Document:

Form of Stockholders Agreement dated April 7, 2006

 Exhibit 10.16 
  
  
 FORM OF STOCKHOLDERS AGREEMENT 
 among 
 KAGY Holding Company, Inc. 

KAGY Acquisition Corp. 
 and 
 Certain Stockholders of KAGY Holding Company, Inc. 
 Dated as of April 7, 2006 
  
  

 TABLE OF CONTENTS 
  

							
	 1.
	 	EFFECTIVENESS; DEFINITIONS	  	1
		 	 1.1.
	  	Closing	  	1
		 	 1.2.
	  	Definitions	  	2
	 2.
	 	VOTING AGREEMENT	  	2
		 	 2.1.
	  	Certain Actions	  	2
		 	 2.2.
	  	Directors of the Company and its Subsidiaries	  	4
		 	 2.3.
	  	Significant Transactions	  	5
		 	 2.4.
	  	The Company	  	5
		 	 2.5.
	  	Period	  	5
	 3.
	 	TRANSFER RESTRICTIONS	  	5
		 	 3.1.
	  	Transfers Allowed	  	5
		 	 3.2.
	  	Certain Transferees to Become Parties	  	7
		 	 3.3.
	  	Restrictions on Public Transfers under Rule 144	  	7
		 	 3.4.
	  	Restrictions on Transfers to Strategic Investors	  	7
		 	 3.5.
	  	Impermissible Transfer	  	8
		 	 3.6.
	  	Notice of Transfer	  	8
		 	 3.7.
	  	Period	  	8
	 4.
	 	“TAG ALONG” AND “DRAG ALONG” RIGHTS AND RIGHT OF FIRST OFFER	  	8
		 	 4.1.
	  	Tag Along	  	8
		 	 4.2.
	  	Drag Along	  	10
		 	 4.3.
	  	Miscellaneous	  	11
		 	 4.4.
	  	Right of First Offer	  	13
		 	 4.5.
	  	Period	  	16
	 5.
	 	RIGHT OF PARTICIPATION	  	16
		 	 5.1.
	  	Right of Participation	  	16
		 	 5.2.
	  	Post-Issuance Notice	  	19
		 	 5.3.
	  	Excluded Transactions	  	20
		 	 5.4.
	  	Certain Provisions Applicable to Options, Warrants and Convertible Securities	  	20
		 	 5.5.
	  	Acquired Shares	  	21
		 	 5.6.
	  	Period	  	21
	 6.
	 	COVENANTS	  	21
		 	 6.1.
	  	Information Rights	  	21
		 	 6.2.
	  	Confidentiality	  	22
	 7.
	 	REMEDIES	  	22
		 	 7.1.
	  	Generally	  	22
		 	 7.2.
	  	Deposit	  	22
	 8.
	 	LEGENDS	  	23
		 	 8.1.
	  	Restrictive Legend	  	23
		 	 8.2.
	  	1933 Act Legends	  	23
		 	 8.3.
	  	Stop Transfer Instruction	  	24
		 	 8.4.
	  	Termination of 1933 Act Legend	  	24
	 9.
	 	AMENDMENT, TERMINATION, ETC.	  	24
		 	 9.1.
	  	Oral Modifications	  	24
		 	 9.2.
	  	Written Modifications	  	24

  

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		 	 9.3.
	  	Effect of Termination	  	24
	 10.
	 	DEFINITIONS	  	24
		 	 10.1.
	  	Certain Matters of Construction	  	24
		 	 10.2.
	  	Definitions	  	25
	 11.
	 	MISCELLANEOUS	  	31
		 	 11.1.
	  	Authority: Effect	  	31
		 	 11.2.
	  	Notices	  	31
		 	 11.3.
	  	Binding Effect, Etc.	  	32
		 	 11.4.
	  	Descriptive Heading	  	32
		 	 11.5.
	  	Counterparts	  	33
		 	 11.6.
	  	Severability	  	33
		 	 11.7.
	  	No Recourse	  	33
		 	 11.8.
	  	Aggregation of Shares	  	33
		 	 11.9.
	  	Obligations of Company and Merger Sub	  	33
	 12.
	 	GOVERNING LAW	  	33
		 	 12.1.
	  	Governing Law	  	33
		 	 12.2.
	  	Consent to Jurisdiction	  	33
		 	 12.3.
	  	WAIVER OF JURY TRIAL	  	34
		 	 12.4.
	  	Exercise of Rights and Remedies	  	34

  

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 STOCKHOLDERS AGREEMENT 
 This Stockholders Agreement (the “Agreement”) is made as of April 7, 2006 by and among: 
  

	 	(i)	KAGY Holding Company, Inc., a Delaware corporation (together with its successors and permitted assigns, the “Company”); 

  

	 	(ii)	KAGY Acquisition Corp., a Delaware corporation (together with its successors and permitted assigns, “Merger Sub”); 

  

	 	(iii)	each Person executing this Agreement and listed as an Investor on the signature pages hereto (collectively with their Permitted Transferees, the “Investors”);

  

	 	(iv)	each Person executing this Agreement and listed as an Other Investor on the signature pages hereto (collectively with their Permitted Transferees, the “Other
Investors”); 

  

	 	(v)	each Person executing this Agreement and listed as a manager on the signature pages hereto (collectively with their Permitted Transferees, the “Managers”);

  

	 	(vi)	such other Persons, if any, that from time to time become party hereto as transferees of Shares pursuant to Section 3.2 (collectively, together with the Investors, the Other
Investors and the Managers, the “Stockholders”) in accordance with the terms hereof. 

 RECITALS 

 1. The Company has been formed for the purpose of acquiring (the “Acquisition”), indirectly through one or more
subsidiaries, pursuant to an Agreement of Merger, dated as of February 23, 2006 (the “Merger Agreement”), among the Company, Merger Sub, and AGY Holding Corp. (“AGY”), all of the outstanding shares of AGY.
Immediately after the Closing (as defined below), Merger Sub will merge with and into AGY. 
 2. Upon the Closing (as defined below), the
Common Stock (as defined below) of the Company will be held as set forth on Schedule I hereto. 
 3. The parties believe that it is in
the best interests of the Company, Merger Sub and the Stockholders to set forth their agreements on certain matters. 
 AGREEMENT

 Therefore, the parties hereto hereby agree as follows: 
 1. EFFECTIVENESS; DEFINITIONS. 
 1.1. Closing. This Agreement shall become effective upon
consummation of the closing under the Merger Agreement (the “Closing”). 

 1.2. Definitions. Certain terms are used in this Agreement as specifically defined herein. These
definitions are set forth or referred to in Section 10 hereof. 
 2. VOTING AGREEMENT. 
 2.1. Certain Actions. In addition to any other approval required by the certificate of incorporation of the Company or AGY or by applicable law,
the approval of the Majority Kohlberg Investors shall be required to do any of the following, and the Company and Merger Sub shall not, and shall cause their respective subsidiaries not to, take any of the following actions without the approval of
the Majority Kohlberg Investors, who shall have the right to substantially participate in and substantially influence the conduct of the management of the Company and its subsidiaries: 
 2.1.1. Annual Budget. Approve the annual operating budget of the Company and its subsidiaries, modify in any material respect any
such budget or take any action that is or would be reasonably likely to be in material variance therefrom. 
 2.1.2.
Merger, Consolidation, Change of Control. Enter into or effect any transaction or series of related transactions involving the merger or consolidation of the Company or any of its subsidiaries with or into any Person, other than a merger or
consolidation of a direct or indirect wholly-owned subsidiary of the Company with or into the Company or another direct or indirect wholly-owned subsidiary of the Company; or enter into or effect a Change of Control transaction. 
 2.1.3. Indebtedness, etc. Other than a draw down in the ordinary course of business under a debt agreement entered into prior to
the date of such draw down the execution of which was previously approved by the Majority Kohlberg Investors, incur any indebtedness (including refinancings), assume, guarantee, endorse or otherwise as an accommodation become responsible for the
obligations of any other Person (provided that the Company or any of its direct or indirect subsidiaries may provide cross-guarantees for any indebtedness that has been approved under this Section 2.1.3), enter into any agreement under which it
may incur indebtedness in the future, make any voluntary prepayment of indebtedness of the Company or any of its subsidiaries outside the ordinary course of business, in each case in an aggregate amount in excess of $500,000 in any transaction or
series of related transactions, or make an amendment to the maturity date, aggregate principal amount or interest rate of existing indebtedness, or make any loan, advance or capital contribution to any Person (other than the Company or any of its
wholly-owned subsidiaries). 
 2.1.4. Sale of Assets. Enter into or effect any transaction or series of related
transactions, involving the sale, lease, exchange or other disposal by the Company or any of its subsidiaries of any assets for consideration having a fair market value (as reasonably determined by the Board) in excess of $500,000, other than
transactions between and among any of the Company and its direct or indirect wholly-owned subsidiaries. 
  

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 2.1.5. Acquisition of Assets. Enter into or effect any transaction or series of
related transactions, involving the purchase, rent, license, exchange or other acquisition by the Company or any of its subsidiaries of any assets for consideration having a fair market value (as reasonably determined by the Board) in excess of
$500,000. 
 2.1.6. Repurchase of Securities. Enter into or effect any transaction or series of related transactions in
connection with or involving the repurchase, redemption or other acquisition of securities of the Company or any of its subsidiaries or in connection with any management incentive program other than (i) repurchases from Investors and
(ii) repurchases from, or payments to, Managers up to an aggregate of $50,000 with respect to any single Manager. 
 2.1.7. Charter and By-laws. Amend or waive any material provisions of the certificate of incorporation or by-laws of the Company or any of its subsidiaries. 
 2.1.8. Acquisition Documents. Amend or waive any material provisions of or otherwise terminate the Merger Agreement and any
ancillary documents entered into in connection with the Acquisition, including the Related Agreements (as defined in the Merger Agreement) and Credit Agreements (including, in each case, any amendments, restatements or refinancings or replacements
thereof). For purposes of this Section 2.1.8, the term “Credit Agreements” means the Credit Agreement dated as of April 7, 2006 among AGY (as successor to Merger Subsidiary), the Company and the other guarantors party
thereto, each lender from time to time party thereto, UBS Securities LLC, UBS AG, Stamford Branch, and UBS Loan Finance LLC. 
 2.1.9. Executive Officers. Hire or remove, with or without cause, the chief executive officer, the chief financial officer, the chief operating officer or any other member of senior management of the Company or Merger Sub, from time
to time. 
 2.1.10. Management Transactions. Enter into or effect directly or indirectly any transaction between the
Company or one of its subsidiaries, on the one hand, and a member of senior management or any Affiliate thereof, on the other. 
 2.1.11. Equity Issuances. Issue or sell, exchange or otherwise transfer any of its equity securities other than issuances or transfers of equity securities of a subsidiary to the Company or to a wholly-owned subsidiary of the
Company. 
 2.1.12. Acquisition of Securities. Purchase, exchange or otherwise acquire any equity securities of any
other Person, other than the acquisition of equity of a direct or indirect wholly-owned subsidiary of the Company. 
 2.1.13.
Reorganization. Dissolve, liquidate or engage in any recapitalization or reorganization of the Company or any subsidiary (other than a wholly-owned subsidiary other than AGY) or the filing for bankruptcy by the Company or any of its
subsidiaries. 
 2.1.14. Dividends. Declare or pay any cash or other dividend or make any other distribution on the
capital stock of the Company or on the capital stock of any subsidiary other than dividends or other distributions by a direct or indirect wholly-owned subsidiary of the Company to its equity holder. 
  

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 2.1.15. Material Contracts Outside the Ordinary Course of Business. Enter into any
contract involving payments to or from the Company and/or its subsidiaries in excess of $500,000 other than any such contract that is in accordance with the annual budget approved under Section 2.1.1 and entered into in the ordinary course of
business. 
 2.1.16. Recapitalization. Recapitalize or reclassify existing securities or enter into, or effect, any
exchange or tender offer. 
 2.1.17. Litigation. Settle any claim or litigation for an amount in excess of $500,000.

 2.1.18. Nature of Business. Materially change the nature of the business of the Company or its subsidiaries.

 2.1.19. Financial Auditors. Hire or remove, with or without cause, the independent auditors of the Company.

 2.1.20. Establishment of Subsidiary. Create or permit to exist any subsidiary of the Company, other than a
wholly-owned subsidiary. 
 2.1.21. Management Equity or Severance Programs. Adopt or make a material amendment to any
severance or management equity program. 
 2.1.22. Joint Ventures and Alliances. Enter into any joint venture or
business alliance other than in the ordinary course of business that has an aggregate value in excess of $500,000 in one transaction or series of transactions. 
 2.1.23. Agreement. Agree to do any of the foregoing in Sections 2.1.1 through 2.1.22. 
 2.2. Directors of the Company and its Subsidiaries. 
 2.2.1. Board of Directors. Each Stockholder agrees to cast all votes to which such Stockholder is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, to
establish and maintain a Board consisting of the numbers of directors (not less than three) designated from time to time by the Majority Kohlberg Investors. 
 2.2.2. Kohlberg Directors. Each Stockholder agrees to cast all votes to which such Stockholder is entitled in respect of the
Shares, whether at any annual or special meeting, by written consent or otherwise, (a) to elect one or more designees of Kohlberg Management V, L.L.C. to the Board of the Company pursuant to the Company’s certificate of incorporation (the
“Kohlberg Directors”) so that the Kohlberg Directors constitute a majority of the members of the Board of the Company at all times 

  

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until the provisions of this Section 2.2.2 expire pursuant to Section 2.5 and (b) to remove any such Kohlberg Director if at any time
requested to do so by Kohlberg Management V, L.L.C. 
 2.2.3. CEO Director. Each Stockholder agrees to cast all votes
to which such Stockholder is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, (a) to elect the Chief Executive Officer of Merger Sub to the Board of the Company pursuant to the
Company’s certificate of incorporation (the “CEO Director”) and (b) to remove the CEO Director if at any time the person serving as CEO Director ceases to be the Chief Executive Officer of Merger Sub. 
 2.2.4. Directors of Subsidiaries. The Company will cause the board of directors of Merger Sub to consist at all times of the same
members as the Board of the Company at such time. The boards of directors (or similar managing authority) of all other subsidiaries of the Company will consist of such persons as the Company shall direct. 
 2.3. Significant Transactions. Each Stockholder agrees to cast all votes to which such Stockholder is entitled in respect of the Shares, whether at
any annual or special meeting, by written consent or otherwise, in such manner as the Majority Kohlberg Investors may instruct by written notice to approve any sale, recapitalization, merger, consolidation, reorganization or any other transaction or
series of transactions involving the Company or its subsidiaries (or all or any portion of their respective assets) in connection with, or in furtherance of, the exercise by the Majority Kohlberg Investors of their rights under Section 4.2.
Each Stockholder hereby grants to Kohlberg Management V, L.L.C. an irrevocable proxy coupled with an interest to vote, including in any action by written consent, such Stockholder’s Shares in accordance with such Stockholder’s agreements
contained in this Section 2.3, which proxy shall be valid and remain in effect until the provisions of this Section 2.3 expire pursuant to Section 2.5. 
 2.4. The Company. The Company will not give effect to any action by any Stockholder or any other Person which is in contravention of this Section 2. 
 2.5. Period. Each of the foregoing provisions of this Section 2 shall expire upon a Change of Control. 
 3. TRANSFER RESTRICTIONS. 
 3.1. Transfers
Allowed. No Stockholder shall Transfer any of such Stockholder’s Shares to any other Person except as follows: 
 3.1.1. Permitted Transferees. Subject to Section 3.4, but without regard to any other restrictions on transfer contained elsewhere in this Agreement, any Stockholder may Transfer any or all of such Shares to such
Stockholder’s Permitted Transferees. 
 3.1.2. Distributions. At or after the closing of the Initial Public
Offering, any Stockholder may Transfer any or all of such Shares in a pro rata Transfer to its partners, members or stockholders without regard to any other restrictions on transfer contained elsewhere in this Agreement. Any Shares so
Transferred shall conclusively be deemed thereafter not to be Shares under this Agreement. 
  

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 3.1.3. Public Transfers. Any Stockholder may Transfer any or all of such Shares:
(a) in a Public Offering or (b) after the closing of the Initial Public Offering, pursuant to Rule 144 or a block sale to a financial institution in the ordinary course of its trading business, in each case in compliance with
Section 3.3 and Section 3.4, but without regard to any other restrictions on transfer contained elsewhere in this Agreement. Shares Transferred in accordance with this Section 3.1.3 shall conclusively be deemed thereafter not to be
Shares under this Agreement. 
 3.1.4. Tag Along and Drag Along. 
 (i) Any Stockholder may Transfer any or all of such Shares pursuant to Section 4.2, without regard to any other restrictions on
transfer contained elsewhere in this Agreement. Any Shares so Transferred shall conclusively be deemed thereafter not to be Shares under this Agreement. 
 (ii) A Participating Seller may Transfer Shares pursuant to and in accordance with the provisions of Section 4.1 without regard to any other restrictions on transfer contained elsewhere in this Agreement provided
that each transferee agrees to be bound by the terms of this Agreement in accordance with Section 3.2 (if not already bound hereby). 
 3.1.5. Other Private Transfers. In addition to any Transfers made in accordance with Sections 3.1.1, 3.1.2, 3.1.3 and 3.1.4, any Stockholder may Transfer any or all of such Shares subject to compliance
with all of the following conditions in respect of each Transfer: 
 (i) if such Transfer is prior to the seven year
anniversary of the date of the Closing, with the consent of the Majority Kohlberg Investors and in compliance with Sections 3.2, 3.4 and 4.1, and, if such Transfer is before the closing of the Initial Public Offering and by a Stockholder other than
an Investor, Section 4.4; 
 (ii) if such Transfer is after the seven year anniversary of the date of the Closing, in
compliance with Sections 3.2, 3.4 and 4.1 and, if such Transfer is before the closing of the Initial Public Offering and by a Stockholder other than an Investor, Section 4.4; and 
 (iii) solely in the case of an Investor or Other Investor, any pledge of Shares for the benefit of a lender to such Investor or Other
Investor as security for a loan from such lender, provide that, as a condition to foreclosure of such pledge, such lender agrees to become a party to (or if such lender sells such Shares to a purchaser in connection with such foreclosure, to require
the purchaser, as a condition to such purchase, to become a party to), and to be bound by (or require any such purchaser upon foreclosure to be bound by, if applicable), the provisions of this Agreement. 
  

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 Any Shares so Transferred shall conclusively be deemed thereafter to be Shares under this Agreement and
each transferee shall be bound by the terms of this Agreement in accordance with Section 3.2. 
 3.2. Certain
Transferees to Become Parties. Any transferee receiving Shares in a Transfer pursuant to Section 3.1.1, 3.1.4(ii) or 3.1.5 shall become a Stockholder, party to this Agreement and subject to the terms and conditions of, and be entitled to
enforce, this Agreement to the same extent, and in the same capacity, as the Person that Transfers such Shares to such transferee; provided, however, that only a Permitted Transferee of an Investor will be deemed to be an Investor for
purposes of this Agreement and provided, further, that any transferee receiving Shares in a Transfer pursuant to Section 3.1.4(ii) or 3.1.5 that is neither a Permitted Transferee nor an Investor will become party to this Agreement
as Stockholder without the benefit of the rights of: (a) Tag Along Holders (Section 4.1.1); (b) First Offer Holders (Section 4.4), or (c) Participation Offerees (Section 5). Prior to the Transfer of any Shares to any transferee
pursuant to Section 3.1.1, 3.1.4(ii) or 3.1.5, and as a condition thereto, each Stockholder effecting such Transfer shall (x) cause such transferee to deliver to the Company and each of the Investors (other than the transferor) its written
agreement, in form and substance reasonably satisfactory to the Company, to be bound by the terms and conditions of this Agreement to the extent described in the preceding sentence and (y) if such Transfer is to a Permitted Transferee, remain
directly liable for the performance by such Permitted Transferee of all obligations of such transferee under this Agreement. 
 3.3. Restrictions on Public Transfers under Rule 144. After the Initial Public Offering, each Specified Holder promptly shall notify each Related Holder (a) when it has commenced a measurement period for purposes of the Rule 144
group volume limit in connection with a Sale that is subject to such limit and (b) what the volume limit for that measurement period, determined as of its commencement, will be. Each Related Holder shall be entitled to effect Sales that are
subject to the Rule 144 group volume limit pro rata during the applicable measurement period based on its percentage ownership of Shares held by all holders of Shares at the start of such measurement period. In the event any Related Holder agrees to
forego its full pro rata share of the Rule 144 group volume limit by written notice to the Specified Holder and all other Related Holders, the remainder shall be re-allocated pro rata among the Specified Holder and all other Related Holders in like
manner (except that the Shares held by such forfeiting Related Holder at the start of such measurement period shall be excluded from such calculation). The provisions of this Section 3.3 shall not apply to any Transfer of Shares (x) in a
Public Offering or (y) not subject to volume limitation under Rule 144. For purposes of this Section 3.3, a “Specified Holder” means a Stockholder whose sale of Shares pursuant to Rule 144 would be subject to
aggregation with another Stockholder (such other Stockholder being a “Related Holder”). 
 3.4.
Restrictions on Transfers to Strategic Investors. In addition to any other provision of this Agreement, no Stockholder shall Transfer any Shares pursuant to Sections 3.1.1, 3.1.3 or 3.1.5 of this Agreement to a Strategic Investor without the
approval of the Majority Kohlberg Investors; provided, however, that the restrictions in this Section 3.4 shall not apply to any Transfers (v) to the Company or any of its subsidiaries, (w) to any Investor, (x) to
any Affiliated Fund of any Investor, (y) pursuant to Rule 144 effected as “brokers’ transactions” (as defined in Rule 144); or (z) pursuant to an underwritten Public Offering or, following the Initial Public 

  

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Offering, in any transaction in which, to the knowledge of the Stockholder (after reasonable due inquiry), none of the purchaser(s), underwriter(s), if any,
nor market maker(s), if any, are acquiring such Shares for the intended purpose of reselling such Shares to any Person that, after giving effect to such resale (if applicable), would own, directly or indirectly, more than five percent (5%) of
then outstanding shares of the applicable class of Shares. 
 3.5. Impermissible Transfer. Any attempted Transfer of
Shares not permitted under the terms of this Section 3 shall be null and void, and the Company shall not in any way give effect to any such impermissible Transfer. 
 3.6. Notice of Transfer. To the extent any Stockholder or Permitted Transferee shall Transfer any Shares, such Stockholder or
Permitted Transferee shall, within three Business Days following consummation of such Transfer, deliver notice thereof to the Company and each Investor. 
 3.7. Period. Each of the foregoing provisions of this Section 3 shall expire upon a Change of Control. 
 4.
“TAG ALONG” AND “DRAG ALONG” RIGHTS AND RIGHT OF FIRST OFFER. 
 4.1. Tag Along. Subject to prior compliance
with Section 4.4, if applicable, if any Prospective Selling Stockholder proposes to Sell any Shares to any Prospective Buyer(s) that is not a Permitted Transferee (including a First Offer Purchaser pursuant to Section 4.4) in a Transfer
that is subject to Section 3.1.5: 
 4.1.1. Notice. The Prospective Selling Stockholder shall, prior to any such
proposed Transfer, deliver a written notice (the “Tag Along Notice”) to each Stockholder (each, a “Tag Along Holder”). The Tag Along Notice shall include: 
 (i) the principal terms and conditions of the proposed Sale, including (a) the number and class of the Shares to be purchased from
the Prospective Selling Stockholder, (b) the fraction(s) expressed as a percentage, determined by dividing the number of Shares of each class to be purchased from the Prospective Selling Stockholder by the total number of Equivalent Shares of
each such class held by the Prospective Selling Stockholder (for each class, the “Tag Along Sale Percentage”) (it being understood that the Company shall reasonably cooperate with the Prospective Selling Stockholder in respect of
the determination of each applicable Tag Along Sale Percentage), (c) the per share purchase price or the formula by which such price is to be determined and the payment terms, including a description of any non-cash consideration sufficiently
detailed to permit valuation thereof, (d) the name and address of each Prospective Buyer and (e) the proposed Transfer date; and 
 (ii) an invitation to each Tag Along Holder to make an offer to include in the proposed Sale to the applicable Prospective Buyer(s) Equivalent Shares of the same class(es) being sold by the Prospective Selling
Stockholder held by such Tag Along Holder (not in any event to exceed the Tag Along Sale Percentage of the total number of Equivalent Shares of the applicable class held by such Tag Along Holder), on the 

  

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same terms and conditions (subject to Section 4.3.4 in the case of Options, Warrants and Convertible Securities and subject to Section 4.3.1 under
all circumstances), with respect to each Share Sold, as the Prospective Selling Stockholder shall Sell each of its Shares. 
 4.1.2. Exercise. Within ten (or five, if the proposed Transfer is also the subject of a currently effective Sale Notice under Section 4.4) Business Days after the date of delivery of the Tag Along Notice (such date the
“Tag Along Deadline”), each Tag Along Holder desiring to make an offer to include Shares in the proposed Sale (each a “Participating Seller” and, together with the Prospective Selling Stockholder, collectively, the
“Tag Along Sellers”) shall deliver a written notice (the “Tag Along Offer”) to the Prospective Selling Stockholder indicating the number of Shares which such Participating Seller desires to have included in the
proposed Sale (subject to the limitation set forth in Section 4.1.1(ii) ). Each Tag Along Holder who does not make a Tag Along Offer in compliance with the above requirements, including the time period, shall be deemed to have waived all of
such holder’s rights to participate in such Sale, and the Tag Along Sellers shall thereafter be free to Sell to the Prospective Buyer, at a per share price no greater than the per share price set forth in the Tag Along Notice and on other
principal terms and conditions which are not materially more favorable to the Tag Along Sellers than those set forth in the Tag Along Notice, without any further obligation to such non-accepting Tag Along Holder pursuant to this Section 4.1.

 4.1.3. Irrevocable Offer. The offer of each Participating Seller contained in such holder’s Tag Along Offer
shall be irrevocable, and, to the extent such offer is accepted, such Participating Seller shall be bound and obligated to Sell in the proposed Sale on the same terms and conditions, with respect to each Share Sold (subject to Section 4.3.4 in
the case of Options, Warrants and Convertible Securities), as the Prospective Selling Stockholder, up to such number of Shares as such Participating Seller shall have specified in such holder’s Tag Along Offer; provided, however,
that if the principal terms of the proposed Sale change with the result that the per share price shall be less than the per share price set forth in the Tag Along Notice or the other principal terms and conditions shall be materially less favorable
to the Tag Along Sellers than those set forth in the Tag Along Notice, the Prospective Seller shall provide written notice thereof to each Participating Seller and each Participating Seller shall be permitted to withdraw the offer contained in such
holder’s Tag Along Offer by written notice to the Prospective Selling Stockholder within three Business Days of delivery of such written notice from the Prospective Selling Stockholder and upon such withdrawal shall be released from such
holder’s obligations thereunder. 
 4.1.4. Reduction of Shares Sold. The Prospective Selling Stockholder shall
attempt to obtain the inclusion in the proposed Sale of the entire number of Shares which each of the Tag Along Sellers requested to have included in the Sale (as evidenced in the case of the Prospective Selling Stockholder by the Tag Along Notice
and in the case of each Participating Seller by such Participating Seller’s Tag Along Offer). In the event the Prospective Selling Stockholder shall be unable to obtain the inclusion of such entire number of Shares in the proposed Sale, the
number of Shares to be sold in the proposed Sale shall be allocated among the Tag Along Sellers in proportion, as nearly as practicable, as follows: 
 (i) there shall be first allocated to each Tag Along Seller a number of Shares equal to the lesser of (a) the number of Shares offered (or proposed, in the case of the Prospective Selling Stockholder) to be
included by such Tag Along Seller in the proposed Sale pursuant to this Section 4.1, and (b) a number of Shares equal to such Tag Along Seller’s Pro Rata Portion; and 
  

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 (ii) the balance, if any, not allocated pursuant to clause (i) above shall be
allocated to the Prospective Selling Stockholder, or in such other manner as the Prospective Selling Stockholder may otherwise agree (it being understood that no Tag Along Seller will be obligated to sell more Shares than it offered to sell in the
proposed Sale). 
 4.1.5. Additional Compliance. If, prior to consummation, the terms of the proposed Sale shall change
with the result that the per share price to be paid in such proposed Sale shall be greater than the per share price set forth in the Tag Along Notice or the other principal terms of such proposed Sale shall be materially more favorable to the Tag
Along Sellers than those set forth in the Tag Along Notice, the Tag Along Notice shall be null and void, and it shall be necessary for a separate Tag Along Notice to be delivered, and the terms and provisions of this Section 4.1 separately
complied with, in order to consummate such proposed Sale pursuant to this Section 4.1; provided, however, that in the case of such a separate Tag Along Notice, the applicable period to which reference is made in Section 4.1.2
shall be three Business Days and two Business Days, respectively. In addition, if the Prospective Selling Stockholders have not completed the proposed Sale by the end of the 180th day after the date of delivery of (a) if the proposed Transfer
is also the subject of a currently effective Sale Notice under Section 4.4, such Sale Notice, and (b) otherwise, the Tag Along Notice, each Participating Seller shall be released from such holder’s obligations under such holder’s
Tag Along Offer, the Tag Along Notice shall be null and void, and it shall be necessary for a separate Tag Along Notice to be delivered, and the terms and provisions of this Section 4.1 separately complied with, in order to consummate such
proposed Sale pursuant to this Section 4.1, unless the failure to complete such proposed Sale resulted from any failure by any Participating Seller to comply with the terms of this Section 4. 
 4.2. Drag Along. Each Stockholder hereby agrees, if requested by the Majority Kohlberg Investors, to Sell the same percentage (the “Drag
Along Sale Percentage”) of the total number of Equivalent Shares of each class of such Shares that is proposed to be sold by the Prospective Selling Stockholders to a Prospective Buyer (in one transaction or a series of related
transactions), in the manner and on the terms set forth in this Section 4.2. 
 4.2.1. Exercise. The Prospective
Selling Stockholders shall deliver a written notice (the “Drag Along Notice”) to each other Stockholder at least ten Business Days prior to the consummation of the Change of Control transaction. The Drag Along Notice shall set forth
the principal terms and conditions of the proposed Sale, including (a) the number and class of Shares to be acquired from the Prospective Selling 

  

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Stockholders, (b) the Drag Along Sale Percentage for each class, (c) the per share consideration to be received in the proposed Sale for each
class, (d) the name and address of the Prospective Buyer and (e) if known, the proposed Transfer date. If the Prospective Selling Stockholders consummate the proposed Sale to which reference is made in the Drag Along Notice, each other
Stockholder (each, a “Participating Seller,” and, together with the Prospective Selling Stockholders, collectively, the “Drag Along Sellers”) shall: (i) be bound and obligated to Sell the Drag Along Sale
Percentage of such holder’s Shares of each class in the proposed Sale on the same terms and conditions, with respect to each Share Sold (subject to Section 4.3.4 in the case of Options, Warrants and Convertible Securities) as the
Prospective Selling Stockholders shall Sell each Share in the Sale (subject to Section 4.3.4 in the case of Options, Warrants and Convertible Securities and subject to Section 4.3.1 under all circumstances); and (ii) except as
provided in Section 4.3.1, shall receive the same form and amount of consideration per Share to be received by the Prospective Selling Stockholders for the corresponding class of Shares (on an as converted basis, in the case of Convertible
Securities). Except as provided in Section 4.3.1, if any holders of Shares of any class are given an option as to the form and amount of consideration to be received, all holders of Shares of such class will be given the same option. Unless
otherwise agreed by each Drag Along Seller, any non-cash consideration shall be allocated among the Drag Along Sellers pro rata based upon the aggregate amount of consideration to be received by such Drag Along Sellers. If at the end of the 180th
day after the date of delivery of the Drag Along Notice the Prospective Selling Stockholders have not completed the proposed Sale, the Drag Along Notice shall be null and void, each Participating Seller shall be released from such holder’s
obligation under the Drag Along Notice and it shall be necessary for a separate Drag Along Notice to be delivered and the terms and provisions of this Section 4.2 separately complied with, in order to consummate such proposed Sale pursuant to
this Section 4.2. 
 4.3. Miscellaneous. The following provisions shall be applied to any proposed Sale to which Sections 4.1,
4.2 or 4.4 applies: 
 4.3.1. Certain Legal Requirements. In the event the consideration to be paid in exchange for
Shares in a proposed Sale pursuant to Section 4.1 or Section 4.2 includes any securities, and the receipt thereof by a Participating Seller would require under applicable law (a) the registration or qualification of such securities or
of any Person as a broker or dealer or agent with respect to such securities where such registration or qualification is not otherwise required for the Sale by the Prospective Selling Stockholder(s) or (b) the provision to any Tag Along Seller
or Drag Along Seller of any specified information regarding such securities or the issuer thereof that is not otherwise required to be provided for the Sale by the Prospective Selling Stockholder(s), then such Participating Seller shall not have the
right without the consent of the Prospective Selling Stockholder(s) to Sell Shares in such proposed Sale. In such event, absent such consent, the Prospective Selling Stockholder(s) shall (i) in the case of a Sale pursuant to Section 4.1,
have the right, but not the obligation, and (ii) in the case of a Sale pursuant to Section 4.2, have the obligation to cause to be paid to such Participating Seller in lieu thereof, against surrender of the Shares (in accordance with
Section 4.3.6 hereof) which would have otherwise been Sold by such Participating Seller to the Prospective Buyer in the proposed Sale, an amount in cash equal to the Fair Market Value of such Shares as of the date such securities would have
been issued in exchange for such Shares. 
  

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 4.3.2. Further Assurances. Each Participating Seller and First Offer Purchaser
shall take or cause to be taken all such actions as may be necessary or reasonably desirable in order expeditiously to consummate each Sale pursuant to Section 4.1, Section 4.2 or Section 4.4 and any related transactions, including
executing, acknowledging and delivering consents, assignments, waivers and other documents or instruments; furnishing information and copies of documents; filing applications, reports, returns, filings and other documents or instruments with
governmental authorities; and otherwise cooperating with the Prospective Selling Stockholder(s) and the Prospective Buyer; provided, however, that Participating Sellers shall be obligated to become liable in respect of any
representations, warranties, covenants, indemnities or otherwise to the Prospective Buyer solely to the extent provided in the immediately following sentence. Without limiting the generality of the foregoing, each Participating Seller agrees to
execute and deliver such agreements as may be reasonably specified by the Prospective Selling Stockholder(s) to which such Prospective Selling Stockholder(s) will also be party, including agreements to (a) (i) make individual
representations, warranties, covenants and other agreements as to the unencumbered title to its Shares and the power, authority and legal right to Transfer such Shares, the absence of any Adverse Claim with respect to such Shares and the
non-contravention of other agreements and (ii) be liable as to such representations, warranties, covenants and other agreements, in each case to the same extent (but with respect to its own Shares) as the Prospective Selling Stockholder(s), and
(b) in the case of a Sale pursuant to Sections 4.1 or 4.2, be liable (whether by purchase price adjustment, indemnity payments or otherwise) in respect of representations, warranties, covenants and agreements in respect of the Company and its
subsidiaries; provided, however, that the aggregate amount of liability referred to in this clause (b) in connection with any Sale of Shares shall not exceed such Participating Seller’s pro rata portion of any such liability,
to be determined in accordance with such Participating Seller’s portion of the aggregate proceeds to all Participating Sellers and Prospective Selling Stockholder(s) in connection with such Sale; and provided further that the
aggregate amount of liability referred to in this sentence shall not exceed the proceeds to such Participating Seller in connection with such Sale. 
 4.3.3. Sale Process. The Majority Kohlberg Investors, in the case of a proposed Sale pursuant to Section 4.2, or the Prospective Selling Stockholder, in the case of a proposed Sale pursuant to
Section 4.1 shall, in their sole discretion, decide whether or not to pursue, consummate, postpone or abandon any proposed Sale and the terms and conditions thereof. No Stockholder nor any Affiliate of any such holder shall have any liability
to any other Stockholder or the Company arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions of any proposed Sale except to the extent such holder shall have failed to comply
with the provisions of this Section 4 and such failure shall have had a materially adverse effect on such Stockholders’ ability to exercise its rights pursuant to Section 4.1 or 4.2, as applicable. 
  

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 4.3.4. Treatment of Options, Warrants and Convertible Securities. If any
Participating Seller shall Sell Options, Warrants or Convertible Securities in any Sale pursuant to Section 4, such Participating Seller shall receive in exchange for such Options, Warrants or Convertible Securities consideration in the amount
(if greater than zero) equal to the purchase price received by the Prospective Selling Stockholder(s) in such Sale for the number of shares of each class of Stock that would be issued upon exercise, conversion or exchange of such Options, Warrants
or Convertible Securities less the exercise price, if any, of such Options, Warrants or Convertible Securities (to the extent exercisable, convertible or exchangeable at the time of such Sale), subject to reduction for any tax or other amounts
required to be withheld under applicable law. 
 4.3.5. Expenses. All reasonable costs and expenses incurred by the
Company in connection with any proposed Sale pursuant to Section 4.1, Section 4.2 or Section 4.4 (whether or not consummated), including all attorneys fees and charges, all accounting fees and charges and all finders, brokerage or
investment banking fees, charges or commissions, shall be paid by the Company. The Majority Kohlberg Investors may retain, and the Company will pay the reasonable fees and expenses of, a single legal counsel (and such local counsel as may be
appropriate) to represent all Participating Sellers in connection with any proposed Sale pursuant to this Section 4 (whether or not consummated). Any other costs and expenses incurred by or on behalf of any or all of the Participating Sellers
in connection with any proposed Sale pursuant to this Section 4 (whether or not consummated) shall be borne by such Participating Seller(s). 
 4.3.6. Closing. The closing of a Sale to which Section 4.1, 4.2 or 4.4 applies shall take place (i) on the proposed Transfer date, if any, specified in the Tag Along Notice, Drag Along Notice or Sale
Notice, as applicable (provided that consummation of any Transfer may be extended beyond such date to the extent necessary to obtain any applicable governmental approval or other required approval or to satisfy other conditions), (ii) if no
proposed Transfer date was required to be specified in the Drag Along Notice, at such time as the Prospective Selling Stockholders shall specify by notice to each Participating Seller and (iii) at such place as the Prospective Selling
Stockholder(s) shall specify by notice to each Participating Seller in the case of a Sale to which Section 4.2 applies. At the closing of such Sale, each Participating Seller shall deliver the certificates evidencing the Shares to be Sold by
such Participating Seller, duly endorsed, or with stock (or equivalent) powers duly endorsed, for transfer with signature guaranteed, free and clear of any liens or encumbrances, with any stock (or equivalent) transfer tax stamps affixed, against
delivery of the applicable consideration. 
 4.4. Right of First Offer. If any Prospective Selling Stockholder proposes to Sell any
Shares other than to a Permitted Transferee and before the closing of an Initial Public Offering in a Transfer (including to another Stockholder or the Company or any of its subsidiaries) that is subject to Section 3.1.5: 
 4.4.1. Notice. The Prospective Selling Stockholder shall deliver a written notice of such proposed Sale (a “Sale
Notice”) to each other Stockholder (each, a “First Offer Holder”) (which notice may be the same notice as the Tag Along Notice delivered pursuant to Section 4.1) not less than twenty Business Days prior to any such
proposed Transfer. The Sale Notice shall include: 
 (i) (a) the number and class(es) of Shares proposed to be sold by
the Prospective Selling Stockholder (the “Subject Shares”), (b) the per share purchase price or the formula by which such price is to be determined and (c) the proposed Transfer date, if known; and 
  

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 (ii) an invitation to each First Offer Holder to make an offer to purchase (subject to
Section 4.4.6 below) any number of the Subject Shares at such price. 
 4.4.2. Exercise. 
 (i) Within twenty Business Days after the date of delivery of the Sale Notice (the “First Offer Deadline”), each First
Offer Holder may make an offer to purchase any number of the Subject Shares at the price set forth in the Sale Notice by delivering a written notice (the “First Offer Notice”) of such offer specifying a number of Subject Shares
offered to be purchased from the Prospective Selling Stockholder (each such Person delivering such notice, a “First Offer Purchaser”). The receipt of consideration by any Prospective Selling Stockholder selling Shares in payment for
the transfer of such Shares pursuant to this Section 4.4.2 shall be deemed a representation and warranty by such Prospective Selling Stockholder that: (i) such Prospective Selling Stockholder has full right, title and interest in and to
such Shares; (ii) such Prospective Selling Stockholder has all necessary power and authority and has taken all necessary action to sell such Shares as contemplated by this Section 4.4.2; and (iii) such Shares are free and clear of any
and all liens, encumbrances or other Adverse Claims. 
 (ii) Each Person not delivering a First Offer Notice that complies
with the above requirements, including the applicable time periods, shall be deemed to have waived all of such Person’s rights to purchase such Shares under this Section 4.4.2, and the Prospective Selling Stockholder shall thereafter be
free to Sell the Subject Shares to the First Offer Purchasers and/or any Prospective Buyer, at a per share purchase price no less than the price set forth in the Sale Notice, without any further obligation to such Person pursuant to this
Section 4.4. 
 4.4.3. Irrevocable Offer. The offer of each First Offer Purchaser contained in a First Offer
Notice shall be irrevocable, and, subject to Section 4.4.6 below, to the extent such offer is accepted, such First Offer Purchaser shall be bound and obligated to purchase the number of Subject Shares set forth in such First Offer
Purchaser’s First Offer Notice. 
 4.4.4. Acceptance of Offers. Within five Business Days after the First Offer
Deadline, the Prospective Selling Stockholder shall inform each First Offer Purchaser, by delivery of a written notice (the “Acceptance Notice”), of whether or not the Prospective Selling Stockholder will accept all (but not less
than all, subject to Section 4.4.6(ii)) offers of the First Offer Purchasers. In the event the Prospective Selling Stockholder fails to deliver the Acceptance Notice within the specified time 

  

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period, the Prospective Selling Stockholder shall be deemed to have decided not to Sell the Subject Shares to the First Offer Purchasers. If the Prospective
Selling Stockholder decides not to Sell the Subject Shares to the First Offer Purchasers, each First Offer Purchaser shall be released from such holder’s obligations under such holder’s irrevocable offer. Acceptance of such offers by the
Prospective Selling Stockholder is without prejudice to the Prospective Selling Stockholder’s discretion under Section 4.3.3 to determine whether or not to consummate any Sale. 
 4.4.5. Additional Compliance. If at the end of the 180th day after the date of delivery of the Sale Notice, the Prospective Selling
Stockholder and First Offer Purchasers or Prospective Buyer (if not a First Offer Purchaser), if any, have not completed the Sale of the Subject Shares (other than due to the failure of any First Offer Purchaser to perform its obligations under this
Section 4.4), each First Offer Purchaser shall be released from such holder’s obligations under such holder’s irrevocable offer, the Sale Notice shall be null and void, and it shall be necessary for a separate Sale Notice to be
delivered, and the terms and provisions of this Section 4.4 separately complied with, in order to consummate a Transfer of such Subject Shares; provided, however, that in the case of such a separate Sale Notice in which the
classes of Subject Shares and the per share price are unchanged and the number of Subject Shares is substantially the same, the applicable period to which reference is made in Section 4.4.1 and 4.4.2(i) shall be three Business Days and two
Business Days, respectively. 
 4.4.6. Determination of the Number of Subject Shares to be Sold. 
 (i) In the event that the number of Shares offered to be purchased by the First Offer Purchasers is less than the number of Subject
Shares, (a) the Prospective Selling Stockholder may accept the offers of the First Offer Purchasers and, at the option of the Prospective Selling Stockholder, sell any remaining Subject Shares which the First Offer Purchasers did not elect to
purchase to one or more Prospective Buyers (subject to compliance with Section 4.1) at a price per share that is no less than the price set forth in the Sale Notice or (b) if a single Prospective Buyer or group of Prospective Buyers is
unwilling to purchase less than all of the Subject Shares, the Prospective Selling Stockholder may Sell all (but not less than all) of the Subject Shares to such Prospective Buyer or group of Prospective Buyers at a price per share that is no less
than the price set forth in the Sale Notice rather than Sell the Subject Shares to the First Offer Purchasers (subject to compliance with Section 4.1). Such sales, if any, to Prospective Buyer(s) other than the First Offer Purchasers in
accordance with this clause (i) shall be consummated together with the sale to the First Offer Purchasers. 
 (ii) In the
event that the aggregate number of Subject Shares offered to be purchased by (and to be sold to) the First Offer Purchasers is equal to or exceeds the aggregate number of Subject Shares, the Prospective Selling Stockholder shall accept the offers of
the First Offer Purchasers and the Subject Shares shall be sold to the First Offer Purchasers as follows: 
  

	 	(a)	there shall be first allocated to each First Offer Purchaser a number of Shares of each applicable class equal to the lesser of (X) the number of Shares of such class offered
to be purchased by such First Offer Purchaser pursuant such holder’s First Offer Notice, and (Y) a number of Shares of such class equal to such First Offer Purchaser’s Pro Rata Portion; and 

  

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	 	(b)	the balance, if any, not allocated pursuant to clause (a) above shall be allocated to those First Offer Purchasers which offered to purchase a number of Shares of the
applicable class in excess of such Person’s Pro Rata Portion pro rata to each such First Offer Purchaser based upon the amount of such excess, or in such other manner as the First Offer Purchasers may otherwise agree. 

In the event any holders of Shares exercise such holders’ rights under Section 4.1 to sell Shares in connection with a Sale to First Offer
Purchasers pursuant to this Section 4.4, such Shares (as the case may be, reduced in accordance with Section 4.1.4) shall be deemed to be Subject Shares for purposes of this Section 4.4 and shall be allocated among the First Offer
Purchasers in accordance with this 4.4.6. 
 4.5. Period. The provisions of Section 4.4 shall expire as to any Share on the
earlier of (a) a Change of Control or (b) the Initial Public Offering. Each of the other provisions of this Section 4 above shall expire upon a Change of Control. 
 5. RIGHT OF PARTICIPATION. The Company shall not, and shall not permit any direct or indirect subsidiary of the Company (the Company and each such subsidiary, an “Issuer”) to, issue or sell any
shares of any of its capital stock or any securities convertible into or exchangeable for any shares of its capital stock, issue or grant any options or warrants for the purchase of, or enter into any agreements providing for the issuance
(contingent or otherwise) of, any of its capital stock or any stock or securities convertible into or exchangeable for any shares of its capital stock, in each case, to any Person (each an “Issuance” of “Subject
Securities”), except in compliance with the provisions of this Section 5. 
 5.1. Right of Participation. 
 5.1.1. Offer. Not fewer than ten Business Days prior to the consummation of an Issuance, a notice (the “Participation
Notice”) shall be delivered by the Issuer to each Stockholder (the “Participation Offerees”). The Participation Notice shall include: 
 (i) the principal terms and conditions of the proposed Issuance, including (a) the amount, kind and terms of the Subject Securities
to be included in the Issuance, (b) the number of Equivalent Shares represented by such Subject Securities (if applicable), (c) as to each Participation Offeree the number of Shares equal to the number of Equivalent Shares represented by
such Subject Securities multiplied by a fraction, the numerator of which is the aggregate number of Equivalent Shares of the applicable class held by such Participation Offeree and the denominator of which is the aggregate number of Equivalent
Shares of the applicable class held by all Participation Offerees 

  

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(the “Participation Portion”), (d) the maximum and minimum price (including if applicable, the maximum and minimum Price Per Equivalent
Share) per unit of the Subject Securities, including a description of any non-cash consideration sufficiently detailed to permit valuation thereof, (e) the proposed manner of disposition, (f) the name and address of the Person to whom the
Subject Securities will be issued (the “Prospective Subscriber”) and (g) if known, the proposed Issuance date; and 
 (ii) an offer by the Issuer to issue, at the option of each Participation Offeree, to such Participation Offeree such portion of the Subject Securities to be included in the Issuance as may be requested by such
Participation Offeree (not to exceed the Participation Portion of the total amount of Subject Securities to be included in the Issuance), on the same terms and conditions, with respect to each unit of Subject Securities issued to the Participation
Offerees, as each of the Prospective Subscribers shall be issued units of Subject Securities. 
 5.1.2. Exercise.

 (i) General. Each Participation Offeree desiring to accept the offer contained in the Participation Notice shall
accept such offer by delivering a written notice of such acceptance to the Issuer within eight Business Days after the date of delivery of the Participation Notice specifying the amount of Subject Securities (not in any event to exceed the
Participation Portion of the total amount of Subject Securities to be included in the Issuance) which such Participation Offeree desires to be issued (each a “Participating Buyer”). Each Participation Offeree who does not accept
such offer in compliance with the above requirements, including the applicable time periods, shall be deemed to have waived all of such holder’s rights to participate in such Issuance, and the Issuer shall thereafter be free to issue Subject
Securities in such Issuance to the Prospective Subscriber and any Participating Buyers, at a price no less than the minimum price set forth in the Participation Notice and on other principal terms not substantially more favorable to the Prospective
Subscriber than those set forth in the Participation Notice, without any further obligation to such non-accepting Participation Offerees pursuant to Section 5. If, prior to consummation, the terms of such proposed Issuance shall change with the
result that the price shall be less than the minimum price set forth in the Participation Notice or the other principal terms shall be substantially more favorable to the Prospective Subscriber than those set forth in the Participation Notice, it
shall be necessary for a separate Participation Notice to be delivered, and the terms and provisions of this Section 5.1 separately complied with, in order to consummate such Issuance pursuant to this Section 5.1; provided,
however, that in such case of a separate Participation Notice, the applicable period to which reference is made in Section 5.1.1 and in the first sentence of Section 5.1.2(i) shall be three Business Days and two Business Days,
respectively. 
 (ii) Irrevocable Acceptance. The acceptance of each Participating Buyer shall be irrevocable except as
hereinafter provided, and each such Participating Buyer shall be bound and obligated to acquire in the Issuance on the same terms and conditions, with respect to each unit of Subject Securities issued, as the Prospective Subscriber, such amount of
Subject Securities as such Participating Buyer shall have specified in such Participating Buyer’s written commitment. 
  

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 (iii) Time Limitation. If at the end of the 180th day after the date of the
effectiveness of the Participation Notice the Issuer has not completed the Issuance, each Participating Buyer shall be released from such holder’s obligations under the written commitment, the Participation Notice shall be null and void, and it
shall be necessary for a separate Participation Notice to be delivered, and the terms and provisions of this Section 5.1 separately complied with, in order to consummate such Issuance pursuant to this Section 5.1; provided,
however, that in such case of a separate Participation Notice on substantially the same terms and conditions, the applicable period to which reference is made in Section 5.1.1 and in the first sentence of Section 5.1.2(i) shall be
three Business Days and two Business Days, respectively. 
 5.1.3. Other Securities. The Issuer may condition the
participation of the Participation Offerees in an Issuance upon the purchase by such Participation Offerees of any securities (including debt securities) other than Subject Securities (“Other Securities”) in the event that the
participation of the Prospective Subscriber in such Issuance is so conditioned. In such case, each Participating Buyer shall acquire in the Issuance, together with the Subject Securities to be acquired by it, Other Securities in the same proportion
to the Subject Securities to be acquired by it as the proportion of Other Securities to Subject Securities being acquired by the Prospective Subscriber in the Issuance, on the same terms and conditions, as to each unit of Subject Securities and
Other Securities issued to the Participating Buyers, as the Prospective Subscriber shall be issued units of Subject Securities and Other Securities. 
 5.1.4. Certain Legal Requirements. In the event that the participation in the Issuance by a Participation Offeree as a Participating Buyer would require under applicable law (i) the registration or
qualification of such securities or of any Person as a broker or dealer or agent with respect to such securities where such registration or qualification is not otherwise required for the Issuance or (ii) the provision to any participant in the
Sale of any specified information regarding the Company or any of its subsidiaries or the securities that is not otherwise required to be provided for the Issuance, such Participation Offeree shall not have the right to participate in the Issuance.
Without limiting the generality of the foregoing, it is understood and agreed that neither the Company nor the Issuer shall be under any obligation to effect a registration of such securities under the Securities Act or similar state statutes.

 5.1.5. Further Assurances. Each Participating Buyer shall take or cause to be taken all such reasonable actions as
may be necessary or reasonably desirable in order expeditiously to consummate each Issuance pursuant to this Section 5.1 and any related transactions, including executing, acknowledging and delivering consents, assignments, waivers and other
documents or instruments; filing applications, reports, returns, filings and other documents or instruments with governmental authorities; and otherwise cooperating with the Issuer and the Prospective Subscriber. Without limiting the generality of
the foregoing, each such Participating Buyer agrees to execute and deliver such subscription and other agreements specified by the Issuer to which the Prospective Subscriber will be party. 
  

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 5.1.6. Expenses. All costs and expenses incurred by the Issuer in connection with
any proposed Issuance of Subject Securities (whether or not consummated), including all attorney’s fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, shall be paid by
the Company or the Issuer. The Majority Kohlberg Investors may retain, and the Company will pay the reasonable fees and expenses of, a single legal counsel (and such local counsel as may be appropriate) to represent all Prospective Subscribers in
connection with such proposed Issuance of Subject Securities (whether or not consummated). Any other costs and expenses incurred by or on behalf of any Stockholder in connection with such proposed Issuance of Subject Securities (whether or not
consummated) shall be borne by such holder. 
 5.1.7. Closing. The closing of an Issuance pursuant to Section 5.1
shall take place (i) on the proposed date of Issuance, if any, set forth in the Participation Notice (provided that consummation of any Transfer may be extended beyond such date to the extent necessary to obtain any applicable governmental
approval or other required approval or to satisfy other conditions), (ii) if no proposed Transfer date was required to be specified in the Participation Notice, at such time as the Issuer shall specify by notice to each Participating Buyer,
provided that such closing with respect to a Participating Buyer shall not (without the consent of such Participating Buyer) be prior to the date that is ten Business Days after the Company issues the applicable Participation Notice and
(iii) at such place as the Issuer shall specify by notice to each Participating Buyer. At the closing of any Issuance under this Section 5.1.7, each Participating Buyer shall be delivered the notes, certificates or other instruments
evidencing the Subject Securities (and, if applicable, Other Securities) to be issued to such Participating Buyer, registered in the name of such Participating Buyer or such holder’s designated nominee, free and clear of any liens or
encumbrances, with any transfer tax stamps affixed, against delivery by such Participating Buyer of the applicable consideration. 
 5.2.
Post-Issuance Notice. Notwithstanding the requirements of Section 5.1, the Issuer may proceed with any Issuance prior to having complied with the provisions of Section 5.1; provided that the Issuer shall: 
 (a) provide to each Stockholder who would have been a Participation Offeree in connection with such Issuance (i) with prompt notice
of such Issuance and (ii) the Participation Notice described in Section 5.1.1 in which the actual price per unit of Subject Securities (and, if applicable, actual Price Per Equivalent Share) shall be set forth; 
 (b) offer to issue to such Stockholder such number of securities of the type issued in the Issuance as may be requested by such
Stockholder (not to exceed the Participation Portion that such Stockholder would have been entitled to pursuant to Section 5.1 multiplied by the sum of (i) the number of Subject 

  

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Securities included in the Issuance and (ii) the aggregate number of shares issued pursuant to this Section 5.2 with respect to such Issuance) on
the same economic terms and conditions with respect to such securities as the subscribers in the Issuance received; and 
 (c)
keep such offer open for a period of ten Business Days, during which period, each such Stockholder may accept such offer by sending a written acceptance to the Issuer committing to purchase an amount of such securities (not in any event to exceed
the Participation Portion that such holder would have been entitled to pursuant to Section 5.1 multiplied by the sum of (i) the number of Subject Securities included in such issuance and (ii) the aggregate number of shares issued
pursuant to this Section 5.2 with respect to such Issuance). 
 5.3. Excluded Transactions. The provisions of this Section 5
shall not apply to Issuances by the Company or any subsidiary of the Company as follows: 
 (a) Any Issuance of Stock upon the
exercise or conversion of any Stock, Options, Warrants or Convertible Securities outstanding on the date hereof or Issued after the date hereof in compliance with the provisions of this Section 5; 
 (b) Any Issuance of shares of Stock, Options, Warrants or Convertible Securities, in each case to the extent approved by the Majority
Kohlberg Investors, to officers, employees, directors or consultants of the Company or its subsidiaries in connection with such Person’s employment or consulting arrangements with the Company or its subsidiaries; 
 (c) Any Issuance of shares of Stock, Options, Warrants or Convertible Securities, in each case to the extent approved by the Majority
Kohlberg Investors, (i) in any business combination or acquisition transaction involving the Company or any of its subsidiaries or (ii) in connection with any joint venture or strategic partnership; 
 (d) Any Issuance of Stock pursuant to an Initial Public Offering; 
 (e) The Issuance of Shares to the Stockholders in connection with the Closing; 
 (f) Any Issuance of shares of Stock in connection with any stock split, stock dividend or recapitalization approved by the Majority
Kohlberg Investors; 
 (g) Any Issuance of shares of Stock in exchange for debt securities; or 
 (h) Any Issuance by a subsidiary to the Company or a wholly-owned subsidiary of the Company. 
 5.4. Certain Provisions Applicable to Options, Warrants and Convertible Securities. In the event that the Issuance of Subject Securities shall
result in any increase in the number of shares of Stock issuable upon exercise, conversion or exchange of any Options, Warrants or 

  

 -20- 

 
Convertible Securities, the number of shares (or Equivalent Shares, if applicable) of Subject Securities (and Other Securities, if applicable) which the
holders of such Options, Warrants or Convertible Securities, as the case may be, shall be entitled to purchase pursuant to Section 5.1, if any, shall be reduced, share for share, by the amount of any such increase. 
 5.5. Acquired Shares. Any Subject Securities constituting Stock acquired by any Stockholder pursuant to this Section 5 shall be deemed for
all purposes hereof to be Shares hereunder. 
 5.6. Period. Each of the foregoing provisions of this Section 5 shall expire on
the earlier of (a) a Change of Control or (b) the closing of the Initial Public Offering. 
 6. COVENANTS. 
 6.1. Information Rights. 
 6.1.1. Historical Financial Information. The Company will furnish to each Stockholder the following: 
 (a) As
soon as available, and in any event within 120 days after the end of each fiscal year of the Company, the consolidated balance sheet of the Company and its subsidiaries as at the end of each such fiscal year and the consolidated statements of
income, cash flows and changes in stockholders’ equity for such year of the Company and its subsidiaries, setting forth in each case in comparative form the figures for the next preceding fiscal year, accompanied by the report of independent
certified public accountants of recognized national standing, to the effect that, except as set forth therein, such consolidated financial statements have been prepared in accordance with generally accepted accounting principles applied on a basis
consistent with prior years and fairly present in all material respects the financial condition of the Company and its subsidiaries at the dates thereof and the results of their operations and changes in their cash flows and stockholders’
equity for the periods covered thereby. 
 (b) As soon as available, and in any event within 45 days after the end of each
fiscal quarter of the Company, the consolidated balance sheet of the Company and its subsidiaries as at the end of such quarter and the consolidated statements of income, cash flows and changes in stockholders’ equity for such quarter and the
portion of the fiscal year then ended of the Company and its subsidiaries, setting forth in each case the figures for the corresponding periods of the previous fiscal year in comparative form, all in reasonable detail. 
 (c) As soon as available, and in any event within 20 days after the end of each month, the consolidated balance sheet of the Company and
its subsidiaries as at the end of such month and the consolidated statements of income, cash flows for such month and the portion of the fiscal year then ended of the Company and its subsidiaries (to the extent prepared by the Company), setting
forth in each case the figures for the corresponding periods of the previous fiscal year in comparative form, all in reasonable detail. 
  

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 6.1.2. Period. Each of the foregoing provisions of this Section 6.1 shall
expire on the earlier of (a) a Change of Control or (b) the closing of the Initial Public Offering. 
 6.2. Confidentiality.
Each Stockholder agrees that it will keep confidential and will not disclose, divulge or use for any purpose, other than to monitor its investment in the Company and its subsidiaries, any confidential information obtained from the Company pursuant
to the terms of this Agreement, unless such confidential information (i) is known or becomes known to the public in general (other than as a result of a breach of this Section 6.2 by such Stockholder or its Affiliates), (ii) is or has
been independently developed or conceived by such Stockholder without use of the Company’s confidential information or (iii) is or has been made known or disclosed to such Stockholder by a third party (other than an Affiliate of such
Stockholder) without a breach of any obligation of confidentiality such third party may have to the Company that is known to such Stockholder; provided, however, that a Stockholder may disclose confidential information (a) to its
attorneys, accountants, and investment bankers to the extent necessary to obtain their services in connection with monitoring its investment in the Company provided that such attorneys, accountants and investment bankers agree to be bound by the
provisions of this Section 6.2, (b) to any prospective purchaser of any Shares from such Stockholder provided that such prospective purchaser agrees to be bound by the provisions of this Section 6.2, (c) to any Affiliate, partner
or member of such Stockholder in the ordinary course of business, or (d) as may otherwise be required by law, provided that such Stockholder takes reasonable steps to minimize the extent of any such required disclosure; and
provided, further, however, that the acts and omissions of any Person to whom such Stockholder may disclose confidential information pursuant to clauses (a) through (c) of the preceding proviso shall be attributable to
such Stockholder for purposes of determining such Stockholder’s compliance with this Section 6.2. Each of the parties hereto acknowledge that the Investors may review the business plans and related proprietary information of many
enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this Section 6.2 shall preclude or in any way restrict the Investors or their Affiliates from
investing or participating in any particular enterprise, or trading in the securities thereof, whether or not such enterprise has products or services that compete with those of the Company. 
 7. REMEDIES. 
 7.1. Generally. The parties
shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to
any other remedies which may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary
relief) as may be appropriate in the circumstances. 
 7.2. Deposit. Without limiting the generality of Section 7.1, if any
Stockholder fails to deliver to the purchaser thereof the certificate or certificates evidencing Shares to be Sold pursuant to Section 4, such purchaser may, at its option, in addition to all other remedies it may have, deposit the purchase
price for such Shares with any national bank or trust company having combined capital, surplus and undivided profits in excess of One Hundred Million Dollars 

  

 -22- 

 
($100,000,000) (the “Escrow Agent”), and the Company shall cancel on its books the certificate or certificates representing such Shares and
thereupon all of such holder’s rights in and to such Shares shall terminate. Thereafter, upon delivery to such purchaser by such holder of the certificate or certificates evidencing such Shares (duly endorsed, or with stock powers duly
endorsed, for transfer, with signature guaranteed, free and clear of any liens or encumbrances, and with any transfer tax stamps affixed), such purchaser shall instruct the Escrow Agent to deliver the purchase price (without any interest from the
date of the closing to the date of such delivery, any such interest to accrue to such purchaser) to such holder. 
 8. LEGENDS. 
 8.1. Restrictive Legend. Each certificate representing Shares shall have the following legend endorsed conspicuously thereupon: 
 “THE VOTING OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE, AND THE SALE, ENCUMBRANCE OR OTHER DISPOSITION THEREOF, ARE SUBJECT TO THE
PROVISIONS OF A STOCKHOLDERS AGREEMENT TO WHICH THE ISSUER AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY. THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE ENTITLED TO CERTAIN REGISTRATION RIGHTS AS PROVIDED FOR IN A REGISTRATION RIGHTS AGREEMENT
TO WHICH THE ISSUER AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY, WHICH REGISTRATION RIGHTS MAY NOT BE TRANSFERRED EXCEPT AS PROVIDED FOR IN THE REGISTRATION RIGHTS AGREEMENT. A COPY OF THE STOCKHOLDERS AGREEMENT AND THE REGISTRATION RIGHTS MAY BE
INSPECTED AT THE PRINCIPAL OFFICE OF THE ISSUER OR OBTAINED FROM THE ISSUER WITHOUT CHARGE.” 
 Any Person who acquires Shares which
are not subject to all or part of the terms of this Agreement shall have the right to have such legend (or the applicable portion thereof) removed from certificates representing such Shares. 
 8.2. 1933 Act Legends. Each certificate representing Shares shall have the following legend endorsed conspicuously thereupon: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE ACT 

  

 -23- 

 
COVERING THE TRANSFER OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE ISSUER, THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED.”

 8.3. Stop Transfer Instruction. The Company will instruct any transfer agent not to register the Transfer of any Shares until
the conditions specified in the foregoing legends and this Agreement are satisfied. 
 8.4. Termination of 1933 Act Legend. The
requirement imposed by Section 8.2 hereof shall cease and terminate as to any particular Shares (a) when, in the opinion of counsel reasonably acceptable to the Company, such legend is no longer required in order to assure compliance by
the Company with the Securities Act or (b) when such Shares have been effectively registered under the Securities Act or transferred pursuant to Rule 144. Wherever (x) such requirement shall cease and terminate as to any Shares or
(y) such Shares shall be transferable under paragraph (k) of Rule 144, the holder thereof shall be entitled to receive from the Company, as the case may be, without expense, new certificates not bearing the legend set forth in
Section 8.2 hereof. 
 9. AMENDMENT, TERMINATION, ETC. 
 9.1. Oral Modifications. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. 
 9.2. Written Modifications. This Agreement may be amended, modified, extended or terminated (each an “Amendment”), and the provisions
hereof may be waived, only by an agreement in writing signed by the Company and the Majority Kohlberg Investors; provided, however, that (i) the consent of any party shall be required for any Amendment that discriminates against
such party and (ii) the Company may, without the necessity of the consent of any party, amend Schedule I to this Agreement from time to time to reflect any changes in the holdings of Common Stock of the Company by the parties hereto.
Each such Amendment shall be binding upon each party hereto and each Stockholder subject hereto. In addition, each party hereto and each Stockholder subject hereto may waive any right hereunder by an instrument in writing signed by such party or
holder. To the extent the Amendment of any Section of this Agreement would require a specific consent pursuant to this Section 9.2, any Amendment to the definitions used in such Section shall also require the specified consent. 
 9.3. Effect of Termination. No termination under this Agreement shall relieve any Person of liability for breach prior to termination. 

10. DEFINITIONS. For purposes of this Agreement: 
 10.1. Certain Matters of Construction. In addition to the definitions referred to or set forth below in this Section 10: 
 (i) The words “hereof’, “herein”, “hereunder” and words of similar import shall refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and
reference to a particular Section of this Agreement shall include all subsections thereof; 
  

 -24- 

 (ii) The word “including” shall mean including, without limitation; 

(iii) Definitions shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms defined; and

 (iv) The masculine, feminine and neuter genders shall each include the other. 
 10.2. Definitions. The following terms shall have the following meanings: 
 “Acceptance Notice” shall have the meaning set forth in Section 4.4.4. 
 “Acquisition” shall have the meaning set forth in the Recitals. 
 “Adverse Claim” shall have the meaning set forth in Section 8-102 of the applicable Uniform Commercial Code. 
 “Affiliate” shall mean, with respect to any specified Person, (a) any other Person which directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its subsidiaries shall be deemed an Affiliate of any of the Stockholders (and vice versa), (b) if such specified
Person is an investment fund, in addition to the Persons identified in clause (a), any other investment fund the primary investment advisor to which is the primary investment advisor to such specified Person or an Affiliate thereof, and (c) if
such specified Person is a natural Person, in addition to the Persons identified in clause (a), any Family Member of such natural Person. 
 “Affiliated Fund” shall mean, with respect to any specified Person, an investment fund that is an Affiliate of such Person or an entity that is directly or indirectly wholly-owned by such Person or one or more of such funds
(other than a portfolio company of any such fund). 
 “Agreement” shall have the meaning set forth in the Preamble.

 “AGY” shall have the meaning set forth in the Recitals. 
 “Amendment” shall have the meaning set forth in Section 9.2. 
 “Board” shall mean the board of directors of the Company. 
 “Business Day” shall mean any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City of New York. 
  

 -25- 

 “Change of Control” shall mean the occurrence hereafter of any of the following:

 (a) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of
the Company and its direct and indirect subsidiaries, taken as a whole, to any Person other than one or more Permitted Holders; 
 (b) the Board’s adoption of a plan relating to the liquidation or dissolution of the Company; 
 (c) the
acquisition by (x) any Person (other than one or more Permitted Holders) or (y) any Persons (other than one or more Permitted Holders) that together (A) are a group (within the meaning of Section 13(d)(3), Section 14(d)(2)
of the Exchange Act, or any successor provision) or (B) are acting, for purposes of acquiring, holding or disposing of securities, as a group (within the meaning of Rule 13d-5(b)(1) of the Exchange Act, or any successor provision), in a single
transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 51% or
more of the total voting power of the Common Stock of the Company; or 
 (d) the first day on which a majority of the members
of the Board cease to be Continuing Directors. 
 “Closing” shall have the meaning set forth in Section 1.1.

 “Commission” shall mean the Securities and Exchange Commission. 
 “Common Stock” shall mean the common stock of the Company, par value $.01 per share. 
 “Company” shall have the meaning set forth in the Preamble. 
 “Continuing Director” means, as of any date of determination, any member of the Board who (a) was a member of the Board immediately
following the closing on April 7, 2006; (b) was nominated for election or elected to such Board with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination or election; or
(c) was designated or appointed by Kohlberg Management V, L.L.C. or any of its Affiliates. 
 “Convertible Securities”
shall mean any evidence of indebtedness, shares of stock (other than Stock) or other securities (other than Options and Warrants) which are directly or indirectly convertible into or exchangeable or exercisable for shares of Stock. 
 “Drag Along Notice” shall have the meaning set forth in Section 4.2.1. 
 “Drag Along Sale Percentage” shall have the meaning set forth in Section 4.2. 
 “Drag Along Sellers” shall have the meaning set forth in Section 4.2.1. 
  

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 “Equivalent Shares” shall mean, at any date of determination, (a) as to any
outstanding shares of Stock issued to or held by any Stockholder other than a Manager, such number of shares of Stock, (b) as to any outstanding Options, Warrants or Convertible Securities which constitute Shares, the maximum number of shares
of Stock for which or into which such Options, Warrants or Convertible Securities may at the time be exercised, converted or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or
circumstance in connection with which the number of Equivalent Shares is to be determined) and (c) as to any outstanding shares of Stock issued to or held by a Manager, such portion of such shares as are Purchased Shares or Vested Incentive
Shares. 
 “Escrow Agent” shall have the meaning set forth in Section 7.2. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as in effect from time to time. 
 “Fair Market Value” shall mean, as of any date, as to any Share, the Board’s good faith determination of the fair value of such
Share as of the applicable reference date. 
 “Family Member” shall mean, with respect to any natural Person, (a) any
lineal descendant or ancestor or sibling (by birth or adoption) of such natural Person, (b) any spouse or former spouse of any of the foregoing, (c) any legal representative or estate of any of the foregoing and (d) any trust
maintained for the benefit of the foregoing. 
 “First Offer Deadline” shall have the meaning set forth in
Section 4.4.2(i). 
 “First Offer Holder” shall have the meaning set forth in Section 4.4.1. 
 “First Offer Notice” shall have the meaning set forth in Section 4.4.2(i). 
 “First Offer Purchaser” shall have the meaning set forth in Section 4.4.2(i). 
 “Initial Public Offering” shall mean the initial Public Offering registered on Form S-1 (or any successor form under the Securities
Act). 
 “Investors” shall have the meaning set forth in the Preamble. 
 “Issuance” shall have the meaning set forth in Section 5. 
 “Issuer” shall have the meaning set forth in Section 5. 
 “Kohlberg Investors” shall mean, as of any date, Kohlberg Partners V, L.P., Kohlberg TE Investors V, L.P., Kohlberg Investors V, and
Kohlberg Offshore Investors V, L.P. and their respective Permitted Transferees, in each case only if such Person then holds Shares. 
 “Kohlberg Investors V” means, as of any date, Kohlberg Investors V, L.P., a Delaware limited partnership. 
  

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 “Majority Kohlberg Investors” shall mean, as of any date, the holders of a Majority in
Interest of the Shares held by the Kohlberg Investors. 
 “Majority in Interest” shall mean, (a) with respect to a set
of Shares of a single class, a majority of such Shares and (b) with respect to a set of Shares of more than one class, a majority in aggregate Purchase Price Value of such Shares. 
 “Manager” shall have the meaning set forth in the Recitals. 
 “Merger Agreement” shall have the meaning set forth in the Recitals. 
 “Merger Sub” shall have the meaning set forth in the Preamble. 
 “Options” shall mean any options to subscribe for, purchase or otherwise directly acquire Stock, other than any such option held by the
Company or any right to purchase shares pursuant to this Agreement. 
 “Other Investors” shall have the meaning set forth in
the Preamble. 
 “Other Securities” shall have the meaning set forth in Section 5.1.3. 
 “Participating Buyer” shall have the meaning set forth in Section 5.1.2(i). 
 “Participating Seller” shall have the meaning set forth in Section 4.1.2 and 4.2.1. 
 “Participation Notice” shall have the meaning set forth in Section 5.1.1. 
 “Participation Offerees” shall have the meaning set forth in Section 5.1.1. 
 “Participation Portion” shall have the meaning set forth in Section 5.1.1(i). 
 “Permitted Holders” means (i) Kohlberg Management V, L.L.C., Kohlberg Partners V, Kohlberg TE Investors V, L.P., Kohlberg Investors
V, L.P., and Kohlberg Offshore Investors V, L.P. and their Affiliates (but excluding any portfolio companies of the foregoing) and (ii) any members of the management of the Company immediately following the closing on April 7, 2006.

 “Permitted Transferee” shall mean (a) in respect of any Investor or Other Investor, any Affiliated Fund of such
Investor or Other Investor, as applicable, and (b) in respect of any Manager, any Family Member of such Manager, in each case to the extent such Person agrees to be bound by the terms of this Agreement in accordance with Section 3.2 (if
not already bound hereby). In addition, any Stockholder shall be a Permitted Transferee of the Permitted Transferees of itself. 
 “Person” shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental
department or agency or political subdivision thereof. 
  

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 “Price Per Equivalent Share” shall mean the Board’s good faith determination of the
price per Equivalent Share of any Convertible Securities or Options which are the subject of an Issuance pursuant to Section 5 hereof. 
 “Pro Rata Portion” shall mean: 
 (i) for purposes of Section 4.1.4 with respect to each Tag
Along Seller, a number of Equivalent Shares equal to the aggregate number of Shares of the applicable class that the Prospective Buyer is willing to purchase in the proposed Sale, multiplied by a fraction, the numerator of which is the aggregate
number of Equivalent Shares of the applicable class held by such Tag Along Seller and the denominator of which is equal to the aggregate number of Equivalent Shares of the applicable class held by all Tag Along Sellers; and 
 (ii) for purposes of Section 4.4.6, with respect to each First Offer Purchaser, a number of Shares equal to the aggregate number of
Subject Shares of the applicable class multiplied by a fraction, the numerator of which is the aggregate number of Equivalent Shares of the applicable class held by such First Offer Purchaser and the denominator of which is the aggregate number of
Equivalent Shares of the applicable class held by all First Offer Purchasers. 
 “Prospective Buyer” shall mean any Person,
including the Company or any of its subsidiaries, proposing to purchase or otherwise acquire shares from a Prospective Selling Stockholder. 
 “Prospective Selling Stockholder” shall mean: 
 (i) for purposes of Section 3.4, any
Stockholder that proposes to Transfer any Shares to any Prospective Buyer; 
 (ii) for purposes of Section 4.1, any
Stockholder that proposes to Transfer any Shares to any Prospective Buyer, including a First Offer Purchaser pursuant to Section 4.4; 
 (iii) for purposes of Section 4.2, any Stockholder forming part of the acting Majority Kohlberg Investors that has elected to exercise the drag along right provided by such Section; and 
 (iv) for purposes of Section 4.4, any Stockholder that proposes to Transfer any Shares in a transaction that is subject to such
Section. 
 “Prospective Subscriber” shall have the meaning set forth in Section 5.1.1(i). 
 “Public Offering” shall mean a public offering and sale of Common Stock for cash pursuant to an effective registration statement under
the Securities Act. 
  

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 “Purchase Price Value” shall mean: $10.00 in the case of each share of Common Stock,
appropriately adjusted for any stock split, stock dividend, combination, recapitalization or the like involving such class. 
 “Purchased Shares” shall mean all shares of Stock held by a Manager that were purchased by the original holder thereof in connection with the Closing or subsequent thereto, whether upon exercise of an Option or otherwise.

 “Rule 144” shall mean Rule 144 under the Securities Act (or any successor Rule). 
 “Sale” shall mean a Transfer for value and the terms “Sell” and “Sold” shall have correlative meanings. 

“Sale Notice” shall have the meaning set forth in Section 4.4.1. 
 “Securities Act” shall mean the Securities Act of 1933, as in effect from time to time. 
 “Shares” shall mean (a) all shares of Stock held by a Stockholder, whenever issued, including all shares of Stock issued upon the
exercise, conversion or exchange of any Options, Warrants or Convertible Securities and (b) all Options, Warrants and Convertible Securities held by a Stockholder (treating such Options, Warrants and Convertible Securities as a number of Shares
equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible Securities for all purposes of this Agreement except as otherwise specifically set forth herein). 
 “Stock” shall mean the Common Stock. 
 “Stockholders” shall have the meaning set forth in the Preamble. 
 “Strategic
Investor” shall mean, with respect to any proposed Transfer, any (a) Person that is determined by the Majority Kohlberg Investors to be a competitor of the Company or any of its subsidiaries in any material respect or a potential
strategic investor in the Company or any of its subsidiaries and (b) any Affiliate of any such Person specified in clause (a). 
 “Subject Securities” shall have the meaning set forth in Section 5. 
 “Subject Shares” shall
have the meaning set forth in Section 4.4.1(i)(a). 
 “Tag Along Deadline” shall have the meaning set forth in
Section 4.1.2. 
 “Tag Along Holder” shall have the meaning set forth in Section 4.1.1. 
 “Tag Along Notice” shall have the meaning set forth in Section 4.1.1. 
 “Tag Along Offer” shall have the meaning set forth in Section 4.1.2. 
 “Tag Along Sale Percentage” shall have the meaning set forth in Section 4.1.1(i). 
 “Tag Along Sellers” shall have the meaning set forth in Section 4.1.2 
  

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 “Transfer” shall mean any sale, pledge, assignment, encumbrance or other transfer or
disposition of any Shares to any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 
 “Vested Incentive Shares” shall mean, with respect to a Manager at any time, the shares of Stock and Options held by such Manager that are not Purchased Shares (treating such Options as a number of
Incentive Shares equal to the maximum number of shares of Stock for which such Options may at the time be exercised) which are fully vested at such time. 
 “Warrants” shall mean any warrants to subscribe for, purchase or otherwise directly acquire Stock. 
 11.
MISCELLANEOUS. 
 11.1. Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that the
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its
assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. 

11.2. Notices. All notices, requests, demands, claims and other communications required or permitted to be delivered, given or otherwise
provided under this Agreement must be in writing and must be delivered, given or otherwise provided: 
 (a) by hand (in which
case, it will be effective upon delivery); 
 (b) by facsimile (in which case, it will be effective upon receipt of
confirmation of good transmission); or 
 (c) by overnight delivery by a nationally recognized courier service (in which case,
it will be effective on the Business Day after being deposited with such courier service); 
 in each case, to the address (or facsimile number) listed
below: 
 If to the Company or Merger Sub, to it: 
 c/o AGY Holding Corp. 
 2558 Wagener Road 
 Aiken, SC 29801 
 Facsimile:
(803) 643-1180 
 Attention: Douglas J. Mattscheck 
 with copies to: 
 Ropes & Gray LLP 
  

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 One International Place 
 Boston, Massachusetts 02110 
 Facsimile: (617) 951-7050 
 Attention: Craig E. Marcus 
 If to a Kohlberg
Investor, to it: 
 c/o Kohlberg & Co. LLC 
 111 Radio Circle 
 Mt. Kisco, NY 10549 
 Facsimile: (914) 241-7430 

			
	 Attention:
	 	 Christopher Lacovara
 John S. Eastburn, Jr.

Seth Hollander
 Evan LePatner

 with copies to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 
 Facsimile:
(617) 951-7050 
 Attention: Craig E. Marcus 
 If to any other Stockholder, to it at the address set forth on its signature page hereto. 
 Notice to the
holder of record of any shares of capital stock shall be deemed to be notice to the holder of such shares for all purposes hereof. Each of the parties to this Agreement may specify a different address or facsimile number by giving notice in
accordance with this Section 11.2 to each of the other parties hereto, provided, however, that any such notice of change of address shall be effective only upon receipt. 
 11.3. Binding Effect, Etc. This Agreement constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior
or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors and permitted assigns.
Except as otherwise expressly provided herein, no holder party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any
attempted assignment or delegation in violation of the foregoing shall be null and void. 
 11.4. Descriptive Heading. The descriptive
headings of this Agreement are for convenience of reference only, are not to be considered a part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 
  

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 11.5. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original, but all of which taken together shall constitute one instrument. 
 11.6. Severability. In the event that any
provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under,
applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof.

 11.7. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, each of the Company and Merger Sub
and each Stockholder covenant, agree and acknowledge that no recourse under this Agreement shall be had against any current or future director, officer, employee, agent, general or limited partner or member of the Company, Merger Sub or any
Stockholder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged
that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future director, officer, employee, agent, partner or member of the Company, Merger Sub or any Stockholder or of any Affiliate or
assignee thereof for any obligation to or of any Stockholder under this Agreement for any claim based on, in respect of or by reason of such obligations or their creation; provided, however, that nothing in this Section 11.7 shall
relieve any of the Company, Merger Sub or any Stockholder of its obligations hereunder. 
 11.8. Aggregation of Shares. All Shares
held by a Stockholder and its Affiliates and Affiliated Funds shall be aggregated together for purposes of determining the availability of any rights under Sections 3.3, 4 and 5. Within the group of a Stockholder and its Affiliates and Affiliated
Funds, such Stockholders may allocate the ability to exercise any rights under this Agreement in any manner that such group (by a Majority in Interest of the Shares held by such group) sees fit. 
 11.9. Obligations of Company and Merger Sub Each of the Company and Merger Sub shall be jointly and severally liable for any payment obligation of
any of the Company and Merger Sub pursuant to this Agreement. From and after the merger at the Closing, AGY shall be liable for all obligations of Merger Sub pursuant to this Agreement. 
 12. GOVERNING LAW. 
 12.1. Governing Law. This Agreement and all claims arising out of or based
upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of laws provision or rule that
would cause the application of the domestic substantive laws of any other jurisdiction. 
 12.2. Consent to Jurisdiction. Each party
to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting 

  

 -33- 

 
in the State of New York, County of New York for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry,
proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its
subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor
to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one
of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification
rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce
a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of process by
registered or certified mail, return receipt requested, at its address specified pursuant to Section 11.2 hereof is reasonably calculated to give actual notice. 
 12.3. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT
MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO
THAT THIS SECTION 12.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 12.3 WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 12.4. Exercise of Rights and Remedies. No delay of
or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or
acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or
after that waiver. 
 [Signature pages follow] 
  

 -34-Form of Registration Rights Agreement dated April 7, 2006

 Exhibit 10.17 
  
  
 FORM OF REGISTRATION RIGHTS AGREEMENT 

among 
 KAGY Holding Company, Inc.

 KAGY Acquisition Corp. 
 and

 Certain Stockholders of KAGY Holding Company, Inc. 
 Dated as of April 7, 2006 
  
  

 TABLE OF CONTENTS 
  

									
	 1.
	  	EFFECTIVENESS; DEFINITIONS	  	2
		  	1.1.	  	Closing	  	2
		  	1.2.	  	Definitions	  	2
	 2.
	  	REGISTRATION RIGHTS	  	2
		  	2.1.	  	Demand Registration Rights for Investor Registrable Securities	  	2
		  		  	2.1.1.	  	General	  	2
		  		  	2.1.2.	  	Form	  	3
		  		  	2.1.3.	  	Payment of Expenses	  	3
		  		  	2.1.4.	  	Additional Procedures	  	3
		  		  	2.1.5.	  	Suspension of Registration	  	4
		  	2.2.	  	Piggyback Registration Rights	  	4
		  		  	2.2.1.	  	Piggyback Registration	  	4
		  		  	2.2.2.	  	Payment of Expenses	  	5
		  		  	2.2.3.	  	Additional Procedures	  	5
		  		  	2.2.4.	  	Registration Statement Form	  	6
		  	2.3.	  	Certain Other Provisions	  	6
		  		  	2.3.1.	  	Underwriter’s Cutback	  	6
		  		  	2.3.2.	  	Registration Procedures	  	8
		  		  	2.3.3.	  	Selection of Underwriters and Counsel	  	11
		  		  	2.3.4.	  	Company Lock-Up	  	11
		  		  	2.3.6.	  	Other Agreements	  	12
		  	2.4.	  	Indemnification and Contribution	  	13
		  		  	2.4.1.	  	Indemnities of the Company	  	13
		  		  	2.4.2.	  	Indemnities to the Company	  	14
		  		  	2.4.3.	  	Contribution	  	14
		  		  	2.4.4.	  	Limitation on Liability of Holders of Registrable Securities	  	15
		  		  	2.4.5.	  	Indemnification Procedures	  	15
		  	2.5.	  	Permitted Registration Rights Assignees	  	17
		  		  	2.5.1.	  	Registration Rights	  	17
	 3.
	  	REMEDIES	  	16
		  	3.1.	  	Generally	  	16
	 4.
	  	PERMITTED TRANSFEREES	  	16
	 5.
	  	AMENDMENT, TERMINATION, ETC.	  	17
		  	5.1.	  	Oral Modifications	  	17
		  	5.2.	  	Written Modifications	  	17
		  	5.3.	  	Effect of Termination	  	17
	 6.
	  	DEFINITIONS	  	17
		  	6.1.	  	Certain Matters of Construction	  	17
		  	6.2.	  	Definitions	  	18
	 7.
	  	MISCELLANEOUS	  	22
		  	7.1.	  	Authority: Effect	  	22
		  	7.2.	  	Notices	  	22
		  	7.3.	  	Binding Effect, Etc.	  	24
		  	7.4.	  	Descriptive Heading	  	24

  

 -i- 

									
		  	7.5.	  	Counterparts	  	24
		  	7.6.	  	Severability	  	24
		  	7.7.	  	No Recourse	  	24
		  	7.8.	  	Aggregation of Shares	  	24
		  	7.9.	  	Obligations of the Company and AGY	  	25
	8.	  	GOVERNING LAW	  	25
		  	8.1.	  	Governing Law	  	25
		  	8.2.	  	Consent to Jurisdiction	  	25
		  	8.3.	  	WAIVER OF JURY TRIAL	  	25
		  	8.4.	  	Exercise of Rights and Remedies	  	26

  

 -ii- 

 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (the “Agreement”) is made as of April 7, 2006 by and among: 
  

	 	(i)	KAGY Holding Company, Inc., a Delaware corporation (together with its successors and permitted assigns, the “Company”); 

  

	 	(ii)	KAGY Acquisition Corp., a Delaware corporation (together with its successors and permitted assigns, including without limitation AGY Holdings following the Merger,
“AGY”); 

  

	 	(iii)	each Person executing this Agreement and listed as an Investor on the signature pages hereto (collectively with their Permitted Transferees, the “Investors”);

  

	 	(iv)	each Person executing this Agreement and listed as an Other Investor on the signature pages hereto (collectively with their Permitted Transferees, the “Other
Investors”); 

  

	 	(v)	such Persons, if any, that from time to time become party hereto as managers (collectively, the “Managers” and, together with the Investors and the Other Investors,
the “Stockholders”); and 

  

	 	(vi)	such other Persons, if any, that from time to time become party hereto as holders of Other Holder Shares (as defined below) pursuant to Section 4.3 solely in the capacity of
permitted assignees with respect to certain registration rights hereunder (collectively, the “Other Holders”). 

 RECITALS 
 1. The Company has been formed for the purpose of acquiring, indirectly through one or more subsidiaries,
pursuant to an Agreement of Merger, dated as of February 23, 2006 (the “Merger Agreement”), among the Company, AGY, and AGY Holding Corp. (“AGY Holdings”), all of the outstanding shares of AGY Holdings. At the
Effective Time (as defined in the Merger Agreement), AGY will merge with and into AGY Holdings. 
 2. Upon the Closing (as defined below),
the Common Stock (as defined below) of the Company will be held as set forth on Schedule I hereto. 
 3. In connection with the
purchase of such securities, the Company, AGY and the Stockholders have entered into a stockholders agreement dated as of the date hereof (the “Stockholders Agreement”). 
 4. The parties believe that it is in the best interests of the Company, AGY and the Stockholders to set forth their agreements on certain matters.

 AGREEMENT 
 Therefore, the parties hereto hereby agree as follows: 
 1. EFFECTIVENESS; DEFINITIONS. 
 1.1. Closing. This Agreement shall become effective upon the consummation of the closing under the Merger Agreement (the
“Closing”). 
 1.2. Definitions. Certain terms are used in this Agreement as specifically defined herein. These
definitions are set forth or referred to in Section 6 hereof. 
 2. REGISTRATION RIGHTS. The Company will perform and comply, and cause each of
its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to such Holder. 
 2.1. Demand Registration Rights for Investor Registrable Securities. 
 2.1.1. General. Subject to Section 2.3.7, one or more Investors or direct or indirect Permitted Registration Rights Assignees
of any such Investors (the “Initiating Investors”), by notice to the Company specifying the intended method or methods of disposition, may request that the Company effect the registration under the Securities Act for a Public
Offering of all or a specified part of the Registrable Securities held by such Initiating Investors; provided, however, that the value of Registrable Securities that the Initiating Investors propose to sell in such Public Offering is
at least twenty-five million dollars ($25,000,000) or such lower amount as agreed by the Majority Investors. The Company will then use its best efforts to (i) effect the registration under the Securities Act (including by means of a shelf
registration pursuant to Rule 415 under the Securities Act if so requested by the Majority Investors and if the Company is then eligible to use such registration) of the Registrable Securities which the Company has been requested to register by such
Initiating Investors together with all other Registrable Securities which the Company has been requested to register pursuant to Section 2.2 by other Holders, all to the extent required to permit the disposition (in accordance with the intended
methods thereof as aforesaid and as otherwise specified by the Initiating Investors) of the Registrable Securities which the Company has been so requested to register, and (ii) if requested by the Initiating Investors, obtain acceleration of
the effective date of the registration statement relating to such registration; provided, however, that the Company shall not be obligated to take any action to effect any such registration pursuant to this Section 2.1.1:

 (a) during the effectiveness of any Principal Lock-Up Agreement entered into in connection with any registration statement
pertaining to an underwritten public offering of securities of the Company for its own account (other than a Rule 145 Transaction, or a registration relating solely to employee benefit plans); 
 (b) on any form other than Form S-3 (or any successor form) if the Company has previously effected a number of registrations of
Registrable 

  

 -2- 

 
Securities under this Section 2.1.1 upon the request of such Initiating Investors on any form other than Form S-3 (or any successor form) equaling or
exceeding four (4); provided, however, that any registration of Registrable Securities (i) which does not become and remain effective for at least 270 days in accordance with the provisions of this Section 2 or
(ii) pursuant to which the Initiating Investors and all other holders of Registrable Securities joining therein are not able to include at least 90% of the Registrable Securities which they desired to include shall not be included in the
calculation of the numbers of registrations contemplated by this clause (b); or 
 (c) if a registration statement requested
under this Section 2.1.1 became effective within the preceding 90 days. 
 2.1.2. Form. Except as otherwise
provided above or required by law, each registration requested pursuant to Section 2.1.1 shall be effected by the filing of a registration statement on Form S-3 (or any other form which includes substantially the same information as would be
required to be included in a registration statement on such form as currently constituted); provided that if any registration requested pursuant to this Section 2.1 is proposed to be effected on Form S-3 (or any successor or similar
short form registration statement) and is in connection with an underwritten offering, and if the managing underwriter shall advise the Company in writing that, in its opinion, it is of material importance to the success of such proposed offering to
file a registration statement on Form S-1 (or any successor or similar registration statement) or to include in such registration statement information not required to be included pursuant to Form S-3 (or any successor or similar short form
registration statement), then the Company will file a registration statement on Form S-1 or supplement Form S-3 (or any successor or similar short form registration statement) as reasonably requested by such managing underwriter. 
 2.1.3. Payment of Expenses. The Company shall pay all Registration Expenses in connection with registrations of Registrable
Securities pursuant to this Section 2.1, including all reasonable expenses (other than fees and disbursements of counsel that do not constitute Registration Expenses) that any Holder incurs in connection with each registration of Registrable
Securities requested pursuant to this Section 2.1. 
 2.1.4. Additional Procedures. In the case of a registration
pursuant to Section 2.1 hereof, whenever the Initiating Investors shall request that such registration shall be effected pursuant to an underwritten offering, the Company shall include such information in the written notices to Holders referred
to in Section 2.2. In such event, the right of any Holder to have securities owned by such Holder included in such registration pursuant to Section 2.1 shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed upon by the Initiating Investors and such Holder). If requested by the Initiating Investors, the Company together with the Holders proposing
to distribute their securities through the underwriting will enter into an underwriting agreement with the underwriters for such offering containing such representations and warranties by the Company and such 

  

 -3- 

 
Holders and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including
customary indemnity and contribution provisions (subject, in each case, to the limitations on such liabilities set forth in this Agreement). 
 2.1.5. Suspension of Registration. If the filing, initial effectiveness or continued use of a registration statement, including a shelf registration statement pursuant to Rule 415 under the Securities Act, in
respect of a registration pursuant to this Section 2.1 at any time would require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment of the Board (including the consent of the
directors designated by one or more of the Kohlberg Investors pursuant to the Stockholders Agreement) (after consultation with external legal counsel) (i) would be required to be made in any registration statement so that such registration
statement would not be materially misleading, (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement and (iii) would have a material adverse effect on the
Company or its business or on the Company’s ability to effect a material proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction, then the Company may, upon giving prompt written notice of such
action to the Holders participating in such registration, delay the filing or initial effectiveness of, or suspend use of, such registration statement; provided, that the Company shall not be permitted to do so (i) more than two times
during any 12 month period, (ii) for a period exceeding 30 days on any one occasion or (iii) for a period exceeding 60 days in any 12 month period. In the event the Company exercises its rights under the preceding sentence, such Holders
agree to suspend, promptly upon their receipt of the notice referred to above, their use of any prospectus relating to such registration in connection with any sale or offer to sell Registrable Securities. The Company shall promptly notify such
Holders of the expiration of any period during which it exercised its rights under this Section 2.1.5. The Company agrees that, in the event it exercises its rights under this Section 2.1.5, it shall, within 30 days following such
Holders’ receipt of the notice of suspension, update the suspended registration statement as may be necessary to permit the Holders to resume use thereof in connection with the offer and sale of their Registrable Securities in accordance with
applicable law. 
 2.2. Piggyback Registration Rights. 
 2.2.1. Piggyback Registration. 
 (a) General. Each time the Company proposes to register any shares of Common Stock under the Securities Act on a form which would permit registration of Registrable Securities for sale to the public, for its
own account and/or for the account of any other Person (pursuant to Section 2.1 or otherwise) for sale in a Public Offering, the Company will give notice to all Holders of its intention to do so. Any Holder may, by written response delivered to
the Company within 20 days after the date of delivery of such notice, request that all or a specified part of such Holder’s Registrable Securities be included in such registration. The Company thereupon will use its best efforts to cause to be

  

 -4- 

 
included in such registration under the Securities Act all Registrable Securities which the Company has been so requested to register by such Holders, to the
extent required to permit the disposition (in accordance with the methods to be used by the Company or, pursuant to Section 2.1, other Holders in such Public Offering) of the Registrable Securities to be so registered; provided that
(i) if, at any time after giving written notice of its intention to register any securities, the Company shall determine for any reason not to proceed with the proposed registration of the securities to be sold by it, the Company may, at its
election, give written notice of such determination to each Holder and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration
Expenses in connection therewith), and (ii) if such registration involves an underwritten offering, all Holders requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters selected by
the Company on the same terms and conditions as apply to the Company (with such differences as may be customary or appropriate in combined primary and secondary offerings) or, in the case of a registration initiated pursuant to Section 2.1.1,
the Initiating Investors. No registration of Registrable Securities effected under this Section 2.2 shall relieve the Company of any of its obligations to effect registrations of Registrable Securities pursuant to Section 2.1 hereof.

 (b) Excluded Transactions. The Company shall not be obligated to effect any registration of Registrable Securities
under this Section 2.2 incidental to the registration of any of its securities in connection with: 
 (i) Any Public
Offering relating to employee benefit plans or dividend reinvestment plans; 
 (ii) Any Public Offering relating to the
acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses except to the extent such Public Offering is for the sale of securities for cash; or 
 (iii) The Initial Public Offering if all Registrable Securities included in such Initial Public Offering are securities of the Company
for its own account. 
 2.2.2. Payment of Expenses. The Company will pay all Registration Expenses in connection with
registrations of Registrable Securities pursuant to this Section 2.2. 
 2.2.3. Additional Procedures. Holders
participating in any Public Offering pursuant to this Section 2.2 shall take all such actions and execute all such documents and instruments that are reasonably requested by the Company to effect the sale of their Registrable Securities in such
Public Offering, including being parties to the underwriting agreement entered into by the Company and any other selling shareholders in connection therewith and being liable in respect of the representations and warranties and the other agreements
to be made by them (including customary 

  

 -5- 

 
selling stockholder representations, warranties, indemnifications and “lock-up” agreements) for the benefit of the underwriters contained therein;
provided, however, that (a) with respect to individual representations, warranties, indemnities and agreements of sellers of Registrable Securities in such Public Offering, the aggregate amount of such liability shall not exceed
such holder’s net proceeds from such offering and (b) to the extent selling stockholders give further representations, warranties and indemnities, then with respect to all other representations, warranties and indemnities of sellers of
shares in such Public Offering, the aggregate amount of such liability shall not exceed the lesser of (i) such holder’s pro rata portion of any such liability, in accordance with such holder’s portion of the total number of
Registrable Securities included in the offering, and (ii) such holder’s net proceeds from such offering less the amount of such holder’s liability, if any, under clause (a) above in respect of such Public Offering. 
 2.2.4. Registration Statement Form. The Company shall select the registration statement form for any registration pursuant to this
Section 2.2 (other than a registration that is also pursuant to Section 2.1); provided, however, that if any registration requested pursuant to this Section 2.2 is proposed to be effected on Form S-3 (or any successor
form) and is in connection with an underwritten offering, and if the managing underwriter shall advise the Company in writing that, in its opinion, it is of material importance to the success of such proposed offering to include in such registration
statement information not required to be included pursuant to such form, then the Company will supplement such registration statement as reasonably requested by such managing underwriter. 
 2.3. Certain Other Provisions. 
 2.3.1. Underwriter’s Cutback. In connection with any registration of shares, the underwriter may determine that marketing factors (including an adverse effect on the per share offering price) require a
limitation of the number of shares to be underwritten. Notwithstanding any contrary provision of this Section 2 and subject to the terms of this Section 2.3.1, the underwriter may limit the number of shares which would otherwise be
included in such registration by excluding any or all Registrable Securities from such registration, it being understood that, if the registration in question involves a registration for sale of securities for the Company’s own account, then
the number of shares which the Company seeks to have registered in such registration shall not be subject to exclusion, in whole or in part, under this Section 2.3.1. Upon receipt of notice from the underwriter of the need to reduce the number
of shares to be included in the registration, the Company shall advise all holders of the Company’s securities that would otherwise be registered and underwritten pursuant hereto, and the number of shares of such securities, including
Registrable Securities, that may be included in the registration shall be allocated in the following manner, unless the underwriter shall determine that marketing factors require a different allocation: shares, other than Registrable Securities,
requested to be included in such registration by other shareholders shall be excluded except for any shares which the Company, with the consent of the parties required to approve any amendment or waiver of this Agreement pursuant to
Section 5.2, has granted registration rights which are to be treated on an 

  

 -6- 

 
equal basis with Registrable Securities for the purpose of the exercise of the underwriter cutback (such shares afforded such equal treatment being
“Parity Shares”); and, if a limitation on the number of shares is still required, the number of Registrable Securities, Parity Shares and other shares of Common Stock that may be included in such registration shall be allocated
among the holders thereof in proportion, as nearly as practicable, as follows (but giving effect to Section 7.8): 
 (a)
there shall be first allocated to each such holder requesting that its Registrable Securities or Parity Shares be registered in such registration a number of such shares to be included in such registration equal to the lesser of (i) the number
of such shares requested to be registered by such holder, and (ii) a number of such shares equal to such holder’s Pro Rata Portion; 
 (b) the balance, if any, not allocated pursuant to clause (a) above shall be allocated to those holders requesting that their Registrable Securities or Parity Shares be registered in such registration which
requested to register a number of such shares in excess of such holder’s Pro Rata Portion pro rata to each such holder based upon the number of Registrable Securities and Parity Shares held by such holder, or in such other manner as the holders
requesting that their Registrable Securities or Parity Shares be registered in such registration may otherwise agree; and 
 (c) the balance, if any, not allocated pursuant to clause (b) above shall be allocated to shares, other than Registrable Securities and Parity Shares, requested to be included in such registration by other stockholders. 
 For purposes of any underwriter cutback, all Registrable Securities held by any Holder shall also include any Registrable Securities held by the partners, retired
partners, shareholders or Affiliates of such Holder, or the estates and family members of any such Holder or such partners and retired partners, any trusts for the benefit of any of the foregoing Persons and, at the election of such Holder or such
partners, retired partners, trusts or Affiliates, any Charitable Organization to which any of the foregoing shall have contributed Common Stock prior to the execution of the underwriting agreement in connection with such underwritten offering, and
such Holder and other Persons shall be deemed to be a single selling Holder, and any pro rata reduction with respect to such selling Holder shall be based upon the aggregate amount of Common Stock owned by all entities and individuals included in
such selling Holder, as defined in this sentence. No securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such registration. Upon delivery of a written request that Registrable
Securities be included in the underwriting pursuant to Section 2.1.1 or 2.2.1(a), the Holder thereof may not thereafter elect to withdraw therefrom without the written consent of the Initiating Investors, in the case of a registration initiated
pursuant to Section 2.1, or the Majority Investors, in the case of a registration pursuant to Section 2.2; provided that, if the managing underwriter of any underwritten offering shall advise the Holders participating in a
registration pursuant to Section 2.1 that the Registrable Securities covered by the registration statement cannot be sold in such offering within a price range acceptable to the Initiating Investors or Majority Investors, as applicable, then
the Initiation Investors or Majority Investors, as applicable, shall have the right to notify the Company that they have determined that the 

  

 -7- 

 
registration statement be abandoned or withdrawn, in which event the Company shall abandon or withdraw such registration statement; provided,
further, that if the price to the public at which the Registrable Securities are proposed to be sold will be less than 90% of the average closing price of the Common Stock during the 10 trading days preceding the date on which notice of such
offering was given pursuant to Section 2.2.1(a), then the Investors participating in such registration pursuant to Section 2.1 or 2.2 may elect to withdraw from such registration by written notice to the Company. The Company may, but shall
not be required to, extend a similar withdrawal right to other Holders of Registrable Securities or Parity Shares. 
 2.3.2.
Registration Procedures. If and in each case when the Company is required to effect a registration of any Registrable Securities as provided in this Section 2, the Company shall promptly: 
 (a) prepare and, in any event within forty-five days (thirty days in the case of a Form S-3 registration) after the end of the period
under Section 2.2.1(a) within which a piggyback request for registration may be given to the Company, file with the Commission a registration statement with respect to such Registrable Securities and use its best efforts to cause such
registration statement to become effective within ninety days of the initial filing; 
 (b) prepare and file with the
Commission 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 a period not in excess of 270 days (or such shorter
period which will terminate when all Registrable Securities covered by such registration statement have been sold) and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered
by such registration statement during such period in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement; provided that before filing a registration statement or
prospectus, or any amendments or supplements thereto in accordance with Sections 2.1 or 2.2, the Company will furnish to each counsel selected pursuant to Section 2.3.3 hereof copies of all documents proposed to be filed, which documents will
be subject to the review of such counsel; 
 (c) furnish to each seller of such Registrable Securities such number of copies
of such registration statement and of each amendment and supplement thereto (in each case including all exhibits filed therewith), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus
and summary prospectus), in conformity with the requirements of the Securities Act, and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities by such seller; 
 (d) use its best efforts to register or qualify such Registrable Securities covered by such registration in such jurisdictions as each
seller shall reasonably request, and do any and all other acts and things which may be reasonably 

  

 -8- 

 
necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller, except
that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where, but for the requirements of this clause (d), it would not be obligated to be so qualified or to
consent to general service of process in any such jurisdiction; 
 (e) notify each seller of any such Registrable Securities
covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and at the request of
any such seller, prepare and furnish to such seller a reasonable number of copies of an amended or supplemental prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall
not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
 (f) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission, and make available to its
security holders, as soon as reasonably practicable (but not more than 18 months) after the effective date of the registration statement, an earnings statement which shall satisfy the provisions of Section 11(a) of the Securities Act;

 (g) (i) use its best efforts to list such Registrable Securities on any national securities exchange or authorize for
quotation on each other market (including, if applicable, the National Association of Securities Dealers, Inc. (the “NASD”) Automated Quotation System) on which the Common Stock is then listed or authorized for quotation if such
Registrable Securities are not already so listed or authorized for quotation; and (ii) use its best efforts to provide a transfer agent and registrar for such Registrable Securities covered by such registration statement not later than the
effective date of such registration statement; 
 (h) enter into such customary agreements (including an underwriting
agreement in customary form), which may include indemnification provisions in favor of underwriters and other Persons in addition to the provisions of Section 2.4 hereof, and take such other actions as the Initiating Investors or the Majority
Investors, as applicable, or the underwriters, if any, reasonably requested in order to expedite or facilitate the disposition of such Registrable Securities; 
 (i) in the case of any underwritten offering, obtain a “cold comfort” letter or letters from the Company’s independent
public accountants in customary form and covering matters of the type customarily covered by “cold comfort” letters as the Initiating Investors (in the case of a registration initiated pursuant to Section 2.1) or the Majority
Investors (in all other cases), shall reasonably request; 
  

 -9- 

 (j) make available for inspection by any seller of such Registrable Securities covered by
such registration statement, by any managing underwriter or underwriters participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by any such seller or any such
managing underwriter(s), all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested by
any such seller, underwriter, attorney, accountant or agent in connection with such registration statement (subject to each party referred to in this clause (j) entering into customary confidentiality agreements in a form reasonably acceptable
to the Company); 
 (k) notify each counsel selected pursuant to Section 2.3.3 hereof for the Holders of Registrable
Securities included in such registration statement and the managing underwriter or agent, immediately, and confirm the notice in writing (i) when the registration statement, or any post-effective amendment to the registration statement, shall
have become effective, or any supplement to the prospectus or any amendment to the prospectus shall have been filed, (ii) of the receipt of any comments from the Commission, (iii) of any request of the Commission to amend the registration
statement or amend or supplement the prospectus or for additional information, and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the
use of any preliminary prospectus, or of the suspension of the qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 
 (l) make every commercially reasonable effort to prevent the issuance of any stop order suspending the effectiveness of the registration
statement or of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the withdrawal of any such order as soon as practicable; 
 (m) if requested by the managing underwriter or agent or any Holder of Registrable Securities covered by the registration statement,
incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such Holder reasonably requests to be included therein, including, with respect to the number of Registrable Securities being
sold by such Holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering; and
make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such prospectus supplement or post-effective amendment; 
  

 -10- 

 (n) cooperate with the Holders of Registrable Securities covered by the registration
statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable such
securities to be in such denominations and registered in such names as the managing underwriter or agent, if any, or such Holders may request; 
 (o) obtain for delivery to the Holders of Registrable Securities being registered and to the underwriter or agent an opinion or opinions from counsel for the Company in customary form and in form, substance and scope
reasonably satisfactory to such Holders, underwriters or agents and their counsel; 
 (p) cooperate with each seller of
Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the NASD; and 
 (q) use its commercially reasonable best efforts to make available the executive officers of the Company to participate with the Holders
of Registrable Securities and any underwriters in any “road shows” that may be reasonably requested by the Holders in connection with distribution of the Registrable Securities. 
 2.3.3. Selection of Underwriters and Counsel. The underwriters to be retained by the Company (a) in connection with the
Initial Public Offering shall be selected by the Board, (b) in connection with the first Public Offering following the Initial Public Offering, if initiated pursuant to Section 2.1, shall be selected by the Investors holding a majority of
Registrable Securities proposed to be covered by such registration, and (c) otherwise, shall be selected by the Holders of a majority of Registrable Securities proposed to be covered by such registration. In connection with any registration of
Registrable Securities pursuant to Section 2.1 or 2.2 hereof, the Holders of a majority of Registrable Securities covered by such registration may select one counsel to represent all Holders of Registrable Securities covered by such
registration; provided, that the cost of such counsel shall be borne by the Company; provided, however, that in the event that the counsel selected as provided above is also acting as counsel to the Company in connection with
such registration, the remaining Holders shall be entitled to select one additional counsel to represent, at the Company’s expense, all such remaining Holders. 
 2.3.4. Company Lock-Up. If any registration pursuant to Section 2.1 of this Agreement shall be in connection with an
underwritten public offering, the Company agrees not to effect any public sale or distribution of any Common Stock of the Company (or securities convertible into or exchangeable or exercisable for Common Stock) (in each case, other than as part of
such underwritten public offering and other than pursuant to a registration on Form S-4 or S-8 or any successor form thereto) for its own account, within 90 days (or such shorter period as the managing underwriters may require) after, the effective
date of such registration (except as part of such registration). 
  

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 2.3.5. Holders Lock-Up. In connection with each underwritten Public Offering each
Holder hereby agrees to be bound by and, if requested, to execute and deliver such lock-up agreement with the underwriter(s) of such Public Offering restricting such Holder’s right to (a) Transfer, directly or indirectly, any shares of
Common Stock or any securities convertible into or exercisable or exchangeable for such Common Stock or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of Common Stock, in
each case to the extent that such restrictions are agreed to (i) in the case of an Initial Public Offering or a Public Offering initiated upon the request of an Initiating Investor, by the underwriter(s) of such offering and Investors holding a
majority of the Shares participating in such offering or (ii) in the case of all other Public Offerings, by the underwriter(s) of such Public Offering and the holders of a majority of Shares participating in such Public Offering (the
“Principal Lock-Up Agreement”); provided, however, that no Holder shall be required by this Section 2.3.5 to be bound by a lock-up agreement covering a period of greater than seven days before and 90 days (180 days in
the case of the Initial Public Offering) following the effectiveness of the related registration statement; provided, further, that no Holder shall be required by this Section 2.3.5 to be bound by a lock-up agreement unless the
Investors that hold a majority of Shares then held by all Investors agree to approve such lock-up agreement. Notwithstanding the foregoing, such lock-up agreement shall not apply to (i) transactions relating to shares of Common Stock or other
securities acquired in (a) open market transactions or block purchases after the completion of the Initial Public Offering or (b) a Public Offering, (ii) Transfers to Permitted Transferees of such Holder in accordance with the terms
of the Stockholders Agreement, (iii) conversions of shares of Common Stock into other classes of Common Stock without change of holder and (iv) during the period preceding the execution of the underwriting agreement, Transfers to a
Charitable Organization in accordance with the terms of the Stockholders Agreement. 
 2.3.6. Other Agreements. The
Company covenants and agrees that, so long as any Person holds any Registrable Securities in respect of which any registration rights provided for in Section 2.1 of this Agreement remain in effect, the Company will not, directly or indirectly,
without the consent of the Majority Investors, grant to any Person or agree to or otherwise become obligated in respect of (i) rights of registration in the nature or substantially in the nature of those set forth in Section 2.1 of this
Agreement that would have priority over or parity with the Registrable Securities with respect to the inclusion of such securities in any registration or (ii) demand registration rights exercisable prior to such time as the Investors can first
exercise their rights under Section 2.1. 
 2.3.7. Initial Public Offering and Subsequent Public Offering.
Notwithstanding any other provision of this Agreement, (a) the Initial Public Offering may not be initiated without the approval of the Majority Investors and (b) during the first two years following the consummation of the Initial Public
Offering, the first Public Offering following the Initial Public Offering may not be initiated without the approval of the Majority Investors, in each case, whether initiated pursuant to Section 2.1.1 or otherwise. 
  

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 2.4. Indemnification and Contribution. 
 2.4.1. Indemnities of the Company. In the event of any registration of any Registrable Securities or other debt or equity
securities of the Company or any of its subsidiaries under the Securities Act pursuant to this Section 2 or otherwise, and in connection with any registration statement or any other disclosure document produced by or on behalf of the Company or
any of its subsidiaries including reports required and other documents filed under the Exchange Act, and other documents pursuant to which any debt or equity securities of the Company or any of its subsidiaries are sold (whether or not for the
account of the Company or its subsidiaries), the Company will, and hereby does, and will cause each of its subsidiaries, jointly and severally, to indemnify and hold harmless each holder of Registrable Securities, any Person who is or might be
deemed to be a controlling person of the Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, their respective direct and indirect partners, advisory board members,
directors, officers, trustees, members, representatives and shareholders, and each other Person, if any, who controls any such holder or any such controlling person within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act (each such Person being referred to herein as a “Covered Person”), against any losses, claims, damages or liabilities (or actions or proceedings in respect thereof), joint or several, to which such Covered Person
may be or become subject under the Securities Act, the Exchange Act, any other securities or other law of any jurisdiction, the common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect
thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained or incorporated by reference in any registration statement under the Securities Act, any preliminary prospectus or final
prospectus included therein, or any related summary prospectus, or any amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents furnished or
filed under the Exchange Act and any document incorporated by reference therein) or other document or report, (ii) 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 or (iii) any violation or alleged violation by the Company or any of its subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and
relating to action or inaction in connection with any such registration, disclosure document or other document or report, and will reimburse such Covered Person for any legal or any other expenses incurred by it in connection with investigating or
defending any such loss, claim, damage, liability, action or proceeding; provided, however, that neither the Company nor any of its subsidiaries shall be liable to any Covered Person in any such case to the extent that any such loss,
claim, damage, liability, action or proceeding arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus,
summary prospectus, amendment or supplement, incorporated document or other such disclosure document or other document or report, in reliance upon and in conformity with written information furnished to the Company or to any of its subsidiaries
through an instrument duly executed by such Covered Person specifically stating that it is for use 

  

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in the preparation thereof. The indemnities of the Company and of its subsidiaries contained in this Section 2.4.1 shall remain in full force and effect
regardless of any investigation made by or on behalf of such Covered Person and shall survive any transfer of securities or any termination of this Agreement. 
 2.4.2. Indemnities to the Company. Subject to Section 2.4.4, the Company and any of its subsidiaries may require, as a
condition to including any securities in any registration statement filed pursuant to this Section 2, that the Company and any of its subsidiaries shall have received an undertaking satisfactory to it from the prospective seller of such
securities, severally and not jointly, to indemnify and hold harmless the Company and any of its subsidiaries, each director of the Company or any of its subsidiaries, each officer of the Company or any of its subsidiaries who shall sign such
registration statement and each other Person (other than such seller), if any, who controls the Company and any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and each other
prospective seller of such securities with respect to any statement in or omission from such registration statement, any preliminary prospectus, final prospectus or summary prospectus included therein, or any amendment or supplement thereto, or any
other disclosure document (including reports and other documents filed under the Exchange Act or any document incorporated therein) or other document or report, if such statement or omission was made in reliance upon and in conformity with written
information furnished to the Company or any of its subsidiaries through an instrument executed by such seller specifically stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus,
summary prospectus, amendment or supplement, incorporated document or other document or report. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company, any of its subsidiaries or any
such director, officer or controlling Person and shall survive any transfer of securities or any termination of this Agreement. 
 2.4.3. Contribution. If the indemnification provided for in Sections 2.4.1 or 2.4.2 hereof is unavailable to a party that would have been entitled to indemnification pursuant to the foregoing provisions of this Section 2.4 (an
“Indemnitee”) in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, then each party that would have been an indemnifying party thereunder shall, subject to
Section 2.4.4 and in lieu of indemnifying such Indemnitee, contribute to the amount paid or payable by such Indemnitee as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in such proportion
as is appropriate to reflect the relative fault of such indemnifying party on the one hand and such Indemnitee on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof). The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by such indemnifying party or such Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just
or equitable if contribution 

  

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pursuant to this Section 2.4.3 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 preceding sentence. The amount paid or payable by a contributing party as a result of the losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to above in this
Section 2.4.3 shall include any legal or other expenses reasonably incurred by such Indemnitee in connection with investigating or defending any such action or claim. 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. 
 2.4.4. Limitation on Liability of Holders of Registrable Securities. The liability of each holder of Registrable Securities in respect of any indemnification or contribution obligation of such holder arising
under this Section 2.4 shall not in any event exceed an amount equal to the net proceeds to such holder (after deduction of all underwriters’ discounts and commissions) from the disposition of the Registrable Securities disposed of by such
holder pursuant to such registration. 
 2.4.5. Indemnification Procedures. Promptly after receipt by an Indemnitee of
written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2.4, such Indemnitee will, if a claim in respect thereof is to be made against an indemnifying
party, give written notice to the latter of the commencement of such action or proceeding; provided that the failure of the Indemnitee to give notice as provided herein shall not relieve the indemnifying party of its obligations under this
Section 2.4, except to the extent and only to the extent that the indemnifying party is materially prejudiced by such failure to give notice. In case any such action or proceeding is brought against an Indemnitee, the indemnifying party will be
entitled to participate in and to assume the defense thereof (at its expense), jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnitee, and after notice
from the indemnifying party to such Indemnitee of its election so to assume the defense thereof, the indemnifying party will not be liable to such Indemnitee for any legal or other expenses subsequently incurred by the latter in connection with the
defense thereof other than reasonable costs of investigation and shall have no liability for any settlement made by the Indemnitee without the consent of the indemnifying party, such consent not to be unreasonably withheld. Notwithstanding the
foregoing, if in such Indemnitee’s reasonable judgment a conflict of interest between such Indemnitee and the indemnifying parties may exist in respect of such action or proceeding or the indemnifying party does not assume the defense of any
such action or proceeding within a reasonable time after notice of commencement, the Indemnitee shall have the right to assume or continue its own defense and the indemnifying party shall be liable for any reasonable expenses therefor, but in no
event will bear the expenses for more than one firm of counsel for all Indemnitees in each jurisdiction who shall be approved by (a) the Initiating Investors in the case of a registration initiated pursuant to Section 2.1 or (b) in
all other cases, the Majority Investors. No indemnifying party will settle any action or proceeding or consent to the entry of any judgment without the prior written consent of the Indemnitee, unless such settlement or judgment (i) includes as
an unconditional term thereof the giving by the claimant or 

  

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plaintiff of a release to such Indemnitee from all liability in respect of such action or proceeding and (ii) does not include any admission as to fault
or culpability on the part of any Indemnitee and (iii) does not involve the imposition of equitable remedies or the imposition of any obligations on such Indemnitee and does not otherwise adversely affect such Indemnitee, other than as a result
of the imposition of financial obligations for which such Indemnitee will be indemnified hereunder. 
 3. REMEDIES. 
 3.1. Generally. The parties shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this
Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies which may be available, each of the parties hereto shall be entitled to specific performance
of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. 
 4. PERMITTED TRANSFERS. 
 4.1. Transfers by Investors. The rights of an Investor hereunder may
be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Shares effected in accordance with the terms of the Stockholders Agreement and this Agreement to a Permitted Transferee of such Investor. Without
prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4.1 shall be effective unless the Permitted Transferee to which such assignment is being
made, if not a Stockholder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Shares in respect of which such assignment is made shall continue to be deemed
Shares and shall be subject to all of the provisions of this Agreement relating to Shares and that such Permitted Transferee shall be bound by, and shall be a party to, this Agreement as an Investor. A Permitted Transferee to whom rights are
transferred pursuant to this Section 4.1 may not again transfer such rights to any other Permitted Transferee, other than as provided in this Section 4.1. 
 4.2. Transfers by Managers. The rights of a Manager hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Shares effected in accordance with the
terms of the Stockholders Agreement and this Agreement to a Permitted Transferee of such Manager. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of
this Section 4.2 shall be effective unless the Permitted Transferee to which such assignment is being made, if not a Stockholder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory
to the Company that the Shares in respect of which such assignment is made shall continue to be deemed Shares and shall be subject to all of the provisions of this Agreement relating to Shares and that such Permitted Transferee shall be bound by,
and shall be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.2 may not again transfer such rights to any other Permitted Transferee, other than as provided in this Section 4.2.

  

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 4.3. Permitted Registration Rights Assignees. In addition to the foregoing, the rights of a holder
of Registrable Securities to cause the Company to register its Registrable Securities pursuant to Section 2.1 (solely with respect to transfers by Investors to Permitted Transferees) and 2.2 (with respect to all Holders) may be assigned (but
only with all related obligations as set forth below) in a Transfer effected in accordance with the terms of the Stockholders Agreement and this Agreement to any transferee that, together with its Affiliates, acquires (or holds) shares of
Registrable Securities either (i) for consideration of at least $10,000,000, (ii) having a then fair market value (determined in good faith by the Board at the time of the Transfer) of at least $10,000,000; or (iii) in the case of any
Investor or Other Investor, representing all of the Registrable Securities then held by such Investor or Other Investor (each such transferee, a “Permitted Registration Rights Assignee”). Without prejudice to any other or similar
conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4.3 shall be effective unless the Permitted Registration Rights Assignee, if not a Stockholder, has delivered to the Company
a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that such Registrable Securities in respect of which such assignment is made shall be deemed Other Holder Shares and shall be subject to all of the
provisions of this Agreement relating to Other Holder Shares and that such Permitted Registration Rights Assignee shall be bound by, and shall be an Other Holder party to, this Agreement and the holder of Other Holder Shares hereunder. A transferee
to whom rights are transferred pursuant to this Section 4.3 may not again transfer such rights to any Person, other than as provided in this Section 4.3. 
 5. AMENDMENT, TERMINATION, ETC. 
 5.1. Oral Modifications. This Agreement may not be orally amended, modified,
extended or terminated, nor shall any oral waiver of any of its terms be effective. 
 5.2. Written Modifications. This Agreement may
be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and Holders representing a majority of the Registrable Securities; provided that the Company may, without
the necessity of the consent of any party, amend Schedule I to this Agreement from time to time to reflect any changes in the holdings of Common Stock of the Company by the parties hereto. Each amendment shall be binding upon each party
hereto and each holder of Shares or Other Holder Shares subject hereto. In addition, each party hereto and each holder of Shares or Other Holder Shares subject hereto may waive any right hereunder by an instrument in writing signed by such party or
holder. 
 5.3. Effect of Termination. No termination under this Agreement shall relieve any Person of liability for breach prior to
termination. In the event this Agreement is terminated, each Investor shall retain the indemnification rights pursuant to Section 2.4 hereof with respect to any matter that (i) may be an indemnified liability thereunder and
(ii) occurred prior to such termination. 
 6. DEFINITIONS. For purposes of this Agreement: 
 6.1. Certain Matters of Construction. In addition to the definitions referred to or set forth below in this Section 6: 
 (i) The words “hereof’, “herein”, “hereunder” and words of similar import shall refer to this Agreement as a
whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of this Agreement shall include all subsections thereof; 
  

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 (ii) The word “including” shall mean including, without limitation; 

(iii) Definitions shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms defined; and

 (iv) The masculine, feminine and neuter genders shall each include the other. 
 6.2. Definitions. The following terms shall have the following meanings: 
 “Affiliate” shall mean, with respect to any specified Person, (a) any other Person which directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its subsidiaries shall be deemed an Affiliate of any of the Stockholders (and vice versa), (b) if such specified
Person is an investment fund, any other investment fund the primary investment advisor to which is the primary investment advisor to such specified Person or an Affiliate thereof and (c) if such specified Person is a natural Person, any Family
Member of such natural Person. 
 “Affiliated Fund” shall mean, with respect to any specified Person, an investment fund
that is an Affiliate of such Person (including entities investing solely on behalf of the Investor or such fund) or an entity that is directly or indirectly wholly-owned by such fund or one or more of such funds (other than a portfolio company of
any such fund). 
 “Agreement” shall have the meaning set forth in the Preamble. 
 “AGY” shall have the meaning set forth in the Preamble. 
 “AGY Holdings” shall have the meaning set forth in the Recitals. 
 “Board”
shall mean the board of directors of the Company. 
 “Business Day” shall mean any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by law to be closed in the City of New York. 
 “Charitable
Organization” shall mean a charitable organization as described by Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time. 
 “Closing” shall have the meaning set forth in Section 1.1. 
  

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 “Commission” shall mean the Securities and Exchange Commission. 
 “Common Stock” shall mean the common stock, $.01 par value per share, of the Company. 
 “Company” shall have the meaning set forth in the Preamble. 
 “Convertible Securities” shall mean any evidence of indebtedness, shares of stock (other than Common Stock) or other securities (other
than Options and Warrants) which are directly or indirectly convertible into or exchangeable or exercisable for shares of Common Stock. 
 “Covered Person” shall have the meaning set forth in Section 2.4.1. 
 “Exchange Act” shall
mean the Securities Exchange Act of 1934, as in effect from time to time. 
 “Family Member” shall mean, with respect to any
natural Person, (i) any lineal descendant or ancestor or sibling (by birth or adoption) of such natural Person, (ii) any spouse or former spouse of any of the foregoing, (iii) any legal representative or estate of any of the
foregoing, (iv) any trust maintained for the benefit of the foregoing and (v) any corporation, private charitable foundation or other organization controlled by the foregoing. 
 “Holders” shall mean the holders of Registrable Securities under this Agreement (including Other Holders). 
 “Indemnitee” shall have the meaning set forth in Section 2.4.3. 
 “Initial Public Offering” shall mean the initial Public Offering registered on Form S-1 (or any successor form under the Securities
Act). 
 “Initiating Investors” shall have the meaning set forth in Section 2.1.1. 
 “Investors” shall have the meaning set forth in the Preamble. 
 “Kohlberg Investors” shall mean, as of any date, Kohlberg Partners V, L.P., Kohlberg TE Investors V, L.P., Kohlberg Investors V, L.P.,
and Kohlberg Offshore Investors V, L.P. and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds Shares. 
 “Majority Investors” shall mean, as of any date, the holders of a majority of the Shares held by the Kohlberg Investors. 
 “Managers” shall have the meaning set forth in the Preamble. 
 “Merger
Agreement” shall have the meaning set forth in the Recitals. 
 “NASD” shall have the meaning set forth in
Section 2.3.2(g). 
  

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 “Options” shall mean any options to subscribe for, purchase or otherwise directly
acquire Common Stock, other than any such option held by the Company or any right to purchase shares pursuant to the Stockholders Agreement. 
 “Other Holder Shares” shall mean (a) all shares of Common Stock held by an Other Holder that were Transferred to such Other Holder in a transaction subject to Section 4.3 or that were acquired by such Other Holder
upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities that were Transferred to such Other Holder in a transaction subject to Section 4.3 and (b) all Options, Warrants and Convertible Securities that
were Transferred to such Other Holder in a transaction subject to Section 4.3, treating such Options, Warrants and Convertible Securities as a number of Other Holder Shares equal to the maximum number of shares of Common Stock for which or into
which such Options, Warrants or Convertible Securities may at the time be exercised, converted or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection
with which the number of Other Holder Shares is to be determined). 
 “Other Holders” shall have the meaning set forth in
the Preamble. 
 “Other Investors” shall have the meaning set forth in the Preamble. 
 “Parity Shares” shall have the meaning set forth in Section 2.3.1. 
 “Permitted Registration Rights Assignee” shall have the meaning set forth in Section 4.3. 
 “Permitted Transferee” shall mean, in respect of any Investor or Other Investor, any Affiliated Fund of such Investor or Other Investor,
as applicable, and any other Person approved by the Majority Investors, and, in respect of any Manager, any Family Member of such Manager, in each case to the extent such Person agrees to be bound by the terms of this Agreement and the Stockholders
Agreement. In addition, any Stockholder shall be a Permitted Transferee of the Permitted Transferees of itself. 
 “Person”
shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political
subdivision thereof. 
 “Principal Lock-Up Agreement” shall have the meaning set forth in Section 2.3.5. 
 “Pro Rata Portion” shall mean for purposes of Section 2.3, with respect to each holder of Registrable Securities or Parity Shares
requesting that such shares be registered in such registration statement, a number of such shares equal to the aggregate number of shares of Common Stock to be registered in such registration (excluding any shares to be registered for the account of
the Company) multiplied by a fraction, the numerator of which is the aggregate number of Registrable Securities and Parity Shares held by such holder, and the denominator of which is the aggregate number of Registrable Securities and Parity Shares
held by all holders requesting that their Registrable Securities or Parity Shares be registered in such registration. 
  

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 “Public Offering” shall mean a public offering and sale of Common Stock for cash
pursuant to an effective registration statement under the Securities Act. 
 “Registrable Securities” shall mean
(a) all shares of Common Stock, (b) all shares of Common Stock issuable upon exercise, conversion or exchange of any Option, Warrant or Convertible Security and (c) all shares of Common Stock directly or indirectly issued or issuable
with respect to the securities referred to in clauses (a) or (b) above by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any
particular Registrable Securities, such shares shall cease to be Registrable Securities when (i) in the case of Other Holder Shares, such securities shall have ceased to be Other Holder Shares hereunder, (ii) a registration statement with
respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (iii) such securities shall have been Transferred
pursuant to Rule 144 or Rule 145, (iv) disposition of such securities may be made by the Holder thereof under Rule 144 or 145 and the holder of such securities together with its Affiliated Funds holds no more than one percent of the shares of
the applicable class outstanding as shown by the most recent report or statement published by the Company, (v) such securities shall have been otherwise transferred to a Person that is not an Affiliate of the transferor, new certificates for
them not bearing a legend restricting further transfer shall have been delivered by the Company as part of such transfer and subsequent disposition of them shall not require registration of them under the Securities Act and such securities may be
distributed without volume limitation or other restrictions on transfer under Rule 144 or Rule 145 (including without application of paragraphs (c), (e) (f) and (h) of Rule 144), or (vi) such securities shall have ceased to be
outstanding. 
 “Registration Expenses” means any and all expenses incident to performance of or compliance with
Section 2 of this Agreement (other than underwriting discounts and commissions paid to underwriters and transfer taxes, if any), including (a) all Commission and securities exchange or NASD registration and filing fees, (b) all fees
and expenses of complying with securities or blue sky laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (c) all printing, messenger and
delivery expenses, (d) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or NASD pursuant to Section 2.3.2(g) and all rating agency fees, (e) the fees and
disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or “cold comfort” letters required by or incident to such performance and compliance, (f) the
reasonable fees and disbursements of one counsel for the Holders selected pursuant to the terms of Section 2, (g) any fees and disbursements customarily paid by the issuers of securities, and (h) expenses incurred in connection with
any road show (including the reasonable out-of-pocket expenses of the Holders). 
 “Rule 144” shall mean Rule 144 under the
Securities Act (or any successor Rule). 
 “Rule 145” shall mean Rule 145 under the Securities Act (or any successor Rule).

 “Rule 145 Transaction” shall mean a registration on Form S-4 (or any successor Form) pursuant to Rule 145. 
  

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 “Sale” shall mean a Transfer for value and the terms “Sell” and
“Sold” shall have correlative meanings. 
 “Securities Act” shall mean the Securities Act of 1933, as in effect
from time to time. 
 “Shares” shall mean (a) all shares of Common Stock held by a Stockholder, whenever issued,
including all shares of Common Stock issued upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities and (b) all Options, Warrants and Convertible Securities held by a Stockholder (treating such Options,
Warrants and Convertible Securities as a number of Shares equal to the number of Shares issuable upon exercise or conversion of such Options, Warrants and Convertible Securities for all purposes of this Agreement except as otherwise specifically set
forth herein). 
 “Stockholders” shall have the meaning set forth in the Preamble. 
 “Stockholders Agreement” shall have the meaning set forth in the Recitals. 
 “Transfer” shall mean any sale, pledge, assignment, encumbrance or other transfer or disposition of any Shares or Other Holder Shares to
any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 
 “Warrants” shall mean any warrants to subscribe for, purchase or otherwise directly acquire Common Stock. 
 7. MISCELLANEOUS.

 7.1. Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that the execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound.
This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. 
 7.2. Notices. All notices, requests, demands, claims and other communications required or permitted to be delivered, given or otherwise provided
under this Agreement must be in writing and must be delivered, given or otherwise provided: 
 (a) by hand (in which case, it
will be effective upon delivery); 
 (b) by facsimile (in which case, it will be effective upon receipt of confirmation of
good transmission); or 
 (c) by overnight delivery by a nationally recognized courier service (in which case, it will be
effective on the Business Day after being deposited with such courier service); 
  

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 in each case, to the address (or facsimile number) listed below: 
 If to the Company or AGY, to it: 
 c/o AGY
Holding Corp. 
 2558 Wagener Road 
 Aiken, SC 29801 
 Facsimile: (803) 643-1180 
 Attention: Douglas J. Mattscheck 
 with copies to: 
 Ropes & Gray LLP 
 One International
Place 
 Boston, MA 02110 
 Facsimile: (617) 951-7050 
 Attention: Craig E. Marcus 
 If to a Kohlberg Investor, to it: 
 c/o
Kohlberg & Co. LLC 
 111 Radio Circle 
 Mt. Kisco, NY 10549 
 Facsimile: (914) 241-7430 

			
	Attention:	 	Christopher Lacovara
		 	John S. Eastburn, Jr.
		 	Seth Hollander
		 	Evan LePatner

 with copies to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, MA 02110 
 Facsimile:
(617) 951-7050 
 Attention: Craig E. Marcus 
 If to any Manager or Other Holder, to it at the address set forth on its signature page hereto. 
 Notice to
the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such shares for all purposes hereof. Any of the above addresses may be changed at any time by notice given as provided above; provided, however, that
any such notice of change of address shall be effective only upon receipt. 
  

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 7.3. Binding Effect, Etc. Except for restrictions on the Transfer of Shares set forth in other
written agreements, plans or documents, and except for other written agreements dated on or about the date of this Agreement, this Agreement constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or
contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors and permitted assigns.
Except as otherwise expressly provided herein, no Investor or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties
hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 
 7.4. Descriptive Heading.
The descriptive headings of this Agreement are for convenience of reference only, are not to be considered a part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 
 7.5. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one instrument. 
 7.6. Severability. In the event that any provision hereof would, under applicable law, be
invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable,
and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 
 7.7. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, each of the Company and AGY and each Holder
(including Other Holders) covenant, agree and acknowledge that no recourse under this Agreement shall be had against any current or future director, officer, employee, agent, general or limited partner, stockholder or member of the Company, AGY or
any Investor or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged
that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, employee, agent, general or limited partner, stockholder or member of the Company, AGY or any Investor or of any
Affiliate or assignee thereof for any obligation to or of any Investor under this Agreement for any claim based on, in respect of or by reason of such obligations or their creation; provided, however, that nothing in this Section 7.7 shall
relieve the Company, AGY or any Investor of its obligations hereunder. 
 7.8. Aggregation of Shares. All Shares held by an Investor
and its Affiliates shall be aggregated together for purposes of determining the availability of any rights under Section 2. Within the Kohlberg Investors, the Kohlberg Investors may allocate the ability to exercise any rights under this
Agreement in any manner that the Kohlberg Investors (acting by a majority of the Shares held by the Kohlberg Investors) sees fit. 
  

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 7.9. Obligations of the Company and AGY. Each of the Company and AGY shall be jointly and
severally liable for any payment obligation of any of the Company and AGY pursuant to this Agreement. 
 8. GOVERNING LAW. 
 8.1. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be
governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any
other jurisdiction. 
 8.2. Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of New York, County of New York for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry,
proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its
subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor
to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one
of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification
rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce
a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of process by
registered or certified mail, return receipt requested, at its address specified pursuant to Section 7.2 hereof is reasonably calculated to give actual notice. 
 8.3. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT
MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO 

  

 -25- 

 
THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE
OTHER PARTIES HERETO THAT THIS SECTION 8.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 8.3 WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 8.4. Exercise of Rights and
Remedies. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be
construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or
default occurring before or after that waiver. 
 [Signature pages follow] 
  

 -26-

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