Document:

EX 101 20150710

		

			Exhibit 10.1

		

		
			 
		

		
			SIGMATRON INTERNATIONAL, INC.
		

		
			 
		

		
			EMPLOYEE BONUS PLAN FOR FISCAL YEAR 2016
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			PURPOSE.  The purpose of the Employee Bonus Plan for Fiscal Year 2016 of SigmaTron International, Inc., a Delaware Corporation (the “Company”) is to align stockholder and employee objectives, motivate employees, and increase stockholder value.  

		
			 
		

			
	
			
				 2.
			

			
	
			
			DEFINITIONS.  Capitalized terms shall have the meanings ascribed in this Section 2 or as otherwise defined in this Plan:

		
			 
		

			
	
			
				 a.
			

			
	
			
			“Award Year” shall mean the Company’s fiscal year to which bonuses under this Plan relate.

			
	
			
				 b.
			

			
	
			
			“Board” shall mean the Board of Directors of the Company.

			
	
			
				 c.
			

			
	
			
			“CEO” shall mean the Chief Executive Officer of the Company.

			
	
			
				 d.
			

			
	
			
			“CFO” shall mean the Chief Financial Officer of the Company.

			
	
			
				 e.
			

			
	
			
			“Committee” shall mean the Compensation Committee of the Company.

			
	
			
				 f.
			

			
	
			
			“Executive Officer” shall mean any employee designated by the Company as an executive officer pursuant to the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder.   

			
	
			
				 g.
			

			
	
			
			“GAAP” shall mean U.S. Generally Accepted Accounting Principles.

			
	
			
				 h.
			

			
	
			
			“Pre-Tax Income” shall mean income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

			
	
			
				 i.
			

			
	
			
			“Officer” shall mean any full-time Company employee with a corporate ranking of Vice-President or higher who is not designated as an Executive Officer.

			
	
			
				 j.
			

			
	
			
			“Participant” shall mean any U.S. payroll employee, Officer, or Executive Officer, except for employees under a collective bargaining agreement, who are not covered by this Plan.

			
	
			
				 k.
			

			
	
			
			“Plan” shall mean this Employee Bonus Plan for Fiscal Year 2016.

		
			 
		

			
	
			
				 3.
			

			
	
			
			ADMINISTRATION.  The Board shall have the power to adopt, modify and revoke such rules for the administration, interpretation and application of the Plan as are consistent therewith.  Except as otherwise directed herein, the Board shall administer and interpret the Plan in accordance with its provisions.

		
			 
		

			
	
			
				 4.
			

			
	
			
			TIMING AND ELIGIBILITY REQUIREMENTS FOR BONUS PAYOUTS.

		
			 
		

			
	
			
				 a.
			

			
	
			
			Bonuses pursuant to this Plan shall be determined at the end of the Award Year and paid as soon as practicable after the Bonus Pool is calculated and awards under the Plan are approved.    

		
			 
		

		 

		

			1

		

		

			 

		

		

			 

		

		

			 

		

		

			 

		

 

		

			Exhibit 10.1

		

			
	
			
				 b.
			

			
	
			
			To be eligible for a bonus pursuant to this Plan, each Participant must be on the Company’s payroll on the last day of the Award Year, absent special circumstances approved by the Board.

		
			 
		

		
			 
		

			
	
			
				 5.
			

			
	
			
			BONUS POOL; DETERMINATION AND CALCULATION OF BONUS AWARDS.

		
			 
		

			
	
			
				 a.
			

			
	
			
			The aggregate bonus pool fund from which bonuses shall be awarded under this Plan (“Bonus Pool”) shall be calculated as a percentage of Pre-Tax Income pursuant to a graduated scale as further stated in Exhibit A attached hereto and incorporated herein.

			
	
			
				 b.
			

			
	
			
			The Committee, in its sole discretion, may recommend to the Board for its approval adjustments to the calculation of Pre-Tax Income.

			
	
			
				 c.
			

			
	
			
			As soon as reasonably practicable after approval of the Plan, and during the first quarter of each fiscal year thereafter, the CEO shall identify and submit to the Committee for its recommendation to the Board Award Year target objectives for each Executive Officer (“Target Objectives”).  The CEO’s Target Objectives shall be identified by mutual agreement of the Committee and CEO which the Committee shall then recommend to the Board for approval.  The bonus amount awarded to an Executive Officer shall be based, in part and at the sole discretion of the Board, after receiving the recommendation of the Committee, on such Executive Officer achieving his/her Target Objectives during the Award Year.  

			
	
			
				 d.
			

			
	
			
			During any Award Year, the CEO may recommend to the Committee, the Committee may recommend to the Board and the Board may approve changes to the Target Objectives.

			
	
			
				 e.
			

			
	
			
			As soon as reasonably practicable after the Bonus Pool is calculated, the CEO shall recommend and submit to the Committee for its recommendation to the Board a percentage or dollar allocation of the Bonus Pool for: (1) each Executive Officer and Officer, individually; and (2) all other Participants, in the aggregate.  

			
	
			
				 f.
			

			
	
			
			Awards shall be granted and paid to the Participants only upon satisfaction of the following condition:

		
			 
		

			
	
			
				 i.
			

			
	
			
			At the end of the Award Year, the Company is in compliance with all covenants under its primary credit facility (currently with Wells Fargo Bank, N.A.), or has obtained a waiver of covenant compliance from the bank.

		
			 
		

			
	
			
				 6.
			

			
	
			
			RESTATEMENT OF FINANCIAL STATEMENTS FOR A FISCAL YEAR TO WHICH A BONUS RELATES.  

		
			 
		

			
	
			
				 a.
			

			
	
			
			CLAWBACK.  If the Company is required to restate all or a portion of its financial statements (“Restated Financial Statements”) due to material non-compliance with financial reporting requirements under securities laws for a fiscal year to which bonuses were previously awarded (“Awarded FY”), and the amount of the Bonus Pool for the Awarded FY (“Awarded Bonus Pool”) would have been lower had the financial results been properly reported, the Board shall require reimbursement from each Executive Officer who received a bonus from the 
		

		 

		

			2

		

		

			 

		

		

			 

		

		

			 

		

		

			 

		

 

		

			Exhibit 10.1

		

			Awarded Bonus Pool (“Awarded Bonus”) equal to the difference between the amount of the Awarded Bonus and the bonus that would have been paid if calculated according to the Restated Financial Statements. 

		
			 
		

			
	
			
				 b.
			

			
	
			
			CLAWBACK LIMITATIONS.  The clawback provisions of paragraph 6(a) of this Plan shall be limited to 3 years from the date on which the Company is required to prepare the Restated Financial Statements.

		
			 
		

			
	
			
				 c.
			

			
	
			
			CLAWBACK NOTICE.  In the event of any such required reimbursement, the Company shall give written notice thereof to each Executive Officer stating the amount of the required reimbursement and the reasons therefor.  Each Executive Officer shall make such reimbursement within 45 days from the date notice is delivered.

		
			 
		

			
	
			
				 d.
			

			
	
			
			RESTATED FINANCIAL STATEMENTS RESULTING IN HIGHER BONUS POOL.  If the Company restates all or a portion of its financial statements for an Awarded FY, and the amount of the Awarded Bonus Pool would have been greater had the financial results been properly reported, the Board may add the difference between the amount of the bonus pool calculated according to the Restated Financial Statements and Awarded Bonus Pool to the Bonus Pool for the fiscal year in which the Restated Financial Statements are completed.  Bonus awards pursuant to this subparagraph 6(d) shall be awarded pursuant to paragraph 5 of this Plan. 

		
			 
		

			
	
			
				 7.
			

			
	
			
			EMPLOYMENT AND PLAN RIGHTS.  This Plan shall neither be deemed to give any Participant the right to be employed by the Company, nor impair the Company’s right to discharge any Participant at any time, subject to the terms of an employment agreement between a Participant and the Company, if any.  

		
			 
		

			
	
			
				 8.
			

			
	
			
			AMENDMENT, SUSPENSION OR TERMINATION.  This Plan may be amended, suspended, or terminated, at any time or from time to time, by the Board of Directors.

		
			 
		

		
			 
		

		 

		

			3EX-10.7

 Exhibit 10.7 

REGISTRATION RIGHTS AGREEMENT 
 by
and among 
 NEP GROUP, INC. 

and the STOCKHOLDERS named herein 
  

 
 Dated: [•],
2015 
  
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	Section 1.(a)	 	Definitions	  	 	1	  
	 (b)
	 	Interpretation	  	 	6	  
			
	Section 2.	 	General; Securities Subject to this Agreement	  	 	7	  
	 (a)
	 	Grant of Rights	  	 	7	  
	 (b)
	 	Registrable Securities	  	 	7	  
	 (c)
	 	Holders of Registrable Securities	  	 	7	  
	 (d)
	 	Transfer of Registration Rights	  	 	7	  
			
	Section 3.	 	Demand Registration	  	 	8	  
	 (a)
	 	Request for Demand Registration	  	 	8	  
	 (b)
	 	Incidental or “Piggy-Back” Rights with Respect to a Demand Registration	  	 	9	  
	 (c)
	 	Effective Demand Registration	  	 	9	  
	 (d)
	 	Expenses	  	 	9	  
	 (e)
	 	Underwriting Procedures	  	 	10	  
	 (f)
	 	Selection of Underwriters	  	 	10	  
	 (g)
	 	Withdrawal	  	 	10	  
	 (h)
	 	Partner Distributions	  	 	11	  
			
	Section 4.	 	Incidental or “Piggy-Back” Registration	  	 	11	  
	 (a)
	 	Request for Incidental or “Piggy-Back” Registration	  	 	11	  
	 (b)
	 	Expenses	  	 	12	  
			
	Section 5.	 	Form S-3 Registration	  	 	12	  
	 (a)
	 	Request for a Form S-3 Registration	  	 	12	  
	 (b)
	 	Form S-3 Underwriting Procedures	  	 	13	  
	 (c)
	 	Limitations on Form S-3 Registrations	  	 	14	  
	 (d)
	 	Expenses	  	 	14	  
	 (e)
	 	Automatic Shelf Registration Statement	  	 	14	  
	 (f)
	 	Shelf Take-Downs	  	 	15	  
			
	Section 6.	 	Hedging Transactions	  	 	16	  
			
	Section 7.	 	Holdback Agreements	  	 	16	  
	 (a)
	 	Restrictions on Public Sale by Designated Stockholders	  	 	16	  
	 (b)
	 	Restrictions on Public Sale by the Company	  	 	17	  
			
	Section 8.	 	Registration Procedures	  	 	17	  
	 (a)
	 	Obligations of the Company	  	 	17	  
	 (b)
	 	Seller Requirements	  	 	21	  
	 (c)
	 	Notice to Discontinue	  	 	21	  
	 (d)
	 	Confidentiality	  	 	22	  
	 (e)
	 	Registration Expenses	  	 	22	  

  
 i 

							
	 	 	 	  	Page	 
			
	Section 9.	 	Indemnification; Contribution	  	 	23	  
	 (a)
	 	Indemnification by the Company	  	 	23	  
	 (b)
	 	Indemnification by Designated Stockholders	  	 	24	  
	 (c)
	 	Conduct of Indemnification Proceedings	  	 	24	  
	 (d)
	 	Contribution	  	 	25	  
			
	Section 10.	 	Rule 144	  	 	26	  
			
	Section 11.	 	Miscellaneous	  	 	26	  
	 (a)
	 	Stock Splits, etc.	  	 	26	  
	 (b)
	 	No Inconsistent Agreements	  	 	26	  
	 (c)
	 	Remedies	  	 	26	  
	 (d)
	 	Amendments and Waivers	  	 	26	  
	 (e)
	 	Notices	  	 	26	  
	 (f)
	 	Permitted Assignees; Third Party Beneficiaries	  	 	27	  
	 (g)
	 	Counterparts	  	 	27	  
	 (h)
	 	Headings	  	 	27	  
	 (i)
	 	GOVERNING LAW	  	 	27	  
	 (j)
	 	Jurisdiction	  	 	28	  
	 (k)
	 	WAIVER OF JURY TRIAL	  	 	28	  
	 (l)
	 	Severability	  	 	28	  
	 (m)
	 	Rules of Construction	  	 	28	  
	 (n)
	 	Entire Agreement	  	 	29	  
	 (o)
	 	Further Assurances	  	 	29	  
	 (p)
	 	Other Agreements	  	 	29	  
			
	Annex A	 	Form of Joinder	  			
	Annex B	 	Plan of Distribution	  			

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of [•], 2015, by and among NEP Group, Inc., a Delaware corporation
(the “Company”), and the stockholders that are party to this Agreement from time to time, as set forth on the signature page hereto (each, a “Designated Stockholder”). 

WHEREAS, on or prior to the date hereof, the Designated Stockholders have purchased or otherwise acquired shares of the Company’s
Common Stock, par value $0.01 and/or have been issued options to purchase shares of the Company’s Common Stock. 

WHEREAS, the Company desires to provide for, among other things, the grant of registration rights with respect to the Registrable
Securities (as hereinafter defined) to the Designated Stockholders. 
 NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. (a) Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms
have the meanings indicated: 
 “Affiliate” means, with respect to a Person, any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. The term “affiliated” shall have the correlative meaning. For purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to a Person, shall mean 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. 

“Agreement” means this Registration Rights Agreement as the same may be amended, supplemented or modified in accordance with
the terms hereof. 
 “Approved Underwriter” has the meaning set forth in Section 3(f) hereof. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in
Rule 405 promulgated under the Securities Act. 
 “Board of Directors” means the Board of Directors of the Company (or
any duly authorized committee thereof). 
 “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks in the State of New York are authorized or required by law or executive order to close. 
 “Closing
Price” means, with respect to the Registrable Securities, as of the date of determination, (a) if the Registrable Securities are listed on a national securities exchange, the closing price per share of a Registrable Security on such
date published in The Wall Street 

  
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Journal (National Edition) or, if no such closing price on such date is published in The Wall Street Journal (National Edition), the average of the closing bid and asked prices on
such date, as officially reported on the principal national securities exchange on which the Registrable Securities are then listed or admitted to trading; or (b) if the Registrable Securities are not listed or admitted to trading on any
national securities exchange, the last sale price or, if such last sale price is not reported, the average of the high bid and low asked prices on the automatic quotation system on which the Registrable Securities are then listed, as reported by
Bloomberg Financial Markets (or any successor thereto); or (c) if on any such date the Registrable Securities are not quoted on any such automatic quotation system, the average of the closing bid and asked prices as furnished by a professional
market maker making a market in the Registrable Securities selected by the Company; or (d) if none of (a), (b) or (c) is applicable, a market price per share determined in good faith by the Board of Directors. If trading is conducted
on a continuous basis on any exchange, then the closing price shall be as set forth at 4:00 P.M. New York City time. 

“Commission” means the Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the
Securities Act. 
 “Common Stock” means (i) the Company’s Common Stock, par value $0.01 per share, (ii) any
securities of the Company or any successor or assign of the Company into which such stock described in clause (i) is reclassified or reconstituted or into which such stock is converted or otherwise exchanged in connection with a combination of
shares, recapitalization, merger, sale of assets, consolidation or other reorganization or otherwise or (iii) any securities received as a dividend or distribution in respect of the securities described in clauses (i) and (ii) above.

 “Company” has the meaning set forth in the preamble to this Agreement. 

“Company Free Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of the Company or used or
referred to by the Company in connection with an offering of Registrable Securities. 
 “Company Underwriter” has the
meaning set forth in Section 4(a) hereof. 
 “Crestview” means Crestview NEP, L.P. 

“Demand Registration” has the meaning set forth in Section 3(a) hereof. 

“Designated Stockholder” has the meaning set forth in the preamble to this Agreement. 

“Designated Stockholders’ Counsel” has the meaning set forth in Section 8(a)(i) hereof. 

“Disclosure Package” means, with respect to any offering of Registrable Securities, (i) the preliminary Prospectus,
(ii) each Free Writing Prospectus and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of securities at the time of sale of such
securities (including, without limitation, a contract of sale). 

  
 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission thereunder. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Form S-3 Shelf Registration Statement” has the meaning set forth in
Section 5(f) hereof. 
 “Free Writing Prospectus” means any “free writing prospectus” as defined in
Rule 405 promulgated under the Securities Act. 
 “Hedging Counterparty” means a broker-dealer registered under
Section 15(b) of the Exchange Act or an Affiliate thereof. 
 “Hedging Transaction” means any transaction involving a
security linked to the Registrable Securities or any security that would be deemed to be a “derivative security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to the Registrable Securities or
transaction (even if not a security) which would (were it a security) be considered such a derivative security, or which transfers some or all of the economic risk of ownership of the Registrable Securities, including, without limitation, any
forward contract, equity swap, put or call, put or call equivalent position, collar, non-recourse loan, sale of exchangeable security or similar transaction. For the avoidance of doubt, the following transactions shall be deemed to be Hedging
Transactions: 
 (a) transactions by a Designated Stockholder in which a Hedging Counterparty engages in short sales of Registrable
Securities pursuant to a Prospectus and may use Registrable Securities to close out its short position; 
 (b) transactions pursuant to
which a Designated Stockholder sells short Registrable Securities pursuant to a Prospectus and delivers Registrable Securities to close out its short position; 

(c) transactions by a Designated Stockholder in which the Designated Stockholder delivers, in a transaction exempt from registration under the
Securities Act, Registrable Securities to the Hedging Counterparty who will then publicly resell or otherwise transfer such Registrable Securities pursuant to a Prospectus or an exemption from registration under the Securities Act; and 

(d) a loan or pledge of Registrable Securities to a Hedging Counterparty who may then become a selling stockholder and sell the loaned
securities or, in an event of default in the case of a pledge, sell the pledged securities, in each case, in a public transaction pursuant to a Prospectus. 

“Incidental Registration” has the meaning set forth in Section 4(a) hereof. 

  
 3 

 “Incidental Registration Notice” has the meaning set forth in Section 4(a)
hereof. 
 “Indemnified Party” has the meaning set forth in Section 9(c) hereof. 

“Indemnifying Party” has the meaning set forth in Section 9(c) hereof. 

“Initial Public Offering” means an initial underwritten public offering of the shares of Common Stock of the Company pursuant
to an effective Registration Statement filed under the Securities Act. 
 “Initiating Holder” means (i) Crestview NEP,
L.P. and any successor fund thereto and its Affiliates that are direct or indirect equity investors in the Company or (ii) the Majority Designated Stockholders. 

“Inspector” has the meaning set forth in Section 8(a)(i) hereof. 

“IPO Pricing Date” means the date upon which the Company prices the Initial Public Offering. 

“Liability” has the meaning set forth in Section 9(a) hereof. 

“Lock-Up Agreement” means, with respect to each Designated Stockholder, the lock-up agreement entered into by such Designated
Stockholder with the underwriters of the Initial Public Offering. 
 “Majority Designated Stockholders” means beneficial
owners of Registrable Securities representing more than 50% of the total number of outstanding Registrable Securities. 
 “Market
Price” means, on any date of determination, the average of the daily Closing Price of the Registrable Securities for the immediately preceding thirty days on which the national securities exchanges are open for trading;
provided, however, that if the Closing Price is determined pursuant to clause (d) of the definition of Closing Price, the “Market Price” means such Closing Price on the date of determination. 

“Marketed Underwritten Shelf Take-Down” has the meaning set forth in Section 5(f) hereof. 

“Non-Marketed Underwritten Shelf Take-Down” has the meaning set forth in Section 5(f) hereof. 

“Partner Distribution” has the meaning set forth in Section 3(a) hereof. 

“Permitted Assignee” means, with respect to any Person, to the extent applicable, (i) such Person’s parents,
spouse, siblings, siblings’ spouses, children (including stepchildren and adopted children), children’s spouses, grandchildren or grandchildren’s spouses thereof (“Family Members”), (ii) a corporation,
partnership or limited liability company, a majority of the beneficial interests of which shall be held by such Person, such Person’s Affiliates and/or such Person’s Family Members, (iii) a trust, the beneficiaries of which are such
Person and/or such 

  
 4 

 
Person’s Family Members, (iv) such Person’s heirs, executors, administrators, estate or a trust under such Person’s will, (v) an entity described in
Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, that is established by such Person, (vi) any Affiliate of such Person, (vii) any Person to whom such Person transfers Registrable Securities
representing at least 1% of the outstanding Common Stock as of the date of such transfer and (viii) if such Person is a corporation, partnership or limited liability company, any wholly-owned subsidiary of such entity or the direct or indirect
partners, members, stockholders or Affiliates of such entity. 
 “Permitted Withdrawal” has the meaning set forth in
Section 3(g) hereof. 
 “Person” means any individual, firm, corporation, partnership, limited liability company,
trust, incorporated or unincorporated association, joint venture, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind, and shall include any successor (by merger
or otherwise) of such entity. 
 “Pledgee” has the meaning set forth in Section 2(d)(i) hereof. 

“Prospectus” means the prospectus related to any Registration Statement (including, without limitation, a prospectus or
prospectus supplement that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance on Rule 415, 430A, 430B or 430C under the Securities Act, as amended or supplemented by any
amendment or prospectus supplement), including post-effective amendments, and all materials incorporated by reference in such prospectus. 

“Records” has the meaning set forth in Section 8(a)(viii) hereof. 

“Registrable Securities” means, subject to Section 2(b) and Section 2(d)(i) hereof, any and all shares of
Common Stock now or hereafter owned by the Designated Stockholders or issuable upon conversion or exchange of any convertible or exchangeable securities or exercise of any warrants or options now or hereafter held by any of the Designated
Stockholders. 
 “Registration Expenses” has the meaning set forth in Section 8(d) hereof. 

“Registration Statement” means a registration statement filed pursuant to the Securities Act. 

“S-3 Participating Stockholders” has the meaning set forth in Section 5(a)
hereof. 
 “S-3 Registration” has the meaning set forth in Section 5(a)
hereof. 
 “Seasoned Issuer” means an issuer eligible to use Form S-3 or F-3 for a primary offering of securities in reliance on General Instruction I.B.1 to such Form. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Shelf Take-Down” has the meaning set forth in Section 5(f) hereof. 

  
 5 

 “Specified Period” means, (i) for an Initial Public Offering, the period
beginning on the date of the underwriting agreement relating to the Initial Public Offering and ending on, and including, the date that is 180 days from the date of such underwriting agreement; and (ii) otherwise, the period beginning on the
date of the underwriting agreement for the offering and ending on, and including, the date that is 90 days after the date of such underwriting agreement; provided, that, in each case, the Specified Period with respect to any offering will end
on the first date on which the underwriters of such offering have released the Company and all Designated Stockholders from the lock-up agreements entered into in connection with such offering. 

“underwritten public offering” of securities means a public offering of such securities registered under the Securities Act
in which an underwriter, placement agent or other intermediary participates in the distribution of such securities, including, without limitation, a Hedging Transaction in which a Hedging Counterparty participates. 

“Underwritten Shelf Take-Down” has the meaning set forth in Section 5(f) hereof. 

“Underwritten Shelf Take-Down Notice” has the meaning set forth in Section 5(f) hereof. 

“Valid Business Reason” has the meaning set forth in Section 3(a) hereof. 

“Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the
Securities Act and which (a) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (b) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also
eligible to use Form S-3 to register a primary offering of securities in reliance on General Instruction I.B.1 to such Form. 

(b) Interpretation. For purposes of this Agreement, unless otherwise noted: 

(i) All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations
and forms, as amended from time to time or, to the extent replaced, the comparable successor laws, rules, regulations and forms thereto in effect at the time. 

(ii) All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references to
the comparable successor thereto. 
 (iii) All references to agreements and other contractual instruments shall be deemed to be references
to such agreements or other instruments as they may be amended, waived, supplemented or modified from time to time. 
 (iv) All references
to any amount of securities (including Registrable Securities) shall be deemed to be a reference to such amount measured on an as-converted or as-exercised basis. 

  
 6 

 Section 2. General; Securities Subject to this Agreement. 

(a) Grant of Rights. The Company hereby grants registration rights to the Designated Stockholders upon the terms and conditions set
forth in this Agreement. 
 (b) Registrable Securities. For the purposes of this Agreement, Registrable Securities held by any
Designated Stockholder will cease to be Registrable Securities, when (i) a Registration Statement covering such Registrable Securities has been declared effective under the Securities Act by the Commission and such Registrable Securities have
been disposed of pursuant to such effective Registration Statement, (ii) the entire amount of the Registrable Securities held by any Designated Stockholder may be sold in a single sale, without restriction pursuant to Rule 144 promulgated
under the Securities Act (or any similar provision then in effect), (iii) the Registrable Securities have ceased to be outstanding or (iv) the Registrable Securities have been sold in a private transaction in which the transferor’s
rights under this Agreement are not assigned to the transferee of the securities. 
 (c) Holders of Registrable Securities. A Person
is deemed to be a holder of Registrable Securities whenever such Person owns of record Registrable Securities, or holds an option to purchase, or a security convertible into or exercisable or exchangeable for, Registrable Securities whether or
not such purchase, conversion, exercise or exchange has actually been effected. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company may act upon
the basis of the instructions, notice or election received from the registered owner of such Registrable Securities. Registrable Securities issuable upon exercise of an option or upon conversion, exercise or exchange of another
security shall be deemed outstanding for the purposes of this Agreement. 
 (d) Transfer of Registration Rights. 

(i) Each Designated Stockholder may transfer or pledge Registrable Securities with the associated registration rights under this Agreement
(including transfers occurring by operation of law or by reason of intestacy) to a Permitted Assignee or a pledgee (“Pledgee”) only if (1) such Permitted Assignee or Pledgee agrees in writing to be bound as a Designated
Stockholder by the provisions of this Agreement, such agreement being substantially in the form of Annex A hereto, and (2) (A) immediately following such transfer or pledge, the further disposition or transfer of such
Registrable Securities by such Permitted Assignee or Pledgee would be restricted under the Securities Act and, in the opinion of counsel to the Company, the entire amount of all such Registrable Securities could not be sold in a single sale,
without any limitation as to volume or manner of sale pursuant to Rule 144 promulgated under the Securities Act or (B) such Permitted Assignee, together with its Affiliates, beneficially owns Registrable Securities representing more than
1% of the outstanding shares of Common Stock as of the date of such transfer. Upon any transfer or pledge of Registrable Securities other than as set forth in this Section 2(d), such securities shall no longer constitute Registrable Securities,
except that any Registrable Securities that are pledged or made the subject of a Hedging Transaction, which Registrable Securities are not ultimately disposed of by the Designated Stockholder pursuant to such pledge (including by way of foreclosure
to satisfy the underlying obligation for which the pledge was made) or Hedging Transaction, shall be deemed to remain “Registrable Securities,” notwithstanding the release of such pledge or the completion of such Hedging Transaction. 

  
 7 

 (ii) Subject to Section 2(b) hereof, if a Designated Stockholder assigns its rights under
this Agreement in connection with the transfer of less than all of its Registrable Securities, the Designated Stockholder shall retain its rights under this Agreement with respect to its remaining Registrable Securities. If a Designated Stockholder
assigns its rights under this Agreement in connection with the transfer of all of its Registrable Securities, such Designated Stockholder shall have no further rights or obligations under this Agreement, except under Section 9 hereof in respect
of offerings in which it participated. 
 Section 3. Demand Registration. 

(a) Request for Demand Registration. To the extent permitted by applicable law and regulations, at any time, any Initiating Holder may
make a written request to the Company to register, and the Company shall register, under the Securities Act (other than pursuant to a Registration Statement on Form S-4 or
S-8), in accordance with the terms of this Agreement (a “Demand Registration”), the number of Registrable Securities stated in such request; provided, however, that the Company
shall not be obligated to effect (i) more than five such Demand Registrations, (ii) a Demand Registration if such Initiating Holder proposes to sell Registrable Securities in such Demand Registration at an anticipated aggregate offering
price (calculated based upon the Market Price of the Registrable Securities on the date on which the Company receives the written request for such Demand Registration) to the public of less than $25,000,000 (calculated prior to any reduction by an
underwriter pursuant to Section 3(e)) unless such Demand Registration includes all of the then-outstanding Registrable Securities or (iii) any such Demand Registration within the Specified Period (or such shorter period as the Company may
determine in its sole discretion) after the effective date of any other Registration Statement of the Company (other than a Registration Statement on Form S-4 or
S-8). In addition, if (1) the Board of Directors, in its good faith judgment, determines that any registration of Registrable Securities should not be made or continued because it would materially impede,
delay or interfere with any proposed financing, offer and sale of securities, acquisition, merger, tender offer, business combination, corporate reorganization or other significant transaction involving the Company or because such registration would
require the Company to disclose material nonpublic information that would not otherwise be required to be disclosed under applicable law and (2) the Company has a bona fide business purpose for preserving the confidentiality of such proposed
transaction or information (a “Valid Business Reason”), (x) the Company may postpone filing a Registration Statement (but not the preparation of the Registration Statement) relating to a Demand Registration until such Valid
Business Reason no longer exists, but in no event for more than forty-five (45) days after the date when the Demand Registration was requested or, if later, after the occurrence of the Valid Business Reason and (y) in case a Registration
Statement has been filed relating to a Demand Registration, the Company may postpone amending or supplementing such Registration Statement (in which case, if the Valid Business Reason no longer exists or if more than forty-five (45) days have
passed since such postponement, the Initiating Holder may request a new Demand Registration (which request shall not be counted as an additional Demand Registration for purposes of clause (i) above) or request the prompt amendment or supplement
of such Registration Statement). The Company 

  
 8 

 
shall give written notice to all Designated Stockholders of its determination to postpone filing, amending or supplementing a Registration Statement and of the fact that the Valid Business Reason
for such postponement no longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything to the contrary contained herein, the Company may not postpone a filing, amendment or supplement under this Section 3(a) due
to a Valid Business Reason for more than forty-five (45) days in any twelve-month period. Each request for a Demand Registration by the Initiating Holder shall state the type and amount of the Registrable Securities proposed to be sold and
the intended method of disposition thereof, which may include a distribution of Registrable Securities to, and resale of such Registrable Securities by, the equity holders of Crestview (a “Partner Distribution”). The Demand
Registration may be a shelf registration pursuant to Rule 415 promulgated under the Securities Act, in which case the provisions of Section 5(f) shall apply. 

(b) Incidental or “Piggy-Back” Rights with Respect to a Demand Registration. Any Designated Stockholder that has not
requested a registration under Section 3(a) hereof may, pursuant to this Section 3(b), offer its Registrable Securities under any Demand Registration. The Company shall (i) as promptly as practicable, but in no event later than five
Business Days after the receipt of a request for a Demand Registration from an Initiating Holder, give written notice thereof to all of the Designated Stockholders (other than such Initiating Holder), which notice shall specify the type and
number of Registrable Securities subject to the request for Demand Registration and the intended method of disposition of such Registrable Securities, and (ii) subject to Section 3(e) hereof, include in the Registration Statement filed
pursuant to the Demand Registration all of the Registrable Securities held by such Designated Stockholders from whom the Company has received a written request for inclusion therein within ten Business Days of the date on which the Company sent the
written notice referred to in clause (i) above. Each such request by such Designated Stockholders shall specify the type and number of Registrable Securities proposed to be registered. The failure of any Designated Stockholder to respond
within such ten Business Day period referred to in clause (ii) above shall be deemed to be a waiver of such Designated Stockholder’s rights under this Section 3(b) with respect to such Demand Registration. Any Designated Stockholder
may waive its rights under this Section 3(b) by giving written notice to the Company. 
 (c) Effective Demand Registration.
Subject to Section 3(a), the Company shall use its commercially reasonable efforts (taking into account, among other things, accounting and regulatory matters) to file a Registration Statement relating to the Demand Registration and to use its
commercially reasonable efforts to cause such Registration Statement to become effective as promptly as practicable but in no event later than one hundred twenty days after it receives a request under Section 3(a) hereof and to remain
continuously effective for the lesser of (i) the period during which all Registrable Securities registered in the Demand Registration are sold or (ii) one hundred twenty days (or, in the case of a Registration Statement filed pursuant to
Rule 415 promulgated under the Securities Act, three years from the effective date of the applicable Registration Statement). 
 (d)
Expenses. Except as provided in Section 3(g) or 8(d) hereof, the Company shall pay all Registration Expenses in connection with a Demand Registration, whether or not such Demand Registration becomes effective. 

  
 9 

 (e) Underwriting Procedures. If the applicable Initiating Holder so elects, the Company
shall use its commercially reasonable efforts to cause the offering made pursuant to such Demand Registration pursuant to this Section 3 to be in the form of a firm commitment underwritten public offering and the managing underwriter or
underwriters selected for such offering shall be the Approved Underwriter selected in accordance with Section 3(f) hereof. In connection with any Demand Registration under this Section 3 involving an underwritten offering, none of the
Registrable Securities held by any Designated Stockholder making a request for inclusion of such Registrable Securities pursuant to Section 3(a) or 3(b) hereof shall be included in such underwritten offering unless such Designated
Stockholder accepts the terms of the offering as agreed upon by the Company, the Initiating Holder and the Approved Underwriter (including, without limitation, offering price, underwriting commissions or discounts and lockup agreement terms), and
then only in such quantity as set forth below. If the Approved Underwriter advises the Company that the aggregate amount of such Registrable Securities requested to be included in such offering is sufficiently large to have a material adverse effect
on the distribution or sales price of the Registrable Securities in such offering, then the Company shall include in such Demand Registration, to the extent of the amount that the Approved Underwriter believes may be sold without causing such
material adverse effect, first, such number of Registrable Securities of the Designated Stockholders that are participating in such offering pursuant to Section 3(a) or 3(b) hereof, which Registrable Securities shall be allocated pro
rata among the Designated Stockholders participating in the offering, based on the aggregate number of Registrable Securities held by each such Designated Stockholder, second, any other securities of the Company requested by any other
holders thereof to be included in such registration, pro rata among such other holders based on the number of securities held by each such holder, except to the extent any such holders have agreed under existing agreements to grant priority with
regard to participation in such offering to any other holders of securities of the Company, and third, securities offered by the Company for its own account. 

(f) Selection of Underwriters. If any Demand Registration or S-3 Registration, as the case may
be, of Registrable Securities is in the form of an underwritten public offering, the Initiating Holder for such registration shall select and obtain one or more investment banking firms of national or regional reputation to act as the managing
underwriter or underwriters of the offering; provided, however, that such firm or firms shall, in any case, also be approved by the Company, such approval not to be unreasonably withheld, delayed or conditioned. If any S-3 Registration of Registrable Securities is in the form of a Hedging Transaction, the Initiating Holder for such registration shall select and obtain an investment banking firm of national or regional reputation
to act as the Hedging Counterparty of the Hedging Transaction; provided, however, that such firm shall, in any case, also be approved by the Company, such approval not to be unreasonably withheld, delayed or conditioned. An investment
banking firm or firms selected pursuant to this Section 3(f) shall be referred to as the “Approved Underwriter” herein. 

(g) Withdrawal. The Initiating Holder shall be entitled to withdraw or revoke its request for a Demand Registration without the prior
written consent of the Company if (i) such withdrawal or revocation is as a result of facts or circumstances arising after the date on which a request for a Demand Registration was made and the Initiating Holder reasonably determines that
participation in such registration would have a material adverse effect on the 

  
 10 

 
Initiating Holder, (ii) the Closing Price is more than ten percent lower than the Closing Price on the date the Initiating Holder requested such Demand Registration or (iii) such
Initiating Holder agrees to pay all fees and expenses incurred by the Company in connection with such withdrawn registration (each, a “Permitted Withdrawal”). If a Permitted Withdrawal occurs, the related Demand Registration shall
not be counted as a Demand Registration for purposes of Section 3(a) hereof. Any Permitted Withdrawal shall constitute and effect an automatic withdrawal by any other Designated Stockholder participating in such Demand Registration pursuant to
the provisions of Section 3(b) hereof. 
 (h) Partner Distributions. Notwithstanding anything contained herein to the contrary,
the Company shall, at the request of Crestview or its equity holders to effect a Partner Distribution under Section 3(a) or 5(a), file any prospectus supplement or post-effective amendments and shall otherwise take action reasonably necessary
to include such language, if such language was not included in the initial registration statement, or revise such language if deemed necessary by Crestview or its equity holders, to effect such Partner Distributions (including adding Crestview or
one or more selling equity holders to the registration statement through a prospectus supplement or post-effective amendment, as reasonably necessary or required). 

Section 4. Incidental or “Piggy-Back” Registration. 

(a) Request for Incidental or “Piggy-Back” Registration. If the Company proposes to file a Registration Statement with
respect to an offering of Common Stock by the Company for its own account (other than a Registration Statement on Form S-4 or S-8) or for the account of any
stockholder of the Company other than Designated Stockholders pursuant to Sections 3 and 5 hereof, then the Company shall give written notice (an “Incidental Registration Notice”) of such proposed filing to each of the
Designated Stockholders at least ten Business Days (or, in the case of a proposed “overnight” underwritten offering or bought deal, five Business Days) before the anticipated filing date, which notice shall describe the proposed
registration and distribution and offer such Designated Stockholders the opportunity to register the number of Registrable Securities that each such Designated Stockholder may request (an “Incidental Registration”). Any such request
by a Designated Stockholder must be made in writing and received by the Company within ten Business Days (or, in the case of a proposed “overnight” underwritten offering or bought deal, three Business Day) of the date on which the Company
sent the Incidental Registration Notice. The failure of any Designated Stockholder to respond to an Incidental Registration Notice within ten Business Days (or, in the case of a proposed “overnight” underwritten offering or bought deal,
three Business Days) shall be deemed a waiver of such Designated Stockholder’s rights under this Section 4(a) with respect to such Incidental Registration. The Company shall use its commercially reasonable efforts to cause the managing
underwriter or underwriters in the case of a proposed underwritten offering (the “Company Underwriter”) to permit each Designated Stockholder who has requested in writing to participate in the Incidental Registration pursuant to
this Section 4(a) to include the number of such Designated Stockholder’s Registrable Securities indicated by such Designated Stockholder in such offering on the same terms and conditions as the Common Stock of the Company or the account of
such other stockholder, as the case may be, included therein. Any withdrawal of the Registration Statement by the Company for any reason shall constitute and effect an automatic withdrawal of any Incidental Registration related thereto. In
connection with any Incidental 

  
 11 

 
Registration under this Section 4(a) involving an underwritten offering, the Company shall not be required to include any Registrable Securities in such underwritten offering unless the
Designated Stockholders thereof accept the terms of the underwritten offering as agreed upon between the Company, such other stockholders, if any, and the Company Underwriter (including, without limitation, offering price, underwriting commissions
or discounts and lockup agreement terms), and then only in such quantity as set forth below. If the Company Underwriter determines that the aggregate amount of the securities requested to be included in such offering is sufficiently large to have a
material adverse effect on the distribution or sales price of the securities in such offering, then the Company shall include in such Incidental Registration, to the extent of the amount that the Company Underwriter believes may be sold without
causing such material adverse effect, first, (i) all of the securities to be offered for the account of the Company, in the case of a Company initiated Incidental Registration or (ii) all of the securities to be offered for the
account of the stockholders who have requested such Incidental Registration, pro rata among such requesting stockholders based on the number of securities held by each such holder, second, any Registrable Securities and any other shares of
Common Stock requested by holders thereof in the case of an Incidental Registration initiated by the Company or by stockholders of the Company to be included in such registration (to the extent that the holders of such securities do not have
priority to be included in such registration), pro rata among the Designated Stockholders and such other holders based on the number of vested securities held by each such holder, and third, all of the securities to be offered for the account
of the Company, in the case of an Incidental Registration initiated by any stockholder of the Company. 
 Notwithstanding the foregoing, all
of the Designated Stockholders hereby waive any notice requirements under this Section 4(a) in respect of the Initial Public Offering and any Designated Stockholder who has not registered any of its Registrable Securities in the Initial Public
Offering hereby waives any rights under this Section 4 to include such Registrable Securities in the Initial Public Offering. Except as set forth in the preceding sentence, this Section 4 and the other sections of this Agreement shall
apply to any Designated Stockholder who has registered any of its Registrable Securities in the Initial Public Offering. 
 (b)
Expenses. Except as provided in Section 8(d) hereof, the Company shall bear all Registration Expenses in connection with any Incidental Registration pursuant to this Section 4, whether or not such Incidental Registration becomes
effective. 
 Section 5. Form S-3 Registration. 

(a) Request for a Form S-3 Registration. Upon the Company becoming eligible for use of Form S-3 under the Securities Act in connection with a secondary public offering of its shares of Common Stock, in the event that the Company shall receive from any Initiating Holder a written request that the
Company register under the Securities Act on Form S-3 (an “S-3 Registration”) the sale of all or a portion of the Registrable Securities owned
by such Initiating Holder (which S-3 Registration may be a shelf registration pursuant to Rule 415 promulgated under the Securities Act, in which case the provisions of Section 5(f) shall apply), the
Company shall give written notice of such request to all of the other Designated Stockholders (other than such Initiating Holder) as promptly as practicable but in no event later than ten Business Days before the anticipated filing date of such Form S-3, which notice shall 

  
 12 

 
describe the proposed registration, the intended method of disposition of such Registrable Securities and any other information that at the time would be appropriate to include in such notice,
and offer such other Designated Stockholders the opportunity to register the number of Registrable Securities as each such Designated Stockholder may request in writing to the Company, given within ten Business Days of the date on which the Company
sent the written notice of such registration. Each request for a S-3 Registration by an Initiating Holder shall state the type and number of the Registrable Securities proposed to be registered and the
intended method of disposition thereof, which may include a Partner Distribution. With respect to each S-3 Registration, the Company shall, subject to Section 5(b) hereof, (i) include in such
offering the Registrable Securities of the Initiating Holder and the Designated Stockholders who have requested in writing to participate in such registration on the same terms and conditions as the Registrable Securities of the Initiating Holder
included therein (collectively, the “S-3 Participating Stockholders”) and (ii) use its commercially reasonable efforts to file a Registration Statement relating to the S-3 Registration (taking into account, among other things, accounting and regulatory matters) and to use its commercially reasonable efforts to cause such Registration Statement to become effective as promptly as
practicable but in no event later than one hundred twenty days after it receives a request under this Section 5(a). Notwithstanding the foregoing, immediately upon determination of the price at which such Registrable Securities are to be sold
in a S-3 Registration that is a firm commitment underwritten public offering, if such price is below the price which the Initiating Holder finds acceptable, the Initiating Holder for the S-3 Registration shall then have the right, by written notice to the Company, to withdraw its Registrable Securities from being included in such offering; provided, that such a withdrawal by the Initiating
Holder shall constitute and effect an automatic withdrawal by all other S-3 Participating Stockholders. If the Initiating Holder requests, and if the Company is a Well-Known Seasoned Issuer, the Company shall
cause such S-3 Registration to be made pursuant to an Automatic Shelf Registration Statement and may omit the names of the S-3 Participating Stockholders and the amount
of the Registrable Securities to be offered thereunder. 
 (b) Form S-3 Underwriting
Procedures. If the Initiating Holder so elects, the Company shall use its commercially reasonable efforts to cause such S-3 Registration pursuant to this Section 5 to be in the form of a firm
commitment underwritten public offering and the managing underwriter or underwriters selected for such offering shall be the Approved Underwriter selected in accordance with Section 3(f) hereof. In connection with any S-3 Registration under this Section 5 involving an underwritten public offering, none of the Registrable Securities held by any Designated Stockholder making a request for inclusion of such Registrable
Securities pursuant to Section 5(a) hereof shall be included in such underwritten offering unless such Designated Stockholder accepts the terms of the offering as agreed upon by the Company, the Initiating Holder and the Approved Underwriter
(including, without limitation, offering price, underwriting commissions and discounts and lockup agreement terms) and then only in such quantity as set forth below. If the Approved Underwriter advises the Company that the aggregate amount of such
Registrable Securities requested to be included in such offering is sufficiently large to have a material adverse effect on the distribution or sales price of the Registrable Securities in such offering then the Company shall include in such
offering, to the extent of the amount that the Approved Underwriter believes may be sold without causing such material adverse effect, first, such number of Registrable Securities of the Designated Stockholders participating in the offering
under Section 5(a) hereof, which Registrable Securities 

  
 13 

 
shall be allocated pro rata among such Designated Stockholders participating in the offering, based on the number of Registrable Securities held by each such Designated Stockholder,
second, any other securities of the Company requested by holders thereof to be included in such registration, except to the extent any such holders have agreed under existing agreements to grant priority with regard to participation in such
offering to any other holders of securities of the Company, and third, securities offered by the Company for its own account. 
 (c)
Limitations on Form S-3 Registrations. If the Board of Directors, in its good faith judgment, determines that a Valid Business Reason exists, (x) the Company may postpone filing a Registration
Statement relating to a S-3 Registration (but not the preparation of the Registration Statement) until such Valid Business Reason no longer exists, but in no event for more than forty-five (45) days after
the date when the S-3 Registration was requested or, if later, after the occurrence of the Valid Business Reason and (y) in case a Registration Statement has been filed relating to a S-3 Registration, the Company may postpone amending or supplementing such Registration Statement (in which case, if the Valid Business Reason no longer exists or if more than forty-five (45) days have passed
since such postponement, the Initiating Holder may request the prompt amendment or supplement of such Registration Statement or a new S-3 Registration). The Company shall give written notice to all Designated
Stockholders of its determination to postpone or delay amending or supplementing a Registration Statement and of the fact that the Valid Business Reason for such postponement or delay no longer exists, in each case, promptly after the occurrence
thereof. Notwithstanding anything to the contrary contained herein, the Company may not postpone a filing or delay amending or supplementing a filing under this Section 5(c) due to a Valid Business Reason for more than ninety (90) days in
any twelve-month period. In addition, the Company shall not be required to effect more than two S-3 Registrations within any consecutive twelve-month period and shall not be required to effect any S-3 Registrations hereof (i) within the
Specified Period after the effective date of any other Registration Statement of the Company (other than a Registration Statement on Form S-4 or S-8 or any successor
form thereto) or after an Underwritten Shelf Take-Down, (ii) if Form S-3 is not available for such offering by the Initiating Holder or (iii) if the Initiating Holder, together with the
Designated Stockholders (other than the Initiating Holder) registering Registrable Securities in such registration, propose to sell their Registrable Securities at an aggregate price (calculated based upon the Market Price of the Registrable
Securities on the last date on which the Company could receive requests for inclusion in such S-3 Registration under Section 5(a) hereof) to the public of less than $20,000,000. 

(d) Expenses. Except as provided in Section 8(d) hereof, the Company shall bear all Registration Expenses in connection with any S-3 Registration pursuant to this Section 5, whether or not such S-3 Registration becomes effective. 

(e) Automatic Shelf Registration Statement. After the Registration Statement with respect to a
S-3 Registration that is an Automatic Shelf Registration Statement becomes effective, upon written request by the Initiating Holder for the S-3 Registration, the Company
shall, as promptly as practicable after receiving such request, (i) file with the Commission a prospectus supplement naming the S-3 Participating Stockholders as selling stockholders and the amount of
Registrable Securities to be offered and include, to the extent not included or incorporated by reference in the Registration Statement, any other information 

  
 14 

 
omitted from the Prospectus used in connection with such Registration Statement as permitted by Rule 430B promulgated under the Securities Act (including the plan of distribution and the names of
any underwriters, placement agents or brokers) and (ii) pay any necessary filing fees to the Commission within the time period required. 

(f) Shelf Take-Downs. (i) The Initiating Holder for a S-3 Registration that provides for
offers and sales of Registrable Securities on a delayed or continuous basis pursuant to Rule 415 of the Securities Act (a “Form S-3 Shelf Registration Statement”) may initiate an offering or
sale of all or part of such Registrable Securities (a “Shelf Take-Down”), in which case the provisions of this Section 5(f) shall apply. 

(ii) If in connection with any Shelf Take-Down, the Initiating Holder so elects in a written request delivered to the Company (an
“Underwritten Shelf Take-Down Notice”), a Shelf Take-Down may be in the form of an underwritten public offering (an “Underwritten Shelf Take-Down”) and, subject to the limitations set forth in the proviso to
Section 5(a), the Company shall file and effect an amendment or supplement to its Form S-3 Shelf Registration Statement for such purpose as soon as practicable. The Initiating Holder shall indicate in
such Underwritten Shelf Take-Down Notice whether it intends for such Underwritten Shelf Take-Down to involve a customary “road show” (including an “electronic road show”) or other substantial marketing effort by the underwriters
(a “Marketed Underwritten Shelf Take-Down”). Upon receipt of an Underwritten Shelf Take-Down Notice indicating that such Underwritten Shelf Take-Down will be a Marketed Underwritten Shelf Take-Down, the Company shall promptly (but
in any event no later than ten Business Days prior to the expected date of such Marketed Underwritten Shelf Take-Down) give written notice of such Marketed Underwritten Shelf Take-Down to all other S-3
Participating Stockholders and shall permit the participation of all such S-3 Participating Stockholders that request inclusion in such Marketed Underwritten Shelf Take-Down who respond in writing within ten
Business Days after the receipt of such notice of their election to participate. The provisions of Section 5(b) (other than the first sentence thereof) shall apply with respect to the right of the Initiating Holder and any other Shelf Holder to
participate in any Underwritten Shelf Take-Down. 
 (iii) If the Initiating Holder desires to effect a Shelf Take-Down that does not
constitute a Marketed Underwritten Shelf Take-Down (a “Non-Marketed Underwritten Shelf Take-Down”), the Initiating Holder shall so indicate in a written request delivered to the Company no later than two Business Days prior to the
expected date of such Non-Marketed Underwritten Shelf Take-Down, which request shall include (i) the total number of Registrable Securities expected to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (ii) the
expected plan of distribution of such Non-Marketed Underwritten Shelf Take-Down and (iii) the action or actions required (including the timing thereof) in connection with such Non-Marketed Underwritten Shelf Take-Down (including the delivery of
one or more stock certificates representing shares of Registrable Securities to be sold in such Non-Marketed Underwritten Shelf Take-Down), and, subject to the limitations set forth in Section 5(a), the Company shall file and effect an
amendment or supplement to its Form S-3 Shelf Registration Statement for such purpose as soon as practicable. 

  
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 Section 6. Hedging Transactions. 

(a) In any S-3 Registration, the Initiating Holder may (on behalf of itself and the Designated
Stockholders) elect to engage in a Hedging Transaction. The Company agrees that, in connection with any proposed Hedging Transaction, if, in the reasonable judgment of the Initiating Holder (after good-faith consultation with the Company), it is
necessary or desirable to register under the Securities Act such Hedging Transaction or sales or transfers (whether short or long) of Registrable Securities in connection therewith, then the Company shall use commercially reasonable efforts to take
such actions (which may include, among other things, the filing of a prospectus supplement or post-effective amendment to a Registration Statement to include additional or changed information that is material or is otherwise required to be
disclosed, including, without limitation, a description of such Hedging Transaction, the name of the Hedging Counterparty, identification of the Hedging Counterparty or its Affiliates as underwriters or potential underwriters, if applicable, or any
change to the plan of distribution) as may reasonably be required to register such Hedging Transaction or sales or transfers of Registrable Securities in connection therewith under the Securities Act in a manner consistent with the rights and
obligations of the Company hereunder with respect to the registration of Registrable Securities. Any information regarding the Hedging Transaction included in a Registration Statement, Prospectus or Free Writing Prospectus pursuant to this
Section 6(a) shall, for purposes of Section 9 hereof, be deemed to be information provided by the Designated Stockholder that is party to such Hedging Transaction and is selling Registrable Securities pursuant to such Registration
Statement for purposes of Section 9 hereof. 
 (b) The selection of any Hedging Counterparty shall not be subject to Section 3(f)
hereof, but the Hedging Counterparty shall be selected by the Initiating Holder. 
 (c) If in connection with a Hedging Transaction, a
Hedging Counterparty or any Affiliate thereof is (or may be considered) an underwriter or selling stockholder, then it shall be required to provide customary indemnities to the Company regarding the plan of distribution and like matters. 

(d) The Company further agrees to include, under the caption “Plan of Distribution” (or the equivalent caption), in each
Registration Statement and any related Prospectus (to the extent such inclusion is permitted under applicable Commission regulations and is consistent with comments received from the Commission during any Commission review of the Registration
Statement), language substantially in the form of Annex B hereto and to include in each Prospectus supplement filed in connection with any proposed Hedging Transaction language mutually agreed upon by the Company, the Initiating Holder
and the Hedging Counterparty describing such Hedging Transaction. 
 Section 7. Holdback Agreements. 

(a) Restrictions on Public Sale by Designated Stockholders. 

(i) To the extent requested by the Approved Underwriter or the Company Underwriter, as the case may be, in the case of an underwritten public
offering, each Designated Stockholder (other than any Pledgee or Hedging Counterparty) agrees (x) not to 

  
 16 

 
effect any public sale or distribution of any Registrable Securities or of any securities convertible into or exchangeable or exercisable for such Registrable Securities, including a sale
pursuant to Rule 144 (or any successor rule or regulation) promulgated under the Securities Act, or offer to sell, contract to sell (including, without limitation, any short sale), grant any option to purchase or enter into any hedging or
similar transaction with the same economic effect as a sale of, any Registrable Securities and (y) except as otherwise consented to by the Company, not to make any request for a Demand Registration or S-3
Registration under this Agreement, in each case, during the Specified Period, except in each case as part of such underwritten public offering. 

(ii) In connection with the Initial Public Offering, to the extent requested by the managing underwriter therefor, each Designated
Stockholder agrees to enter into a Lock-Up Agreement consistent with this Section 7. 
 (iii) Notwithstanding anything herein to the
contrary, no Pledgee or Hedging Counterparty shall be required to agree to any restriction on its ability to trade in any securities, including the restrictions set forth in this Section 7(a). 

(b) Restrictions on Public Sale by the Company. Unless the Company shall have received the prior written consent of the Majority
Designated Stockholders, the Company agrees not to (i) effect any public sale or distribution of any of its securities, or any securities convertible into or exchangeable or exercisable for such securities (except pursuant to registrations on Form S-4 or S-8), (ii) file any Registration Statements relating to the registration of securities for the Company’s account (except pursuant to registrations
on Form S-4 or S-8), or (iii) make any public announcements related to clause (i) or (ii), in each case, during the Specified Period (except as part of
such registration). 
 Section 8. Registration Procedures. 

(a) Obligations of the Company. Whenever registration of Registrable Securities has been requested or required pursuant to
Section 3, Section 4 or Section 5 hereof, the Company shall use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method of distribution thereof
as quickly as practicable, and in connection with any such request, the Company shall: 
 (i) use its commercially reasonable efforts
(taking into account, among other things, accounting and regulatory matters) to, as expeditiously as possible, prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the
Company shall deem appropriate and which form shall be available for the sale of such Registrable Securities in accordance with the intended method of distribution thereof, and cause such Registration Statement to become effective; provided,
however, that (x) before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including, without limitation, any documents incorporated by reference therein), or before using any Free Writing
Prospectus, the Company shall provide one firm of legal counsel selected by the Designated Stockholders holding a majority of the Registrable Securities being registered in such registration (“Designated Stockholders’
Counsel”), any managing underwriter or broker/dealer participating in any disposition of such Registrable Securities pursuant to a Registration Statement and any attorney retained by any such

  
 17 

 
managing underwriter or broker/dealer (each, an “Inspector” and collectively, the “Inspectors”) with an opportunity to review and comment on such Registration
Statement and each Prospectus included therein (and each amendment or supplement thereto) and each Free Writing Prospectus to be filed with the Commission, subject to such documents being under the Company’s control, and (y) the Company
shall notify the Designated Stockholders’ Counsel and each seller of Registrable Securities pursuant to such Registration Statement of any stop order issued or threatened by the Commission and take all reasonable actions required to prevent the
entry of such stop order or to remove it if entered; 
 (ii) comply with the provisions of the Securities 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 sellers thereof set forth in such Registration Statement; 

(iii) as expeditiously as possible, furnish to each seller of Registrable Securities in such registration (each, a “Selling
Holder”) such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto), the Prospectus included in such Registration Statement (including each preliminary
Prospectus), any Prospectus filed under Rule 424 under the Securities Act and any Free Writing Prospectus as each such Selling Holder may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such
Selling Holder; 
 (iv) use its commercially reasonable efforts to, as expeditiously as possible, register or qualify such Registrable
Securities under such other securities or “blue sky” laws of such jurisdictions as any Selling Holder of Registrable Securities may reasonably request, and continue such registration or qualification in effect in such jurisdiction for as
long as permissible pursuant to the laws of such jurisdiction, or for as long as any such Selling Holder requests or until all of such Registrable Securities are sold, whichever is shortest, and do any and all other acts and things which may be
reasonably necessary or advisable to enable any such Selling Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Holder; provided, however, that the Company shall not be
required to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 8(a)(iv), (y) subject itself to taxation in any such jurisdiction or (z) consent to
general service of process in any such jurisdiction; 
 (v) as expeditiously as possible following its actual knowledge thereof, notify
each Selling Holder: (A) when a Prospectus, any Prospectus supplement, any Free Writing Prospectus, a Registration Statement or a post-effective amendment to a Registration Statement has been filed with the Commission, and, with respect to a
Registration Statement or any post-effective amendment, when the same has become effective; (B) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration Statement,
related Prospectus or Free Writing Prospectus or for additional information; (C) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceedings for such purpose; and (D) of the existence of any fact or happening of any event of which the Company has knowledge which makes any statement of a
material fact in such Registration Statement, related Prospectus or Free 

  
 18 

 
Writing Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue or which would require the making of any changes in the Registration Statement, Prospectus
or Free Writing Prospectus in order that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and that in the case of such Prospectus or Free Writing Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; 
 (vi) use its commercially reasonable
efforts to, as expeditiously as possible, upon the occurrence of any event contemplated by Section 8(a)(v)(D) hereof or, subject to Sections 3(a) and 5(c) hereof, the existence of a Valid Business Reason, prepare a supplement or amendment
to such Registration Statement, related Prospectus or Free Writing Prospectus and furnish to each Selling Holder a reasonable number of copies of such supplement to, or amendment of, such Registration Statement, Prospectus or Free Writing Prospectus
as may be necessary so that, after delivery to the purchasers of such Registrable Securities, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and that in the case of such Prospectus or Free Writing Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(vii) enter into and perform customary agreements (including an underwriting agreement in customary form with the Approved Underwriter or
Company Underwriter, if any, selected as provided in Section 3, Section 4 or Section 5 hereof, as the case may be) and take such other commercially reasonable actions as are reasonably required in order to expedite or facilitate the
disposition of such Registrable Securities and shall provide all reasonable cooperation, including causing its appropriate officers to attend and participate in “road shows” and other information meetings organized by the Approved
Underwriter or Company Underwriter, if and as applicable, and causing counsel to the Company to deliver customary legal opinions in connection with any such underwriting agreements; provided, that the officers of the Company shall not be
obligated to attend and participate in more than two “road shows” in any twelve-month period; 
 (viii) make available at
reasonable times for inspection by any Inspector all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to
enable them to exercise their due diligence responsibility, and cause the Company’s and its subsidiaries’ officers, directors and employees, and the Company’s independent registered public accounting firm, to supply all information
reasonably requested by any such Inspector in connection with such Registration Statement. Records that the Company determines, in good faith, to be confidential and which it notifies the Inspectors are confidential shall not be disclosed by the
Inspectors (and the Inspectors shall confirm their agreement in writing in advance to the Company if the Company shall so request) unless (x) the disclosure of such Records is necessary, in the Company’s judgment, to avoid or correct a
misstatement or omission in the 

  
 19 

 
Registration Statement, (y) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction after exhaustion of all appeals therefrom or
(z) the information in such Records was known to the Inspectors on a non-confidential basis prior to its disclosure by the Company or has been made generally available to the public. Each Inspector agrees that it shall, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, promptly give notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the Records deemed
confidential. In the event that the Company is unsuccessful in preventing the disclosure of such Records, such Inspector agrees that it shall furnish only such portion of those Records that it is advised by counsel is legally required and shall
exercise all reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to those Records; 
 (ix) if such
sale is pursuant to an underwritten public offering, obtain a “cold comfort” letter dated the effective date of the Registration Statement and the date of the closing under the underwriting agreement from the Company’s independent
registered public accounting firm in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing underwriter reasonably requests; 

(x) furnish, at the request of any Selling Holder on the date such securities are delivered to the underwriters for sale pursuant to such
registration or, if such securities are not being sold through underwriters, on the date the Registration Statement with respect to such securities becomes effective, an opinion, dated such date, of counsel representing the Company for the purposes
of such registration, addressed to the underwriters, if any, and to the Selling Holder making such request, covering such legal matters with respect to the registration in respect of which such opinion is being given as the underwriters, if any, and
such Selling Holder may reasonably request and are customarily included in such opinions; 
 (xi) comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as soon as reasonably practicable but no later than fifteen months after the effective date of the Registration Statement, an earnings statement covering a period of twelve
months beginning after the effective date of the Registration Statement, in a manner which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated under the Securities Act; 

(xii) cause any shares of Common Stock included in the Registration Statement to be listed on each securities exchange on which the Common
Stock is then listed, provided that the applicable listing requirements are satisfied; 
 (xiii) cooperate with each Selling Holder
and each underwriter participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xiv) cause the Registrable Securities covered by such Registration Statement to be registered with or approved by such other governmental
agencies or authorities, as may be reasonably necessary by virtue of the business and operations of the Company to enable the Selling Holder or Selling Holders to consummate the disposition of such Registrable Securities; 

  
 20 

 (xv) provide a transfer agent and registrar for the Registrable Securities and a CUSIP number
for the Registrable Securities; 
 (xvi) take all other steps reasonably necessary to effect the registration of the Registrable Securities
contemplated hereby and reasonably cooperate with the holders or underwriters (in the case of an underwritten offering) of such Registrable Securities to facilitate the disposition of such Registrable Securities pursuant thereto; 

(xvii) within the deadlines specified by the Securities Act and the rules promulgated thereunder, make all required filings of all
Prospectuses and Free Writing Prospectuses with the Commission; and 
 (xviii) within the deadlines specified by the Securities Act and the
rules promulgated thereunder, make all required filing fee payments in respect of any Registration Statement or Prospectus used under this Agreement (and any offering covered thereby). 

(b) Seller Requirements. In connection with any offering under any Registration Statement under this Agreement, each Designated
Stockholder (i) shall promptly furnish to the Company in writing such information with respect to such Designated Stockholder and the intended method of disposition of its Registrable Securities as the Company may reasonably request or as may
be required by law or regulations for use in connection with any related Registration Statement or Prospectus (or amendment or supplement thereto) and all information required to be disclosed in order to make the information previously furnished to
the Company by such Designated Stockholder not contain a material misstatement of fact or necessary to cause such Registration Statement or Prospectus (or amendment or supplement thereto) not to omit a material fact with respect to such Designated
Stockholder necessary in order to make the statements therein not misleading; (ii) shall comply with the Securities Act and the Exchange Act and all applicable state securities laws and comply with all applicable regulations in connection with
the registration and the disposition of the Registrable Securities; and (iii) shall not use any Free Writing Prospectus without the prior written consent of the Company. If any seller of Registrable Securities fails to provide such information
required to be included in such Registration Statement by applicable securities laws or otherwise necessary or desirable in connection with the disposition of such Registrable Securities in a timely manner after written request therefor, the Company
may exclude such seller’s Registrable Securities from a registration under Sections 3, 4 or 5 hereof. 
 (c) Notice to
Discontinue. Each Designated Stockholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 8(a)(v)(D) hereof or, subject to Section 3(a) and 5(c) hereof, the
existence of Valid Business Reason, such Designated Stockholder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Designated
Stockholder’s receipt of the copies of the supplemented or amended Prospectus or Free Writing Prospectus contemplated by Section 8(a)(vi) hereof (or if no supplemental or amended prospectus or Free Writing Prospectus is required,
upon confirmation from the Company that use of the Prospectus or Free Writing Prospectus is once again permitted) and, if so directed by the Company, such Designated Stockholder shall deliver 

  
 21 

 
to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Designated Stockholder’s possession, of the Prospectus or Free Writing Prospectus
covering such Registrable Securities which is current at the time of receipt of such notice. If the Company shall give any such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective
pursuant to this Agreement (including, without limitation, the period referred to in Section 8(a)(ii) hereof) by the number of days during the period from and including the date of the giving of such notice pursuant to
Section 8(a)(v)(D) hereof to and including the date when Selling Holders under such Registration Statement shall have received the copies of the supplemented or amended Prospectus or Free Writing Prospectus contemplated by and meeting the
requirements of Section 8(a)(v) hereof (or if no supplemental or amended prospectus or Free Writing Prospectus is required, upon confirmation from the Company that use of the Prospectus or Free Writing Prospectus is once again permitted).

 (d) Confidentiality. Each Designated Stockholder agrees that it will, and will cause its representatives and agents to, keep
confidential and not use, except in connection with any employment or fiduciary relationship with the Company, all information that has been and will in the future be furnished to such Designated Stockholder by or on behalf of the Company, any
subsidiary of the Company or any representative or agent of any of the foregoing in connection with this Agreement and the actions contemplated hereunder, including, but not limited to, the occurrence of any request for registration under Sections
3, 4 or 5 of this Agreement prior to the filing of an applicable Registration Statement disclosing such request, unless (x) the disclosure of such information is necessary, in the Company’s judgment, to avoid or correct a misstatement or
omission in a Registration Statement, (y) the disclosure of such information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction after exhaustion of all appeals therefrom or (z) such information was
known to the Designated Stockholder on a non-confidential basis prior to its disclosure by the Company or has been made generally available to the public. 

(e) Registration Expenses. Except as provided under the last sentence of this Section 8(d), the Company shall pay all expenses
arising from or incident to its performance of, or compliance with, this Agreement, including, without limitation (i) all expenses, including filing fees, in connection with the preparation and filing of the Registration Statement,
preliminary prospectus or final prospectus and amendments and supplements thereto, (ii) Commission, stock exchange and FINRA registration (including any counsel retained in connection with FINRA registration) and filing fees,
(iii) transfer agents’ and registrars’ fees and expenses, (iv) all expenses with respect to road shows, (v) all fees and expenses incurred in complying with state securities or “blue sky” laws (including reasonable
fees, charges and disbursements of counsel to any underwriter incurred in connection with “blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting agreement), (vi) all printing, messenger and
delivery expenses, (vii) the fees, charges and expenses of counsel to the Company and of its independent registered public accounting firm and any other accounting fees, charges and expenses incurred by the Company (including, without
limitation, any expenses arising from any “cold comfort” letters or any special audits incident to or required by any registration or qualification) and the reasonable and documented legal fees, charges and expenses of Designated
Stockholders’ Counsel and (viii) any liability insurance or other 

  
 22 

 
premiums for insurance obtained in connection with any Demand Registration or piggy-back registration thereon, Incidental Registration or S-3 Registration
pursuant to the terms of this Agreement, regardless of whether such Registration Statement is declared effective. All of the expenses described in the preceding sentence of this Section 8(d) are referred to herein as “Registration
Expenses.” The Designated Stockholders of Registrable Securities sold pursuant to a Registration Statement shall bear the expense of any broker’s commission or underwriter’s discount or commission relating to the registration and
sale of such Designated Stockholders’ Registrable Securities and shall, other than as set forth in clause (vii) above, bear the fees and expenses of their own counsel. 

Section 9. Indemnification; Contribution. 

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the extent permitted by applicable law,
each Designated Stockholder, its partners, directors, officers, Affiliates, stockholders, members, employees, trustees and each Person who controls (within the meaning of Section 15 of the Securities Act) such Designated Stockholder from and
against any and all losses, claims, damages, liabilities and expenses, or any action or proceeding in respect thereof (including reasonable costs of investigation and reasonable attorneys’ fees and expenses), joint or several, to which they or
any of them may become subject, under the Securities Act or otherwise, including any amount paid in settlement of any litigation commenced or threatened (each, a “Liability” and collectively, “Liabilities”), arising
out of or based upon (i) any untrue, or allegedly untrue, statement of a material fact contained in the Disclosure Package, the Registration Statement, the Prospectus, any Free Writing Prospectus relating to the offering and sale of such
Registrable Securities prepared by the Company or at its direction, or in any amendment or supplement thereto, or in any document incorporated by reference therein; and (ii) the omission or alleged omission to state in the Disclosure Package,
the Registration Statement, the Prospectus, any Free Writing Prospectus relating to the offering and sale of such Registrable Securities prepared by the Company or at its direction, or in any amendment or supplement thereto, or in any document
incorporated by reference therein, any material fact required to be stated therein or necessary to make the statements therein not misleading under the circumstances such statements were made; provided, however, that the Company shall
not be held liable in any such case to the extent that any such Liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission contained in such Disclosure Package, Registration Statement,
Prospectus, Free Writing Prospectus or in any offering memorandum or other offering document relating to the offering and sale of such Registrable Securities prepared by the Company or at its direction, or in any such amendment or supplement thereto
in reliance upon and in conformity with information concerning such Designated Stockholder furnished in writing to the Company by or on behalf of such Designated Stockholder expressly for use therein, including, without limitation, the information
furnished to the Company pursuant to Sections 8(b) and 9(b) hereof. The Company shall also provide customary indemnities to any underwriters of the Registrable Securities, their officers, directors and employees and each Person who controls
such underwriters (within the meaning of Section 15 of the Securities Act) to the same extent as provided above with respect to the indemnification of the Designated Stockholders of Registrable Securities. 

  
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 (b) Indemnification by Designated Stockholders. In connection with any offering in which
a Designated Stockholder is participating pursuant to Section 3, 4 or 5 hereof, such Designated Stockholder agrees severally to indemnify and hold harmless the Company, the other Designated Stockholders, any underwriter retained by the Company
and each Person who controls the Company, the other Designated Stockholders or such underwriter (within the meaning of Section 15 of the Securities Act) to the same extent as Sections 9(a)(i) and (ii) in the foregoing indemnity from the
Company to the Designated Stockholders (including indemnification of their respective partners, directors, officers, Affiliates, stockholders, members, employees, trustees and Controlling Persons), but only to the extent that Liabilities arise out
of or are based upon a statement or alleged statement or an omission or alleged omission that was made in reliance upon and in conformity with information with respect to such Designated Stockholder furnished in writing to the Company by or on
behalf of such Designated Stockholder expressly for use in such Disclosure Package, Registration Statement, Prospectus, Free Writing Prospectus relating to the offering and sale of such Registrable Securities prepared by the Company or at its
direction, or in any amendment or supplement thereto, or in any document incorporated by reference therein, such amendment or supplement thereto, including, without limitation, the information furnished to the Company pursuant to Section 8(b)
hereof; provided, however, that the total amount to be indemnified by such Designated Stockholder pursuant to this Section 9(b) shall be limited to the net proceeds received by such Designated Stockholders in the offering to which
such Disclosure Package, Registration Statement, Prospectus, Free Writing Prospectus or such amendment or supplement thereto relates. 

(c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification or contribution hereunder (the “Indemnified
Party”) agrees to give prompt written notice to the indemnifying party (the “Indemnifying Party”) after the receipt by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or
investigation or threat thereof made in writing for which the Indemnified Party intends to claim indemnification or contribution pursuant to this Agreement; provided, however, that the failure to so notify the Indemnifying Party shall
not relieve the Indemnifying Party of any Liability that it may have to the Indemnified Party hereunder (except to the extent that the Indemnifying Party is materially prejudiced or otherwise forfeits substantive rights or defenses by reason of such
failure). If notice of commencement of any such action is given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may wish, jointly with any other Indemnifying Party
similarly notified, to assume the defense of such action at its own expense, with counsel chosen by it and reasonably satisfactory to such Indemnified Party. Each Indemnified Party shall have the right to employ separate counsel in any such
action and participate in the defense thereof, but the reasonable and documented out-of-pocket fees and expenses of such counsel shall be paid by the Indemnified Party
unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense of such action with counsel reasonably satisfactory to the Indemnified Party or (iii) the named parties to any such
action (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and such parties have been advised by such counsel that either (x) representation of such Indemnified Party and the Indemnifying Party by the
same counsel would be inappropriate under applicable standards of professional conduct or (y) there may be one or more legal defenses available to the Indemnified Party which are different from or additional to those available to the
Indemnifying Party. In any of such cases, 

  
 24 

 
the Indemnifying Party shall not have the right to assume the defense of such action on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not be
liable for the reasonable and documented out-of-pocket fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all
Indemnified Parties and all such reasonable and documented out-of-pocket fees and expenses shall be reimbursed as incurred. No Indemnifying Party shall be liable for any
settlement entered into without its written consent. No Indemnifying Party shall, without the consent of such Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which such Indemnified Party is a party and
indemnity has been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability for claims that are the subject matter of such proceeding. Notwithstanding the
foregoing, if at any time an Indemnified Party shall have requested the Indemnifying Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated by this Section 9, the Indemnifying Party agrees that it shall be
liable for any settlement of any proceeding effected without the Indemnifying Party’s written consent if (i) such settlement is entered into more than thirty business days after receipt by the Indemnifying Party of the aforesaid request
and (ii) the Indemnifying Party shall not have reimbursed the Indemnified Party in accordance with such request or contested the reasonableness of such fees and expenses prior to the date of such settlement. 

(d) Contribution. If the indemnification provided for in this Section 9 from the Indemnifying Party is unavailable to an
Indemnified Party hereunder or insufficient to hold harmless an Indemnified Party in respect of any Liabilities referred to herein, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such Liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions which resulted in such Liabilities,
as well as any other relevant equitable considerations. The relative faults of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the Liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 9(a),
9(b) and 9(c) hereof, any reasonable and documented out-of-pocket legal or other fees, charges or expenses reasonably incurred by such party in connection with any
investigation or proceeding; provided, that the total amount to be contributed by any Designated Stockholder shall be limited to the net proceeds (after deducting the underwriters’ discounts and commissions) received by such Designated
Stockholder in the offering. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 9(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. 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. 

  
 25 

 Section 10. Rule 144. The Company covenants from and after the IPO Pricing Date
that it shall take such action as may be required from time to time to enable such Designated Stockholder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
(i) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (ii) any similar rules or regulations hereafter adopted by the Commission. The Company shall, upon the request of any Designated
Stockholder, deliver to such Designated Stockholder a written statement as to whether it has complied with such requirements. 
 Section
11. Miscellaneous. 
 (a) Stock Splits, etc. The provisions of this Agreement shall be appropriately adjusted for any
stock dividends, splits, reverse splits, combinations recapitalizations and the like occurring after the date hereof. 
 (b) No
Inconsistent Agreements. The Company hereby represents and warrants that it has not previously entered into any agreement granting registration rights to any Person with respect to any securities of the Company. The Company shall not enter into
any agreement with respect to its securities that is inconsistent with the rights granted to the Designated Stockholders in this Agreement or grant any additional registration rights to any Person or with respect to any securities that are not
Registrable Securities which rights are inconsistent with the rights granted in this Agreement. 
 (c) Remedies. The Designated
Stockholders, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of their rights under this Agreement. The Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive in any action for specific performance the defense that a remedy at law would be adequate. 

(d) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given unless consented to in writing by the Company and the Majority Designated Stockholders; provided, however, that no amendment, modification,
supplement, waiver or consent to depart from the provisions hereof shall be effective if such amendment, modification, supplement, waiver or consent to depart from the provisions hereof materially and adversely affects the substantive rights or
obligations of one Designated Stockholder, or group of Designated Stockholders, without a similar and proportionate effect on the substantive rights or obligations of all Designated Stockholders, unless each such disproportionately affected
Designated Stockholder consents in writing thereto. 
 (e) Notices. All notices, demands and other communications provided for or
permitted hereunder shall be made in writing and shall be made by registered or certified first-class mail, return receipt requested, telecopy, electronic transmission, courier service or personal delivery: 

  
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	 	(i)	If to the Company: 

 NEP Group, Inc. 

2 Beta Drive 

Pittsburg, PA 15248 

Fax: (412) 820-6067 

Attention: Dean Naccarato 

with a copy to: 

Vinson & Elkins L.L.P. 

1001 Fannin St., Suite 2500 

Houston, TX 77004 

Fax: (713) 615-5620 

Attention: Alan Beck 
  

	 	(ii)	If to any Designated Stockholder, at its address as it appears in the books and records of the Company. 

All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if personally delivered;
when delivered by courier, if delivered by commercial courier service; five Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is acknowledged, if telecopied, or electronically transmitted. Any party may by
notice given in accordance with this Section 11(e) designate another address or Person for receipt of notices hereunder. 
 (f)
Permitted Assignees; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the Permitted Assignees of the parties hereto as provided in Section 2(d) hereof. Except as provided in Section 9
hereof, no Person other than the parties hereto and their Permitted Assignees is intended to be a beneficiary of this Agreement. 
 (g)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. 
 (h) Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
 (i) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

  
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 (j) Jurisdiction. Any action or proceeding against any party hereto relating in any way
to this Agreement or the transactions contemplated hereby may be brought and enforced in the federal or state courts in the State of New York, and each party, on behalf of itself and its respective successors and assigns, irrevocably consents
to the jurisdiction of each such court in respect of any such action or proceeding. Each party, on behalf of itself and its respective successors and assigns, irrevocably consents to the service of process in any such action or proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, return receipt requested, to such person or entity at the address for such person or entity set forth in Section 11(e) hereof of this Agreement or such other address as
such person or entity shall notify the other in writing. The foregoing shall not limit the right of any person or entity to serve process in any other manner permitted by law or to bring any action or proceeding, or to obtain execution of any
judgment, in any other jurisdiction. 
 Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably waives
any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising under or relating to this Agreement or the transactions contemplated hereby in any court located in the State of New York or located in
any other jurisdiction chosen by the Company in accordance with Section 11(j) hereof. Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably waives any claim that a court located in the State of
New York is not a convenient forum for any such action or proceeding. 
 Each party, on behalf of itself and its respective successors
and assigns, hereby irrevocably waives, to the fullest extent permitted by applicable United States federal and state law, all immunity from jurisdiction, service of process, attachment (both before and after judgment) and execution to which he
might otherwise be entitled in any action or proceeding relating in any way to this Agreement or the transactions contemplated hereby in the courts of the State of New York, of the United States or of any other country or jurisdiction, and
hereby waives any right he might otherwise have to raise or claim or cause to be pleaded any such immunity at or in respect of any such action or proceeding. 

(k) WAIVER OF JURY TRIAL. EACH PARTY, ON BEHALF OF ITSELF AND ITS RESPECTIVE SUCCESSORS AND ASSIGNS, HEREBY IRREVOCABLY WAIVES ANY
RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION BASED UPON, OR ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(l) Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired. 

(m) Rules of Construction. Unless the context otherwise requires, references to sections or subsections refer to sections or
subsections of this Agreement. Terms defined in the singular have a comparable meaning when used in the plural, and vice versa. 

  
 28 

 (n) Entire Agreement. This Agreement is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto with respect to the subject matter contained herein. There are no restrictions, promises, representations, warranties or
undertakings with respect to the subject matter contained herein, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings among the parties with respect to such subject matter. 

(o) Further Assurances. Each of the parties shall execute such documents and perform such further acts as may be reasonably required
or desirable to carry out or to perform the provisions of this Agreement. 
 (p) Other Agreements. Nothing contained in this
Agreement shall be deemed to be a waiver of, or release from, any obligations any party hereto may have under, or any restrictions on the transfer of Registrable Securities or other securities of the Company imposed by, any other agreement. 

[Remainder of page intentionally left blank] 

  
 29 

 IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this
Registration Rights Agreement on the date first written above. 
  

					
	NEP GROUP, INC.
		
	By:	 	 
		 	Name: Title:	 	
	
	CRESTVIEW NEP, L.P.
		
	By:	 	Crestview NEP GP, LLC, its general partner
		
	By:	 	 
		 	Name: Title:	 	
	
	[DESIGNATED STOCKHOLDERS]
		
	By:	 	 
		 	Name: Title:	 	

 [Signature Page to Registration Rights Agreement] 

 Annex A 

[Name and Address of Transferee] 
 NEP
Group, Inc. 
 2 Beta Drive 
 Pittsburg, PA 15248 

[Name and Address of Transferor] 

________, 20__ 
 Ladies and Gentlemen: 

Reference is made to the Registration Rights Agreement, dated as of [•], 2015 (the “Registration Rights Agreement”), by
and among NEP Group, Inc., a Delaware corporation, and the certain stockholders named therein. All capitalized terms used herein but not otherwise defined shall have the meanings given to them in the Registration Rights Agreement. 

In connection with the transfer by [Name of Transferor] of Registrable Securities with associated registration rights under the
Registration Rights Agreement to [Name of Transferee] as transferee (the “Transferee”), the Transferee hereby agrees to be bound as a Designated Stockholder by the provisions of the Registration Rights Agreement as provided
under Section 2(d)(i) thereto.  
 This agreement shall be governed by New York law. 

 

					
	Yours sincerely,
	
	[Name of Transferee]
		
	By:	 	 
		 	Name: Title:	 	

 Annex B 

Plan of Distribution 

A selling stockholder may also enter into hedging and/or monetization transactions. For example, a selling stockholder may: 

 

	•	 	enter into transactions with a broker-dealer or affiliate of a broker-dealer or other third party in connection with which that other party will become a selling stockholder and engage in short sales of our common stock
under this prospectus, in which case the other party may use shares of our common stock received from the selling stockholder to close out any short position; 

  

	•	 	initiate block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	•	 	sell short our common stock under this prospectus and use shares of our common stock held by the selling stockholder to close out any short position; 

 

	•	 	enter into options, forwards or other transactions that require the selling stockholder to deliver, in a transaction exempt from registration under the Securities Act, shares of our common stock to a broker-dealer or an
affiliate of a broker-dealer or other third party who may then become a selling stockholder and publicly resell or otherwise transfer shares of our common stock under this prospectus; 

 

	•	 	initiate an exchange distribution in accordance with the rules of the applicable exchange; 

  

	•	 	loan or pledge shares of our common stock to a broker-dealer or affiliate of a broker-dealer or other third party who may then become a selling stockholder and sell the loaned shares or, in an event of default in the
case of a pledge, become a selling stockholder and sell the pledged shares, under this prospectus; or 

  

	•	 	enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in
connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by the selling
stockholder or borrowed from the selling stockholder or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from the selling stockholder in settlement of those derivatives to close out
any related open borrowings of stock. The third party in such sale transactions will be an underwriter and will be identified in the applicable prospectus supplement (or a post-effective amendment).

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