Document:

exv10w1

Exhibit 10.1

MASTER CRUDE OIL PURCHASE AND SALE AGREEMENT

     THIS MASTER CRUDE OIL PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of January 26,
2009, is made and entered into by and between CALUMET SHREVEPORT FUELS, LLC, an Indiana limited
liability company (“Customer”), and LEGACY RESOURCES CO., L.P., an Indiana limited partnership
(“Supplier"). Each of Customer and Supplier is sometimes referred to hereinafter individually as a
"Party” and they are collectively referred to as the “Parties.”

RECITALS:

     WHEREAS, Customer owns and operates a refinery in Shreveport, Louisiana (the “Refinery”) for
the processing and refining of crude oil into specialty lubricating oils and other refined
products;

     WHEREAS, Supplier is able to obtain certain crude oil from various supply sources, and
Supplier desires to resell such crude oil to Customer and can provide to Customer attractive trade
credit terms for such sales; and

     WHEREAS, in order to meet the inventory requirements of the Refinery, Customer desires to
enter into an arrangement pursuant to which it shall purchase from Supplier, and Supplier shall
sell and supply to Customer, crude oil from time to time.

AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing recitals and the agreements contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

     1. Defined Terms. Unless otherwise provided to the contrary in this Agreement, capitalized
terms used in this Agreement shall have the following meanings:

     “AAA” has the meaning specified in Section 17(a).

     “AAA Rules” has the meaning specified in Section 17(a).

     “Agreement” has the meaning specified in the Preamble.

     “Arbitration Panel” has the meaning specified in Section 17(b).

     “Business Day” means any day other than a Saturday, Sunday, or other day on which
commercial banks in Houston, Texas are authorized or required by law to close.

     “Claiming Party” has the meaning specified in Section 12(a).

     “Confirmation” has the meaning set forth therefor in Section 4(a).

     “Customer” has the meaning specified in the Preamble.

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     “Default Rate” means an annual rate of interest equal to fifteen percent (15%) per
annum.

     “Dispute” has the meaning specified in Section 17(a).

     “Effective Date” has the meaning specified in Section 2.

     “Force Majeure” means an event or circumstance that prevents a Party from performing
its obligations under this Agreement, which event or circumstance (a) was not anticipated as
of the Effective Date, (b) is not within the reasonable control of, or the result of the
negligence of, such Party, and (c) by the exercise of due diligence, such Party is unable to
overcome or avoid or cause to be avoided, and shall include strikes, lockouts, labor
disturbances, acts of the public enemy, wars, blockades, insurrections, riots, acts of God,
epidemics, landslides, lightning, earthquakes, fires, violent storms, floods, washouts,
environmental catastrophes, civil disturbances, explosions, breakdown of necessary
equipment, acts or failures to act on the part of any Governmental Authority (including
inability to obtain governmental permits), failure of utility services, sabotage, or any
other similar causes.

     “Governmental Authority” shall mean any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government.

     “Party” and “Parties” has the meaning specified in the Preamble.

     “Raw Material” has the meaning specified in Section 4.

     “Raw Material Price” means the price per barrel of Raw Material charged by Supplier to
Customer pursuant to a Confirmation.

     “Refinery” has the meaning specified in the Recitals, including any offsite storage
locations owned by the Customer.

     “Shipping Point” means the entrance to the Exxon Mobil pipeline in St. James,
Louisiana.

     “Supplier” has the meaning specified in the Preamble.

     “Termination Notice” has the meaning specified in Section 10(b).

     2. Effectiveness. This Agreement shall be binding on the Parties and effective as of 12:01
a.m., Houston, Texas time, on January 26, 2009 (the “Effective Date”).

     3. Term. The term of this Agreement shall commence on the Effective Date and shall terminate
at such time as terminated by either Party in accordance with Section 10.

     4. Purpose; Trade Terms.

     (a) Supplier shall obtain, sell, supply and deliver to Customer, and Customer shall
receive and purchase from Supplier, crude oil of such grades and specifications as the
Parties may agree upon from time to time (the “Raw Material”), on and subject to the terms
and

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conditions of this Agreement. Supplier and Customer shall enter into such purchase and
sale order confirmations to evidence such sales and purchases from time to time as Supplier
and Customer may agree upon (each a “Confirmation”). Until Customer and Supplier execute
and deliver to one another a Confirmation, neither Party shall be obligated to buy from or
sell to the other any Raw Material, but such Confirmation shall evidence a binding agreement
for the sale of the Raw Material further described therein on the terms set forth herein and
therein.

     (b) Supplier shall sell Raw Material to Customer on the open account terms as may be
agreed upon by both Parties from time to time, provided that until otherwise agreed in
writing, the terms shall be net thirty (30) days from date of delivery to the Shipping
Point.

     5. Contract Price. Customer shall pay Supplier, for each barrel of Raw Material delivered for
sale by Supplier at the Shipping Point, an amount expressed in U.S. Dollars and determined from
time to time by the Parties and set forth in the relevant Confirmation. Adjustments to the pricing
for Raw Materials sold during a calendar month and having the required specifications shall be made
by the Parties to reflect for all such Raw Materials the monthly average prices of Raw Materials
having such specifications purchased by Suppler and sold to Customer during such month. Payment
shall be made in accordance with the procedures established in Section 9. The purchase
price for Raw Material shall include a premium determined by Supplier and agreed to by Parties, as
set forth either in the relevant Confirmation or as set forth on Schedule 5(a) from time to
time. Neither of the Parties is obligated to agree to a price or a premium, and if there is no
such agreement then neither Party shall be obligated to effect the purchase or sale contemplated in
connection therewith.

     6. Scheduling; Transportation.

     (a) Orders and Scheduling. Prior to the beginning of each calendar month, the Customer shall
nominate to Supplier the amount and specifications for Raw Material that Customer wishes to
purchase for the upcoming month. If the Parties agree on the price, quantity, specifications,
credit and other terms for all or a portion of such month’s requested shipments, the Parties shall
set forth such agreement in a Confirmation. Supplier shall have the right to source Raw Material
from any producer of crude oil selected by Supplier in its sole discretion, provided that such Raw
Material meets the specifications set forth in the relevant Confirmation.

     (b) Transportation and Storage of Raw Material. Supplier shall be solely responsible for
transportation of the Raw Material until such time as the Raw Material is delivered to Customer in
accordance with the terms hereof. Supplier shall, unless otherwise agreed in a Confirmation,
purchase Raw Material at the Shipping Point and cause it to be delivered to Customer at the
Shipping Point or such other means and locations as Customer and Supplier shall agree upon in
writing from time to time.

     7. Certain Rules of Construction. For purposes of this Agreement and unless the context
requires otherwise: (a) the singular includes the plural and the plural includes the singular, and
the gender of any pronoun includes the other genders; (b) “shall” and “will” have equal force and
effect; (c) the words “include,” “including,” or “includes” shall be read to be followed by the
words “without limitation” or words having similar import; (d) the word “or” will have the
inclusive meaning represented by the phrase “and/or”; and (e) unless otherwise specified, time
periods within or following which any payment is to be made or action is to be taken or done shall
be calculated by excluding the day on which the time period commences but including the day on
which the time period ends and by extending the time period to the next Business Day following if
the last day of the time period is not a Business Day.

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     8. Receipt and Delivery; Title and Risk of Loss.

     (a) Delivery. Supplier shall deliver the Raw Material to Customer free and clear of any
mortgages, pledges, liens, charges or other security interests or encumbrances. The Raw Material
shall be deemed to have been delivered to Customer at the point where the Raw Material is delivered
to the Shipping Point.

     (b) Transportation Costs. Supplier shall arrange and pay for transportation of the Raw
Material to the Shipping Point. Customer shall arrange and pay for transportation of the Raw
Material from the Shipping Point to the Refinery.

     (c) Transfer of Title; Risk of Loss.

     (i) As between the Parties, Supplier shall be deemed to be in exclusive control
and ownership of the Raw Material purchased and sold hereunder up to delivery thereof
to Customer at the Shipping Point, and Customer shall be deemed to be in exclusive
control and ownership of the Raw Material purchased and sold hereunder at and after
the time the Raw Material is delivered at the Shipping Point. Title to and risk of
loss related to the Raw Material purchased and sold hereunder shall transfer from
Supplier to Customer upon delivery thereof by Supplier at the Shipping Point.

     (ii) Prior to delivery of the Raw Material at the Shipping Point, Customer shall
have no rights to or interest therein.

     (d) Taxes. Supplier shall be responsible for all sales, use, excise, ad valorem, and any
other taxes, imposed or levied by any Governmental Authority applicable to the Raw Material sold
and delivered hereunder up to the sale and delivery thereof to Customer at the Shipping Point.
Customer shall be responsible for all sales, use, excise, ad valorem and any other taxes imposed or
levied by any Governmental Authority applicable to the Raw Material after the sale and delivery
hereunder to Customer at the Shipping Point. Each Party shall be responsible for taxes assessed on
its income or operations. Each Party shall indemnify, defend and hold harmless the other Party
from and against any and all liability for taxes imposed or levied by any Governmental Authority
with respect to the Raw Material sold, delivered and received hereunder that are the responsibility
of such Party pursuant to this Section 8(d).

     (e) Insurance. Supplier shall, at its sole expense, be responsible for maintaining insurance
coverage on the Raw Material prior to delivery of the Raw Material at the Shipping Point. In no
event shall either Supplier or Customer be subrogated to (i) the claims of the other against any
insurance provider, or (ii) any other claims otherwise arising hereunder, it being the intention of
the parties hereto to waive all subrogation rights that may arise hereunder or in connection with
the transactions contemplated herein and relating to insured claims.

     9. Payment Terms.

     (a) Payment. Payments by Customer to Supplier shall be made by wire transfer of immediately
available funds (except as otherwise agreed in a Confirmation) as follows:

National City Bank of Indiana

Legacy Resources Co., L.P.

ABA # 074000065

Account # 758163862

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     (b) Interest on Late Payments. In the event Customer fails to make a payment when due under
the provisions of this Agreement, Customer shall pay interest to Supplier on all such late amounts
from the date originally due until paid at the Default Rate.

     10. Termination and Wind Up.

     (a) Notice of Termination. Either Party may terminate this Agreement by delivering to the
other Party written notice of termination (a “Termination Notice”).

     (b) Effectiveness of Termination. Termination of this Agreement after a Termination Notice
shall be effective immediately after payment is received by Supplier from Customer for any then
outstanding purchase orders pursuant to a Confirmation. Upon termination of this Agreement,
neither Party shall have any further obligations hereunder except for any obligations to pay sums
owed to the other Party in accordance herewith and provided that Section 11 and
Sections 13 through 26 shall survive any termination hereof.

     (c) Termination and Windup. If Customer defaults on any obligation under this Agreement,
including failure to make payment for Raw Material on a timely basis pursuant to a Confirmation,
(i) Customer hereby agrees to indemnify and hold Supplier harmless from any losses, costs, claims,
expenses or damages suffered by Supplier as a result of such default, and (ii) Supplier shall have
the right without further liability hereunder to terminate this Agreement and any amounts due to
Supplier from Customer under the terms of this Agreement shall become immediately due and payable.

     11. Limitation of Liability. NEITHER PARTY SHALL BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL,
PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES, LOST REVENUES, LOST PROFITS OR OTHER BUSINESS INTERRUPTION
DAMAGES, BY STATUTE, IN TORT OR CONTRACT, UNDER ANY INDEMNITY PROVISION, AT LAW OR IN EQUITY OR
OTHERWISE, EXCEPT PURSUANT TO INDEMNITIES IN THIS AGREEMENT FOR THIRD PARTY CLAIMS (TO THE EXTENT
THAT A THIRD PARTY HAS RECOVERED SUCH DAMAGES FROM THE PARTY INDEMNIFIED HEREUNDER). IT IS THE
INTENT OF THE PARTIES THAT THE LIMITATIONS HEREIN IMPOSED ON THE MEASURE OF DAMAGES BE WITHOUT
REGARD TO THE CAUSE OR CAUSES RELATED THERETO, INCLUDING THE NEGLIGENCE OF ANY PARTY, WHETHER SUCH
NEGLIGENCE BE JOINT, SOLE, CONCURRENT, COMPARATIVE OR CONTRIBUTORY FAULT OR NEGLIGENCE, FAULT
IMPOSED BY LAW, STRICT LIABILITY, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY PARTY, OR ANY OF
ITS REPRESENTATIVES, OFFICERS, AGENTS AND/OR EMPLOYEES.

     12. Force Majeure.

     (a) Declaration of Force Majeure. A Party claiming Force Majeure (the “Claiming Party”) shall
give notice and details of the full particulars of the Force Majeure event in writing to the other
Party as soon as practicable after the onset of the event or occurrence constituting Force Majeure,
and upon giving such notice the Claiming Party shall be excused from performance of its obligations
under this Agreement insofar as they are affected by such Force Majeure event (other than the
obligation to make payments then due or becoming due with respect to performance under this
Agreement prior to the suspension of such Party’s obligations as a result of the Force Majeure
event). The Claiming Party shall remedy the cause of the Force Majeure event with all reasonable
dispatch.

     (b) Effect on Non-Claiming Party. The non-Claiming Party shall not be required to perform or
resume performance of its obligations to the Claiming Party corresponding to, and to the

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extent subject to the performance of, the obligations of the Claiming Party that have been
excused by reason of the Force Majeure event.

     (c) Mitigation. The Parties shall use commercially reasonable efforts to mitigate any adverse
effects of a Force Majeure event; provided, however, that the foregoing shall not require the
settlement of labor disputes against the better judgment of the Party having the dispute.

     (d) No Change in Obligations. In no event shall this Section 12 be construed to
relieve either Party of any obligation hereunder solely because of increased costs or other adverse
economic consequences that may be incurred through the performance of such obligation of such
Party.

     13. Confidentiality. The Parties agree that the existence of this Agreement and the
discussions contemplated hereby are strictly confidential. Accordingly, neither Party shall make
or issue any public statement, announcement or disclosure with respect to the existence or terms of
this Agreement without the prior written approval of the other, and the discussions between the
Parties shall remain confidential, except to the extent that disclosure is otherwise required by
law (including applicable federal and state securities laws, the rules of any applicable stock
exchange or judicial process).

     14. Assignability. The rights under this Agreement shall not be assignable or transferable
nor shall the obligations and liabilities be delegable by any Party without the prior written
consent of the other Party, which consent may be granted or withheld in such other Party’s sole
discretion.

     15. Fees and Expenses. Each Party shall be responsible for its own costs and expenses
(including attorneys’ and consultant fees, costs and expenses) incurred in connection with this
Agreement.

     16. Governing Law. This Agreement shall be governed by, and construed in accordance with, the
internal laws of the State of Texas, without regard to principles of conflicts of law.

     17. Arbitration.

     (a) Any action, dispute, claim or controversy (a “Dispute”) arising out of or relating to
this Agreement which is not resolved by the Parties shall be finally resolved by arbitration
pursuant to the procedures of the Commercial Arbitration Rules (the “AAA Rules”) of the American
Arbitration Association (the “AAA”) and in accordance with this Section 17, and judgment on
the award may be entered in any court having jurisdiction thereof. The seat of the arbitration
shall be Houston, Texas.

     (b) The Dispute shall be heard and determined by an arbitration panel consisting of three
arbitrators (the “Arbitration Panel”), each of whom shall be independent and impartial. Each party
to the Dispute shall, within 30 days after commencement of the arbitration, select one person to
act as arbitrator. The two arbitrators so selected shall, within 15 days of their appointment,
select a third arbitrator who shall serve as the chairperson of the Arbitration Panel. If a party
fails to appoint an arbitrator as provided herein, or if the arbitrators selected by the parties
are unable or fail to agree upon a third arbitrator within 20 days of their appointment, then that
arbitrator shall be selected and appointed in accordance with the AAA Rules. The arbitrators
selected shall be qualified by education, training, and experience to hear and determine matters in
the nature of the Dispute. Should an arbitrator die, resign, refuse to act, or become incapable of
performing his or her functions as an arbitrator, the AAA may declare a vacancy on the Arbitration
Panel. The vacancy shall be filled by the method by which that arbitrator was originally
appointed. The arbitrators shall be bound by and shall follow the then current ABA/AAA Rules of
Ethics for Arbitrators.

     (c) The Arbitration Panel shall determine the matters at issue in the Dispute in accordance
with the substantive laws of the State of Texas. In the event that there shall be more than one
dispute

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to be arbitrated, the Parties agree that all pending disputes shall be consolidated in the
same hearing to the extent feasible.

     (d) The award of the arbitrators shall be in writing, shall state the reasons therefor and
shall be deemed final and binding on the parties to the Dispute. In its award, the Arbitration
Panel may apportion the costs of arbitration, including fees of the arbitrators, attorneys, and
expert witnesses, between or among the parties to the Dispute in such manner as it deems
reasonable, taking into account the circumstances of the case, the conduct of the parties during
the proceedings, and the result of the arbitration, including requiring one party to the Dispute to
bear all or the majority of such costs and fees.

     18. No Third Party Beneficiaries. Nothing in this Agreement, whether express or implied, is
intended to confer any rights or remedies under or by reason of this Agreement on any persons other
than the Parties and their respective permitted successors and assigns.

     19. No Relationship. Nothing in this Agreement creates or is intended to create an
association, trust, partnership, joint venture or any other entity or similar legal relationship
among the Parties, or impose a trust, partnership or fiduciary duty, or similar obligation or
liability on or with respect to any Party. No Party is or shall act as or be the agent or
representative of any other Party.

     20. Construction of Agreement. This Agreement shall be construed without regard to the
identity of the Party who drafted the various provisions of the same. Each and every provision of
this Agreement shall be construed as though the Parties participated equally in the drafting of the
same. Consequently, the Parties acknowledge and agree that any rule of construction that a document
is to be construed against the drafting party shall not be applicable to this Agreement.

     21. Notices. All notices, requests, demands and other communications under this Agreement
must be in writing and must be delivered in person or sent by certified mail, postage prepaid, by
overnight delivery, or by facsimile and properly addressed as follows:

	 	 	 	 	 
	 

	 	If to Customer:
	 	Calumet Shreveport Fuels, LLC
	 

	 	 	 	2780 Waterfront Pkwy. E. Dr., Suite 200
	 

	 	 	 	Indianapolis, IN 46214
	 

	 	 	 	Facsimile: (317) 328-5676
	 

	 	 	 	Attention: Vice President & CFO
	 
	 	 	 	 
	 

	 	If to Supplier:
	 	Legacy Resources Co., L.P.
	 

	 	 	 	1423 West Causeway Approach
	 

	 	 	 	Mandeville, Louisiana 70471
	 

	 	 	 	Facsimile: (985) 674-1114
	 

	 	 	 	Attention: Mark Smith
	 
	 	 	 	 
	 

	 	With copy to:	 	Legacy Acquisitions, Inc.
	 

	 	 	 	5400 W. 86th St.
	 

	 	 	 	Indianapolis, IN 46268
	 

	 	 	 	Facsimile: (317) 228-8325
	 

	 	 	 	Attention: John Vercruysse, Treasurer

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Any Party may from time to time change its address for the purpose of notices to that Party by a
similar notice specifying a new address, but no such change is effective until it is actually
received by the Party sought to be charged with its contents. Notices which are addressed as
provided in this Section 21 given by overnight delivery or mail shall be effective (a) upon
delivery, if delivered personally or by overnight delivery, (b) five days following deposit with an
overnight mail commercial courier service of recognized international standing, postage prepaid, if
delivered by mail, or (c) at such time as delivery is refused by the addressee upon presentation.
Notices which are addressed as provided in this Section 21 given by facsimile shall be
effective upon actual receipt if received during the recipient’s normal business hours, or at the
beginning of the recipient’s next business day after receipt if not received during the recipient’s
normal business hours. All notices by facsimile shall be confirmed promptly by the sender after
transmission in writing by certified mail, return receipt requested, or overnight delivery.

     22. Waiver. Failure of any Party to exercise any right given hereunder or to insist upon
strict compliance with any term, condition or covenant specified herein, shall not constitute a
waiver of either Party’s right to exercise such right or to demand strict compliance with any such
term, condition or covenant under this Agreement.

     23. Entire Document; Modification or Amendment. This Agreement contains the entire agreement
among the Parties with respect to the subject matter hereof, and supersedes all negotiations,
representations, warranties, commitments, offers, contracts and writings, whether written or oral,
prior to the date hereof and relating to the subject matter hereof. No modification or amendment
of any provision of this Agreement shall be effective unless made in writing and duly signed by the
Parties referring specifically to this Agreement.

     24. Counterparts. This Agreement may be executed in one or more counterparts, each of which
is an original, but all of which together constitute one and the same instrument.

     25. Captions. The headings, subheadings and captions used herein are for the convenience of
the Parties only and shall not be used to construe the meaning or intent of any provision hereof.

     26. Severability. If any term or other provision of this Agreement shall be held invalid,
illegal or incapable of being enforced under applicable law or public policy by a court of
competent jurisdiction, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to a Party. Upon such
determination by a court of competent jurisdiction that any term or other provision is invalid,
illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this
Agreement so as to give effect to the original intent of the Parties as closely as possible in an
acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent
possible.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the Parties have executed this Master Crude Oil Purchase and Sale
Agreement as of the date first above written.

	 	 	 	 	 	 	 
	 	 	CALUMET SHREVEPORT FUELS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ R. Patrick Murray, II
 

R. Patrick Murray, II
	 	 
	 

	 	Title:
	 	VP & CFO	 	 
	 
	 	 	 	 	 	 
	 	 	LEGACY RESOURCES CO., L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Legacy Acquisitions, Inc., its general
partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Mark F. Smith
 

Mark F. Smith 

President
	 	 

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Master Crude Oil Purchase and Sale Agreement

Schedule 5(a)

	 	 	 	 	 
	Raw Material Price	 	Raw Material Price	 	Per Barrel
	Per Barrel Before	 	Per Barrel Before	 	Premium to be
	Premium is Equal to	 	Premium is Less	 	Added to Raw
	or Greater than	 	than or Equal to	 	Material Price
	$10.00
	 	$11.99	 	$0.1375
	$12.00
	 	$13.99	 	$0.1625
	$14.00
	 	$15.99	 	$0.1875
	$16.00
	 	$17.99	 	$0.2125
	$18.00
	 	$19.99	 	$0.2375
	$20.00
	 	$21.99	 	$0.2625
	$22.00
	 	$23.99	 	$0.2875
	$24.00
	 	$25.99	 	$0.3125
	$26.00
	 	$27.99	 	$0.3375
	$28.00
	 	$29.99	 	$0.3625
	$30.00
	 	$31.99	 	$0.3875
	$32.00
	 	$33.99	 	$0.4125
	$34.00
	 	$35.99	 	$0.4375
	$36.00
	 	$37.99	 	$0.4625
	$38.00
	 	$39.99	 	$0.4875
	$40.00
	 	$41.99	 	$0.5125
	$42.00
	 	$43.99	 	$0.5375
	$44.00
	 	$45.99	 	$0.5625
	$46.00
	 	$47.99	 	$0.5875
	$48.00
	 	$49.99	 	$0.6125
	$50.00
	 	$51.99	 	$0.6375
	$52.00
	 	$53.99	 	$0.6625
	$54.00
	 	$55.99	 	$0.6875
	$56.00
	 	$57.99	 	$0.7125
	$58.00
	 	$59.99	 	$0.7375
	$60.00
	 	$61.99	 	$0.7625
	$62.00
	 	$63.99	 	$0.7875
	$64.00
	 	$65.99	 	$0.8125
	$66.00
	 	$67.99	 	$0.8375
	$68.00
	 	$69.99	 	$0.8625
	$70.00
	 	$71.99	 	$0.8875
	$72.00
	 	$73.99	 	$0.9125
	$74.00
	 	$75.99	 	$0.9375
	$76.00
	 	$77.99	 	$0.9625
	$78.00
	 	$79.99	 	$0.9875
	$80.00
	 	$81.99	 	$1.0125
	$82.00
	 	$83.99	 	$1.0375
	$84.00
	 	$85.99	 	$1.0625
	$86.00
	 	$87.99	 	$1.0875
	$88.00
	 	$89.99	 	$1.1125
	$90.00
	 	$91.99	 	$1.1375
	$92.00
	 	$93.99	 	$1.1625
	$94.00
	 	$95.99	 	$1.1875
	$96.00
	 	$97.99	 	$1.2125
	$98.00
	 	$99.99	 	$1.2375

10exv4w1

Exhibit 4.1

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

          THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as
of January 23, 2009, by and among Lighting Science Group Corporation, a Delaware corporation (the
“Company”), and Pegasus Partners IV, L.P.
(the “Investor”).

          WHEREAS, the Investor and the Company previously entered into a Registration Rights Agreement
dated as of July 25, 2008 (the “Original Agreement”);

          WHEREAS, on January 7, 2009, the Investor acquired two warrants to purchase Common Stock of
the Company, each dated December 31, 2008, which warrants provide that the Company and the holder
thereof will agree upon reasonable registration rights related to the Common Stock underlying such
warrants; and

          WHEREAS, rather than execute a new registration rights agreement covering the Common Stock
underlying such warrants, the Investor and the Company desire to amend and restate the Original
Agreement.

          NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

1. DEFINITIONS. The following capitalized terms used herein have the following meanings:

          “Affiliate” means, with respect to any specified Person, a Person that directly or indirectly,
through one or more intermediaries, controls or is controlled by, or is under common control with,
the Person specified.

          “Agreement” means this Amended and Restated Registration Rights Agreement, as further amended,
restated, supplemented, or otherwise modified from time to time.

          “Commission” means the Securities and Exchange Commission, or any other federal agency then
administering the Securities Act or the Exchange Act.

          “Common Stock” means the common stock, par value $0.001 per share, of the Company.

          “Company” is defined in the preamble to this Agreement.

          “Convertible Securities” means any evidences of indebtedness, including bonds and debentures,
shares, including preferred stock, warrants, options or other securities that are convertible into
or exchangeable or exercisable for Common Stock.

          “Demand Registration” is defined in Section 2.1.1.

          “Demanding Holder” is defined in Section 2.1.1.

 

 

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor act,
and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in
effect at the time.

          “Form S-3” is defined in Section 2.3.

          “Form S-3 Registration” is defined in Section 2.3.

          “Guarantors” means the Persons listed on Schedule A.

          “Indemnified Party” is defined in Section 4.3.

          “Indemnifying Party” is defined in Section 4.3.

          “Investor” is defined in the preamble to this Agreement.

          “Investor Indemnified Party” is defined in Section 4.1.

          “Majority-in-Interest” is defined in Section 2.1.1.

          “Maximum Number of Securities” is defined in Section 2.1.4.

          “Pegasus Parties” means, collectively, the Investor and any transferee of the Investor that is
an Affiliate of the Investor to whom rights, duties and obligations under this Agreement or under
the Original Agreement are or were assigned by the Investor in accordance with Section 6.2 of this
Agreement or the Original Agreement, as applicable; provided, that any such transferee that ceases
to hold Registrable Securities shall no longer be a “Pegasus Party.”

          “Person” means an individual or a corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or political subdivision thereof) or other entity of any kind.

          “Piggy-Back Registration” is defined in Section 2.2.1.

          “Pro Rata” is defined in Section 2.1.3.

          “Registrable Securities” means (i) all of the shares of Common Stock owned or held as of the
date of this Agreement by the Investor or any Pegasus Party or acquired at any time hereafter if at
such time the Investor or a Pegasus Party holds Registrable Securities, including any shares of
Common Stock issuable pursuant to the conversion, exchange or exercise of any Convertible
Securities; (ii) any shares of Common Stock owned or held by, or issuable pursuant to the
conversion, exchange or exercise of any Convertible Securities to, a transferee of the Investor to
whom rights, duties and obligations under this Agreement are assigned by the Investor in accordance
with Section 6.2; and (iii) any shares of capital stock or other securities of the Company issued
as a dividend or other distribution with respect to or in exchange for or in replacement of any of
the Registrable Securities described in (i) and (ii) above; provided, that 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 become

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effective under the Securities Act and such securities shall have been sold, transferred, disposed
of or exchanged pursuant to such Registration Statement; (b) such securities shall have been
otherwise transferred, new certificates for them not bearing a legend restricting further transfer
shall have been delivered by the Company and subsequent public distribution of them shall not
require registration under the Securities Act; (c) such securities shall have ceased to be
outstanding, or (d) such securities are saleable under Rule 144 of the Securities Act without
regard to any volume limitation requirements under Rule 144 of the Securities Act.

          “Registration Statement” means a registration statement filed by the Company with the
Commission in compliance with the Securities Act and the rules and regulations promulgated
thereunder for a public offering and sale of Registrable Securities (other than a registration
statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only
securities proposed to be issued in exchange for securities or assets of another entity).

          “Securities Act” means the Securities Act of 1933, as amended, or any successor act, and the
rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect
at the time.

          “Underwriter” means a securities dealer who purchases any Registrable Securities as principal
in an underwritten offering and not as part of such dealer’s market-making activities.

2. REGISTRATION RIGHTS.

     2.1 Demand Registration.

          2.1.1 Request for Registration. At any time and from time to time, the holders of a
majority-in-interest of the Registrable Securities (determined on a fully diluted basis) (the
“Majority-in-Interest”), may make a written demand for registration under the Securities Act of all
or part of their Registrable Securities (a “Demand Registration”). Any demand for a Demand
Registration shall specify the number of shares of Registrable Securities proposed to be sold and
the intended method(s) of distribution thereof. The Company shall promptly notify all other holders
of Registrable Securities of such demand, and each such holder that wishes to include all or a
portion of such holder’s Registrable Securities in the Demand Registration (each such holder
including Registrable Securities in such registration, a “Demanding Holder”) shall so notify the
Company within fifteen (15) days after the receipt by the holder of the notice from the Company.
Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities
included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section
3.1.1. The Company shall not be obligated to effect more than an aggregate of three (3) Demand
Registrations under this Section 2.1.1 in respect of Registrable Securities.

          2.1.2 Effective Registration. A registration will not count as a Demand Registration until the
Registration Statement filed with the Commission with respect to such Demand Registration
registering all of the Registrable Securities specified in the notice received pursuant to Section
2.1.1, determined on the basis described in Section 2.1.1, has been declared effective and the
Company has complied with all of its obligations under this Agreement with respect thereto;
provided, that if, after such Registration Statement has been declared effective, the offering of
Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or

3

 

injunction of the Commission or any other governmental agency or court, the Registration Statement
with respect to such Demand Registration will be deemed not to have been declared effective, unless
and until: (i) such stop order or injunction is removed, rescinded or otherwise terminated, and
(ii) a Majority-in-Interest of the Demanding Holders thereafter elect to continue the offering;
provided, further, that the Company shall not be obligated to file a second Registration Statement
until a Registration Statement that has been filed is counted as a Demand Registration or is
terminated.

          2.1.3 Reduction of Offering. If the Company chooses to engage in an underwritten public
offering of a Demand Registration and if the managing Underwriter or Underwriters for a Demand
Registration that is to be an underwritten offering advises the Company and the Demanding Holders
in writing that the dollar amount or number of Registrable Securities which the Demanding Holders
desire to sell, taken together with all other shares of Common Stock or other securities which the
Company desires to sell and the shares of Common Stock or other securities, if any, as to which
registration has been requested pursuant to written contractual piggy-back registration rights held
by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or
maximum number of securities that can be sold in such offering without adversely affecting the
proposed offering price, the timing, the distribution method, or the probability of success of such
offering (such maximum dollar amount or maximum number of securities, as applicable, the “Maximum
Number of Securities”), then the Company shall include in such registration: (i) first, the
Registrable Securities as to which Demand Registration has been requested by the Demanding Holders
and the Registrable Securities, if any, as to which a Piggy-Back Registration has been requested
pursuant to Section 2.2.1 (pro rata in accordance with the number of securities that each such
Person has requested be included in such registration, regardless of the number of securities held
by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold without
exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (i), the shares of Common Stock or other
securities that the Company desires to sell that can be sold without exceeding the Maximum Number
of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities
for the account of other Persons that the Company is obligated to register pursuant to written
contractual arrangements with such Persons and that can be sold without exceeding the Maximum
Number of Securities.

          2.1.4 Withdrawal. If a Majority-in-Interest of the Demanding Holders disapprove of the terms
of any underwriting or are not entitled to include all of their Registrable Securities in any
offering, such Majority-in-Interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the Underwriter or Underwriters of their
request to withdraw prior to the effectiveness of the Registration Statement filed with the
Commission with respect to such Demand Registration. If the Majority-in-Interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in Section 2.1.1.

2.2 Piggy-Back Registration.

          2.2.1 Piggy-Back Rights. Except with respect to the registration statements filed or to be

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filed under Rule 415 pursuant to that certain Securities Purchase Agreement, dated as of March 9,
2007, between the Company and the investors party thereto, if at any time the Company proposes to
file a Registration Statement under the Securities Act with respect to an offering of equity
securities, or securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities, by the Company for its own account or for stockholders of the Company for
their account (or by the Company and by stockholders of the Company including, without limitation,
pursuant to Section 2.1 or 2.3), other than a Registration Statement (i) filed in connection with
any employee stock option or other benefit plan, (ii) for an exchange offer or offering of
securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is
convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then
the Company shall (x) give written notice of such proposed filing to the holders of Registrable
Securities as soon as practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and type of securities to be included in such
offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter
or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in
such notice the opportunity to register the sale of such number of Registrable Securities as such
holders may request in writing within ten (10) days following receipt of such notice (a “Piggy-Back
Registration”). The Company shall cause such Registrable Securities to be included in such
registration and shall use its reasonable best efforts to cause the managing Underwriter or
Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to
be included in a Piggy-Back Registration on the same terms and conditions as any similar securities
of the Company and to permit the sale or other disposition of such Registrable Securities in
accordance with the intended method(s) of distribution thereof. All holders of Registrable
Securities proposing to distribute their securities through a Piggy-Back Registration that involves
an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with
the Underwriter or Underwriters selected for such Piggy-Back Registration.

          2.2.2 Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back
Registration that is to be an underwritten offering advises the Company and the holders of
Registrable Securities in writing that the dollar amount or number of securities which the Company
desires to sell, taken together with shares of Common Stock or other securities, if any, as to
which registration has been demanded pursuant to written contractual arrangements with Persons
other than the holders of Registrable Securities hereunder, the Registrable Securities as to which
registration has been requested under this Section 2.2, and the shares of Common Stock or other
securities, if any, as to which registration has been requested pursuant to the written contractual
piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of
Securities, then the Company shall include in any such registration:

          (i) If the Registration is a Demand Registration or a Form S-3 Registration, the provisions of
Section 2.1.3 shall apply and references to Demand Registration in Section 2.1.3 shall be deemed to
refer to a Form S-3 Registration as required;

          (ii) If the registration is undertaken for the Company’s account: (A) first, the shares of
Common Stock or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (A), the shares of

5

 

Common Stock or other securities, if any, requested to be registered pursuant to Section 2.2.2(ii)
of that certain Amended and Restated Registration Rights Agreement dated April 22, 2008, by and
among the Company and the investors signatory thereto, that can be sold without exceeding the
Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other
securities, if any, that are Registrable Securities, as to which registration has been requested
pursuant to the applicable written contractual piggy-back registration rights of such security
holders, Pro Rata, that can be sold without exceeding the Maximum Number of Securities; and (D)
fourth, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities for the account
of other Persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such Persons and that can be sold without exceeding the Maximum
Number of Securities; and

          (iii) If the registration is a “demand” registration undertaken at the demand of Persons other
than the holders of Registrable Securities pursuant to written contractual arrangements with such
Persons, (A) first, the shares of Common Stock or other securities for the account of the demanding
Persons that can be sold without exceeding the Maximum Number of Securities; (B) second, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clause (A),
the shares of Common Stock or other securities comprised of Registrable Securities, Pro Rata, as to
which registration has been requested pursuant to the terms hereof, that can be sold without
exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock
or other securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other
securities for the account of other Persons that the Company is obligated to register pursuant to
written contractual arrangements with such Persons, that can be sold without exceeding the Maximum
Number of Securities.

          2.2.3 Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s
request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written
notice to the Company of such request to withdraw prior to the effectiveness of the Registration
Statement. The Company (whether on its own determination or as the result of a withdrawal by
Persons making a demand pursuant to written contractual obligations) may withdraw a Registration
Statement at any time prior to the effectiveness of the Registration Statement. Notwithstanding any
such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable
Securities in connection with such Piggy-Back Registration as provided in Section 3.3.

     2.3 Registrations on Form S-3. Any Pegasus Party may at any time and from time to time,
request in writing that the Company register (a “Form S-3 Registration”) the resale of any or all
of such Registrable Securities on Form S-3 or any similar short-form registration which may be
available at such time (“Form S-3”). Upon receipt of such written request, the Company will
promptly give written notice of the proposed registration to all other holders of Registrable
Securities, and, as soon as practicable thereafter, subject to the provisions of Section 2.2,
effect the registration of all or such portion of such holder’s or holders’ Registrable Securities
as are

6

 

specified in such request, together with all or such portion of the Registrable Securities or other
securities of the Company, if any, or any other holder or holders that are joining in such request
as are specified in a written request given within fifteen (15) days after receipt of such written
notice from the Company; provided, that the Company shall not be obligated to effect any such
registration pursuant to this Section 2.3 (i) if Form S-3 is not available for such offering or
(ii) if the holders of the Registrable Securities, together with the holders of any other
securities of the Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than
$500,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand
Registrations effected pursuant to Section 2.1.

3. REGISTRATION PROCEDURES.

     3.1 Filings; Information. Whenever the Company is required to effect the registration of any
Registrable Securities pursuant to Section 2, the Company shall use its reasonable best efforts to
effect the registration and sale of such Registrable Securities in accordance with the intended
method(s) of distribution thereof as expeditiously as practicable, and in connection with any such
request:

          3.1.1 Filing Registration Statement. The Company shall, as expeditiously as possible and in
any event within sixty (60) days after receipt of a request for a Demand Registration pursuant to
Section 2.1, prepare and file with the Commission a Registration Statement on any form for which
the Company then qualifies or which counsel for the Company shall deem appropriate and which form
shall be available for the sale of all Registrable Securities to be registered thereunder in
accordance with the intended method(s) of distribution thereof, and shall use its reasonable best
efforts to cause such Registration Statement to become and remain effective for the period required
by Section 3.1.3; provided, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to
deferment of any demand registration to which such Piggy-Back Registration relates, in each case if
the Company shall furnish to the holders a certificate signed by the Chief Executive Officer or
Chairman of the Board of the Company stating that, in the good faith judgment of the Board of
Directors of the Company, it would be materially detrimental to the Company and its stockholders
for such Registration Statement to be effected at such time; provided, further, that the Company
shall not have the right to exercise the right set forth in the immediately preceding proviso more
than once in any 365-day period in respect of a Demand Registration hereunder.

          3.1.2 Copies. The Company shall, prior to filing a Registration Statement or prospectus, or
any amendment or supplement thereto, furnish without charge to the holders of Registrable
Securities included in such registration, and such holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference
therein), the prospectus included in such Registration Statement (including each preliminary
prospectus), and such other documents as the holders of Registrable Securities included in such
registration or legal counsel for any such holders may request in order to facilitate the
disposition of the Registrable Securities owned by such holders.

7

 

          3.1.3 Amendments and Supplements. The Company shall prepare and file with the Commission such
amendments, including post-effective amendments, and supplements to such Registration Statement and
the prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in
accordance with the intended method(s) of distribution set forth in such Registration Statement or
such securities have been withdrawn.

          3.1.4 Notification. After the filing of a Registration Statement, the Company shall promptly,
and in no event more than two (2) business days after such filing, notify the holders of
Registrable Securities included in such Registration Statement of such filing, and shall further
notify such holders promptly and confirm such advice in writing in all events within two (2)
business days of the occurrence of any of the following: (i) when such Registration Statement
becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes
effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the
Company shall take all actions required to prevent the entry of such stop order or to remove it if
entered); and (iv) any request by the Commission for any amendment or supplement to such
Registration Statement or any prospectus relating thereto or for additional information or of the
occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so
that, as thereafter delivered to the purchasers of the securities covered by such Registration
Statement, such prospectus will not 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, and promptly make available to the holders of Registrable Securities included in such
Registration Statement any such supplement or amendment; except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement thereto, including
documents incorporated by reference, the Company shall furnish to the holders of Registrable
Securities included in such Registration Statement and to the legal counsel for any such holders,
copies of all such documents proposed to be filed sufficiently in advance of filing to provide such
holders and legal counsel with a reasonable opportunity to review such documents and comment
thereon, and the Company shall not file any Registration Statement or prospectus or amendment or
supplement thereto, including documents incorporated by reference, to which such holders or their
legal counsel shall object.

          3.1.5 State Securities Laws Compliance. The Company shall use its reasonable best efforts to
(i) register or qualify the Registrable Securities covered by the Registration Statement under such
securities or “blue sky” laws of such jurisdictions in the United States as the holders of
Registrable Securities included in such Registration Statement (in light of their intended plan of
distribution) may request and (ii) take such action necessary to cause such Registrable Securities
covered by the Registration Statement to be registered with or approved by such other governmental
authorities as may be necessary by virtue of the business and operations of the Company and do any
and all other acts and things that may be necessary or advisable to enable the holders of
Registrable Securities included in such Registration Statement to consummate the disposition of
such Registrable Securities in such jurisdictions; provided, that the Company shall not be required
to qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this paragraph or subject itself to taxation in any such jurisdiction.

8

 

          3.1.6 Agreements for Disposition. The Company shall enter into customary agreements
(including, if applicable, an underwriting agreement in customary form) and take such other actions
as are reasonably required in order to expedite or facilitate the disposition of such Registrable
Securities. The representations, warranties and covenants of the Company in any underwriting
agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall
also be made to and for the benefit of the holders of Registrable Securities included in such
Registration Statement. No holder of Registrable Securities included in such Registration Statement
shall be required to make any representations or warranties in the underwriting agreement except,
if applicable, with respect to such holder’s organization, good standing, authority, title to
Registrable Securities, lack of conflict of such sale with such holder’s material agreements and
organizational documents, and with respect to written information relating to such holder that such
holder has furnished in writing expressly for inclusion in such Registration Statement. Holders of
Registrable Securities shall agree to such covenants and indemnification and contribution
obligations for selling stockholders as are customarily contained in agreements of that type.
Further, such holders shall cooperate fully in the preparation of the Registration Statement and
other documents relating to any offering in which they include securities pursuant to Section 2
hereof. Each holder shall also furnish to the Company such information regarding itself, the
Registrable Securities held by such holder, as applicable, and the intended method of disposition
of such securities as shall be reasonably required to effect the registration of the Registrable
Securities.

          3.1.7 Cooperation. The Chief Executive Officer of the Company and all other officers and
members of the management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the
Registration Statement with respect to such offering and all other offering materials and related
documents, and participation in meetings with Underwriters, attorneys, accountants and potential
investors.

          3.1.8 Records. The Company shall make available for inspection by the holders of Registrable
Securities included in such Registration Statement, any Underwriter participating in any
disposition pursuant to such Registration Statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration
Statement or any Underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, as shall be necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s officers, directors and employees to supply all information
requested by any of them in connection with such Registration Statement.

          3.1.9 Opinions and Comfort Letters. The Company shall furnish to each holder of Registrable
Securities included in any Registration Statement a signed counterpart, addressed to such holder,
of (i) any opinion of counsel to the Company delivered to any Underwriter and (ii) any comfort
letter from the Company’s independent public accountants delivered to any Underwriter. In the event
no legal opinion is delivered to any Underwriter, the Company shall furnish to each holder of
Registrable Securities included in such Registration Statement, at any time that such holder elects
to use a prospectus, an opinion of counsel to the Company to the effect that the Registration
Statement containing such prospectus has been declared effective and that no stop order is in
effect.

9

 

          3.1.10 Earnings Statement. The Company shall comply with all applicable rules and regulations
of the Commission and the Securities Act, and make available to its stockholders, as soon as
practicable, an earnings statement covering a period of twelve (12) months, beginning within three
(3) months after the effective date of the Registration Statement, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

          3.1.11 Listing. The Company shall use its reasonable best efforts to cause all Registrable
Securities included in any registration to be listed on such exchanges or otherwise designated for
trading in the same manner as similar securities issued by the Company are then listed or
designated or, if no such similar securities are then listed or designated, in a manner
satisfactory to the holders of a Majority-in-Interest of the Registrable Securities included in
such registration.

     3.2 Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3.1.4(iv), or, in the case of a resale
registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company,
pursuant to a written insider trading compliance program adopted by the Company’s Board of
Directors, of the ability of all “insiders” covered by such program to transact in the Company’s
securities because of the existence of material non-public information, each holder of Registrable
Securities included in any registration shall immediately discontinue disposition of such
Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv)
or the restriction on the ability of “insiders” to transact in the Company’s securities is removed,
as applicable, and, if so directed by the Company, each such holder will deliver to the Company all
copies, other than permanent file copies then in such holder’s possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such notice.

     3.3 Registration Expenses. The Company shall bear all costs and expenses incurred in
connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration
pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3, and all
expenses incurred in performing or complying with its other obligations under this Agreement,
whether or not the Registration Statement becomes effective, including, without limitation: (i) all
registration and filing fees; (ii) fees and expenses of compliance with securities or “blue sky”
laws (including fees and disbursements of counsel in connection with blue sky qualifications of the
Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including,
without limitation, all salaries and expenses of its officers and employees); (v) the fees and
expenses incurred in connection with the listing of the Registrable Securities as required by
Section 3.1.11; (vi) Financial Industry Regulatory Authority, Inc. fees; (vii) fees and
disbursements of counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including the expenses or costs associated with the delivery
of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the fees and
expenses of any special experts retained by the Company in connection with such registration and
(ix) the fees and expenses of one legal counsel selected by the holders of a Majority-in-Interest
of the Registrable Securities included in such registration. The Company shall have no obligation
to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or

10

 

selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all
selling stockholders and the Company shall bear the expenses of the Underwriter pro rata in
proportion to the respective amount of shares each is selling in such offering.

     3.4 Information. The holders of Registrable Securities shall provide such information as may
reasonably be requested by the Company, or the managing Underwriter, if any, in connection with the
preparation of any Registration Statement, including amendments and supplements thereto, in order
to effect the registration of any Registrable Securities under the Securities Act pursuant to
Section 2 and in connection with the Company’s obligation to comply with federal and applicable
state securities laws.

4. INDEMNIFICATION AND CONTRIBUTION.

     4.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless the
Investor and each other holder of Registrable Securities, and each of their respective officers,
employees, affiliates, directors, partners, members, attorneys and agents, and each Person, if any,
who controls the Investor or any other holder of Registrable Securities (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified
Party”), from and against any expenses, losses, judgments, claims, damages or liabilities, whether
joint or several, arising out of or based upon any untrue statement (or allegedly untrue statement)
of a material fact contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or supplement to such
Registration Statement, or arising out of or based upon any omission (or alleged omission) to state
a material fact required to be stated therein or necessary to make the statements therein not
misleading, or any violation by the Company of the Securities Act or any rule or regulation
promulgated thereunder applicable to the Company and relating to action or inaction required of the
Company in connection with any such registration; and the Company shall promptly reimburse the
Investor Indemnified Party for any legal and any other expenses reasonably incurred by such
Investor Indemnified Party in connection with investigating and defending any such expense, loss,
judgment, claim, damage, liability or action; provided, that the Company will not be liable in any
such case to the extent that any such expense, loss, claim, damage or liability arises out of or is
based upon any untrue statement or allegedly untrue statement or omission or alleged omission made
in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or
any such amendment or supplement, in reliance upon and in conformity with information furnished to
the Company, in writing, by the selling holder with which such Investor Indemnified Party is
affiliated expressly for use therein. The Company also shall indemnify any Underwriter of the
Registrable Securities, their officers, affiliates, directors, partners, members and agents and
each Person who controls such Underwriter on substantially the same basis as that of the
indemnification provided above in this Section 4.1.

     4.2 Indemnification by Holders of Registrable Securities. Each selling holder of Registrable
Securities will, in the event that any registration is being effected under the Securities Act
pursuant to this Agreement of any Registrable Securities held by such selling holder, indemnify and
hold harmless the Company, each of its directors and officers and each Underwriter (if any), and
each other selling holder and each other Person, if any, who controls another selling holder

11

 

or such Underwriter within the meaning of the Securities Act, against any losses, claims,
judgments, damages or liabilities, whether joint or several, insofar as such losses, claims,
judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or allegedly untrue statement of a material fact contained in any Registration
Statement under which the sale of such Registrable Securities was registered under the Securities
Act, any preliminary prospectus, final prospectus or summary prospectus contained in the
Registration Statement, or any amendment or supplement to the Registration Statement, or arise out
of or are based upon any omission or the alleged omission to state a material fact required to be
stated therein or necessary to make the statement therein not misleading, if the statement or
omission was made in reliance upon and in conformity with information furnished in writing to the
Company by such selling holder expressly for use therein, and shall reimburse the Company, its
directors and officers, and each other selling holder or controlling Person for any legal or other
expenses reasonably incurred by any of them in connection with investigation or defending any such
loss, claim, damage, liability or action. Each selling holder’s indemnification obligations
hereunder shall be several and not joint and shall be limited to the amount of any net proceeds
actually received by such selling holder from the sale of Registrable Securities which gave rise to
such indemnification obligation.

     4.3 Conduct of Indemnification Proceedings. Promptly after receipt by any Person of any notice
of any loss, claim, damage or liability or any action in respect of which indemnity may be sought
pursuant to Section 4.1 or 4.2, such Person (the “Indemnified Party”) shall, if a claim in respect
thereof is to be made against any other Person for indemnification hereunder, notify such other
Person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or
action; provided, that the failure by the Indemnified Party to notify the Indemnifying Party shall
not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such
Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually and
materially prejudiced by such failure. If the Indemnified Party is seeking indemnification with
respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party
shall be entitled to participate in such claim or action, and, to the extent that it wishes,
jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel
reasonably satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the
Indemnified Party of its election to assume control of the defense of such claim or action, the
Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses
subsequently incurred by the Indemnified Party in connection with the defense thereof other than
reasonable costs of investigation; provided, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to
employ separate counsel (but no more than one such separate counsel) to represent the Indemnified
Party and its controlling Persons who may be subject to liability arising out of any claim in
respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party,
with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the
written opinion of counsel of such Indemnified Party, representation of both parties by the same
counsel would be inappropriate due to actual or potential differing interests between them. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to
entry of judgment or effect any settlement of any claim or pending or threatened proceeding in
respect of which the Indemnified Party is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Party,

12

 

unless such judgment or settlement includes an unconditional release of such Indemnified Party from
all liability arising out of such claim or proceeding.

4.4 Contribution.

          4.4.1 If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is
unavailable to any Indemnified Party in respect of any loss, claim, damage, liability or action
referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
loss, claim, damage, liability or action in such proportion as is appropriate to reflect the
relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the
actions or omissions which resulted in such loss, claim, damage, liability or action, as well as
any other relevant equitable considerations. The relative fault of any Indemnified Party and any
Indemnifying Party 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 such Indemnified Party or such Indemnifying Party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

          4.4.2 The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 4.4 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the
immediately preceding Section 4.4.1.

          4.4.3 The amount paid or payable by an Indemnified Party as a result of any loss, claim,
damage, liability or action referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities shall be
required to contribute any amount in excess of the dollar amount of the net proceeds (after payment
of any underwriting fees, discounts, commissions or taxes) actually received by such holder from
the sale of Registrable Securities which gave rise to such contribution obligation. 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.

5. UNDERWRITING AND DISTRIBUTION.

     5.1 Rule 144. The Company covenants that it shall (a) file any reports required to be filed by
it under the Securities Act and the Exchange Act in order to maintain its status as a “reporting
issuer” under Rule 144(c)(1) under the Securities Act and (b) use commercially reasonable efforts
to obtain eligibility to use Form S-3, and shall take such further action as the holders of
Registrable Securities may reasonably request, all to the extent required from time to time to
enable such holders to sell Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such
rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission.

13

 

6. MISCELLANEOUS.

     6.1 Other Registration Rights. Except with respect to (i) the investors purchasing Common
Stock pursuant to that certain Securities Purchase Agreement, dated as of March 9, 2007, between
the Company and the investors party thereto, (ii) the Guarantors, (iii) the investors purchasing
Common Stock and Preferred Stock pursuant to that certain Exchange and Contribution Agreement,
dated as of October 4, 2007, between the Company and LED Holdings, LLC and (iv) the sellers
receiving Common Stock pursuant to that certain Share Purchase Agreement, dated as of April 22,
2008, between the Company and the sellers party thereto, the Company represents and warrants to
each party hereto that no Person, other than a holder of the Registrable Securities, has any right
to require the Company to register any shares of the Company’s capital stock for sale or to include
shares of the Company’s capital stock in any registration filed by the Company for the sale of
shares of capital stock for its own account or for the account of any other Person.

     6.2 Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and
obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in
part. This Agreement and the rights, duties and obligations of the Investor or any subsequent
holder of Registrable Securities hereunder may be freely assigned by the Investor or such other
holder of Registrable Securities in conjunction with and to the extent of any transfer by the
Investor or such other holder of Registrable Securities to any Person; provided, that none of the
rights, duties or obligations of the Investor or such other holder of Registrable Securities shall
be assignable unless: (i) the aggregate amount of Registrable Securities transferred to such
transferee amounts to at least 1% of the then issued and outstanding Common Stock, which for
Convertible Securities, shall be calculated in accordance with Section 13 of the Exchange Act and
the rules and regulations promulgated thereunder; and (ii) such transferee signs a joinder
agreement to this Agreement in a form reasonably satisfactory to the Company. This Agreement and
the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties
hereto and their respective successors and the permitted assigns of the Investor or such other
holder of Registrable Securities or of any assignee of the Investor or such other holder of
Registrable Securities. This Agreement is not intended to confer any rights or benefits on any
Persons that are not party hereto other than as expressly set forth in Article 4 and this Section
6.2.

     6.3 Notices. All notices, requests, demands, claims and other communications that are required
or may be given pursuant to this Agreement must be in writing and delivered personally against
written receipt, by facsimile or by reputable domestic or international overnight courier to the
parties at the following addresses (or to the attention of such other Person or at such other
address as any party may provide to the other party by notice in accordance with this Section 6.3):

14

 

If to any Pegasus Party:

Pegasus Partners IV, L.P.

505 Park Avenue, 22nd Floor

New York, NY 10022

Attention: Richard Weinberg; Steven Wacaster

Telephone: (212) 710-2500

Facsimile: (212) 355-2303

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

Pegasus Capital Advisors, L.P.

505 Park Avenue, 22nd Floor

New York, NY 10022

Attention: Richard Weinberg; Steven Wacaster

Telephone: (212) 710-2500

Facsimile: (212) 355-2303

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

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, NY 10036

Attention: Bruce S. Mendelsohn, Esq.

Telephone: (212) 872-1000

Facsimile: (212) 872-1002

If to the Company:

Lighting Science Group Corporation

2100 McKinney Avenue

Dallas, TX 75201

Attention: Chief Executive Officer

Telephone: (214) 382-3630

Facsimile: (214) 722-1391

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

Haynes and Boone LLP

2323 Victory Avenue

Suite 700

Dallas, TX 75219

Attention: Gregory Samuel, Esq.

Telephone: (214) 651-5645

Facsimile: (214) 200-0577

Any such notice, request, demand, claim or other communication will be deemed to have been given
(a) if personally delivered, when so delivered, (b) if sent by facsimile, upon transmission

15

 

with electronic confirmation thereof or (c) if sent by reputable domestic or international
overnight courier, when received.

     6.4 Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of
this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may
be possible that is valid and enforceable.

     6.5 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original, and all of which taken together shall constitute one and the same
instrument.

     6.6 Entire Agreement. This Agreement (including all agreements entered into pursuant hereto
and all certificates and instruments delivered pursuant hereto and thereto) constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous agreements, representations, understandings, negotiations and discussions between
the parties, whether oral or written.

     6.7 Modifications and Amendments. No amendment, modification or termination of this Agreement
shall be binding upon any party unless executed in writing by such party.

     6.8 Titles and Headings. Titles and headings of Sections of this Agreement are for convenience
only and shall not affect the construction of any provision of this Agreement.

     6.9 Waivers and Extensions. Any party to this Agreement may waive any right, breach or default
which such party has the right to waive, provided that such waiver will not be effective against
the waiving party unless it is in writing, is signed by such party, and specifically refers to this
Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or
default waived has occurred. Any waiver may be conditional. No waiver of any breach of any
agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding
breach thereof nor of any other agreement or provision herein contained. No waiver or extension of
time for performance of any obligations or acts shall be deemed a waiver or extension of the time
for performance of any other obligations or acts.

     6.10 Remedies Cumulative. In the event that the Company fails to observe or perform any
covenant or agreement to be observed or performed under this Agreement, the Investor or any other
holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity or
action at law, whether for specific performance of any term contained in this Agreement or for an
injunction against the breach of any such term or in aid of the exercise of any power granted in
this Agreement or to enforce any other legal or equitable right, or to take any one or more of such
actions, without being required to post a bond. None of the rights, powers or remedies conferred
under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be
cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement
or now or hereafter available at law, in equity, by statute or otherwise.

16

 

     6.11 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. Each of the parties
hereby agrees that any action, proceeding or claim against it arising out of or relating in any way
to this Agreement shall be brought and enforced in the courts of the State of New York or the
United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

     6.12 Waiver of Trial by Jury. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE
RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE INVESTOR IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

17

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by
their duly authorized representatives as of the date first written above.

	 	 	 	 	 
	 	LIGHTING SCIENCE GROUP CORPORATION

 	 
	 	By:  	/s/ Stephen Hamilton
 	 
	 	 	Name:  	Stephen Hamilton 	 
	 	 	Title:  	Vice President - Finance 	 
	 
	 	 PEGASUS PARTNERS IV, L.P.

By: Pegasus Investors IV, LP

       its general partner

By: Pegasus Investors IV GP, L.L.C.,

       its general partner

 	 
	 	By:  	              

 /s/ Richard Weinberg
 	 
	 	 	Name:  	Richard Weinberg 	 
	 	 	Title:  	Vice President 	 
	 

Signature
Page to Amended and Restated Registration Rights Agreement

 

 

Schedule A

Guarantors

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