Document:

Amended and Restated Service Contract with John Badrinas

 EXHIBIT 10.1 
 AMENDED AND RESTATED 
 SERVICE CONTRACT 
 FOR MANAGING DIRECTOR 
 between 
 Xerium Germany Holding GmbH 
 Föhrstraße 39 
 72760 Reutlingen 
 represented by its sole
shareholder Xerium Technologies Ltd., 
 in turn represented by its director Thomas Gutierrez 
 - “the Company” - 
 and 
 Mr. Joan Badrinas Ardevol 
 - “Mr. Badrinas” or “the Managing Director” - 
 This Amended and Restated Service Contract for
Managing Director is made by the parties with effect as of 30 September 2006. 
 Reference is made to the Service Contract for Managing Director made as
of 26 July 2006 between the Company and Mr. Badrinas (the “Original Agreement”). 
 Whereas Section 7.2 of the Original Agreement
contemplates that the Company would reimburse certain relocation costs for the Managing Director’s and his immediate family members’ move of their residence to Reutlingen or its vicinity; 
 Whereas Mr. Badrinas now intends to rent an apartment in Reutlingen, Germany for purposes of having a residence closer to the Company’s offices in lieu of
moving his primary family residence to such location; and 
 Whereas, the Parties wish to amend the Original Agreement
solely for the purposes of amending Section 7.2 thereof; 
 Now therefore, in consideration of the premises and mutual covenants herein contained, and
intending to be legally bound hereby, Parties hereby agree that the Original Agreement is amended and restated in its entirety as set forth below. 

 Xerium Technologies Ltd., as the sole shareholder of the Company, had agreed to employ Mr. Badrinas as managing
director of the Company with effect as of 26 July 2006 and intends to continue to employ Mr. Badrinas in such capacity. On this basis the Parties agree upon the following Service Contract (“Service Contract”): 
  

	1.	Position and Scope of Duties 

  

	1.1	Subject to the following provisions, Mr. Badrinas shall be appointed as managing director (Geschäftsführer) of the Company. In such capacity he will manage in
particular all business activities of the Company and its subsidiaries. Within the Xerium Group he shall be President, Clothing Europe, with his regular place of work being Reutlingen. 

  

	1.2	The shareholder reserves the right to appoint additional managing directors (Geschäftsführer) and/or assign different or additional responsibilities to
Mr. Badrinas, which are reasonable and compatible with his experience and knowledge and which are comparable with the tasks previously assigned, and determine an allocation of responsibilities as well as the power to represent the Company
singly or jointly. 

  

	1.3	The Managing Director shall perform his duties by observing the diligence of a prudent businessman in accordance with the law, the provisions of this Service Contract, the
Company’s Articles of Association, the general directives and specific instructions given by the shareholder or the CEO of Xerium Technologies, Inc., as well as the Standing Orders for Management as amended from time to time. He shall
furthermore comply with any applicable policies of the Company and Xerium Technologies, Inc. from time to time in effect, including, without limitation, the Xerium Technologies, Inc. Corporate Code of Business Conduct and Ethics.

  

	1.4	The Managing Director shall report to the CEO of Xerium Technologies, Inc., to any member of the management or to any other employee of Xerium Group which the CEO of Xerium
Technologies, Inc. may determine. The Managing Director may consult the CEO of Xerium Technologies, Inc. on any issue that is beyond the ordinary operation of the business. In case of doubt, he shall request directions in writing. The position of
the CEO of Xerium Technologies, Inc. is currently held by Mr. Thomas Gutierrez. 

  

	1.5	The Managing Director shall work whatever hours are required. Furthermore, the Managing Director is prepared to undertake business trips within and outside of Germany as the
business requires. 

	1.6	The Managing Director agrees to be appointed as managing director (“Geschäftsführer”) of Huyck Austria GmbH and to act in such capacity as required by Austrian
law, resolutions of the shareholder of Huyck Austria GmbH and its Articles of Association. The work performed in such capacity is covered by the base salary payable according to Section 4 of this Contract and will not entitle the Managing
Director to additional consideration. Necessary business expenses incurred by acting as managing director of Huyck Austria GmbH shall be reimbursed in accordance with the reimbursement policies of Huyck Austria GmbH as amended from time to time. The
activities of the Managing Director for Huyck Austria GmbH shall not be construed as a separate employment or service relationship with Huyck Austria GmbH but will be limited to a mandate according to Article 1002 Austrian Civil Code
(“Allgemeines Bürgerliches Gesetzbuch – ABGB”). 

  

	2.	Other Activities 

  

	2.1	The Managing Director shall devote his full working time and ability to the Company’s business. For the duration of this Service Contract, any other activity, apart from
services rendered for affiliated companies, be it with or without remuneration, is subject to the explicit prior written consent of the shareholder or the CEO of Xerium Technologies, Inc. 

  

	2.2	Academic and journalistic activity is permitted, provided that the Company is informed previously and that such activity does not adversely affect the function and working capacity
of the Managing Director, a disclosure of confidential information is not to be expected, and this does not in any other way interfere with the interests of the Company. 

  

	3.	Power of Representation/Management Authority 

  

	3.1	The Managing Director shall have single signing authority as provided for by shareholder resolution. The Managing Director is not exempt from the restrictions of Section 181
German Civil Code (Bürgerliches Gesetzbuch). 

  

	3.2	For all business transactions beyond the ordinary operations of the Company, the Managing Director shall obtain the prior written approval of the shareholder. The Managing Director
shall adhere to any specific distribution and/or limitation of authorities applicable for the management of the Company. 

	4.	Base Salary 

  

	4.1	The Managing Director shall be entitled to an annual gross base salary in the amount of EUR 275,000, the net amount of which shall be paid in 12 equal monthly instalments, payable
in arrears. 

 In addition, the Company shall pay half of the mandatory social security contributions
(Sozialversicherungsbeiträge) including contributions to state unemployment insurance, health insurance, nursing care insurance and state pension insurance. In case the Managing Director opts for a private health insurance instead of the
statutory health insurance, the Company will bear half of the contributions to the Managing Director’s private health insurance up to a maximum of the amount which it would have to pay for the statutory health insurance (BDO-Satz).

 Upon payment of the above-mentioned salary, all activities the Managing Director has to perform under this Service Contract shall be
compensated. This also applies to activities for the benefit of other companies of the group. 
  

	4.2	The Managing Director is not entitled to pledge or assign his remuneration without having obtained the prior written consent of the shareholder. 

  

	5.	Bonus Plan, Right to Amend 

  

	5.1	The Managing Director shall be entitled to participate in cash bonus plans (the “Annual Bonus Plans”) from time to time in effect for senior executives of Xerium
Technologies, Inc. generally (it being understood that effective as of the date hereof, there is single such plan called the “Xerium Technologies, Inc. 2006 Cash Incentive Bonus Plan”). The terms of each Annual Bonus Plan and Managing
Director’s participation therein shall be determined by the Board of Directors of Xerium Technologies, Inc. or the compensation committee of such board. The Managing Director’s initial target participation level under such plans shall be
at 75 % of his base salary. Any awards under the Annual Bonus Plan shall be payable only to the extent earned pursuant to the terms of the applicable Annual Bonus Plan and shall be subject to adjustment in accordance with the terms of the
applicable Annual Bonus Plan. Any award with respect to 2006 shall be prorated in order to reflect that the Managing Director’s service to the Company commenced after the beginning of 2006. The Managing Director confirms that he has received a
copy of the Xerium Technologies, Inc. 2006 Cash Incentive Bonus Plan and the award to be made to him thereunder with respect to 2006. 

  

	5.2	Any awards under the Annual Bonus Plan are of a voluntary nature. The payment of an award under the Annual Bonus Plan with respect to one year shall not be deemed to create an
obligation to pay an award with respect to any 

 future year. The Managing Director shall not acquire a legal claim to any award under the Annual Bonus
Plan even if awards are granted over a longer period of time and/or if they are repeatedly granted without the Company specifically reserving the right to claim the voluntariness on each occasion of the awards being granted. Therefore, the Board of
Directors of Xerium Technologies, Inc. or compensation committee thereof, may, for any given future year, alter, modify, add to or delete any Annual Bonus Plan at any time as it, in its sole judgment, determines to be appropriate. 
  

	6.	Continued Remuneration in Case of Sickness 

  

	6.1	In the first six months of an inability to work due to sickness the Managing Director is entitled to continue to receive his full net base salary according to Section 4,
subject to Section 6.2 below in the case that the Managing Director is entitled to receive amounts from third parties in connection with such illness (through insurance coverage or otherwise). 

  

	6.2	If the Managing Director has compensation claims against third parties due to the loss of his earnings, caused by the inability to work, he shall assign such claims to the Company
in the amount of the continued payment of remuneration. 

  

	6.3	In all other respects the provisions of the Continued Salary Payment Act (Entgeltfortzahlungsgesetz) shall apply. 

  

	7.	Additional Benefits, Reservation of Right to Invoke Voluntary Nature of Benefits 

  

	7.1	The Company will recommend to the Compensation Committee of the Board of Directors of Xerium Technologies, Inc., to award Restricted Stock Units in mid 2007. Size and conditions of
such an award will be at the discretion and fully determined by the Compensation Committee of the Board of Directors of Xerium, Inc., and the Company will not be liable in connection with any such award. 

  

	7.2	Commencing 1 October, 2006 the Company will provide the Managing Director a monthly gross living allowance in the amount of Euro 1150 (subject to increase by the Company with
the approval of the Compensation Committee of the Board of Directors of Xerium Technologies, Inc.) in connection with the Managing Director leasing an apartment in Reutlingen or its vicinity. Upon prior presentation of appropriate cost estimate
documentation, the Company will bear reasonable real estate agent fees and furniture moving fees in connection with the initial renting of an apartment in October, 2006., provided that the CEO of Xerium Technologies, Inc. has approved such costs in
advance. 

	7.3	Should the Company grant to the Managing Director any further benefits beyond those described in this Service Contract, these benefits shall be granted on a voluntary basis. The
Managing Director shall not acquire a legal claim to these benefits even if they are granted over a longer period of time and/or if they are repeatedly granted without the Company specifically reserving the right to claim the voluntariness on each
occasion of the benefits being granted. 

  

	8.	Travel Expenses 

 Travel expenses and other
necessary expenses reasonably incurred by the Managing Director in the furtherance of the Company’s business shall be reimbursed to him, against presentation of supporting documents and within the scope of the applicable German tax regulations.

  

	9.	Company Car 

  

	9.1	The Company shall provide the Managing Director in accordance with the Xerium Fleet Automobile Program in force from time to time with a company car for business and private use.
The Company reserves the right to substitute the car by another company car equal in value at any time. 

  

	9.2	The financial value of the private use of the company car is considered additional compensation to the Managing Director, which will be subject to wage withholding tax to be borne
by the Managing Director. 

  

	9.3	The costs of maintenance, insurance, and use of the company car including, but not limited to car insurances taxes, comprehensive liability insurance (Vollkaskoversicherung),
petrol, etc. shall be borne by the Company, unless otherwise provided in the Xerium Fleet Automobile Program. 

  

	10.	Vacation 

  

	10.1	The Managing Director shall be entitled to an annual vacation of 25 working days. Vacation entitlement accrues pro rata month by month through the calendar year.

  

	10.2	The time of vacation shall be determined in agreement with the CEO of Xerium Technologies, Inc. and the other managing directors, if any, thereby taking into consideration the
business requirements of the Company and the personal wishes of the Managing Director. 

	10.3	Vacation not taken during the calendar year may only be carried forward to the next calendar year with the approval of the Company or if they could not be taken in the preceding
year due to the business of the Company requiring the presence of the Managing Director. Vacation that cannot be carried forward according to this rule lapses effective December 31. Vacation carried forward must be taken by March 31 of the
following calendar year or will lapse. 

  

	11.	Secrecy, Return of Items 

  

	11.1	The Managing Director shall not disclose to any third party, or use for personal gain, any confidential technical or other business information which has been entrusted to him, or
which has otherwise become known to the Managing Director and which relates to the Company or to any of its affiliated companies. In particular, no information may be disclosed concerning the organisation of the business, the relations with clients
and customers and the Company’s technical know-how. This obligation shall not expire upon termination of this Service Contract, but shall continue to remain in force thereafter. 

  

	11.2	Business records of any kind, including private notes concerning Company affairs and activities, shall be carefully kept and shall be used for business purposes only. No copies or
extracts or duplicates of drawings, calculations, statistics and the like nor of any other business records or documents may be made for purposes other than for the Company’s business. 

  

	11.3	Upon request of the Company, and in case of termination of this Contract without solicitation, the Managing Director shall return all items pertaining to the Company or any of its
affiliates at the location of its business offices to the attention of another managing director, if any, or of any other employee of the Xerium Group whom the CEO of Xerium Technologies, Inc. or an individual designated by the CEO of Xerium
Technologies, Inc. may determine. 

  

	12.	Granting of Proprietary Rights 

  

	12.1	The Managing Director hereby irrevocably assigns to the Company all exclusive rights to all copyrightable work products originating from or in connection with his performance of
duties and tasks within and during his service relationship with the Company. The Company may assign such rights and may publish the work products. The assignment of rights and exploitation of work products by the Company shall be deemed compensated
by the remuneration paid to the Managing Director. The Managing Director hereby waives his right to be named as an author of the work products and his right to publish the work products. The Managing Director may only make use of any other moral
rights, including the right of revocation and the right to prohibit alterations or distortions, as directed in writing by the Company. 

	12.2	In case the Managing Director creates other copyrightable work products he shall notify the Company if exploitation of such work products seems possible. The Company may acquire the
right to exploit such work products against payment of a reasonable compensation. If the Company is not interested in acquiring exploitation rights the Managing Director can freely dispose of the respective work products within the limitations of
the statutory obligation not to compete. 

  

	12.3	In all other respects, the statutory regulations regarding inventions, copyrights and ancillary rights shall apply. 

  

	13.	Term of Employment, Managing Director’s Right of Termination, Release 

  

	13.1	This Service Contract is concluded for an indefinite period of time. It shall, however, automatically end no later than the expiry of the month during which the Managing Director
attains the age of 65 years, or the month during which the Managing Director is entitled to receive full state old age pension without any deductions or pension for full reduction in earning capacity (ungeminderte
Erwerbsunfähigkeitsrente), whichever occurs first. 

  

	13.2	During its term this Contract may be terminated by either Party with a notice period of 12 (twelve) months effective to the end of any given calendar month.

  

	13.3	In case the Managing Director has been removed, or this Contract has been terminated by either Party, the Company is entitled to – revocably or irrevocably – unilaterally
release the Managing Director from his duty to work for the remaining term of this Service Contract, whilst continuing to pay his remuneration pursuant to Section 4.1 of this Service Contract and, only if this Contract has been terminated by
the Company, a pro-rated bonus pursuant to Section 5 of this Service Contract that would be payable to the Managing Director during the notice period insofar as such bonus is actually earned based on the performance of Xerium Technologies, Inc.
Other payments shall not be made during the period of release. 

 Any open vacation claims shall be deemed compensated by a
period of irrevocable release. The open vacation shall be taken from the first day after the release on without interruption. After the vacation, the provisions of section 615, second sentence, German Civil Code (“Bürgerliches Gesetzbuch
– BGB”) shall apply. 

 The obligation to comply with the statutory duty not to compete effective during the term of this Service
Contract remains unaffected during the period of release. 
  

	13.4	Each party’s right to terminate this Service Contract in exceptional cases, in particular to give termination without notice pursuant to Section 626 of the German Civil
Code, remains unaffected. 

  

	13.5	Notice of termination must be given in writing. 

  

	14.	Obligation not to entice away Employees after Termination of the Employment Relationship 

  

	14.1	The Managing Director agrees that for a period of two years after the termination of this Service Contract that he shall neither directly nor indirectly entice away employees of the
Company, its subsidiaries, parent and other affiliated companies, or cause them in any other way to leave the Company, its subsidiaries or parent company, if for that purpose he induces them to break their contractual obligations or uses information
which is subject to the duty of secrecy according to Section 11 of this Service Contract. 

  

	14.2	Every time the Managing Director breaches the obligations described under Section 14.1 of this Service Contract, he shall pay a contractual penalty in the amount of one
monthly base salary. In the case of a continuing violation of his obligation, a contractual penalty shall accrue for each additional month, which has begun. 

  

	14.3	The Company’s right to further damages shall not be affected. 

  

	15.	Final Provisions 

  

	15.1	This Service Contract represents the entire agreement and understanding of the parties. All previous employment contracts or service contracts concluded with the Company or its
affiliates are cancelled explicitly and by consent of both parties effective to the commencing date of this Service Contract. 

  

	15.2	Any amendments or additions to this Service Contract, including this clause on written form, are only effective if made in written form. 

  

	15.3	If one of the provisions of this Service Contract is held to be invalid, the remaining provisions shall remain valid. The invalid provision shall be replaced by a valid one, which
is as close as possible to the economic effect of the invalid provision. The same shall apply in the event that the Service Contract is found to be incomplete. 

	15.4	In the event of disputes in connection with this Service Contract the place of jurisdiction shall be the corporate seat of the Company. 

  

	15.5	This Service Contract shall be governed and construed in accordance with the laws of the Federal Republic of Germany. 

  

											
	The Company	 		 		 	Managing Director
	represented by:	 		 		 		 	
	 Xerium Technologies Ltd.,
 represented
by:
	 		 		 		 	
	Thomas Gutierrez, Director	 		 		 		 	
					
	Place, Date:	 	 Youngsville, North Carolina
 30 September,
2006
	 		 		 	 Place, Date:Reutlingen, Germany
 30
September, 2006

						
	Signature:	 	 /s/ Thomas Gutierrez
	 		 		 	Signature:	 	 /s/ Joan Badrinas ArdevolRegistration Rights Agreement, dated as of June 7, 2006

 Exhibit 4.3 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of June 7, 2006, among Panda Ethanol, Inc., a Delaware corporation (the “Company”), Panda Energy International, Inc., a Texas corporation (“PEII”),
and the several purchasers signatory hereto (each such purchaser is a “Purchaser” and collectively, the “Purchasers”). 
 This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof among the Company, PEII and each Purchaser (the “Purchase Agreement”). 
 The Company, PEII and each Purchaser hereby agree as follows: 
 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement,
the following terms shall have the following meanings: 
 “Advice” shall have the meaning set forth in
Section 6(d). 
 “Effectiveness Date” means the date on which the Commission declares the initial
Registration Statement filed hereunder to be effective. 
 “Effectiveness Period” shall have the meaning set
forth in Section 2(a). 
 “Event” shall have the meaning set forth in Section 2(b). 
 “Event Date” shall have the meaning set forth in Section 2(b). 
 “Filing Date” means, with respect to the initial Registration Statement required hereunder, the 75th calendar day following the effective time of the Merger and, with respect to any additional Registration Statements that may
be required pursuant to Section 3(c), the 30th day following the date on which the Company first becomes aware
that such additional Registration Statement is required hereunder. 
 “Holder” or “Holders”
means the holder or holders, as the case may be, from time to time of Registrable Securities. 
 “Indemnified
Party” shall have the meaning set forth in Section 5(c). 
 “Indemnifying Party” shall have the
meaning set forth in Section 5(c). 
 “Losses” shall have the meaning set forth in Section 5(a).

 “Participating Holders” means the Holders offering Registrable Securities for sale pursuant to an
Underwritten Offering. 

 “Plan of Distribution” shall have the meaning set forth in
Section 2(a). 
 “Prospectus” means the prospectus included in a Registration Statement (including,
without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by
any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments,
and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Public
Shares” means the shares of Common Stock, par value $0.001 per share, issued by Cirracor in accordance with the terms and conditions of the Merger Agreement. 
 “Registrable Securities” means all of (i) the Public Shares issued to the Purchasers and to PEII pursuant to the
Merger and (ii) any Public Shares issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing. If, for any reason, the Commission refuses to permit all of the Public
Shares described in (i) and (ii) above to be registered on a single registration statement, then all of the Public Shares issued to the Purchasers shall be registered together with as many additional Public Shares held by PEII as the
Commission will permit to be registered in such initial registration statement, and the balance of PEII’s Public Shares shall be registered on another registration statement filed only after the effective date of the registration statement
registering the Public Shares issued to the Purchasers; provided, however, if, for any reason, the Commission refuses to permit any of the Public Shares held by PEII to be registered and refuses to permit all of the Public Shares of
the Purchasers to be registered, then the Purchasers shall reduce the number of their Public Shares to be registered on a pro rata basis as between the Purchasers. 
 “Registration Statement” means the registration statements required to be filed hereunder and any additional registration
statements contemplated by Section 3(c), including (in each case) the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and
effect as such Rule. 
 “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities
Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 
  

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 “Selling Stockholder Questionnaire” shall have the meaning set forth in
Section 3(a). 
 “Underwritten Offering” means an offering in which securities of the Company are
offered and sold on a firm commitment basis through one or more underwriters, all pursuant to an underwriting agreement between the Company and one or more Holders and such underwriter(s); provided, however, that it is contemplated
that the aggregate gross proceeds from such Underwritten Offering will exceed $50 million. 
 2. Shelf Registration. 
 (a) On or prior to the Filing Date, the Company shall use its reasonable best efforts to prepare and file as promptly as possible with the Commission a
universal “Shelf” Registration Statement covering, among such other securities as may be offered from time to time by the Company, the resale of the Registrable Securities on or prior to such Filing Date for an offering to be made on a
continuous basis pursuant to Rule 415. Such Registration Statement shall be on Form S-1 (except if the Company is then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration may be on Form S-3 in
accordance herewith) and shall contain (unless otherwise directed by the Holders of 66-2/3% of the Registrable Securities included in such Registration Statement or in response to a written comment from the Commission) the “Plan of
Distribution” section substantially in the form attached hereto as Annex A, with such changes as are reasonably required to comply with then applicable securities laws. Subject to the terms of this Agreement, the Company shall use
its reasonable best efforts to cause such Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, and shall use its reasonable best efforts to keep such Registration Statement
continuously effective under the Securities Act until the earlier of (A) the date on which there ceases to be outstanding any Registrable Securities, and (B) the date on which all Registrable Securities have been sold, or may be sold
without volume restrictions pursuant to Rule 144(k), as determined by counsel to the Company pursuant to a written opinion letter to such effect, addressed and reasonably acceptable to the Company’s transfer agent and the affected Holders (the
“Effectiveness Period”). The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall promptly notify the Holders (via electronic message or
facsimile) of the effectiveness of a Registration Statement no later than the next Trading Day following the date the Registration Statement is declared effective by the Commission. The Company shall, by 5:00 p.m. Central Time on the Trading Day
after the Effective Date (as defined in the Purchase Agreement), file a final Prospectus with the Commission as required by Rule 424. 
 (b)
If: (i) a Registration Statement is not filed on or prior to its Filing Date, or (ii) the Company fails to file with the Commission a request for acceleration in accordance with Rule 461 promulgated under the Securities Act, within five
Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that a Registration Statement will not be “reviewed,” or not subject to further review, or (iii) after the
Effectiveness Date, a Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities for which it is required to be effective, or the Holders are otherwise not permitted to utilize the Prospectus
therein to resell such Registrable Securities for more than 10 consecutive calendar days or more than an aggregate of 30 calendar days during 

  

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any 12-month period (which need not be consecutive calendar days) (any such failure or breach being referred to as an “Event”, and for purposes of
clause (i) or (iv) the date on which such Event occurs, or for purposes of clause (ii) the date on which such five Trading Day period is exceeded, or for purposes of clause (iii) the date on which such 10 or 30 calendar day
period, as applicable, is exceeded being referred to as “Event Date”), then in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event
Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 1.00% of the aggregate
purchase price paid by such Holder pursuant to the Purchase Agreement for any Registrable Securities then held by such Holder; provided, that in no event shall such partial liquidated damages accrue for a period in excess of 24 months. If the
Company fails to pay any partial liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 10.0% per annum (or such lesser maximum amount that is permitted
to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall
apply on a daily pro-rata basis for any portion of a month prior to the cure of an Event. 
 (c) At any time after the Effectiveness Date and
prior to the expiration of the Effectiveness Period, a Holder or group of Holders holding in the aggregate at least 25% of the Registrable Securities may request in writing that the Company commence an Underwritten Offering under the Registration
Statement or any separate registration statement to the extent required by any then applicable rules and regulations or at the direction of the Commission and the Company, subject to the terms and provisions hereof, shall be obligated to promptly
proceed with such Underwritten Offering; provided, however, that only three such requests may be made by a Holder or group of Holders during the Effectiveness Period and no additional request may be made within sixty (60) days of
a prior request; and provided, further, that if requested in writing by Holders of in excess of 5% of the Registrable Securities, the Company shall within ten (10) calendar days send written notice to the other Holders to seek
their concurrence in order to obtain the requisite percentage of Registrable Securities in connection with any such proposed Underwritten Offering. Any such Underwritten Offering shall include the proposed sale or resale, as the case may be, of
securities of the Company and Registrable Securities in the respective and relative amounts to be determined by a managing underwriter(s) which shall be selected by the Company and the requesting Holder or Holders and shall be reasonably acceptable
to each (it being understood that the underwriters specified on Annex A hereto or their respective successors shall be deemed acceptable to the Company and the Holders). The managing underwriter(s) shall determine in good faith based on
marketing factors the number of Company securities and Registrable Securities to be included in such Underwritten Offering (it being understood that to the extent marketable the Registrable Securities shall take preference), and any shares included
in the Underwritten Offering shall be allocated to the Participating Holders on a pro rata basis based on the total number of Registrable Securities requested to be included after giving effect to the provisions of Section 6(q) hereof. In
connection with an Underwritten Offering, the Company and the Participating Holders shall negotiate and enter into an underwriting agreement in customary form with the managing underwriter(s), which shall include, among other provisions, customary
representations and warranties and customary indemnities by and of the Company and any Participating Holders; it being understood that 

  

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neither the Company nor the Participating Holders shall be required to enter into representations, warranties or agreements that are not customary or
reasonably requested by the underwriters. In connection with any such Underwritten Offering, each Participating Holder shall, as a condition to inclusion, provide all such information and materials and take all such action as may be reasonably
requested by the Company. The Company and any Participating Holders shall take all reasonable actions as requested by the managing underwriter(s) in order to expedite and facilitate the registration and disposition of the Company securities and
Registrable Securities included in such Underwritten Offering; provided, however, that the Company shall not be required to cause the appropriate officers of the Company or its Affiliates to participate in a “road show” or
similar marketing effort being conducted by such underwriter with respect to such Underwritten Offering more than once in any six month calendar period. Additionally, notwithstanding any other provisions of this Agreement, the Company shall not be
obligated to proceed with any such Underwritten Offering if (i) managing underwriter(s) cannot be selected; (ii) any such Underwritten Offering would materially adversely affect (including through the premature disclosure thereof) any
other financing arrangement or any proposed acquisition, reorganization, merger, consolidation, disposition, capital expenditure or other similar transaction then being implemented by the Company or reasonably likely to be implemented by the Company
during or immediately following the pendancy of such Underwritten Offering; (iii) commencing an Underwritten Offering would, in the good faith judgment of the Board of Directors of the Company, be seriously detrimental to the Company by having
a material adverse impact on the Company’s ability to implement its business plan or to perform in any material respect its obligations under any material agreement; or (iv) prior to such request, the Company has offered the Holder or
Holders of the Registrable Securities a right to include the Registrable Securities or any portion thereof in an underwritten offering separately commenced by the Company outside the Registration Statement pursuant to the provisions of
Section 6(e) hereof or otherwise and all Registrable Securities were included in any such prior registration. In the event that the Company is not obligated to proceed with the Underwritten Offering pursuant to any of (i) through
(iv) above, it shall provide written notice to the Holders of its determination and the reasons therefor and the Holders shall then be entitled to make an additional request for an Underwritten Offering prior to the expiration of the
Effectiveness Period, so long as no request is made within a sixty (60) day period after the initial request. If the Company has previously delivered a notice of its determination not to proceed with an Underwritten Offering, upon receipt of a
subsequent request of the requisite percentage of Holders to proceed with an Underwritten Offering, it will be obligated to proceed with respect to an Underwritten Offering subject only to a right of the Company to delay the Underwritten Offering
for a period of up to one-hundred twenty (120) days because of any of the factors specified in (i) through (iv) above. In the event of an Underwritten Offering pursuant to this Section 2(c), the parties agree that the Company
shall amend, to the extent required by applicable rules and regulations, the Plan of Distribution attached as Annex A to reflect all necessary adjustments for such Underwritten Offering. In connection with any Underwritten Offering of its
Common Stock, the Company also hereby covenants and agrees to use its reasonable best efforts to seek a listing of its Common Stock on either the NASDAQ National Market System, Inc., the American Stock Exchange, Inc. or the New York Stock Exchange,
Inc. In no event shall the Company’s failure to obtain such listing entitle the Holders to any monetary damages; it being understood that the Holders’ sole remedy for failure to obtain any such listing shall be their right to pursue an
action for specific performance. 
  

 5 

 3. Registration Procedures 
 In connection with the Company’s registration obligations hereunder, the Company shall: 
 (a) Not less than four Trading Days prior to the filing of each Registration Statement and not less than one Trading Day prior to the
filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), (i) furnish to each Holder copies of the “Principal and Selling
Stockholders” and “Plan of Distribution” sections of such Registration Statement or other documents proposed to be filed, if such sections have been revised since the previous filing of such Registration Statement or any amendment or
supplement thereto, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent certified public
accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration
Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities (excluding PEII) included in such Registration Statement shall reasonably object in good faith, provided that
the Company is notified of such objection in writing no later than two Trading Days after the Holders have been so furnished copies of such documents. Each Holder agrees to furnish to the Company a completed Selling Stockholder Questionnaire in the
form attached to this Agreement as Annex B not less than ten days after written request therefore has been made by the Company. The Company shall not be required to include the Registrable Securities of a Holder in a Registration Statement and shall
not be required to pay any liquidated or other damages under Section 2(b) to any Holder who fails to furnish to the Company a fully completed Selling Holder Questionnaire at least three Trading Days prior to the date the Registration
Statement is filed with the Commission (subject to the other requirements in this Section 3(a)). 
 (b)
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously
effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable
Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond
as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment thereto and, upon written request by any Holder, as promptly as reasonably possible provide such Holder with
true and complete copies of all material written correspondence from and to the Commission relating to a Registration Statement (provided that the Company may excise any information contained therein which would 

  

 6 

 
constitute material non-public information as to any Holder which has not executed a confidentiality agreement with the Company); and (iv) comply in all
material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of
this Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented. 
 (c) If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of common
stock then included in a Registration Statement, then the Company shall use its reasonable best efforts to file as soon as reasonably practicable, but in any case prior to the applicable Filing Date, an additional Registration Statement or post
effective amendment to the existing Registration Statement covering the resale by the Holders of not less than 100% of the number of such Registrable Securities. 
 (d) Use its reasonable best efforts to notify the Holders (which notice shall, pursuant to clauses (iii) through (vi) hereof, be
accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible and confirm such notice in writing (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to a Registration Statement has been filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such
Registration Statement; and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the Commission or any other federal or state governmental authority for
amendments or supplements to a Registration Statement or Prospectus or for additional information; (iii) of the issuance by the Commission or any other Federal or state governmental authority of any stop order suspending the effectiveness of a
Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; (v) of the occurrence of any event or passage of time that makes the financial
statements included in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material
respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any 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, in light of the circumstances under which they were made, not misleading; and (vi) the occurrence or existence of any pending corporate
development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or
Prospectus; provided that any and all of such information shall be kept confidential by each Holder until such information otherwise becomes public, unless 

  

 7 

 
disclosure by a Holder is required by law; provided, further, notwithstanding each Holder’s agreement to keep such information
confidential, the Holders make no acknowledgement that any such information is material, non-public information. 
 (e) Use
its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment. 
 (f)
Furnish to each Holder, without charge, to the extent requested in writing by such Holder, at least one conformed copy of each such Registration Statement and each amendment thereto, including financial statements and schedules, all documents
incorporated or deemed to be incorporated therein by reference, and all exhibits to such Registration Statement (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission.

 (g) Promptly deliver to each Holder, without charge, as many copies of the Prospectus or Prospectuses (including each form
of prospectus) and each amendment or supplement thereto as such Holder may reasonably request in writing in connection with resales by such Holder. Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and
each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice
pursuant to Section 3(d). 
 (h) If NASDR Rule 2710 requires any broker-dealer to make a filing prior to executing a sale
by a Holder, the Company shall (i) make an Issuer Filing with the NASDR, Inc. Corporate Financing Department pursuant to proposed NASDR Rule 2710(b)(10)(A)(i), (ii) respond within five Trading Days to any comments received from NASDR in
connection therewith, and (iii) pay the filing fee required in connection therewith. 
 (i) Prior to any resale of
Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of
such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that
the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent
to service of process in any such jurisdiction. 
  

 8 

 (j) If requested by the Holders, cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all
restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. 
 (k) Upon the occurrence of any event contemplated by this Section 3, as promptly as reasonably possible under the circumstances taking into account the Company’s good faith assessment of any adverse
consequences to the Company and its stockholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to the related Prospectus or any
document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance with clauses
(iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its reasonable
best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(k) to suspend the availability of a Registration Statement and
Prospectus subject to the payment of partial liquidated damages pursuant to Section 2(b) for a period not to exceed 60 calendar days (which need not be consecutive days) in any 12 month period. 
 (l) Comply with all applicable rules and regulations of the Commission. 
 (m) If reasonably requested by the Company prior to any filing by the Company with the Commission in connection with any applicable
Registration Statement or Prospectus requirement of the Commission, each selling Holder agrees to furnish to the Company a certified statement as to the number of Public Shares beneficially owned by such Holder and, if required by the Commission,
the natural persons thereof that have voting and dispositive control over such shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable Securities solely because any
Holder fails to furnish such information within three Trading Days of the Company’s request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely because of
such delay shall be suspended as to such Holder only, until such information is delivered to the Company. 
 (n)
Notwithstanding any provision of this Agreement to the contrary, subject to payment of any accrued liquidated damages otherwise provided for herein, it shall not be a breach or violation of any obligation of the Company hereunder if the Company
fails to take any action otherwise required hereunder because, in its reasonable determination, such action would require the Company to disclose material, non-public information that the Company has a bona fide business or legal reason for not
disclosing regardless of whether the Company caused such material, non-public information to exist. 
  

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 (o) In the case of an Underwritten Offering, use its reasonable best efforts to furnish
or caused to be furnished to each Holder of Registrable Securities covered by such Registration Statement and the underwriters a signed counterpart, addressed to each such Holder and the underwriters, of: (i) an opinion of counsel for the
Company, dated the date of each closing under the underwriting agreement, reasonably satisfactory to the underwriters; and (ii) a “comfort” letter, dated the effective date of such Registration Statement and the date of each closing
under the underwriting agreement, signed by the independent public accountants who have certified the Company’s financial statements included in such Registration Statement, covering substantially the same matters with respect to such
Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public
offerings of securities, and such other financial matters as the underwriters may reasonably request and customarily obtained by underwriters in underwritten offerings, provided that, to be an addressee of the comfort letter, each Holder may be
required to confirm that it is in the category of persons to whom a comfort letter may be delivered in accordance with applicable accounting literature. 
 (p) In the case of an Underwritten Offering, use its reasonable best efforts to make available for inspection by the representatives of the Holders and the representative of any underwriters participating in any
disposition pursuant to a Registration Statement, and any special counsel or accountants retained by such Holders or underwriters, during normal business hours and subject to receipt of executed confidentiality agreement or reasonably satisfactory
form, such financial and other records, corporate documents and properties of the Company as are necessary in order to conduct a “due diligence investigation.” 
 (q) In the case of an Underwritten Offering, make generally available to its stockholders, as soon as reasonably practicable, earnings
statements covering at least 12 months that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder in the case of an Underwritten Offering. 
 4. Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by
the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (A) with respect to filings required to be made with any Trading Market on which the Public Shares are then listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws
reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination of the
eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested in writing by the Holders), and (C) if not previously paid by the Company in connection with an Issuer Filing, with respect to any filing
that may be required to 

  

 10 

 
be made by any broker through which a Holder intends to make sales of Registrable Securities with NASD Regulation, Inc. pursuant to the NASD Rule 2710, so
long as the broker is receiving no more than a customary brokerage commission in connection with such sale), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing
prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in a Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the
transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any
Trading Market as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder (including any underwriting discounts and selling commissions in connection with an Underwritten Offering) or,
except to the extent provided for in the Transaction Documents, any legal fees, stock transfer taxes or other costs of the Holders. 
 5.
Indemnification 
 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of
this Agreement, indemnify and hold harmless each Holder, the officers, directors, members, partners, agents, investment advisers and employees (and any other Persons with a functionally equivalent role of a Person holding such titles,
notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors,
stockholders, members, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the
fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as
incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading, or (2) any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law, or any rule or regulation thereunder,
in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing
to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable 

  

 11 

 
Securities and was reviewed and expressly approved or was not objected to in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that each Holder has expressly approved Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified
in Section 3(d)(iii)-(vi), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice
contemplated in Section 6(d). The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is
aware. 
 (b) Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the
Company, its directors, officers, agents and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title), each Person who controls the Company (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees (and any other Persons with a functionally equivalent role of a Person holding such titles,
notwithstanding a lack of such title or any other title) of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such
Holder’s failure to comply with the prospectus delivery requirements of the Securities Act, or (y) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated or
defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d) or (z) any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished
in writing by such Holder to the Company specifically for inclusion in such Registration Statement or such Prospectus or (ii) to the extent that such information relates to such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved or was not objected to in writing by such Holder expressly for use in a Registration Statement (it being understood that each Holder has expressly approved Annex A hereto for this purpose), such
Prospectus or such form of Prospectus or in any amendment or supplement thereto. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation. 
 (c) Conduct of Indemnification Proceedings.
If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the
“Indemnifying Party”) in writing, and the Indemnifying Party shall have 

  

 12 

 
the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and
expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to
the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced the Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed
promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and counsel to such Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the
defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its
written consent, which consent shall not be unreasonably withheld, conditioned or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which
any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
 Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days following written notice
thereof to the Indemnifying Party; provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is judicially
determined to be not entitled to indemnification hereunder. 
 (d) Contribution. If the indemnification under
Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party, in such
proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in 

  

 13 

 
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by,
or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any
Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro
rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be
required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder. 
 The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may
have to the Indemnified Parties. 
 6. Miscellaneous 
 (a) Remedies. In the event of a breach by the Company or by a Holder, of any of their respective obligations under this Agreement,
each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement.
The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action
for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate. 
 (b) No Piggyback on Initial Registration Statement. Except as set forth on Schedule 6(b) to this Agreement, no security holders (other than PEII and the other Holders in such capacity pursuant hereto) may
include securities of the Company in the initial Registration Statement other than the Registrable Securities. 
 (c)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

  

 14 

 (d) Discontinued Disposition. Each Holder agrees by its acquisition of Registrable
Securities that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(d), such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement
until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be
resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company will use its reasonable best
efforts to ensure that the use of the Prospectus may be resumed as promptly as it practicable. The Company agrees and acknowledges that any periods during which the Holder is required to discontinue the disposition of Registrable Securities
hereunder shall be subject to the provisions of Section 2(b). 
 (e) Piggy-Back Registrations. If at any time
during the Effectiveness Period there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for
its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued
solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the stock option or other employee benefit plans, then the Company shall send to each Holder a written notice of such determination
and, if within fifteen days after the date of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such Holder requests to be registered,
subject to customary underwriter cutbacks applicable to all holders of registration rights if such registration statement relates to an underwritten public offering; provided, however, that, the Company shall not be required to register any
Registrable Securities pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144(k) promulgated under the Securities Act or that are the subject of a then effective Registration Statement. 
 (f) Amendments and Waivers. 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, unless the same shall be in writing and signed by the Company and the Holders of at least sixty-six and two-thirds percent (66-2/3%) of the
then outstanding Registrable Securities; provided, however, that any modification or amendment of this Agreement that is materially adverse to a Holder relative to any other Holder shall not be effective without the consent of such
adversely affected Holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders and that does not directly or indirectly affect the rights
of other Holders may be given by Holders of all of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in
accordance with the provisions of the immediately preceding sentence. 
  

 15 

 In the event that the Merger Agreement does not close and the Merger is not consummated,
for any reason whatsoever, the Company agrees to work with the Holders to amend this Agreement in such manner as may be commercially reasonable to provide alternative registration rights to the Holders in connection with a subsequent merger target
of the Company, if any, or any initial public offering of common stock by the Company. 
 (g) Notices. Any and all
notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement. 
 (h) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The
Company may not assign its rights or obligations hereunder without the prior written consent of all of the Holders of the then-outstanding Registrable Securities except in the case of a merger (or similar transaction) in which case the surviving
entity shall succeed to the rights and obligations of the Company. Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement; provided, however, that at least
10,000 shares (subject to adjustment for splits, stock dividends, and recapitalizations) of the Registrable Securities, are assigned to an assignee who seeks to assert registration rights under this Agreement. 
 (i) No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the
Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts
with the provisions hereof. Except as set forth on Schedule 6(i), neither the Company nor any of its subsidiaries has previously entered into any agreement granting any registration rights with respect to any of its securities to any Person
that have not been satisfied in full. The Company hereby agrees that it will not grant registration rights more favorable than the rights specified herein to any subsequent holder of its securities without either offering the same rights to all
Holders or obtaining the written consent from Holders beneficially owning in the aggregate at least 50.1% of the Registrable Securities. 
 (j) Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when
counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a
“.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof. 
  

 16 

 (k) Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Purchase Agreement. 
 (l) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law. 
 (m) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (n) Headings. The headings in this Agreement are for convenience only, do not constitute a part of this Agreement, and shall not be
deemed to limit or affect any of the provisions hereof. 
 (o) Independent Nature of Holders’ Obligations and
Rights. The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder.
Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any
other kind of entity, or create a presumption that the Holders are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to protect and enforce its rights,
including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. 
 (p) Holder Cooperation. The Holders shall cooperate with the Company, as reasonably requested by the Company, in connection with
the preparation and filing of any Registration Statement hereunder. The Company may require a Holder to promptly furnish in writing to the Company such information as may be required in connection with such registration including, without
limitation, all such information as may be requested by the Commission or the NASD or any state securities commission and all such information regarding the Holder, the Registrable Securities held by the Holder and the intended method of disposition
of the Registrable Securities. Each Holder agrees to provide such information requested in connection with such registration within a reasonable time after receiving such written request. The Company may exclude from such registration the
Registrable Securities of any such Holder who fails to furnish such information within a reasonable time prior to the filing of each Registration Statement, 

  

 17 

 
supplemented Prospectus and/or amended Registration Statement. Each Holder shall be responsible for the delivery of the Prospectus to the Persons to whom the
Holder sells the Registrable Securities to the extent required by applicable law, and each Holder agrees to dispose of Registrable Securities in compliance with the plan of distribution described in the Registration Statement and otherwise in
compliance with applicable federal and state securities laws. 
 (q) PEII Lockup. Prior to the Effectiveness Date, PEII
will not, without the prior written consent of a majority in interest of the other Holders, which shall not be unreasonably withheld, pledge, sell, contract to sell or sell any option or contract to purchase or otherwise transfer or dispose of,
directly or indirectly, any of its Registrable Securities, including covered or uncovered puts, short sales (including those against the box) or similar arrangements. Further, for a period of six (6) months following the Effectiveness Date,
PEII will not, without the prior written consent of a majority in interest of the other Holders pledge, sell, contract to sell or sell any option or contract to purchase or otherwise transfer or dispose of, directly or indirectly, all or any part of
seventy-five percent (75%) of its Registrable Securities that are registered for resale pursuant to the initial Registration Statement, including covered or uncovered parts, short sales (including those against the box) or similar arrangements.
Notwithstanding the foregoing, PEII shall at all times be permitted to pledge up to 50% of its Registrable Securities pursuant to a bona fide commercial lending arrangement based on the credit of PEII as a whole; provided that any pledgee in
such arrangement agrees that the restrictions set forth in this Section 6(q) shall continue to apply to such pledged shares at all times, including any period following a foreclosure of such pledged shares by the applicable lender(s).

 (r) Trading Restrictions. Each Holder hereby agrees that it shall not, to the extent requested by the managing
underwriter(s) of securities of the Company in connection with any Underwritten Offering effected pursuant to this Agreement, directly or indirectly sell, offer to sell (including without limitation any short sale), grant any option or otherwise
transfer or dispose of any Registrable Securities or other shares of Common Stock of the Company or any securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company then owned by such Holder for a period of 60
days following such Underwritten Offering; provided, however, that the restrictions above shall not apply to Registrable Securities being sold pursuant to such Underwritten Offering or to any underwritten offering in which Registrable
Securities or any portion thereof are not included, except to the extent expressly required in writing by the managing underwriter because of marketing considerations. In order to enforce the foregoing covenant, the Company shall have the right
to place restrictive legends on the stock certificates representing the securities subject to this Section and to impose stop transfer instructions with respect to applicable securities until the end of such period. The Company hereby covenants and
agrees to use its reasonable best efforts to obtain similar trading restrictions from the principal stockholder of Cirracor as described on Schedule 6(b) hereof. 
 [Remainder of Page Intentionally Left Blank. 
 Signature Pages to Follow]

  

 18 

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

			
	PANDA ETHANOL, INC.
		
	By:	 	 /S/ MICHAEL TRENTEL

	Name:	 	Michael Trentel
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE OF HOLDERS FOLLOWS] 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Bonanza Master Fund, Ltd. 
 Signature of Authorized Signatory of Holder: /s/ BRIAN LADIN 
 Name of Authorized Signatory: Brian Ladin 
 Title of Authorized Signatory: Partner 
  

 20 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Cyrus Opportunities Master Fund II, Ltd. 
 Signature of Authorized Signatory of Holder: /s/ ROBERT A. NISI 
 Name of Authorized Signatory: Robert A. Nisi 
 Title of Authorized Signatory: Partner, COO 
  

 21 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: CRS Fund, Ltd. 
 Signature of Authorized Signatory of Holder: /s/ ROBERT A. NISI 
 Name of Authorized Signatory: Robert A. Nisi 
 Title of Authorized Signatory: Partner, COO 
  

 22 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: GLG North American Opportunity Fund 
 By: GLG Partners LP as Investment Manager of GLG North American Opportunity Fund 
 Signature of Authorized Signatory of Holder: /s/ SIMON WHITE 
 Name of Authorized Signatory: Simon White 
 Title of Authorized Signatory: Chief Operating Officer 
  

 23 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: GLG Global Utilities Fund 
 By: GLG Partners LP as Investment Manager of GLG Global Utilities Fund 
 Signature of
Authorized Signatory of Holder: /s/ SIMON WHITE 
 Name of Authorized Signatory: Simon White

 Title of Authorized Signatory: Chief Operating Officer 
  

 24 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: GLG European Long-Short Fund 
 By: GLG Partners LP as Investment Manager of GLG European Long-Short Fund 
 Signature of Authorized Signatory of Holder: /s/ SIMON WHITE 
 Name of Authorized Signatory: Simon White 
 Title of Authorized Signatory: Chief Operating Officer 
  

 25 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Seneca Capital LP 
 Signature of Authorized Signatory of Holder: /s/ DOUG HIRSCH 
 Name of Authorized Signatory: Doug Hirsch 
 Title of Authorized Signatory: Managing Member of General Partner

  

 26 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Seneca Capital II LP 
 Signature of Authorized Signatory of Holder: /s/ DOUG HIRSCH 
 Name of Authorized Signatory: Doug Hirsch 
 Title of Authorized Signatory: Managing Member of General Partner

  

 27 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Seneca Capital International Subsidiary Corp. III 
 Signature of Authorized Signatory of Holder: /s/ DOUG HIRSCH 
 Name of Authorized Signatory: Doug Hirsch 
 Title of Authorized Signatory: Director 
  

 28 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Matthew J. Coit 2004 Irrevocable Trust 
 Signature of Authorized Signatory of Holder: /s/ MATTHEW J. COIT 
 Name of Authorized Signatory: Matthew J. Coit 
 Title of Authorized Signatory: Trustee 
  

 29 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Michael D. Coit 
 Signature of Authorized Signatory of Holder: /s/ MICHAEL D. COIT 
 Name of Authorized Signatory: N/A 
 Title of Authorized Signatory: N/A 
  

 30 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: JMG Capital Partners LP 
 Signature of Authorized Signatory of Holder: /s/ JONATHAN GASR 
 Name of Authorized Signatory: Jonathan Gasr 
 Title of Authorized Signatory: Member Manager of the General Partner

  

 31 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: JMG Triton Offshore Fund Ltd. 
 Signature of Authorized Signatory of Holder: /s/ JONATHAN GASR 
 Name of Authorized Signatory: Jonathan Gasr 
 Title of Authorized Signatory: Member Manager of the Investment Manager 
  

 32 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Iroquois Master Fund Ltd. 
 Signature of Authorized Signatory of Holder: /s/ JOSHUA SILVERMAN 
 Name of Authorized Signatory: Joshua Silverman 
 Title of Authorized Signatory: Authorized Signator 
  

 33 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Trilobite Holdings, Ltd. 
 Signature of Authorized Signatory of Holder: /s/ WILLIAM R. SACHS 
 Name of Authorized Signatory: William R. Sachs 
 Title of Authorized Signatory: Partner 
  

 34 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Hyde Family Trust, A 
 Signature of Authorized Signatory of Holder: /s/ R. REID HYDE 
 Name of Authorized Signatory: R. Reid Hyde 
 Title of Authorized Signatory: Trustee 
  

 35 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Capital Ventures International 
 By: Heights Capital Management, Inc. 
 Signature of Authorized Signatory of Holder: /s/ MICHAEL SPOLAN 
 Name of Authorized Signatory: Michael Spolan 
 Title of Authorized Signatory: General Counsel 
  

 36 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: FrontPoint Utility and Energy Fund, L.P. 
 By: FrontPoint Utility and Energy Fund GP, LLC 
 Signature of Authorized Signatory of Holder: /s/ ARTHUR J. LEV 
 Name of Authorized Signatory: Arthur J. Lev 
 Title of Authorized Signatory: Authorized Signatory 
  

 37 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: FrontPoint Energy Horizons Fund, L.P. 
 By: FrontPoint Energy Horizons Fund GP, LLC 
 Signature of Authorized Signatory of Holder: /s/ ARTHUR J. LEV 
 Name of Authorized Signatory: Arthur J. Lev 
 Title of Authorized Signatory: Authorized Signatory 
  

 38 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: SF Capital Partners Ltd. 
 Signature of Authorized Signatory of Holder: /s/ BRIAN H. DAVIDSON 
 Name of Authorized Signatory: Brian H. Davidson 
 Title of Authorized Signatory: Authorized Signatory 

 

 39 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Kings Road Investments Ltd. 
 Signature of Authorized Signatory of Holder: /s/ BRANDON JONES 
 Name of Authorized Signatory: Brandon Jones 
 Title of Authorized Signatory: Co-Head, Private Investments 
  

 40 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Cordillera Fund, L.P. 
 Signature of Authorized Signatory of Holder: /s/ JAMES P. ANDREW 
 Name of Authorized Signatory: James P. Andrew 
  

			
	 Title of Authorized Signatory:
	 	 Co-CEO of Andrew Carter Capital, Inc.
 General Partner
of ACCF GenPar, L.P.
 General Partner of the Cordillera Fund, L.P.

  

 41 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: Mesa Ethanol Partners LP 
 Signature of Authorized Signatory of Holder: /s/ BOONE PICKENS 
 Name of Authorized Signatory: Boone Pickens 
 Title of Authorized Signatory: President of Mesa Petroleum Co., as
General Partner 
  

 42 

 [SIGNATURE PAGE OF HOLDERS TO PANDA RRA] 
 Name of Holder: ECS Capital Management, LP 
 Signature of Authorized Signatory of Holder: /s/ KEITH BEHRENS 
 Name of Authorized Signatory: Keith Behrens 
 Title of Authorized Signatory: Managing Director 
  

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