Document:

EX-4.2

 Exhibit 4.2 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of
[            ], 2014, is by and among Enovation Controls, Inc., a Delaware corporation (together with its successors by merger, acquisition, reorganization, or otherwise, the
“Company”), Murphy Group, Inc., an Oklahoma corporation, and Econtrols Group, Inc., a Texas corporation (collectively, the “Founder Entities”), and each of the other holders of Units (as defined below) that are
signatories hereto (collectively, the “Stockholders”). 
 WITNESSETH 

WHEREAS, the Company was formed on June 2, 2014, in anticipation of a proposed initial public offering of shares of Class A common
stock, par value $0.00001 per share, of the Company (the “Class A Shares”); 
 WHEREAS, on the date hereof, the Company
acquired a [    ]% equity interest in Enovation Controls, LLC, an Oklahoma LLC (“Enovation Controls, LLC”), and became the Managing Member of Enovation Controls, LLC under the Second Amended and Restated Limited
Liability Company Agreement, dated as of the date hereof, of Enovation Controls, LLC (the “LLC Agreement”); 
 WHEREAS,
each of the Stockholders is a holder of LLC interests in Enovation Controls, LLC designated as “Common Units” (“Units”) and shares of Class B common stock, par value $0.00001 per share, of the Company (“Class B
Shares”); 
 WHEREAS, pursuant to the LLC Agreement, each of the Stockholders is entitled to exchange Units and Class B Shares for
Class A Shares from and after the filing by the Company of a mandatory Shelf Registration Statement, and the effectiveness thereof; 

WHEREAS, the parties to this Agreement desire to set forth certain registration rights applicable to the Registrable Securities (as
hereinafter defined) held by the Stockholders. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein
and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: 
 ARTICLE 1 

CERTAIN DEFINITIONS 
 1.1
The term “Affiliate” of any Person shall mean another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person. 

1.2 The term “Board” shall mean the Board of Directors of the Company. 

1.3 The term “Commission” shall mean the United States Securities and Exchange Commission or any successor agency. 

  
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 1.4 The term “Company IPO” shall mean the initial offering by the Company of
Class A Shares to the public through underwriters pursuant to the registration statement on Form S-1. 
 1.5 The term “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 1.6 The
term “Fair Market Value” shall mean, any Units, the volume weighted average sale price per Class A Share on the New York Stock Exchange on such date, or if Class A Shares are not listed on the New York Stock Exchange, on
the principal national securities exchange on which the Class A Shares are then listed or, if the Class A Shares are not listed on a national securities exchange, an automated quotation system on which the Class A Shares are then
listed or authorized for quotation, in each case as reported by Bloomberg Financial Markets (or any successor thereto) through its “Volume at Price” functions and ignoring any block trades (which, for purposes of this definition means any
transfer of more than 100,000 shares (subject to adjustment to reflect stock dividends, stock splits, stock combinations and other similar events)), and if the Class A Shares are not then listed on a national securities exchange or authorized
for quotation on an automated quotation system, such value as the Board, in its reasonable discretion, shall determine. 
 1.7 The term
“Lock-Up Period” shall mean the period of one hundred eighty (180) days immediately following the date of final prospectus for the Company IPO (or such lesser number of days as may be agreed to by the representatives of the
underwriters of the Company IPO, whether under the terms of an applicable lock-up agreement or otherwise, it being understood that as used herein the term “Lock-Up Period” shall mean, with respect to any holder and any particular Shares,
the actual number of days agreed to by the representatives of the underwriters with respect to such holder and such Shares). 
 1.8 The term
“Notice and Questionnaire” shall mean a written notice delivered to the Company containing substantially the information called for by the Selling Securityholder Notice and Questionnaire attached as Annex A to this
Agreement. 
 1.9 The term “Notice Stockholder” shall mean, on any date, any Stockholder that has delivered a Notice and
Questionnaire to the Company on or prior to such date. 
 1.10 The term “Person” shall mean any individual, firm,
corporation, partnership, limited liability company, trust, or other entity and shall include any successor (by merger or otherwise) of such entity. 

1.11 The term “Public Offering” shall mean a public offering of equity securities of the Company pursuant to an effective
registration statement under the Securities Act (other than (i) a registration statement filed under Regulation A or on Form S-4 or any successor form, (ii) the Shelf Registration Statement, or (iii) a registration statement filed on
Form S-8 or any successor form). 
 1.12 The term “Registrable Securities” shall mean the Shares (as hereinafter defined);
provided, however, that as to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a registration statement registering such securities under the

  
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Securities Act has been declared effective and such securities have been sold or otherwise transferred by the holder thereof pursuant to such effective registration statement; or (ii) such
securities are sold in accordance with Rule 144 (or any successor provision) promulgated under the Securities Act; or (iii) such securities are transferred under circumstances in which any legend borne by the certificates for such securities
relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Company. Notwithstanding anything to the contrary contained herein, Unvested Common Units (as such term is defined in the LLC Agreement)
shall not be Registrable Securities until they have vested. 
 1.13 The term “Securities Act” shall mean the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder. 
 1.14 The term “Shares” shall mean
(i) all Class A Shares owned by the Stockholders as of the date hereof; and (ii) additional Class A Shares acquired by the Stockholders in any manner after the date hereof. 

ARTICLE 2 
 REGISTRATION
RIGHTS 
 2.1 Demand Registrations. 

(a) Requests for Registration. At any time after the expiration of the Lock-Up Period, each Founder Entity shall be entitled to make a
written request of the Company (a “Demand”) for registration under the Securities Act of all or part of the Registrable Securities for offer and sale pursuant to an underwritten offering (a “Demand Registration” and
the Founder Entity making such Demand the “Demanding Holder”). Such Demand shall specify the aggregate number of Registrable Securities requested to be registered. Within ten (10) business days after receipt of a Demand, the
Company shall give written notice of such Demand (an “Incidental Registration Notice”) to all other Stockholders and shall include in such registration all Registrable Securities with respect to which the Company has received a
written request for inclusion therein within twenty (20) business days after the receipt by such Stockholder of the Company’s notice required by this paragraph; provided that (x) any Stockholder who seeks to exercise his, her
or its rights under this Section 2.1(a) shall be required to provide the Company with an irrevocable election to exchange his, her or its Units for Class A Shares immediately prior to the closing of such offering; and provided
further, that the Company shall not be required to file any registration statement covering Registrable Securities with an aggregate Fair Market Value less than $10 million. 

(b) Each Stockholder wishing to sell Registrable Securities pursuant to a Demand Registration agrees to deliver a Notice and Questionnaire to
the Company at least five (5) business days prior to the initial filing of the registration statement pursuant to a Demand Registration, and the Company shall provide that the Stockholder delivering such Notice and Questionnaire is named as a
selling security holder in the Demand Registration and the related prospectus in such a manner as to permit such Stockholder to deliver such prospectus to purchasers of the Registrable Securities in accordance with applicable law. Notwithstanding
anything contained herein to the contrary, the Company shall be under no obligation to name any Stockholder that is not a Notice Stockholder as a selling security holder in any registration 

  
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statement under the Securities Act or related prospectus; provided, however, that any Stockholder that becomes a Notice Stockholder pursuant to the provisions of this
Section 2.1(b) shall be named as a selling security holder in the Demand Registration in accordance with the requirements of this Section 2.1(b). 

(c) Number and Timing of Demands. Each Founder Entity shall be entitled to no more than one (1) Demand Registration in any twelve
(12) month period and shall not be permitted to exercise their Demand rights pursuant to this Section 2.1 until the expiration of the Lock-Up Period. 

(d) Satisfaction of Obligations. A registration shall not be treated as a Demand Registration until (i) the applicable
registration statement under the Securities Act has been filed with the Commission with respect to such Demand Registration, and (ii) all Registrable Securities included therein have been disposed of thereunder in accordance with the method of
distribution set forth in such registration statement. 
 (e) Availability of Short Form Registrations. The Company shall use its
reasonable best efforts to comply with the requirements for use of short form registration for the sale of Registrable Securities under the Securities Act. 

(f) Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within one hundred
eighty (180) days after the effective date of (A) a “firm commitment” underwritten registration in which all Stockholders were given “piggyback” rights pursuant to Section 2.2 hereof (provided that, with
respect to such a registration in which such piggyback rights were exercised, each Founder Entity exercising such piggyback rights was permitted to include in such registration seventy-five percent (75%) of the Registrable Securities that such
Founder Entity sought to include therein) or (B) any other Demand Registration. In addition, the Company shall be entitled to postpone (upon written notice to all Stockholders) for up to ninety (90) days the filing or the effectiveness of
a registration statement in respect of a Demand (but no more than once in any period of twelve (12) consecutive months) if the Board determines in good faith and in its reasonable judgment that effecting the Demand Registration in respect of
such Demand would (i) have a material adverse effect on any proposal or plan by the Company to engage in any debt or equity offering, material acquisition or disposition of assets (other than in the ordinary course of business) or any merger,
consolidation, tender offer or other similar transaction or (ii) require disclosure of information not otherwise then required to be disclosed and that such disclosure would adversely affect any material business opportunity, transaction or
negotiation then contemplated by the Company. In the event of a postponement by the Company of the filing or effectiveness of a registration statement in respect of a Demand, the Demanding Holders shall have the right to withdraw such Demand in
accordance with Section 2.3 hereof. 
 (g) Participation in Demand Registrations. The Company shall not include any securities
other than Registrable Securities in a Demand Registration, except with the written consent of the Demanding Holder. If, in connection with a Demand Registration, any managing underwriter(s) advises the Company and the Demanding Holder that, in its
opinion, the inclusion of all the Registrable Securities and, if authorized pursuant to this Article II, other securities of the Company, in each case, sought to be registered in connection with such Demand Registration

  
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would adversely affect the marketability of the Registrable Securities sought to be sold pursuant thereto, then the Company shall include in the registration statement applicable to such Demand
Registration only such securities as the Company and the Demanding Holder are advised by such underwriter can be sold without such an effect (the “Maximum Demand Number”), as follows and in the following order of priority: 

(i) first, the number of Registrable Securities sought to be registered by the Demanding Holder and the other Founder Entity
pro rata in proportion to the number of securities sought to be sold by the Demanding Holder and the other Founder Entity; and 

(ii) second, if the number of Registrable Securities to be included under clause (i) above is less than the Maximum Demand
Number, the number of securities sought to be included by each other seller, pro rata in proportion to the number of securities sought to be sold by all such other sellers, which in the aggregate, when added to the number of securities to be
included pursuant to clause (i) above, equals the Maximum Demand Number. 
 (h) Selection of Underwriters. The Company shall
select a nationally recognized underwriter or underwriters to manage and administer such offering, such underwriter or underwriters, as the case may be, to be subject to the approval of the Demanding Holder, which approval shall not be unreasonably
conditioned, withheld or delayed. 
 (i) Other Registrations. If the Company has received a Demand and if the applicable registration
statement in respect of such Demand has not been withdrawn or abandoned, the Company shall not file or cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its
equity securities under the Securities Act (other than a registration pursuant to a Shelf Registration Statement (as such term is defined in Section 2.4 below), a registration relating to the Company employee benefit plans, exchange offers by
the Company or a merger or acquisition of a business or assets by the Company, including, without limitation, a registration on Form S-4 or S-8 or any successor form), whether on its own behalf or at the request of any holder or holders of such
securities, until a period of at least ninety (90) days has elapsed from the effective date of any Demand Registration, unless a shorter period of time is approved by the Demanding Holder. Notwithstanding the foregoing, the Company shall be
entitled to postpone any such Demand Registration and may file or cause to be effected such other registration in accordance with the terms of Section 2.1(f) hereof. 

2.2 Piggyback Registrations. 

(a) Right to Piggyback. Subject to the last sentence of this Section 2.2(a), and the other conditions set forth herein, at any
time following completion of the Company IPO, whenever the Company proposes to conduct a Public Offering (other than pursuant to a Demand Registration, as to which Section 2.1 shall apply) (a “Piggyback Registration”), the
Company shall give all Stockholders prompt written notice thereof (but not less than ten (10) business days prior to the filing by the Company with the Commission of any registration statement with respect thereto). Such notice (a
“Piggyback Notice”) shall specify, at a minimum, the number of 

  
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securities proposed to be registered, the proposed date of filing of such registration statement with the Commission, the proposed method of distribution and the proposed managing underwriter or
underwriters (if any and if known). Upon the written request of a Stockholder given within ten (10) business days of such Stockholder’s receipt of the Piggyback Notice (which written request shall specify the number of Registrable
Securities intended to be disposed of by such Stockholder and the intended method of distribution thereof), the Company shall include in such registration all Registrable Securities with respect to which the Company has received such written
requests for inclusion; provided that (x) any Stockholder who seeks to exercise his rights under this Section 2.2(a) shall be required to provide the Company with an irrevocable election to exchange his, her or its Units for
Class A Shares immediately prior to the closing of such offering. 
 (b) Each Stockholder wishing to sell Registrable Securities
pursuant to a Piggyback Registration agrees to deliver a Notice and Questionnaire to the Company at least five (5) business days prior to the filing of the initial registration statement relating to the Piggyback Registration and the Company
shall provide that the Stockholder delivering such Notice and Questionnaire is named as a selling security holder in the Piggyback Registration and the related prospectus in such a manner as to permit such Stockholder to deliver such prospectus to
purchasers of the Registrable Securities in accordance with applicable law. Notwithstanding anything contained herein to the contrary, the Company shall be under no obligation to name any Stockholder that is not a Notice Stockholder as a selling
security holder in any registration statement under the Securities Act or related prospectus; provided, however, that any Stockholder that becomes a Notice Stockholder pursuant to the provisions of this Section 2.2(b) shall be
named as a selling security holder in the Piggyback Registration in accordance with the requirements of this Section 2.2(b). 
 (c)
Priority on Piggyback Registrations. If, in connection with a Piggyback Registration, any managing underwriter advises the Company and the holders of the Registrable Securities sought to be included in such Piggyback Registration, that, in
its opinion, the inclusion of all the securities sought to be included in such Piggyback Registration by the Company, any Persons who have sought to have shares registered thereunder pursuant to rights to demand (other than pursuant to
“piggyback” or other incidental or participation registration rights) such registration (such demand rights being “Other Demand Rights” and such Persons being “Other Demanding Sellers”), any holders of
Registrable Securities seeking to sell such securities in such Piggyback Registration (“Piggyback Sellers”) and any other proposed sellers, in each case, if any, would adversely affect the marketability of the securities sought to
be sold pursuant thereto, then the Company shall include in the registration statement applicable to such Piggyback Registration only such securities as the Company, the Other Demanding Sellers, and the Piggyback Sellers are so advised by such
underwriter can be sold without such an effect (the “Maximum Piggyback Number”), as follows and in the following order of priority: 

(i) if the Piggyback Registration is an offering on behalf of the Company and not any Person exercising Other Demand Rights
(whether or not other Persons seek to include securities therein pursuant to “piggyback” or other incidental or participatory registration rights) (a “Primary Offering”), then (A) first, such number of securities to
be sold by the Company as the Company, in its reasonable judgment and acting in good faith, shall have determined, and (B) second, if the number of securities to 

  
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be included under clause (A) above is less than the Maximum Piggyback Number, the number of Registrable Securities sought to be registered by each Piggyback Seller, pro rata in
proportion to the number of Registrable Securities sought to be registered by all the Piggyback Sellers and all other proposed sellers, which in the aggregate, when added to the number of securities to be registered under clause (A) above,
equals the Maximum Piggyback Number; and 
 (ii) if the Piggyback Registration is an offering other than pursuant to a
Primary Offering, then (A) first, to each Other Demanding Seller, pro rata in proportion to the number of securities sought to be registered by all such Other Demanding Sellers and (B) second, if the number of securities to be
included under clause (A) above is less than the Maximum Piggyback Number, the number of Registrable Securities sought to be registered by each Piggyback Seller, pro rata in proportion to the number of Registrable Securities sought to be
registered by all the Piggyback Sellers and all other proposed sellers, which in the aggregate, when added to the number of securities to be registered under clause (A) above, equals the Maximum Piggyback Number. 

(d) Withdrawal by the Company. If, at any time after giving written notice of its intention to register any of its securities as set
forth in this Section 2.2 and prior to the time the registration statement filed in connection with such registration is declared effective, the Company shall determine for any reason not to register such securities, the Company shall give
written notice of such determination to each Stockholder and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such particular withdrawn or abandoned registration (but not from its obligation to
pay the Registration Expenses (as hereinafter defined) in connection therewith as provided herein). In the event that the Piggyback Sellers of such a registration hold $10 million of aggregate Fair Market Value of Registrable Securities as of
such date then such holders may continue such registration as an underwritten Demand Registration. 
 2.3 Withdrawal Rights. Any
Stockholder having notified or directed the Company to include any or all of its Registrable Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all of
the Registrable Securities designated for registration thereby by giving written notice to such effect to the Company at least five (5) business days prior to the commencement of the road show for the offering. In the event of any such
withdrawal, the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities hereunder. No such withdrawal shall affect the obligations of the
Company with respect to the Registrable Securities not so withdrawn; provided that in the case of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be included in such registration below $10
million of aggregate Fair Market Value as of such date, then the Company shall as promptly as practicable give each holder of Registrable Securities sought to be registered notice to such effect, referring to this Agreement and summarizing this
Section 2.3, and within five (5) business days following the effectiveness of such notice, either the Company or the holders of a majority of the Registrable Securities sought to be registered may, by written notices made to each holder of
Registrable Securities sought to be registered and the Company, respectively, elect that such registration statement not be filed or, if theretofore filed, be withdrawn. During such five (5) business day period, the

  
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Company shall not file such registration statement if not theretofore filed or, if such registration statement has been theretofore filed, the Company shall not seek, and shall use its best
efforts to prevent, the effectiveness thereof. Any registration statement withdrawn or not filed (i) in accordance with an election by the Company, (ii) in accordance with an election by the Demanding Holder pursuant to Section 2.1(f)
hereof, (iii) in accordance with an election by the Demanding Holder prior to the effectiveness of the applicable Demand Registration Statement or (iv) in accordance with an election by the Demanding Holder subsequent to the effectiveness
of the applicable Demand Registration Statement, if any post-effective amendment or supplement to the applicable Demand Registration Statement contains adverse information regarding the Company shall not be counted as a Demand. Except as set forth
in clause (iv) of the previous sentence, any Demand withdrawn in accordance with an election by the Demanding Holder subsequent to the effectiveness of the applicable Demand Registration Statement shall be counted as a Demand unless the
Stockholders participating in such Demand Registration reimburse the Company for its reasonable out-of-pocket expenses (but not including any Internal Expenses, as hereinafter defined) related to the preparation and filing of such registration
statement (in which event such registration statement shall not be counted as a Demand hereunder). Upon the written request of a majority of the Stockholders, the Company shall promptly prepare a definitive statement of such out-of-pocket expenses
in connection with such registration statement in order to assist such holders with a determination in accordance with the immediately preceding sentence. 

2.4 Mandatory Shelf Registration. The Company shall use its reasonable best efforts, at its sole expense, to file with the Commission
prior to the expiration of the Lock Up Period, a shelf Registration Statement on Form S-1 or such other form under the Securities Act then available to the Company providing for (a) the exchange, from time to time, of all Units and Class B
Shares held by any Stockholder for Class A Shares and (b) the resale, pursuant to Rule 415 under the Securities Act from time to time, of such Class A Shares received upon such exchange by such Stockholders (the “Shelf
Registration Statement”). The Company will notify each such Stockholder, within five (5) business days after the date on which the Shelf Registration Statement is first filed with the Commission, of the filing. The Company will use its
commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as reasonably practicable after the expiration of the Lock Up Period, subject to Section 2.6(d). The Company further
agrees to prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective, subject to
Section 2.6(d), until all Registrable Securities included in such registration statement have been sold thereunder in accordance with the method of distribution set forth therein and 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 or Rule 144 under the Securities Act (or any successor rule). The filing of the Shelf Registration
Statement will not affect the inclusion of any Registrable Securities in any other Registration Statement hereunder. 
 2.5 Holdback
Agreements. Except as may be agreed to by the underwriters with respect to any Stockholder, each Stockholder agrees not to effect any public sale or distribution (including, without limitation, sales pursuant to Rule 144 of the Securities Act)
of equity 

  
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securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, during the ten (10) day period prior to the date on which the Company
intends, or in the case of a Demand Registration, the Demanding Holder intends, to commence a Public Offering (as set forth in the notice thereof provided by the Company or the Demanding Holder, as applicable) through the ninety (90) day period
immediately following the effective date of any Demand Registration or any Piggyback Registration (in each case, except as part of such registration), or, in each case, if later, the date of any underwriting agreement with respect thereto. 

2.6 Registration Procedures. 

(a) Whenever the Stockholders have requested that any Registrable Securities be registered pursuant to this Agreement (whether pursuant to
Demand Registration or Piggyback Registration), the Company (subject to its right to withdraw such registration as contemplated by Section 2.2(d) hereof) shall use its best efforts to effect the registration and the sale of such Registrable
Securities in accordance with the intended method of distribution thereof and, in connection therewith, the Company shall as expeditiously as possible, and, in any event, within sixty (60) days of receipt of such request: 

(i) prepare and file with the Commission a registration statement with respect to such Registrable Securities on any form for
which the Company then qualifies and is available for the sale of Registrable Securities to be registered thereunder in accordance with the intended method of distribution and use its reasonable best efforts to cause such registration statement to
become effective within one hundred twenty (120) days of the date thereof; 
 (ii) prepare and file with the Commission
such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a continuous period of not less than one hundred eighty
(180) days (or, if earlier, until all Registrable Securities included in such registration statement have been sold thereunder in accordance with the method of distribution set forth therein) and 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 as set forth in such registration statement (including, without
limitation, by incorporating in a prospectus supplement or post-effective amendment, at the request of a seller of Registrable Securities, the terms of the sale of such Registrable Securities); 

(iii) before filing with the Commission any such registration statement or prospectus or any amendments or supplements thereto,
the Company shall furnish to counsel selected by the Demanding Holders, counsel for the underwriter or sales or placement agent, if any, and any other counsel for holders of Registrable Securities, if any, in connection therewith, drafts of all such
documents proposed to be filed and provide such counsel with a reasonable opportunity for review thereof and comment thereon, such review to be conducted and such comments to be delivered with reasonable promptness; 

  
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 (iv) promptly (i) notify each seller of Registrable Securities of each of
(x) the filing and effectiveness of the registration statement and prospectus and any amendment or supplements thereto, (y) the receipt of any comments from the Commission or any state securities law authorities or any other governmental
authorities with respect to any such registration statement or prospectus or any amendments or supplements thereto, and (z) any oral or written stop order with respect to such registration, any suspension of the registration or qualification of
the sale of such Registrable Securities in any jurisdiction or any initiation or threat of any proceedings with respect to any of the foregoing and (ii) use its reasonable best efforts to obtain the withdrawal of any order suspending the
registration or qualification (or the effectiveness thereof) or suspending or preventing the use of any related prospectus in any jurisdiction with respect thereto; 

(v) furnish to each seller of Registrable Securities, the underwriters and the sales or placement agent, if any, and counsel
for each of the foregoing, a conformed copy of such registration statement and each amendment and supplement thereto (in each case, including all exhibits thereto and documents incorporated by reference therein) and such additional number of copies
of such registration statement, each amendment and supplement thereto (in such case without such exhibits and documents), the prospectus (including each preliminary prospectus) included in such registration statement and prospectus supplements and
all exhibits thereto and documents incorporated by reference therein and such other documents as such seller, underwriter, agent or counsel may reasonably request in order to facilitate the disposition of the Registrable Securities owned by each
such seller; 
 (vi) if requested by the managing underwriter or underwriters of any registration or by the Demanding
Holders, subject to approval of counsel to the Company in its reasonable judgment, promptly incorporate in a prospectus, supplement or post-effective amendment to the registration statement such information concerning underwriters and the plan of
distribution of the Registrable Securities as such managing underwriter or underwriters or such holders shall reasonably furnish to the Company in writing and request be included therein, including, without limitation, with respect to the number of
Registrable Securities being sold by such holders to such underwriter or underwriters, the purchase price being paid therefor by such underwriter or underwriters and with respect to any other terms of the underwritten offering of the Registrable
Securities to be sold in such offering; and make all required filings of such prospectus, supplement or post-effective amendment as soon as possible after being notified of the matters to be incorporated in such prospectus, supplement or
post-effective amendment; 
 (vii) use its best efforts to register or qualify such Registrable Securities under such
securities or “blue sky” laws of such jurisdictions as the holders of a majority of Registrable Securities sought to be registered reasonably request and do any and all other acts and things which may be reasonably necessary or advisable
to enable the holders of a majority of Registrable Securities sought to be registered to consummate the disposition in such jurisdictions of the Registrable Securities owned by such holders and keep such registration or qualification in effect for
so long as the registration statement remains effective under the Securities Act (provided that the Company shall not be 

  
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required to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph, (y) subject itself to taxation in any
such jurisdiction where it would not otherwise be subject to taxation but for this paragraph or (z) consent to the general service of process in any jurisdiction where it would not otherwise be subject to general service of process but for this
paragraph); 
 (viii) notify each seller of such Registrable Securities, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, upon the discovery that, or of the happening of any event as a result of which, the registration statement covering such Registrable Securities, as then in effect, contains an untrue statement of a
material fact or omits to state any material fact required to be stated therein or any fact necessary to make the statements therein not misleading, and promptly prepare and furnish to each such seller a supplement or amendment to the prospectus
contained in such registration statement (and prepare and file and cause to become effective a post-effective amendment to such registration statement) so that such registration statement shall not, and such prospectus as thereafter delivered to the
purchasers of such Registrable Securities shall not, contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or any fact necessary to make the statements therein not misleading; 

(ix) cause all such Registrable Securities to be listed on the New York Stock Exchange, Nasdaq Stock Market and/or any other
national securities exchange and included in each established over-the-counter market on which or through which similar securities of the Company are listed or traded and, if not so listed or traded, to be listed on the NASD automated quotation
system (“Nasdaq”) and, if listed on Nasdaq, use its reasonable efforts to secure designation of all such Registrable Securities covered by such registration statement as a “national market system security” within the
meaning of Regulation NMS under the Exchange Act, or, failing that, to secure Nasdaq authorization for such Registrable Securities; 

(x) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition
pursuant to such registration statement, and any attorney, accountant or other agent retained by any such seller or underwriter all financial and other records, pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors, employees, attorneys and independent accountants to supply all information reasonably requested by any such sellers, underwriters, attorneys, accountants or agents in connection with such registration statement.
Information which the Company determines, in good faith, to be confidential shall not be disclosed by such persons unless (x) the disclosure of such information is necessary to avoid or correct a misstatement or omission in such registration
statement or as otherwise required to be disclosed pursuant to the Securities Act and the rules promulgated thereunder, or (y) the release of such information is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction. Each seller of Registrable Securities agrees, on its own behalf and on behalf of all its underwriters, accountants, attorneys and agents, that the information obtained by it as a result of such inspections shall be deemed confidential
and shall not be used by it as the basis for any market transactions in the securities of the Company unless and until such is made generally 

  
 - 11 - 

 
available to the public. Each seller of Registrable Securities further agrees, on its own behalf and on behalf of all its underwriters, accountants, attorneys and agents, that it will, upon
learning that disclosure of such information is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the information deemed
confidential; 
 (xi) use its best efforts to comply with all applicable laws related to such registration statement and
offering and sale of securities and all applicable rules and regulations of governmental authorities in connection therewith (including, without limitation, the Securities Act and the Exchange Act) and make generally available to its security
holders as soon as practicable (but in any event not later than fifteen (15) months after the effectiveness of such registration statement) an earnings statement of the Company and its subsidiaries complying with Section 11(a) of the
Securities Act; 
 (xii) permit any Stockholder, which Stockholder, in its sole and exclusive judgment, might be deemed to be
an underwriter or controlling person of the Company, to participate in the preparation of such registration statement and to require the insertion therein of material furnished to the Company in writing, which in the reasonable judgment of such
holder and such holder’s counsel should be included; 
 (xiii) in the case of an underwritten offering, use reasonable
best efforts to furnish to each seller of Registrable Securities and each underwriter of such offering a signed counterpart of (x) an opinion of counsel for the Company and (y) a comfort letter signed by the independent public accountants
who have certified the Company’s financial statements included or incorporated by reference in such registration statement, covering such matters with respect to such registration statement and, in the case of the accountants’ comfort
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ comfort letters delivered to the underwriters in underwritten public
offerings of securities for the account of, or on behalf of, an issuer of common stock, such opinion and comfort letters to be dated the date such opinions and comfort letters are customarily dated in such transactions, and covering in the case of
such legal opinion, such other legal matters and, in the case of such comfort letter, such other financial matters, as are customarily covered by such legal opinions and comfort letters; 

(xiv) not permit any officer, manager, underwriter, broker or any other person acting on behalf of the Company to use any free
writing prospectus (as defined in Rule 405 under the Securities Act) in connection with any registration statement covering Registrable Securities, without the prior written consent of a majority of Stockholders of Registrable Securities covered in
any such registration statement and any underwriter; and 
 (xv) use reasonable best efforts to have officers of the Company
participate in “road shows” for any Demand Registration and analyst or investor presentations and such other selling or informational activities as are customary for transactions similar to the planned disposition of securities requested
by the Demanding Holder or the managing underwriter for such offerings. 
 (xvi) take all such other actions as the holders
of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities. 

  
 - 12 - 

 If a registration hereunder is a Demand Registration by a Founder Entity, all references to
“a majority of Stockholders of Registrable Securities” shall be deemed to be “the Demanding Holder”. 
 (b)
Underwriting. Without limiting any of the foregoing, in the event that any offering of Registrable Securities is to be made by or through an underwriter, the Company shall enter into an underwriting agreement with a managing underwriter or
underwriters containing representations, warranties, indemnities and agreements customarily included (but not inconsistent with the agreements contained herein) by an issuer of common stock in underwriting agreements with respect to underwritten
public offerings of common stock for the account of, or on behalf of, such issuers. In connection with the sale of Registrable Securities hereunder, any seller of such Registrable Securities may, at its option, require that any and all
representations and warranties by, and indemnities and agreements of, the Company to or for the benefit of such underwriter or underwriters (or which would be made to or for the benefit of such an underwriter or underwriter if such sale of
Registrable Securities were pursuant to a customary underwritten offering) be made to and for the benefit of such seller and that any or all of the conditions precedent to the obligations of such underwriter or underwriters (or which would be so for
the benefit of such underwriter or underwriters under a customary underwriting agreement) be conditions precedent to the obligations of such seller in connection with the disposition of its securities pursuant to the terms hereof (it being agreed
that in connection with any Demand Registration, without limiting any rights or remedies of the Stockholders, in the event any such condition precedent shall not be satisfied and, if not so satisfied, shall not be waived by the Demanding Holder,
such Demand Registration shall not be counted as a permitted Demand hereunder). In connection with any offering of Registrable Securities registered pursuant to this Agreement, the Company shall (x) furnish to the underwriter, if any (or, if no
underwriter, the sellers of such Registrable Securities), unlegended certificates representing ownership of the Registrable Securities being sold, in such denominations as requested and (y) instruct any transfer agent and registrar of the
Registrable Securities to release any stop transfer order with respect thereto. 
 (c) Return of Prospectuses. Each seller of
Registrable Securities hereunder agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.6(a)(viii) hereof, such seller shall forthwith discontinue such seller’s disposition
of Registrable Securities pursuant to the applicable registration statement and prospectus relating thereto until such seller’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.6(a)(viii) hereof
and, if so directed by the Company, deliver to the Company all copies, other than permanent file copies, then in such seller’s possession of the prospectus current at the time of receipt of such notice relating to such Registrable Securities.
In the event the Company shall give such notice, the one hundred eighty (180)-day period during which such registration statement must remain effective pursuant to this 

  
 - 13 - 

 
Agreement shall be extended by the number of days during the period from the date of giving of a notice regarding the happening of an event of the kind described in Section 2.6(a)(viii)
hereof to the date when all such sellers shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the Commission. 

(d) Suspensions. Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to
time, by providing written notice to the Stockholders, to require such Stockholders to suspend the use of the prospectus for sales of Registrable Securities under any registration statement for a reasonable period of time not to exceed 90 days in
succession or 180 days in the aggregate in any 12-month period (a “Suspension Period”) if the Company shall determine that it is required to disclose in any such registration statement a financing, acquisition, corporate
reorganization or other similar transaction or other material event or circumstance affecting the Company or its securities, and that the disclosure of such information at such time would be detrimental to the Company or the holders of its equity
securities. Immediately upon receipt of such notice, the Stockholders shall suspend the use of the prospectus until the requisite changes to the prospectus have been made as required below. Any Suspension Period shall terminate at such time as the
public disclosure of such information is made. After the expiration of any Suspension Period and without any further request from a Stockholder, the Company shall as promptly as reasonably practicable prepare a post-effective amendment or supplement
to the applicable registration statement or the prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the
prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

2.7 Registration Expenses. All expenses incident to the Company’s performance of, or compliance with, its obligations under this
Agreement, including, without limitation, all registration and filing fees, all fees and expenses of compliance with securities and “blue sky” laws (including, without limitation, the fees and expenses of counsel for underwriters or
placement or sales agents, if any, in connection therewith), all printing and copying expenses, all messenger and delivery expenses, all fees and expenses of underwriters and sales and placement agents, if any, in connection therewith (excluding
discounts and commissions), all fees and expenses of the Company’s independent certified public accountants and counsel (including, without limitation, with respect to comfort letters and opinions) (collectively, the “Registration
Expenses”) shall be borne by the Company. The Company shall be responsible for the fees and expenses of one (1) firm of attorneys retained by all of the Stockholders in the aggregate in connection with the sale of Registrable
Securities. Notwithstanding the foregoing, the Company shall not be responsible for the fees and expenses of any additional counsel, or any of the accountants, agents or experts retained by the Stockholders in connection with the sale of Registrable
Securities. The Company will pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any annual audit and the expense of any liability
insurance) (collectively, “Internal Expenses”) and, except as otherwise provided in this Section 2.7, the expenses and fees for listing the securities to be registered on each securities exchange and included in each
established over-the-counter market on which similar securities issued by the Company are then listed or traded or for listing on Nasdaq. 

  
 - 14 - 

 2.8 Indemnification. In the event of any registration of any Registrable Securities under
the Securities Act pursuant to this Agreement (other than an underwritten offering, where the provisions of the underwriting agreement shall apply): 

(a) By the Company. The Company agrees to indemnify, to the fullest extent permitted by law, each holder of Registrable Securities
being sold, its officers, directors, managers, partners, stockholders, members, employees and agents and each Person who controls (within the meaning of the Securities Act) such holder or such another indemnified Person against all losses, claims,
damages, liabilities and expenses (collectively, the “Losses”) caused by, resulting from or relating to any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or a fact necessary to make the statements therein not misleading, except insofar as the same are caused
by or contained in any information furnished to the Company in writing by or on behalf of such holder expressly for use therein or by such holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or
supplements thereto after the Company has furnished such holder with a sufficient number of copies of the same as required by Article II hereof. In connection with an underwritten offering and without limiting any of the Company’s other
obligations under this Agreement, the Company shall indemnify such underwriters, their officers, directors, employees and agents and each Person who controls (within the meaning of the Securities Act) such underwriters or such other indemnified
Person to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities being sold. 
 (b)
By Stockholders. In connection with any registration statement in which a holder of Registrable Securities is participating, each such holder will furnish, or cause to be furnished, to the Company in writing information regarding such
holder’s ownership of Registrable Securities and its intended method of distribution thereof and, to the extent permitted by law, shall indemnify the Company, its directors, officers, employees and agents and each Person who controls (within
the meaning of the Securities Act) the Company or such other indemnified Person against all Losses caused by, resulting from or relating to any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus
or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that
such untrue statement or omission is caused by and contained in such information so furnished in writing by or on behalf of such holder and such information was actually used by the Company in a final prospectus or a post-effective amendment;
provided, however, that each holder’s obligation to indemnify the Company hereunder shall be limited to an amount equal to the net amount received by each holder from the sale of Registrable Securities pursuant to such
registration statement. 
 (c) Notice. Any Person entitled to indemnification hereunder shall give prompt written notice to the
indemnifying party of any claim with respect to which its seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the
indemnifying party has been materially prejudiced by such failure to provide such notice. 

  
 - 15 - 

 (d) Defense of Actions. In any case in which any such action is brought against any
indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other indemnifying party similarly notified,
to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying party will not
(so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other expense subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless such indemnified party reasonably objects to such assumption on the grounds that there may be defenses
available to it which are different from or in addition to the defenses available to such indemnifying party, in which event the indemnified party shall be reimbursed by the indemnifying party for the expenses incurred in connection with retaining
separate legal counsel). An indemnifying party shall not be liable for any settlement of an action or claim effected without its consent. The indemnifying party shall lose its right to defend, contest, litigate and settle a matter if it shall fail
diligently to contest such matter (except to the extent settled in accordance with the next following sentence). No matter shall be settled by an indemnifying party without the consent of the indemnified party (which consent shall not be
unreasonably withheld). 
 (e) Survival. The indemnification and contribution obligations of the Company and the Stockholders selling
Registrable Securities under this Section 2.8 shall survive until the expiration of all applicable statutes of limitation or extensions of such statutes. The indemnification provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified Person and will survive the transfer of the Registrable Securities and the termination of this Agreement. 

(f) Contribution. If recovery is not available under the foregoing indemnification provisions for any reason or reasons other than as
specified therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with respect to which such Person would be entitled to such
indemnification but for such reason or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons’ relative knowledge and access to information concerning the matter
with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable if
the amount of such contribution were determined by pro rata or per capita allocation. 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 found guilty of such fraudulent misrepresentation. Notwithstanding the foregoing, no Stockholder shall be required to make a contribution in excess of the net amount received by such holder from the sale of Registrable
Securities 

  
 - 16 - 

 ARTICLE 3 

MISCELLANEOUS 
 3.1
Term. The rights of Stockholders with respect to the registration rights granted pursuant to this Agreement shall remain in effect, subject to the terms hereof, so long as there are Registrable Securities or securities which are convertible
or exchangeable for Registrable Securities issued and outstanding. 
 3.2 Specific Performance. Each of the Company and the
Stockholders acknowledges and agrees that, in the event of any breach of this Agreement, the non-breaching party or parties would be irreparably harmed and could not be made whole by monetary damages. The Company and the Stockholders hereby agree
that, in addition to any other remedy to which any party may be entitled at law or in equity, they shall be entitled to seek to compel specific performance of this Agreement in any action instituted in any court of the United States or any state
thereof having subject matter jurisdiction for such action. 
 3.3 Headings. Captions contained in this Agreement are inserted only
as a matter of convenience and in no way define, limit or extend the scope or intent of this Agreement or any provision hereof. 
 3.4
Entire Agreement. This Agreement and the LLC Agreement constitute the entire agreement among the parties with respect to the subject matter hereof and thereof. They supersede any prior agreement or understanding among the parties, and they
may not be modified or amended in any manner other than by an instrument in writing signed by the parties hereto or thereto, or their respective successors or assigns, or otherwise as provided herein or therein. 

3.5 Expenses. Except as set forth in Section 2.7 hereof, each party agrees that such party shall bear its own expenses incurred in
connection with this Agreement. 
 3.6 Notices. All notices, requests, claims, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given on the date of delivery, if personally delivered, or if mailed (registered or certified mail, postage prepaid, return receipt requested), on the third
(3rd) business day following mailing as follows: 
  

			
	If to the Company, to:	  	 Enovation Controls, Inc.
 5311 South 122nd East
Avenue
 Tulsa, OK 74146
 Attn: CEO

Telephone: (918) 317-4100
 Fax: (918) 317-4266

		
	with copies to:	  	 Norton Rose Fulbright
 300 Convent, Suite
2100
 Attn:   Daryl L. Lansdale, Jr.
 Telephone:
(210) 270-9367
 Fax: (210) 270-7205

  
 - 17 - 

 If to the Stockholders, to the addresses of the Stockholders as set forth in the books and
records of the Company. 
 3.7 Applicable Law. This Agreement shall be governed by and interpreted and enforced in accordance with
the substantive laws of the State of Delaware, without giving effect to the conflicts of law principles thereof. 
 3.8 Jurisdiction;
Service of Process. Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware or, if the Court of Chancery lacks subject matter jurisdiction, any other Delaware
state court or any federal court located in the State of Delaware in the event any dispute arises out of this Agreement or any transaction or other agreement contemplated hereby, (b) agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it will not bring any action relating to this Agreement or any transaction or other agreement contemplated hereby in any court other than the Court
of Chancery of the State of Delaware, or if the Court of Chancery lacks subject matter jurisdiction, any other Delaware state court or any federal court sitting in the state of Delaware and (d) waives any right to trial by jury with respect to
any action related to or arising out of this Agreement or any transaction or other agreement contemplated hereby. 
 3.9
Severability. The invalidity, illegality, or unenforceability of one or more of the provisions of this Agreement in any jurisdiction shall not affect the validity, legality, or enforceability of the remainder of this Agreement in such
jurisdiction or the validity, legality, or enforceability of this Agreement, including any such provision, in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest
extent permitted by law. 
 3.10 Successors; Assigns; and Third-Party Beneficiaries. The provisions of this Agreement shall be
binding upon the parties hereto and their respective heirs, successors, and permitted assigns. Any of the Stockholders’ “Permitted Transferees” under the terms of the LLC Agreement will be permitted to enter into this Agreement
by means of a joinder agreement and to benefit from the registration rights applicable to Registrable Securities held by such transferring Stockholder. Except as expressly provided herein, neither this Agreement nor the rights or obligations of any
Stockholder hereunder may be assigned. Any such attempted assignment in contravention of this Agreement shall be void and of no effect. 

3.11 Amendments. This Agreement may not be amended, modified, or supplemented unless such modification is in writing and signed by the
parties hereto. Notwithstanding the foregoing, each party agrees that if any Person who holds Class A Shares (or securities that are exchangeable or convertible into Class A Shares) other than a Stockholder, enters into an agreement with
the Company on terms that are more favorable to such holder than those contained in this Agreement with respect to the Stockholders, then this Agreement shall be immediately amended to incorporate such favorable terms in favor of the Stockholders.

  
 - 18 - 

 3.12 Waiver. Any waiver (express or implied) of any default or breach of this Agreement
shall not constitute a waiver of any other or subsequent default or breach. 
 3.13 Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 19 - 

 IN WITNESS WHEREOF, the undersigned hereby agree to be bound by the terms and provisions of this
Registration Rights Agreement as of the date first above written. 
  

			
	ENOVATION CONTROLS, INC.
		
	By:	 	  

	Name:	 	Patrick W. Cavanagh
	Title:	 	Chief Executive Officer
	
	MURPHY GROUP, INC.
		
	By:	 	  

	Name:	 	Frank Murphy
	Title:	 	
	
	ECONTROLS GROUP, INC.
		
	By:	 	  

	Name:	 	Kennon Guglielmo
	Title:	 	  

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	STOCKHOLDERS
	
	  

	

  
 [Signature Page to
Registration Rights Agreement] 

 ANNEX A 

SELLING STOCKHOLDER QUESTIONNAIRE 

Enovation Controls, Inc. 
 5311 South 122nd East Avenue 

Tulsa, Oklahoma 74146 
 Ladies and Gentlemen: 

The undersigned acknowledges that it, he or she is a beneficial owner of securities of Enovation Controls, Inc. (the
“Company”). The undersigned understands that it, he or she will be named as a selling stockholder in the prospectus that forms a part of the Company’s Registration Statement on Form S-     to be filed with
the Securities and Exchange Commission (the “Registration Statement”). The Registration Statement will register for resale in a public offering under the Securities Act of 1933, as amended (the “Securities Act”),
the shares of Class A common stock, par value $0.00001 per share (“Class A Common Stock”), of the Company that the undersigned beneficially owns that are disclosed in response to Question 5(b) of this Questionnaire (the
“Registrable Securities”), [as well as shares of Class A Common Stock to be newly issued by the Company]. The Company will use the information that the undersigned provides in this Questionnaire to ensure the accuracy of
the Registration Statement and the prospectus. 
 Certain legal consequences arise from being named as a selling securityholder in
the Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of securities to be registered under the Registration Statement are advised to consult securities counsel regarding the consequences of being named or
not being named as a selling securityholder in the Registration Statement and the related prospectus. 
 The undersigned acknowledges that
by completing, dating, executing and returning this Questionnaire to the Company, it, he or she is giving written notice to the Company of its, his or her desire to have the securities disclosed in response to Question 5(b) of this Questionnaire
included in the Registration Statement. 
 Please answer every question. 

If the answer to any question is “none” or “not applicable,” please so state. 

1. Name. Type or print the full legal name of the selling securityholder. 
  

	
	  

 2. Contact Information. Provide the address, telephone number, fax number and email address of the selling
securityholder. 

  
 ANNEX A-1 

					
	Address:	 	  
	 	
			
		 	  
	 	
			
	Phone:	 	  
	 	
			
	Fax:	 	  
	 	
			
	Email:	 	  
	 	

 3. Relationship with the Company. Describe the nature of any position, office or other material relationship the
selling securityholder has had with the Company during the past three years. 
  

	
	  

	
	  

 4. Organizational Structure. Please indicate or (if applicable) describe how the selling securityholder is organized.

  

							
	Is the selling securityholder a natural person (i.e., an individual rather than a corporation or other legal entity)?	  	      Yes	  	      No	  	
				
	(If so, please mark the box and skip to Question 5.)	  		  		  	
				
	Is the selling securityholder a reporting company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)?	  	      Yes	  	      No	  	
				
	(If so, please mark the box and skip to Question 5.)	  		  		  	

  
 ANNEX A-2 

							
	Is the selling securityholder a majority-owned subsidiary of a reporting company under the Exchange Act?	  	      Yes	  	      No	  	
				
	(If so, please mark the box and skip to Question 5.)	  		  		  	
				
	Is the selling securityholder a registered investment company under the Investment Company Act of 1940?	  	      Yes	  	      No	  	
				
	(If so, please mark the box and skip to Question 5.)	  		  		  	

 If the answer to all of the foregoing questions is “no,” please describe: (i) the exact legal
description of the selling securityholder (e.g., corporation, partnership, limited liability company, etc.); (ii) whether the legal entity so described is managed by another entity and the exact legal description of such entity (repeat this
step until the last entity described is managed by a person or persons, each of whom is described in any one of (a) through (d) above); (iii) the names of each person or persons having voting and investment control over the
Company’s securities that the entity owns (e.g., director(s), general partner(s), managing member(s), etc.). 
  

	 	(a)	Legal Description of Entity: 

  

	
	  

  

	 	(b)	Name of Entit(ies)/(y) Managing Such Entity (if any): 

  

	
	  

	
	  

  

	 	(c)	Name of Entit(ies)/(y) Managing such Entit(ies)/(y) (if any): 

  

	
	  

	
	  

  

	 	(d)	Name(s) of Natural Person(s) Having Voting or Investment Control Over the Shares Held by such Entit(ies)/(y): 

  

	
	  

 5. Ownership of the Company’s Securities. This question covers beneficial ownership of the Company’s
securities. Please consult Appendix A to this Questionnaire for information as to the 

  
 ANNEX A-3 

 
meaning of “beneficial ownership.” State (a) the number of shares of the Company’s Class A Common Stock or Class B common stock (including any shares issuable upon
exercise of warrants or options, or upon vesting of restricted stock units) that the selling securityholder beneficially owned as of the date this Questionnaire is signed and (b) the number of shares of the Company’s Class A Common
Stock that the selling securityholder wishes to have registered for resale in public offering under the Registration Statement: 
  

	 	(a)	Number of shares of Class A Common Stock and other equity securities owned: 

  

	
	  

  

	 	(b)	Number of shares of Class A Common Stock owned to be registered for resale in the Registration Statement: 

  

	
	  

 6. Acquisition of Shares. If the selling securityholder did not acquire the securities to be sold directly from the
Company (for example, through a trade in the open market or in a private sale by a third party) please describe below the manner in which the securities were acquired including, but not limited to, the date, the name and address of the seller(s),
the purchase price and pursuant to which documents (the “Acquisition Documents”) and please forward such documents as provided below. 
  

	
	  

	
	  

 7. Broker-Dealer Status. 
  

							
	 (a)
	  		  		  	
	Is the selling securityholder a broker-dealer?	  	      Yes	  	      No	  	
				
	 (b)
	  		  		  	
	If the answer to Section 7(a) is “yes,” did the selling securityholder receive the Registrable Securities as compensation for investment banking services to the Company?	  	      Yes	  	      No	  	
				
	Note: If the answer to 7(b) is “no,” SEC guidance has indicated that the selling securityholder should be identified as an underwriter in the Registration Statement.	  		  		  	

  
 ANNEX A-4 

							
	 (c)
	  		  		  	
	Is the selling securityholder an affiliate of a broker-dealer?	  	      Yes	  	      No	  	
				
	 (d)
	  		  		  	
	If the selling securityholder is an affiliate of a broker-dealer, does the selling securityholder certify that it purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the
Registrable Securities to be resold, the selling securityholder had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?	  	      Yes	  	      No	  	
				
	Note: If the answer to 7(d) is “no,” SEC guidance has indicated that the selling securityholder should be identified as an underwriter in the Registration Statement.	  		  		  	

 8. Legal Proceedings with the Company. Is the Company a party to any pending legal proceeding in which the selling
securityholder is named as an adverse party? 
  

							
		  	      Yes	  	      No	  	

 State any exceptions here: 
  

	
	  

	
	  

  
 ANNEX A-5 

 9. Reliance on Responses. The undersigned acknowledges and agrees that the Company and its legal counsel
shall be entitled to rely on its responses in this Questionnaire in all matters pertaining to the Registration Statement and the sale of any Registrable Securities in the public offering pursuant to the Registration Statement. 

The undersigned hereby acknowledges and is advised of the SEC’s Compliance and Disclosure Interpretation 239.10 regarding short selling:

 An Issuer filed a Form S-3 registration statement for a secondary offering of common stock which is not yet effective. One of the
selling shareholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The issuer was advised that the short sale could not be made before the registration
statement become effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of Section 5 if the shares were effectively sold prior to the effective date.

 By returning this Questionnaire, the undersigned will be deemed to be aware of the foregoing interpretation. 

If the Company is required to file a new or additional registration statement to register Registrable Securities beneficially owned by the
selling securityholder, the undersigned hereby agrees to complete and return to the Company, upon the request of the Company, a new Questionnaire (in a form substantially similar to this Questionnaire). 

If the selling securityholder transfers all or any portion of its Registrable Securities after the date on which the information in this
Questionnaire is provided to the Company, the undersigned hereby agrees to notify the transferee(s) at the time of transfer of its rights and obligations hereunder. 

By signing below, the undersigned represents that the information provided herein is accurate and complete. The undersigned agrees to promptly
notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration Statement remains effective. 

By signing below, the undersigned consents to the disclosure of the information contained herein and the inclusion of such information in the
Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus. 
 [SIGNATURE PAGE FOLLOWS] 

  
 ANNEX A-6 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Selling Stockholder Questionnaire to
be executed and delivered either in person or by its duly authorized agent. 
  

									
	Dated:	 	  
	 		 	Beneficial Owner:
				
		 		 		 	  

					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

 AS SOON AS POSSIBLE, PLEASE E-MAIL A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL
BY OVERNIGHT MAIL, TO: 
 Enovation Controls, Inc. 

5311 South 122nd East Avenue 

Tulsa, Oklahoma 74146 
 Attn: Dennis
Bunday 
 E-mail: dbunday@enovationcontrols.com 

  
 ANNEX A-7 

 APPENDIX A 

DEFINITION OF “BENEFICIAL OWNERSHIP” 

1. A “Beneficial Owner” of a security includes any person who, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise has or shares: 
 (a) Voting power which includes the power to vote, or to direct the voting of,
such security; and/or 
 (b) Investment power which includes the power to dispose, or direct the disposition of, such security. 

Please note that either voting power or investment power, or both, is sufficient for you to be considered the beneficial owner of shares. 

2. Any person who, directly or indirectly, creates or uses a trust, proxy, power of attorney, pooling arrangement or any other contract,
arrangement or device with the purpose or effect of divesting such person of beneficial ownership of a security or preventing the vesting of such beneficial ownership as part of a plan or scheme to evade the reporting requirements of the federal
securities acts shall be deemed to be the beneficial owner of such security. 
 3. Notwithstanding the provisions of paragraph (1), a person
is deemed to be the “beneficial owner” of a security if that person has the right to acquire beneficial ownership of such security within 60 days, including but not limited to any right to acquire: (a) through the exercise of any
option, warrant or right; (b) through the conversion of a security; (c) pursuant to the power to revoke a trust, discretionary account or similar arrangement; or (d) pursuant to the automatic termination of a trust, discretionary
account or similar arrangement; provided, however, any person who acquires a security or power specified in (a), (b) or (c) above, with the purpose or effect of changing or influencing the control of the issuer, or in connection with or as
a participant in any transaction having such purpose or effect, immediately upon such acquisition shall be deemed to be the beneficial owner of the securities which may be acquired through the exercise or conversion of such security or power. 

  
 ANNEX A-8EX-4.3

 Exhibit 4.3 

STOCKHOLDERS AGREEMENT 

of 
 ENOVATION CONTROLS,
INC. 
 Dated as of             , 2014 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
			
	 ARTICLE 1
	 	 DEFINITIONS
	  	 	1	  
			
	 1.1
	 	 Certain Definitions
	  	 	1	  
	 1.2
	 	 Terms Generally
	  	 	4	  
			
	 ARTICLE 2
	 	 GOVERNANCE AND MANAGEMENT OF THE COMPANY
	  	 	5	  
			
	 2.1
	 	 Board of Directors
	  	 	5	  
	 2.2
	 	 Committees of the Board
	  	 	6	  
	 2.3
	 	 Fees and Expenses
	  	 	6	  
	 2.4
	 	 Approvals
	  	 	6	  
	 2.5
	 	 Certain Actions
	  	 	7	  
			
	 ARTICLE 3
	 	 TRANSFERS/CERTAIN COVENANTS
	  	 	7	  
			
	 3.1
	 	 Transfers of Shares
	  	 	7	  
	 3.2
	 	 Tag-Along Rights
	  	 	8	  
	 3.3
	 	 No Circumvention of Transfer Restrictions
	  	 	10	  
	 3.4
	 	 Legend
	  	 	10	  
			
	 ARTICLE 4
	 	 MISCELLANEOUS
	  	 	11	  
			
	 4.1
	 	 Termination
	  	 	11	  
	 4.2
	 	 Effective Time
	  	 	11	  
	 4.3
	 	 Agreement Expenses
	  	 	11	  
	 4.4
	 	 Conflicts
	  	 	11	  
	 4.5
	 	 Further Assurances
	  	 	12	  
	 4.6
	 	 No Founder Entity Duties
	  	 	12	  
	 4.7
	 	 Amendment; Waivers, etc.
	  	 	12	  
	 4.8
	 	 Assignment
	  	 	12	  
	 4.9
	 	 Binding Effect
	  	 	12	  
	 4.10
	 	 No Third Party Beneficiaries
	  	 	12	  
	 4.11
	 	 Notices
	  	 	13	  
	 4.12
	 	 Severability
	  	 	13	  
	 4.13
	 	 Headings
	  	 	14	  
	 4.14
	 	 Entire Agreement
	  	 	14	  
	 4.15
	 	 Governing Law
	  	 	14	  
	 4.16
	 	 Consent to Jurisdiction
	  	 	14	  
	 4.17
	 	 Waiver of Jury Trial
	  	 	14	  
	 4.18
	 	 Enforcement
	  	 	14	  
	 4.19
	 	 Counterparts; Facsimile Signatures
	  	 	15	  

  
 - i - 

 STOCKHOLDERS AGREEMENT 

STOCKHOLDERS AGREEMENT (this “Agreement”), dated as of
            , 2014, among Enovation Controls, Inc., a Delaware corporation (the “Company”), and each Founder Entity (as defined below) listed on the signature pages hereto,
and any other Person that may become a party to this Agreement after the date and pursuant to the terms hereof. 
 WHEREAS, concurrently
with the effectiveness of this Agreement, the Company has consummated an initial Public Offering of its Class A common stock (the “IPO”); and 

NOW, THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1 Certain Definitions. 

“Act” has the meaning set forth in Section 3.5(a)(i). 

“Affiliate,” with respect to (a) a Founder Entity, means (i) any Person that, directly or indirectly, through one
or more intermediaries, is in control of, is controlled by, or is under common control with, such Founder Entity or (ii) any Person who is a general partner, manager, director or officer (A) of such Founder Entity or (B) of any Person
described in clause (i) above, (b) the Company, means (1) any Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, the Company or (2) any Person who is a general partner,
manager, director or officer of the Company. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) of a
Person shall mean the power, directly or indirectly, (y) to vote fifty percent (50%) or more of the securities having ordinary voting power for the election of directors of such Person whether by ownership of securities, contract, proxy or
otherwise, or (z) to direct or cause the direction of the management and policies of such Person whether by ownership of securities, contract, proxy or otherwise. 

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

“Applicable Law” means all applicable provisions of constitutions, treaties, statutes, laws (including the common law),
rules, regulations, ordinances, codes or orders of any Regulatory Entity, any consents or approvals of any Regulatory Entity and any orders, decisions, injunctions, judgments, awards, decrees of or agreements with any Regulatory Entity. 

“Board” has the meaning set forth in Section 2.1(a)(i). 

“Brokers’ Transaction” has the meaning set forth in Section 3.1(b). 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law
to be closed in The City of New York. 

  
 - 1 - 

 “Class A Shares” means the Class A common stock, $0.00001 par value per
share, of the Company, and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other
similar reorganization. 
 “Class B Shares” means the Class B common stock, $0.00001 par value per share, of the Company,
and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 

“Code” has the meaning set forth in Section 3.6. 

“Committee” has the meaning set forth in Section 2.2. 

“Common Stock” means collectively the Class A Shares and the Class B Shares. 

“Common Units” means the limited liability company interests of the LLC that are denominated as “Common Units”
pursuant to the LLC Agreement. 
 “Company” has the meaning set forth in the preamble. 

“Control Securities” means, at any time, shares of any class of securities of the Company entitled to vote generally on
matters submitted to the stockholders of the Company for a vote. 
 “EControls Group” means EControls Group, Inc., a Texas
corporation, together with any of its Permitted Transferees that as of any applicable time of determination owns Shares. 

“EControls Group Nominee” has the meaning set forth in Section 2.1(a)(i)(A). 

“Effective Time” has the meaning set forth in Section 4.2. 

“Equity Securities” means any and all shares of Common Stock of the Company, securities of the Company convertible into, or
exchangeable or exercisable for, such shares, and options, warrants or other rights to acquire such shares. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder. 

“Family Group” means for any individual, such individual’s current or former spouse, their respective parents,
descendants of such parents (whether natural or adopted) and the spouses of such descendants, and any trust, limited partnership, corporation or limited liability company established solely for the benefit of such individual or such
individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants. 

“Founder Entities” means EControls Group and Murphy Group. 

“Founder Entity Nominees” has the meaning set forth in Section 2.1(a)(i)(B). 

“Group” has the meaning assigned to such term in section 13(d)(3) of the Exchange Act. 

  
 - 2 - 

 “Hedging Transaction” has the meaning set forth in Section 3.1. 

“Immediate Family” means, with respect to any natural person, each of such person’s lineal descendants and ancestors,
spouse, brothers, and sisters, including adoptive relationships, or any trust or entity formed for estate planning purposes or a private foundation for the benefit of the foregoing Persons. 

“Independent Director” means an “independent director” as such term is defined from time to time in the corporate
governance rules for NYSE-listed companies. 
 “IPO” has the meaning set forth in the recitals. 

“Joint Nominee” has the meaning set forth in Section 2.1(a)(i)(C). 

“LLC” means Enovation Controls, LLC, an Oklahoma limited liability company. 

“LLC Agreement” means the Second Amended and Restated Operating Agreement of Enovation Controls, LLC, dated as of
            , 2014. 
 “Murphy Group” means Murphy Group, Inc.,
an Oklahoma corporation, together with any of its Permitted Transferees that as of any applicable time of determination owns Shares. 

“Murphy Group Nominees” has the meaning set forth in Section 2.1(a)(i)(B). 

“Necessary Action” means, with respect to a specified result, (a) voting, providing written consent or a proxy, in each
case, with respect to Control Securities, (b) calling and attending meetings in person or by proxy for purposes of obtaining a quorum and/or (c) not taking any actions to frustrate the intent of this Agreement. 

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

“Permitted Transferee” has the meaning set forth in Section 3.1(a). 

“Person” means an individual, corporation, partnership, limited liability company, limited liability partnership, syndicate,
person, trust, association, organization or other entity, including any governmental authority, and including any successor, by merger or otherwise, of any of the foregoing. 

“Prospective Purchaser” has the meaning set forth in Section 3.2(a). 

“Public Offering” means an offering of the Class A Shares pursuant to a registration statement filed in accordance with
the Securities Act. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of
            , 2014, among the Company, EControls Group, Murphy Group and the other stockholders of the Company named on the signature pages thereto. 

“Regulations” has the meaning set forth in Section 3.5(a)(i). 

“Regulatory Entity” means any federal, state, local or foreign court, legislative, executive or regulatory authority or
agency, including (without limitation) any exchange upon which Equity Securities of the Company are listed. 

  
 - 3 - 

 “Restricted Securities” has the meaning set forth in Section 3.1(a). 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
thereunder. 
 “Shares” means issued and outstanding shares of Common Stock (as adjusted for stock splits, stock dividends,
reclassifications, recapitalizations and similar transactions). 
 “Subsidiary” means each Person in which a Person owns or
controls, directly or indirectly, capital stock or other equity interests representing more than 50% of the outstanding capital stock or other equity interests. 

“Tag-Along Notice” has the meaning set forth in Section 3.2(a). 

“Tag-Along Notice Period” has the meaning set forth in Section 3.2(c). 

“Tag-Along Offeree” has the meaning set forth in Section 3.2(a). 

“Tagging Persons” has the meaning set forth in Section 3.2(c). 

“Tag-Along Response Notice” has the meaning set forth in Section 3.2(c). 

“Tag-Along Sale” has the meaning set forth in Section 3.2(a). 

“Tag-Along Securities” has the meaning set forth in Section 3.2(a). 

“Tag-Along Selling Stockholder” has the meaning set forth in Section 3.2(a). 

“Transfer” means, directly or indirectly, to sell, transfer, assign, exchange, pledge, encumber, hypothecate, grant a
participation or security interest in, or otherwise dispose of, either with or without consideration, voluntarily or involuntarily, by operation of law or otherwise, or to enter into any contract, option or other arrangement or understanding with
respect to the sale, transfer, assignment, exchange, pledge, encumbrance, hypothecation, grant or other disposition of, any Equity Securities owned by a Person or any interest (including but not limited to a beneficial interest) in any Equity
Securities owned by a Person. The terms “Transfer,” “Transferred” and other forms of the word “Transfer” shall have the correlative meanings. 

“Transferee” means any Person to whom any Founder Entity or any Transferee thereof Transfers Equity Securities of the Company
in accordance with the terms hereof. 
 “Transfer Restriction Period” has the meaning set forth in Section 3.1(a).

 1.2 Terms Generally. The words “hereby,” “herein,” “hereof,” “hereunder” and words of
similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears. All references herein to the preamble, recitals, 

  
 - 4 - 

 
Articles and Sections shall be deemed references to the preamble, recitals, Articles and Sections of this Agreement unless the context shall otherwise require. The words “include,”
“includes” and “including” shall mean “including without limitation.” The definitions given for terms in this Article 1 and elsewhere in this Agreement shall apply equally to both the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. References herein to any agreement or letter shall be deemed references to such agreement or letter as it may be
amended, restated or otherwise revised from time to time. 
 ARTICLE 2 

GOVERNANCE AND MANAGEMENT OF THE COMPANY 

2.1 Board of Directors. 

(a) Board Nominees. 

(i) Number of Directors. Subject to Section 2.1(a)(ii) and Section 2.1(a)(iii) and any rights of the holders of shares of
any class or series of preferred stock of the Company to elect additional members to the board of directors of the Company (the “Board”), the Founder Entities and the Company shall take all Necessary Action to cause the Board to be
comprised of eight directors (or such other number, not less than five, as the Board may agree), which shall include: 
 (A) two persons
designated by EControls Group (the “EControls Group Nominees”), who shall initially be Kennon Guglielmo and                     ;

 (B) two persons designated by Murphy Group (the “Murphy Group Nominees,” and collectively with the EControls Group
Nominees, the “Founder Entity Nominees”), who shall initially be Frank W. Murphy III and                     ; and 

(C) one person designated jointly by the Econtrols Group and the Murphy Group (the “Joint Nominee”), who shall initially be
                    . 
 Notwithstanding the foregoing,
(i) if a Founder Entity ceases to beneficially own at least 10% of the Shares, it shall only have the right to nominate to the Board one designee as well as the Joint Nominee pursuant to clause (C) above and (ii) if a Founder Entity
ceases to beneficially own at least at least 5% of the Shares, it shall not be entitled to nominate to the Board any designees, and in such event the Founder Entities shall no longer have the right to nominate the Joint Nominee. 

(ii) Compliance with Law. If the membership of the Board (or Committees) as designated in accordance with Section 2.1(a)(i) would
not comply with the requirements of Applicable Law, the Company and the Founder Entities will take all Necessary Action to cause the size of the Board to increase to the extent necessary to allow the Company to comply with Applicable Law with
respect to the composition of the Board (and Committees), and the directors shall elect Independent Directors to fill each of the vacancies created by such increase. 

(iii) Election of Directors. In advance of each meeting of its stockholders at which directors are to be elected, the Company shall
include any Founder Entity 

  
 - 5 - 

 
Nominees and Joint Nominee designated for election or reelection at such meeting in its slate of nominees in the proxy materials it distributes to its stockholders, and shall recommend that the
Company’s stockholders vote in favor of such Founder Entity Nominees and Joint Nominee. 
 (b) Removal and Replacement of
Directors. If any Founder Entity provides notice to any other Founder Entity that it desires to remove one or more of its Founder Entity Nominees or the Joint Nominee from the Board, such Founder Entity receiving notice shall take all Necessary
Action requested to effect such removal. No Founder Entity Nominee may be removed from the Board without the consent of the Founder Entity that designated such Founder Entity Nominee unless such Founder Entity Nominee (i) is convicted
(including any plea of guilty or nolo contendere) of a misdemeanor involving moral turpitude or a felony, (ii) materially violates fiduciary duties owed to the Company, as determined by the Board or (iii) commits an act that constitutes
intentional misconduct, bad faith or an intentional violation of law in respect of his position as a director. If a vacancy is created on the Board or a Committee as a result of the death, disability, retirement, resignation or removal of any
Founder Entity Nominee, except pursuant to the last sentence Section 2.1(a)(i) , then the Founder Entity that designated such Founder Entity Nominee shall have the right to designate such person’s replacement, who shall serve in the same
class of directors. If a vacancy is created on the Board or a Committee as a result of the death, disability, retirement, resignation or removal of the Joint Nominee, except pursuant to the last sentence Section 2.1(a)(i), the Founder Entities
shall jointly have the right to designate such person’s replacement, who shall serve in the same class of directors. 
 2.2
Committees of the Board. The Board may establish any committees of the Board as the Board shall approve (each, a “Committee”), with such authority as the Board shall so determine from time to time. For so long as a Founder
Entity is entitled under this Article 2 to designate any Founder Entity Nominees, such Founder Entity shall have the right to nominate one director to serve on each of the Compensation Committee and the Nominating and Corporate Governance Committee
or any other committee with comparable responsibilities to the aforementioned committees. 
 2.3 Fees and Expenses. 

(a) Director Fees. No Founder Entity Nominee who is also an employee of the Company or any Company Subsidiary shall be paid any fee for
serving as a director or member of any Committee. 
 (b) Expenses. The Company shall cause each non-employee Founder Entity Nominee
and the Joint Nominee serving on the Board, any Committees or any Company Subsidiary board to be reimbursed for all reasonable out-of-pocket costs and expenses incurred by him or her in connection with such service, including reasonable travel,
lodging and meal expenses. 
 (c) Indemnification. The Company shall enter into an agreement, in substantially the form filed as an
exhibit to the Registration Statement relating to the Company’s IPO, to indemnify each Founder Entity Nominee and the Joint Nominee for liabilities in respect of his or her service as a director and, if applicable, officer. 

2.4 Approvals. For so long as the Founder Entities collectively own not less than 25% of the Shares as of any applicable time of
determination, then, for so long as the (i) EControls 

  
 - 6 - 

 
Group owns not less than 5% of the Shares as of any applicable time of determination, without the prior written consent of EControls Group and (ii) Murphy Group owns not less than 5% of the
Shares as of any applicable time of determination, without the prior written consent of the Murphy Group, the Company shall not, and each Founder Entity shall take all Necessary Action to cause the Company not to, take any of the following actions:

 (a) any merger, recapitalization, issuance of Control Securities or other adjustment in voting rights, in one or any series of related
transactions, if following such event, the Founder Entities would not together have sufficient voting power or otherwise be entitled to elect a majority of the Board; 

(b) any sale of all or substantially all the assets of the LLC or the Company, in each case in one or any series of related transactions; 

(c) except in accordance with employee benefit programs approved by the Board and the issuance of Class A Shares upon an exchange of
Common Units and Class B Shares in accordance with the LLC Agreement, any issuance by the Company or any Subsidiary of the Company of debt securities or Equity Securities; 

(d) create any new class or series of shares of equity securities having rights, preferences or privileges senior to or on a parity with the
Common Stock; or 
 (e) amend the certificate of incorporation, bylaws or equivalent organization documents of the Company or any Subsidiary
of the Company in a manner that could reasonably be expected to adversely affect the rights of EControls Group or Murphy Group. 
 2.5
Certain Actions. Each Founder Entity shall take all Necessary Action to cause the election, removal and replacement of directors and members of Committees in the manner contemplated in, and otherwise give the fullest effect possible to the
provisions of this Article 2. 
 ARTICLE 3 

TRANSFERS/CERTAIN COVENANTS 

3.1 Transfers of Shares. 

(a) Until the earlier of (i) the third anniversary of the Effective Time and (ii) the time when EControls Group and Murphy Group no
longer collectively own at least 10% of the Shares (the “Transfer Restriction Period”), neither Founder Entity shall Transfer any of its Shares or Common Units (collectively, “Restricted Securities”) without the
prior written consent of the other Founder Entity, except (A) in the case of Transfers to such Founder Entity’s Affiliate (including, in the case of any Founder Entity that is an entity, any distribution by such Founder Entities’
members, partners or shareholders (the “Member Owners”), and any related distributions by the Member’s Owners to their respective members, partners or shareholders) and (B) in the case of Transfers by the members, partners
or shareholders of a Founder Entity to any member of its Family Group (the transferees in clauses (A) and (B) each a “Permitted Transferee”), (C) in connection with a proposed Tag Along Sale, (D) pursuant to such
Founder Entity’s rights under the Registration Rights Agreement or (E) for bona fide hedging purposes not intended to circumvent the restrictions contained in this Section 3 (a “Hedging Transaction”). 

  
 - 7 - 

 (b) Any Permitted Transferee that after the Effective Time acquires Restricted Securities from a
Founder Entity, other than in connection with a Public Offering, brokers transactions (within the meaning of Section 4(4) of the Securities Act (a “Brokers’ Transaction”)) or Hedging Transactions, shall, as a condition
precedent to the Transfer of such Restricted Securities to such Transferee, (i) become a party to this Agreement by completing and executing a signature page hereto (including the address of such party), (ii) represent in writing to the
Company that such Transfer was made in accordance with Applicable Law, and execute all such other agreements or documents as may reasonably be requested by the Company (which may include such other representations and warranties made by the
Transferee to the Company as shall be reasonably requested by the Company), (iii) ensure with the transferring stockholders that any regulatory authorizations needed in connection with such Transfer are duly obtained, and (iv) deliver such
signature page and, if applicable, other agreements and documents to the Company at its address specified in Section 4.11. Any Permitted Transferee shall, upon its satisfaction of such conditions and acquisition of Restricted Securities, be a
member of the Founder Entity from which it received Restricted Securities for all purposes of this Agreement. 
 (c) Any Transfer or
attempted Transfer of Restricted Securities in violation of any provision of this Agreement shall be void, and the Company shall give no effect thereto. 

3.2 Tag-Along Rights. 

(a) During the Transfer Restriction Period, if at any time any member of a Founder Entity (i.e., a Founder Entity and its Permitted
Transferees) (a “Tag-Along Selling Stockholder”), proposes to effect a Transfer of any of its Restricted Securities to a Person (a “Prospective Purchaser”) other than (i) to a Permitted Transferee,
(ii) pursuant to such Founder Entity’s rights under the Registration Rights Agreement or (iii) Hedging Transactions (the Restricted Securities subject to such proposed Transfer, the “Tag-Along Securities” and such
Transfer, a “Tag-Along Sale”), then such Tag-Along Selling Stockholder shall promptly give written notice (the “Tag-Along Notice”) to each member of the other Founder Entity (each, a “Tag-Along
Offeree”) and to the Company of the terms and conditions of such Tag-Along Sale. 
 (b) The Tag-Along Notice shall identify
(i) the type and number of Tag-Along Securities, (ii) the consideration for which the Tag-Along Sale is proposed to be made, (iii) the name and address of each Prospective Purchaser, (iv) the proposed closing date for such
Tag-Along Sale and (v) all other material terms and conditions of the Tag-Along Sale, including the form of the proposed agreement, if any, and a firm offer by each Prospective Purchaser. 

(c) The Tag-Along Selling Stockholder shall not be permitted to Transfer any Tag-Along Securities unless and until each Tag-Along Offeree
shall have been afforded the right, exercisable upon written notice (the “Tag-Along Response Notice”) to the Company and the Tag-Along Selling Stockholder within ten Business Days after the date of receipt by such Tag-Along Offeree
of the Tag-Along Notice (the “Tag-Along Notice Period”), to participate in the sale of the Tag-Along Securities by the Tag-Along Selling Stockholder on the same terms and conditions under which the Tag-Along Selling Stockholder will
sell its Tag-Along Securities in the Tag-Along Sale. Each such Tag-Along Offeree may sell all or any part of its pro rata portion of the Tag-Along Securities, where such pro rata portion is based on a fraction, the numerator of which
is the number of Restricted Securities at the time beneficially owned by such Tag-Along Offeree and the denominator of which is the sum of (i) the total number of Restricted Securities 

  
 - 8 - 

 
then beneficially owned by all Tagging Persons and (ii) the total number of Restricted Securities beneficially owned by the Tag-Along Selling Stockholder. For purposes of this
Section 3.2, Restricted Securities will be counted as follows: (A) each Class A Share will be counted as one (1) Restricted Security and (B) each Class B Share and Common Unit together will be counted as one
(1) Restricted Security. The Tag-Along Response Notice shall include wire transfer instructions for payment of the purchase price for the Restricted Securities of the Tag-Along Offeree to be sold in such Tag-Along Sale. Delivery of the
Tag-Along Response Notice shall constitute an irrevocable acceptance of the Tag-Along Offer by the Tag-Along Offerees that exercise their Tag-Along Rights hereunder (the “Tagging Persons”). In order to participate in a Tag-Along
Sale, the Tagging Persons must agree to enter into and execute substantially identical agreements and documents as the Tag-Along Selling Stockholder enters into and executes in connection with the Tag-Along Sale, which agreements and documents may
include, without limitation, provisions with respect to escrows, holdbacks, representations and warranties, covenants and indemnities, provided, however, that notwithstanding the foregoing, the Tagging Persons shall not be obligated to
agree to any non-competition covenants. 
 (d) The Tag-Along Selling Stockholder shall use its reasonable best efforts to obtain the
inclusion in the proposed Tag-Along Sale of all of the Restricted Securities that each of the Tagging Persons requested to have included in the Tag-Along Sale (as evidenced in the case of the Tag-Along Selling Stockholder by the Tag-Along Notice and
in the case of each Tagging Person by such Tagging Person’s Tag-Along Response Notice). In the event the Tag-Along Selling Stockholder shall be unable to obtain the inclusion of all of the Restricted Securities in the proposed Tag-Along Sale,
the number of Restricted Securities that may be included in the Tag-Along Sale by the Tag-Along Selling Stockholder and each Tagging Person shall be equal to the product determined by multiplying the number of Restricted Securities that the
Prospective Purchaser is willing to purchase by a fraction, the numerator of which is the number of Restricted Securities at the time beneficially owned by the Tag-Along Selling Stockholder or Tagging Person, as applicable, and the denominator of
which is the sum of (x) the total number of Restricted Securities then beneficially owned by all Tagging Persons and (y) the total number of Restricted Securities beneficially owned by the Tag-Along Selling Stockholder. 

(e) The parties acknowledge that, under the terms of the certificate of incorporation of the Company and the LLC Agreement, a Class B Share
may not be Transferred without a simultaneous Transfer of a Common Unit, and vice versa. The parties agree that the Restricted Securities to be sold by a Tagging Person pursuant to the exercise of Tag-Along Rights shall consist, to the greatest
extent possible, of the same proportion of the type and class of Restricted Securities being sold by the Tag-Along Selling Stockholder. To the extent that a Tagging Person is unable to sell the same proportion of the type and class of Restricted
Securities being sold by the Tag-Along Selling Stockholder, one Class B Share together with one Common Unit may be substituted for one Class A Share, and vice versa. 

(f) The Tag-Along Selling Stockholder shall Transfer, or cause to be Transferred, on behalf of itself and the Tagging Persons, the Restricted
Securities subject to the Tag-Along Offer and elected by the Tagging Person to be Transferred on the terms and conditions set forth in the Tag-Along Notice within 120 days after the expiration of the Tag-Along Notice Period. If within 120 days after
the expiration of the Tag-Along Notice Period, the Tag-Along Sale has not been consummated, the Tag-Along Selling Stockholder shall (i) promptly return or destroy any documents in the possession of the Tag-Along Selling Stockholder executed or
delivered by 

  
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the Tagging Persons in connection with the proposed Tag-Along Sale, and (ii) not conduct any Transfer of any of the Tag-Along Securities or any of the Shares that the Tagging Persons
requested to have included in the Tag-Along Sale without again complying with this Section 3.2. 
 (g) Concurrently with the
consummation of the Tag-Along Sale, the Tag-Along Selling Stockholder shall (i) notify the Tagging Persons thereof, (ii) remit or cause to be remitted to the Tagging Persons the total consideration to be paid at the closing of the
Tag-Along Sale for the Restricted Securities of the Tagging Persons Transferred pursuant thereto, with the cash portion of the purchase price paid by wire transfer of immediately available funds in accordance with the wire transfer instructions in
the Tag-Along Response Notice, and (iii) promptly after the consummation of such Tag-Along Sale, furnish such other evidence of the completion and the date of completion of such Transfer and the terms thereof as may be reasonably requested by
the Tagging Persons. 
 (h) If at the expiration of the Tag-Along Notice Period, any Tag-Along Offeree has not elected to participate in the
Tag-Along Sale, such Tag-Along Offeree shall be deemed to have waived its rights under Section 3.2(a) with respect to, and only with respect to, the Transfer of its Restricted Securities pursuant to such Tag-Along Sale. 

(i) All costs and expenses incurred by any Founder Entity or the Company in connection with any proposed Tag-Along Sale (whether or not
consummated), including all attorneys’ fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, shall be borne by the party incurring such costs and expenses. 

3.3 No Circumvention of Transfer Restrictions. Each Founder Entity agrees that the Transfer restrictions in this Agreement may not be
avoided by the holding of Restricted Securities directly or indirectly through a Person that was formed solely for purposes of holding Restricted Securities, and undertaking a Transfer of equity securities of such Person, the principal purpose of
which is to indirectly dispose of an interest in Restricted Securities free of such restrictions, if such Transfer results in a substantial ownership interest or controlling interest (direct or indirect) in the Company being held other than by such
Person, whether directly or indirectly. Any Transfer of any Equity Securities, directly or indirectly, of a Person that was formed solely for purposes of holding Restricted Securities, the principal purpose of which Transfer was to dispose of
(directly or indirectly) the Restricted Securities held by the Person, that results in a substantial ownership interest or controlling interest (direct or indirect) in the Company being held other than by such Person, whether directly or indirectly,
shall be treated as being a Transfer of the Restricted Securities held by the applicable Founder Entity in violation of this Agreement. 

3.4 Legend. 
 (a) All
certificates and ownership statements representing the Restricted Securities held by each Founder Entity shall bear a legend substantially in the following form: 

“THE SECURITIES REPRESENTED BY THIS [CERTIFICATE/STATEMENT] ARE SUBJECT TO A STOCKHOLDERS AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE
SECRETARY OF THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS [CERTIFICATE/STATEMENT] MAY BE 

  
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MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT AND (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
(B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS [CERTIFICATE/STATEMENT], AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT.” 

(b) Upon the permitted sale of any Restricted Securities pursuant to (i) Section 3.1(a) or (ii) upon the termination of this
Agreement, the certificates or ownership statements representing such Restricted Securities shall be replaced, at the expense of the Company, with certificates or instruments not bearing the legends required by this Section 3.4; provided
that the Company may condition such replacement of certificates or ownership statements under clause (ii) upon the receipt of an opinion of securities counsel reasonably satisfactory to the Company; provided further that the
legend be retained in the case of Transfers to a Permitted Transferee as defined in Section 3.1. 
 ARTICLE 4 

MISCELLANEOUS 
 4.1
Termination. Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by the Company and the Founder Entities as provided under Section 4.7: 

(a) the provisions of Article 2 shall, with respect to each Founder Entity, terminate as provided in Article 2; 

(b) the provisions of Article 3 shall terminate as provided in Article 3; and 

(c) all other provisions of this Agreement shall survive its termination. 

Nothing in this Agreement shall relieve any party from any liability for the breach of any obligations set forth in this Agreement. 

4.2 Effective Time. This Agreement shall be effective upon the execution hereof by the Founder Entities and the consummation of the IPO
(the time of such effectiveness, the “Effective Time”) provided, that if the IPO is not consummated on or prior to December 31, 2014, this Agreement shall become null and void ab initio. 

4.3 Agreement Expenses. Each of the Founder Entities shall be reimbursed by the Company for all reasonable out-of-pocket costs and
expenses (including reasonable attorney’s fees) incurred by such Founder Entity in connection with and related to the negotiation and documentation of this Agreement. 

4.4 Conflicts. Each of the parties covenants and agrees to vote their Control Securities and to take any other action reasonably
requested by the Company or any Founder Entity to amend the Company’s bylaws and/or certificate of incorporation so as to avoid any conflict with the provisions hereof. 

  
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 4.5 Further Assurances. Each party hereto shall do and perform or cause to be done and
performed all such further acts and things, and shall execute and deliver all such further agreements, certificates, instruments and documents, as any other party hereto reasonably may request in order to carry out the provisions of this Agreement
and the consummation of the transactions contemplated hereby. 
 4.6 No Founder Entity Duties. The Founder Entities agree,
notwithstanding anything to the contrary in any other agreement or at law or in equity, that when any Founder Entity takes any action under this Agreement to give or withhold its consent, such Founder Entity shall have no duty (fiduciary or other)
to consider the interests of the Company or the other Founder Entities and may act exclusively in its own interest and shall have no duty to act in good faith; provided that the foregoing shall in no way affect the obligations of the parties
hereto to comply with the provisions of this Agreement. 
 4.7 Amendment; Waivers, etc. This Agreement may be amended, and the
Company and any Founder Entity may take any action herein prohibited, or omit to perform any act herein required to be performed by it, if and only if any such amendment, action or omission to act, has been approved by the Company, EControls Group
and Murphy Group; provided that the approval of EControls Group or Murphy Group shall not be so required with respect to and in order to authorize the amendment, action or omission to act with respect to any Section of this Agreement for
which such Founder Entity’s rights or obligations have been terminated pursuant to Section 4.1; provided further that the approval of the Company shall not be so required with respect to and in order to authorize the
amendment, action or omission to act if the Company’s rights or obligations are not adversely affected thereby; provided further that this Agreement may not be amended in a manner that adversely and disproportionately affects the
rights or obligations of any Founder Entity relative to the rights or obligations of the other Founder Entity, in each case without the consent of such Founder Entity. The failure of any party to enforce any of the provisions of this Agreement shall
in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. Any Founder Entity may waive (in writing) the benefit
of any provision of this Agreement with respect to itself for any purpose. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the Founder Entity
granting such waiver in any other respect or at any other time. 
 4.8 Assignment. Neither this Agreement nor any right or obligation
arising under this Agreement may be assigned by any party without the prior written consent of the other parties, provided that any Founder Entity may assign all or a portion of its rights and obligations hereunder to any Person that either
is, or becomes a Transferee that holds 20% or more of the Shares as a result of a transfer of Shares from such Founder Entity, provided that (i) the transfer is permitted under this Agreement and (ii) is not pursuant to a registered
offering or a Hedging Transaction. Any Founder Entity assigning its rights pursuant to Section 2.1(a) of this Agreement shall provide prior notice to the Company of such assignment. 

4.9 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs,
successors and permitted assigns. 
 4.10 No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to
or shall confer upon any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement. 

  
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 4.11 Notices. All notices, requests, demands, waivers and other communications required or
permitted to be given under this Agreement shall be in writing and shall be deemed duly given (w) on the date of delivery if delivered personally, (x) on the first Business Day following the date of dispatch if delivered by a nationally
recognized next-day courier service, (y) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail (postage prepaid, return receipt requested) or (z) if sent by
facsimile transmission, when transmitted and receipt is confirmed. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

  

	 	(a)	if to the Company: 

 Enovation Controls, Inc. 

5311 South 122nd East Avenue 

Tulsa, Oklahoma 74146 

Attention: CEO 
 Facsimile:
(918) 317-4265 
  

	 	(b)	if to the EControls Group: 

 EControls Group, Inc. 

5757 Farinon Drive 
 San
Antonio, Texas 78249 
 Attention: Kennon Guglielmo 

Facsimile: (210) 590-7593 
  

	 	(c)	if to the Murphy Group, to: 

 Murphy Group, Inc. 

5311 South 122nd East Avenue 

Tulsa, Oklahoma 74146 

Attention: Frank W. Murphy III 

Facsimile: (918) 317-4265 
 4.12
Severability. Any term or provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
rendering invalid, illegal or unenforceable the remaining terms and provisions of this Agreement or affecting the validity, illegality or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision
of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated herein are consummated as originally
contemplated to the fullest extent possible. 

  
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 4.13 Headings. The headings contained in this Agreement are for purposes of convenience
only and shall not affect the meaning or interpretation of this Agreement. 
 4.14 Entire Agreement. This Agreement constitutes the
entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

4.15 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware (regardless
of the laws that might otherwise govern under applicable principles or rules of conflicts of law to the extent such principles or rules are not mandatorily applicable by statute and would require the application of the laws of another jurisdiction).

 4.16 Consent to Jurisdiction. Each of the parties irrevocably agrees that any legal action or proceeding arising out of or
relating to this Agreement brought by any party or its Affiliates against any other party or its Affiliates shall be brought and determined in the Court of Chancery of the State of Delaware; provided that if jurisdiction is not then available in the
Court of Chancery of the State of Delaware, then any such legal action or proceeding may be brought in any federal court located in the State of Delaware or any other Delaware state court. Each of the parties hereby irrevocably submits to the
jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby. Each
of the parties agrees not to commence any action, suit or proceeding relating thereto except in the courts described above in Delaware, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by
any such court in Delaware as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that such service is insufficient. Each of
the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or
from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or
proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

4.17 Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 4.18 Enforcement.
Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to
and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent

  
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jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. In the event that the Company or one or more Founder Entities shall file suit to enforce the
covenants contained in this Agreement (or obtain any other remedy in respect of any breach thereof), the prevailing party in the suit shall be entitled to recover, in addition to all other damages to which it may be entitled, the costs incurred by
such party in conducting the suit, including, without limitation, reasonable attorney’s fees and expenses. 
 4.19 Counterparts;
Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This Agreement may be executed by facsimile signature(s). 

[Signature Page Follows.] 

  
 - 15 - 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Stockholders Agreement by their
authorized representatives as of the date first above written. 
  

			
	ENOVATION CONTROLS, INC.
		
	By:	 	  

	Name:	 	Patrick W. Cavanagh
	Title:	 	Chief Executive Officer
	
	ECONTROLS GROUP, INC. 
		
	By:	 	  

	Name:	 	Kennon Guglielmo
	Title:	 	  

	
	MURPHY GROUP, INC.
		
	By:	 	  

	Name:	 	Frank W. Murphy III
	Title:	 	  

 [SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT]

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