Document:

Exhibit 10.18

 

LNPR
Group, Inc.

 

2022
STOCK INCENTIVE PLAN

 

THE 2022 STOCK INCENTIVE PLAN
(the “Plan”) of LNPR Group, Inc., a Colorado corporation, is hereby adopted by its Board of Directors as of June 7,
2022 (the “Effective Date”).

 

Article
1.

PURPOSES
OF THE PLAN

 

Section 1.01          
Purposes. The purposes of the Plan are (a) to enhance the Company’s ability to attract and retain the services of qualified
employees, officers, directors, consultants, and other service providers upon whose judgment, initiative and efforts the successful conduct
and development of the Company’s business largely depends, and (b) to provide additional incentives to such persons or entities
to devote their utmost effort and skill to the advancement and betterment of the Company, by providing them an opportunity to participate
in the ownership of the Company and thereby have an interest in the success and increased value of the Company.

 

Article
2.

DEFINITIONS

 

For purposes of this Plan,
terms not otherwise defined herein shall have the meanings indicated below:

 

Section 2.01         
Administrator. “Administrator” means the Board or, if the Board delegates responsibility for any matter to the
Committee, the term Administrator shall mean the Committee.

 

Section 2.02          
Affiliated Company. “Affiliated Company” means:

 

a)                  
with respect to Incentive Options, any “parent corporation” or “subsidiary corporation” of the Company,
whether now existing or hereafter created or acquired, as those terms are defined in Sections 424(e) and 424(f) of the Code, respectively;
and

 

b)                 
with respect to Nonqualified Options, Restricted Stock Units, Stock Appreciation Rights, and Restricted Stock Grants any entity
described in paragraph (a) of this Section 2.02 above, plus any other corporation, limited liability company (“LLC”),
partnership or joint venture, whether now existing or hereafter created or acquired, with respect to which the Company beneficially owns
more than fifty percent (50%) of: (1) the total combined voting power of all outstanding voting securities, or (2) the capital or profits
interests of an LLC, partnership or joint venture.

 

Section 2.03          
Base Price. “Base Price” means the price per share of Common Stock for purposes of computing the amount payable
to a Participant who holds a Stock Appreciation Right upon exercise thereof.

 

Section 2.04          
Board. “Board” means the Board of Directors of the Company.

 

Section 2.05          
Change in Control. Except as set forth below, “Change in Control” means:

 

a)                  
The acquisition, directly or indirectly, in one (1) transaction or a series of related transactions, by any person or group (within
the meaning of Section 13(d)(3) of the Exchange Act) of the beneficial ownership of securities of the Company possessing more than fifty
percent (50%) of the total combined voting power of all outstanding securities of the Company;

 

 

 

 

    	 	1	 

     

    

 

b)                 
A merger or consolidation in which the Company is not the surviving entity, except for a transaction in which the holders of the
outstanding voting securities of the Company immediately prior to such merger or consolidation hold as a result of holding the Company
securities prior to such transaction, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting
power of all outstanding voting securities of the surviving entity (or the parent of the surviving entity) immediately after such merger
or consolidation;

 

c)                  
A reverse merger in which the Company is the surviving entity but in which the holders of the outstanding voting securities of
the Company immediately prior to such merger hold, in the aggregate, securities possessing less than fifty percent (50%) of the total
combined voting power of all outstanding voting securities of the Company or of the acquiring entity immediately after such merger; or

 

d)                 
The sale, transfer or other disposition (in one (1) transaction or a series of related transactions) of all or substantially all
of the assets of the Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately
prior to such transaction(s) receive as a distribution with respect to securities of the Company, in the aggregate, securities possessing
more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the acquiring entity immediately
after such transaction(s).

 

e)                  
In addition, a Change in Control will be deemed to have occurred if, at any time during any period of twelve (12) consecutive months
during the term of any Option, as stated in the Option Exercise Documents, Restricted Stock Award Agreement, Restricted Stock Unit Agreement
or Stock Appreciation Right Agreement under this Plan, individuals who at the beginning of such period constituted the entire Board do
not for any reason constitute a majority of the Board, unless the election, or the nomination for election by the Company’s stockholders,
of each new director was approved by a vote of at least a majority of the directors then still in office who were directors at the beginning
of the period (but not including any new director whose election or nomination is in connection with an actual or threatened proxy contest
relating to the election of directors of the Company).

 

Notwithstanding the foregoing, a transaction will
not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A of
the Code.

 

Section 2.06          
Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

Section 2.07          
Committee. “Committee” means a committee of two (2) or more members of the Board appointed to administer the Plan,
as set forth in Section 9.01.

 

Section 2.08          
Common Stock. “Common Stock” means the Common Stock of the Company, subject to adjustment pursuant to Section 4.02.

 

Section 2.09          
Company. “Company” means LNPR Group, Inc., a Colorado corporation, or any entity that is a successor to the Company.
Except where the context otherwise requires, the term “Company” shall include any of the Company’s present or
future parent or subsidiary corporations.

 

Section 2.10          
Disability. “Disability” means permanent and total disability as defined in Section 22(e)(3) of the Code. The Administrator’s
determination of a Disability or the absence thereof shall be conclusive and binding on all interested parties.

 

Section 2.11           
Effective Date. “Effective Date” means the date on which the Plan was originally adopted by the Board, as set forth
on the first page hereof.

 

Section 2.12           
Exchange Act. “Exchange Act” means the Securities and Exchange Act of 1934, as amended.

 

 

 

    	 	2	 

     

    

 

Section 2.13          
Exercise Price. “Exercise Price” means the purchase price per share of Common Stock payable by the Optionee to
the Company upon exercise of an Option.

 

Section 2.14          
Fair Market Value. “Fair Market Value” on any given date means the value of one (1) share of Common Stock, determined
as follows: (i) the last sale before or the first sale after the grant date; (ii) the closing price on the trading day before or on the
grant date; (iii) the arithmetic mean (average) of the high and low prices on the trading day before or the trading day of the grant;
(iv) an average of the stock price (determined either based on the arithmetic mean or the average of such selling price, weighted based
on the volume of trading on each trading day during the period) over a fixed period occurring within 30 days before or after the grant;
or (v) any other reasonable valuation method using actual transactions. If there is no public trading market for the Common Stock, the
Administrator may determine the fair market value in good faith using any reasonable method of evaluation in a manner consistent with
the valuation principles under Section 409A of the Code, which determination shall be conclusive and binding on all interested parties.

 

Section 2.15          
FINRA Dealer. “FINRA Dealer” means a broker-dealer that is a member of the Financial Industry Regulatory Authority.

 

Section 2.16          
Grant Form. “Grant Form” means the Grant of Stock Option form signed by both parties with respect to either an
Incentive Option or a Nonqualified Option, the form of which is set forth in Attachment 1 to this Plan.

 

Section 2.17          
Incentive Option. “Incentive Option” means any Option designated and qualified as an “incentive stock option”
as defined in Section 422 of the Code.

 

Section 2.18          
Nonqualified Option. “Nonqualified Option” means any Option that is not an Incentive Option.  To the extent
that any Option designated as an Incentive Option fails in whole or in part to qualify as an Incentive Option, including, without limitation,
for failure to meet the limitations applicable to a 10% Stockholder or because it exceeds the annual limit provided for in Section 5.07
below, it shall to that extent constitute a Nonqualified Option.

 

Section 2.19          
Option. “Option” means any option to purchase Common Stock granted pursuant to this Plan.

 

Section 2.20          
Option Exercise Documents. “Option Exercise Documents” means and includes the Option Exercise Form, the Grant Form,
the forms of which are set forth in Attachments 1 and 2 to this Plan, and any other agreements the Optionee is required to enter into
to exercise options.

 

Section 2.21          
Option Exercise Form. “Option Exercise Form” means the form identified as Exhibit A to the Grant Form.

 

Section 2.22          
Optionee. “Optionee” means any Participant who holds an Option.

 

Section 2.23          
Participant. “Participant” means an individual or entity that holds Options, Restricted Stock Units, Stock Appreciation
Rights, or Restricted Stock Awards under this Plan.

 

Section 2.24         
Performance Criteria. “Performance Criteria” means one (1) or more of the following as established by the Administrator,
which may be stated as a target percentage or dollar amount, a percentage increase over a base period percentage or dollar amount or the
occurrence of a specific event or events:

 

a)                  
Revenue;

b)                 
Gross profit;

c)                  
Operating income;

d)                 
Pre-tax income;  

e)                  
Earnings before interest, taxes, depreciation and amortization (“EBITDA”);

f)                  
Earnings per common share on a fully diluted basis (“EPS”);

g)                 
Consolidated net income of the Company divided by the average consolidated common stockholders’ equity (“ROE”);

 

 

 

    	 	3	 

     

    

 

h)                 
Cash and cash equivalents derived from either (i) net cash flow from operations, or (ii) net cash flow from operations, financings
and investing activities (“Cash Flow”);

i)                   
Adjusted operating cash flow return on income;

j)                   
Cost containment or reduction;

k)                 
The percentage increase in the market price of the Company’s common stock over a stated period; and

l)                   
Individual business objectives.

 

Section 2.25          
Restricted Stock Award. “Restricted Stock Award” means shares issued pursuant to the Restricted Stock Award Program
in Article 8.

 

Section 2.26          
Restricted Stock Award Agreement. “Restricted Stock Award Agreement” means the written agreement entered into between
the Company and a Participant evidencing the grant of Restricted Stock Awards under the Plan, the form of which is set forth in Attachment
3 to this Plan.

 

Section 2.27          
Restricted Stock Award Program. “Restricted Stock Award Program” means the program to issue restricted shares pursuant
to Article 8.

 

Section 2.28          
Restricted Stock Unit. “Restricted Stock Unit” means a right to receive an amount equal to the Fair Market Value
of one (1) share of Common Stock, issued pursuant to Article 6, subject to any restrictions and conditions as are established pursuant
to Article 6.

 

Section 2.29          
Restricted Stock Unit Agreement. “Restricted Stock Unit Agreement” means the written agreement entered into between
the Company and a Participant evidencing the grant of Restricted Stock Units under the Plan, the form of which is set forth in Attachment
4 to this Plan.

 

Section 2.30          
Service. “Service” means the provision of services to the Company or any Affiliated Company by a person in the
capacity of an employee, a non-employee member of the board of directors, officer, or a Service Provider, except to the extent otherwise
specifically provided in the documents evidencing the grant of an award under this Plan.

 

Section 2.31          
Service Provider. “Service Provider” means a consultant or other person or entity the Administrator authorizes
to become a Participant in the Plan and who provides services to (i) the Company, (ii) an Affiliated Company, or (iii) any other business
venture designated by the Administrator in which the Company or an Affiliated Company has a significant ownership interest.

 

Section 2.32          
Stock Appreciation Right. “Stock Appreciation Right” means a right issued pursuant to Article 7, subject to any
restrictions and conditions as are established pursuant to Article 7 that is designated as a Stock Appreciation Right.

 

Section 2.33          
Stock Appreciation Right Agreement. “Stock Appreciation Right Agreement” means the written agreement entered into
between the Company and a Participant evidencing the grant of Stock Appreciation Rights under the Plan, the form of which is set forth
in Attachment 5 to this Plan.

 

Section 2.34          
10% Stockholder. “10% Stockholder” means a person who, as of a relevant date, owns or is deemed to own (by reason
of the attribution rules applicable under Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company or of an Affiliated Company.

 

Article
3.

ELIGIBILITY

 

Section 3.01          
Incentive Options. Only employees of the Company or of an Affiliated Company (including members of the Board if they are employees
of the Company or of an Affiliated Company) are eligible to receive Incentive Options under the Plan.

 

 

 

 

    	 	4	 

     

    

 

Section 3.02          
Nonqualified Options; Restricted Stock Units and Stock Appreciation Rights. Employees and officers of the Company or of an
Affiliated Company, members of the Board (whether or not employed by the Company or an Affiliated Company), and Service Providers are
eligible to receive Nonqualified Options, Restricted Stock Units, and Stock Appreciation Rights under the Plan.

 

Section 3.03          
Section 162(m) Limitation. Subject to adjustment as to the number and kind of shares pursuant to Section 4.02, in no event
shall any Participant be granted in any one (1) calendar year any award that does not qualify as “performance-based compensation”
under Section 162(m) of the Code. In granting awards which are intended to qualify under Section 162(m) of the Code, the Administrator
shall follow any procedures determined by it from time to time to be necessary or appropriate to ensure qualification of the award under
Section 162(m) of the Code (e.g., in determining the Performance Criteria), provided that no action by the Company or the Administrator
shall be deemed to be a promise that any such award will be “performance-based compensation” under such section.

 

Article
4.

PLAN
SHARES

 

Section 4.01          
Shares Subject to the Plan. The number of shares of Common Stock that may be issued under this Plan shall be 6,500,000 shares
of Common Stock, subject to adjustment as to the number and kind of shares pursuant to Section 4.02. For purposes of this limitation,
in the event that (a) all or any portion of any Options or Stock Appreciation Rights granted under the Plan can no longer under any circumstances
be exercised, (b) any shares of Common Stock are reacquired by the Company pursuant to the Option Exercise Documents, or (c) all or any
portion of any Restricted Stock Units or Restricted Stock Awards granted under the Plan are forfeited or can no longer under any circumstances
vest, the shares of Common Stock allocable to or covered by the unexercised or unvested portion of such Options, Stock Appreciation Rights,
Restricted Stock Units, or Restricted Stock Awards, or the shares of Common Stock so reacquired shall again be available for grant or
issuance under the Plan. The following shares of Common Stock may not again be made available for issuance as awards under the Plan: (i)
shares of Common Stock not issued or delivered as a result of the net settlement of outstanding Stock Appreciation Rights or Options,
(ii) shares of Common Stock used to pay the Exercise Price related to outstanding Options, (iii) shares of Common Stock used to pay withholding
taxes related to outstanding Options, Stock Appreciation Rights, Restricted Stock Units, or Restricted Stock Awards, or (iv) shares of
Common Stock repurchased on the open market with the proceeds of the Option Exercise Price.

 

Section 4.02          
Changes in Capital Structure. In the event that the outstanding shares of Common Stock are hereafter increased or decreased
or changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of a recapitalization,
stock split, reverse stock split, reclassification, stock dividend, or other change in the capital structure of the Company, then appropriate
adjustments shall be made by the Administrator to the aggregate number and kind of shares subject to this Plan, the number and kind of
shares and the price per share subject to or covered by outstanding Option Exercise Documents, Restricted Stock Award Agreement, Restricted
Stock Unit Agreement or Stock Appreciation Right Agreement and the limit on the number of shares under Section 3.03, all in order to preserve,
as nearly as practical, but not to increase, the benefits to Participants.

 

Section 4.03          
Limitation on Number of Shares. The total number of shares of Common Stock issuable under this Plan shall not exceed 30% of
the then outstanding shares of Common Stock (with convertible preferred or convertible senior common shares counted on an as if converted
basis), unless a percentage higher than 30% is approved by at least two-thirds (2/3) of the outstanding securities entitled to vote.

 

Article
5. 

OPTIONS

 

Section 5.01          
Grant of Stock Options.  The Administrator shall have the right to grant pursuant to this Plan, Options subject to such
terms, restrictions, and conditions as the Administrator may determine at the time of grant.  Such conditions may include, but are
not limited to, continued provision of Service or the achievement of specified performance goals or objectives established by the Administrator
with respect to one (1) or more Performance Criteria, which require the Administrator to certify in writing whether and the extent to
which such Performance Criteria were achieved.

 

 

 

 

    	 	5	 

     

    

 

Section 5.02          
Option Exercise Documents. Each Option granted pursuant to this Plan shall be evidenced by Option Exercise Documents which
shall specify the number of shares subject thereto, vesting provisions relating to such Option, the Exercise Price per share, and whether
the Option is an Incentive Option or Nonqualified Option. As soon as is practical following the grant of an Option, Option Exercise Documents
shall be duly executed and delivered by or on behalf of the Company to the Optionee to whom such Option was granted.  Each Option
Exercise Document shall be in such form and contain such additional terms and conditions, not inconsistent with the provisions of this
Plan, as the Administrator shall, from time to time, deem desirable.

 

Section 5.03          
Exercise Price. The Exercise Price per share of Common Stock covered by each Option shall be determined by the Administrator,
subject to the following:  (a) the Exercise Price of an Incentive Option shall not be less than 100% of Fair Market Value on the
date the Incentive Option is granted, (b) the Exercise Price of a Nonqualified Option shall not be less than 100% of Fair Market Value
on the date the Nonqualified Option is granted, and (c) if the person to whom an Incentive Option is granted is a 10% Stockholder on the
date of grant, the Exercise Price shall not be less than 110% of Fair Market Value on the date the Incentive Option is granted. However,
an Option may be granted with an Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant
to an assumption or substitution for another option in a manner satisfying the provisions of Sections 409A and 424 of the Code.

 

Section 5.04          
Payment of Exercise Price. Payment of the Exercise Price shall be made upon exercise of an Option and may be made, in the discretion
of the Administrator, subject to any legal restrictions, by: (a) cash; (b) check; (c) the surrender of shares of Common Stock owned by
the Optionee (provided that shares acquired pursuant to the exercise of options granted by the Company must have been held by the Optionee
for the requisite period necessary to avoid a charge to the Company’s earnings for financial reporting purposes), which surrendered
shares shall be valued at Fair Market Value as of the date of such exercise; (d) the cancellation of indebtedness of the Company to the
Optionee; (e) the waiver of compensation due or accrued to the Optionee for services rendered; (f) provided that a public market
for the Common Stock exists, a “same day sale” commitment from the Optionee and a FINRA Dealer whereby the Optionee irrevocably
elects to exercise the Option and to sell a portion of the shares so purchased to pay for the Exercise Price and whereby the FINRA Dealer
irrevocably commits upon receipt of such shares to forward the Exercise Price directly to the Company; (g) provided that a public market
for the Common Stock exists, a “margin” commitment from the Optionee and a FINRA Dealer whereby the Optionee irrevocably elects
to exercise the Option and to pledge the shares so purchased to the FINRA Dealer in a margin account as security for a loan from the FINRA
Dealer in the amount of the Exercise Price, and whereby the FINRA Dealer irrevocably commits upon receipt of such shares to forward the
Exercise Price directly to the Company; or (h) any combination of the foregoing methods of payment or any other consideration or method
of payment as shall be permitted by applicable law and approved by the Administrator.

 

Section 5.05          
Term and Termination of Options. The term and provisions for termination of each Option shall be as fixed by the Administrator,
but no Option may be exercisable more than ten (10) years after the date it is granted.  An Incentive Option granted to a person
who is a 10% Stockholder on the date of grant shall not be exercisable more than five (5) years after the date it is granted.

 

Section 5.06          
Vesting and Exercise of Options. Each Option shall vest and become exercisable in one (1) or more installments at such time
or times and subject to such conditions, including without limitation the achievement of specified performance goals or objectives established
with respect to one (1) or more Performance Criteria, as shall be determined by the Administrator.

 

Section 5.07          
Annual Limit on Incentive Options. To the extent required for “incentive stock option” treatment under Section
422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the Common Stock with respect to which Incentive
Options granted under this Plan and any other plan of the Company or any Affiliated Company become exercisable for the first time by an
Optionee during any calendar year shall not exceed $100,000.

 

Section 5.08          
Restrictions. Options may not be sold, pledged or otherwise encumbered or disposed of and shall not be assignable or transferable
except by will, the laws of descent and distribution or pursuant to a domestic relations order entered by a court in settlement of marital
property rights, except as specifically provided in the Stock Option Agreement or as authorized by the Administrator, and subject to Section
13.01 of this Plan.

 

Section 5.09           
Effect of Termination of Service, Death, or Disability.

 

a)                  
Unless otherwise provided by the Administrator, any unvested Options held by the Optionee at the time of termination of Service,
Disability or death, will expire immediately upon the occurrence of any such event.

 

 

 

    	 	6	 

     

    

 

b)                 
The following provisions shall govern the exercise of any vested Options held by the Optionee at the time of termination of Service,
Disability, or death:

 

(1)               
Should the Optionee’s Service be terminated for cause, then the Options shall terminate on the date Service is terminated.

 

(2)               
Should the Optionee’s Service be terminated for Disability, then the Optionee shall have a period of six (6) months following
the date of such termination during which to exercise each outstanding Option held by such Optionee at the time of Disability.

 

(3)               
If the Optionee dies while holding an outstanding Option, then the personal representative of his or her estate or the person or
persons to whom the Option is transferred pursuant to the Optionee’s will or the laws of inheritance shall have six (6) months following
the date of the Optionee’s death to exercise such Option.

 

(4)               
Should Optionee’s Service be terminated by reason other than for cause, Disability, or death, then the Optionee shall have
a period of thirty (30) days following the date of such termination during which to exercise each outstanding Option held by such Optionee.

 

(5)               
Under no circumstances, however, shall any such Option be exercisable after the specified expiration of the Option term.

 

(6)               
During the applicable post-Service exercise period, the Option may not be exercised in the aggregate for more than the number of
vested shares for which the Option is exercisable on the date of the Optionee’s termination of Service. Upon the expiration of the
applicable exercise period or (if earlier) upon the expiration of the Option term, the Option shall terminate and cease to be outstanding
for any Option which has not been exercised.

 

c)                  
The Administrator shall have the discretion, exercisable either at the time an Option is granted or at any time while the Option
remains outstanding, to provide either or both of the following, in whole or in part as to any Options:

 

(1)               
extend the period of time for which the Option is to remain exercisable following Optionee’s termination of Service or death
from the limited period otherwise in effect for that Option to such greater period of time as the Administrator shall deem appropriate,
but in no event beyond the expiration of the Option term;

 

(2)               
permit the Option to be exercised, during the applicable post-termination exercise period, not only with respect to the number
of vested shares of Common Stock for which such Option is exercisable at the time of the Optionee’s termination of Service but also
with respect to one (1) or more additional installments in which the Optionee would have vested under the Option had the Optionee continued
Service.

 

Section 5.10          
Rights as a Stockholder. An Optionee or permitted transferee of an Option shall have no rights or privileges as a stockholder
with respect to any shares covered by an Option until such Option has been duly exercised and certificates representing shares purchased
upon such exercise have been issued to such person.

 

Article
6.

RESTRICTED
STOCK UNITS

 

Section 6.01          
Grants of Restricted Stock Units. The Administrator shall have the right to grant pursuant to this Plan Restricted Stock Units
subject to such terms, restrictions, and conditions as the Administrator may determine at the time of grant.  Such conditions may
include, but are not limited to, continued employment or the achievement of specified performance goals or objectives established by the
Administrator with respect to one (1) or more Performance Criteria, which require the Administrator to certify in writing whether and
the extent to which such Performance Criteria were achieved.

 

 

 

    	 	7	 

     

    

 

Section 6.02             
Restricted Stock Unit Agreements. A Participant shall have no rights with respect to the Restricted Stock Units covered by
a Restricted Stock Unit Agreement until the Participant has executed and delivered to the Company the applicable Restricted Stock Unit
Agreement. Each Restricted Stock Unit Agreement shall be in such form, and shall set forth such other terms, conditions, and restrictions
of the Restricted Stock Unit Agreement, not inconsistent with the provisions of this Plan, as the Administrator shall, from time to time,
deem desirable. Each such Restricted Stock Unit Agreement may be different from each other Restricted Stock Unit Agreement.

 

Section 6.03          
Vesting of Restricted Stock Units. The Restricted Stock Unit Agreement shall specify the date or dates, the performance goals,
if any, established by the Administrator with respect to one (1) or more Performance Criteria that must be achieved, and any other conditions
on which the Restricted Stock Units may vest. Except as otherwise provided by the Administrator, should the Participant cease to remain
in Service while holding one (1) or more unvested Restricted Stock Units, should the performance objectives not be attained with respect
to one (1) or more such unvested Restricted Stock Units, or in the event of the death or Disability of the Participant, then those Restricted
Stock Units shall be immediately surrendered to the Company for cancellation, and the Participant shall have no further shareholder rights
with respect to those Restricted Stock Units.

 

Section 6.04          
Form and Timing of Settlement. Settlement in respect of vested Restricted Stock Units will be automatic upon vesting thereof.
 Payment in respect thereof will be made no later than thirty (30) days thereafter and may, in the discretion of the Administrator,
be in cash, shares of Common Stock of equivalent Fair Market Value as of the date of exercise, or a combination of both, except as specifically
provided in the Restricted Stock Unit Agreement.

 

Section 6.05          
Rights as a Stockholder. Holders of Restricted Stock Units shall have no rights or privileges as a stockholder with respect
to any shares of Common Stock covered thereby unless and until they become owners of shares of Common Stock following settlement in respect
of such Restricted Stock Units, in whole or in part, in shares of Common Stock pursuant to their respective Restricted Stock Unit Agreements
and the terms and conditions of the Plan.

 

Section 6.06          
Restrictions. Restricted Stock Units may not be sold, pledged or otherwise encumbered or disposed of and shall not be assignable
or transferable except by will, the laws of descent and distribution or pursuant to a domestic relations order entered by a court in settlement
of marital property rights, except as specifically provided in the Restricted Stock Unit Agreement or as authorized by the Administrator,
and subject to Section 13.01 of this Plan.

 

Article
7.

STOCK
APPRECIATION RIGHTS

 

Section 7.01          
Grants of Stock Appreciation Rights. The Administrator shall have the right to grant pursuant to this Plan, Stock Appreciation
Rights subject to such terms, restrictions and conditions as the Administrator may determine at the time of grant. Such conditions may
include, but are not limited to, continued employment or the achievement of specified performance goals or objectives established by the
Administrator with respect to one (1) or more Performance Criteria, which require the Administrator to certify in writing whether and
the extent to which such Performance Criteria were achieved.

 

Section 7.02          
Stock Appreciation Right Agreements. A Participant shall have no rights with respect to the Stock Appreciation Rights covered
by a Stock Appreciation Right Agreement until the Participant has executed and delivered to the Company the applicable Stock Appreciation
Right Agreement. Each Stock Appreciation Right Agreement shall be in such form, and shall set forth the Base Price and such other terms,
conditions and restrictions of the Stock Appreciation Right Agreement, not inconsistent with the provisions of this Plan, as the Administrator
shall, from time to time, deem desirable. Each such Stock Appreciation Right Agreement may be different from each other Stock Appreciation
Right Agreement.

 

Section 7.03          
Base Price. The Base Price per share of Common Stock covered by each Stock Appreciation Right shall be determined by the Administrator
and will be not less than 100% of Fair Market Value on the date the Stock Appreciation Right is granted.  However, a Stock Appreciation
Right may be granted with a Base Price lower than that set forth in the preceding sentence if such Stock Appreciation Right is granted
pursuant to an assumption or substitution for another stock appreciation right in a manner satisfying the provisions of Section 409A of
the Code.

 

 

 

 

    	 	8	 

     

    

 

Section 7.04          
Term and Termination of Stock Appreciation Rights. The term and provisions for termination of each Stock Appreciation Right
shall be as fixed by the Administrator, but no Stock Appreciation Right may be exercisable more than ten (10) years after the date it
is granted.

 

Section 7.05          
Vesting and Exercise of Stock Appreciation Rights. Each Stock Appreciation Right shall vest and become exercisable in one (1)
or more installments at such time or times and subject to such conditions, including without limitation the achievement of specified performance
goals or objectives established with respect to one (1) or more Performance Criteria, as shall be determined by the Administrator.

 

Section 7.06           
Effect of Termination of Service, Death, or Disability.

 

a)                  
Unless otherwise provided by the Administrator, any unvested Stock Appreciation Right held by the Participant at the time of termination
of Service, Disability or death, will expire immediately upon the occurrence of any such event.

 

b)                 
The following provisions shall govern the exercise of any vested Stock Appreciation Right held by the Participant at the time of
termination of Service, Disability, or death:

 

(1)               
Should the Participant’s Service be terminated for cause, then the Stock Appreciation Rights shall terminate on the date
Service is terminated.

 

(2)               
Should the Participant’s Service be terminated for Disability, then the Participant shall have a period of six (6) months
following the date of such termination during which to exercise each outstanding Stock Appreciation Right held by such Participant at
the time of Disability.

 

(3)               
If the Participant dies while holding an outstanding Stock Appreciation Right, then the personal representative of his or her estate
or the person or persons to whom the Stock Appreciation Right is transferred pursuant to the Participant’s will or the laws of inheritance
shall have six (6) months following the date of the Participant’s death to exercise such Stock Appreciation Right.

 

(4)               
Should Participant’s Service be terminated by reason other than for cause, Disability, or death, then the Participant shall
have a period of thirty (30) days following the date of such termination during which to exercise each outstanding Stock Appreciation
Right held by such Participant.

 

(5)               
Under no circumstances, however, shall any such Stock Appreciation Right be exercisable after the specified expiration of the Stock
Appreciation Right term.

 

c)                  
The Administrator shall have the discretion, exercisable either at the time a Stock Appreciation Right is granted or at any time
while the Stock Appreciation Right remains outstanding, to extend the period of time for which the Stock Appreciation Right is to remain
exercisable following Participant’s termination of Service or death from the limited period otherwise in effect for that Stock Appreciation
Right to such greater period of time as the Administrator shall deem appropriate, but in no event beyond the expiration of the Stock Appreciation
Right term;

 

Section 7.07          
Amount, Form and Timing of Settlement. Upon exercise of a Stock Appreciation Right, the Participant who holds such Stock Appreciation
Right will be entitled to receive payment from the Company in an amount equal to the product of (a) the difference between the Fair Market
Value of a share of Common Stock on the date of exercise over the Base Price per share of Common Stock covered by such Stock Appreciation
Right and (b) the number of shares of Common Stock with respect to which such Stock Appreciation Right is being exercised. Payment in
respect thereof will be made no later than thirty (30) days after such exercise, provided that such payment will be made in a manner such
that no amount of compensation will be treated as deferred under Treasury Regulation Section 1.409A-1(b)(5)(i)(D).  Such payment
may, in the discretion of the Administrator, be in cash, shares of Common Stock of equivalent Fair Market Value as of the date of exercise,
or a combination of both, except as specifically provided in the Stock Appreciation Right Agreement.

 

 

 

    	 	9	 

     

    

 

Section 7.08          
Rights as a Stockholder. Holders of Stock Appreciation Rights shall have no rights or privileges as a stockholder with respect
to any shares of Common Stock covered thereby unless and until they become owners of shares of Common Stock following settlement in respect
of such Stock Appreciation Rights, in whole or in part, in shares of Common Stock pursuant to their respective Stock Appreciation Right
Agreements and the terms and conditions of the Plan.

 

Section 7.09          
Restrictions. Stock Appreciation Rights may not be sold, pledged or otherwise encumbered or disposed of and shall not be assignable
or transferable except by will, the laws of descent and distribution or pursuant to a domestic relations order entered by a court in settlement
of marital property rights, except as specifically provided in the Stock Appreciation Right Agreement or as authorized by the Administrator,
and subject to Section 13.01 of this Plan.

 

Article
8.

RESTRICTED STOCK AWARDS PROGRAM

 

Section 8.01          
Restricted Stock Award Terms. Shares of Common Stock may be issued under the Restricted Stock Awards Program through direct
and immediate issuances of Restricted Stock Awards without any intervening option grants. Each such stock grant shall be evidenced by
a Restricted Stock Awards Agreement which complies with the terms specified below.

 

Section 8.02          
Cost of Shares. Grants of Restricted Stock Awards under the Restricted Stock Awards Program shall be made at such cost as the
Administrator shall determine and may be issued for no monetary consideration, subject to applicable state law.

 

Section 8.03          
Vesting Provisions.

 

a)                  
Each Restricted Stock Award shall vest and become exercisable in one (1) or more installments at such time or times and subject
to such conditions, including without limitation the achievement of specified performance goals or objectives established with respect
to one (1) or more Performance Criteria, as shall be determined by the Administrator.

 

a)                  
Any new, substituted or additional securities or other property (including money paid other than as a regular cash dividend) which
the Participant may have the right to receive with respect to the Participant’s unvested Restricted Stock Awards by reason of any
stock dividend, stock split, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common
Stock as a class without the Company’s receipt of consideration shall be issued subject to (i) the same vesting requirements applicable
to the Participant’s unvested Restricted Stock Awards and (ii) such escrow arrangements as the Administrator shall deem appropriate.

 

b)                 
Unless specified otherwise in the Restricted Stock Awards Agreement, the Participant shall have full shareholder rights with respect
to any Restricted Stock Awards issued to the Participant under the Restricted Stock Awards Program, whether or not the Participant’s
interest in those shares is vested, and accordingly, the Participant shall have the right to vote such shares and to receive any regular
cash dividends paid on such shares.

 

c)                  
Should the Participant cease to remain in Service while holding one (1) or more unvested Restricted Stock Awards issued under the
Restricted Stock Awards Program or should the performance objectives not be attained with respect to one (1) or more such unvested Restricted
Stock Awards, then those shares shall be immediately surrendered to the Company for cancellation, and the Participant shall have no further
shareholder rights with respect to those shares. To the extent the surrendered shares were previously issued to the Participant for consideration
paid in cash or cash equivalent (including the Participant’s purchase-money indebtedness), the Company shall repay to the Participant
the cash consideration paid for the surrendered shares and shall cancel the unpaid principal balance of any outstanding purchase-money
note of the Participant attributable to such surrendered shares.

 

 

 

 

    	 	10	 

     

    

 

d)                 
The Administrator may in its discretion waive the surrender and cancellation of one (1) or more unvested Restricted Stock Awards
(or other assets attributable thereto) which would otherwise occur upon the non-completion of the vesting schedule applicable to such
shares. Such waiver shall result in the immediate vesting of the Participant’s interest in the Restricted Stock Awards as to which
the waiver applies. Such waiver may be effected at any time, whether before or after the Participant’s cessation of Service or the
attainment or non-attainment of the applicable performance objectives.

 

Section 8.04          
Restrictions. Unvested Restricted Stock Awards may not be sold, pledged or otherwise encumbered or disposed of and shall
not be assignable or transferable except by will, the laws of descent and distribution or pursuant to a domestic relations order entered
by a court in settlement of marital property rights, except as specifically provided in the Restricted Stock Award Agreement or as authorized
by the Administrator, and subject to Section 13.01 of this Plan.

 

Section 8.05         
Share Escrow/Legends. Stock certificates evidencing any unvested Restricted Stock Awards may, in the Administrator’s
discretion, be held in escrow by the Company until the Participant’s interest in such shares vests or may be issued directly to
the Participant with restrictive legends on the certificates evidencing those unvested shares.

 

Article
9.

ADMINISTRATION
OF THE PLAN

 

Section 9.01          
Administrator. Authority to control and manage the operation and administration of the Plan shall be vested in the Board, which
may delegate such responsibilities in whole or in part to a committee consisting of two (2) or more members of the Board (the “Committee”),
each of whom shall meet the independence requirements under the then applicable rules, regulations or listing requirements of the principal
exchange on which the Company’s shares of Common Stock are then listed or admitted to trading or as otherwise determined by the
Board.  Members of the Committee may be appointed from time to time by, and shall serve at the pleasure of, the Board. The Board
may limit the composition of the Committee to those persons necessary to comply with the requirements of Section 162(m) of the Code and
Section 16 of the Exchange Act. As used herein, the term “Administrator” means the Board or, with respect to any matter as
to which responsibility has been delegated to the Committee, the term Administrator shall mean the Committee.

 

Section 9.02          
Powers of the Administrator. In addition to any other powers or authority conferred upon the Administrator elsewhere in this
Plan or by law, the Administrator shall have full power and authority:  (a) to determine the persons to whom, and the time or
times at which, Incentive Options, Nonqualified Options, Restricted Stock Units, Stock Appreciation Rights, or Restricted Stock Awards
shall be granted, the number of shares to be represented by Option Exercise Documents, and the Exercise Price of such Options and the
Base Price of such Stock Appreciation Rights; (b) to interpret the Plan; (c) to create, amend or rescind rules and regulations
relating to the Plan; (d) to determine the terms, conditions and restrictions contained in, and the form of, Option Exercise Documents,
Restricted Stock Awards Agreement, Restricted Stock Unit Agreement, or Stock Appreciation Right Agreement; (e) to determine the identity
or capacity of any persons who may be entitled to exercise a Participant’s rights under any Option Exercise Documents, Restricted
Stock Awards Agreement, Restricted Stock Unit Agreement, or Stock Appreciation Right Agreement under the Plan; (f) to correct any
defect or supply any omission or reconcile any inconsistency in the Plan or in any Option Exercise Documents, Restricted Stock Awards
Agreement, Restricted Stock Unit Agreement, or Stock Appreciation Right Agreement; (g) to accelerate the vesting of any Option, Restricted
Stock Unit, Stock Appreciation Right, or Restricted Stock Award; (h) to extend the expiration date of any Option Exercise Documents,
Restricted Stock Awards Agreement, Restricted Stock Unit Agreement, or Stock Appreciation Right Agreement; (i) subject to Section
9.03, to amend outstanding Option Exercise Documents, Restricted Stock Awards Agreement, Restricted Stock Unit Agreement, or Stock Appreciation
Right Agreement to provide for, among other things, any change or modification which the Administrator could have included in the original
agreement or in furtherance of the powers provided for herein; and (j) to make all other determinations necessary or advisable for
the administration of this Plan, but only to the extent not contrary to the express provisions of this Plan.  Any action, decision,
interpretation or determination made in good faith by the Administrator in the exercise of its authority conferred upon it under this
Plan shall be final and binding on the Company and all Participants. Notwithstanding any term or provision in this Plan, the Administrator
shall not have the power or authority, by amendment or otherwise to extend the expiration date of an Option, Restricted Stock Unit or
Stock Appreciation Right beyond the tenth (10th) anniversary of the date such Option or Stock Appreciation Right was granted.

 

 

 

 

    	 	11	 

     

    

 

Section 9.03          
Repricing Prohibited. Subject to Section 4.02, and except in connection with a corporate transaction involving the Company
(including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination, or exchange of shares), neither the Committee nor the Board shall amend the terms of outstanding
awards to reduce the Exercise Price of outstanding Options or the Base Price of outstanding Stock Appreciation Rights or cancel outstanding
Options, Stock Appreciation Rights, or Restricted Stock Awards in exchange for cash, other awards or Options with an Exercise Price that
is less than the Exercise Price of the original Options or Stock Appreciation Rights with a Base Price that is less than the Base Price
of the original Stock Appreciation Rights, without approval of the Company’s stockholders, evidenced by a majority of votes cast.

 

Section 9.04          
Limitation on Liability; Indemnification.  No employee of the Company or member of the Board or Committee shall be subject
to any liability with respect to duties under the Plan unless the person acts fraudulently or in bad faith.  To the extent permitted
by law, the Company shall indemnify each member of the Board or Committee, and any employee of the Company with duties under the Plan,
who was or is a party, or is threatened to be made a party, to any threatened, pending or completed proceeding, whether civil, criminal,
administrative or investigative, by reason of such person’s conduct in the performance of duties under the Plan.

 

Article
10.

CHANGE IN CONTROL

 

Section 10.01      
Options and Stock Appreciation Rights. Vesting of all outstanding Options or Stock Appreciation Rights shall accelerate automatically
effective as of immediately prior to the consummation of the Change in Control. In connection with such acceleration, the Administrator
in its discretion may provide, in connection with the Change in Control transaction, for the purchase or exchange of each Option or Stock
Appreciation Right for an amount of cash or other property having a value equal to (i) with respect to each Option, the amount (or “spread”)
by which, (x) the value of the cash or other property that the Optionee would have received pursuant to the Change in Control transaction
in exchange for the shares issuable upon exercise of the Option had the Option been exercised immediately prior to the Change in Control,
exceeds (y) the Exercise Price of the Option, and (ii) with respect to each Stock Appreciation Right, the value of the cash or other property
that the Participant would have received had the Stock Appreciation Right been exercised immediately prior to the Change in Control. The
Administrator shall have the discretion to provide in each Option Exercise Document other terms and conditions that relate to vesting
of such Option or Stock Appreciation Right in the event of a Change in Control. The aforementioned terms and conditions may vary in each
Option Exercise Document and may be different from and have precedence over the provisions set forth in this Section 10.01.

 

Section 10.02      
Restricted Stock Units and Restricted Stock Awards. All Restricted Stock Units and unvested Restricted Stock Awards shall vest
in full effective as of immediately prior to the consummation of the Change in Control. In connection with such acceleration, the Administrator
in its discretion may provide, in connection with the Change in Control transaction, for the purchase or exchange of each Restricted Stock
Unit or Restricted Share for an amount of cash or other property having a value equal to the value of the cash or other property that
the Participant would have received had the Restricted Stock Unit or Restricted Share vested immediately prior to the Change in Control.
The Administrator shall have the discretion to provide in each agreement other terms and conditions that relate to vesting of such Restricted
Stock Units and Restricted Stock Awards in the event of a Change in Control. The aforementioned terms and conditions may vary in each
agreement, and may be different from and have precedence over the provisions set forth in this Section 10.02.

 

Article
11.

AMENDMENT AND TERMINATION OF THE PLAN

 

Section 11.01      
Amendments. The Board may from time to time alter, amend, suspend or terminate this Plan in such respects as the Board may
deem advisable. No such alteration, amendment, suspension or termination shall be made which shall substantially affect or impair the
rights of any Participant under an outstanding Option Exercise Documents, Restricted Stock Awards Agreement, Restricted Stock Unit Agreement,
and Stock Appreciation Right Agreement without such Participant’s consent. Shareholder approval is required for any amendment which
increases the number of shares that may be issued under the Plan. The Board may alter or amend the Plan to comply with requirements under
the Code relating to Incentive Options or other types of options which gives Optionees more favorable tax treatment than that applicable
to Options granted under this Plan as of the date of its adoption. Upon any such alteration or amendment, any outstanding Option granted
hereunder may, if the Administrator so determines and if permitted by applicable law, be subject to the more favorable tax treatment afforded
to an Optionee pursuant to such terms and conditions. The Plan Administrator may revise or amend the grant forms attached to this Plan.

 

 

 

 

    	 	12	 

     

    

 

Section 11.02      
Plan Termination. Unless this Plan shall theretofore have been terminated, the Plan shall terminate on the tenth (10th) anniversary
of the Effective Date and no Options, Restricted Stock Units, Stock Appreciation Rights, or Restricted Stock Awards may be granted under
the Plan thereafter, but Option Exercise Documents, Restricted Stock Awards Agreement, Restricted Stock Unit Agreements, and Stock Appreciation
Right Agreements then outstanding shall continue in effect in accordance with their respective terms.

 

Article
12.

TAXES

 

Section 12.01      
Withholding. The Company shall have the power to withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy any applicable Federal, state, and local tax withholding requirements with respect to any Options, Restricted Stock Units,
Stock Appreciation Rights, or Restricted Stock Awards. To the extent permissible under applicable tax, securities and other laws, the
Administrator may, in its sole discretion and upon such terms and conditions as it may deem appropriate, permit a Participant to satisfy
his or her obligation to pay any such tax, in whole or in part, up to an amount determined on the basis of the highest marginal tax rate
applicable to such Participant, by (a) directing the Company to apply shares of Common Stock to which the Participant is entitled as a
result of the exercise of an Option or Stock Appreciation Right or vesting of a Restricted Stock Unit or Restricted Share, or (b) delivering
to the Company shares of Common Stock owned by the Participant. The shares of Common Stock so applied or delivered in satisfaction of
the Participant’s tax withholding obligation shall be valued at their Fair Market Value as of the date of measurement of the amount
of income subject to withholding.

 

Section 12.02      
Compliance with Section 409A of the Code. Options, Restricted Stock Units, Stock Appreciation Rights, and Restricted Stock
Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements
of Section 409A of the Code such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest
applicable under Section 409A of the Code, except as otherwise determined in the sole discretion of the Administrator. The Plan and each
Option Exercise Document, Restricted Stock Awards Agreement, Restricted Stock Unit Agreement, and Stock Appreciation Right Agreement is
intended to meet the requirements of Section 409A of the Code and will be construed and interpreted in accordance with such intent, except
as otherwise determined in the sole discretion of the Administrator. To the extent that an Option, Restricted Stock Unit, Stock Appreciation
Right, or Restricted Stock Award, or grant, payment, settlement or deferral thereof is subject to Section 409A of the Code such Option,
Restricted Stock Unit, Stock Appreciation Right, or Restricted Share will be granted, paid, settled or deferred in a manner that will
meet the requirements of Section 409A of the Code, such that the grant, payment, settlement or deferral thereof will not be subject to
the additional tax or interest applicable under Section 409A of the Code.

 

Article
13.

MISCELLANEOUS

 

Section 13.01      
Involuntary Transfer. In the event of any transfer by operation of law or other involuntary transfer (including divorce or
death) of all or a portion of any awards or shares granted pursuant to this Plan, whether vested or unvested, held by the record holder
thereof, the Company shall have the right to purchase all of the awards or shares transferred at the greater of the purchase price paid
by purchaser or the Fair Market Value of the awards or shares (as determined by the Board of Directors) on the date of transfer. Upon
such a transfer, the person acquiring the awards or shares shall promptly notify the Secretary of the Company of such transfer. The right
to purchase such awards or shares shall be provided to the Company for a period of thirty (30) days following receipt by the Company
of written notice by the person acquiring the awards or shares. Within thirty (30) days of receiving notice of the transfer or proposed
transfer, the Company shall notify the purchaser/acquirer or his or her executor of the price. If the purchaser/acquirer does not agree
with the Company’s valuation, the purchaser/acquirer may have the valuation determined by an independent appraiser to be mutually
agreed upon and paid for by the purchaser/acquirer and the Company.

 

Section 13.02      
Shareholder Approval of the Plan. The Plan shall be approved by a majority of the outstanding securities entitled to vote at
a duly called meeting or by majority written consent by the later of (i) within twelve (12) months before or after the date the Plan is
adopted, or (ii) prior to or within twelve (12) months of the granting of any Incentive Options or Nonqualified Options, or the issuance
of any Restricted Stock Units, Stock Appreciation Rights, or Restricted Stock Awards. If any Incentive Options or Nonqualified Options
is exercised, or any Restricted Stock Units, Stock Appreciation Rights, or Restricted Stock Awards is issued before security holder approval
is obtained, the award shall be rescinded if security holder approval is not obtained in the manner described in the preceding sentence.

 

 

 

    	 	13	 

     

    

 

Section 13.03      
Excess Awards. Awards may be granted under the Plan which are in each instance in excess of the number of shares of Common
Stock then available for issuance under the Plan, provided any excess shares actually issued under those programs shall be held in escrow
until there is obtained shareholder approval of an amendment or increase pursuant to Section 4.01 sufficiently increasing the number of
shares of Common Stock available for issuance under the Plan. If such shareholder approval is not obtained within twelve (12) months after
the date the first such excess issuances are made, then (i) any unexercised options granted on the basis of such excess shares shall terminate
and cease to be outstanding and (ii) the Company shall promptly refund to the Participants the exercise or purchase price paid for any
excess shares issued under the Plan and held in escrow, together with interest (at the applicable Short Term Federal Rate) for the period
the shares were held in escrow, and such shares shall thereupon be automatically canceled and cease to be outstanding.

 

Section 13.04      
Benefits Not Alienable. Other than as provided above, benefits under this Plan may not be assigned or alienated, whether voluntarily
or involuntarily. Any unauthorized attempt at assignment, transfer, pledge or other disposition shall be without effect.

 

Section 13.05      
No Enlargement of Employee Rights. This Plan is strictly a voluntary undertaking on the part of the Company and shall not be
deemed to constitute a contract between the Company and any Participant to be consideration for, or an inducement to, or a condition of,
the employment of any Participant. Nothing contained in the Plan shall be deemed to give the right to any Participant to be retained as
an employee of the Company or any Affiliated Company or to interfere with the right of the Company or any Affiliated Company to discharge
any Participant at any time.

 

Section 13.06      
Application of Funds. The proceeds received by the Company from the sale of Common Stock pursuant to Option Exercise Documents,
except as otherwise provided herein, will be used for general corporate purposes.

 

Section 13.07      
Annual Reports. During the term of this Plan, the Company will furnish to each Participant who does not otherwise receive such
materials, copies of all reports, proxy statements and other communications that the Company distributes generally to its stockholders,
including, but not limited to, annual financial statements.

 

Section 13.08      
Choice of Law and Venue.  The Plan and all related documents shall be governed by, and construed in accordance with, the
laws of the State of Colorado.  Acceptance of an award shall be deemed to constitute consent to the jurisdiction and venue of the
courts located in the State of Colorado for all purposes in connection with any suit, action or other proceeding relating to such award,
including the enforcement of any rights under the Plan or any agreement or other document, and shall be deemed to constitute consent to
any process or notice of motion in connection with such proceeding being served by certified or registered mail or personal service within
or without the State of Colorado, provided a reasonable time for appearance is allowed.

 

Section 13.09      
Rule 16b-3. With respect to Participants subject to Rule 16b-3 of the Exchange Act, transactions under the Plan are intended
to comply with all applicable provisions of Rule 16b-3. To the extent any provision of the Plan or action by the Plan Administrator fails
to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Plan Administrator.

 

Section 13.10      
Relationship to Other Plans. Nothing in this Plan shall prevent the Company or any Affiliated Company from adopting or continuing
other or additional compensation arrangements, including without limitation plans providing for the granting of options, restricted stock
units, stock appreciation rights, restricted stock awards, or other equity awards. Grants under the Plan may form a part of or otherwise
be related to such other or additional compensation arrangements.

 

Attachments:

 

		1.	Grant of Stock Option Form

		2.	Option Exercise Form and the Grant Form

		3.	Restricted Stock Award Agreement Form

		4.	Restricted Stock Unit Agreement Form

		5.	Stock Appreciation Right Agreement Form

 

 

    	 	14EX-4.2

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 Exhibit 4.2 

FORM OF 
 REGISTRATION
RIGHTS AGREEMENT 
 by and among 

MN8 Energy, Inc., 

Goldman Sachs RP Holdings LLC, 

Goldman Sachs Asset Management, L.P., 

and 
 GSAM Holdings II
LLC 
 dated as of 

[                ], 2022 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Section 1.   	 	Certain Definitions.	  	 	1	 
	Section 2.   	 	Registration Rights.	  	 	5	 
	2.1.	 	Demand Registrations.	  	 	5	 
	2.2.	 	Piggyback Registrations.	  	 	9	 
	2.3.	 	Allocation of Securities Included in Registration Statement.	  	 	10	 
	2.4.	 	Registration Procedures.	  	 	12	 
	2.5.	 	Expenses.	  	 	19	 
	2.6.	 	Certain Limitations on Registration Rights.	  	 	19	 
	2.7.	 	Limitations on Sale or Distribution of Other Securities.	  	 	19	 
	2.8.	 	No Required Sale.	  	 	20	 
	2.9.	 	Indemnification.	  	 	20	 
	2.10.	 	Limitations on Registration of Other Securities; Representation.	  	 	24	 
	2.11.	 	No Inconsistent Agreements.	  	 	24	 
	Section 3.	 	Underwritten Offerings.	  	 	24	 
	3.1.	 	Requested Underwritten Offerings	  	 	24	 
	3.2.	 	Piggyback Underwritten Offerings.	  	 	25	 
	Section 4.	 	General.	  	 	25	 
	4.1.	 	Rule 144.	  	 	25	 
	4.2.	 	Nominees for Beneficial Owners.	  	 	26	 
	4.3.	 	Additional Parties; Joinder.	  	 	26	 
	4.4.	 	Amendments and Waivers.	  	 	26	 
	4.5.	 	Notices.	  	 	26	 
	4.6.	 	Successors and Assigns.	  	 	27	 
	4.7.	 	Entire Agreement.	  	 	28	 
	4.8.	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.	  	 	28	 
	4.9.	 	Interpretation; Construction.	  	 	29	 
	4.10.	 	Counterparts.	  	 	29	 
	4.11.	 	Severability.	  	 	29	 
	4.12.	 	Remedies.	  	 	29	 
	4.13.	 	Further Assurances.	  	 	30	 
	4.14.	 	Confidentiality.	  	 	30	 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) dated as of
[    ], 2022, is entered into by and among (i) MN8 Energy, Inc., a Delaware corporation (the “Company”), (ii) Goldman Sachs RP Holdings LLC, a Delaware limited liability company
(“HoldCo”), (iii) Goldman Sachs Asset Management, L.P., a Delaware limited partnership (“GSAM”), and (iv) GSAM Holdings II LLC, a Delaware limited liability company (“GSAM Holdings
II” and, together with HoldCo and GSAM, the “GSAM Entities”). Each of the foregoing is sometimes referred to herein individually as a “Party” and collectively as the
“Parties.” 
 W I T N E S S E T H : 

WHEREAS, the Company was formed for the purpose of effecting the IPO (as defined herein); 

WHEREAS, in connection with the IPO Reorganization (as defined herein), the GSAM Entities received shares of the Company’s common
stock, par value $0.01 per share (the “Common Stock”); and 
 WHEREAS, the Parties hereto desire to, among
other things, set forth certain agreements with respect to the ownership by the GSAM Entities of such shares of Common Stock. 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
intending to be legally bound hereby, the Parties hereto agree as follows: 
 Section 1.    Certain
Definitions. Capitalized terms used in this Agreement but not otherwise defined herein shall have the respective meanings set forth in the Internalization Agreement. In addition, the following terms shall have the following meanings: 

“Acquired Shares” has the meaning ascribed to such term in Section 4.3. 

“Affiliate” or “affiliate” shall mean, with respect to any Person, any other Person that directly or
indirectly controls or is controlled by or is under common control with such Person. As used in this definition, “control” (including its correlative meanings, “controlled by” and “under common control with”)
shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of such Person. With
respect to GS, the term “Affiliate” shall also mean (i) any entity in which GS, or an Affiliate thereof, is a general partner or manager, and (ii) any managed account, investment fund or other vehicle or Person who is a passive
investor in any investments, funds, vehicles or accounts that are managed, sponsored, advised or administered by GS or an Affiliate thereof; provided that any Person described in this clause (ii) shall only be considered an Affiliate of
GS if GS or one of its Affiliates (as described in the first sentence of this definition of Affiliate) retains, for all purposes of this Agreement, decision-making authority on behalf of such Person; and provided further that, for the
avoidance of doubt, for purposes of this Agreement, the Company and GSAM shall not be considered Affiliates of each other. 

“Agreement” has the meaning ascribed to such term in the Preamble. 

  
 1 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 “automatic shelf registration statement” has the meaning ascribed to such
term in Section 2.4. 
 “Board” means the board of directors of the Company, or other similar governing body of the
Company, as may be modified from time to time. 
 “Business Day” shall mean any day, other than a Saturday, Sunday or a day
on which banking institutions in New York City are authorized or obligated by law or executive order to close. 
 “Claims”
has the meaning ascribed to such term in Section 2.9(a). 
 “Common Stock” has the meaning ascribed to such term in
the Preamble. 
 “Company” has the meaning ascribed to such term in the Preamble. 

“Confidential Information” has the meaning ascribed to such term in Section 4.14. 

“Demand Exercise Notice” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Demand Registration” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Demand Registration Request” has the meaning ascribed to such term in Section 2.1(a)(i). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC issued under
such Act, as they may from time to time be in effect. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc.

 “GS” means Goldman, Sachs & Co. and any of its Affiliates. 

“GS Entity” has the meaning ascribed to such term in Section 2.4. 

“GS Underwriter Registration Statement” has the meaning ascribed to such term in Section 2.4. 

“GSAM” has the meaning ascribed to such term in the Preamble. 

“GSAM Entities” has the meaning ascribed to such term in the Preamble. 

“Holder” or “Holders” means (i) the GSAM Entities and (ii) any Permitted Transferee of Registrable
Securities to whom GSAM shall assign or transfer any rights hereunder in accordance with Section 4.3. 
 “Initiating
Holders” has the meaning ascribed to such term in Section 2.1(a)(i). 
 “IPO” means the initial public
offering of Common Stock of the Company consummated on or about the date hereof. 

  
 2 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 “IPO Reorganization” means the series of transactions taken immediately
prior to the consummation of the IPO pursuant to which, among other things, the Company issued shares of Common Stock to, among others, the GSAM Entities. 

“Joinder” has the meaning ascribed to such term in Section 4.3. 

“Lock-Up Period” has the meaning set forth in the underwriting agreement entered into
by the Company in connection with the IPO. 
 “Majority Participating Holders” means Participating Holders holding more
than 50% of the Registrable Securities proposed to be included in any offering of Registrable Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2. 

“Manager” has the meaning ascribed to such term in Section 2.1(c). 

“Participating Holders” mean all Holders of Registrable Securities which are proposed to be included in any offering of
Registrable Securities pursuant to Section 2.1 or Section 2.2. 
 “Permitted Transferee” means (i) any
Affiliate of a Holder (provided that such Permitted Transferee must remain an Affiliate of such Holder at the time of exercising any rights hereunder), (ii) any Person to whom Registrable Securities are transferred by a Holder; provided that the
Registrable Securities transferred to such Person have a market value of at least $50.0 million measured at the time of the transfer and (iii) any transferee as to which, with respect to the proposed transfer of Shares thereto, the Company
has consented in writing, provided that in each case such Permitted Transferee has signed a Joinder in accordance with Section 4.3. 

“Person” means an individual, corporation, association, partnership, group (as defined in Section 13(d)(3) of the
Exchange Act and the rules and regulations promulgated thereunder), trust, joint venture, business trust or unincorporated organization, or a governmental entity. 

“Postponement Period” has the meaning ascribed to such term in Section 2.1(b). 

“Qualified Independent Underwriter” means a “qualified independent underwriter” within the meaning of FINRA Rule
5121. 
 “Registrable Securities” means (i) the Shares held by the Holders as of the date of this Agreement and
(ii) any Shares issued or issuable, directly or indirectly, in exchange for or with respect to the Shares referenced in clause (i) above by way of share dividend, share split or combination of shares or in connection with a
reclassification, recapitalization, merger, share exchange, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (A) a registration statement with
respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (B) such securities shall have been sold or, with
respect to any Person that holds (together with its Affiliates) Registrable Securities representing less than three (3) percent of the Company’s outstanding Common Stock, can be sold (other than in a privately negotiated sale) without any
restriction on the volume or the manner of sale or any other limitations under Rule 144 (or any successor provision thereto) under the Securities Act or (C) such securities cease to be outstanding. For the avoidance of doubt, a Person shall
cease to be a Holder hereunder when such Person ceases to own any Registrable Securities. 

  
 3 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 “Registration Expenses” means any and all reasonable and documented fees and
expenses incident to the Company’s performance of or compliance with Section 2, including, without limitation: (i) all registration and filing fees and all listing fees and fees with respect to the inclusion of securities on the New
York Stock Exchange or on any other securities market on which the Shares are listed or quoted, (ii) fees and expenses of compliance with state securities or “blue sky” laws of any state or jurisdiction of the United States or
compliance with the securities laws of foreign jurisdictions and in connection with the preparation of a “blue sky” survey, including, without limitation, reasonable fees and expenses of outside “blue sky” counsel and securities
counsel in foreign jurisdictions, (iii) word processing, printing and copying expenses, (iv) messenger and delivery expenses, (v) expenses incurred in connection with any road show, (vi) fees and disbursements of one counsel for
the Participating Holder(s) collectively (selected by the holders of a majority of the Shares held by such Participating Holder(s)), (vii) fees and disbursements of all independent public accountants (including the expenses of any audit/review
and/or “cold comfort” letter and updates thereof) and fees and expenses of other Persons, including special experts, retained by the Company, (viii) fees and expenses payable to a Qualified Independent Underwriter specifically for its
service in such capacity (and excluding, for avoidance of doubt, any Selling Expenses), (ix) fees and expenses of any transfer agent or custodian and (x) the fees charged by FINRA and the reasonable and documented fees and expenses of counsel
for the Manager (not to exceed $30,000 per offering) in connection with coordinating the FINRA filing process and making filings with FINRA. 

“Rule 144” has the meaning ascribed to such term in Section 4.1. 

“SEC” means the Securities and Exchange Commission or such other federal agency which at such time administers the Securities
Act. 
 “Section 2.3(a) Sale Number” has the meaning ascribed to such term in Section 2.3(a). 

“Section 2.3(b) Sale Number” has the meaning ascribed to such term in Section 2.3(b). 

“Section 2.3(c) Sale Number” has the meaning ascribed to such term in Section 2.3(c). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC issued under such
Act, as they may from time to time be in effect. 
 “Selling Expenses” means all underwriting discounts, selling
commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel to any Holder (other than the counsel contemplated by clause (vi) of the definition of “Registration Expenses”
in this Agreement). 
 “Share” means a share of Common Stock. 

“Shelf Registrable Securities” has the meaning ascribed to such term in Section 2.1(e). 

“Shelf Registration Statement” has the meaning ascribed to such term in Section 2.1(e). 

  
 4 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 “Shelf Underwriting” has the meaning ascribed to such term in
Section 2.1(e). 
 “Shelf Underwriting Notice” has the meaning ascribed to such term in Section 2.1(e). 

“Shelf Underwriting Request” has the meaning ascribed to such term in Section 2.1(e). 

“Subsidiary” means any direct or indirect subsidiary of the Company on the date hereof and any direct or indirect subsidiary
of the Company organized or acquired after the date hereof. 
 “Underwritten Block Offering” has the meaning ascribed to
such term in Section 2.1(e). 
 “Valid Business Reason” has the meaning ascribed to such term in Section 2.1(b).

 “WKSI” means a well-known seasoned issuer as defined in Rule 405 under the Securities Act. 

Section 2.    Registration Rights. 

2.1.    Demand Registrations. 

(a)    (i)     Subject to Sections 2.1(b) and 2.3, at any time after the expiration of the Lock-Up Period, each Holder shall have the right to require the Company to file one or more registration statements under the Securities Act covering all or any part of its and its Affiliates’ Registrable
Securities by delivering a written request therefor to the Company specifying the number of Registrable Securities to be included in such registration and the intended method of distribution thereof. Any such request by such Holder(s) pursuant to
this Section 2.1(a)(i) is referred to herein as a “Demand Registration Request,” and the registration so requested is referred to herein as a “Demand Registration” (with respect to any Demand
Registration, the Holder(s) making such demand for registration being referred to as the “Initiating Holders”). Notwithstanding the preceding sentences, the Company shall be required to conduct no more than two
(2) Demand Registrations. Any Demand Registration Request may request that the Company register Registrable Securities on an appropriate form, including a long-form registration statement on Form S-1 (or
any similar long-form registration statement), a shelf registration statement, and, if the Company is a WKSI, an automatic shelf registration statement. The Company shall give written notice (the “Demand Exercise Notice”) of
such Demand Registration Request to all Holders of record of Registrable Securities no later than five (5) Business Days after receipt of a Demand Registration Request. Each Holder agrees to treat as confidential the receipt of the Demand
Exercise Notice and shall not disclose or use the information contained in such notice of Demand Registration without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public
generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. 
 (ii)     The
Company, subject to Sections 2.3 and 2.6, shall include in a Demand Registration (x) the Registrable Securities of the Initiating Holders and (y) the Registrable Securities of any other Holder of Registrable Securities which shall have
made a written request to the Company for inclusion in such registration pursuant to Section 2.2 (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Participating Holder) within ten
(10) calendar days after the receipt of the Demand Exercise Notice 

  
 5 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
(or five (5) calendar days if, at the request of the Initiating Holders, the Company states in such written notice or gives telephonic notice to all Holders, with written confirmation to
follow promptly thereafter, that such registration will be on a Form S-3). 

(iii)     The Company shall, as promptly as reasonably practicable, but subject to Section 2.1(b), use its
commercially reasonable efforts to (x) file with the SEC (no later than forty five (45) days from the Company’s receipt of the applicable Demand Exercise Notice) and cause to be declared effective such registration under the
Securities Act (including, without limitation, by means of a shelf registration pursuant to Rule 415 under the Securities Act if so requested and if the Company is then eligible to use such a registration) of the Registrable Securities which the
Company has been so requested to register, for distribution in accordance with such intended method of distribution and (y) if requested by the Initiating Holders, obtain acceleration of the effective date of the registration statement relating
to such registration. 
 (b)    Notwithstanding anything to the contrary in Section 2.1(a), the Demand Registration
rights granted in Section 2.1(a) are subject to the following limitations: (i) the Company shall not be required to cause a registration pursuant to Section 2.1(a) to be declared effective within a period of ninety (90) days
after the effective date of any other registration of the Company filed pursuant to the Securities Act (other than a Form S-4 or Form S-8 or any successor or other forms
promulgated for similar purposes or forms filed in connection with an exchange offer or any employee benefit or dividend reinvestment plan); (ii) each registration in respect of a Demand Registration Request made by any Holder must include, in the
aggregate (based on the Shares included in such registration by all Holders participating in such registration), Shares having an aggregate market value of at least $50,000,000; and (iii) if the Board, in its good faith judgment, determines
that any registration or offering of Registrable Securities should not be made or continued because (A) it would materially interfere with any existing or potential material financing, acquisition, corporate reorganization, merger, share
exchange or other transaction or event involving the Company or any of its subsidiaries, (B) the Company does not yet have appropriate financial statements of acquired or to be acquired entities available for filing, (C) such registration
or offering would render the Company unable to comply with applicable securities laws or (D) such registration or offering would require disclosure of material information that the Company has a bona fide business purpose for preserving as
confidential (in each case, a “Valid Business Reason”), then (x) the Company may postpone filing a registration statement relating to a Demand Registration Request until five (5) Business Days after such Valid
Business Reason no longer exists, but in no event for more than ninety (90) days after the date the Board determines a Valid Business Reason exists and (y) in case a registration statement has been filed relating to a Demand Registration
Request, the Company may, to the extent determined in the business judgment of the Board to be a Valid Business Reason, suspend use of or, if required by the SEC, cause such registration statement to be withdrawn and its effectiveness terminated or
may postpone amending or supplementing such registration statement until five (5) Business Days after such Valid Business Reason no longer exists, but in no event for more than ninety (90) days after the date the Board determines a Valid
Business Reason exists (such period of postponement or withdrawal under this clause (iv), the “Postponement Period”); provided that the Company may not postpone the filing or effectiveness of a registration statement for a
Demand Registration more than two (2) times during any twelve (12) month period and no such postponements shall last for a period exceeding one hundred twenty (120) days in the aggregate during any twelve (12) month period. The
Company shall give written notice to the Initiating Holders and any other Holders that 

  
 6 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
have requested registration pursuant to Section 2.2 of its determination to postpone or suspend use of or withdraw a registration statement and of the fact that the Valid Business Reason for
such postponement or suspension or withdrawal no longer exists, in each case, promptly after the occurrence thereof. 
 If the Company shall
give any notice of postponement or suspension or withdrawal of any registration statement pursuant to clause (iii) of this Section 2.1(b) (other than by reason of an existing or potential material financing or other transaction that would
reasonably require the filing of a registration statement), the Company shall not, during the Postponement Period, register any Shares, other than pursuant to a registration statement on Form S-4 or S-8 (or an equivalent registration form then in effect). Each Holder of Registrable Securities agrees that, upon receipt of any notice from the Company that the Company has determined to suspend use of, withdraw,
terminate or postpone amending or supplementing any registration statement pursuant to clause (iii) of this Section 2.1(b), such Holder will discontinue its disposition of Registrable Securities pursuant to such registration statement. If
the Company shall have suspended use of, withdrawn or terminated a registration statement filed under Section 2.1(a)(i) (whether pursuant to clause (iii) of this Section 2.1(b) or as a result of any stop order, injunction or other
order or requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have effected a Demand Registration for the purposes of this Agreement until the Company shall have permitted use of such suspended
registration statement or filed a new registration statement covering the Registrable Securities covered by the withdrawn or terminated registration statement and such registration statement shall have been declared effective and shall not have been
withdrawn. Each Holder agrees to treat as confidential the receipt of such postponement notice and shall not disclose or use the information contained in such notice of Postponement Period without the prior written consent of the Company until such
time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. If the Company shall give any notice of suspension, withdrawal or
postponement of a registration statement, the Company shall, not later than ten (10) Business Days after the Valid Business Reason that caused such suspension, withdrawal or postponement no longer exists (but in no event later than ninety
(90) days after the date of the suspension, postponement or withdrawal), as applicable, permit use of such suspended registration statement or use its commercially reasonable efforts to effect the registration under the Securities Act of the
Registrable Securities covered by the withdrawn or postponed registration statement in accordance with this Section 2.1 (unless the Initiating Holders shall have withdrawn such request, in which case the Company shall not be considered to have
effected a Demand Registration for the purposes of this Agreement), and such registration shall not be suspended, withdrawn or postponed pursuant to clause (iii) of this Section 2.1(b). 

(c)    In connection with any Demand Registration, the majority of the Initiating Holders participating in such Demand
Registration shall have the right to designate the lead managing underwriter or underwriters (any lead managing underwriter for the purposes of this Agreement, the “Manager”) in connection with any underwritten offering
pursuant to such registration; provided, that any such Manager is reasonably satisfactory to the Company, which approval shall not be unreasonably withheld or delayed. 

(d)    No Demand Registration shall be deemed to have occurred for purposes of this Section 2.1 (i) if the
registration statement relating thereto (x) does not become effective, (y) is not 

  
 7 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
maintained effective for a period of at least one hundred and eighty (180) days (or, with respect to a Shelf Registration Statement (including any automatic shelf registration statement),
three (3) years) after the effective date thereof or such shorter period during which all Registrable Securities included in such registration statement have actually been sold (provided, however, that such period shall be
extended for a period of time equal to the period the Holder of Registrable Securities refrains from selling any securities included in such registration statement at the request of an underwriter of the Company), or (z) is subject to a stop
order, injunction, or similar order or requirement of the SEC during such period, (ii) if the method of disposition is a firm commitment underwritten public offering and fewer than 75% of the Registrable Securities offered thereby have been
sold in such offering or (iii) if the conditions to closing specified in any underwriting agreement, purchase agreement or similar agreement entered into in connection with the registration relating to such request that are applicable to the
Company or its Affiliates, accountants, attorneys, agents or representatives are not satisfied or waived (other than by reason of any action or failure to act on the part of any Initiating Holder). 

(e)    In the event that the Company files a shelf registration statement under Rule 415 of the Securities Act
pursuant to a Demand Registration Request and such registration becomes effective (such registration statement, a “Shelf Registration Statement”), the Initiating Holders with respect to such Demand Registration Request and
the Holders of other Registrable Securities registered on such Shelf Registration Statement shall have the right at any time (other than during a Postponement Period) or from time to time to elect to sell pursuant to an underwritten offering
Registrable Securities available for sale pursuant to such registration statement (“Shelf Registrable Securities”). The Initiating Holders and such other Holders shall make such election by delivering to the Company a written
request (a “Shelf Underwriting Request”) for such underwritten offering to the Company specifying the number of Shelf Registrable Securities that the Holders desire to sell pursuant to such underwritten offering (the
“Shelf Underwriting”). As promptly as reasonably practicable, but no later than two (2) Business Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the “Shelf
Underwriting Notice”) of such Shelf Underwriting Request to all other Holders of record of Shelf Registrable Securities. The Company, subject to Sections 2.3 and 2.6, shall include in such Shelf Underwriting (x) the
Registrable Securities of the Initiating Holders and (y) the Shelf Registrable Securities of any other Holder of Shelf Registrable Securities which shall have made a written request to the Company for inclusion in such Shelf Underwriting (which
request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder) within five (5) days after the receipt of the Shelf Underwriting Notice. The Company shall, as promptly as reasonably
practicable (and in any event within twenty (20) days after the receipt of a Shelf Underwriting Request), but subject to Section 2.1(b), use its commercially reasonable efforts to facilitate such Shelf Underwriting. Notwithstanding the
foregoing, if any of the GSAM Entities wishes to engage in an underwritten block trade or similar transaction or other transaction with a two (2)-day or less marketing period (collectively,
“Underwritten Block Trade”) off of a Shelf Registration Statement (either through filing an automatic shelf registration statement or through a take-down from an already existing Shelf Registration Statement), then
notwithstanding the foregoing time periods, such Holder need only notify the Company of the Underwritten Block Trade at least two (2) Business Days prior to the day such offering is to commence and the Company shall use commercially reasonable
efforts to notify other Holders of Shelf Registrable Securities on the same day it is so notified and other Holders of Shelf Registrable Securities must elect whether or not to participate on the Business Day prior to the day such offering is to
commence, and the Company 

  
 8 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
shall as expeditiously as possible use its commercially reasonable efforts to facilitate such Underwritten Block Trade (which may close as early as three (3) Business Days after the date it
commences), provided, that such Holder shall use commercially reasonable efforts to work with the Company and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other
offering documentation related to the Underwritten Block Trade. Once a Shelf Registration Statement has been declared effective, the Holders of Registrable Securities may request, and the Company shall be required to facilitate, (i) up to a
maximum of two (2) Shelf Underwritings in any twelve-month period and (ii) up to a maximum of four (4) Shelf Underwritings over the term of this Agreement. Notwithstanding anything to the contrary in this Section 2.1(e), (i) each
Shelf Underwriting must include, in the aggregate (based on the Shares included in such Shelf Underwriting by all Holders participating in such Shelf Underwriting), Shares having an aggregate market value of at least $50,000,000 and (ii) the
Company is not obligated to effect a Shelf Underwriting within ninety (90) days after the closing of a Shelf Underwriting. 

2.2.    Piggyback Registrations. 

(a)    If the Company proposes or is required (pursuant to Section 2.1 or otherwise) to register any of its equity
securities for its own account or for the account of any other holder of Common Stock under the Securities Act (other than pursuant to registrations on Form S-4 or Form
S-8 or any similar successor forms thereto), the Company shall give prompt written notice of its intention to do so to each of the Holders of record of Registrable Securities, at least five (5) Business
Days prior to the filing of any registration statement under the Securities Act (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and the intended method of distribution thereof), the
Company shall, subject to Sections 2.2(b), 2.3 and 2.6 hereof, use its commercially reasonable efforts to cause all such Registrable Securities, the Holders of which have so requested the registration thereof, to be registered under the Securities
Act with the securities which the Company at the time proposes to register to permit the sale or other disposition by the Holders (in accordance with the intended method of distribution thereof) of the Registrable Securities to be so registered,
including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the registration statement filed by the Company or the prospectus related thereto. There is no limitation on the number of such piggyback registrations
pursuant to the preceding sentence which the Company is obligated to effect. No registration of Registrable Securities effected under this Section 2.2(a) shall relieve the Company of its obligations to effect Demand Registrations under
Section 2.1 hereof. Each Holder agrees to treat as confidential the receipt of the piggyback registration notice and shall not disclose or use the information contained in such notice without the prior written consent of the Company until such
time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. 

(b)    Other than in connection with a Demand Registration, if, at any time after giving written notice of its intention
to register any equity securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of such equity
securities, the Company may, at its election, give written notice of such determination to all Holders of record of any Registrable Securities and (i) in the case of a determination not to register, shall be relieved of its obligation to

  
 9 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
register any Registrable Securities in connection with such abandoned registration, without prejudice, however, to the rights of Holders under Section 2.1, and (ii) in the case of a
determination to delay such registration of its equity securities, shall be permitted to delay the registration of such Registrable Securities for the same period as the delay in registering such other equity securities. 

(c)    Any Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any
registration statement pursuant to this Section 2.2 by giving written notice to the Company of its request to withdraw; provided, however, that such request must be made in writing prior to the execution of the underwriting
agreement. 
 2.3.    Allocation of Securities Included in Registration Statement.

(a)    If any requested registration made pursuant to Section 2.1 (including a Shelf Underwriting) involves an
underwritten offering and the Manager of such offering shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering by the Holders of Registrable Securities, the Company or any other
Persons exercising other piggyback registration rights exceeds the largest number (the “Section 2.3(a) Sale Number”) that can be sold in an orderly manner in such underwritten offering within
a price range acceptable to the Majority Participating Holders, the Company shall use its commercially reasonable efforts to include in such underwritten offering: 

(i)    first, all Registrable Securities requested to be included in such underwritten offering as set forth in the Demand
Registration Request and pursuant to the exercise of piggyback rights pursuant to Section 2.2(a), based on the number of Registrable Securities then owned by each such Holder requesting inclusion in relation to the aggregate number of
Registrable Securities owned by all such Holders requesting inclusion; 
 (ii)    second, to the extent that the number
of Registrable Securities to be included pursuant to clause (i) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, any securities that the Company proposes to register, up to the Section 2.3(a) Sale Number; and

 (iii)    third, to the extent that the number of Registrable Securities to be included pursuant to clauses
(i) and (ii) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons requesting
that securities be included in such underwritten offering pursuant to the exercise of additional Piggyback Rights (“Piggyback Shares”), based on the number of Piggyback Shares then owned by each Person requesting inclusion in
relation to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 2.3(a) Sale Number. 

(b)    If any registration or offering made pursuant to Section 2.2 involves an underwritten primary offering on
behalf of the Company after the date hereof and the Manager shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering by the Holders of Registrable Securities and the Company exceeds
the largest number (the “Section 2.3(b) Sale Number”) that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the Company, the Company shall use
its commercially reasonable efforts to include in such underwritten offering: 

  
 10 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 (i)    first, all equity securities that the Company proposes to register
for its own account; 
 (ii)    second, to the extent that the number of Registrable Securities to be included pursuant
to clause (i) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Holders requesting
that Registrable Securities be included in such underwritten offering pursuant to the exercise of piggyback rights pursuant to Section 2.3(b), based on the number of Registrable Securities then owned by each such Holder requesting inclusion in
relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion; provided that the number of such remaining Registrable Securities when aggregated with that number of equity securities to be included
pursuant to clause (i), totals no more than the Section 2.3(b) Sale Number; and 
 (iii)    third, to the extent
that the number of Registrable Securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be included in such underwritten
offering shall be allocated on a pro rata basis among all Persons requesting that securities be included in such underwritten offering, based on the number of equity securities then owned by each Person requesting inclusion in relation to the
aggregate number of equity securities owned by all Persons requesting inclusion; provided that the number of such remaining Registrable Securities when aggregated with that number of equity securities to be included pursuant to clauses
(i) and (ii), totals no more than the Section 2.3(b) Sale Number. 
 (c)    If any registration pursuant to
Section 2.3 involves an underwritten offering that was initially requested by any Person(s) to whom the Company has granted registration rights which are not inconsistent with the rights granted in, or otherwise conflict with the terms of, this
Agreement and the Manager shall advise the Company that, in its view, the number of securities requested to be included in such underwritten offering exceeds the number (the “Section 2.3(c) Sale
Number”) that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the Company, the Company shall use its commercially reasonable efforts to include in such underwritten offering: 

(i)    first, the equity securities requested to be included in such underwritten offering shall be allocated on a pro rata
basis among such Person(s) requesting the registration, based on the aggregate number of securities then owned by each of the foregoing requesting inclusion in relation to the aggregate number of securities owned by all Persons requesting inclusion,
up to the Section 2.3(b) Sale Number; 
 (ii)    second, to the extent that the number of Registrable Securities to
be included pursuant to clause (i) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated on a pro rata basis among all
Persons requesting that securities be included in such underwritten offering and all Holders requesting that Registrable Securities be included in such underwritten 

  
 11 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
offering pursuant to the exercise of piggyback rights pursuant to Section 2.2(b), based on the number of equity securities or Registrable Securities, as applicable, then owned by each Person
requesting inclusion in relation to the aggregate number of equity securities and Registrable Securities owned by all Persons requesting inclusion, up to the Section 2.3(c) Sale Number; and 

(iii)    third, to the extent that the number of Registrable Securities to be included pursuant to clauses (i) and
(ii) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining Registrable Securities to be included in such underwritten offering shall be allocated to equity securities the Company proposes to register for its own
account, up to the Section 2.3(c) Sale Number. 
 (d)    If, as a result of the proration provisions set forth in
clauses (a), (b) or (c) of this Section 2.3, any Holder shall not be entitled to include all Registrable Securities in an underwritten offering that such Holder has requested be included, such Holder may elect to withdraw such
Holder’s request to include Registrable Securities in the registration to which such underwritten offering relates or may reduce the number requested to be included; provided, however, that (x) such request must be made in
writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal
or reduction, such Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduced. 

2.4.    Registration Procedures. If and whenever the Company is required by the provisions of this Agreement to
effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement (or use commercially reasonable efforts to accomplish the same), the Company shall, as promptly as reasonably practicable, use
commercially reasonable efforts to: 
 (a)    prepare and file all required filings with SEC and FINRA, including
preparing and filing with the SEC a registration statement on an appropriate registration form of the SEC for the disposition of such Registrable Securities in accordance with the intended method of disposition thereof, which registration form
(i) shall be selected by the Company (except as reasonably provided for in a Demand Registration Request) and (ii) shall, in the case of a shelf registration, be available for the sale of the Registrable Securities by the selling Holders
thereof and such registration statement shall comply as to form in all material respects with the requirements of the applicable registration form and include all financial statements required by the SEC to be filed therewith, and the Company shall
use its commercially reasonable efforts to cause such registration statement to become effective and remain continuously effective for a period of not less than 180 days, or in the case of a Shelf Registration Statement (including any automatic
shelf registration statement), three years (or such shorter period in which all of the Registrable Securities of the Holders electing to register Registrable Securities included in such registration statement shall have actually been sold
thereunder) (provided, however, that a reasonable period of time prior to filing a registration statement or prospectus or any amendments or supplements thereto, or comparable statements under securities or state “blue sky”
laws of any jurisdiction, or any free writing prospectus related thereto, the Company will furnish to one counsel for the Participating Holders and one counsel for the Manager, if any, copies of reasonably complete drafts of all such

  
 12 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
documents proposed to be filed, including all exhibits thereto and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC, which
documents will be subject to the reasonable review and reasonable comment of such counsel, including any reasonable objections to any information pertaining to any Participating Holder and its plan of distribution and otherwise to the extent
necessary, if at all, to complete the filing or maintain the effectiveness thereof, and the Company shall make the changes reasonably requested by such counsel and shall not file any registration statement or amendment thereto, any prospectus or
supplement thereto or any free writing prospectus related thereto to which the Initiating Holders, the Majority Participating Holders or the underwriters, if any, shall reasonably object, provided that, notwithstanding the foregoing, in no
event shall the Company have any obligation to modify any information if the Company or its counsel reasonably expects that so doing would cause (i) the registration statement to contain an untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the prospectus to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the
statements made, in the light of the circumstances under which they were made, not misleading or (iii) the Company to make any disclosures that it has a valid business reason for not making or that the Company reasonably believes could cause it
to fail to comply with any applicable securities laws); 
 (b)    (i) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection therewith and such free writing prospectuses and Exchange Act reports as may be necessary to keep such registration statement continuously effective for such period as
any Participating Holder pursuant to such registration statement shall request (subject to the limitations of Section 2.4(a)) and to comply with the provisions of the Securities Act with respect to the sale or other disposition of all
Registrable Securities covered by such registration statement, and any prospectus so supplemented to be filed pursuant to Rule 424 under the Securities Act, in accordance with the intended methods of disposition by the seller or sellers thereof set
forth in such registration statement and (ii) provide notice to such sellers of Registrable Securities and the Manager, if any, of the Company’s reasonable determination that a post-effective amendment to a registration statement would be
appropriate; 
 (c)    furnish, without charge, to each Participating Holder and each underwriter, if any, of the
securities covered by such registration statement such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits), the prospectus included in such registration statement (including
each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, each free writing prospectus utilized in connection therewith, in each case, in all material respects in conformity with
the requirements of the Securities Act, and other documents, as such seller and underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller (the Company hereby
consenting to the use in accordance with all applicable laws of each such registration statement (or amendment or post-effective amendment thereto) and each such prospectus (or preliminary prospectus or supplement thereto) or free writing prospectus
by each such Participating Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

  
 13 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 (d)    register or qualify the Registrable Securities covered by such
registration statement under such other securities or state “blue sky” laws of such jurisdictions as any sellers of Registrable Securities or any managing underwriter, if any, shall reasonably request in writing, and do any and all other
acts and things which may be reasonably necessary or advisable to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions in accordance with the intended methods of disposition
(including keeping such registration or qualification in effect for so long as such registration statement remains in effect), except that in no event shall the Company be required to qualify to do business as a foreign corporation in any
jurisdiction where it would not, but for the requirements of this paragraph (d), be required to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 

(e)    promptly notify each Holder that is a Participating Holder and each managing underwriter, if any: (i) when the
registration statement, any pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective amendment to the registration statement or any free writing prospectus has
been filed with the SEC and, with respect to the registration statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or state securities authority for amendments or supplements to the
registration statement or the prospectus related thereto or for additional information; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that
purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state “blue sky” laws of any jurisdiction or the
initiation of any proceeding for such purpose; (v) of the existence of any fact of which the Company becomes aware which results in (1) the registration statement or any amendment thereto containing an untrue statement of a material fact
or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading or (2) the prospectus related thereto or any supplement thereto, any document incorporated therein by reference, any
free writing prospectus or the information conveyed to any purchaser at the time of sale to such purchaser including an untrue statement of a material fact or omitting to state a material fact necessary in order to make any statement therein, in the
light of the circumstances under which it was made, not misleading (which notice shall in either case notify the Participating Holders only of the occurrence of such an event and shall provide no additional information regarding such event to the
extent such information would constitute material non-public information); and (vi) if at any time the representations and warranties contemplated by any underwriting agreement, securities sale agreement,
or other similar agreement, relating to the offering shall cease to be true and correct in all material respects; and, if the notification relates to an event described in clause (v), all sales hereunder shall immediately be discontinued and, unless
the Company has declared that a Postponement Period exists, the Company shall promptly prepare and furnish to each such seller and each underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, after which time sales hereunder shall no longer be discontinued; 

  
 14 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 (f)    comply (and continue to comply) with all applicable rules and
regulations of the SEC with respect to the disposition of all Registrable Securities as contemplated by this Agreement; 

(g)    (i) cause all such Registrable Securities covered by such registration statement to be listed on the principal
securities exchange on which similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange, and (ii) comply (and continue to comply) with the
requirements of any self-regulatory organization applicable to the Company; 
 (h)    cause its senior management,
officers and employees to participate in, and to otherwise facilitate and cooperate with the preparation of the registration statement and prospectus and any amendments or supplements thereto (including participating in meetings, drafting sessions,
due diligence sessions and rating agency presentations) taking into account the Company’s reasonable business needs; 

(i)    provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by
such registration statement not later than the effective date of such registration statement and, in the case of any secondary equity offering, provide and enter into any reasonable agreements with a custodian for the Registrable Securities; 

(j)    enter into such customary agreements (including, if applicable, an underwriting agreement) and take such other
actions as the Holders or the underwriters shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (it being understood that the Holders of the Registrable Securities which are to be distributed by
any underwriters shall be parties to any such underwriting agreement and may, at their option, require that the Company make to and for the benefit of such Holders reasonable and customary representations, warranties and covenants of the Company
which are being made to and for the benefit of such underwriters); 
 (k)    in the case of any underwritten offering,
(i) obtain an opinion from the Company’s counsel and a “cold comfort” letter and updates thereof from the independent public accountants who have certified the Company’s financial statements (and/or any other financial
statements) included or incorporated by reference in such registration statement, in each case, in customary form and covering such matters as are customarily covered by such opinions and “cold comfort” letters (including, in the case of
such “cold comfort” letter, events subsequent to the date of such financial statements) delivered to underwriters in underwritten public offerings, which opinion and letter shall be dated the dates such opinions and “cold
comfort” letters are customarily dated and otherwise reasonably satisfactory to the underwriters, if any, and to the Holders, and (ii) furnish to each Participating Holder upon its request and to each underwriter, if any, a copy of such
opinion and letter addressed to such underwriter and each Participating Holder to the extent permitted by the Company’s independent public accountants; 

(l)    deliver promptly to counsel for each Participating Holder (other than individuals) and to each managing
underwriter, if any, copies of all correspondence between the SEC and the Company, its counsel or auditors and, upon receipt of such confidentiality agreements as the Company may reasonably request, make reasonably available for inspection by
counsel for the Participating Holders and by counsel for any underwriter participating in any disposition to be 

  
 15 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
effected pursuant to such registration statement, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s
officers, directors and employees to supply all information reasonably requested by any such counsel for the Participating Holders or counsel for an underwriter in connection with such registration statement; provided, that the Company will
not have any obligation to provide any document pursuant to this clause that is available on EDGAR; 
 (m)    prevent
the issuance or obtain the withdrawal of any order suspending the effectiveness of the registration statement, or the lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction, in each case, as
promptly as reasonably practicable; 
 (n)    make available its employees and personnel for participation in “road
shows” and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s businesses and the requirements of the marketing process) in the marketing of Registrable
Securities in any underwritten offering; provided that in no event shall the Company’s senior management, officers and employees be required to participate in any “road show” or similar presentations or meetings in the case of an
underwritten offering with reasonably anticipated gross proceeds of less than $50,000,000; 
 (o)    furnish to counsel
for each Participating Holder upon its request and to each managing underwriter, without charge, upon request, at least one conformed copy of the registration statement and any post-effective amendments or supplements thereto, including financial
statements and schedules, all documents incorporated therein by reference, the prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus), any other prospectus filed under Rule 424 under
the Securities Act and all exhibits (including those incorporated by reference) and any free writing prospectus utilized in connection therewith; provided, that the Company will not have any obligation to provide any document pursuant to this
clause that is available on EDGAR; 
 (p)    cooperate with the Participating Holders and the managing underwriter, if
any, to facilitate the timely preparation and delivery of book-entry shares or certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such
denominations and registered in such names in accordance with the underwriting agreement at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with the
instructions of the Participating Holders at least two (2) Business Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof
(and, in the case of Registrable Securities registered on a Shelf Registration Statement, at the reasonable request of any Holder, prepare and deliver book-entry shares or certificates representing such Registrable Securities not bearing any
restrictive legends and deliver or cause to be delivered an opinion or instructions to the transfer agent in order to allow such Registrable Securities to be sold from time to time, provided, however, that such Holder has delivered
reasonably requested representation letters regarding compliance with applicable securities laws); 

  
 16 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 (q)    with respect to any underwritten offering, take no direct or
indirect action prohibited by Regulation M under the Exchange Act; 
 (r)    take all reasonable action to ensure that
any free writing prospectus utilized in connection with any registration covered by Section 2.1 or 2.2 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is
retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not include any untrue statement of a material fact or omit 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; 

(s)    in connection with any underwritten offering, if at any time the information conveyed to a purchaser at the time of
sale includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, promptly file with the SEC
such amendments or supplements to such information as may be necessary so that the statements as so amended or supplemented will not, in light of the circumstances, be misleading; 

(t)    cooperate with the Participating Holders, any indemnitee of the Company and their respective counsels in the
preparation and filing of any applications, notices, registrations and responses to requests for additional information from FINRA; and 

(u)    cause the Registrable Securities covered by the applicable registration statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the Participating Holders or the underwriters, if any, to consummate the disposition of such Registrable Securities in accordance with the intended methods thereof.

 To the extent the Company is a WKSI at the time any Demand Registration Request is submitted to the Company, and such Demand Registration
Request requests that the Company file an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “automatic shelf registration statement”) on Form
S-3, the Company shall file an automatic shelf registration statement which covers those Registrable Securities which are requested to be registered. If the Company does not pay the filing fee covering the
Registrable Securities at the time the automatic shelf registration statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold. If at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, the Company shall use its commercially reasonable best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be
kept effective. 
 The Company may require as a condition precedent to the Company’s obligations under this Section 2.4 that each
Participating Holder as to which any registration is being effected (i) furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request, provided
that such information reasonably is necessary for the Company to consummate such registration and shall 

  
 17 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
be used only in connection with such registration, and (ii) provide any underwriters participating in the distribution of such securities such information as the underwriters may reasonably
request and execute and deliver any agreements, certificates or other documents as the underwriters may request. 
 Each Holder of
Registrable Securities agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in clause (v) of paragraph (e) of this Section 2.4, such Holder will discontinue such Holder’s
disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by paragraph (e) of this
Section 2.4 and, if so directed by the Company, 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 Registrable
Securities that was in effect at the time of receipt of such notice. In the event the Company shall give any such notice, the applicable period mentioned in paragraph (b) of this Section 2.4 shall be extended by the number of days during
such period from and including the date of the giving of such notice to and including the date when each Participating Holder covered by such registration statement shall have received the copies of the supplemented or amended prospectus
contemplated by paragraph (e) of this Section 2.4. 
 The Company agrees not to file or make any amendment to any registration
statement with respect to any Registrable Securities, or any amendment of or supplement to the prospectus, or any free writing prospectus, that refers to any Holder covered thereby by name, or otherwise identifies such Holder, without the consent of
such Holder, such consent not to be unreasonably withheld or delayed, unless such disclosure is required by law, in which case the Company shall provide written notice to such Holders no less than five (5) Business Days prior to the filing. If
any such registration statement or comparable statement under state “blue sky” laws refers to any Holder by name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require the insertion
therein of language, in form and substance reasonably satisfactory to such Holder and the Company, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality
of the Company’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company. 

To the extent that GS or any of its Affiliates (a “GS Entity”) may be deemed, upon the reasonable advice of counsel,
to be an underwriter of Registrable Securities pursuant to any SEC comments or policies, the Company agrees that (x) the indemnification and contribution provisions contained in Section 2.9 shall be applicable to the benefit of such GS
Entity, in its role as deemed underwriter in addition to its capacity as Holder and (y) the Company will cooperate with such GS Entity in allowing it to conduct customary “underwriter’s due diligence” with respect to the Company
and satisfy its obligations in respect thereof. In addition, at such GS Entity’s request the Company will use commercially reasonable efforts to furnish to such GS Entity, on the date of the effectiveness of any registration of the
Company’s securities of GS pursuant to this Agreement, and any amendment thereof (any such registration statement or amendment or supplement a “GS Underwriter Registration Statement”) and thereafter from time to time on
such dates as such GS Entity may reasonably request in connection with an underwritten offering hereunder (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as is customarily
given by independent certified public 

  
 18 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
accountants to underwriters in an underwritten public offering, addressed to such GS Entity, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of
such GS Underwriter Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, including, without limitation, a standard “10b-5” letter for such
offering, addressed to such GS Entity. The Company will also permit legal counsel to such GS Entity to review and provide reasonable comments to any such GS Underwriter Registration Statement at least five (5) Business Days prior to its filing
with the SEC and all amendments and supplements to any such GS Underwriter Registration Statement within a reasonable number of days prior to their filing with the SEC; provided that, notwithstanding the foregoing, in no event shall the
Company have any obligation to modify any information if the Company reasonably expects that so doing would cause (i) the registration statement to contain an untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading or (ii) the prospectus to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light
of the circumstances under which they were made, not misleading. 
 2.5.    Expenses. 

(a)    The Company shall pay all Registration Expenses (excluding, for avoidance of doubt, any Selling Expenses) with
respect to any registration or offering of Registrable Securities pursuant to Section 2, whether or not a registration statement becomes effective or the offering is consummated. Notwithstanding the foregoing, the provisions of this
Section 2.5(a) shall be deemed amended to the extent necessary to cause these expense provisions to comply with state “blue sky” laws of each state in which the offering is made. 

(b)    Each Participating Holder shall pay all Selling Expenses, if any, attributable to the sale of Registrable
Securities, pro rata with respect to payments of discounts and commissions in accordance with the number of Shares sold by such Holder. 

2.6.    Certain Limitations on Registration Rights. In the case of any registration under Section 2.1
involving an underwritten offering, or, in the case of a registration under Section 2.2, if the Company has determined to enter into an underwriting agreement in connection therewith, all securities to be included in such underwritten offering
shall be subject to such underwriting agreement and no Person may participate in such underwritten offering unless such Person (i) agrees to sell such Person’s securities on the basis provided therein and completes and executes all
reasonable questionnaires, and other documents (including custody agreements and powers of attorney) which are reasonably requested to be executed in connection therewith; provided, however, that all such documents shall be materially
consistent with the provisions hereof, and (ii) provides such other information to the Company or the underwriter as may be reasonably necessary to register such Person’s securities, in each case, subject to the terms and conditions in
this Agreement. 
 2.7.    Limitations on Sale or Distribution of Other Securities. 

(a)    Each Holder agrees, to the extent requested by a Manager, if any, of any underwritten public offering pursuant to a
registration or offering effected pursuant to Section 2.1, not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the 

  
 19 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
Securities Act, any Shares, or any other equity security of the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part
of such underwritten public offering or in connection with a transfer to an Affiliate) during the time period reasonably requested by the Manager, not to exceed ninety (90) days, and the Company hereby agrees to use its commercially reasonable
efforts to cause each holder of any equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from the Company at any time other than in a public offering that is an Affiliate of
the Company so to agree, except to the extent such holder has contractual rights to participate in such registration or offering). Each Holder agrees to execute and deliver customary lock-up agreements for the
benefit of the underwriters with such form and substance as the managing underwriter shall reasonably determine consistent with the sentence above. Notwithstanding the foregoing, none of the provisions or restrictions set forth in this
Section 2.7(a) shall in any way limit GS or any of its Affiliates from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading, market making,
arbitrage, investment activity and other similar activities conducted in the ordinary course of their business. 

(b)    The Company hereby agrees that, in connection with an offering pursuant to Sections 2.1 or 2.2 and, for the
avoidance of doubt, excepting any Registrable Securities of the Company included in an offering pursuant to Section 2.2, the Company shall not sell, transfer, or otherwise dispose of, any Shares, or any other equity security of the Company or
any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering, a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Shares, or pursuant to negotiations with the
Manager for reasonable and customary exceptions to such limitations as shall be set forth in the associated underwriting agreement), for a period from the pricing date of such offering as reasonably requested by a Manager (such period not to exceed
ninety (90) days); and the Company shall (i) so provide in any registration rights agreements hereafter entered into with respect to any of its securities and (ii) use its commercially reasonable efforts to cause each holder of any
equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from the Company at any time other than in a public offering that is an Affiliate of the Company to so agree, except to
the extent such holder has contractual rights to participate in such registration or offering. 
 2.8.    No Required
Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the part of any Holder to sell any Registrable Securities pursuant to any effective registration statement. 

2.9.    Indemnification. 

(a)    In the event of any registration or offer and sale of any securities of the Company under the Securities Act
pursuant to this Section 2, the Company will, and hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest extent permitted by law, each Participating Holder, its directors, officers, fiduciaries, employees, stockholders,
members or general and limited partners (and the directors, officers, fiduciaries, employees, stockholders, members or general and limited partners thereof), and each other Person, if any, who controls such Holder

  
 20 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages or liabilities, joint or several, actions
or proceedings (whether commenced or threatened) and reasonable and documented expenses (including reasonable and documented fees of counsel and any amounts paid in any settlement effected with the Company’s consent, which consent shall not be
unreasonably withheld or delayed) to which each such indemnified party may become subject under the Securities Act or otherwise in respect thereof (collectively, “Claims”), insofar as such Claims arise out of or are based
upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary, final or summary prospectus or any
amendment or supplement thereto, together with the documents incorporated by reference therein, or any free writing prospectus utilized in connection therewith, or the omission or alleged omission to state therein a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) any untrue statement or alleged untrue statement of a material fact in the information conveyed by the Company or any
underwriter to any purchaser at the time of the sale to such purchaser, or the omission or alleged omission to state therein a material fact, or (iv) any violation by the Company of any federal, state or common law rule or regulation applicable
to the Company and relating to action required of or inaction by the Company in connection with any such offering of Registrable Securities, and the Company will reimburse any such indemnified party for any legal or other documented expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; provided, however, that the Company shall not be liable to any such indemnified party in any such
case to the extent such Claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement or amendment thereof or
supplement thereto or in any such prospectus or any preliminary, final or summary prospectus or free writing prospectus in reliance upon and in strict conformity with written information furnished to the Company by or on behalf of such indemnified
party specifically for use therein. Such indemnity and reimbursement of reasonable and documented expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the
transfer of such securities by such seller. 
 (b)    Each Participating Holder (and, if the Company requires as a
condition to including any Registrable Securities in any registration statement filed in accordance with Section 2.2, any underwriter and Qualified Independent Underwriter, if any) shall, severally and not jointly, indemnify and hold harmless
(in the same manner and to the same extent as set forth in paragraph (a) of this Section 2.9) to the extent permitted by law the Company, its officers and directors, each Person controlling the Company within the meaning of the Securities
Act and all other prospective sellers and their directors, officers, stockholders, fiduciaries, managing directors, agents, affiliates, consultants, representatives, successors, assigns, members or general and limited partners and respective
controlling Persons with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, such registration statement, any preliminary, final or summary prospectus
contained therein, or any amendment or supplement thereto, or any free writing prospectus utilized in connection therewith, if such statement or alleged statement or omission or alleged omission was made in reliance upon

  
 21 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
and in strict conformity with written information furnished to the Company or its representatives by or on behalf of such Participating Holder or underwriter or Qualified Independent Underwriter,
if any, specifically for use therein, and each such Participating Holder, underwriter or Qualified Independent Underwriter, if any, shall reimburse such indemnified party for any legal or other documented expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such Claim as such expenses are incurred; provided, however, that the aggregate amount which any such Participating Holder shall be required to pay pursuant to this
Section 2.9 (including pursuant to indemnity, contribution or otherwise) shall in no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of the Registrable Securities pursuant to the
registration statement giving rise to such Claim; provided, further, that such Participating Holder shall not be liable in any such case to the extent that prior to the filing of any such registration statement or prospectus or
amendment thereof or supplement thereto, or any free writing prospectus utilized in connection therewith, such Participating Holder has furnished in writing to the Company information expressly for use in such registration statement or prospectus or
any amendment thereof or supplement thereto or free writing prospectus which corrected or made not misleading information previously furnished to the Company. The Company and each Participating Holder hereby acknowledge and agree that, unless
otherwise expressly agreed to in writing by such Participating Holders to the contrary, for all purposes of this Agreement, the only information furnished or to be furnished to the Company for use in any such registration statement, preliminary,
final or summary prospectus or amendment or supplement thereto, or any free writing prospectus, are statements specifically relating to (i) the beneficial ownership of Shares by such Participating Holder and its Affiliates as disclosed in the
section of such document entitled “Selling Stockholders” or “Principal and Selling Stockholders” or other documents thereof and (ii) the name and address of such Participating Holder. If any additional information about such
Holder or the plan of distribution (other than for an underwritten offering) is required by law to be disclosed in any such document, then such Holder shall not unreasonably withhold its agreement referred to in the immediately preceding sentence.
Such indemnity and reimbursement of reasonable and documented expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such
Holder. 
 (c)    Indemnification similar to that specified in the preceding paragraphs (a) and (b) of this
Section 2.9 (with appropriate modifications) shall be given by the Company and each Participating Holder with respect to any required registration or other qualification of securities under any applicable securities and state “blue
sky” laws. 
 (d)    Any Person entitled to indemnification under this Agreement shall notify promptly the
indemnifying party in writing of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2.9, but the failure of any indemnified party to provide such notice shall not
relieve the indemnifying party of its obligations under the preceding paragraphs of this Section 2.9, except to the extent the indemnifying party is materially and actually prejudiced thereby and shall not relieve the indemnifying party from
any liability which it may have to any indemnified party otherwise than under this Section 2. In case any action or proceeding is brought against an indemnified party and such indemnified party shall have notified the indemnifying party of the
commencement thereof (as required above), the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between

  
 22 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
such indemnified and indemnifying parties may exist in respect of such Claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent that it
chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or
other documented expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that (i) if the indemnifying party fails to take
reasonable steps necessary to defend diligently the action or proceeding within twenty (20) days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so; or (ii) if such indemnified
party who is a defendant in any action or proceeding which is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal or equitable defenses available to such indemnified party which are not
available to the indemnifying party or which may conflict with those available to another indemnified party with respect to such Claim; or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable
standards of professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified parties in each
jurisdiction, except to the extent any indemnified party or parties reasonably shall have made a conclusion described in clause (ii) or (iii) above) and the indemnifying party shall be liable for any reasonable and documented expenses therefor.
No indemnifying party shall, without the written consent of the indemnified party, such consent not to be unreasonably withheld or delayed, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending
or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of
any indemnified party. 
 (e)    If for any reason the foregoing indemnity is unavailable, unenforceable or is
insufficient to hold harmless an indemnified party under Sections 2.9(a), (b) or (c), then each applicable indemnifying party shall contribute to the amount paid or payable to such indemnified party as a result of any Claim in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such Claim. The relative fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant
equitable considerations. The parties hereto agree that it would not be just and equitable if any contribution pursuant to this Section 2.9(e) were to be determined by pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the preceding sentences of this Section 2.9(e). The amount paid or payable in respect of any Claim shall be deemed to 

  
 23 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
include any legal or other documented expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this Section 2.9(e) to the
contrary, no indemnifying party (other than the Company) shall be required pursuant to this Section 2.9(e) to contribute any amount greater than the amount of the net proceeds received by such indemnifying party from the sale of Registrable
Securities pursuant to the registration statement giving rise to such Claim, less the amount of any indemnification payment made by such indemnifying party pursuant to Sections 2.9(b) and 2.9(c). In addition, no Holder of Registrable Securities or
any Affiliate thereof shall be required to pay any amount under this Section 2.9(e) unless such Person or entity would have been required to pay an amount pursuant to Section 2.9(b) if it had been applicable in accordance with its terms.

 (f)    The indemnity and contribution agreements contained herein shall be in addition to any other rights to
indemnification or contribution which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and
shall survive the transfer of the Registrable Securities by any such party. 
 (g)    The indemnification and
contribution required by this Section 2.9 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred;
provided, however, that the recipient thereof hereby undertakes to repay such payments if and to the extent it shall be determined by a court of competent jurisdiction that such recipient is not entitled to such payment hereunder. 

2.10.    Limitations on Registration of Other Securities; Representation. From and after the date of this
Agreement, the Company shall not, unless this Section 2.10 is amended or waived in accordance with Section 4.4, enter into any agreement with any holder or prospective holder of any securities of the Company, that would negatively affect
the relative priority of the Holders as set forth in Section 2.3 of this agreement hereunder unless the Company shall also give any such favorable priority allocation rights to such Holders. 

2.11.    No Inconsistent Agreements. As of the date hereof, there are no persons other than the Holders with
registration rights or other similar rights to have any securities registered for sale or sold by the Company under the Securities Act. Unless this Section 2.11 is amended or waived in accordance with Section 4.4, the Company shall not
hereafter enter into any agreement with respect to its securities that is inconsistent in any material respects with the rights granted to the Holders in this Agreement. 

Section 3.    Underwritten Offerings. 

3.1.    Requested Underwritten Offerings. If requested by the underwriters for any underwritten offering pursuant
to a registration requested under Section 2.1, the Company shall enter into a customary underwriting agreement with the underwriters. Such underwriting agreement shall (i) be reasonably satisfactory in form and substance to the Majority
Participating 

  
 24 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
Holders, (ii) contain terms not inconsistent with the provisions of this Agreement and (iii) contain such representations and warranties by, and such other agreements on the part of,
the Company and such other terms as are generally prevailing in agreements of that type, including, without limitation, indemnities and contribution agreements on substantially the same terms as those contained herein. Any Participating Holder shall
be a party to such underwriting agreement and may, at its option, require that any or all of the reasonable and customary representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such
underwriters shall also be made to and for the benefit of such Participating Holder and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the obligations
of such Participating Holder; provided, however, that the Company shall not be required to make any representations or warranties with respect to written information specifically provided by a Participating Holder for inclusion in the
registration statement. Unless otherwise agreed by the respective Participating Holders and the underwriters, each such Participating Holder shall not be required to make any representations or warranties to or agreements with the Company or the
underwriters other than representations, warranties or agreements regarding such Participating Holder, its ownership of and title to the Registrable Securities, any written information specifically provided by such Participating Holder for inclusion
in the registration statement and its intended method of distribution; and any liability of such Participating Holder to any underwriter or other Person under such underwriting agreement for indemnity, contribution or otherwise shall in no case be
greater than the amount of the net proceeds received by such Participating Holder upon the sale of Registrable Securities pursuant to such registration statement and in no event shall relate to anything other than information about such Holder
specifically provided by such Holder for use in the registration statement and prospectus. 
 3.2.    Piggyback
Underwritten Offerings. In the case of a registration pursuant to Section 2.2, if the Company shall have determined to enter into an underwriting agreement in connection therewith, all of the Participating Holders’ Registrable
Securities to be included in such registration shall be subject to such underwriting agreement. Any Participating Holder may, at its option, require that any or all of the reasonable and customary representations and warranties by, and the other
agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Participating Holder and that any or all of the conditions precedent to the obligations of such underwriters under
such underwriting agreement be conditions precedent to the obligations of such Participating Holder; provided that the Company shall not be required to make any representations or warranties with respect to written information specifically
provided by a Participating Holder for inclusion in the registration statement. Unless otherwise agreed by the respective Participating Holders and the underwriters, each such Participating Holder shall not be required to make any representations or
warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Participating Holder, its ownership of and title to the Registrable Securities, any written information specifically
provided by such Participating Holder for inclusion in the registration statement and its intended method of distribution; and any liability of such Participating Holder to any underwriter or other Person under such underwriting agreement shall in
no case be greater than the amount of the net proceeds received by such Participating Holder upon the sale of Registrable Securities pursuant to such registration statement and in no event shall relate to anything other than information about such
Holder specifically provided by such Holder for use in the registration statement and prospectus. 

  
 25 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 Section 4.    General. 

4.1.    Rule 144. The Company covenants that (i) so long as it remains subject to the
reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to
in subparagraph (c)(1)(i) of Rule 144 under the Securities Act, as such Rule may be amended (“Rule 144”)), or any similar rules or regulations hereafter adopted by the SEC, and
(ii) it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144, or any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether
it has complied with such requirements. 
 4.2.    Nominees for Beneficial Owners. If Registrable Securities are
held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder or Holders of Registrable
Securities pursuant to this Agreement (or any determination of any number or percentage of Shares constituting Registrable Securities held by any Holder or Holders of Registrable Securities contemplated by this Agreement), provided that the
Company shall have received assurances reasonably satisfactory to it of such beneficial ownership. 

4.3.    Additional Parties; Joinder. The Company (i) may, with the written consent of the Holders of a
majority of Registrable Securities, permit any Person who acquires Shares or rights to acquire Shares from the Company after the date hereof, and (ii) shall permit any Permitted Transferee of Registrable Securities to become a party to this
Agreement and to succeed to all of the rights and obligations of a “Holder of Registrable Securities” under this Agreement by obtaining an executed joinder to this Agreement from such Person in substantially the form of Exhibit A attached
hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Person, the Shares acquired by such Person (the “Acquired Shares”) shall be Registrable Securities hereunder (provided such
Shares otherwise meet the definition thereof included in this Agreement), such Person shall be a “Holder of Registrable Securities” under this Agreement with respect to the Acquired Shares (provided that any Permitted Transferee that
qualifies as such pursuant to clause (i) of the definition thereof must remain an Affiliate of such Holder at the time of exercising any rights hereunder), and the Company shall add such Person’s name and address to the appropriate
schedule hereto and circulate such information to the parties to this Agreement. 
 4.4.    Amendments and
Waivers. (a) Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall be effective against the Company and GSAM without each of their prior written consent; provided, further,
that any amendment, modification, supplement or waiver of any of the provisions of this Agreement which disproportionately materially adversely affects any Holder shall not be effective without the written approval of such Holder. No waiver of any
of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar). No failure or delay on the part of any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof or of any other or future exercise of any such right, power or privilege. 

  
 26 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 4.5.    Notices. All notices, demands and other communications to
be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) if personally delivered, on the date of delivery, (ii) if delivered by express courier service of
national standing (with charges prepaid), on the Business Day following the date of delivery to such courier service, (iii) if deposited in the United States mail, first-class postage prepaid, on the
fifth (5th) Business Day following the date of such deposit, (iv) if delivered by facsimile transmission, upon confirmation of successful transmission, (x) on the date of such
transmission, if such transmission is completed at or prior to 5:00 p.m., local time of the recipient party on a Business Day, on the date of such transmission, and (y) on the next Business Day following the date of transmission, if such
transmission is completed after 5:00 p.m., local time of the recipient party, on the date of such transmission or is transmitted on a day that is not a Business Day, or (v) if via e-mail communication, on
the date of delivery. All notices, demands and other communications hereunder shall be delivered as set forth below and to any subsequent holder of Shares subject to this Agreement at such address as indicated by the Company’s records, or
pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
 If to the Company, to: 

MN8 Energy, Inc. 
 1155 Avenue
of the Americas, 27th Floor 
 New York, NY 10036 

Attention: 
 Fax: 

Email: 
 with a copy (which
shall not constitute notice) to: 
 Vinson & Elkins L.L.P. 

101 Fannin Street 
 Houston, TX
77002 
 Attention:     Douglas E. McWilliams, Esq. 

Fax: 
 Email: 

if to GSAM, to: 
 Goldman Sachs
Asset Management, L.P. 
 200 West Street 

New York, NY 10282 
 Attention:

  
 27 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 with a copy (which shall not constitute notice) to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 
 New York,
NY 10004 
 Attention: 
 Fax:

 Email: 

4.6.    Successors and Assigns. Except as otherwise provided herein, this Agreement shall be binding upon and inure
to the benefit of and be enforceable by the parties hereto and the respective successors, permitted assigns, heirs and personal representatives of the parties hereto, whether so expressed or not. This Agreement may not be assigned by the Company
without the prior written consent of the Holders. Each Holder shall have the right to assign its rights and obligations under this Agreement with respect to all or any portion of its Registrable Securities without such consent (but only with all
related obligations) only in accordance with transfers of such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in replacement of such Registrable Securities) by
such Holder to a Permitted Transferee of such Registrable Securities, provided (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such Permitted Transferee and the
Registrable Securities with respect to which such registration rights are being assigned and (ii) such Permitted Transferee agrees in writing to be bound by and subject to the terms set forth in this Agreement. Upon any such assignment, such
assignee shall have and be able to exercise and enforce all rights of the assigning Holder which are assigned to it and, to the extent such rights are assigned, any reference to the assigning Holder shall be treated as a reference to the assignee.
If any Holder shall acquire additional Registrable Securities, such Registrable Securities shall be subject to all of the terms, and entitled to all the benefits, of this Agreement. 

4.7.    Entire Agreement. This Agreement and the other documents referred to herein or delivered pursuant hereto
which form part hereof constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and agreements, both written
and oral, with respect to such subject matter. 
 4.8.    Governing Law; Submission to Jurisdiction; Waiver of Jury
Trial. 
 (a)    This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of Delaware.

 (b)    ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF DELAWARE IN EACH CASE LOCATED IN THE STATE OF DELAWARE

  
 28 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH
PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT,
ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(c)    EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER
TRANSACTION DOCUMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO
THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.8(c). 

4.9.    Interpretation; Construction. 

(a)    This Agreement shall be construed without regard to any presumption or other rule requiring construction against
the party that drafted or caused this Agreement to be drafted. References to “include”, “includes” or “including” in this Agreement shall be deemed to be following with the phrase “, without limitation,”
whether or not so specified. References to “days” shall refer to calendar days unless Business Days are specified. If any period expires on a day which is not a Business Day or any event or condition is required by the terms of this
Agreement to occur or be fulfilled on a day which is not a Business Day, such period shall expire or such event or condition shall occur or be fulfilled, as the case may be, on the next succeeding Business Day. 

(b)    The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or
a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement. 
 4.10.    Counterparts. This Agreement may be executed by facsimile or PDF signature and may
be executed in one or more counterparts, each of which shall be deemed to constitute an original, but all of which together shall constitute one and the same documents. 

  
 29 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 4.11.    Severability. Should any part of this Agreement for any
reason be declared invalid, such decision shall not affect the validity of any remaining portion, which remaining portion shall remain in full force and effect as if this Agreement had been executed with the invalid portion thereof eliminated, and
it is hereby declared the intention of the parties hereto that they would have executed the remaining portion of this Agreement without including therein any such part or parts which may, for any reason, be hereafter declared invalid. 

4.12.    Remedies. The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this
Agreement and to seek to enforce specifically the terms and provisions of this Agreement, without the posting of any bond, and, if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto
shall raise the defense that irreparable harm has not occurred or that there is an adequate remedy at law. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

4.13.    Further Assurances. Each of the parties hereto shall, and shall cause their respective Affiliates to,
execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 4.14.    Confidentiality. Each Holder agrees that any non-public
information which they may receive relating to the Company and its Subsidiaries (the “Confidential Information”) will be held strictly confidential and will not be disclosed by it to any Person without the express written
permission of the Company; provided, that the Confidential Information may be disclosed (i) in the event of any compulsory legal process or compliance with any applicable law, subpoena or other legal process or in connection with any
filings that the Holder may be required to make with any regulatory authority; provided, that in the event of compulsory legal process, unless prohibited by applicable law or that process, each Holder agrees (x) to give the Holders and
the Company prompt notice thereof and to cooperate with the Company and the Holders in securing a protective order in the event of compulsory disclosure and (y) that any disclosure made pursuant to public filings will be subject to the prior
reasonable review of the Company and the Holders, (ii) to any foreign or domestic governmental or quasi-governmental regulatory authority, including without limitation, any share exchange or other self-regulatory organization having
jurisdiction over such party, (iii) to each Holder’s or its Affiliate’s, officers, directors, employees, partners, accountants, lawyers and other professional advisors for use relating solely to management of the investment or
administrative purposes with respect to such Holder and (iv) to a proposed transferee of securities of the Company held by a Holder; provided, that the Holder informs the proposed transferee of the confidential nature of the information
and the proposed transferee agrees in writing to comply with the restrictions in this Section 4.14 and delivers a copy of such writing to the Company. 

[Remainder of Page Intentionally Left Blank] 

  
 30 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

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

			
	MN8 ENERGY, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	GOLDMAN SACHS RP HOLDINGS LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	GOLDMAN SACHS ASSET MANAGEMENT L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	GSAM HOLDINGS II LLC
		
	By:	 	  

		 	Name:
		 	Title:

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 EXHIBIT A 

Form of Joinder Agreement 

The undersigned is executing and delivering this Joinder Agreement, as of [    ] (this “Joinder”)
pursuant to the Registration Rights Agreement dated as of              [    ], 2022 (as the same may hereafter be amended, modified or restated from time to time, the
“Registration Rights Agreement”) of MN8 Energy, Inc. (the “Company”), by and among the Company and the other persons party thereto. Capitalized terms used herein but not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Registration Rights Agreement. 
 WHEREAS, by execution of this Joinder, the undersigned
shall become a party to the Registration Rights Agreement and this Joinder shall be deemed a counterpart of the Registration Rights Agreement, in accordance with Section 4.3 of the Registration Rights Agreement. 

NOW, THEREFORE, in consideration of the premises, mutual agreements and provisions herein contained, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1.    Joinder. By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a
party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a “Holder” and a “Holder of Registrable Securities” in the same manner as if the undersigned were an original signatory to the
Registration Rights Agreement, and the undersigned’s [    ] Shares shall be included as Registrable Securities under the Registration Rights Agreement. 

2.    Execution of Additional Instruments. The undersigned agrees to execute such documents or instruments, if any,
as the Company may reasonably request to confirm the undersigned’s agreement to be bound by the terms and conditions of the Registration Rights Agreement. 

3.    Company Entitled to Rely, etc. Whether or not acknowledged or countersigned by the Company, the Company shall
be deemed to be a party to this Joinder and entitled to rely on and enforce the provisions of this Joinder. Signature of the undersigned transmitted by facsimile or pdf shall be deemed to be original for all purposes. 

4.    Governing Law. This Joinder shall be governed by and construed in accordance with the laws of the State of
Delaware without reference to rules regarding conflicting laws. 
 * * * * * 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

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

			
	[Investor]
		
	By:	 	  

	Name:
	Title:

 [Signature Page to Registration Rights Agreement Joinder]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]