Document:

Exhibit 10.2

SEPARATION AGREEMENT WITH VARUN
NAGARAJ, DATED MAY 10, 2017

 

SEPARATION AGREEMENT AND RELEASE

 

This Separation Agreement
and Release (“Agreement”) is made by and between Varun Nagaraj (“Executive”) and
Sierra Monitor Corporation (the “Company”) (collectively referred to as the “Parties” or individually referred
to as a “Party”).

 

RECITALS

 

WHEREAS, Executive was
employed by the Company;

 

WHEREAS, Executive signed
an offer letter with the Company on or about May 15, 2014 (the “Offer Letter”);

 

WHEREAS, Executive signed
an Employment, Confidential Information, Invention Assignment and Arbitration Agreement with the Company at the commencement of
Executive’s employment (the “Confidentiality Agreement”);

 

WHEREAS, the Company previously
granted Executive the stock options and awards of restricted stock, the material terms of which are set forth on Exhibit A
(the “Stock “Awards”) pursuant to the terms of the Company’s stock plan and forms of award agreement thereunder
(collectively, the “Stock Agreements”);

 

WHEREAS, Executive separated
from employment with the Company effective May 10, 2017 (the “Separation Date”); and

 

WHEREAS, the Parties wish
to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Executive may
have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out
of or in any way related to Executive’s employment with or separation from the Company.

 

NOW, THEREFORE, in consideration
of the mutual promises made herein, the Company and Executive hereby agree as follows:

 

COVENANTS

 

30.       Consideration.
In consideration of Executive’s execution of this Agreement and Executive’s fulfillment of all of its terms and conditions,
and provided that Executive does not revoke the Agreement under Section 5 below, the Company agrees as follows:

 

g.       Separation
Payment. The Company agrees to pay Executive a lump sum approximately equivalent to six (6) months of Executive’s annual
base salary and six (6) months of Executive’s annual target bonus amount, for a total of Two Hundred and Sixty-Two Thousand
Five Hundred Dollars ($262,500), less applicable withholdings. This payment will be made to Executive within ten (10) business
days after the Effective Date of this Agreement.

 

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h.       COBRA
Payments. Regardless of whether Executive timely elects and pays for continuation coverage pursuant to the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company will pay Executive a total of Twenty-One Thousand
Dollars ($21,000), less applicable withholdings, in lieu of Company-subsidized COBRA coverage. Payments made pursuant to this Section
1.b. shall be made to Executive in equal monthly installments.

 

i.       Equity
Acceleration. As further consideration for Executive’s execution and non-revocation of this Agreement and his fulfillment
of all of its terms and conditions, the Company agrees to accelerate the vesting of fifty percent (50%) of the then-unvested portion
of each outstanding Stock Award, as reflected on Exhibit A. In all other respects, the applicable Stock Award shall be subject
to the applicable terms and conditions of the applicable Stock Agreements.

 

j.       Amendment
to Offer Letter. As additional consideration for Executive’s execution and non-revocation of this Agreement, the Company
agrees to amend the third paragraph of page two of the Offer Letter such that Executive will be entitled to the Change of Control
Release Payment (as defined therein) subject to any conditions set forth in the Offer Letter (as amended by this Agreement), minus
the consideration provided under this Agreement (as determined on a component-by-component basis), in the event that a Company
transaction that would constitute a Change of Control thereunder has a definitive agreement signed with one of the parties previously
identified to Executive, such signing occurs within six (6) months from the Separation Date, and such Change of Control closes
on or before March 14, 2018.

 

k.       No
Further Severance. Except as explicitly set forth in this Agreement, Executive acknowledges and agrees that Executive is not
entitled to receive any severance compensation or benefits from the Company. Executive hereby waives Executive’s right to
receive any such severance not explicitly set forth in this Agreement and acknowledges that without this Agreement, Executive is
not otherwise entitled to the consideration listed in this Section 1.

 

31.       Benefits.
Executive’s health insurance benefits shall cease on the last day of the month in which the Separation Date occurs, subject
to Executive’s right to continue Executive’s health insurance under COBRA. Executive’s participation in all benefits
and incidents of employment, including, but not limited to, equity vesting (including the Stock Awards), and the accrual of bonuses,
vacation, and paid time off, ceased as of the Separation Date, except as may be provided in Section 1 above.

 

32.       Payment
of Salary and Receipt of All Benefits. Executive acknowledges and represents that, other than the consideration set forth in
this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves,
housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock,
stock options, vesting, and any and all other benefits and compensation due to Executive.

 

33.       Release
of Claims. Executive agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed
to Executive by the Company and its current and former officers, directors, Executives, agents, investors, attorneys, shareholders,
administrators, affiliates, benefit plans, plan administrators, professional employer organization or co-employer, insurers, trustees,
divisions, and subsidiaries, and predecessor and successor corporations and assigns, (collectively, the “Releasees”).
Executive, on Executive’s own behalf and on behalf of Executive’s respective heirs, family members, executors, agents,
and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute,
or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether
presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any
omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement, including, without
limitation:

 

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a.       any
and all claims relating to or arising from Executive’s employment relationship with the Company and the termination of that
relationship;

 

b.       any
and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of shares of stock of the
Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under
applicable state corporate law, and securities fraud under any state or federal law;

 

c.       any
and all claims for wrongful discharge of employment, termination in violation of public policy, discrimination, harassment, retaliation,
breach of contract (both express and implied), breach of covenant of good faith and fair dealing (both express and implied), promissory
estoppel, negligent or intentional infliction of emotional distress, fraud, negligent or intentional misrepresentation, negligent
or intentional interference with contract or prospective economic advantage, unfair business practices, defamation, libel, slander,
negligence, personal injury, assault, battery, invasion of privacy, false imprisonment, conversion, and disability benefits;

 

d.       any
and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990,
the Equal Pay Act, the Fair Labor Standards Act, the Fair Credit Reporting Act, the Age Discrimination in Employment Act of 1967,
the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining
Notification Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, the Immigration Reform and Control Act, the
California Family Rights Act, the California Labor Code, the California Workers’ Compensation Act, and the California Fair
Employment and Housing Act;

 

e.       any
and all claims for violation of the federal or any state constitution;

 

f.       any
and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

 

g.       any
claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any of
the proceeds received by Executive as a result of this Agreement; and

 

h.       any
and all claims for attorneys’ fees and costs.

 

Executive agrees that the release set forth
in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release
does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released
as a matter of law, including any Protected Activity (as defined below). Any and all disputed wage claims that are released herein
shall be subject to binding arbitration in accordance with Section 18, except as required by applicable law. This release does
not extend to any right Executive may have to unemployment compensation benefits.

 

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34.       Acknowledgment
of Waiver of Claims under ADEA. Executive acknowledges that Executive is waiving and releasing any rights Executive may have
under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary.
Executive agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective
Date of this Agreement. Executive acknowledges that the consideration given for this waiver and release is in addition to anything
of value to which Executive was already entitled. Executive further acknowledges that he/she has been advised by this writing that:
(a) Executive should consult with an attorney prior to executing this Agreement; (b) Executive has twenty-one (21) days
within which to consider this Agreement; (c) Executive has seven (7) days following Executive’s execution of this Agreement
to revoke this Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing
in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of
this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized
by federal law. In the event Executive signs this Agreement and returns it to the Company in less than the 21-day period identified
above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted for considering
this Agreement. Executive acknowledges and understands that revocation must be accomplished by a written notification to the person
executing this Agreement on the Company’s behalf that is received prior to the Effective Date. The Parties agree that changes,
whether material or immaterial, do not restart the running of the 21-day period.

 

35.       California
Civil Code Section 1542. Executive acknowledges that Executive has been advised to consult with legal counsel and is familiar
with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which
provides as follows:

 

A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

Executive, being aware of said code section,
agrees to expressly waive any rights Executive may have thereunder, as well as under any other statute or common law principles
of similar effect.

 

36.       No
Pending or Future Lawsuits. Executive represents that Executive has no lawsuits, claims, or actions pending in Executive’s
name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Executive also represents
that Executive does not intend to bring any claims on Executive’s own behalf or on behalf of any other person or entity against
the Company or any of the other Releasees.

 

37.       Application
for Employment. Executive understands and agrees that, as a condition of this Agreement, Executive shall not be entitled to
any employment with the Company, and Executive hereby waives any right, or alleged right, of employment or re-employment with the
Company. Executive further agrees not to apply for employment with the Company and not otherwise pursue an independent contractor
or vendor relationship with the Company.

 

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38.       Confidentiality.
Subject to Section 12 governing Protected Activity, Executive agrees to maintain in complete confidence the existence of this Agreement,
the contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as “Separation
Information”). Except as required by law, Executive may disclose Separation Information only to Executive’s immediate
family members, the Court in any proceedings to enforce the terms of this Agreement, Executive’s attorney(s), and Executive’s
accountant(s) and any professional tax advisor(s) to the extent that they need to know the Separation Information in order to provide
advice on tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third
parties. Executive agrees that Executive will not publicize, directly or indirectly, any Separation Information.

 

39.       Trade
Secrets and Confidential Information/Company Property. Executive reaffirms and agrees to observe and abide by the terms of
the Confidentiality Agreement, specifically including the provisions therein regarding nondisclosure of the Company’s trade
secrets and confidential and proprietary information, and nonsolicitation of Company employees. Executive’s signature below
constitutes Executive’s certification under penalty of perjury that Executive has returned all documents and other items
provided to Executive by the Company (with the exception of a copy of the Employee Handbook and personnel documents specifically
relating to Executive), developed or obtained by Executive in connection with Executive’s employment with the Company, or
otherwise belonging to the Company.

 

40.       No
Cooperation. Subject to Section 12 governing Protected Activity, Executive agrees that Executive will not knowingly encourage,
counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances,
claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to
do so or as related directly to the ADEA waiver in this Agreement. Executive agrees both to immediately notify the Company upon
receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena
or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences,
grievances, claims, charges, or complaints against any of the Releasees, Executive shall state no more than that Executive cannot
provide counsel or assistance.

 

41.       Protected
Activity Not Prohibited. Executive understands that nothing in this Agreement shall in any way limit or prohibit Executive
from engaging in any Protected Activity. For purposes of this Agreement, “Protected Activity” shall mean filing a charge,
complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may
be conducted by, any federal, state or local government agency or commission, including the Securities and Exchange Commission,
the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations
Board (“Government Agencies”). Executive understands that in connection with such Protected Activity, Executive is
permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization
from, the Company. Notwithstanding the foregoing, Executive agrees to take all reasonable precautions to prevent any unauthorized
use or disclosure of any information that may constitute Company confidential information under the Confidentiality Agreement to
any parties other than the Government Agencies. Executive further understands that “Protected Activity” does not include
the disclosure of any Company attorney-client privileged communications. Any language in the Confidentiality Agreement regarding
Executive’s right to engage in Protected Activity that conflicts with, or is contrary to, this paragraph is superseded by
this Agreement.

 

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42.       Nondisparagement.
Executive agrees to refrain from any disparagement, defamation, libel, or slander of any of the Releasees, and agrees to refrain
from any tortious interference with the contracts and relationships of any of the Releasees. Executive shall direct any inquiries
by potential future employers to the Company’s human resources department.

 

43.       Breach.
In addition to the rights provided in the “Attorneys’ Fees” section below, Executive acknowledges and agrees
that any material breach of this Agreement, unless such breach constitutes a legal action by Executive challenging or seeking a
determination in good faith of the validity of the waiver herein under the ADEA, or of any provision of the Confidentiality Agreement
shall entitle the Company immediately to recover and/or cease providing the consideration provided to Executive under this Agreement
and to obtain damages, except as provided by law, provided, however, that the Company shall not recover One Hundred
Dollars ($100.00) of the consideration already paid pursuant to this Agreement and such amount shall serve as full and complete
consideration for the promises and obligations assumed by Executive under this Agreement and the Confidentiality Agreement.

 

44.       No
Admission of Liability. Executive understands and acknowledges that this Agreement constitutes a compromise and settlement
of any and all actual or potential disputed claims by Executive. No action taken by the Company hereto, either previously or in
connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential
claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party.

 

45.       Nonsolicitation.
Executive agrees that for a period of twelve (12) months immediately following the Effective Date of this Agreement, Executive
shall not directly or indirectly solicit any of the Company’s employees, consultants or other service providers to leave
their employment at, consultancy with or other service to the Company.

 

46.       Costs.
The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the preparation
of this Agreement.

 

47.       ARBITRATION.
THE PARTIES AGREE THAT ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS AGREEMENT, THEIR INTERPRETATION, EXECUTIVE’S
EMPLOYMENT WITH THE COMPANY OR THE TERMS THEREOF, OR ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT TO ARBITRATION IN SANTA
CLARA COUNTY, CALIFORNIA BEFORE JUDICIAL ARBITRATION & MEDIATION SERVICES (“JAMS”), PURSUANT TO ITS EMPLOYMENT
ARBITRATION RULES & PROCEDURES (“JAMS RULES”). THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES.
THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN ACCORDANCE WITH CALIFORNIA LAW, INCLUDING THE CALIFORNIA CODE OF
CIVIL PROCEDURE, AND THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL CALIFORNIA LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE
TO ANY CONFLICT-OF-LAW PROVISIONS OF ANY JURISDICTION. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH CALIFORNIA LAW, CALIFORNIA
LAW SHALL TAKE PRECEDENCE. THE DECISION OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION.
THE PARTIES AGREE THAT THE PREVAILING PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT
JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES
OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES; PROVIDED, HOWEVER, THAT
THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY
AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE
FOREGOING, THIS SECTION WILL NOT PREVENT EITHER PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY
COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS AGREEMENT AND THE AGREEMENTS
INCORPORATED HEREIN BY REFERENCE. SHOULD ANY PART OF THE ARBITRATION AGREEMENT CONTAINED IN THIS PARAGRAPH CONFLICT WITH ANY OTHER
ARBITRATION AGREEMENT BETWEEN THE PARTIES, THE PARTIES AGREE THAT THIS ARBITRATION AGREEMENT SHALL GOVERN.

 

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48.       Tax
Consequences. The Company makes no representations or warranties with respect to the tax consequences of the payments and any
other consideration provided to Executive or made on Executive’s behalf under the terms of this Agreement. Executive agrees
and understands that Executive is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any
other consideration provided hereunder by the Company and any penalties or assessments thereon. Executive further agrees to indemnify
and hold the Releasees harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments,
or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Executive’s failure
to pay or delayed payment of federal or state taxes, or (b) damages sustained by the Company by reason of any such claims, including
attorneys’ fees and costs.

 

49.       Section
409A. It is intended that this Agreement comply with, or be exempt from, Code Section 409A and the final regulations and official
guidance thereunder (“Section 409A”) and any ambiguities herein will be interpreted to so comply and/or be exempt from
Section 409A. Each payment and benefit to be paid or provided under this Agreement is intended to constitute a series of separate
payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. Payments under Section 1 of this Agreement will be
made no later than March 15, 2018. The Company and Executive will work together in good faith to consider either (i) amendments
to this Agreement; or (ii) revisions to this Agreement with respect to the payment of any awards, which are necessary or appropriate
to avoid imposition of any additional tax or income recognition prior to the actual payment to Executive under Section 409A. In
no event will the Releasees reimburse Executive for any taxes that may be imposed on Executive as a result of Section 409A.

 

50.       Authority.
The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company
and all who may claim through it to the terms and conditions of this Agreement. Executive represents and warrants that Executive
has the capacity to act on Executive’s own behalf and on behalf of all who might claim through Executive to bind them to
the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments
in law or equity or otherwise of or against any of the claims or causes of action released herein.

 

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51.       Severability.
In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or
is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue
in full force and effect without said provision or portion of provision.

 

52.       Attorneys’
Fees. Except with regard to a legal action challenging or seeking a determination in good faith of the validity of the waiver
herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the
prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation,
court fees, and reasonable attorneys’ fees incurred in connection with such an action.

 

53.       Entire
Agreement. This Agreement represents the entire agreement and understanding between the Company and Executive concerning the
subject matter of this Agreement and Executive’s employment with and separation from the Company and the events leading thereto
and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject matter
of this Agreement and Executive’s relationship with the Company, including the Offer Letter (other than the last paragraphs
of pages 2 (as amended herein) and 3 thereof as provided which shall survive in full force and effect), but with the exception
of the Confidentiality Agreement and the Stock Agreements, except as otherwise modified or superseded herein.

 

54.       No
Oral Modification. This Agreement may only be amended in a writing signed by Executive, on the one hand, and the Company’s
Executive Chairman or Chief Financial Officer, on the other.

 

55.       Governing
Law. This Agreement shall be governed by the laws of the State of California, without regard for choice-of-law provisions.
Executive consents to personal and exclusive jurisdiction and venue in the State of California.

 

56.       Effective
Date. Executive understands that this Agreement shall be null and void if not executed by Executive within twenty one (21)
days. Each Party has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on
the eighth (8th) day after Executive signed this Agreement, so long as it has been signed by the Parties and has not been revoked
by either Party before that date (the “Effective Date”).

 

57.       Counterparts.
This Agreement may be executed in counterparts and each counterpart shall be deemed an original and all of which counterparts taken
together shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of
each of the undersigned. The counterparts of this Agreement may be executed and delivered by facsimile, photo, email PDF, or other
electronic transmission or signature.

 

58.       Voluntary
Execution of Agreement. Executive understands and agrees that Executive executed this Agreement voluntarily, without any duress
or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s
claims against the Company and any of the other Releasees. Executive acknowledges that:

 

	 	(a)	Executive has read this Agreement;
	 	 	 
	 	(b)	Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Executive’s own choice or has elected not to retain legal counsel;
	 	 	 
	 	(c)	Executive understands the terms and consequences of this Agreement and of the releases it contains;
	 	 	 
	 	(d)	Executive is fully aware of the legal and binding effect of this Agreement; and
	 	 	 
	 	(e)	Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement.

 

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IN WITNESS WHEREOF, the Parties have executed
this Agreement on the respective dates set forth below.

 

	 	VARUN NAGARAJ, an individual
	 	 	 
	Dated: ________________, 2017	
	 	Varun Nagaraj
	 	 	 
	 	SIERRA MONITOR CORPORATION
	 	 	 
	Dated: ________________, 2017	By 	
	 	 	Gordon R. Arnold
	 	 	Executive Chairman

 

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EXHIBIT A

 

Equity Awards Held by Executive as of Separation
Date

 

Stock Option Awards 

 

	Grant Date	 	Per Share Exercise Price	 	 	Total Number of Shares Granted	 	 	Total Number of Shares Vested and Outstanding as of Separation Date	 	 	Total Number of Shares Eligible for Acceleration as of Separation Date	 
	8/01/2014	 	$	1.76	 	 	 	600,000	 	 	 	425,000	 	 	 	175,000	 

 

Restricted Stock Awards 

 

	Grant Date	 	Total Number of Shares Granted	 	 	Total Number of Shares Vested and issued as of Separation Date	 	 	Total Number of Shares Eligible for Acceleration as of Separation Date	 
	12/21/2015	 	 	20,000	 	 	 	5,000	 	 	 	15,000	 

 

    	 	 	Page 10 of 10Exhibit 4.1

 

 

 

Registration
Rights Agreement

 

 

among

 

 

MACQUARIE INFRASTRUCTURE CORPORATION

 

 

and

 

 

WDE Epic Aggregate LLC

 

 

and 

 

 

BWE Epic Holdings I-A, L.P. and BWE Epic
Holdings I., L.P.

 

 

 

 August 8, 2017

 

 

     

     

    

 

Table of Contents

 

	Section 1.   Certain Definitions.	2
	Section 2.   Demand Registration	5
	Section 3.   Piggyback Events.	6
	Section 4.   Suspension Periods.	7
	Section 5.   Registration Procedures.	7
	Section 6.   Registration Expenses.	10
	Section 7.   Indemnification.	10
	Section 8.   Securities Act Restrictions.	12
	Section 9.   Miscellaneous.	12

 

     

     

    

 

This Registration Rights Agreement (this
“Agreement”), is made and entered into as of August 8, 2017, by and among Macquarie Infrastructure Corporation,
a Delaware corporation (the “Company”), WDE Epic Aggregate LLC, a Delaware limited liability company (the “WD
Holder”) and BWE Epic Holdings I-A, L.P., a Delaware limited partnership, and BWE Epic Holdings I, L.P., a Delaware
limited partnership (collectively, the “BW Holders” and together with the WD Holder, the “Holders”).

 

WHEREAS, the Holders are the record owners
of 99.24% of the issued and outstanding membership interests of Epic Midstream LLC (“Epic”),

 

WHEREAS, upon the terms and subject to the
conditions set forth in that certain Merger Agreement dated July 28, 2017 among ITT Holdings LLC, a limited liability company organized
under the laws of the State of Delaware (“Parent”), IMTT Storage LLC, a limited liability company organized
under the Laws of the State of Delaware and a direct wholly owned subsidiary of Parent (“Merger Sub”), Epic
and White Deer Management LLC in its capacity as the Members’ Representative (the “Merger Agreement”),
Merger Sub will merge with and into Epic with Epic surviving as a wholly owned subsidiary of Parent (collectively, the “Acquisition”),

 

WHEREAS, in connection with the Merger Agreement,
the parties have agreed to certain registration rights relating to the restricted Common Stock of the Company (the “Acquisition
Interests”) transferred to the Holders as Closing Stock Consideration,

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency of which are
hereby acknowledged, and subject to the consummation of the Acquisition, the parties to this Agreement hereby agree as follows:

 

		Section 1.	Certain Definitions.

 

In addition to the terms defined elsewhere
in this Agreement, the following terms shall have the following meanings:

 

“Acquisition Interests”
has the meaning set forth in the third Recital hereto.

 

“Agreement” means this
Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of
the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes
operative.

 

“BW Holders” has the
meaning set forth in the introductory paragraph.

 

“Closed Window Period”
means the period after the end of a fiscal quarter and prior to the earnings release for such fiscal quarter.

 

“Closing” has the meaning
set forth in the Merger Agreement.

 

“Closing Stock Consideration”
has the meaning set forth in the Merger Agreement.

 

“Commencement Date” means
five business days after the Closing.

 

“Common Stock” means
the common stock, par value $.001 per share, of the Company.

 

“Company” has the meaning
set forth in the introductory paragraph.

 

“Demand Registration”
has the meaning set forth in Section 2(a).

 

“Epic” has the meaning
set forth in the first Recital hereto.

 

     2

     

    

 

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

 

“Expenses” has the meaning
set forth in Section 6(a).

 

“FINRA” means the Financial
Industry Regulatory Authority, Inc.

 

“Form S-3ASR” means an
automatic shelf registration statement of well-known seasoned issuers on Form S-3 under the Securities Act or such successor
forms thereto.

 

“Holders  has the meaning set
forth in the introductory paragraph.

 

“Holders’ Counsel”
has the meaning set forth in Section 5(a)(i).

  

“Merger Agreement” has
the meaning set forth in the second Recital hereto.

 

“MIMUSA” has the meaning
set forth in Section 3(b).

 

“Notice” has the meaning
set forth in Section 2(a).

 

“Overnight Underwritten Offering”
means an underwritten offering that is launched after the close of trading on one trading day and priced before the open of trading
on the next succeeding trading day.

 

“Person” means any individual,
sole proprietorship, partnership, limited liability company, joint venture, trust, incorporated organization, association, corporation,
institution, public benefit corporation, governmental entity or any other entity.

 

“Piggyback Event” has
the meaning set forth in Section 3(a).

 

“Prospectus” means the
prospectus or prospectuses (whether preliminary or final) included in any Registration Statement and relating to Registrable Securities,
as amended or supplemented and including all material incorporated by reference in such prospectus or prospectuses.

 

“Registrable Securities”
means, at any time, (i) Acquisition Interests held of record by the Holders at such time and (ii) any Common Stock issued
or issuable by the Company after the date hereof in respect of the Acquisition Interests referred to in clause (i) by way
of a dividend or split or other distribution or in connection with a combination of Common Stock, recapitalization, merger, consolidation
or other reorganization or other similar event with respect to the Common Stock. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when (i) a Registration Statement covering such securities has become effective
and such securities have been disposed of pursuant to such effective Registration Statement, or (ii) such securities have ceased
to be outstanding. Registrable Securities will not include securities that are eligible for resale by the Holders pursuant to Rule
144 under the Securities Act without limitation thereunder on volume or manner of sale.

 

“Registration Expenses”
shall mean all expenses (other than underwriting discounts, selling commissions and stock transfer taxes) arising from or incident
to the Company’s performance of or compliance with this Agreement, including, without limitation, the following:

 

(A)  
all registration and filing fees (including fees with respect to filings required to be made with the FINRA) and any securities
exchange on which the Common Stock is then listed;

 

(B)  
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel
for the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

(C)  
fees and disbursements of counsel for the Company;

 

(D)  
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
with any registration;

 

     3

     

    

 

(E)   
printing, messenger, telephone and other similar expenses; and

 

(F)   
reasonable fees and expenses of counsel to the Holders in connection with any registration or Prospectus hereunder; provided
that, with respect to any registration, Registration Expenses shall only include such fees and expenses of one counsel to the Holders
participating in any offering (which, in each case, shall be chosen by the Holder or Holders to be included in such offering);
provided, further, that such counsel fees shall not exceed $70,000 in the aggregate for all Holders collectively
during the term of this Agreement. 

 

“Registration Statement”
means any registration statement of the Company which covers any of the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments,
all exhibits and all documents incorporated by reference in such Registration Statement.

 

”Same-Day Offering” means
an underwritten offering that is launched before the open of trading on one trading day and priced before the open of trading or
after the close of trading on such same trading day.

 

“SEC” means the Securities
and Exchange Commission or any successor agency.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Shelf Takedown” has
the meaning set forth in Section 3(a).

 

“Suspension Period” has
the meaning set forth in Section 4.

 

“Termination Date” means
the first date on which the Holders no longer own any Registrable Securities. It being understood that the provisions of Section
6 and Section 7 shall survive the Termination Date.

 

“underwritten offering”
means a registered offering in which securities of the Company are sold to one or more underwriters on a firm-commitment basis
for reoffering to the public.

  

In addition to the above definitions, unless
the context requires otherwise:

 

(a)                
any reference to any statute, regulation, rule or form as of any time shall mean such statute, regulation, rule or form
as amended or modified and shall also include any successor statute, regulation, rule or form from time to time;

 

(b)               
“including” shall be construed as inclusive without limitation, in each case notwithstanding the absence of
any express statement to such effect, or the presence of such express statement in some contexts and not in others;

 

(c)                
references to “Section” are references to Sections of this Agreement;

 

(d)               
words such as “herein”, “hereof”, “hereinafter” and “hereby” when used in
this Agreement refer to this Agreement as a whole;

 

(e)                
references to “business day” mean a business day in The City of New York, New York; and

 

(f)                 
references to “dollars” and “$” mean U.S. dollars.

 

“WD Holder” has the meaning
set forth in the introductory paragraph.

 

     4

     

    

 

		Section 2.	Demand Registration

 

(a)                
Demand Registration. Subject to the provisions hereof and until the Termination Date, at any time after the Commencement
Date and from time to time when the Company is eligible to use Form S-3ASR to register Common Stock and the Company has an effective
Form S-3ASR registration statement on file, and so long as such time is not during a Closed Window Period, either Holder may request
for the Company to register and sell Registrable Securities pursuant to a Prospectus supplement (a “Demand Registration”),
but only upon not less than five business days’ prior written notice to the Company, during which period the Company shall
be entitled to implement a Suspension Period to the extent then permitted pursuant to Section 4. Each request for a Demand
Registration shall specify the approximate number of Registrable Securities required to be registered. Subject to Section 4
below, the Company shall use reasonable commercial efforts to file a Prospectus supplement, to register for resale such number
of Registrable Securities as requested to be so registered pursuant to this Section 2(a) within seven business days after
a Holder’s request therefor. Within five calendar days after receipt by the Company of a Demand Registration in accordance
with this Section 2(a), the Company shall give written notice (the “Notice”) of such demand to the other
Holder of Registrable Securities and shall, subject to the limitations in Section 2(b) below, include in such registration all
Registrable Securities with respect to which the Company received written requests for inclusion therein within three business
days after such Notice is given by the Company to such Holders. Notwithstanding the foregoing, the Company shall be entitled to
delay for a period of no more than 40 calendar days filing a requested Demand Registration if the Company delivers notice to the
Holders within three business days of the receipt of the request for such Demand Registration that the Company intends to carry
out a public offering of primary Company securities for cash proceeds of at least $100,000,000. It is understood that if the Company
does not have an effective Form S-3ASR registration statement on file with the SEC as of the Commencement Date, the Company will
use reasonable commercial efforts to file such a Form S-3ASR registration statement on the Commencement Date that is available
for the registration for resale by the Holders of the Registrable Securities. The Company shall use reasonable commercial efforts,
subject to and in accordance with the provisions of this Agreement and applicable law, to effect the registration and sale by the
Holders at the Commencement Date of such Registrable Securities as are requested by the Holders to be registered.

 

(b)               
Number of Demand Registrations. Subject to the limitations of Sections 2(a) above, the BW Holders and
the WD Holder shall each be entitled to request not more than one (1) Demand Registration (i.e., two (2) Demand Registrations in
the aggregate) under this Agreement. A Demand Registration shall not count against the limit on the number of such registrations
set forth in this Section 2(b) if after the applicable Registration Statement has become effective, such Registration Statement
or the related offer, sale or distribution of Registrable Securities thereunder becomes the subject of any stop order, injunction
or other order or restriction imposed by the SEC or any other governmental agency or court for any reason not attributable to the
Holders and such interference is not thereafter eliminated so as to permit the completion of the contemplated distribution of Registrable
Securities and, as a result of any such circumstances, less than all of the Registrable Securities covered by the Registration
Statement are sold by the Holders pursuant to such Registration Statement.

 

(c)                
Underwritten Offerings. A majority in interest of the Holders shall be entitled to request an underwritten offering
pursuant to a Demand Registration. If any of the Registrable Securities covered by a Demand Registration are to be sold in an underwritten
offering, a majority in interest of the Holders shall have the right to select the managing underwriter or underwriters to lead
the offering and designate underwriter allocations and underwriting discount, subject to the Company’s reasonable consent;
provided, however, that (i) any underwriter shall be one of the institutions identified by the Company to the Holders
in writing concurrently herewith and (ii) underwriters’ counsel shall have served as underwriters’ counsel in a public
offering of securities by the Company during or after 2016.

 

     5

     

    

 

		Section 3.	Piggyback Events.

  

(a)                
Right to Piggyback. Whenever prior to the Termination Date the Company proposes to (i)  register any Common
Stock under the Securities Act (other than on a registration statement on Form S-8 or S-4 or such similar forms then in effect
under the Securities Act, in connection with a dividend reinvestment and direct stock purchase plan), whether for its own account
or for the account of one or more holders of Common Stock, and the form of registration statement to be used may be used for any
registration of Registrable Securities, or (ii) sell Common Stock (other than in connection with an employee stock option
or other benefit plan, an exchange offer or offering of securities to the Company’s existing stockholders, a dividend reinvestment
and direct stock purchase plan or pursuant to an “at the market” or similar program) that has already been registered
“off the shelf” pursuant to a prospectus supplement (a “Shelf Takedown”) and Registrable Securities
can be included in such Shelf Takedown (each a “Piggyback Event”), the Company shall give written notice at
least (A) 10 calendar days prior to the proposed offering or (B) two business days in the case of an Overnight Underwritten Offering,
Same Day Offering or similar “bought deal” to the Holders of its intention to effect such a registration and/or Shelf
Takedown and, subject to Sections 3(b) and 3(c), shall include in such registration statement and in any offering
of Common Stock to be made pursuant to that registration statement and/or Shelf Takedown all Registrable Securities with respect
to which the Company has received a written request for inclusion therein from any one or more of the Holders within five calendar
days (or one business day in the case of an Overnight Underwritten Offering, Same Day Offering or similar “bought deal”)
after the Holders’ receipt of the Company’s notice. The Company shall have no obligation to proceed with any Piggyback
Event and may abandon, terminate and/or withdraw such registration and/or Shelf Takedown for any reason at any time prior to the
pricing thereof.

 

(b)               
Priority on Primary Piggyback Events. If a Piggyback Event is initiated as an underwritten primary offering on behalf
of the Company and the managing underwriter(s) advise the Company and the Holders (if any of the Holders has elected to include
Registrable Securities in such Piggyback Event) that in their opinion the number of shares of Common Stock proposed to be included
in such offering exceeds the number of shares of Common Stock (of any class) (the “Primary Maximum Number of Shares of
Common Stock”) which can be sold in such offering without materially delaying or jeopardizing the success of the offering
(including the price per share of Common Stock of the Common Stock proposed to be sold in such offering), the Company shall include
in such registration and offering (i) first, the number of shares of Common Stock that the Company proposes to sell, (ii) second,
the number of shares of Common Stock requested to be included therein by Macquarie Infrastructure Management (USA) Inc. (“MIMUSA”)
and (iii) third, the number of shares of Common Stock requested to be included therein by the Holders, pro rata among the Holders
on the basis of the percentage of Registrable Securities requested to be included therein (unless the managing underwriter requires
a different allocation) to the extent that, in the case of clauses (ii) and (iii), the Primary Maximum Number of shares of
Common Stock is not thereby exceeded.

 

(c)                
Priority on Secondary Registrations. If a Piggyback Event is initiated as an underwritten secondary offering on behalf
of a holder of Common Stock other than the Holders, and the managing underwriter(s) advise the Company that in their opinion the
number of shares of Common Stock proposed to be included in such registration exceeds the number of shares of Common Stock (of
any class) (the “Secondary Maximum Number of Common Stock”) which can be sold in such offering without materially
delaying or jeopardizing the success of the offering (including the price per shares of Common Stock of the Common Stock to be
sold in such offering), then the Company shall include in such registration (i) first, the number of shares of Common Stock
requested to be included therein by holder(s) requesting such registration, and (ii) second, the number of shares of Common
Stock requested to be included therein by the Holders, pro rata among the Holders on the basis of the percentage of Registrable
Securities requested to be included therein (unless the managing underwriter requires a different allocation) (if any of the Holders
has elected to include Registrable Securities in such Piggyback Event), to the extent that, in the case of clause (ii), the
Secondary Maximum Number of shares of Common Stock is not thereby exceeded.

 

(d)               
Selection of Underwriters. If any Piggyback Event is a primary or secondary underwritten offering, the Company (or
if the Person or Persons initiating the Piggyback Event in the context of a secondary underwritten offering have such right, such
Person(s)) shall have the right to select the managing underwriter or underwriters to administer any such offering.

 

(e)                
Basis of Participations. A Holder may not sell Registrable Securities in any offering pursuant to a Piggyback Event
unless such Holder (i) agrees to sell such Common Stock on the basis provided in the underwriting or other distribution arrangements
approved by the Company (or if the Person or Persons initiating the Piggyback Event in the context of a secondary underwritten
offering have such right, such Person(s)) and (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up agreements and other documents reasonably required of other participants under the terms of such
arrangements.

 

     6

     

    

 

		Section 4.	Suspension Periods.

 

Not more than two times within any 12-month
period, the Company may delay the filing or effectiveness of, or by written notice to the Holders suspend the use of, a Registration
Statement in conjunction with a Demand Registration (and, if reasonably required, withdraw any registration statement that has
been filed), but in each such case only if the board of directors of the Company determines that such Demand Registration would
(i) materially interfere with a significant acquisition, corporate organization or other similar transaction involving the Company;
(ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential;
(iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act; or (iv) require the
preparation of financial statements (including required consents), which preparation would be impracticable. Any period during
which the Company has delayed a filing, an effective date or the use of a Registration Statement pursuant to this Section 4
is herein called a “Suspension Period”. The number of days covered by any one Suspension Period shall not exceed
45 calendar days. If pursuant to this Section 4 the Company delays or withdraws a Demand Registration, the Holders
shall be entitled to withdraw such request and, if they do so, such request shall not count against the limitation on the number
of such registrations set forth in Section 2. The Company shall provide written notice to the Holders of the commencement
and termination of any Suspension Period (and any withdrawal of a registration statement pursuant to this Section 4), but
shall not be obligated under this Agreement to disclose the reasons therefor. The Holders shall keep the existence of each Suspension
Period confidential. The Company shall not be permitted to register under the Securities Act any equity securities of the Company
held by other Persons during any such Suspension Period. In addition, Holders must suspend the use of any Registration Statement
during a Closed Window Period. For the avoidance of doubt, a Closed Window Period shall not be considered a Suspension Period.

 

		Section 5.	Registration Procedures.

 

(a)                
Whenever any one or more of the Holders request that any Registrable Securities be registered pursuant to this Agreement,
including pursuant to a Demand Registration, the Company shall use reasonable commercial efforts to effect, as soon as practical
as provided herein, the registration and the sale of such Registrable Securities in accordance with the intended methods of disposition
thereof, and, pursuant thereto, the Company shall, as soon as practical as provided herein:

 

(i)                 
subject to the other provisions of this Agreement, use reasonable commercial efforts to prepare, amend or supplement and
file with the SEC a Registration Statement, a Prospectus or any amendments or supplements thereto, and any Form 8-Ks and/or press
releases, as the case may be, with respect to such Registrable Securities and, as applicable, cause a filed Registration Statement
to become effective (unless it is automatically effective); and before filing a Registration Statement or a Prospectus or any amendments
or supplements thereto, and any Form 8-Ks and/or press releases, as the case may be, furnish to the Holders and a counsel selected
by the Holder or Holders being registered in such registration copies of all such documents proposed to be filed, including documents
incorporated by reference in the Prospectus and one set of the exhibits incorporated by reference, and
such counsel may review and comment on such documents, subject to such documents being under the Company’s control;

 

(ii)               
use reasonable commercial efforts to prepare and file with the SEC such amendments and supplements to such Registration
Statement or Prospectus as may be necessary to comply with the applicable requirements of the Securities Act and to keep such Registration
Statement effective for the relevant period required hereunder, but no longer than is necessary to complete the distribution of
the Common Stock covered by such Prospectus, and to comply with the applicable requirements of the Securities Act with respect
to the disposition of all the Common Stock covered by such Prospectus during such period in accordance with the intended methods
of disposition set forth in such Prospectus;

 

     7

     

    

 

(iii)             
use reasonable commercial efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement, or the lifting of any suspension of the qualification or exemption from qualification of any Registrable Securities
for sale in any jurisdiction in the United States;

 

(iv)              
furnish to the Holders without charge, conformed copies of each Registration Statement and amendment thereto and copies
of each supplement thereto after they are filed with the SEC (but only one set of exhibits thereto need be provided); and deliver,
without charge, such number of copies of the preliminary and final Prospectus and any supplement thereto as the Holders may reasonably
request in order to facilitate the disposition of the Registrable Securities of the Holders covered by such Registration Statement
in conformity with the requirements of the Securities Act;

 

(v)               
use reasonable commercial efforts to register or qualify such Registrable Securities under such other securities or blue
sky laws of such U.S. jurisdictions as the Holders reasonably requests and continue such registration or qualification in
effect in such jurisdictions for as long as the applicable Registration Statement may be required to be kept effective under this
Agreement, provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph (v), (B) subject itself to taxation in
any such jurisdiction or (C) consent to general service of process in any such jurisdiction;

 

(vi)              
notify the Holders of such Registrable Securities, at any time when a Prospectus relating thereto would be required under
the Securities Act to be delivered by such distributor, of the occurrence of any event as a result of which the Prospectus included
in such Registration Statement contains an untrue statement of a material fact or omits a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, and, at the request of such Holders, the Company
shall use reasonable commercial efforts to prepare, as soon as practical, a supplement or amendment to such Prospectus so that,
as thereafter delivered to any prospective purchasers of such Registrable Securities, such Prospectus shall not contain an untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading;

 

(vii)            
in the case of an underwritten offering in which any one or more of the Holders participates pursuant to a Demand Registration,
(a) enter into an underwriting agreement containing such provisions as are customary and reasonable for an offering of such kind
and for issuers similarly situated to the Company, (b) take all such other customary and reasonable actions as the managing underwriters
of such offering may request in order to facilitate the disposition of such Registrable Securities including (1) making members
of senior management of the Company available at reasonable times and places to participate in “roadshows” and investor
calls, (2) obtain a “cold comfort” letter in customary form as the managing underwriters of such offering may reasonably
require, (3) cause the delivery of customary legal opinions to such underwriters in connection therewith and (4) cooperate with
counsel to the managing underwriters to provide information requested for any filings required to be made with FINRA;

 

(viii)          
in the case of an underwritten offering in which any one or more of the Holders participates pursuant to a Demand Registration
or Piggyback Event, and to the extent not prohibited by applicable law or pre-existing applicable contractual restrictions, (A) make
reasonably available, for inspection by such Holders, such Holders’ Counsel, the managing underwriter(s) of such offering
and counsel acting for such managing underwriter(s), pertinent corporate documents and financial and other records of the Company
and its subsidiaries, (B) cause the Company’s officers and employees to supply information reasonably requested by such
Holders or such managing underwriter(s) or attorney in connection with such offering, (C) make the Company’s independent
accountants available for any such managing underwriter(s)’ due diligence and cause them to deliver the customary “cold
comfort” letter, and (D) cause the Company’s counsel to furnish customary legal opinions to such underwriters
in connection therewith; provided, however, that such records and other information provided to such Holders, such
Holders’ Counsel, the managing underwriter(s) of such offering and counsel acting for such managing underwriter(s) shall
be subject to such confidential treatment as is customary for due diligence reviews;

 

     8

     

    

 

(ix)              
cause all such Registrable Securities to be listed on each securities exchange (if any) on which securities of the same
class issued by the Company are then listed, provided that the applicable listing requirements are satisfied;

 

(x)               
provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration
Statement and, a reasonable time before any proposed sale of Registrable Securities pursuant to a Registration Statement, provide
the transfer agent with printed unlegended certificates for the Registrable Securities to be sold which are in a form eligible
for deposit with The Depository Trust Company or other applicable clearing agency, subject to the provisions of Section 8;
and

 

(xi)              
notify the participating Holders and the managing underwriter(s) of any underwritten offering, if any:

 

		(A)	when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or any post-effective
amendment to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment,
when the same has become effective;

 

		(B)	of any request by the SEC for amendments or supplements to the Registration Statement or the Prospectus or for any additional
information regarding the Holders;

 

		(C)	of the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of
any stop order suspending the effectiveness of the Registration Statement; and

 

		(D)	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 applicable securities or blue sky laws of any jurisdiction.

 

For the avoidance of doubt, the provisions
of clauses (vii) and (viii) of this Section 5(a) shall apply only in respect of an underwritten offering.

 

(b)               
Until the Termination Date, the Company shall file all reports required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the SEC thereunder, all to the extent required to enable the Holders to be
eligible to sell Registrable Securities (if any) pursuant to Rule 144 under the Securities Act.

 

(c)                
The Company may require the Holders and each distributor of Registrable Securities as to which any registration is being
effected to furnish to the Company any other information regarding such Person and the distribution of such securities as the Company
may from time to time reasonably request.

 

(d)               
Subject to the limitations on the Company’s ability to delay the use or effectiveness of a Registration Statement
as provided by the Suspension Periods set forth in Section 4, each of the Holders agrees by having its Acquisition Interests
treated as Registrable Securities hereunder that, upon being advised in writing by the Company of the occurrence of an event pursuant
to Section 5(a)(vi) when the Company is entitled to do so pursuant to Section 4, each of the Holders will immediately
discontinue (and direct any other Persons making offers and sales of Registrable Securities to immediately discontinue) offers
and sales of Registrable Securities pursuant to any Registration Statement (other than those pursuant to a plan that is in effect
and that complies with Rule 10b5-1 of the Exchange Act) until it is advised in writing by the Company that the use of the
Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 5(a)(vi),
and, if so directed by the Company, each of the Holders will deliver to the Company all copies, other than permanent file copies
then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of
such notice.

 

     9

     

    

 

(e)                
The Company may prepare and deliver an issuer free-writing prospectus (as such term is defined in Rule 405 under the
Securities Act) in lieu of any supplement to a prospectus, and references herein to any “supplement” to a Prospectus
shall include any such issuer free-writing prospectus. No seller of Registrable Securities may use a free-writing prospectus to
offer or sell any such Common Stock without the Company’s prior written consent.

 

(f)                 
It is understood and agreed that any failure of the Company to file a Registration Statement or a Prospectus or any amendment
or supplement thereto or to cause any such document to become or remain effective or usable within or for any particular period
of time as provided in Section 2 or otherwise in this Agreement, due to reasons that are not reasonably within its control,
due to any relevant lock-up agreement, or due to any refusal of the SEC to permit a registration statement or prospectus to become
or remain effective or to be used because of unresolved SEC comments thereon (or on any documents incorporated therein by reference)
despite the Company’s good faith and reasonable commercial efforts to resolve those comments, shall not be a breach of this
Agreement. However, neither shall any such failure relieve the Company of its obligations hereunder to continue to use reasonable
commercial efforts to remedy such failure.

 

(g)               
It is further understood and agreed that the Company shall not have any obligations under this Section 5 at any time
on or after the Termination Date, unless an underwritten offering in which any of the Holders participate has been priced but not
completed prior to the Termination Date, in which event the Company’s obligations under this Section 5 shall continue
with respect to such offering until it is so completed.

 

		Section 6.	Registration Expenses.

 

All Registration Expenses shall be borne
by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the
sale of Registrable Securities, such as underwriting discounts, selling commissions and stock transfer taxes, and other than as
set forth in the definition of “Registration Expenses,” all fees and expenses of any legal counsel representing the
Holders. Such selling expenses shall be borne by the Holders of such Registrable Securities pro rata on the basis of the number
of Registrable Securities sold.

 

		Section 7.	Indemnification.

 

(a)                
In connection with any Registration Statement in which a Holder is participating, the Company shall indemnify and hold harmless
each Holder that is a seller of Registrable Securities and each Person who controls such Holder within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act from and against any loss, claim, damage or liability, joint or several,
or any action in respect thereof to which such Holder or controlling Person may become subject, insofar as such loss, claim, damage,
liability or action arises out of, or is based upon any untrue or alleged untrue statement of a material fact contained in any
Registration Statement, Prospectus, issuer free writing prospectus as defined in Rule 433(b) of the Securities Act, any Company
information that the Company files or is required to file pursuant to Rule 433(d) of the Securities Act, or any amendment thereof
or supplement thereto or arising out of or based upon any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, except insofar as the same are made in reliance and in conformity
with (i) information furnished in writing to the Company by or on behalf of such Holder expressly for use therein, (ii) information
that relates to Epic and covers any period or date prior to the Closing furnished in writing to the Company by or on behalf of
the Holders or Epic prior to the Closing, or (iii) information furnished in writing to the Company by or on behalf of any participating
underwriter expressly for use therein; provided, that, the Company shall not be liable to any particular indemnified
party to the extent that such untrue statement or omission was contained in an outdated or defective Prospectus that was used after
the Company had notified such Holder in writing that the Prospectus is outdated or defective. In connection with an underwritten
offering in which such Holder participates conducted pursuant to a registration effected hereunder, the Company shall indemnify
each participating underwriter and each Person who controls such underwriter (within the meaning of the Securities Act) to the
same extent as provided above with respect to the indemnification of the Holders.

 

     10

     

    

 

(b)               
In connection with any Registration Statement in which a Holder is participating, each Holder shall indemnify and hold harmless,
severally and not jointly, the Company, its officers and directors and each Person who controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any loss, claim, damage or liability or
any action in respect thereof arising out of or based upon any untrue or alleged untrue statement of material fact contained in
the Registration Statement, Prospectus or issuer free writing prospectus (as defined in Rule 433(b) of the Securities Act), or
any amendment or supplement thereto, or arising out of or based upon any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the same are made
in reliance and in conformity with information furnished in writing to the Company by or on behalf of such Holder expressly for
use therein. In connection with an underwritten offering conducted pursuant to a registration effected hereunder, each such Holder
shall indemnify each participating underwriter and each Person who controls such underwriter (within the meaning of the Securities
Act) to the same extent as provided above with respect to the indemnification of the Company; provided, however, that the total
amount to be indemnified shall be limited to the net proceeds (after deducting the underwriting discounts and commissions received
by each such Holder) in the offering to which the Registration Statement or Prospectus relates.

 

(c)                
Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying Person of
any claim with respect to which it seeks indemnification and (ii) permit such indemnifying Person to assume the defense of
such claim with counsel reasonably satisfactory to the indemnified Person. Failure so to notify the indemnifying Person shall not
relieve it from any liability that it may have to an indemnified Person. The indemnifying Person shall not be subject to any liability
for any settlement made by the indemnified Person without its consent (but such consent will not be unreasonably withheld). An
indemnifying Person who is entitled to, and elects to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel for all Persons indemnified (hereunder or otherwise) by such indemnifying Person with respect
to such claim (and all other claims arising out of the same circumstances), unless in the reasonable judgment of any indemnified
Person there may be one or more legal or equitable defenses available to such indemnified Person which are in addition to or may
conflict with those available to another indemnified Person with respect to such claim, in which case each such indemnified Person
shall be entitled to use separate counsel. The indemnifying Person shall not consent to the entry of any judgment or enter into
or agree to any settlement relating to a claim or action for which any indemnified Person would be entitled to indemnification
by any indemnified Person hereunder unless such judgment or settlement imposes no ongoing obligations on any such indemnified Person
and includes as an unconditional term the giving, by all relevant claimants and plaintiffs to such indemnified Person, a release,
reasonably satisfactory in form and substance to such indemnified Person, from all liabilities in respect of such claim or action
for which such indemnified Person would be entitled to such indemnification. The indemnifying Person shall not be liable hereunder
for any amount paid or payable or incurred pursuant to or in connection with any judgment entered or settlement effected with the
consent of an indemnified Person unless the indemnifying Person has also consented to such judgment or settlement.

 

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(d)               
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified Person or any officer, director or controlling Person of such indemnified Person and shall
survive the transfer of securities and the Termination Date but only with respect to offers and sales of Registrable Securities
made before the Termination Date or during the period following the Termination Date referred to in Section 5(g).

 

(e)                
If the indemnification provided for in or pursuant to this Section 7 is due in accordance with the terms hereof,
but is held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred
to herein, then each applicable indemnifying Person, in lieu of indemnifying such indemnified Person, shall contribute to
the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying Person on the one hand and of the indemnified Person
on the other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses
as well as any other relevant equitable considerations. The relative fault of the indemnifying Person on the one hand and of the
indemnified Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
Person or by the indemnified Person, and by such Person’s relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. Notwithstanding the foregoing, no Holder shall be required to contribute any
amount in excess of the amount of net proceeds (after deducting underwriting discounts and commissions) received by such Holder
for the sale of its Acquisition Interests pursuant to the Registration Statement. The Holders’ obligations in this Section
7(e) to contribute shall be several in proportion to the amount of Registrable Securities registered by them and not joint.

 

		Section 8.	Securities Act Restrictions.

 

 

(a)                
Each Holder agrees that all certificates or other instruments representing the Acquisition Interests will initially bear
a legend substantially to the following effect:

 

 The
Common Stock represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”) or pursuant to any state securities law, and cannot be sold or otherwise transferred unless registered under the Securities
Act or aN exemption to the registration requirements under the securities act and the rules and regulations thereunder is available.

 

(b)               
Upon the reasonable request of any Holder, at a time when such legend is no longer required under the Securities Act and
applicable state laws, the Company shall cause the legend to be removed from any certificate for any Acquisition Interests to be
transferred by such Holder in accordance with the terms of any relevant lock-up agreement upon the receipt by the Company of an
opinion of counsel, certification and/or other information reasonably satisfactory to the Company. Each of the Holders acknowledges
that the Acquisition Interests have not been registered under the Securities Act or under any state securities laws and agrees
that it will not sell or otherwise dispose of any of the Acquisition Interests, except in compliance with the registration requirements
or exemption provisions of the Securities Act and any other applicable securities laws.

 

		Section 9.	Miscellaneous.

  

(a)                
Notices. All notices, requests, consents, waivers, and other communications required or permitted to be given hereunder
shall be in writing and shall be deemed to have been duly given (i) if personally delivered, upon delivery or refusal of delivery;
(ii) if mailed by registered or certified United States mail, return receipt requested, postage prepaid, upon delivery or refusal
of delivery; (i) if sent by a nationally recognized overnight delivery service, upon delivery or refusal of delivery; or (iv) if
by electronic transmission upon confirmation of receipt of such transmission; provided that such party to this Agreement shall
deliver notice by a method set forth in clause (i), (ii) or (i) above immediately thereafter. All notices, consents, waivers, or
other communications required or permitted to be given hereunder shall be addressed as follows:

 

     12

     

    

 

If to the Holders:

 

White Epic Aggregate LLC

######

######

Attention:
######

Fax: ######

Email: ######

 

BWE GP Limited

######

######

######

Attention: ######

Fax: ######

Email: ######

 

with copies (which shall not constitute notice) to:

 

Locke Lord LLP

######

######

######

Attention: ######

Fax: ######

Email: ######

 

 

If to the Company:

 

MACQUARIE INFRASTRUCTURE CORPORATION

125 West 55th St

New York, NY 10019

	 	Attention:	General Counsel
	 	Email:	######

 

with copies (which shall not constitute notice) to:

 

 

White & Case LLP

######

######

	 	Attention:	
        ######

        ######

	 	Facsimile:	######
	 	Email:	
        ######

        ######

 

or at such other address as any such party hereto may specify
by written notice to the others.

 

     13

     

    

 

(b)               
No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights
or remedies provided by law.

 

(c)                
Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors, it being understood that there are no intended third-party beneficiaries hereof. For the
avoidance of doubt, each Holder is permitted to assign its rights under this Agreement to its affiliates and beneficiaries; provided
that any such assignee shall agree in writing to be bound by and perform all the terms and provisions of this Agreement. For the
avoidance of doubt, the aggregate number of Demand Registrations for all Registrable Securities hereunder shall be as specified
in Section 2(b) hereof, regardless of any assignment hereunder.

 

(d)               
Governing Law. This Agreement shall in all respects be interpreted, construed and governed by and in accordance with
the laws of the State of Delaware, without regard to conflict of law principles.

 

(e)                
Jurisdiction. Each party to this Agreement irrevocably submits to the exclusive jurisdiction of (i) the Delaware
Court of Chancery and (ii) any state appellate court therefrom within the State of Delaware (or, only if the Delaware Court of
Chancery lacks jurisdiction over a particular matter, any state or federal court within the State of Delaware), for the purposes
of any dispute arising out of this Agreement or the transactions contemplated hereby (and each such party agrees that no such dispute
relating to this Agreement or the transactions contemplated hereby shall be brought by it except in such courts). Each party to
this Agreement irrevocably and unconditionally waives (and agrees not to plead or claim) any objection to the laying of venue of
any proceeding arising out of this Agreement or the transactions contemplated hereby in (i) the Delaware Court of Chancery or (ii)
any state appellate court therefrom within the State of Delaware (or, only if the Delaware Court of Chancery lacks jurisdiction
over a particular matter, any state or federal court within the State of Delaware) or that any such proceeding brought in any such
court has been brought in an inconvenient forum. Each party to this Agreement further agrees that any final and non-appealable
judgment against a party in connection with any proceeding shall be conclusive and binding on such party and that such award or
judgment may be enforced in any court of competent jurisdiction, either within or outside of the United States. A certified or
exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or judgment.

 

(f)                 
Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER
AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON OR IN CONNECTION WITH THIS AGREEMENT, THE SUBJECT MATTER HEREOF OR ANY
AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO IN CONNECTION WITH ANY SUCH AGREEMENTS, WHETHER NOW EXISTING OR HEREAFTER ARISING
AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION
10(F) WITH THE COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

(g)               
Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by email or
facsimile) and by different parties hereto in separate counterparts, with the same effect as if all parties had signed the same
document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same
instrument. This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all
of the other parties hereto.

 

     14

     

    

 

(h)               
Complete Agreement. This Agreement embodies the complete agreement and understanding between the parties hereto and
supersedes and preempts any prior understandings, agreements or representation by or between the parties hereto, written or oral,
which may have related to the subject matter herein.

 

(i)                 
Captions. The headings and other captions in this Agreement are for convenience and reference only and shall not
be used in interpreting, construing or enforcing any provision of this Agreement.

 

(j)                 
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon
such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of
the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as
originally contemplated to the fullest extent possible.

 

(k)               
Amendments. (i) The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written
consent of the Company and the Holders of a majority of the Registrable Securities then in existence and (ii) the Company
has not entered into, and will not, from and after the date hereof, enter into, any agreements with respect to its securities that
is inconsistent with the right granted to the Holders in this Agreement. The parties acknowledge and agree that the Company may
grant registration rights hereafter, which shall be pari passu with the registration rights of the Holders, and shall not be deemed
to conflict with this covenant.

 

 

[Execution Pages Follow]

 

     15

     

    

 

IN WITNESS WHEREOF, each party hereto
has caused this Agreement to be signed by its officer thereunto duly authorized as of the date first above written.

  

	 	MACQUARIE INFRASTRUCTURE CORPORATION
	 	 	 
	 	 	 
	 	By:	/s/ Liam Stewart 
	 	Name:	Liam Stewart 
	 	Title:	CFO
	 	 	 
	 	 	 
	 	By:	/s/ Michael Kernan
	 	Name:	Michael Kernan
	 	Title:	General Counsel

 

    
Signature Page to 
Registration Rights Agreement

     

    

 

	 	BW HOLDERS:

	 	 
	 	BWE EPIC HOLDINGS I, L.P.

	 	 	 
	 	 	 
	 	By:	/s/ Hayley Tanguy
	 	Name: 	Hayley Tanguy
	 	Title:	Director

 

 

 

	 	BWE EPIC HOLDINGS I-A, L.P.

	 	 	 
	 	 	 
	 	By:	/s/ Hayley Tanguy
	 	Name: 	Hayley Tanguy
	 	Title:	Director

 

    
Signature Page to 
Registration Rights Agreement

     

    

 

	 	WD HOLDER:
	 	 	 
	 	WDE EPIC AGGREGATE LLC
	 	 	 
	 	By:	White Deer Energy L.P., its managing member
	 	 	 
	 	By:	Edelman & Guill Energy L.P., its general partner
	 	 	 
	 	By:	Edelman & Guill Energy Ltd., its general partner

 

	 	By:	/s/ Thomas J. Edelman
	 	Name: 	Thomas J. Edelman
	 	Title:	Director

 

    
Signature Page to 
Registration Rights Agreement

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