incurred; provided, however, that the Company will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made
in conformity with information furnished by such Selling Holder, its directors, officers, employees and agents or such controlling Person in writing specifically for use in the Registration Statement, or prospectus or any amendment or supplement
thereto, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder or any such directors, officers, employees agents or controlling Person, and shall survive the
transfer of such securities by such Selling Holder. 
 (b) By Each Holder. Each Selling Holder agrees severally and not jointly to
indemnify and hold harmless the Company and each other Holder, its directors, officers, employees and agents and each Person, if any, who controls the Company or such Holder within the meaning of the Securities Act or of the Exchange Act, and its
directors, officers, employees and agents, to the same extent as the foregoing indemnity from the Company to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling
Holder expressly for inclusion in the Registration Statement, any preliminary prospectus, prospectus supplement, free writing prospectus or final prospectus contained therein, or any amendment or supplement thereto; provided, that no Selling
Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling Holder, its ownership and title to the Registrable
Shares and its intended method of distribution. The liability of each Selling Holder under this Section 2.07 shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling
Holder from the sale of the Registrable Securities giving rise to such indemnification. 

  
 11 

 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so notify the indemnifying party
shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.07. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement
thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.07 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense
or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may
be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the
indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate
counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnified party shall settle any action brought against it with
respect to which such indemnified party is entitled to indemnification hereunder without the consent of the indemnifying party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release
from all liability of, the indemnifying party and further, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party is entitled to indemnification hereunder without the consent
of such indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnified party. 

(d) Contribution. If the indemnification provided for in this Section 2.07 is held by a court or government agency of
competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or
omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall the Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of
proceeds (net of Selling Expenses) received by such Selling Holder. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by 

  
 12 

 
such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be
just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The amount paid by
an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of fraudulent
misrepresentation. 
 (e) Other Indemnification. The provisions of this Section 2.07 shall be in addition to any other
rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

Section 2.08 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission
that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after the date hereof; 
 (b) file with the Commission in a timely manner all reports and other
documents required of the Company under the Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns
any Registrable Securities, furnish to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of
any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 
 Section 2.09
Transfer or Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities granted to the Initial Holder by the Company under this Agreement may be transferred or assigned by the Initial Holder to one or
more transferees or assignees of such Registrable Securities; provided, however, that (a) (i) such transferee or assignee is an Affiliate of such Holder, or (ii) upon such transfer or assignment, such transferee or assignee will
hold at least 10% of the total issued and outstanding shares of Common Stock, (b) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the
Registrable Securities with respect to which such registration rights are being transferred or assigned, and (c) each such transferee or assignee agrees to be bound by this Agreement. 

Section 2.10 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder who, along with its Affiliates, holds
at least five percent (5%) of the then-outstanding shares of Common Stock agrees to enter into a customary letter agreement with underwriters providing such Holder will not effect any public sale or distribution of the Registrable Securities
during the 60 calendar day period beginning on the date of a prospectus or prospectus supplement filed with the 

  
 13 

 
Commission with respect to the pricing of an Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest
restriction generally imposed by the underwriters on the Company or the officers, directors or any other shareholder of the Company on whom a restriction is imposed; and (ii) the restrictions set forth in this Section 2.10 shall not
apply to any Registrable Securities that are otherwise sold in connection with an Underwritten Offering pursuant to this Agreement. 

ARTICLE III. 

MISCELLANEOUS 

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

Battlecat Oil & Gas 

11391 Meadowglen Lane, Suite D 

Houston, Texas 77082 

Attention: Mark Lange 
 With
a copy to: 
 Baker Botts L.L.P. 

910 Louisiana St. 
 Houston, TX
77002 
 Attention: David Peterman 

(b) if to a transferee of the Holders, to such Holder at the address provided pursuant to Section 2.09; and 

(c) if to the Company: 

Lonestar Resources US Inc. 
 600
Bailey Avenue, Suite 200 
 Fort Worth, TX 76107 

Attention: Frank D. Bracken III, Chief Executive Officer 

With a copy to: 

Latham & Watkins LLP 

811 Main Street 
 Suite 3700 

Houston, TX 77002 
 Attention:
David Miller 

  
 14 

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

Section 3.02 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of
each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.03
Assignment of Rights. All or any portion of the rights and obligations of the Holders under this Agreement may be transferred or assigned by the Holders in accordance with Section 2.09 hereof. 

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

Section 3.05 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if not
impossible, to ascertain, and it is therefore agreed that each party, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction,
enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an
injunction or other equitable relief. The existence of this right will not preclude any such party from pursuing any other rights and remedies at law or in equity that such party may have. 

Section 3.06 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

Section 3.07 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 Section 3.08 Governing Law. The laws of the State of Delaware shall govern this Agreement. 

Section 3.09 Severability of Provisions. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other
jurisdiction. 
 Section 3.10 Scope of Agreement. This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. 

  
 15 

 
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Company set forth herein. This
Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 Section 3.11
Amendment. This Agreement may be amended only by means of a written amendment signed by both the Company and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall
materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 
 Section 3.12 No
Presumption. If any claim is made by a party relating to any conflict, omission, or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the
request of a particular party or its counsel. 
 Section 3.13 Aggregation of Registrable Securities. All Registrable Securities
held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 3.14 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that no
Person other than the Company and the Holders shall have any obligation hereunder and that, notwithstanding that one or more of the Holders may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any
documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Holders
or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding,
or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise by incurred by any former, current or future director, officer, employee, agent, general
or limited partner, manager, member, stockholder or Affiliate of any of the Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing,
as such, for any obligations of the Holders under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each
case for any assignee of the Holders hereunder. 
 Section 3.15 Independent Nature of Purchaser’s Obligations. The
obligations of each Holder under this Agreement are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Agreement.
Nothing contained herein, and no action taken by any Holder pursuant thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to independently protect and enforce its rights, including without limitation, the
rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. 

  
 16 

 Section 3.16 Interpretation. All references to instruments, documents, contracts and
agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean
“including but not limited to.” Whenever any determination, consent or approval is to be made or given by the Holders under this Agreement, such action shall be in the Holders’ sole discretion unless otherwise specified. 

Section 3.17 Limitation on Subsequent Registration Rights. Except for the EF Registration Rights Agreement, the Preferred Stock
Registration Rights Agreement and Leucadia Registration Rights Agreement, from and after the date hereof, the Company shall not enter into any agreement (excluding for the avoidance of doubt, the Preferred Stock Registration Rights Agreement) with
any current or future holder of any securities of the Company that would allow such current or future holder to require the Company to include securities in any Registration Statement on a basis other than expressly subordinate to the rights of, the
Holders of Registrable Securities hereunder. 
 [Signature pages follow.] 

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

			
	INITIAL HOLDER
	
	BATTLECAT OIL & GAS, LLC
		
	By:	 	 /s/ Kurt von Plonski

	Name:	 	Kurt von Plonski
	Title:	 	Co-Chief Executive Officer

  
 Signature Page to
Registration Rights Agreement 

 
			
	THE COMPANY
	
	LONESTAR RESOURCES US INC.
		
	By:	 	 /s/ Frank D. Bracken III

	Name:	 	Frank D. Bracken, III
	Title:	 	Chief Executive Officer

  
 Signature Page to
Registration Rights Agreement

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