Document:

Exhibit 4.1

 

CERTIFICATE OF DESIGNATION

OF

SERIES B PREFERRED
STOCK

OF

INTEGRATED DRILLING
EQUIPMENT HOLDINGS CORP.

 

To Be Designated

Series B Preferred
Stock

_____________

 

Pursuant to Section
151(g) of the

General Corporation
Law of the State of Delaware

_____________

 

The undersigned
DOES HEREBY CERTIFY that the following resolution was duly adopted by the Board of Directors (the “Board of Directors”)
of Integrated Drilling Equipment Holdings Corp., a Delaware corporation (the “Corporation”), at a meeting duly
convened and held, at which a quorum was present and acting throughout. Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in Paragraph 7.

 

RESOLVED, that pursuant
to the authority conferred on the Board of Directors by the Corporation’s Second Amended and Restated Certificate of Incorporation
(the “Certificate of Incorporation”), the issuance of a series of preferred stock, par value $0.0001 per share,
of the Corporation which shall consist of 5,000 shares of Series B Preferred Stock be, and the same hereby is, authorized; and
that each Authorized Officer of the Corporation be, and hereby is, authorized and directed to execute and file with the Secretary
of State of the State of Delaware a Certificate of Designation of Series B Preferred Stock of the Corporation fixing the designations,
powers, preferences and rights of the shares of such series, and the qualifications, limitations or restrictions thereof (in addition
to the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, set forth in
the Certificate of Incorporation which may be applicable to the Corporation’s preferred stock), as follows:

 

1.DESIGNATION
AND AMOUNT. A total of 5,000 shares of preferred stock, par value $0.0001 per share, of the Corporation are hereby designated
as Series B Preferred Stock (the “Preferred Stock”).

 

2.DIVIDENDS.
The holders of Preferred Stock shall be entitled to receive, in preference to all of the Corporation’s common stock, par
value $0.0001 per share (the “Common Stock”), issued previously or hereafter, a 20% per annum dividend for the
first year from the date hereof and 25% per annum thereafter that is cumulative and payable in kind per share in such number of
shares of Preferred Stock determined using a per share price of $100 per share (adjusted appropriately for stock splits,
stock dividends, recapitalizations, consolidations, mergers, reclassifications and the like with respect to the Preferred Stock)
calculated on actual number of days elapsed in a year of 365 days payable when and as declared. In lieu of the issuance of a fractional
share of Preferred Stock as a dividend, the Corporation shall issue a whole share of Preferred Stock (rounded to the nearest whole
share). Such dividends will be cumulative and compound on an annual basis to the extent not paid for any reason. Dividends
will accrue and be cumulative from the date that the Preferred Stock is issued under this Certificate of Designation, whether or
not the Corporation has earnings or profits, whether or not there are funds legally available for the payment of such dividends
and whether or not such dividends are declared or paid. Quarterly dividends will be paid on the last business day of the fiscal
quarter (the “Payment Date”). Dividends paid in an amount less than the total amount of such accrued dividends
at the time shall be allocated pro rata on a share-by-share basis among all shares of Preferred Stock at the time outstanding.
The record date for determination of the holders of Preferred Stock entitled to receive payment of a dividend thereon shall be
fifteen (15) days before the Payment Date. In addition, if and when any dividend is declared by the Board of Directors with respect
to the Corporation’s common stock, the Board of Directors shall also declare the same dividend on each share of the Preferred
Stock then outstanding. Notwithstanding the forgoing, no dividend will be declared with respect to the Corporation’s common
stock unless all accrued but unpaid dividends on the Corporation’s Preferred Stock are paid in cash.

 

    	 

    	 

    

 

3.LIQUIDATION.

 

(a)               
Payments to Holders of Preferred Stock. If there is a Liquidation Event, then the holders of shares of Preferred
Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders
an amount per share of Preferred Stock equal to the Liquidation Preference before any payment shall be made to the holders of Common
Stock by reason of their ownership thereof, and on a pari passu basis with all other series of preferred stock then outstanding.
Immediately before a Liquidation Event, to the extent that funds of the Corporation are legally available for the payment of dividends
with respect to the Preferred Stock, the Corporation will declare for payment all accrued and unpaid dividends with respect to
the Preferred Stock in accordance with the amounts that would be payable on such shares of Preferred Stock if all amounts payable
thereon were paid in full. If, upon any such Liquidation Event, the assets of the Corporation available for distribution to its
stockholders shall be insufficient to pay the holders of shares of Preferred Stock the full amount to which they are entitled under
this Section 3(a), then the holders of shares of Preferred Stock shall share ratably in any distribution of the assets available
for distribution in proportion to the number of shares of Preferred Stock held by each holder. After payment in full, the holders
of the Preferred Stock will not be entitled to any further participation in any distribution of assets by the Corporation.

 

(b)              
Payments to Holders of Common Stock. If there is a voluntary or involuntary liquidation, dissolution or winding up
of the Corporation, after the payment of all preferential amounts required to be paid to the holders of shares of Preferred Stock,
the remaining assets of the Corporation available for distribution to its stockholders shall be distributed among the holders of
shares of Common Stock, pro rata based on the number of shares of Common Stock held by each such holder.

 

4. VOTING. The holders of the
Preferred Stock shall be entitled to notice of all stockholder meetings at which holders of Common Stock shall be entitled to vote;
provided that notwithstanding any such notice, except as required by applicable law, the holders of Preferred Stock shall not be
entitled to vote on any matter presented to the stockholders of the Corporation for their action or consideration.

 

    	- 2 -

    	 

    

 

5.REDEEMED OR
OTHERWISE ACQUIRED SHARES.

 

(a)               
The Preferred Stock will be redeemable at the option of the Corporation at any time on fifteen (15) days’ notice,
at any time after the first anniversary of the date on which all indebtedness for borrowed money of the Corporation is repaid in
full, at a redemption price per share equal to $100, plus all accrued and unpaid dividends per share to the date of redemption,
subject to compliance with any restrictions in the Corporation’s then-outstanding indebtedness (the “Preferred Redemption
Payments”). The Preferred Stock will be subject to mandatory redemption on the date which is 181 days following the latest
maturity date of any indebtedness of the Corporation outstanding on the close of business on November 14, 2013.

 

(b)              
From and after the date of redemption (the “Preferred Redemption Date”), all rights of the holders of
Preferred Stock will cease and dividends will cease to accrue (except to the extent that the Corporation has failed to pay the
Preferred Redemption Payments in full to a holder of Preferred Stock).

 

(c)               
Any shares of Preferred Stock which are redeemed or otherwise acquired by the Corporation or any of its subsidiaries shall
be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation
nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption.

 

6.MISCELLANEOUS.
Any provision in this Certificate of Designation (including, but not limited to, any notice requirements) may be waived, in
whole or in part, amended or otherwise modified by the prior vote or written consent of holders representing at least a majority
of the then-outstanding shares of Series B Preferred Stock, voting together as a separate class.

 

7.DEFINITIONS.
 For the purposes of this Certificate of Designation, the following terms, and variations thereon, will have the meanings ascribed
to them below:

 

“Affiliate”
means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

 

“Authorized
Officer” means the Chairman of the Board of Directors, Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, Secretary, Treasurer or any person authorized by the board of directors.

 

“Change in Control”
means (A) a transaction or a series of related transactions pursuant to which a Person or “group” (within the meaning
of Rules 13d-3 and 13d-5 under the Exchange Act) (1) acquires (whether by merger, consolidation, reorganization or transfer or
issuance of capital stock) capital stock of the Corporation (or any surviving or resulting corporation) possessing voting control
of the Corporation or the voting power to elect a majority of the Board (or such surviving or resulting corporation), or (2) acquires
all or substantially all of the assets of the Corporation and its subsidiaries determined on a consolidated basis, or (B) the stockholders
of the Corporation approve a plan of complete liquidation or dissolution of the Corporation.

 

    	- 3 -

    	 

    

 

“Control”
(including the terms “Controlled by” and “under common Control with”) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management policies or affairs of a Person, whether through ownership
of voting securities, by contract or otherwise, as executor, trustee or otherwise.

 

“Liquidation
Event” means a Change in Control, or any voluntary or involuntary liquidation, dissolution or winding up of the affairs
of the Corporation.

 

“Liquidation
Preference” means, for each share of Preferred Stock, the sum of (i) all accrued and unpaid dividends to the date of
the Liquidation Event and (ii) $100.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

[Signature on Following
Page]

 

 

    	- 4 -

    	 

    

 

IN WITNESS WHEREOF,
the Corporation has caused this Certificate of Designation to be signed by its Authorized Officer, this 14th day of
November 2013.

 

 

	 	INTEGRATED DRILLING EQUIPMENT HOLDINGS CORP.
	 	 
	 	By:	/s/ N. Michael Dion
	 	 	Name: N. Michael Dion
	 	 	Title: Authorized Officer / CFO

 

    	- 5 -Exhibit 4.2

 

CERTIFICATE OF DESIGNATION

OF

SERIES C PREFERRED
STOCK

OF

INTEGRATED DRILLING
EQUIPMENT HOLDINGS CORP.

 

To Be Designated

Series C Preferred
Stock

_____________

 

Pursuant to Section
151(g) of the

General Corporation
Law of the State of Delaware

_____________

 

The undersigned
DOES HEREBY CERTIFY that the following resolution was duly adopted by the Board of Directors (the “Board of Directors”)
of Integrated Drilling Equipment Holdings Corp., a Delaware corporation (the “Corporation”), at a meeting duly
convened and held, at which a quorum was present and acting throughout. Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in Paragraph 7.

 

RESOLVED, that pursuant
to the authority conferred on the Board of Directors by the Corporation’s Second Amended and Restated Certificate of Incorporation
(the “Certificate of Incorporation”), the issuance of a series of preferred stock, par value $0.0001 per share,
of the Corporation which shall consist of 5,000 shares of Series C Preferred Stock be, and the same hereby is, authorized; and
that each Authorized Officer of the Corporation be, and hereby is, authorized and directed to execute and file with the Secretary
of State of the State of Delaware a Certificate of Designation of Series C Preferred Stock of the Corporation fixing the designations,
powers, preferences and rights of the shares of such series, and the qualifications, limitations or restrictions thereof (in addition
to the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, set forth in
the Certificate of Incorporation which may be applicable to the Corporation’s preferred stock), as follows:

 

1.DESIGNATION
AND AMOUNT. A total of 5,000 shares of preferred stock, par value $0.0001 per share, of the Corporation are hereby designated
as Series C Preferred Stock (the “Preferred Stock”).

 

2.DIVIDENDS.
The holders of Preferred Stock shall be entitled to receive, in preference to all of the Corporation’s common stock, par
value $0.0001 per share (the “Common Stock”), issued previously or hereafter, a 14% per annum dividend that
is cumulative and payable in kind per share in such number of shares of Preferred Stock determined using a per share price of $100
per share (adjusted appropriately for stock splits, stock dividends, recapitalizations, consolidations, mergers, reclassifications
and the like with respect to the Preferred Stock) calculated on actual number of days elapsed in a year of 365 days payable when
and as declared. In lieu of the issuance of a fractional share of Preferred Stock as a dividend, the Corporation shall issue a
whole share of Preferred Stock (rounded to the nearest whole share). Such dividends will be cumulative and compound on an annual
basis to the extent not paid for any reason. Dividends will accrue and be cumulative from the date that the Preferred Stock
is issued under this Certificate of Designation, whether or not the Corporation has earnings or profits, whether or not there are
funds legally available for the payment of such dividends and whether or not such dividends are declared or paid. Quarterly dividends
will be paid on the last business day of the fiscal quarter (the “Payment Date”). Dividends paid in an amount
less than the total amount of such accrued dividends at the time shall be allocated pro rata on a share-by-share basis among all
shares of Preferred Stock at the time outstanding. The record date for determination of the holders of Preferred Stock entitled
to receive payment of a dividend thereon shall be fifteen (15) days before the Payment Date. In addition, if and when any dividend
is declared by the Board of Directors with respect to the Corporation’s common stock, the Board of Directors shall also declare
the same dividend on each share of the Preferred Stock then outstanding. Notwithstanding the forgoing, no dividend will be declared
with respect to the Corporation’s common stock unless all accrued but unpaid dividends on the Corporation’s Preferred
Stock are paid in cash.

 

    	 

    	 

    

 

3.LIQUIDATION.

 

(a)               
Payments to Holders of Preferred Stock. If there is a Liquidation Event, then the holders of shares of Preferred
Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders
an amount per share of Preferred Stock equal to the Liquidation Preference before any payment shall be made to the holders of Common
Stock by reason of their ownership thereof, and on a pari passu basis with all other series of preferred stock then outstanding.
Immediately before a Liquidation Event, to the extent that funds of the Corporation are legally available for the payment of dividends
with respect to the Preferred Stock, the Corporation will declare for payment all accrued and unpaid dividends with respect to
the Preferred Stock in accordance with the amounts that would be payable on such shares of Preferred Stock if all amounts payable
thereon were paid in full. If, upon any such Liquidation Event, the assets of the Corporation available for distribution to its
stockholders shall be insufficient to pay the holders of shares of Preferred Stock the full amount to which they are entitled under
this Section 3(a), then the holders of shares of Preferred Stock shall share ratably in any distribution of the assets available
for distribution in proportion to the number of shares of Preferred Stock held by each holder. After payment in full, the holders
of the Preferred Stock will not be entitled to any further participation in any distribution of assets by the Corporation.

 

(b)              
Payments to Holders of Common Stock. If there is a voluntary or involuntary liquidation, dissolution or winding up
of the Corporation, after the payment of all preferential amounts required to be paid to the holders of shares of Preferred Stock,
the remaining assets of the Corporation available for distribution to its stockholders shall be distributed among the holders of
shares of Common Stock, pro rata based on the number of shares of Common Stock held by each such holder.

 

4. VOTING. The holders of the
Preferred Stock shall be entitled to notice of all stockholder meetings at which holders of Common Stock shall be entitled to vote;
provided that notwithstanding any such notice, except as required by applicable law, the holders of Preferred Stock shall not be
entitled to vote on any matter presented to the stockholders of the Corporation for their action or consideration.

 

    	- 2 -

    	 

    

 

5.REDEEMED OR
OTHERWISE ACQUIRED SHARES.

 

(a)               
The Preferred Stock will be redeemable at the option of the Corporation at any time on fifteen (15) days’ notice,
at any time after the first anniversary of the date on which all indebtedness for borrowed money of the Corporation is repaid in
full, at a redemption price per share equal to $100, plus all accrued and unpaid dividends per share to the date of redemption,
subject to compliance with any restrictions in the Corporation’s then-outstanding indebtedness (the “Preferred Redemption
Payments”). The Preferred Stock will be subject to mandatory redemption on the date which is 181 days following the latest
maturity date of any indebtedness of the Corporation outstanding on the close of business on November 14, 2013.

 

(b)              
From and after the date of redemption (the “Preferred Redemption Date”), all rights of the holders of
Preferred Stock will cease and dividends will cease to accrue (except to the extent that the Corporation has failed to pay the
Preferred Redemption Payments in full to a holder of Preferred Stock).

 

(c)               
Any shares of Preferred Stock which are redeemed or otherwise acquired by the Corporation or any of its subsidiaries shall
be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation
nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption.

 

6.MISCELLANEOUS.
Any provision in this Certificate of Designation (including, but not limited to, any notice requirements) may be waived, in
whole or in part, amended or otherwise modified by the prior vote or written consent of holders representing at least a majority
of the then-outstanding shares of Series C Preferred Stock, voting together as a separate class.

 

7.DEFINITIONS.
 For the purposes of this Certificate of Designation, the following terms, and variations thereon, will have the meanings ascribed
to them below:

 

“Affiliate”
means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

 

“Authorized
Officer” means the Chairman of the Board of Directors, Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, Secretary, Treasurer or any person authorized by the board of directors.

 

“Change in Control”
means (A) a transaction or a series of related transactions pursuant to which a Person or “group” (within the meaning
of Rules 13d-3 and 13d-5 under the Exchange Act) (1) acquires (whether by merger, consolidation, reorganization or transfer or
issuance of capital stock) capital stock of the Corporation (or any surviving or resulting corporation) possessing voting control
of the Corporation or the voting power to elect a majority of the Board (or such surviving or resulting corporation), or (2) acquires
all or substantially all of the assets of the Corporation and its subsidiaries determined on a consolidated basis, or (B) the stockholders
of the Corporation approve a plan of complete liquidation or dissolution of the Corporation.

 

    	- 3 -

    	 

    

 

“Control”
(including the terms “Controlled by” and “under common Control with”) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management policies or affairs of a Person, whether through ownership
of voting securities, by contract or otherwise, as executor, trustee or otherwise.

 

“Liquidation
Event” means a Change in Control, or any voluntary or involuntary liquidation, dissolution or winding up of the affairs
of the Corporation.

 

“Liquidation
Preference” means, for each share of Preferred Stock, the sum of (i) all accrued and unpaid dividends to the date of
the Liquidation Event and (ii) $100.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

[Signature on Following
Page]

 

    	- 4 -

    	 

    

 

IN WITNESS WHEREOF,
the Corporation has caused this Certificate of Designation to be signed by its Authorized Officer, this 14th day of
November 2013.

 

 

	 	INTEGRATED DRILLING EQUIPMENT HOLDINGS CORP.
	 	 
	 	By:	/s/ N. Michael Dion
	 	 	Name: N. Michael Dion
	 	 	Title: Authorized Officer / CFO

 

    	- 5 -

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