Document:

EX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 EnPro
Industries, Inc. 
 and 

Applied Surface Technology, Inc., 

Belfab, Inc., 
 Coltec
International Services Co., 
 Compressor Products International LLC, 

EnPro Associates, LLC, 

EnPro Holdings, Inc., 

Fairbanks Morse, LLC, 

Garlock Hygienic Technologies, LLC, 

Garlock Pipeline Technologies, Inc., 

GGB, Inc., 
 GGB LLC,

 STEMCO Kaiser Incorporated, 

Stemco LP, 
 Stemco
Products, Inc., 
 Technetics Group Daytona, Inc., 

Technetics Group LLC and 

Technetics Group Oxford, Inc., 

as Guarantors 
 and 

Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Representative of the  

several Initial Purchasers 

Dated as of March 24, 2017 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of March 24, 2017, by and among EnPro
Industries, Inc., a North Carolina corporation (the “Company”), Applied Surface Technology, Inc., Belfab, Inc., Coltec International Services Co., Compressor Products International LLC, EnPro Associates, LLC, EnPro Holdings, Inc.,
Fairbanks Morse, LLC, Garlock Hygienic Technologies, LLC, Garlock Pipeline Technologies, Inc., GGB, Inc., GGB LLC, STEMCO Kaiser Incorporated, Stemco LP, Stemco Products, Inc., Technetics Group Daytona, Inc., Technetics Group LLC and Technetics
Group Oxford, Inc., as Guarantors (collectively, the “Guarantors”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”), on behalf of itself and as representative of the several initial purchasers
named on Schedule A of the Purchase Agreement (the “Initial Purchasers”), each of whom has agreed to purchase the Company’s $150,000,000 5.875% Senior Notes due 2022 (collectively, the “Initial Notes”) fully and
unconditionally guaranteed by the Guarantors (the “Guarantees”) pursuant to the Purchase Agreement (as defined below). The Initial Notes are being issued under an indenture dated September 16, 2014 (the “Base Indenture”), as
supplemented through the date hereof including by an Eighth Supplemental Indenture dated as of the date hereof (the “Supplemental Indenture”, and together with the Base Indenture and all other supplemental indentures through the date
hereof, the “Indenture”), each by and among the Company, the Guarantors and U.S. Bank National Association, as trustee (the “Trustee”).    The Initial Notes and the Guarantees thereof are herein collectively
referred to as the “Initial Securities.” 
 This Agreement is made pursuant to the Purchase Agreement, dated March 21, 2017
(the “Purchase Agreement”), among the Company, the Guarantors and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including
the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition
to the obligations of the Initial Purchasers set forth in Section 5(g) of the Purchase Agreement. 
 The parties hereby agree as follows:

 SECTION 1.    Definitions. As used in this Agreement, the following capitalized terms shall have the
following meanings: 
 Agreement: As defined in the preamble hereof. 

Base Indenture: As defined in the preamble hereof. 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies
located in New York, New York are authorized or obligated to be closed. 
 Closing Date: The date of this Agreement. 

 Commission: The Securities and Exchange Commission. 

Company: As defined in the preamble hereof. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of
(i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously
effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar (as defined in the Indenture) of Exchange
Securities in the same aggregate principal amount as the aggregate principal amount of Initial Securities that were, as of the expiration time of the Exchange Offer, validly tendered and not validly withdrawn by Holders thereof pursuant to the
Exchange Offer. 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 Exchange Offer: An offer by the Company, registered under the Securities Act pursuant to a Registration Statement, to
Holders to exchange, for any and all outstanding Transfer Restricted Securities, Exchange Securities in an equal principal amount. 

Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus.

 Exchange Securities: The $150,00,000 5.875% Senior Notes due 2022, of the same series under the Indenture as the Initial
Securities, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to the Exchange Offer. 
 Existing
Securities: The $300,000,000 5.875% Senior Notes due 2022 issued pursuant to the Base Indenture on September 16, 2014. 
 FINRA:
Financial Industry Regulatory Authority 
 Guarantors: As defined in the preamble hereof. 

Holders: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: As defined in the preamble hereof. 

Initial Purchasers: As defined in the preamble hereto.Initial Notes: As defined in the preamble hereto. 

Initial Placement: The issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase
Agreement. 

  
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 Initial Securities: As defined in the preamble hereto. 

Person: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof. 
 Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus
supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

Purchase Agreement: As defined in the preamble hereto. 

Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Securities pursuant to
an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included
therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Securities: The Initial Securities and the Exchange Securities. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

Shelf Registration Statement: As defined in Section 4(a) hereof. 

Supplemental Indenture: As defined in the preamble hereof. 

Transfer Restricted Securities: Each Initial Security, until the earliest to occur of a) the date on which such Initial Security is
exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Initial Security
has been effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement and (c) the date on which such Initial Security is distributed to the public by a Broker-Dealer pursuant to the
“Plan of Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein). 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 

Trustee: As defined in the preamble hereof. 

Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for
reoffering to the public. 

  
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 SECTION 2.    Securities Subject to this Agreement. 

(a)    Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are the Transfer
Restricted Securities. 
 (b)    Holders of Transfer Restricted Securities. A Person is deemed to be a holder of
Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities. 

SECTION 3.    Registered Exchange Offer. 

(a)    Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures
set forth in Section 6(a) hereof have been complied with), each of the Company and the Guarantors shall (i) cause to be filed with the Commission a Registration Statement under the Securities Act relating to the Exchange Securities and the
Exchange Offer, (ii) use its commercially reasonable efforts to cause such Registration Statement to be declared effective by the Commission under the Securities Act, (iii) use its commercially reasonable efforts to cause the Exchange
Offer to be Consummated no later than the 300th day after the Closing Date (or if such 300th day is not a Business Day, the next succeeding
Business Day). The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities. 

(b)    Each of the Company and the Guarantors shall use commercially reasonable efforts to cause the Exchange Offer
Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided,
however, that in no event shall such period be less than 20 Business Days after the date notice of the Exchange Offer is mailed to the Holders. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities
laws. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. 

(c)    The Company shall indicate in a “Plan of Distribution” section contained in the Prospectus forming a part
of the Exchange Offer Registration Statement that any Broker-Dealer who holds Initial Securities that are Transfer Restricted Securities and that were acquired for its own account as a result of market-making activities or other trading activities
(other than Transfer Restricted Securities acquired directly from the Company), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the
Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery
requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such
resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such
Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 

  
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 Each of the Company and the Guarantors shall use its commercially reasonable efforts to keep the
Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Exchange Securities received by
Broker-Dealers in the Exchange Offer in the circumstances described in the immediately preceding paragraph, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer is Consummated and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in
connection with market-making or other trading activities. The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such
180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 

SECTION 4.    Shelf Registration. 

(a)    Shelf Registration. If (i) the Company is not required to file an Exchange Offer Registration Statement
or to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), (ii) for any reason the Exchange Offer is not
Consummated by the 300th day after the Closing Date (or if such 300th day is not a Business Day, the next succeeding Business Day), or
(iii) with respect to any Holder of Transfer Restricted Securities (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder may not resell the Exchange
Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or
(C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from the Company or one of its affiliates then, upon such Holder’s request, the Company and the Guarantors shall: 

(x)    use their commercially reasonable efforts to cause to be filed a shelf registration statement
pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”) as promptly as practicable, which Shelf Registration Statement
shall provide for resales of all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 

(y)    use their commercially reasonable efforts to cause such Shelf Registration Statement to be declared
effective by the Commission as promptly as practicable. 
 Each of the Company and the Guarantors shall use its commercially reasonable
efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial
Securities by the Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, for a period of at least two years following the effective date of 

  
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such Shelf Registration Statement (or shorter period that will terminate when all the Initial Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf
Registration Statement). 
 (b)    Provision by Holders of Certain Information in Connection with the Shelf
Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in
writing, within 20 Business Days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each
Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not
materially misleading. 
 SECTION 5.    Additional Interest. If (i) the Exchange Offer has not been
Consummated by the 300th day after the Closing Date with respect to the Exchange Offer Registration Statement (or if such 300th day is not a
Business Day, the succeeding Business Day), (ii) the Shelf Registration Statement, if required hereby, has not been filed or declared effective by the Commission by the 300th day after the Closing
Date (or if such 300th day is not a Business Day, the succeeding Business Day) or (iii) any Registration Statement required by this Agreement is filed and declared effective but shall
thereafter cease to be effective or fail to be usable for its intended purpose at any time during which it is required by this Agreement to be kept effective without being succeeded immediately by a post-effective amendment to such Registration
Statement that cures such failure and that is itself immediately declared effective (each such event referred to in clauses (i) through (iii), a “Registration Default”), the Company hereby agrees that the interest rate borne by the
Transfer Restricted Securities shall be increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by 0.25% per annum at the end
of each subsequent 90-day period, but in no event shall such increase exceed 1.00% per annum. Following the cure of all Registration Defaults relating to any particular Transfer Restricted Securities, the
interest rate borne by the relevant Transfer Restricted Securities will be reduced to the original interest rate borne by such Transfer Restricted Securities; provided, however, that, if after any such reduction in interest rate, a different
Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall again be increased pursuant to the foregoing provisions. 

All obligations of the Company and the Guarantors set forth in the preceding paragraph that are outstanding with respect to any Transfer
Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full. 

SECTION 6.    Registration Procedures. 

(a)    Exchange Offer Registration Statement.  

(i)    In connection with the Exchange Offer, the Company and the Guarantors shall comply with the
applicable provisions of Section 6(c) hereof, and the Company shall use their commercially reasonable efforts to Consummate the Exchange Offer. 

  
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 (ii)    If in the reasonable opinion of counsel to the
Company there is a question as to whether the Exchange Offer is permitted by applicable law, each of the Company and the Guarantors hereby agrees to seek a no-action letter or other favorable decision from the
Commission allowing the Company to Consummate an Exchange Offer for such Initial Securities. Each of the Company and the Guarantors hereby agrees to pursue the issuance of such a decision to the Commission staff level but shall not be required to
take commercially unreasonable action to effect a change of Commission policy. Each of the Company and the Guarantors hereby agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission
staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission
staff of such submission. 
 (iii)    As a condition to its participation in the Exchange Offer pursuant
to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in the letter of
transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with
any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. In addition, all such Holders of Transfer Restricted
Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the
securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5,
1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action
letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in
connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or Item 508, as applicable,
of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company. 

(b)    Shelf Registration Statement. In the event that the Company and the Guarantors are required to use their
commercially reasonable efforts to cause the Shelf Registration Statement to be filed, each of the Company and the Guarantors shall comply with the provisions of Section 6(c) hereof and shall use its commercially reasonable efforts to effect such
registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto each of the Company and the Guarantors will use their commercially
reasonable efforts to cause as promptly as practicable to be prepared and to be filed with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the
sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof. 

  
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 (c)    General Provisions. In connection with any Registration
Statement and any Prospectus required by this Agreement (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by Broker-Dealers), each of the Company and the Guarantors
shall: 
 (i)    use its commercially reasonable efforts to keep such Registration Statement continuously
effective and provide all requisite financial statements (including, if required by the Securities Act or any regulation thereunder, financial statements of the Guarantors for the period specified in Section 3 or Section 4 hereof, as
applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of
Transfer Restricted Securities during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in
the case of either clause (A) or (B), use its commercially reasonable efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as
practicable thereafter; 
 (ii)    prepare and file with the Commission such amendments and
post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or Section 4 hereof, as applicable, or such shorter period
as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities
covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iii)    in connection with any Shelf Registration Statement, advise the underwriter(s) and selling holders
promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any
post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating
thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer
Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a

  
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material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any
additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or
any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, each of the Company and
the Guarantors shall use its commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

(iv)    furnish without charge to each of the Initial Purchasers, each selling Holder named in any
Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or
Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Holders and underwriter(s) in connection with such sale, if
any, for a period of at least five Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (including all such documents incorporated
by reference) to which an Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within five Business Days after the receipt thereof (such
objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus
or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 

(v)    provide any document that is to be filed with the Commission after the filing of a Registration
Statement and is to be incorporated by reference into such Registration Statement to a single firm, which shall be Cahill Gordon & Reindel LLP with respect to documents to be incorporated by reference into the Exchange Offer Registration
Statement, and, in the case of a Shelf Registration Statement, a law firm selected by the Holders holding a majority in principal amount of the Transfer Restricted Securities covered by such Registration Statement, prior to the filing thereof to
permit a reasonable opportunity for such counsel to review such document (including exhibits thereto) proposed to be filed; 

(vi)    in connection with any Shelf Registration Statement, make available at reasonable times for
inspection by the Initial Purchasers, the managing underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s), all
financial and other records, pertinent corporate documents and properties of each of the Company and the Guarantors and cause the Company’s and the Guarantors’ officers, directors and employees to supply all information reasonably
requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or 

  
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any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing
underwriter(s), if any; 
 (vii)    in connection with any Shelf Registration Statement, if requested by
any selling Holders or the underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if
any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities, information with respect to the principal amount of Transfer
Restricted Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such Prospectus
supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(viii)    in connection with any Shelf Registration Statement, cause the Transfer Restricted Securities
covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Securities covered thereby or the underwriter(s), if any; 

(ix)    furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s), if any,
without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, all documents incorporated by reference therein and all exhibits
(including exhibits incorporated therein by reference); 
 (x)    in connection with any Shelf
Registration Statement, deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons
reasonably may request; each of the Company and the Guarantors hereby consents to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the
offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 

(xi)    enter into customary agreements (including an underwriting agreement), and make such
representations and warranties, and take all such other actions in connection therewith in order to facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration Statement contemplated by this Agreement, all to such
extent as may be requested by any Initial Purchaser or by any Holder of Transfer Restricted Securities or underwriter in connection with any sale or resale pursuant to any Registration Statement contemplated by this Agreement; and whether or not an
underwriting 

  
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agreement is entered into and whether or not the registration is an Underwritten Registration, each of the Company and the Guarantors shall: 

(A)    furnish to each Initial Purchaser, each selling Holder and each underwriter, if any, in such
substance and scope as they may request and as are customarily made by issuers to underwriters in primary underwritten offerings: 

(1)    upon the date of the Consummation of the Exchange Offer, if applicable, or the effectiveness of the
Shelf Registration Statement, if applicable, a certificate, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, signed by (y) the President or any Vice
President and (z) a principal financial or accounting officer of each of the Company and the Guarantors, confirming, as of the date thereof, matters similar to those set forth in Section 5(f) of the Purchase Agreement and such other matters as
such parties may reasonably request; 
 (2)    upon the date of the Consummation of the Exchange Offer,
if applicable, or the effectiveness of the Shelf Registration Statement, if applicable, an opinion, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, of counsel
for the Company and the Guarantors, covering the matters set forth in Section 5(c) and (e) of the Purchase Agreement and such other matters as such parties may reasonably request, and in any event including a statement to the effect that such
counsel has participated in conferences with officers and other representatives of the Company and the Guarantors, representatives of the independent public accountants for the Company and the Guarantors, representatives of the underwriter(s), if
any, and counsel to the underwriter(s), if any, in connection with the preparation of such Registration Statement and the related Prospectus and have considered the matters required to be stated therein and the statements contained therein, although
such counsel has not independently verified the accuracy, completeness or fairness of such statements; and that such counsel advises that, on the basis of the foregoing, no facts came to such counsel’s attention that caused such counsel to
believe that the applicable Registration Statement, at the time such Registration Statement or any post-effective amendment thereto became effective, and, in the case of the Exchange Offer Registration Statement, as of the date of Consummation,
contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or that the Prospectus contained in such Registration Statement as of its
date and, in the case of the opinion dated the date of Consummation of the Exchange Offer, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes no responsibility for, and has not independently verified, the accuracy,
completeness or fairness of the financial statements, notes and schedules and other financial data included in any Registration Statement contemplated by this Agreement or the related Prospectus; and 

  
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 (3)    upon the effectiveness of the Shelf Registration
Statement, a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered
in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the matters set forth in the comfort letters delivered pursuant to Section 5(a) of the Purchase Agreement, without exception; 

(B)    in connection with any Shelf Registration Statement, set forth in full or incorporate by reference
in the underwriting agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C)    in connection with any Shelf Registration Statement, deliver such other documents and certificates
as may be reasonably requested by such parties to evidence compliance with Section 6(c)(xi)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company or any of the Guarantors
pursuant to this Section 6(c)(xi), if any. 
 If at any time the representations and warranties of the Company and the
Guarantors contemplated in Section 6(c)(xi)(A)(1) hereof cease to be true and correct, the Company or the Guarantors shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such
Persons, shall confirm such advice in writing; 
 (xii)    prior to any public offering of Transfer
Restricted Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky
laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by
the Shelf Registration Statement; provided, however, that none of the Company nor the Guarantors shall be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it
to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject; 

(xiii)    cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely
preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the
Holders or the underwriter(s), if any, may request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s); 

  
 12 

 (xiv)    use its best efforts to cause the Transfer
Restricted Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate
the disposition of such Transfer Restricted Securities, subject to the proviso contained in Section 6(c)(xii) hereof; 

(xv)    if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred,
prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer
Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading; 

(xvi)    provide a CUSIP number for all Securities not later than the effective date of the Registration
Statement covering such Securities and use its reasonable best efforts to cause the CUSIP Service Bureau to issue the same CUSIP numbers for such Exchange Securities issued pursuant to the Exchange Offer as the CUSIP numbers applicable to the
Existing Securities and provide the Trustee under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such
Securities are eligible for deposit with the Depository Trust Company; 
 (xvii)    cooperate and assist
in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and
regulations of FINRA; 
 (xviii)    otherwise use its best efforts to comply with all applicable rules
and regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the
twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an
offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; 

(xix)    cause the Indenture to be qualified under the Trust Indenture Act not later than the effective
date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so
qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its best efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be
filed with the Commission to enable such Indenture to be so qualified in a timely manner; 

  
 13 

 (xx)    cause all Securities covered by the Registration
Statement to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed if requested by the Holders of a majority in aggregate principal amount of Initial Securities or the
managing underwriter(s), if any; and 
 (xxi)    provide promptly to each Holder upon request each
document filed with the Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act. 
 Each Holder
agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of
Transfer Restricted Securities pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is advised in writing
(the “Advice”) by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder
will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of
such notice. In the event the Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the
period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or
amended Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Additional Interest is due pursuant to Section 5
hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5 hereof.

 SECTION 7.    Registration Expenses. 

(a)    All expenses incident to the Company’s and the Guarantors performance of or compliance with this Agreement will
be borne by the Company and the Guarantors, jointly and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any
Initial Purchaser or Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of
compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger
and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company, the Guarantors and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities;

  
 14 

 
(v) all application and filing fees in connection with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof; and
(vi) all fees and disbursements of independent certified public accountants of the Company and the Guarantors (including the expenses of any special audit and comfort letters required by or incident to such performance). 

Each of the Company and the Guarantors will, in any event, bear its internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company or the Guarantors. 

(b)    In connection with any Registration Statement required by this Agreement (including, without limitation, the
Exchange Offer Registration Statement and the Shelf Registration Statement), the Company and the Guarantors, jointly and severally, will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities being tendered in the
Exchange Offer and/or resold pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements
of not more than one counsel, who shall be Cahill Gordon & Reindel LLP or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such
Registration Statement is being prepared. 
 SECTION 8.    Indemnification. 

(a)    The Company and the Guarantors, jointly and severally, agree to indemnify and hold harmless (i) each Holder and
(ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a
“controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be
referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all
reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees
and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except
insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders
furnished in writing to the Company by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Company or any of the Guarantors may otherwise have. 

  
 15 

 In case any action or proceeding (including any governmental or regulatory investigation or
proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company or the Guarantors, such Indemnified Holder (or the Indemnified Holder controlled by such controlling
person) shall promptly notify the Company and the Guarantors in writing; provided, however, that the failure to give such notice shall not relieve any of the Company or the Guarantors of its obligations pursuant to this Agreement. Such
Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such counsel shall be paid, as incurred, by the Company and the Guarantors (regardless of whether it is ultimately determined that an
Indemnified Holder is not entitled to indemnification hereunder). The Company and the Guarantors shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which
firm shall be designated by the Holders. The Company and the Guarantors shall be liable for any settlement of any such action or proceeding effected with the Company’s and the Guarantors’ prior written consent, which consent shall not be
withheld unreasonably, and each of the Company and the Guarantors agree to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the
written consent of the Company and the Guarantors. The Company and the Guarantors shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any
pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or
termination includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding. 

(b)    Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Guarantors and their respective directors, officers of the Company and the Guarantors who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) the Company or any of the Guarantors, and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company and the Guarantors to
each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be
brought against the Company, the Guarantors or their respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have the rights
and duties given the Company and the Guarantors, and the Company, the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph. 

(c)    If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section
8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified 

  
 16 

 
party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to
reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company and the Guarantors shall be deemed to be equal to the total
gross proceeds to the Company and the Guarantors from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages,
liabilities, judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company and the Guarantors, on the one hand, and the Holders, on the other hand, in
connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnified
Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company or any of the Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount
paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other
fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 
 The Company, the
Guarantors and each Holder of Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the
amount by which the total discount received by such Holder with respect to the Initial Securities exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of Initial Securities held by each of the Holders hereunder and not joint. 

SECTION 9.    Rule 144A. Each of the Company and the Guarantors hereby agrees with each Holder, for so long as
any Transfer Restricted Securities remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities
from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act. 

  
 17 

 SECTION 10.    Participation in Underwritten Registrations. No
Holdermay participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required
under the terms of such underwriting arrangements. 
 SECTION 11.    Selection of Underwriters. The Holders
of Transfer Restricted Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing
underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment banker(s)
and managing underwriter(s) must be reasonably satisfactory to the Company. 
 SECTION 12.    Miscellaneous.

 (a)    Remedies. Each of the Company and the Guarantors hereby agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b)    No Inconsistent Agreements. Each of the Company and the Guarantors will not on or after the date of this
Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither the Company nor any of the Guarantors has
previously entered into any agreement granting any registration rights with respect to its securities to any Person other than the Registration Rights Agreement dated as of September 16, 2014 with respect to the Existing Securities and a
registration rights agreement with respect to the Company’s 3.9375% convertible senior debentures due 2015 (none of which remain outstanding). The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company’s or any of the Guarantors’ securities under any agreement in effect on the date hereof. 

(c)    Adjustments Affecting the Securities. The Company will not take any action, or permit any change to occur,
with respect to the Securities that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 

(d)    Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the written consent of Holders of all outstanding Transfer
Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any

  
 18 

 
Transfer Restricted Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the
rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by
the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly affects the rights of any Initial
Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 

(e)    Notices. All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

(i)    if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a
copy to the Registrar under the Indenture; and 
 (ii) if to the Company or the Guarantors: 

EnPro Industries, Inc. 
 5605
Carnegie Blvd., Ste. 500, 
 Charlotte, NC 28209-4674 

Facsimile: (704) 731-1531 

Attention: Robert S. McLean, Vice President, Chief Adminstrative Officer 

and Secretary 
 with a copy
to:     
 Robinson, Bradshaw & Hinson, P.A. 

101 North Tyron Street, Ste. 1900 

Charlotte, North Carolina 28246 

Facsimile: (704) 373-3955 

Attention: Stephen M. Lynch, Esq. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight
delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to
the Trustee at the address specified in the Indenture. 
 (f)    Successors and Assigns. This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities;

  
 19 

 
provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired
Transfer Restricted Securities from such Holder. 
 (g)    Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(h)    Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 
 (i)    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 

(j)    Severability. In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired
thereby. 
 (k)    Entire Agreement. This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties with
respect to such subject matter. 

  
 20 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	COMPANY:
	
	ENPRO INDUSTRIES, INC.
		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	General Counsel, Chief Administrative
		 	Officer and Secretary

  

					
	GUARANTORS:
	
	APPLIED SURFACE TECHNOLOGY, INC., as Guarantor
		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 BELFAB, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	COLTEC INTERNATIONAL SERVICES CO., as Guarantor
		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Chairman, President and CEO

  
 [Signature Page –
Registration Rights Agreement] 

 
					
	 COMPRESSOR PRODUCTS INTERNATIONAL LLC,

as Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 ENPRO ASSOCIATES, LLC,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 ENPRO HOLDINGS, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 FAIRBANKS MORSE, LLC,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 GARLOCK HYGIENIC TECHNOLOGIES, LLC,

as Guarantor

		
	By:	 	 /s/ Christopher Drake

	Name:	 	Christopher Drake
	Title:	 	Vice President and Secretary

  
 [Signature Page –
Registration Rights Agreement] 

 
			
	 GARLOCK PIPELINE TECHNOLOGIES, INC.,

as Guarantor

		
	By:	 	 /s/ Christopher Drake

	Name:	 	Christopher Drake
	Title:	 	Vice President and Assistant Secretary
	
	 GGB, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 GGB LLC,
 as Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 STEMCO KAISER INCORPORATED,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 STEMCO LP,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President

  
 [Signature Page –
Registration Rights Agreement] 

 
			
	 STEMCO PRODUCTS, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 TECHNETICS GROUP DAYTONA, INC.,

as Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	TECHNETICS GROUP LLC, as Guarantor
		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 TECHNETICS GROUP OXFORD, INC.,

as Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President

  
 [Signature Page –
Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first
above written: 
  

			
	MERRILL LYNCH, PIERCE, FENNER & SMITH
	        INCORPORATED
	As Representative of the several Initial Purchasers
		
	By:	 	Merrill Lynch, Pierce, Fenner & Smith
		 	               Incorporated

		
	By:	 	 /s/ Paul M. Liptak

		 	Director

  
 [Signature Page –
Registration Rights Agreement]Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT (the “Agreement”)
dated as of March 21, 2017, by and between Retail Opportunity Investments Corp., a Maryland corporation (the “Company”),
and Stuart A. Tanz, residing at the address set forth on the signature page hereof (the “Executive”).

 

WHEREAS, the Company and the Executive previously
entered into an employment agreement dated October 20, 2009; and

 

WHEREAS, the Company and the Executive wish
to continue the employment relationship on the terms set forth below.

 

Accordingly, in consideration of the mutual
covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

1.                 
Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for an initial
term commencing as of March 21, 2017 (the “Commencement Date”) and continuing for a four (4) year period, unless
sooner terminated in accordance with the provisions of Section 4 or Section 5; with such employment to continue for successive
one-year (1) periods in accordance with the terms of this Agreement (subject to termination as aforesaid) unless the Company
notifies the Executive of non-renewal in writing six (6) months prior to the expiration of the initial term and each annual
renewal, as applicable (the period during which the Executive is employed hereunder being hereinafter referred to as the “Term”).

 

2.                 
Duties. During the Term, the Executive shall be employed by the Company as President and Chief Executive Officer,
and, as such, the Executive shall faithfully perform for the Company the duties of said office and shall perform such other duties
of an executive, managerial or administrative nature as shall be specified and designated from time to time by the Board of Directors
of the Company (the “Board”). In addition, during the Term, the Company shall nominate the Executive as a member of
the Board, and the Executive agrees to serve as a member of the Board if duly elected by the shareholders of the Company. The Executive
shall devote substantially all of his business time and effort to the performance of his duties hereunder; provided, however, that
the Executive may engage in other activities for the Executive’s own account while employed hereunder, including, without
limitation, charitable, community and other business activities (including, without limitation, the ownership of those properties
listed on Exhibit A), provided that such other activities do not materially interfere with the performance of the Executive’s
duties hereunder.

 

3.                 
Compensation.

 

3.1             
Salary. The Company shall pay the Executive during the Term a salary at the rate of $850,000 per annum, in accordance
with the customary payroll practices of the Company applicable to senior executives. At least annually, the Board shall review
the Executive’s Annual Salary and may provide for increases therein as it may in its discretion deem appropriate (such annual
salary, as increased, the “Annual Salary”).

 

     

     

    

3.2             
Bonus. During the Term, in addition to the Annual Salary, for each fiscal year of the Company ending during the Term,
the Executive shall receive an annual bonus of between 0% and 175% of Annual Salary, as determined in accordance with the terms
of the annual bonus program approved by the Compensation Committee of the Board, and based on both the Executive’s performance
and the performance of the Company (the “Annual Bonus”). Each Annual Bonus shall be paid in the fiscal year following
the year for which such bonus is awarded, and in any event shall be paid within 30 days after the financial statements for
such prior fiscal year are finalized.

 

3.3             
Benefits - In General. Except with respect to benefits of a type otherwise provided for under Section 3.4, the
Executive shall be permitted during the Term to participate in any group life, hospitalization or disability insurance plans, health
programs, equity incentive plans, retirement plans, fringe benefit programs and similar benefits that may be available to other
senior executives of the Company generally, in each case to the extent that the Executive is eligible under the terms of such plans
or programs.

 

3.4             
Specific Benefits. Without limiting the generality of Section 3.3, the Executive shall be entitled to vacation
of twenty five (25) business days per year (to be taken at reasonable times in accordance with the Company’s policies)
and an automobile allowance of $1,500 per month.

 

3.5             
Expenses. The Company shall pay or reimburse the Executive for all ordinary and reasonable out-of-pocket expenses
actually incurred (and, in the case of reimbursement, paid) by the Executive during the Term in the performance of the Executive’s
services under this Agreement; provided that the Executive submits proof of such expenses, with the properly completed forms as
prescribed from time to time by the Company in accordance with the Company’s policies, plans and/or programs.

 

4.                 
Termination upon Death or Disability. If the Executive dies during the Term, the Term shall terminate as of the date
of death, and the obligations of the Company to or with respect to the Executive shall terminate in their entirety upon such date
except as otherwise provided under this Section 4. If there is a determination by the Company that the Executive has become physically
or mentally incapable of performing his duties under the Agreement and such disability has disabled the Executive for a cumulative
period of one hundred eighty (180) days within a twelve (12) month period (a “Disability”), the Company shall
have the right, to the extent permitted by law, to terminate the employment of the Executive upon notice in writing to the Executive.
Notwithstanding the foregoing, prior to a termination of the Executive’s employment due to Disability, the Executive may
require that an independent physician acceptable to both the Company and the Executive be engaged (at the expense of the Company)
to determine if the Executive has suffered a Disability (as defined under this Agreement). Upon termination of employment due to
death or Disability (i) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive)
shall be entitled to receive, in a lump sum payment (subject to Section 7.17 of this Agreement) within thirty (30) days
following the Executive’s termination of employment, (A) Annual Salary, Annual Bonus and other benefits earned and accrued
under this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred prior to the
date of termination) (the “Accrued Obligations”), and (B) (x) two times Annual Salary and (y) two times the
average of the Annual Bonuses awarded to the Executive for the last two years immediately preceding the year in which the Executive’s
employment is terminated, provided, however, that if no Annual Bonus is awarded to the Executive for the year (or two years) preceding
the year in which the Executive’s employment is terminated, the Executive will be entitled to a minimum bonus equal to 50%
of the Executive’s Annual Salary (i.e., initially two times $425,000); (ii) for a period of twenty-four (24) months after
the termination of the Executive’s employment, such continuing medical and dental benefits under the Company’s health
plans and programs applicable to senior executives of the Company generally as the Executive would have received under this Agreement
(and at such costs to the Executive) in the absence of such termination (such benefits, “Continuing Health Benefits”);
(iii) all outstanding unvested equity-based incentives and awards held by the Executive shall thereupon vest and become free
of restrictions and be exercisable in accordance with their terms; and (iv) the Executive (or, in the case of his death, his
estate and beneficiaries) shall have no further rights to any other compensation or benefits hereunder on or after the termination
of employment, or any other rights hereunder. In the event the Company decides, in its sole discretion, to acquire a life insurance
policy on the life of the Executive, the Executive may (or may not, in the Executive’s sole discretion) agree to cooperate
and provide all information reasonably necessary for the Company to acquire such life insurance policy.

 

    	- 2 -

     

    

5.                 
Certain Terminations of Employment.

 

5.1             
Termination by the Company for Cause; Termination by the Executive without Good Reason.

 

(a)               
For purposes of this Agreement, “Cause” shall mean the Executive’s:

 

(i)                
deliberate misrepresentation in connection with, or willful failure to cooperate with, a bona fide internal investigation
or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful
destruction or failure to preserve documents or other materials known to be relevant to such investigation or the willful inducement
of others to fail to cooperate or to produce documents or other materials;

 

(ii)              
conduct by the Executive constituting a material act of willful misconduct in connection with the performance of his duties,
including, without limitation, misappropriation of funds or property of the Company other than the occasional, customary and de
minimis use of the Company’s property for personal purposes;

 

(iii)            
public disparagement of the Company, its officers, trustees, employees or partners;

 

(iv)            
soliciting any existing employee of the Company above the level of an administrative assistant to work at another company;
or

 

(v)              
the commission by the Executive of a felony or misdemeanor involving moral turpitude, deceit, dishonesty or fraud.

provided that the Company shall not be permitted
to terminate the Executive for Cause (A) with respect to any of the events described in clause (i), (iii) or (iv) above unless
and until the Executive has been given written notice specifying in detail the circumstances giving rise to the alleged cause,
and the Executive shall have failed, within thirty (30) days after such notice, to remedy the alleged cause, and (B) except on
written notice given to the Executive at any time not more than 30 days following the occurrence of any of the events described
in clause (ii) or (v) above (or, if later, the Company’s knowledge thereof).

 

    	- 3 -

     

    

(b)              
The Company may terminate the Executive’s employment hereunder for Cause, and the Executive may terminate his employment
on at least thirty (30) days’ written notice. If the Company terminates the Executive for Cause, or the Executive terminates
his employment and the termination by the Executive is not covered by Section 4, 5.2 or 5.3, (i) the Executive shall
receive Annual Salary, Annual Bonus for the preceding fiscal year (if unpaid), and other benefits (but, in all events, and without
increasing the Executive’s rights under any other provision hereof, excluding any bonuses not yet paid) earned and accrued
under this Agreement prior to the termination of employment (and reimbursement under this Agreement for expenses incurred prior
to the termination of employment), and (ii) the Executive shall have no further rights to any other compensation or benefits
hereunder on or after the termination of employment, or any other rights hereunder.

 

5.2             
Termination by the Company without Cause; Termination by the Executive for Good Reason.

 

(a)               
For purposes of this Agreement, “Good Reason” shall mean the following, unless consented to by the Executive:

 

(i)                
any material breach of this Agreement by the Company which shall include, but not be limited to (A) a material, adverse
alteration in the nature of the Executive’s duties, responsibilities or authority, including, without limitation, failure
to nominate the Executive as a director; and (B) upon a Change of Control (as defined under Section 5.3(c)), the Executive
no longer serves as the chief executive officer of the top tier entity in the consolidated group of companies which includes the
Company (or any successor to the Company);

 

(ii)              
a reduction in the Executive’s Annual Salary as in effect at the time in question, or a failure to pay such amounts
when due which is not cured within thirty (30) days after written notice;

 

(iii)            
if the Company relocates the Executive’s office to any place other than San Diego, California;

 

(iv)            
failure to provide benefits comparable to those provided the Executive as of the date hereof, other than any such failure
affecting all comparably situated officers;

 

(v)              
the Executive’s removal from, or failure to be elected to, the Board during the Term; or

 

    	- 4 -

     

    

(vi)            
the Executive’s receipt of a notice of non-renewal from the Company in accordance with Section 1 above.

Notwithstanding the foregoing, (i) Good Reason shall not be
deemed to exist unless notice of termination on account thereof is given no later than thirty (30) days after the time at
which the event or condition purportedly giving rise to Good Reason first occurs or arises; and (ii) if there exists (without
regard to this clause (ii)) an event or condition that constitutes Good Reason, the Company shall have thirty (30) days
from the date notice of such a termination is given to cure such event or condition and, if the Company does so, such event or
condition shall not constitute Good Reason hereunder.

 

(b)              
The Company may terminate the Executive’s employment at any time for any reason or no reason. The Executive may terminate
the Executive’s employment with the Company at any time for any reason or no reason, and for Good Reason under this Section 5.2.
If the Company terminates the Executive’s employment and the termination is not covered by Section 4, 5.1 or 5.3, or
the Executive terminates his employment for Good Reason and the termination by the Executive is not covered by Section 5.3,
or upon expiration of the Term if the Company has notified the Executive of non-renewal of this Agreement under Section 1,
above (i) the Executive shall be entitled to receive, in a lump sum payment (subject to Section 7.17 of this Agreement)
within thirty (30) days following the Executive’s termination of employment, (A) the Accrued Obligations, and (B) (x) two
times Annual Salary and (y) two times the average of the Annual Bonuses awarded to the Executive for the last two years immediately
preceding the year in which the Executive’s employment is terminated (to the extent applicable), provided, however, that
if no Annual Bonus is awarded to the Executive for the year (or two years) preceding the year in which the Executive’s employment
is terminated, the Executive will be entitled to a minimum bonus equal to 50% of the Executive’s Annual Salary (i.e., initially
two times $425,000); (ii) for a period of twenty-four (24) months after the termination of the Executive’s employment,
Continuing Health Benefits; (iii) all outstanding unvested equity-based incentives and awards held by the Executive shall
thereupon vest and become free of restrictions and be exercisable in accordance with their terms; and (iv) the Executive shall
have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other
rights hereunder.

 

5.3             
Change in Control.

 

(a)               
In the event the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason
within 12 months of a Change of Control (as defined under Section 5.3(c)), the Executive shall be entitled to the same payments
and benefits as provided in Section 5.2(b) hereof; provided, however, that “two times” as it appears in Section 5.2(b)(i)(B)(x)
and (y) shall be replaced with “three times”. The Executive shall have no further rights to any other compensation
or benefits hereunder on or after the termination of employment, or any other rights hereunder.

 

(b)              
If the Executive’s employment is terminated pursuant to Section 5.2 or 5.3(a), then if any amount payable to
or other benefit receivable by the Executive pursuant to this Agreement is deemed to constitute a “parachute payment”,
alone or when added to any other amount payable or paid to or other benefit receivable or received by the Executive from the Company
which is deemed to constitute a “parachute payment” (whether or not under an existing plan, arrangement or other agreement),
and would result in the imposition on the Executive of an excise tax under Section 4999 of the Internal Revenue Code of 1986,
as amended (the “Code”), then such payments and benefits shall be payable either (i) in full or (ii) in such
lesser amount as would result in no portion of any payments or benefits to the Executive being subject to the excise tax under
Section 4999 of the Code, whichever of the foregoing options (i) or (ii) results in the Executive’s receipt,
on an after-tax basis, of the greater amount of payments and benefits. To the extent the Executive would receive a reduced amount
pursuant to this Section 5.3(b), the Executive’s payments and benefits shall be reduced, to the extent necessary, by
first cancelling cash payments under this Agreement, then any other cash payments, and then cancelling the acceleration of vesting
of equity awards. “Parachute payment” shall mean a “parachute payment” as defined in Section 280G
of the Code. The amount of any payment under this Section 5.3(b) shall be computed by a certified public accounting firm selected
by the Company and reasonably acceptable to the Executive.

 

    	- 5 -

     

    

(c)               
For purposes of this Agreement, “Change in Control” means the occurrence of any of the following events:

 

(i)                
any “person” or “group” of persons, as such terms are used in Sections 13 and 14 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), other than any employee benefit plan sponsored by the Company,
becomes the “beneficial owner”, as such term is used in Section 13 of the Exchange Act (irrespective of any vesting
or waiting periods) of (A) common shares in an amount equal to thirty percent (30%) or more of the sum total of the common
shares issued and outstanding immediately prior to such acquisition as if they were a single class and disregarding any equity
raise in connection with the financing of such transaction; provided, however, that in determining whether a Change in Control
has occurred, outstanding shares or voting securities which are acquired in an acquisition by (x) the Company or any of its
subsidiaries or (y) an employee benefit plan (or a trust forming a part thereof) maintained by the Company or any of its subsidiaries
shall not constitute an acquisition which can cause a Change in Control;

 

(ii)              
the consummation of the dissolution or liquidation of the Company;

 

(iii)            
the consummation of the sale or other disposition of all or substantially all of its assets in one (1) or more transactions;
or

 

(iv)            
a turnover, during any two (2) year period, of the majority of the members of the Board, without the consent of the
majority of the members of the Board as to the appointment of the new Board members.

 

5.4             
Release. Any rights to compensation or benefits under Section 4, 5.2 or 5.3 of this Agreement are subject to the
Executive’s continued compliance with the provisions of Section 6 and the Executive’s execution and delivery of
a general release of claims in favor of the Company and its affiliates in substantially the form attached hereto as Exhibit B (the
“Release”) on the 30th day following the termination date and the Executive’s non-revocation of the
Release within the time period provided therein. If the Executive fails to timely execute and deliver such Release, the Executive
shall forfeit all payments (other than payments in respect of Accrued Obligations) described under this Agreement.

 

    	- 6 -

     

    

6.                 
Covenants of the Executive.

 

6.1             
Covenant Against Competition; Other Covenants. The Executive acknowledges that (i) the principal business of
the Company (which expressly includes for purposes of this Section 6 (and any related enforcement provisions hereof), its successors
and assigns) is to invest in, acquire (either directly or through debt acquisitions), own, lease, reposition and manage a diverse
portfolio of necessity-based retail properties, including, but not limited to, well located community and neighborhood shopping
centers, anchored by national or regional supermarkets and drugstores (such businesses, and any and all other businesses in which,
at the time of the Executive’s termination, the Company is actively and regularly engaged or actively pursuing, herein being
collectively referred to as the “Business”); (ii) the Company is one of the limited number of persons who have
developed such a business; (iii) the Company’s Business is national in scope; (iv) the Executive’s work for
the Company has given and will continue to give him access to the confidential affairs and proprietary information of the Company;
(v) the covenants and agreements of the Executive contained in this Section 6 are essential to the business and goodwill
of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth
in this Section 6. Accordingly, the Executive covenants and agrees that:

 

(a)               
By and in consideration of the salary and benefits to be provided by the Company hereunder, including the severance arrangements
set forth herein, and further in consideration of the Executive’s exposure to the proprietary information of the Company,
the Executive covenants and agrees that, during the period commencing on the date hereof and ending one (1) year following
the date upon which the Executive shall cease to be an employee of the Company and its affiliates for any reason (including the
expiration of the Term of this Agreement under Section 1) (the “Restricted Period”), he shall not directly or indirectly,
whether as an owner, partner, shareholder, principal, agent, employee, consultant or in any other relationship or capacity, (i) engage
in any element of the Business (other than for the Company or its affiliates) or otherwise compete with the Company or its affiliates,
(ii) render any services related to the Business to any person, corporation, partnership or other entity (other than the Company
or its affiliates) engaged in any element of the Business, or (iii) render services related to the Business to any person,
corporation, partnership or other entity (other than the Company or its affiliates) as a partner, shareholder, principal, agent,
employee, consultant or in any other relationship or capacity; provided, however, that, notwithstanding the foregoing, the Executive
may invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (A) such
securities are traded on any national securities exchange or the National Association of Securities Dealers, Inc. Automated Quotation
System, (B) the Executive is not a controlling person of, or a member of a group which controls, such entity and (C) the
Executive does not, directly or indirectly, own 1% or more of any class of securities of such entity.

 

    	- 7 -

     

    

(b)              
During and after the Restricted Period, the Executive shall keep secret and retain in strictest confidence, and shall not
use for his benefit or the benefit of others, except in connection with the business and affairs of the Company and its affiliates,
all non-public confidential matters relating to the Company’s Business and the business of any of its affiliates and to the
Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or indirectly from the Company or
any of its affiliates (the “Confidential Company Information”), and shall not disclose such Confidential Company Information
to anyone outside of the Company except with the Company’s express written consent and except for Confidential Company Information
which is at the time of receipt or thereafter becomes publicly known through no wrongful act of the Executive or is received from
a third party not under an obligation to keep such information confidential and without breach of this Agreement. Notwithstanding
the foregoing, the Executive may disclose Confidential Company Information to his attorneys (for the purpose of seeking legal advice),
to his accountants (for the purposes of seeking professional advice), to his immediate family members whom the Executive agrees
will not divulge such information to any other party, and in response to a subpoena; court, regulatory, or arbitral order; or other
valid legal process.

 

(c)               
During the Restricted Period, the Executive shall not, without the Company’s prior written consent, directly or indirectly,
(i) solicit or encourage to leave the employment or other service of the Company, or any of its affiliates, any employee,
agent or independent contractor thereof or (ii) hire (on behalf of the Executive or any other person or entity) any employee
who has left the employment of the Company or any of its affiliates within the one-year period which follows the termination of
such employee’s employment with the Company and its affiliates. From the date hereof and during the Restricted Period, the
Executive will not, whether for his own account or for the account of any other person, firm, corporation or other business organization,
solicit for a competing business or intentionally interfere with the Company’s or any of its affiliates’ relationship
with, or endeavor to entice away from the Company or any of its affiliates for a competing business, any person who during the
Term is or was a customer, client, agent, or independent contractor of the Company or any of its affiliates.

 

(d)              
All memoranda, notes, lists, records, property and any other tangible product and documents (and all copies thereof), whether
visually perceptible, machine-readable or otherwise, made, produced or compiled by the Executive or made available to the Executive
containing Confidential Company Information (i) shall at all times be the property of the Company (and, as applicable, any
affiliates) and shall be delivered to the Company at any time upon its request, and (ii) upon the Executive’s termination
of employment, shall be immediately returned to the Company. This section shall not apply to materials that the Executive possessed
prior to his business relationship with the Company, to the Executive’s personal effects and documents, and to materials
prepared by the Executive for the purposes of seeking legal or other professional advice.

 

(e)               
While the Executive’s non-compete obligations under Section 6.1(a) are in effect, neither the Company nor the
Executive shall publish any statement or make any statement under circumstances reasonably likely to become public that (i) with
respect to statements by the Executive, is critical of the Company or any of its affiliates, or in any way otherwise maligning
the Business or reputation of the Company or any of its affiliates or (ii) with respect to statements by the Company, is critical
of the Executive or in any way otherwise maligning the reputation of the Executive, in either of the foregoing instances unless
otherwise required by applicable law or regulation or by judicial order.

 

    	- 8 -

     

    

6.2             
Rights and Remedies upon Breach.

 

(a)               
The Executive acknowledges and agrees that any breach by him of any of the provisions of Section 6.1 or any subparts
thereof (individually or collectively the “Restrictive Covenants”) would result in irreparable injury and damage for
which money damages would not provide an adequate remedy. Therefore, if the Executive breaches, or threatens to commit a breach
of, any of the provisions of Section 6.1 or any subpart thereof, the Company and its affiliates, in addition to, and not in
lieu of, any other rights and remedies available to the Company and its affiliates under law or in equity (including, without limitation,
the recovery of damages), shall have the right and remedy to have the Restrictive Covenants specifically enforced (without posting
bond and without the need to prove damages) by any court having equity jurisdiction, including, without limitation, the right to
an entry against the Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against
violations, threatened or actual, and whether or not then continuing, of such covenants.

 

(b)              
The Executive agrees that the provisions of Section 6.1 of this Agreement and each subsection thereof are reasonably
necessary for the protection of the Company’s legitimate business interests and if enforced, will not prevent the Executive
from obtaining gainful employment should his employment with the Company end. The Executive agrees that in any action seeking specific
performance or other equitable relief, he will not assert or contend that any of the provisions of this Section 6 are unreasonable
or otherwise unenforceable as drafted. The existence of any claim or cause of action by the Executive, whether predicated on this
Agreement or otherwise, shall not constitute a defense to the enforcement of the Restrictive Covenants.

 

7.                 
Other Provisions.

 

7.1             
Severability. The Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel
in connection with this Agreement and (ii) the Restrictive Covenants are reasonable in geographical and temporal scope and
in all other respects as drafted. If it is determined that any of the provisions of this Agreement, including, without limitation,
any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the provisions of this Agreement
shall not thereby be affected and shall be given full effect, without regard to the invalid portions.

 

7.2             
Duration and Scope of Covenants. If any court or other decision-maker of competent jurisdiction determines that any
of the Executive’s covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants,
or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then the duration or scope
of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such
provision shall then be enforceable and shall be enforced.

 

7.3             
Enforceability; Jurisdiction; Arbitration.

 

    	- 9 -

     

    

(a)               
The Company and the Executive intend to and hereby confer jurisdiction to enforce the Restrictive Covenants set forth in
Section 6 upon the courts of any jurisdiction within the geographical scope of the Restrictive Covenants. If the courts of
any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of breadth of scope or otherwise
it is the intention of the Company and the Executive that such determination not bar or in any way affect the Company’s right,
or the right of any of its affiliates, to the relief provided above in the courts of any other jurisdiction within the geographical
scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective jurisdictions, such
Restrictive Covenants as they relate to each jurisdiction’s being, for this purpose, severable, diverse and independent covenants,
subject, where appropriate, to the doctrine of res judicata. The parties hereby agree to waive any right to a trial by jury for
any and all disputes hereunder (whether or not relating to the Restricted Covenants).

 

(b)              
Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement (other than a controversy
or claim arising under Section 6, to the extent necessary for the Company (or its affiliates, where applicable) to avail itself
of the rights and remedies referred to in Section 6.2) that is not resolved by the Executive and the Company (or its affiliates,
where applicable) shall be submitted to arbitration in New York, New York in accordance with New York law and the employment arbitration
rules and procedures of the American Arbitration Association, before an arbitrator experienced in employment disputes who is licensed
to practice law in the State of New York. The determination of the arbitrator(s) shall be conclusive and binding on the Company
(or its affiliates, where applicable) and the Executive and judgment may be entered on the arbitrator(s)’ award in any court
having jurisdiction.

 

7.4             
Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered
personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid.
Any such notice shall be deemed given when so delivered personally, telegraphed, telexed or sent by facsimile transmission or,
if mailed, five days after the date of deposit in the United States mails as follows:

 

		(i)	If to the Company, to:

 

Retail Opportunity Investments Corporation

8905 Towne Centre Drive, # 108

San Diego, CA 92122

Attention:

with a copy to:

Clifford Chance US LLP

31 West 52nd Street

New York, New York 10019-6131

Attention: Jay Bernstein

 

    	- 10 -

     

    

 

		(ii)	If to the Executive, to:

 

[Address as noted on signature page]

 

Any such person may by notice given in accordance with this Section 7.4
to the other parties hereto designate another address or person for receipt by such person of notices hereunder.

 

7.5             
Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter
hereof and supersedes all prior agreements, written or oral, with respect thereto.

 

7.6             
Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof
may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance.
No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such
right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

7.7             
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER
THAN THE STATE OF NEW YORK.

 

7.8             
Assignment. This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the
Executive; any purported assignment by the Executive in violation hereof shall be null and void. In the event of any sale, transfer
or other disposition of all or substantially all of the Company’s assets or business, whether by merger, consolidation or
otherwise, the Company may assign this Agreement and its rights hereunder, provided that the successor or purchaser agrees, as
a condition of such transaction, to assume all of the Company’s obligations hereunder.

 

7.9             
Legal Fees. The Company will pay directly or reimburse the Executive for reasonable legal fees and expenses incurred
by the Executive in connection with the review and negotiation of this Agreement.

 

7.10         
Withholding. The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding
it determines to be required by law.

 

7.11         
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors, permitted assigns, heirs, executors and legal representatives.

 

7.12         
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each
counterpart may consist of two copies hereof each signed by one of the parties hereto.

 

    	- 11 -

     

    

7.13         
Survival. Anything contained in this Agreement to the contrary notwithstanding, the provisions of Sections 6,
7.3, 7.10 and 7.15, and the other provisions of this Section 7 (to the extent necessary to effectuate the survival of Sections 6,
7.3, 7.10 and 7.15), shall survive termination of this Agreement and any termination of the Executive’s employment hereunder.

 

7.14         
Existing Agreements. The Executive represents to the Company that he is not subject or a party to any employment
or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing
this Agreement or limit his ability to fulfill his responsibilities hereunder.

 

7.15         
Indemnification. The Company shall cause the Executive (together with other officers and directors) to be indemnified
for any actions taken or omissions made within the scope of his employment to the fullest extent provided under the Company’s
bylaws, operating agreements, and directors and officers liability insurance (which the Company agrees to maintain throughout the
Term), with coverage in such amounts as are generally provided by similarly situated employers in the Business. The Company shall
continue to indemnify the Executive as provided above and maintain such liability insurance coverage for the Executive, after the
Term has ended for any claims that may be made against him with respect to actions taken or omissions made within the scope of
the Executive’s employment or service as a director, officer, or trustee of the Company.

 

7.16         
Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

    	- 12 -

     

    

7.17         
Section 409A Compliance. Any payments under this Agreement that are deemed to be deferred compensation subject to
the requirements of Section 409A of the Code, are intended to comply with the requirements of Section 409A. To this end
and notwithstanding any other provision of this Agreement to the contrary, if at the time of the Executive’s termination
of employment with the Company, (i) the Company’s securities are publicly traded on an established securities market;
(ii) the Executive is a “specified employee” (as defined in Section 409A); and (iii) the deferral of
the commencement of any payments or benefits otherwise payable pursuant to this Agreement as a result of such termination of employment
is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement
of such payments (without any reduction in amount ultimately paid or provided to the Executive) that are not paid within the short-term
deferral rule under Section 409A (and any regulations thereunder) or within the “involuntary separation” exemption
of Treasury Regulation § 1.409A-1(b)(9)(iii). Such deferral shall last until the date that is six (6) months following
the Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A).
Any amounts the payment of which are so deferred shall be paid in a lump sum payment within ten (10) days after the end of
such deferral period. If the Executive dies during the deferral period prior to the payment of any deferred amount, then the unpaid
deferred amount shall be paid to the personal representative of the Executive’s estate within sixty (60) days after
the date of the Executive’s death. Notwithstanding anything to the contrary herein, for purposes of determining the Executive’s
entitlement to the payment or receipt of amounts or benefits that constitute nonqualified deferred compensation within the meaning
of Section 409A of the Code, the Executive’s employment shall not be deemed to have terminated unless and until the
Executive incurs a “separation from service” as defined in Section 409A of the Code. For purposes of Section 409A,
any payment to be made after receipt of an executed and irrevocable waiver and release of claims within any specified period, in
which such period begins in one taxable year of the Executive and ends in a second taxable year of the Executive, will be made
in the second taxable year. Each installment of any payments or benefits that constitute nonqualified deferred compensation within
the meaning of Section 409A shall be deemed to be a separate payment for purposes of Section 409A of the Code.

 

 

 

 

    	- 13 -

     

    

 

IN WITNESS WHEREOF, the parties hereto have signed their names as
of the day and year first above written.

 

	 	Retail Opportunity Investments Corp.
	 	 	 
	 	By: 	/s/ Michael B. Haines	 
	 	Name:	Michael B. Haines	 
	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	/s/ Stuart A. Tanz	 
	 	Stuart A. Tanz	 

 

 

 

 

 

 

 

 

 

 

 

 

    	- 14 -

     

    

EXHBIT A

 

Properties

 

All City Storage, LLC

1750 La Costa Meadows Drive

San Marcos, California 92078

 

All City Storage, Ltd.

145 Eastern Avenue

Toronto, Ontario M5A 1H7

Canada

 

 

 

 

 

 

 

 

 

    	- 15 -

     

    

EXHIBIT B

 

RELEASE AND WAIVER OF CLAIMS

 

This Release and Waiver of Claims (“Release”)
is entered into as of this ___ day of ____________, 20__, between Retail Opportunity Investments Corp. and any successor thereto
(collectively, the “Company”) and ____________________ (the “Executive”).

 

The Executive and the Company agree as follows:

 

1.                 
The employment relationship between the Executive and the Company terminated on ________________ (the “Termination
Date”).

 

2.                 
In accordance with the employment agreement, dated _________, between the Executive and the Company, as it may be amended
from time to time (the “Employment Agreement”), the Executive is entitled to receive certain payments and benefits
after the Termination Date.

 

3.                 
In consideration of the above, the sufficiency of which the Executive hereby acknowledges, the Executive, on behalf of the
Executive and the Executive’s heirs, executors and assigns, hereby releases and forever discharges the Company and its shareholders,
parents, affiliates, subsidiaries, divisions, any and all of its or their current and former directors, officers, employees, agents,
and contractors and their heirs and assigns, and any and all employee pension benefit or welfare benefit plans of the Company,
including current and former trustees and administrators of such employee pension benefit and welfare benefit plans (the “Released
Parties”), from all claims, charges, or demands, in law or in equity, whether known or unknown, which may have existed
or which may now exist from the beginning of time to the date of this Release, including, without limitation, any claims the Executive
may have arising from or relating to the Executive’s employment or termination from employment with the Company, including
a release of any rights or claims the Executive may have under Title VII of the Civil Rights Act of 1964, as amended, and the Civil
Rights Act of 1991; the Americans with Disabilities Act of 1990, as amended, and the Rehabilitation Act of 1973; the Family and
Medical Leave Act of 1993; Section 1981 of the Civil Rights Act of 1866; Section 1985(3) of the Civil Rights Act of 1871; the Employee
Retirement Income Security Act of 1974, as amended; the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201 et. seq.;
any other federal, state or local laws against discrimination; or any other federal, state, or local statute, or common law relating
to employment, wages, hours, or any other terms and conditions of employment. This includes a release by the Executive of any and
all claims or rights arising under contract, covenant, public policy, tort or otherwise.

 

4.                 
The Executive acknowledges that the Executive is waiving and releasing any rights that the Executive may have under the
Age Discrimination in Employment Act of 1967, as amended (“ADEA”) and that this Release is knowing and voluntary.
The Executive and the Company agree that this Release does not apply to any rights or claims that may arise after the effective
date of this Release. The Executive acknowledges that the consideration given for this Release is in addition to anything of value
to which the Executive is already entitled. The Executive further acknowledges that the Executive has been advised by this writing
that: (i) the Executive should consult with an attorney prior to executing this Release; (ii) the Executive has at least twenty-one
(21) days within which to consider this Release, although the Executive may, at the Executive’s discretion, sign and return
this Release at an earlier time in which case the Executive waives all rights to the balance of the 21 day review period; (iii)
for a period of 7 days following the execution of this Release in duplicate originals, the Executive may revoke this Release in
a writing delivered by hand or by mail to an individual designated by the Company to receive such writing (signature of receipt
required), and this Release shall not become effective or enforceable until the revocation period has expired; and (iv) nothing
in this Release prevents or precludes the Executive from challenging or seeking a determination in good faith of the validity of
this Release under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized
by federal law. If the Executive has not returned the signed Release within the time permitted, then the offer of payments and
benefits set forth in the Employment Agreement will expire by its own terms at such time.

 

    	- 16 -

     

    

5.                 
This Release does not release the Released Parties from (i) any obligations due to the Executive under the Employment Agreement,
or under this Release, (ii) any vested rights the Executive has under the Company’s employee benefit plans in which the Executive
participated, (iii) any rights or claims that arise from actions or omissions after the date of execution by the Executive of this
Release, (iv) any rights that cannot be waived as a matter of applicable law, or (v) any rights to indemnification the Executive
may have under any indemnity agreement, applicable law, the by-laws, certificate of incorporation, or other constituent document
of the Company or any of its affiliates or as an insured under any director’s and officer’s liability insurance policy
now or previously in force.

 

6.                 
This Release is not an admission by the Released Parties of any wrongdoing, liability or violation of law.

 

7.                 
The Executive waives any right to reinstatement or future employment with the Company following the Executive’s separation
from the Company on the Termination Date.

 

8.                 
The Executive shall continue to be bound by Section 6 of the Employment Agreement.

 

9.                 
This Release shall be governed by and construed in accordance with the laws of the State of New York, without regard to
conflicts or laws principles thereof.

 

10.             
This Release and the Employment Agreement represent the complete agreement between the Executive and the Company concerning
the subject matter in this Release and supersedes all prior agreements or understandings, written or oral. This Release may not
be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and
legal representatives.

 

11.             
Each of the sections contained in this Release shall be enforceable independently of every other section in this Release,
and the invalidity or unenforceability of any section shall not invalidate or render unenforceable any other section contained
in this Release.

 

    	- 17 -

     

    

12.             
The Executive acknowledges that the Executive has carefully read and understands this Release, that the Executive has
the right to consult an attorney with respect to its provisions and that this Release has been entered into voluntarily. The Executive
acknowledges that no representation, statement, promise, inducement, threat or suggestion has been made by any of the Released
Parties to influence the Executive to sign this Release except such statements as are expressly set forth herein or in the Employment
Agreement. 

 

[The remainder of this page intentionally left blank.]

 

 

 

 

 

 

 

 

 

 

    	- 18 -

     

    

 

The parties to this Release have executed this Release as of the
day and year first written above.

 

 

	 	 	Retail Opportunity
Investments Corp.
	 	 	 
	 	 	By:
	 	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	/s/ [Executive]
	 	 	[Executive]
	 	 	 

 

 

 

 

 

 

 

 

- 19 -

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