Document:

Form of Stock Option Award Agreement - United Kingdom

 Exhibit 4.4.6 

FOR PARTICIPANTS RESIDENT IN THE UK ONLY 

TELENAV, INC. 

2009 EQUITY INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT – UNITED KINGDOM 

Unless otherwise defined herein, the terms defined in the UK Sub-Plan of the TeleNav, Inc. 2009 Equity Incentive Plan (the
“Sub-Plan”) will have the same defined meanings in this Stock Option Award Agreement – United Kingdom (the “Award Agreement”). 

I. NOTICE OF STOCK OPTION GRANT 

Participant Name: 

Address: 

You have been granted an Option to purchase Common Stock of TeleNav, Inc. (the “Company”), subject to the terms and conditions
of the Sub-Plan and this Award Agreement, as follows: 
  

					
	Grant Number	    	                            
                                         
  	  	
			
	Date of Grant	    	                            
                                         
  	  	
			
	Vesting Commencement Date	    	                            
                                         
  	  	
			
	Exercise Price per Share	    	$                            
                                         
	  	
			
	Total Number of Shares Granted	    	                            
                                         
  	  	
			
	Total Exercise Price	    	$                            
                                         
	  	
			
	Type of Option:	    	UK Unapproved Options	  	
			
	Term/Expiration Date:	    	                            
                                         
  	  	

 Vesting Schedule: 

Subject to any acceleration provisions contained in the Sub-Plan or set forth below, this Option may be exercised, in whole or in part,
in accordance with the following schedule: 
 [INSERT VESTING SCHEDULE] 

Termination Period: 

This Option will be exercisable for [three (3) months] after Participant ceases to be a Service Provider, unless such termination is
due to Participant’s death or Disability, in which case this Option will be exercisable for [twelve (12) months] after Participant ceases to be Service Provider. Notwithstanding the foregoing, in no event may this Option be
exercised after the Term/Expiration Date as provided above and may be subject to earlier termination as provided in Section [14] of the Sub-Plan. 
  

 -1- 

 By Participant’s signature and the signature of the Company’s representative
below, Participant and the Company agree that this Option is granted under and governed by the terms and conditions of the Sub-Plan and this Award Agreement, including the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit
A, all of which are made a part of this document. Participant has reviewed the Sub-Plan and this Award Agreement in their entirety, has had an opportunity to obtain legal, taxation, financial and accounting, advice prior to executing this Award
Agreement and fully understands all provisions of the Sub-Plan and Award Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the
Sub-Plan and Award Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below. 
  

					
	 EXECUTED and DELIVERED
 as a
DEED by the
 PARTICIPANT:
	 		  	TELENAV, INC.
			
	  
	 		  	  

	Signature	 		  	By
			
	  
	 		  	  

	Print Name	 		  	Title
			
	Residence Address:	 		  	
			
	  
	 		  	
			
	  
	 		  	
			
	in the presence of:	 		  	
			
	  
	 		  	
	Witness Signature	 		  	
			
	  
	 		  	
	Witness Name:	 		  	
			
	Witness Residence Address:	 		  	

 EXHIBIT A 

TERMS AND CONDITIONS OF STOCK OPTION GRANT 

1. Grant of Option. The Company hereby grants to the Employee named in the Notice of Grant attached as Part I of this Award
Agreement (the “Participant”) an option (the “Option”) to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”),
subject to all of the terms and conditions in this Award Agreement and the Sub-Plan, which is incorporated herein by reference. Subject to Section 19(c) of the Sub-Plan, in the event of a conflict between the terms and conditions of the
Sub-Plan and the terms and conditions of this Award Agreement, the terms and conditions of the Sub-Plan will prevail. 
 2.
Vesting Schedule. Except as provided in Section 3, the Option awarded by this Award Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Shares scheduled to vest on a certain date or upon the
occurrence of a certain condition will not vest in Participant in accordance with any of the provisions of this Award Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting
occurs. 
 3. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance,
or some lesser portion of the balance, of the unvested Option at any time, subject to the terms of the Sub-Plan. If so accelerated, such Option will be considered as having vested as of the date specified by the Administrator. 

4. Exercise of Option. 

(a) Right to Exercise. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised
during such term only in accordance with the Sub-Plan and the terms of this Award Agreement. 
 (b) Method of Exercise.
This Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit B (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election
to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the
Sub-Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price, the Secondary NIC Liability and the Option Tax Liability (each, as
defined below) as to all Exercised Shares together with any other applicable tax withholding. This Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price,
the Secondary NIC Liability and the Option Tax Liability. 
 (c) Joint Election. As a condition of this Option,
Participant agrees to accept any liability for Secondary Class 1 National Insurance Contributions (“Secondary NIC Liability”) which may be payable by the Company or Participant’s employer with respect to the grant or exercise of the
Option. To accomplish the foregoing, Participant agrees to execute and deliver to the Company (before exercising the Option), a joint election between the Company and/or Participant’s employer and Participant (the “Joint Election”) in
the form attached hereto as Exhibit C (or such other form as requested by the Administrator) and Participant agrees to execute such further consents or elections as may be required between Participant and any successor to the Company and/or
Participant’s employer. If Participant does not enter into a Joint Election (or otherwise indemnify the Company and the Participant’s employer for the Secondary NIC Liability), or if the Joint Election is revoked at any time by HM
Revenue & Customs, the Option shall become null and void without any liability to the Company and/or the Participant’s employer, may not be exercised and shall lapse with immediate effect. 

 5. Method of Payment. Payment of the aggregate Exercise Price will be by any of the
following, or a combination thereof, at the election of Participant. 
 (a) cash; 

(b) cheque; 

(c) consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the
Sub-Plan; or 
 (d) surrender of other Shares which have a Fair Market Value on the date of surrender equal to the aggregate
Exercise Price of the Exercised Shares, provided that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse accounting consequences to the Company. 

6. Tax Obligations. 

(a) Withholding Taxes. Notwithstanding any contrary provision of this Award Agreement, no certificate representing the Shares will
be issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of income, employment and other taxes which the Company determines must be
withheld with respect to such Shares, including (without limitation) the Secondary NIC Liability and the Option Tax Liability in accordance with Sections 4(c) and 6(b) of this Option Agreement. To the extent determined appropriate by the Company in
its discretion, it will have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Shares otherwise deliverable to Participant. If Participant fails to make satisfactory arrangements for the payment
of any required tax withholding obligations hereunder at the time of the Option exercise, Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not
delivered at the time of exercise. 
 (b) Participant’s Taxation Indemnity. 

(i) Indemnity. To the extent permitted by law, Participant hereby agrees to indemnify and keep indemnified the Company, and the
Company as trustee for and on behalf of any related corporation, in respect of any liability or obligation of the Company and/or any related corporation to account for income tax (under PAYE) or any other taxation provisions and primary class 1 NICs
in the United Kingdom (the “Option Tax Liability”) to the extent arising from the grant, exercise, assignment, release, cancellation or any other disposal of an Option or arising out of the acquisition, retention and disposal of the Shares
acquired pursuant to this Option. 

 (ii) No Obligation to Issue Shares. The Company shall not be obliged to allot and
issue any Shares or any interest in Shares pursuant to the exercise of this Option unless and until Participant has paid to the Company such sum as is, in the opinion of the Company, sufficient to indemnify the Company in full against the Option Tax
Liability, or Participant has made such other arrangement as in the opinion of the Company will ensure that the full amount of any Option Tax Liability will be recovered from Participant within such period as the Company may then determine.

 (iii) Right of Retention. The Company shall have the right (but not the obligation) to retain out of the aggregate
number of Shares to which Participant would have otherwise been entitled upon the exercise of this Option, such number of Shares as, in the opinion of the Company, will enable the Company to sell such Shares as agent for Participant (at the best
price which can be reasonably expected to be obtained at the time of the sale) and to pay over to the Company sufficient monies out of the net proceeds of sale, after deduction of all fees, commissions and expenses incurred in relation to such sale,
to satisfy Participant’s liability under the indemnity at Section 6(b)(i) and to return any balance of sale proceeds to Participant (after deduction of all fees, commissions and expenses incurred in relation to such sale). 

(c) The Participant hereby appoints the Company (acting by any of its directors from time to time) as the Participant’s agent and
attorney to: 
 (i) sell the Participant’s Shares in accordance with Section 6(b)(iii) and deal with the proceeds of
that sale in accordance with Section 6(b)(iii); and 
 (ii) execute any Joint Election required to be entered into under
Section 4(c) in the Participant’s name and on the Participant’s behalf. 
 The Company may appoint one or more
persons to act as substitute agent(s) and attorney(s) for the Participant and to exercise one or more of the powers conferred on the Company by the power of attorney set out in this Section 6(c), other than the power to appoint a substitute
attorney. 
 The Company may subsequently revoke any such appointment. 

The power of attorney set out in this Section 6(c) shall be irrevocable, save with the consent of the Company, and is given by way
of security to secure the interest of the Company (for itself and as trustee under this Option on behalf of any employer or former employer of the Participant) as a person liable to account for or pay any Option Tax Liability or Secondary NIC
Liability. 
 The Participant declares that a person who deals in good faith with the Company or any substitute attorney as the
Participant’s attorney appointed under this Section 6(c) may accept a written statement signed by that person to the effect that this power of attorney has not been revoked as conclusive evidence of that fact. 

(d) Code Section 409A. To the extent Participant is or becomes subject to U.S. Federal income taxation, this subsection
(d) shall apply. Under Code Section 409A, an option that vests after December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise
price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the date of grant (a “Discount Option”) may be considered “deferred compensation.” A Discount
Option may result in (i) income recognition by Participant prior to the exercise of the option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The Discount Option may
also result in additional state income, penalty and interest charges to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or
exceeds the Fair Market Value of a Share on the Date of Grant in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on
the date of grant, Participant will be solely responsible for Participant’s costs related to such a determination. 

 7. Rights as Stockholder. Neither Participant nor any person claiming under or
through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the
Company or its transfer agents or registrars, and delivered to Participant. After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of
dividends and distributions on such Shares. 
 8. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES
THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED,
BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED
PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING
PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
 9.
Acknowledgments. 
 (a) Participant acknowledges receipt of a copy of the Sub-Plan and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Sub-Plan and this Award Agreement in their entirety, has had an opportunity to obtain
legal, taxation, financial and accounting advice prior to executing this Award Agreement and fully understands all provisions of the Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions arising under the Sub-Plan or this Award Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below. 

 (b) The Company (which may or may not be Participant’s employer) is granting the
Option. The Company will administer the Sub-Plan from outside Participant’s country of residence, and United States law will govern all Options granted under the Sub-Plan. 

(c) Participant acknowledges that benefits and rights provided under the Sub-Plan are wholly discretionary and, although provided by the
Company, do not constitute regular or periodic payments. Unless otherwise required by Applicable Law, the benefits and rights provided under the Sub-Plan are not to be considered part of Participant’s salary or compensation for purposes of
calculating any severance, resignation, redundancy or other end of service payments, vacation, bonuses, long-term service awards, indemnification, pension or retirement benefits, or any other payments, benefits or rights of any kind. Participant
waives any and all rights to compensation or damages as a result of his ceasing to be a Service Provider with the Company or the Participant’s employer for any reason whatsoever insofar as those rights result or may result from: 

(i) the loss or diminution in value of such rights under the Sub-Plan, or 

(ii) Participant ceasing to have any rights under, or ceasing to be entitled to any rights under the Sub-Plan as a result of such
termination. 
 (d) The grant of the Option, and any future grant of Options under the Sub-Plan is entirely voluntary, and at
the complete discretion of the Company. Neither the grant of the Option nor any future grant of an Option by the Company will be deemed to create any obligation to grant any further Options, whether or not such a reservation is explicitly stated at
the time of such a grant. The Company has the right, at any time, to amend, suspend or terminate the Sub-Plan. 
 (e) The
Sub-Plan will not be deemed to constitute, and will not be construed by Participant to constitute, part of the terms and conditions of employment, and neither the Company or the Participant’s employer will incur any liability of any kind to
Participant as a result of any change or amendment, or any cancellation, of the Sub-Plan at any time. The rights and obligations of Participant under the terms of his or her office or employment with Participant’s employer shall not be affected
by the grant of the Option. 
 (f) Participation in the Sub-Plan will not be deemed to constitute, and will not be deemed by
Participant to constitute, an employment or labor relationship of any kind with the Company. 
 (g) By entering into this Award
Agreement, and as a condition of the grant of the Option, Participant consents to the collection, use, and transfer of personal data as described in this subsection to the full extent permitted by and in full compliance with Applicable Law.

 (i) Participant understands that the Company, its Parent or any Subsidiary may hold certain personal information about
Participant, including, but not limited to, name, home address and telephone number, date of birth, social insurance number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or other entitlement
to Shares awarded, canceled, exercised, vested, unvested, or outstanding in Participant’s favor, for the purpose of managing and administering the Sub-Plan (“Data”). 

(ii) Participant further understands that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the
purposes of implementation, administration, and management of Participant’s participation in the Sub-Plan, and that the Company and/or its Subsidiaries may each further transfer Data to any third parties assisting the Company in the
implementation, administration, and management of the Sub-Plan (“Data Recipients”). 

 (iii) Participant understands that these Data Recipients may be located in
Participant’s country of residence or elsewhere. Participant authorizes the Data Recipients to receive, possess, use, retain, and transfer Data in electronic or other form, for the purposes of implementing, administering, and managing
Participant’s participation in the Sub-Plan, including any transfer of such Data, as may be required for the administration of the Sub-Plan and/or the subsequent holding of Shares on Participant’s behalf, to a broker or third party with
whom the Shares acquired on exercise may be deposited. 
 (iv) Participant understands that Participant may, at any time,
review the Data, request that any necessary amendments be made to it, or withdraw Participant’s consent herein in writing by contacting the Company. Participant further understands that withdrawing consent may affect Participant’s ability
to participate in the Sub-Plan. 
 (h) Participant understands that Participant may suffer adverse tax consequences as a result
of the grant, exercise, assignment, cancellation or other disposal of the Option or the Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems
advisable in connection with the grant, exercise, assignment, cancellation or other disposal of the Option or the Participant’s purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice.
Participant shall have no rights to compensation or damages on account of any tax or national insurance contributions liability which arises or is increased (or is claimed to arise or be increased) in whole or in part as a result of the grant,
exercise, assignment, cancellation or other disposal of the Option or because of the Participant’s purchase or disposition of the Shares. 

(i) Participant has received the terms and conditions of this Award Agreement and any other related communications, and Participant
consents to having received these documents in English. 
 10. Address for Notices. Any notice to be given to the Company
under the terms of this Award Agreement will be addressed to the Company, in care of its [TITLE] at TeleNav, Inc., 1130 Kifer Road, Sunnyvale, California 94086, or at such other address as the Company may hereafter designate in writing. 

11. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of
descent or distribution and may be exercised during the lifetime of Participant only by Participant. 
 12. Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties
hereto. 
 13. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion,
that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the
issuance of Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the
Company. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. Assuming such compliance, for
income tax purposes the Exercised Shares will be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. 

 14. Sub-Plan Governs. This Award Agreement is subject to all terms and provisions of
the Sub-Plan. In the event of a conflict between one or more provisions of this Award Agreement and one or more provisions of the Sub-Plan, the provisions of the Sub-Plan will govern. Capitalized terms used and not defined in this Award Agreement
will have the meaning set forth in the Sub-Plan. 
 15. Administrator Authority. The Administrator will have the power to
interpret the Sub-Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Sub-Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the
determination of whether or not any Shares subject to the Option have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other
interested persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Sub-Plan or this Award Agreement. 

16. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under
the Sub-Plan or future Options that may be awarded under the Sub-Plan by electronic means or request Participant’s consent to participate in the Sub-Plan by electronic means. Participant hereby consents to receive such documents by electronic
delivery and agrees to participate in the Sub-Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

17. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction
of this Award Agreement. 
 18. Agreement Severable. In the event that any provision in this Award Agreement will be held
invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement. 

19. Modifications to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects
covered. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement or the Sub-Plan can be
made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Sub-Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it
deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code in
connection to this Option. 

 20. Amendment, Suspension or Termination of the Sub-Plan. By accepting this Award,
Participant expressly warrants that he or she has received an Option under the Sub-Plan, and has received, read and understood a description of the Sub-Plan. Participant understands that the Sub-Plan is discretionary in nature and may be amended,
suspended or terminated by the Company at any time. 
 21. Governing Law. This Award Agreement will be governed by the
laws of the State of [California], without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Option or this Award Agreement, the parties hereby submit to and consent to the
jurisdiction of the State of [California], and agree that such litigation will be conducted in the courts of [Santa Clara County], [California], or the federal courts for the United States for the [Northern District of California], and no
other courts, where this Option is made and/or to be performed. 

 EXHIBIT B 

TELENAV, INC. 

2009 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 

TeleNav, Inc. 
 1130 Kifer Road 

Sunnyvale, California 94086 
 Attention:
[            ] 
 1. Exercise of Option. Effective as
of today,                     ,
                    , the undersigned (“Purchaser”) hereby elects to purchase
         shares (the “Shares”) of the Common Stock of TeleNav, Inc. (the “Company”) under and pursuant to the UK Sub-Plan of the TeleNav Inc 2009 Equity Incentive Plan (the
“Sub-Plan”) and the Stock Option Award Agreement - United Kingdom, dated                      (the “Award Agreement”). The
purchase price for the Shares will be $        , as required by the Award Agreement. 

2. Delivery of Payment. Purchaser herewith delivers to the Company the full purchase price of the Shares and any required tax
withholding to be paid in connection with the exercise of the Option. 
 3. Representations of Purchaser. Purchaser
acknowledges that Purchaser has received, read and understood the Sub-Plan, the Award Agreement and the Joint Election and agrees to abide by and be bound by their terms and conditions. 

4. Rights as Stockholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares
so acquired will be issued to Participant as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in Section 14
of the Sub-Plan. 
 5. Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a
result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is
not relying on the Company for any tax advice. Purchaser shall have no rights to compensation or damages on account of any tax or national insurance contributions liability which arises or is increased (or is claimed to arise or be increased) in
whole or in part because of the Purchaser’s purchase or disposition of the Shares. 

 6. Entire Agreement; Governing Law. The Sub-Plan and Award Agreement are incorporated
herein by reference. This Exercise Notice, the Sub-Plan, the Award Agreement and the Joint Election constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This agreement is governed by the
internal substantive laws, but not the choice of law rules, of the State of [California]. 
  

					
	Submitted by:	 		  	Accepted by:
			
	PURCHASER:	 		  	TELENAV, INC
			
	  
	 		  	  

	Signature	 		  	By
			
	  
	 		  	  

	Print Name	 		  	Title
			
	Address:	 		  	
			
	  
	 		  	
			
	  
	 		  	
			
		 		  	  

		 		  	Date Received

 EXHIBIT C 

Joint Election for the transfer of Employer’s 

National Insurance Contributions to the employee 

1. Between 
 The Company
[insert name of company] (‘the Secondary Contributor’ who is the employer), whose Registered Office is at [insert address and Company Registration number], and 

[insert name of employee], ‘the Employee’, whose National Insurance number is [eg AA 000000 A]. 

2. Purpose and scope of election 
  

	 	(a)	This election covers the 

(Delete as appropriate) 
  

	 	•	 	 grant of employment related securities options 

  

	 	•	 	 the award of employment related restricted securities and/ or 

 

	 	•	 	 the award of employment related convertible securities 

under [enter names of all Schemes/Plans/Individual awards or grants that may be used] 

 

	 	•	 	 Scheme 

  

	 	•	 	 Plan 

  

	 	•	 	 Individual awards or grants 

(Delete as appropriate) 
  

	 	•	 	 on [DD/MM/YYYY] or 

  

	 	•	 	 between [DD/MM/YYYY] and [DD/MM/YYYY] or 

 

	 	•	 	 on or after [DD/MM/YYYY] 

  

	 	(b)	This joint election is made in accordance with Paragraph 3B(1) of Schedule 1 of the Social Security Contributions and Benefits Act 1992 (‘SSCBA 1992’).

  

	 	(c)	The Company requests the Employee to enter into this joint election to transfer the liability for the secondary contributor’s National Insurance contributions that
arise on any relevant employment income covered by this election from the secondary contributor to the Employee. 

  

	 	(d)	The employer’s National Insurance liability that shall transfer from the employer to the Employee under this joint election is the whole of the secondary
liability. 

 Relevant employment income from securities and options specified in 2(a) on which
employer’s National Insurance Contributions becomes due is defined as: 
  

	 	i.	an amount that counts as employment income of the earner under section 426 of ITEPA 2003 (restricted securities: charge on certain post-acquisition events),

  

	 	ii.	an amount that counts as employment income of the earner under section 438 of that Act (convertible securities: charge on certain post-acquisition events), or

  

	 	iii.	any gain that is treated as remuneration derived from the earner’s employment by virtue of section 4(4)(a) SSCBA 1992. 

 

	 	(e)	This joint election will not apply to the extent that it relates to relevant employment income which is employment income of the earner by virtue of Chapter 3A of Part
7 of ITEPA 2003 (employment income: securities with artificially depressed market value). 

  

	 	(f)	This election does not apply in relation to any liability, or any part of any liability, arising as a result of regulations being given retrospective effect by virtue
of section 4B(2) of either the Social Security Contributions and Benefits Act 1992 or the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 

3. Arrangements for payment of secondary NICs 
  

	 	(a)	In signing this joint-election the Employee authorises the Company, or other body (if applicable), to recover an amount sufficient to cover the liability for the
employer’s National Insurance contributions transferred under this election in accordance with the arrangements summarised below. 

  

	 	•	 	 A deduction from salary or other payments due. 

  

	 	•	 	 The delivery in cleared funds from the Employee in sufficient time to enable the Company to make payment to H M Revenue & Customs (HMRC).

  

	 	•	 	 The sale of sufficient shares acquired from the Employee’s securities option following notification to the Company Secretary/Scheme Administrator
(delete as necessary or add other party if applicable), the proceeds of which must be delivered to the Company in sufficient time for payment to be made to HMRC by the due date. 

 

	 	•	 	 A deduction from any cash payment, treated as Relevant Employment Income, given to the Employee. 

 

	 	•	 	 Where the proceeds of the gain are to be made through a third party, the Employee will authorise that party to withhold an amount from the payment or
to sell shares sufficient to cover the secondary NICs transferred. Such amount will be paid in sufficient time to enable the Company to make payment to HMRC by the due date. 

 

	 	(b)	The Company and the Employee will ensure that payment of the liability for the secondary NICs will be made to HMRC within 14 days following the end of the Income Tax
month in which the relevant employment income arises – the due date. 

 The Employee understands that in making this election they will be personally liable for
the secondary NICs covered by this election. 
 4. Duration of this election 

 

	 	(a)	This joint election shall continue in force from the time it is made until whichever of the following first takes place: 

 

	 	•	 	 The Company gives notice to the Employee terminating the joint election, or 

 

	 	•	 	 it is cancelled jointly by the Company and the Employee. or 

 

	 	•	 	 it ceases to have effect in accordance with the terms of the joint election, or 

 

	 	•	 	 HMRC serves notice on the Company that the approval of the joint election has been withdrawn. 

 

	 	(b)	The terms of this joint-election will continue in full force regardless of whether the Employee ceases to be an employee of the Company. 

5. Declaration 
 In
signing this joint election both the Company and the Employee agree to be bound by its terms as stated above. 
  

					
	Signature of Employee	 		  	Date
			
	  
	 		  	            /        /      
      
			
	Signature for the Company	 		  	Date
			
	  
	 		  	            /        /      
      
			
	Position in CompanyRegistration Rights Agreement by and between Arch Coal, Inc. and ADA-ES, Inc.

 Exhibit 4.1 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 

ADA-ES, INC 

AND 

ARCH COAL, INC. 

MARCH 23, 2010 
  

 ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
	 ARTICLE 1
	  	 Definitions
	  	2
			
	 ARTICLE 2
	  	 Registration Rights
	  	4
			
	 2.1
	  	 Required Registration
	  	4
	 2.2
	  	 Current Public Information
	  	5
	 2.3
	  	 Demand Registration
	  	5
	 2.4
	  	 Piggyback Registration
	  	7
	 2.5
	  	 Holdback Agreements
	  	8
	 2.6
	  	 Registration Procedures
	  	9
	 2.7
	  	 Conditions Precedent to Company’s Obligations Pursuant to this Agreement
	  	11
	 2.8
	  	 Fees and Expenses
	  	11
	 2.9
	  	 Indemnification
	  	12
	 2.10
	  	 Participation in Registrations
	  	15
			
	 ARTICLE 3
	  	 Transfers of Certain Rights
	  	15
			
	 3.1
	  	 Transfer
	  	15
	 3.2
	  	 Transferees
	  	15
	 3.3
	  	 Subsequent Transferees
	  	15
			
	 ARTICLE 4
	  	 Miscellaneous
	  	16
			
	 4.1
	  	 Recapitalizations, Exchanges, etc.
	  	16
	 4.2
	  	 No Inconsistent Agreements
	  	16
	 4.3
	  	 Amendments and Waivers
	  	16
	 4.4
	  	 Severability
	  	16
	 4.5
	  	 Counterparts
	  	16
	 4.6
	  	 Notices
	  	16
	 4.7
	  	 Governing Law
	  	17
	 4.8
	  	 Forum; Service of Process
	  	17
	 4.9
	  	 Captions
	  	17
	 4.10
	  	 No Prejudice
	  	17
	 4.11
	  	 Words in Singular and Plural Form
	  	17
	 4.12
	  	 Remedy for Breach
	  	17
	 4.13
	  	 Successors and Assigns, Third Party Beneficiaries
	  	17
	 4.14
	  	 Entire Agreement
	  	18
	 4.15
	  	 Termination of Rights
	  	18
	 4.16
	  	 Force Majeure
	  	18
	 4.17
	  	 Confidentiality
	  	18

  

 ADA-ES PIPE REGISTRATION RIGHTS AGREEMENT 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of March 23, 2010, is entered into by and among ADA-ES, Inc., a Colorado corporation
(the “Company”) and Arch Coal, Inc., a Delaware corporation (“Subscriber”). 

RECITALS: 

A.        The Company desires to issue and sell up to 200,000 shares of its Common Stock to
Subscriber pursuant to that certain Subscription Agreement dated as of the date hereof between the Company and Subscriber thereto (the “Subscription Agreement”); 

C.        It is a condition precedent to the consummation of the transactions contemplated by the
Subscription Agreement that the Company provide for the rights set forth in this Agreement; and 

D.        Certain terms used in this Agreement are defined in Article 1 hereof.

 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements hereinafter contained, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound, the parties hereto hereby agree as follows: 

ARTICLE 1 

DEFINITIONS 

“Affiliate” means any Person that directly or indirectly controls, or is under control with, or is controlled by
such Person. As used in this definition, “control” (including with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise). 

“Business Day” means any day excluding Saturday, Sunday or any other day which is a legal holiday under the laws
of the States of Colorado or New York or is a day on which banking institutions therein located are authorized or required by law or other governmental action to close. 

“Closing Date” means the date hereof. 

“Common Stock” means the common stock, no par value per share, of the Company. 

“Company” has the meaning set forth in the preamble. 

“Designated Holder” means a holder of Registrable Securities. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
  

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ADA-ES REGISTRATION RIGHTS AGREEMENT 

 “Indemnified Party” has the meaning set forth in
Section 2.9. 
 “Losses” has the meaning set forth in Section 2.9. 

“Majority Holders” means holders of a majority (by number of shares) of the Registrable Securities. 

“Person” means any individual, company, partnership, firm, joint venture, association, joint-stock company,
trust, unincorporated organization, governmental body or other entity. 
 “Piggyback Registration” has
the meaning set forth in Section 2.4. 
 “Registration Period” means the one year, plus any
additional periods required by the second paragraph of Section 2.1, during which the Registration Statement contemplated by Section 2.1 is required to remain effective. 

“Registrable Securities” means, subject to the immediately following sentences, (i) shares of Common Stock
acquired by the applicable Subscriber from the Company pursuant to the Subscription Agreement and (ii) any shares of Common Stock issued or issuable, directly or indirectly, with respect to the securities referred to in clause (i) by way
of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. In addition, any particular shares of Common Stock constituting Registrable Securities will cease to be
Registrable Securities when they (x) have been effectively registered under the Securities Act and disposed of in accordance with a Registration Statement covering them, (y) have been sold to the public pursuant to Rule 144 (or by similar
provision under the Securities Act), or (z) are eligible for resale under Rule 144(b)(1)(i) (or by similar provision under the Securities Act) without any limitation on the amount of securities that may be sold under paragraph (e) thereof
or on the manner of sale under paragraph (f) thereof. 
 “Registration Statement” means a
registration statement on Form S-3 (or, if the Company is not eligible to use Form S-3, such other appropriate registration form of the SEC pursuant to which the Company is eligible to register the resale of Registrable Securities) filed by the
Company under the Securities Act which covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments,
all exhibits and all material incorporated by reference in such registration statement, which shall permit the Designated Holders to offer and sell, on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, the Registrable
Securities. 
 “Representatives” has the meaning set forth in Section 2.9. 

“Required Filing Date” has the meaning set forth in Section 2.1. 

“Required Registration Statement” has the meaning set forth in Section 2.1. 

“SEC” means the United States Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and
the rules and regulations of the SEC promulgated thereunder. 
  

 3 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 “Subscriber(s)” has the meaning set forth in the preamble.

 “Subscription Agreement” has the meaning set forth in the recitals. 

ARTICLE 2 

REGISTRATION RIGHTS 

2.1        Required Registration.    The Company
shall use its reasonable best efforts to prepare and as promptly as possible after the date hereof, but in any event, not later than ninety (90) days from the Closing Date (or, if such
90th day is not a Business Day, by the first Business Day
thereafter) (the “Required Filing Date”) file a Registration Statement with the SEC (the “Required Registration Statement”) and cause the Required Registration Statement to be declared effective under
the Securities Act within 150 days after the Closing Date (or, if such
150th day is not a Business Day, by the first Business Day
thereafter). The Company agrees to include in the Required Registration Statement all information which the Designated Holders shall reasonably request and as may be permitted by applicable law. If the Required Registration Statement is not declared
effective under the Securities Act within 150 days after the Closing Date (or, if such 150th day is not a Business Day, by the first Business Day thereafter), other than due to failure by a Designated Holder to furnish information required (as
determined by the Company after consultation with counsel) to be included in such Required Registration Statement or a force majeure event described in Section 4.16, the Company shall pay each Designated Holder in cash an amount per month equal
to one percent (1%) of the amount paid by such Designated Holder for the Registrable Securities pursuant to the Subscription Agreement, which amount shall be payable by the tenth day after the end of each such month and shall be the Designated
Holders’ sole remedy for such failure (other than any equitable remedies available to such Subscriber, such as specific performance). The amounts payable to each Designated Holder pursuant to this Section shall bear interest at a rate of the
lesser of eighteen percent (18%) per annum, compounded annually, or the maximum rate then permitted by applicable law. Notwithstanding the foregoing, the maximum amount payable to a Designated Holder shall not exceed twelve percent
(12%) of the amount paid by such Designated Holder under the Subscription Agreement. 
 The Company shall use its
reasonable best efforts to keep the Required Registration Statement continuously effective for a period of one year after the Registration Statement first becomes effective, plus the number of days during which such Registration Statement was not
effective or usable pursuant to Sections 2.5(b), 2.6(e) or 2.6(i) hereof, or such shorter period as will terminate when all of the Registrable Securities covered by the Required Registration Statement have been disposed of in
accordance with the Required Registration Statement or have otherwise ceased to be Registrable Securities. In the event the Company shall give any notice pursuant to Sections 2.6(e) or (i) hereof, the additional time period
mentioned in this Section 2.1 during which the Required Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to
Sections 2.6(e) or (i) to and including the date when each seller of a Registrable Security covered by the Registration Statement shall have received the copies of the supplemented or amended prospectus contemplated by Sections
2.6(e). 
 The Company may include in any registration filed pursuant to this Section 2.1, such additional securities
as it may be obligated to include pursuant to any contractual obligations entered into by the Company, and, subject to any restrictions contained elsewhere in this Agreement, such securities as the Company may elect to register for its own account.

  

 4 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 2.2        Current Public
Information.    The Company covenants that it will use its reasonable best efforts to file all reports required to be filed by it under the Exchange Act and the rules and regulations adopted by the SEC thereunder, and will
use its reasonable best efforts to take such further action as the Designated Holders may reasonably request, all to the extent required to enable the holders of Registrable Securities to sell Registrable Securities pursuant to Rule 144 or Rule 144A
adopted by the SEC under the Securities Act or any similar rule or regulation hereafter adopted by the SEC. The Company shall, upon the request of a Designated Holder, deliver to such Designated Holder a written statement as to whether it has
complied with such requirements during the twelve month period immediately preceding the date of such request. 

2.3        Demand Registration. 

    (a)        Subject to Section 2.3(g), upon the written
request of the Majority Holders requesting that the Company effect the registration under the Securities Act of all or part of such Designated Holders’ Registrable Securities and specifying the intended method of disposition thereof, the
Company will promptly give written notice of such requested registration to all Designated Holders, and thereafter the Company will use its reasonable best efforts to effect as expeditiously as possible the registration under the Securities Act of
the following: 
     (i)        the Registrable
Securities which the Company has been so requested to be registered by such Designated Holders for disposition in accordance with the intended method of disposition stated in such request; 

    (ii)        all other Registrable Securities the holders
of which shall have made a written request to the Company for registration thereof within 30 days after the giving of such written notice by the Company (which request shall specify the intended method of disposition of such Registrable Securities);
and 
     (iii)        all shares of Common Stock
which the Company or Persons entitled to exercise “piggy-back” registration rights pursuant to contractual commitments of the Company may elect to register in connection with the offering of Registrable Securities pursuant to this
Section 2.3 or otherwise; 
 all to the extent requisite to permit the disposition (in accordance with the intended methods thereof
as aforesaid) of the Registrable Securities and the additional shares of Common Stock, if any, so to be registered; provided, that, the provisions of this Section 2.3 shall not require the Company to effect more than one registration of
Registrable Securities in addition to the Required Registration Statement contemplated by Section 2.1. 

    (b)        The registrations under this Section 2.3 shall be
on an appropriate form for a Registration Statement that permits the disposition of such Registrable Securities in accordance with the intended methods of distribution specified by the Majority Holders in their request for registration. The Company
agrees to include in any such Registration Statement all information which Designated Holders of Registrable Securities being registered therein shall reasonably request so as to allow them to sell their Registrable Securities by the method of
distribution selected by them. 
     (c)        A registration
requested pursuant to this Section 2.3 shall not be deemed to have been effected (i) unless a Registration Statement with respect thereto has become effective; provided, that a Registration Statement which does not become effective
after the Company has filed a Registration Statement with respect thereto solely by reason of the refusal to proceed of the 
  

 5 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 
Majority Holders (other than a refusal to proceed based upon the advice of counsel relating to a matter with respect to the Company) shall be deemed to have been effected by the Company at the
request of the Majority Holders unless the Designated Holders electing to have Registrable Securities registered pursuant to such Registration Statement shall have elected to pay all fees and expenses otherwise payable by the Company in connection
with such registration pursuant to Section 2.8, (ii) if, after it has become effective, such registration is withdrawn by the Company (other than at the request of the Majority Holders) or interfered with by any stop order,
injunction or other order or requirement of the SEC or other governmental agency or court for any reason prior to the expiration of a 180 day period following such Registration Statement’s effectiveness, or (iii) if the conditions to
closing specified in any purchase agreement or underwriting agreement entered into in connection with such registration are not satisfied, other than due solely to some act or omission by the Designated Holders electing to have Registrable
Securities registered pursuant to such Registration Statement. 

    (d)        If a requested registration pursuant to this
Section 2.3 involves an underwritten offering, the underwriter or underwriters thereof shall be selected by the holders of a majority (by number of shares) of the Registrable Securities requested to be included in such Registration
Statement and shall be reasonably acceptable to the Company in its sole discretion. 

    (e)        If a requested registration pursuant to this
Section 2.3 involves an underwritten offering, and the managing underwriter shall advise the Company that, in its opinion, the number of securities requested to be included in such registration (including securities of the Company or any
other Person which are not Registrable Securities) exceeds the number which can be sold in such offering in an orderly manner within a price range reasonably acceptable to the Company and to the holders of a majority (by number of shares) of the
Registrable Securities requested to be included in such Registration Statement, the Company will include in such registration, to the extent of the number which the Company is so advised can be sold in such offering, (i) first, any shares of
Common Stock or other securities as to which the Company has granted registration rights prior to the date of this Agreement which by their terms require priority over the rights granted under this Section 2.3, (ii) second, the Registrable
Securities which have been requested to be included in such registration by the Designated Holders pursuant to this Agreement (pro rata based on the amount of Registrable Securities sought to be registered by such persons), (iii) third,
provided that no securities sought to be included by the Designated Holders have been excluded from such registration, the securities of other persons entitled to exercise “piggy-back” registration rights pursuant to other contractual
commitments of the Company (pro rata based on the amount of securities sought to be registered by such persons) and (iv) fourth, securities the Company proposes to register for its own account. 

    (f)        The Company shall use its reasonable best efforts to keep any
Registration Statement filed pursuant to this Section 2.3 continuously effective (i) for a period of one year after the Registration Statement first becomes effective, plus the number of days during which such Registration Statement
was not effective or usable pursuant to Sections 2.5(b), 2.6(e) or 2.6(i); (ii) if such Registration Statement related to an underwritten offering, for such period as in the opinion of counsel for the underwriters a
prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer, or (iii) for such shorter period as will terminate when all of the Registrable Securities covered by the Required
Registration Statement have been disposed of in accordance with the Required Registration Statement or have otherwise ceased to be Registrable Securities. In the event the Company shall give any notice pursuant to Sections 2.6(e) or
(i), the additional time period mentioned in Section 2.3(f)(i) during which the Required Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the
giving of such notice pursuant to Sections 2.6(e) or (i) to and including the date when each seller of a Registrable Security covered by the Registration Statement shall have received the copies of the supplemented or amended
prospectus contemplated by Sections 2.6(e). 
  

 6 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

     (g)        The right of
Designated Holders to have Registrable Securities registered pursuant to this Section 2.3 is only exercisable following the expiration of the Registration Period or, if, prior to the expiration of the Registration Period, the Company
becomes ineligible to register the Registrable Securities on the Registration Statement contemplated by Section 2.1 or such Registration Statement otherwise becomes unusable or ineffective and the Company is not able to correct the
misstatements, have the applicable stop order rescinded or otherwise restore the effectiveness of the Registration Statement as contemplated by this Agreement. 

2.4        Piggyback Registration. 

    (a)        Whenever the Company proposes to register any of its common
stock under the Securities Act (other than pursuant to a registration pursuant to Section 2.1, Section 2.3 or a registration on Form S-4 or S-8 or any successor or similar forms or a registration of shares in connection with an
acquisition) and the registration form to be used may be used for the registration of Registrable Securities, whether or not for sale for its own account, the Company will give prompt written notice to all Designated Holders, and such notice shall
describe the proposed registration and distribution and offer to all Designated Holders the opportunity to register the number of Registrable Securities as each such Designated Holder may request. The Company will include in such registration
statement all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after the Designated Holders’ receipt of the Company’s notice (a “Piggyback
Registration”). 
     (b)        The Company shall use
its reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggyback Registration to be included on the same terms and conditions as
any similar securities of the Company or any other security holder included therein and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method of distribution thereof. 

    (c)        Any Designated Holder shall have the right to withdraw its
request for inclusion of its Registrable Securities in any Registration Statement pursuant to this Section 2.4 by giving written notice to the Company of its request to withdraw; provided, that in the event of such withdrawal (other than
pursuant to Section 2.4(e) hereof), the Company shall not be required to reimburse such holder for the fees and expenses referred to in Section 2.8 hereof incurred by such Designated Holder prior to such withdrawal, unless
such withdrawal was due to a material adverse change to the Company. The Company may withdraw a Piggyback Registration at any time prior to the time it becomes effective. 

    (d)        If (i) a Piggyback Registration involves an underwritten
offering of the securities being registered, whether or not for sale for the account of the Company, to be distributed (on a firm commitment basis) by or through one or more underwriters of recognized standing under underwriting terms appropriate
for such a transaction, and (ii) the managing underwriter of such underwritten offering shall advise the Company that, in its opinion, the number of securities requested to be included in such offering (including securities of the Company or
any other Person which are not Registrable Securities) exceeds the number which can be sold in such offering in an orderly manner within a price range reasonably acceptable to the Company and, if registration of such offering is pursuant to a
contractual commitment of the Company to holders of its securities, holders of a majority (by number of shares) of such securities, then the Company will be required to include in such registration only the amount of securities which it is so
advised 
  

 7 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 
should be included in such registration. In such event: (x) in cases initially involving the registration for sale of securities for the Company’s own account, securities shall be
registered in such offering in the following order of priority: (i) first, the securities which the Company proposes to register, (ii) second, any shares of Common Stock or other securities as to which the Company has granted registration
rights prior to the date of this Agreement which by their terms require priority over the rights granted under this Section 2.4, (iii) third, Registrable Securities and securities which have been requested to be included in such
registration by other Persons entitled to exercise “piggy-back” registration rights pursuant to contractual commitments of the Company (pro rata based on the amount of securities sought to be registered by Designated Holders and such other
Persons); and (y) in cases not initially involving the registration for sale of securities for the Company’s own account, securities shall be registered in such offering in the following order of priority: (i) first, the securities of
any Person whose exercise of a “demand” registration right pursuant to a contractual commitment of the Company is the basis for the registration, (ii) second, Registrable Securities and securities which have been requested to be
included in such registration by Persons entitled to exercise “piggy-back” registration rights pursuant to contractual commitments of the Company (pro rata based on the amount of securities sought to be registered by Designated Holders and
such other Persons), and (iii) third, the securities which the Company proposes to register for its own account. 

    (e)        If, as a result of the proration provisions of this
Section 2.4, any Designated Holders shall not be entitled to include all Registrable Securities in a Piggyback Registration that such Designated Holders has requested to be included, such holder may elect to withdraw its request to
include Registrable Securities in such registration. 

    (f)        The right of the Designated Holders to register Registrable
Securities pursuant to this Section 2.4 is only exercisable with respect to Registrable Securities not then covered by an effective Registration Statement contemplated by Section 2.1 or Section 2.3. The rights of
the Designated Holders under this Section 2.4 shall survive the expiration of the Registration Period. 

2.5        Holdback Agreements. 

    (a)        To the extent not inconsistent with applicable law, in
connection with a public offering of securities of the Company, upon the request of the Company or the underwriter, in the case of an underwritten public offering of the Company’s securities, each Designated Holder will not effect any public
sale or distribution (other than those included in the registration statement being filed with respect to such public offering) of any securities of the Company, or any securities, options or rights convertible into or exchangeable or exercisable
for such securities during the 14 days prior to and the 90-day period beginning on such effective date, unless (in the case of an underwritten public offering) the managing underwriters otherwise agree to a shorter period of time. Notwithstanding
the foregoing, no Designated Holder shall be required to enter into any such “lock up” agreement unless and until all of the Company’s executive officers and directors execute substantially similar “lock up” agreements.
Neither the Company nor the underwriter shall amend, terminate or waive a “lock up” agreement unless each “lock up” agreement with a Designated Holder is also amended or waived in a similar manner or terminated, as the case may
be. 
     (b)        The Company shall have the right at any time,
to suspend the filing of a Registration Statement under Section 2.3 or require that the Designated Holders of Registrable Securities suspend further open market offers and sales of Registrable Securities pursuant to a Registration
Statement filed hereunder for a period not to exceed an aggregate of 45 days in any six consecutive month period or an aggregate of 90 days in any twelve consecutive month period for valid business reasons (not

  

 8 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 
including avoidance of their obligations hereunder) (i) to avoid premature public disclosure of a pending corporate transaction, including pending acquisitions or divestitures of assets,
mergers and combinations and similar events; and (ii) upon the occurrence of any of the events specified in Sections 2.6(e) or (i). 

2.6        Registration Procedures.    The Company will use its
reasonable best efforts to effect the registration of Registrable Securities pursuant to this Agreement in accordance with the intended methods of disposition thereof, and pursuant thereto the Company will as expeditiously as possible: 

    (a)        before filing the Registration Statement, the Company will
furnish to counsel of any holder of Registrable Securities (assuming the Company has been timely notified as to the identity and contact information for such counsel) at least three Business Days prior to filing such Registration Statement, a copy
of such Registration Statement, and will provided such counsel with all correspondence with the SEC regarding the Registration Statement; 

    (b)        prepare and file with the SEC such amendments and supplements
to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the period provided for in Section 2.1 or Section 2.3, or the periods
contemplated by the Company or the Persons requesting any Registration Statement filed pursuant to Section 2.4; 

    (c)        furnish to each seller of Registrable Securities included in
the Registration Statement such number of copies of such Registration Statement, each amendment and supplement thereto, the prospectus included in the Registration Statement (including each preliminary prospectus) and such other documents as such
seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

    (d)        use its reasonable best efforts to register or qualify such
Registrable Securities under such state securities or blue sky laws as any Designated Holder reasonably requests, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such seller and to keep each such registration or qualification (or exemption therefrom) effective during the period which the Registration Statement is required to be kept
effective (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (ii) subject itself to taxation in any
such jurisdiction, (iii) consent to general service of process in any such jurisdiction or (iv) attempt to register or qualify securities for sale in any jurisdiction in which counsel for the Company has advised the Company that such
registration or qualification would be likely to be unavailable absent unreasonable effort or expense); 

    (e)        notify each seller of such Registrable Securities, at any time
when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in the Registration Statement contains an untrue statement of a material fact or
omits any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and, at the request of any such seller, the Company will as soon as possible prepare and furnish to such seller a
reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state
any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 
  

 9 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

     (f)        cause all such
Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be approved for trading on any automated quotation system of a national securities
association on which similar securities of the Company are quoted; 

    (g)        provide a transfer agent and registrar for all such
Registrable Securities not later than the effective date of such Registration Statement; 

    (h)        enter into such customary agreements (including underwriting
agreements) and take all other customary and appropriate actions as the holders of a majority of the Registrable Securities being registered or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities; 
     (i)        notify each Designated
Holder of any stop order issued or threatened by the SEC; 

    (j)        otherwise comply with all applicable rules and regulations of
the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the
effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

    (k)        in the event of the issuance of any stop order suspending the
effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such Registration Statement for sale in any jurisdiction, the Company
will use its reasonable efforts to promptly obtain the withdrawal of such order; 

    (l)        if requested by a Designated Holder, obtain one or more
comfort letters, dated the effective date of the Registration Statement (and, if such registration includes an underwritten offering, dated the date of the closing under the underwriting agreement), signed by the Company’s independent public
accountants in customary form and covering such matter of the type customarily covered by such accountant comfort letters as the Majority Holders of the Registrable Securities being sold under the Registration Statement shall reasonably request;

     (m)        provide a legal opinion of the Company’s
outside counsel, dated the effective date of such Registration Statement (and, if such registration includes an underwritten offering, dated the date of the closing under the underwriting agreement), with respect to the Registration Statement, each
amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such
nature; 
     (n)        subject to execution and delivery of
mutually satisfactory confidentiality agreements, make available at reasonable times for inspection by any seller of Registrable Securities, any managing underwriter participating in any disposition of such Registrable Securities pursuant to the
Registration Statement, and any attorney, accountant or other agent retained by such seller or any managing underwriter, during normal business hours of the Company at the Company’s corporate office in Littleton, Colorado and without
unreasonable disruption of the Company’s business or unreasonable expense to the Company and solely for the purpose of due diligence with respect to the Registration Statement, legally disclosable, financial and other records and pertinent
corporate documents of the Company and its subsidiaries reasonably requested by such persons, and cause the Company’s employees and 

 

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ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 
independent accountants to supply all similar information reasonably requested by any such seller, managing underwriter, attorney, accountant or agent in connection with the Registration
Statement, as shall be reasonably necessary to enable them to exercise their due diligence responsibility under applicable securities laws; 

    (o)        cooperate with each seller of Registrable Securities and each
underwriter participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers; and 

    (p)        take all other steps reasonably necessary to effect the
registration of the Registrable Securities contemplated hereby. 

2.7        Conditions Precedent to Company’s Obligations Pursuant to this
Agreement.    It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Agreement that each of the Designated Holders whose Registrable Securities are to be registered pursuant to
this Agreement shall furnish such Designated Holder’s written agreement to be bound by the terms and conditions of this Agreement prior to performance by the Company of its obligations under this Agreement. By executing and delivering this
Agreement, each Designated Holder represents and warrants that the information concerning, and representations and warranties by, such Designated Holder, including information concerning the securities of the Company held, beneficially or of record,
by such Designated Holder, furnished to the Company pursuant to the Subscription Agreement or otherwise, are true and correct as if the same were represented and warranted on the date any Registration Statement required pursuant to this Agreement is
filed with the SEC or the date of filing with the SEC of any amendment thereto, and each Designated Holder covenants to immediately notify the Company in writing of any change in any such information, representation or warranty and to refrain from
offering or disposing of any securities pursuant to any Registration Statement until the Company has reflected such change in such Registration Statement. By executing and delivering this Agreement, each Designated Holder further agrees to furnish
any additional information as the Company may reasonably request in connection with any action to be taken by the Company pursuant to this Agreement, and to pay such Designated Holder’s expenses which are not required to be paid by the Company
pursuant to this Agreement. 
 2.8        Fees and
Expenses.    All expenses incident to the Company’s performance of or compliance with this Agreement including, without limitation, all registration and filing fees payable by the Company, fees and expenses of compliance
by the Company with securities or blue sky laws, printing expenses of the Company, messenger and delivery expenses of the Company, and fees and disbursements of counsel for the Company and all independent certified public accountants of the Company,
and other Persons retained by the Company will be borne by the Company, and the Company will pay its internal expenses (including, without limitation, all salaries and expenses of the Company’s employees performing legal or accounting duties),
the expense of any annual audit or quarterly review, the expense of any liability insurance of the Company and the expenses and fees for listing or approval for trading of the securities to be registered on each securities exchange on which similar
securities issued by the Company are then listed or on any automated quotation system of a national securities association on which similar securities of the Company are quoted. In connection with any Registration Statement filed hereunder, the
Company will pay the reasonable fees and expenses of a single counsel retained by the Designated Holders of a majority (by number of shares) of the Registrable Securities requested to be included in such Registration Statement. The Company shall
have no obligation to pay any underwriting discounts or commissions attributable to the sale of Registrable Securities and any of the expenses incurred by any Designated Holder which are not specifically payable by the Company as described above,
such costs to be borne by such Designated Holder or Holders, including, without limitation, 
  

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ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 
the following: underwriting fees, discounts and expenses, if any, applicable to any Designated Holder’s Registrable Securities; fees and disbursements of counsel or other professionals that
any Designated Holder may choose to retain in connection with a Registration Statement filed pursuant to this Agreement (except as otherwise provided herein); selling commissions or stock transfer taxes applicable to the Registrable Securities
registered on behalf of any Designated Holder; any other expenses incurred by or on behalf of such Designated Holder in connection with the offer and sale of such Designated Holder’s Registrable Securities other than expenses which the Company
is expressly obligated to pay pursuant to this Agreement. 

2.9        Indemnification. 

    (a)        The Company agrees to indemnify and hold harmless, to the
fullest extent permitted by law, each Designated Holder and its general or limited partners, officers, directors, members, managers, employees, advisors, representatives, agents and Affiliates (collectively, the
“Representatives”) from and against any loss, claim, damage, liability, attorney’s fees, cost or expense and costs and expenses of investigating and defending any such claim (collectively, the
“Losses”), joint or several, and any action in respect thereof to which such Designated Holder or its Representatives may become subject under the Securities Act or otherwise, insofar as such Losses (or actions or
proceedings, whether commenced or threatened, in respect thereto) arise out of or are based upon (i) any breach by the Company of any of its representations, warranties or covenants contained in this Agreement, (ii) any untrue or alleged
untrue statement of a material fact contained in any Registration Statement, prospectus or preliminary or summary prospectus or any amendment or supplement thereto or (iii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, and the Company shall reimburse each such Designated Holder and its Representatives for any legal or any other expenses incurred by them in connection with
investigating or defending or preparing to defend against any such Loss, action or proceeding; provided, however, that the Company shall not be liable to any such Designated Holder or other indemnitee in any such case to the extent, and only to the
extent, that any such Loss (or action or proceeding, whether commenced or threatened, in respect thereof) arises out of or is based upon (x) an untrue statement or alleged untrue statement or omission or alleged omission, made in such
Registration Statement, any such prospectus or preliminary or summary prospectus or any amendment or supplement thereto, in reliance upon, and in conformity with, written information prepared and furnished to the Company by such Designated Holder or
its Affiliates or Representatives expressly for use therein and, with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to the Registration Statement, to the extent that a
prospectus relating to the Registrable Securities was required to be delivered by such Designated Holder under the Securities Act in connection with such purchase, there was not sent or given to such person, at or prior to the written confirmation
of the sale of such Registrable Securities to such person, a copy of the final prospectus that corrects such untrue statement or alleged untrue statement or omission or alleged omission if the Company had previously furnished copies thereof to such
Designated Holder or (y) use of a Registration Statement or the related prospectus during a period when a stop order has been issued in respect of such Registration Statement or any proceedings for that purpose have been initiated or use of a
prospectus when use of such prospectus has been suspended pursuant to Sections 2.5(b), 2.6(e) or (i); provided that in each case, that such Holder was given prior written notice in accordance with Section 4.6 hereof of such stop
order, initiation of proceedings or suspension from the Company. In no event, however, shall the Company be liable for indirect, incidental or consequential or special damages of any kind, even if the Company was aware of or specifically advised as
to the possibility of such damages. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to
the same extent as provided above with respect to the indemnification of the Designated Holders. 
  

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ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

     (b)        In connection
with the filing of the Registration Statement by the Company pursuant to this Agreement, the Designated Holders will furnish to the Company in writing such information as the Company reasonably requests for use in connection with such Registration
Statement and the related prospectus and, to the fullest extent permitted by law, each such Designated Holder will indemnify and hold harmless the Company and its Representatives from and against any Losses, severally but not jointly, and any action
in respect thereof to which the Company and its Representatives may become subject under the Securities 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 (i) the purchase or sale of Registrable Securities during a suspension as set forth in Sections 2.5(b), 2.6(e) or 2.6(i) hereof, in each case after written notice of such suspension was given to the Designated
Holder pursuant to the terms of Section 4.6 hereof, (ii) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, prospectus or preliminary or summary prospectus or any amendment or supplement
thereto, or (iii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but, with respect to clauses (ii) and (iii) above, only to the extent that
such untrue statement or omission is made in such Registration Statement, any such prospectus or preliminary or summary prospectus or any amendment or supplement thereto, in reliance upon and in conformity with written information prepared and
furnished to the Company by such Designated Holder expressly for use therein or by failure of such Designated Holder to deliver a copy of the Registration Statement or prospectus or any amendments or supplements thereto, and such Designated Holder
will reimburse the Company and each Representative for any legal or any other expenses incurred by them in connection with investigating or defending or preparing to defend against any such Loss, action or proceeding; provided, however, that such
Designated Holder shall not be liable in any such case to the extent that prior to the filing of any such Registration Statement or prospectus or amendment or supplement thereto, such Designated Holder has furnished in writing to the Company
information expressly for use in such Registration Statement or prospectus or any amendment or supplement thereto which corrected or made not misleading information previously furnished to the Company. In no event, however, shall any Designated
Holder be liable for indirect, incidental or consequential or special damages of any kind, even if the Designated Holder was aware of or specifically advised as to the possibility of such damages. In no event shall the liability of any Designated
Holder hereunder be greater than the dollar amount of the net proceeds received by such Designated Holder upon the sale of the Registrable Securities or other securities pursuant to the Registration Statement. 

    (c)        Promptly after receipt by any Person in respect of which
indemnity may be sought pursuant to Section 2.9(a) or 2.9(b) (an “Indemnified Party”) of notice of any claim or the commencement of any action, the Indemnified Party shall, if a claim in respect thereof is
to be made against the Person against whom such indemnity may be sought (an “Indemnifying Party”), promptly notify the Indemnifying Party in writing of the claim or the commencement of such action; provided, that the failure
to so notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which it may have to an Indemnified Party under Section 2.9(a) or 2.9(b) except to the extent of any actual prejudice resulting
therefrom. If any such claim or action shall be brought against an Indemnified Party, and it shall notify the Indemnifying Party thereof, the Indemnifying Party shall be entitled to participate therein, and, to the extent that it wishes, jointly
with any other similarly notified Indemnifying Party, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume the
defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable

  

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ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 
costs of investigation; provided, that the Indemnified Party shall have the right to employ separate counsel to represent the Indemnified Party and its Representatives who may be subject to
liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, but the fees and expenses of such counsel shall be for the account of and shall be paid by such Indemnified Party
unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the written opinion of counsel to such Indemnified Party, representation of both parties by the same counsel
would be inappropriate due to actual or potential conflicts of interest between them, it being understood, however, that the Indemnifying Party shall not, in connection with any one such claim or action or separate but substantially similar or
related claims or actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (together with appropriate local counsel) at any time
for all Indemnified Parties. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding other than the
payment of monetary damages by the Indemnifying Party on behalf of the Indemnified Party. Whether or not the defense of any claim or action is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability for any
settlement made without its consent, which consent will not be unreasonably withheld. 

    (d)        If the indemnification provided for in this
Section 2.9 is unavailable to the Indemnified Parties in respect of any Losses referred to herein, 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 Losses in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Designated Holders on the other from the offering of the Registrable Securities, or if
such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the Company on the one hand and the Designated Holders on the other in connection with
the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of each Designated Holder on the other shall be determined by reference to,
among other things, whether any action taken, including any untrue or alleged untrue statement of a material fact, or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 The Company and the
Designated Holders agree that it would not be just and equitable if contribution pursuant to this Section 2.9(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Losses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.9, no Designated Holder
shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities of such Designated Holder were offered to the public. 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 was not guilty of such fraudulent misrepresentation. Each Designated Holder’s obligations to contribute pursuant to this
Section 2.9 is several in the proportion that the proceeds of the offering received by such Designated Holder bears to the total proceeds of the offering received by all the Designated Holders. The indemnification provided by this

  

 14 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 
Section 2.9 shall be a continuing right to indemnification with respect to sales of Registrable Securities and shall survive the registration and sale of any Registrable Securities by
any Designated Holder and the expiration or termination of this Agreement. The indemnity and contribution agreements contained herein are in addition to any liability that any Indemnifying Party might have to any Indemnified Party. 

2.10        Participation in Registrations. 

      (a)        No Person may participate in any registration
hereunder which is underwritten unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and this Agreement. 

      (b)        Each Person that is participating in any
registration under this Agreement agrees that, upon receipt of any notice in accordance with the terms of Section 4.6 hereof from the Company of the happening of any event of the kind described in Section 2.6(e) or
(i) above, such Person will forthwith discontinue any further disposition of its Registrable Securities pursuant to the Registration Statement and all use of the Registration Statement or any prospectus or related document until such
Person receives copies of a supplemented or amended prospectus as contemplated by such Section 2.6(e) and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file
copies then in such Designated Holder’s possession, of such documents at the time of receipt of such notice. Furthermore, each Designated Holder agrees that if such Designated Holder uses a prospectus in connection with the offering and sale of
any of the Registrable Securities, the Designated Holder will use only the latest version of such prospectus provided by Company. 

ARTICLE 3 

TRANSFERS OF CERTAIN RIGHTS 

3.1        Transfer.    The rights granted to the Designated Holders
under this Agreement are non-transferable except for a transfer, without any consideration whatsoever, to a person or entity which is an Affiliate of the transferor, and any such transfer, in any case, shall be subject to the provisions of
Sections 3.2 and 3.3; provided that nothing contained herein shall be deemed to permit an assignment, transfer or disposition of the rights hereunder separate and apart from the Registrable Securities in violation of the terms and
conditions of the Subscription Agreement or applicable law. 

3.2        Transferees.    Any permitted transferee to whom rights
under this Agreement are transferred shall, as a condition to such transfer, deliver to the Company a written instrument by which such transferee agrees to be bound by the obligations imposed upon the Designated Holder under this Agreement to the
same extent as if such transferee were the Subscriber hereunder. 

3.3        Subsequent Transferees.    A transferee to whom rights are
transferred pursuant to this Section 3 may not again transfer such rights to any other person or entity, other than as provided in Sections 3.1 or 3.2 above. 

 

 15 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 ARTICLE 4 

MISCELLANEOUS 

4.1        Recapitalizations, Exchanges, etc.    The provisions of
this Agreement shall apply to the full extent set forth herein with respect to (i) the Registrable Securities, (ii) any and all shares of Common Stock into which the Registrable Securities are converted, exchanged or substituted in any
recapitalization or other capital reorganization by the Company and (iii) any and all equity securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued
in respect of, in conversion of, in exchange for or in substitution of, the Registrable Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the
date hereof. The Company shall cause any successor or assign (whether by merger, consolidation, sale of assets or otherwise) to enter into a new registration rights agreement with the Designated Holders on terms substantially the same as this
Agreement as a condition of any such transaction. 
 4.2        No Inconsistent
Agreements.    The Company has not and shall not enter into any agreement with respect to its securities that prevents it from performing this Agreement. 

4.3        Amendments and Waivers.    The provisions of this Agreement
may be amended and the Company may take action herein prohibited, or omit to perform any act herein required to be performed by it, if, but only if, the Company has obtained the written consent of the Majority Holders of the Registrable Securities
then in existence. 
 4.4        Severability.    Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid wider applicable law, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

4.5        Counterparts.    This Agreement may be executed in one or
more counterparts each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

4.6        Notices.    All notices, requests and other communications
to any party hereunder shall be in writing (including telecopy, facsimile, email or similar writing) and shall be deemed given or made as of the date delivered, if delivered personally or by telecopy, facsimile or email (provided that delivery by
telecopy, facsimile or email shall be followed by delivery of an additional copy personally, by mail or by overnight courier), one day after being delivered by overnight courier or four business days after being deposited in the mail, sent by
registered or certified mail (postage prepaid for the most expeditious form of delivery, return receipt requested), to the parties at the following addresses (or to such other address or telex or telecopy number as a party may have specified by
notice given to the other party pursuant to this provision): 
 If to the Company, to: 

    ADA-ES, Inc. 

    8100 SouthPark Way, Unit B 

    Littleton, Colorado 80120 

    Attention: Senior VP and CFO 

    Telephone: (303) 339-8850 

 

 16 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

     Facsimile: (303) 734-0330 

    Email: markm@adaes.com 

With copy to: 
  

			
	    Schuchat, Herzog & Brenman, LLC
	     1900 Wazee Street, Suite 300

	     Denver, Colorado 80202

	     Attention:
	 	Julie Herzog
	     Telephone:
	 	(303) 295-9707
	     Facsimile:
	 	(303) 295-9701
	     Email:
	 	jherzog@shblegal.com

 If to Subscriber,
to: 
     The address, facsimile number or email address set forth 

    on the signature page of this Agreement. 

4.7        Governing Law.    This Agreement shall be governed by and
construed in accordance with the laws of the State of Colorado, without regard to the conflicts of laws rules or provisions which would result in the application of the substantive law of any other state. 

4.8        Forum; Service of Process.    Any legal suit, action or
proceeding brought by any party or any of its Affiliates arising out of or based upon this Agreement shall be instituted in any federal or state court in Denver County, Colorado, and each party waives any objection which it may now or hereafter have
to the laying of venue or any such proceeding, and irrevocably submits to the jurisdiction of such courts in any such suit, action or proceeding. 

4.9        Captions.    The captions, headings and arrangements used
in this Agreement are for convenience only and do not in any way limit or amplify the terms and provisions hereof. 

4.10        No Prejudice.    The terms of this Agreement shall not be
construed in favor of or against any party on account of its participation in the preparation hereof. 

4.11        Words in Singular and Plural Form.    Words used in the
singular form in this Agreement shall be deemed to import the plural, and vice versa, as the sense may require. 

4.12        Remedy for Breach.    The Company hereby acknowledges that
in the event of any breach or threatened breach by the Company of any of the provisions of this Agreement, the Designated Holders would have no adequate remedy at law and could suffer substantial and irreparable damage. Accordingly, the Company
hereby agrees that, in such event, the Designated Holders shall be entitled, and notwithstanding any election by any Designated Holder to claim damages, to obtain a temporary and/or permanent injunction to restrain any such breach or threatened
breach or to obtain specific performance of any such provisions, all without prejudice to any and all other remedies which any Designated Holders may have at law or in equity. 

4.13        Successors and Assigns, Third Party Beneficiaries.    This
Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto, each permitted assignee of a party, any Designated Holder permitted pursuant to Article 3 and their respective permitted
successors and assigns and executors, administrators and heirs. 
  

 17 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 4.14        Entire
Agreement.    This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings of any and
every nature among them. 
 4.15        Termination of
Rights.    Upon the expiration of the Registration Period all rights of Designated Holders under Section 2.1 of this Agreement will terminate. All rights under this Agreement will terminate as to each Designated
Holder when such Person no longer holds any Registrable Securities. 

4.16        Force Majeure.    Notwithstanding anything to the contrary
in this Agreement, no party to this Agreement will be liable for any failure or delay in its performance under this Agreement due to any cause beyond its reasonable control, including natural disasters, war, embargo, riot, sabotage, labor shortage,
act of terrorism, or governmental act, provided that the delayed party (a) gives the other parties prompt notice of such cause, and (b) uses reasonable commercial efforts to correct promptly such failure or delay in performance.

 4.17        Confidentiality.    Each Designated Holder
agrees to keep confidential and not to disclose to or use for the benefit of any third party any information which at any time is communicated by the Company or its representatives as being confidential without the prior written approval of the
Company; provided, however, that this provision shall not apply to information the Designated Holder proves is already part of the public domain (except by breach of this Agreement) or is required to be disclosed by law, provided that Designated
Holder provides the Company with advance notice of such disclosure and cooperates with the Company to prevent or limit the scope of such disclosure. 

[Signature Page Follows] 
  

 18 

ADA-ES RD REGISTRATION RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be
duly executed as of the date and year first written above. 
  

			
	COMPANY:
	
	ADA-ES, INC.
	
	A Colorado Corporation
		
	By:	 	/s/ Mark H. McKinnies
	Title: SVP & CFO

  

 19 

ADA-ES REGISTRATION RIGHTS AGREEMENT

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