Document:

Registration Rights Agreement

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (the
“Agreement”) is entered into as of June 30, 2006, by and among Stallion Oilfield Services, Inc., a Delaware corporation (the “Company”), C/R Stallion Investment Limited Partnership, L.P., a
Delaware limited partnership (“C/R Stallion”) and C/R Energy Coinvestment II, L.P., a Delaware limited partnership (“C/R Coinvest” and, together with C/R Stallion, the “C/R
Investors”). 
 RECITALS 
 WHEREAS, this Agreement is made in connection with the merger of Stallion Oilfield Holdings, Ltd., a Texas limited partnership with and into the Company (the “Merger”) pursuant to the
Agreement and Plan of Merger, dated as of June 30, 2006 (the “Merger Agreement”); 
 WHEREAS, upon
consummation of the Merger, the C/R Investors will hold certain of the issued and outstanding shares of the Common Stock (as defined below) of the Company; and 
 WHEREAS, the C/R Investors and the Company desire to enter into this Agreement for the purpose of providing certain registration rights of the C/R Investors, as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises, representations, warranties, covenants and conditions set forth in this Agreement, the
parties mutually agree as follows: 
 SECTION 1. GENERAL 
 1.1 Definitions. As used in this Agreement the following terms shall have the following respective meanings: 
 “Board” means the Company’s Board of Directors. 
 “Common Stock” means
(i) the common stock, par value $0.01 per share, of the Company; and (ii) any other securities into which or for which such common stock of the Company may be converted or exchanged pursuant to a plan of recapitalization, reorganization,
merger, sale of assets or otherwise. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor or similar
registration form under the Securities Act subsequently adopted by the SEC. 
 “Form S-3” means such form under the
Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents
filed by the Company with the SEC. 

 “Holder” means (i) any C/R Investor owning of record or having the
right, on the date hereof, to acquire, upon consummation of the Merger, Registrable Securities that have not been sold to the public or (ii) any assignee of record of such Registrable Securities in accordance with Section 2.8 hereof;
provided, however, such person shall cease to be a Holder if and when such person owns Common Stock and Common Stock representing less than 5% of the outstanding Common Stock and such person may dispose of all Registrable Securities
then owned by such person pursuant to Rule 144(k) (or any successor rule under the Securities Act, and in such case the Registrable Securities owned by such person shall cease to be Registrable Securities). 
 “Holders of a Majority of the Registrable Securities” means any Holder or Holders of a majority of the total number of
shares of the Company’s Common Stock that are Registrable Securities then outstanding. 
 “IPO” means the
Company’s first firm commitment underwritten public offering of its Common Stock registered under the Securities Act. 
 “Other Holders” means other holders of the Common Stock granted registration rights by the Company. 
 “Register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or
ordering of effectiveness of such registration statement or document. 
 “Registrable Securities” means (i) the
shares of Common Stock or other securities issued or issuable to the C/R Investors in connection with the consummation of the Merger; (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, any such shares of Common Stock; and (iii) any other shares of Common Stock now or hereafter owned or held by a C/R Investor
or its permitted successors and assigns. Notwithstanding the foregoing, Registrable Securities shall not include any securities sold by a person to the public either pursuant to a registration statement or Rule 144 or sold in a private transaction
in which the transferor’s rights under Section 2 of this Agreement are not assigned. 
 “Registration
Expenses” means all expenses incurred by the Company in complying with Sections 2.1, 2.2 and 2.3 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the
Company, reasonable fees and disbursements of a single special counsel for all of the Holders of Registrable Securities (selected by the Holders of a Majority of the Registrable Securities), blue sky fees and expenses and the expense of any special
audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 
 “Rule 144” means such rule promulgated by the SEC under the Securities Act as in effect on the date hereof, or any successor or
similar rule under the Securities Act subsequently adopted by the SEC. 
  

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 “SEC” means the United States Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Selling Expenses” means all underwriting discounts and selling commissions applicable to the sale. 
 “Underwriter” means a securities dealer which purchases any Registrable Securities as principal and not as part of such
dealer’s market-making activities. 
 SECTION 2. REGISTRATION 
 2.1 Demand Registration. 
 (a) Initiation. (i) Subject to the conditions
of this Section 2.1, if at any time after the IPO, the Company shall receive a written request (a “Demand Request”) from the Holders of a Majority of the Registrable Securities (the “Initiating
Holders”) that the Company file a registration statement (a “Demand Registration”) under the Securities Act covering the registration of such number of Registrable Securities having an aggregate offering price of
at least twenty million dollars ($20,000,000), then the Company shall, subject to the limitations of this Section 2.1, effect, as soon as practicable, a registration under the Securities Act relating to the offer and sale of all Registrable
Securities that the Initiating Holders request to be registered. Any such registration shall, if requested by the Initiating Holders, provide for sale or distribution of such Registrable Securities on a delayed or continuous basis pursuant to Rule
415 under the Securities Act (or any successor rule). 
 (ii) After such time as the Company shall become eligible to use Form
S-3 (or a comparable form) for the registration under the Securities Act of the offer and sale of its securities, any Demand Request may be for a “shelf” registration pursuant to Rule 415 under the Securities Act; provided that, if
any such “shelf” registration statement remains effective for a period in excess of one year and allows sales of securities with an offering price of at least $100,000,000, such “shelf” registration shall count as two Demand
Registrations. 
 (b) Limitations. The Company shall not be required to effect a Demand Registration pursuant to
Section 2.1(a) (i) prior to one hundred eighty (180) days after the effective date of the registration statement pertaining to the IPO or (ii) after the Company has effected six (6) Demand Registrations pursuant to
Section 2.1(a) and such registrations have been declared or ordered effective. The Company shall not be obligated to effect more than one Demand Registration in any twelve-month period. 
 (c) Underwriting. If the Initiating Holders intend to distribute the Registrable Securities to be registered pursuant to this
Section 2.1 or Section 2.3 covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1 (or any request pursuant to Section 2.3). In such
event, the right of any Other Holder to be included in a registration effected pursuant to this Section 2.1 or pursuant to Section 2.3 shall be conditioned upon such Other Holder’s participation in such underwriting and the inclusion
of such Other Holder’s Common Stock in the underwriting to the 

  

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extent provided herein. All Other Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other
provision of this Agreement, if the underwriter determines in good faith that marketing factors require a limitation of the number of securities to be underwritten and advises the Initiating Holders and Other Holders in writing, the number of shares
that may be included in the underwriting shall be allocated first to the full amount requested to be included in such underwritten offering by the Initial Holders and then to the Other Holders on a pro rata basis based on the total number of shares
requested to be included by such Other Holders. 
 (d) Withdrawal. If, pursuant to the provisions of this
Section 2.1, the Company attempts to register Registrable Securities and a majority in interest of the Initiating Holders subsequently withdraw from such offering, such withdrawal shall be effective with respect to all Initiating Holders and
Other Holders requesting that Registrable Securities be included in such registration, and the Company shall no longer be obligated to effect such registration. 
 2.2 Piggyback Registrations. 
 (a) Initiation. If at any time or from time to
time subsequent to the IPO, the Company shall determine to file any registration statement under the Securities Act for purposes of a public offering of securities of the Company (but excluding registration statements relating to employee benefit
plans or with respect to corporate reorganizations or other transactions under Rule 145 of the Securities Act, any registration statement filed in connection with an exchange offer or offering of securities solely to the Company’s existing
securityholders, a registration statement on which the only common stock being registered is Common Stock issuable upon conversion of debt securities which are also being registered), the Company shall promptly notify all Holders of Registrable
Securities in writing, which notice shall specify the proposed offering price, the kind and number of securities proposed to be registered, the distribution arrangements and such other information that at the time would be appropriate to include in
such notice, and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such Holder on terms and conditions at least as favorable as those applicable to the securities
to be sold by any other person exercising piggyback rights to sell Common Stock thereunder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within ten (10) days
after the above-described notice from the Company, so notify the Company in writing and the Company shall use its commercially reasonable efforts to include such Registrable Securities in such registration. If a Holder decides not to include some or
all of its Registrable Securities in any registration statement thereafter filed by the Company or decides to withdraw its Registrable Securities from any underwriting or registration pursuant to Section 2.2(b), such Holder shall nevertheless
continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set
forth herein. 
 (b) Underwriting. If the registration statement under which the Company gives notice under this
Section 2.2 is for an underwritten offering, the Company shall so advise 

  

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the Holders of Registrable Securities. In such event, the right of any such Holder to be included in a registration pursuant to this Section 2.2 shall
be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of the Agreement, if the
underwriter determines in good faith that marketing factors require a limitation of the number of securities to be underwritten and advises the Holders of Registrable Securities in writing, the number of shares that may be included will be limited
to that number of shares that, in the opinion of such underwriter, should be included and the shares to be included in the underwriting shall be allocated, first, to the Company and, second, to the Holders and Other Holders on a pro rata basis based
on the total number of Registrable Securities held by the Holders and Other Holders. No such reduction shall reduce the securities being offered by the Company for its own account to be included in the registration and underwriting. If any Holder
disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter at least twenty (20) days prior to the anticipated effective date of the registration statement.

 (c) Termination. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Company in
accordance with Section 2.4 hereof. 
 (d) Waiver. Any requirements of this Section 2.2 may be waived on
behalf of all Holders by the Holders of a Majority of the Registrable Securities. 
 2.3 Holdback Agreements. 
 (a) Restrictions on Public Sale by Holder of Registrable Securities. Following any underwritten public offering of equity
securities by the Company or any Holder of Registrable Securities effected pursuant to this Agreement, each Holder of Registrable Securities agrees not to effect any public sale or distribution of securities similar to those being registered or of
any securities convertible into or exchangeable or exercisable for such securities or hedging transactions relating to the Registrable Securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to the
expected date of “pricing” of such offering and during such period, not to exceed 180 days with respect to the IPO or 90 days with respect to any subsequent offering, beginning on the date of such final prospectus (or prospectus supplement
if the offering is made pursuant to a “shelf” registration) as shall be reasonably requested by the managing Underwriter(s) except as part of such registration, and, if and to the extent requested by the managing Underwriter(s), each such
Holder of Registrable Securities agrees to execute an agreement to the foregoing effect with the Underwriter(s) for such offering on such terms as the managing Underwriter(s) shall reasonably request. 
 (b) Deferral of Filing. The Company may defer the filing (but not the preparation) of a registration statement required by
Section 2.1 if at the time the Company 

  

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receives the Demand Request, the Company or any of its subsidiaries are engaged in confidential negotiations or other confidential business activities,
disclosure of which would be required in such registration statement (but would not be required if such registration statement were not filed) and the Board determines in good faith that such disclosure would be materially detrimental to the
Company, until a date not later than 60 days after the required filing date prior to receiving such Demand Request, the Board had determined to effect a registered underwritten public offering of the Company’s equity securities for the
Company’s account and the Company had taken substantial steps (including, but not limited to, selecting or entering into a letter of intent with the managing Underwriter(s) for such offering) and is proceeding with reasonable diligence to
effect such offering, until a date not later than the end of the holdback period referred to in Section 2.3(a) above with respect to such offering. A deferral of the filing of a registration statement pursuant to this Section 2.3(b) shall
be lifted, and the requested registration statement shall be filed as soon as reasonably practicable, if, the negotiations or other activities are disclosed or terminated, or, the proposed registration for the Company’s account is abandoned. In
order to defer the filing of a registration statement pursuant to this Section 2.3(b), the Company shall promptly, upon determining to seek such deferral, deliver to each Requesting Holder a certificate signed by the Chief Executive Officer of
the Company stating that the Company is deferring such filing pursuant to this Section 2.3(b) and the basis therefor in reasonable detail. Within 20 days after receiving such certificate, the Holders of a majority of the Registrable Securities
held by the Requesting Holders and for which registration was previously requested may withdraw such request by giving notice to the Company. If withdrawn, the Demand Request shall be deemed not to have been made for all purposes of this Agreement.
The Company may defer the filing of a Demand Registration pursuant to this Section 2.3(b) only one time during any 12-month period. Nothing in this paragraph shall affect the rights of the Holders under Section 2.1 to participate in any
such Demand Registration at such time as the filing deferral is lifted in accordance with this Section 2.3(b). 
 (c)
Use, and Suspension of Use, of Shelf Registration Statement. If the Company has filed a “shelf” registration statement and has included Registrable Securities therein, the Company shall be entitled to suspend (but not more than an
aggregate of 90 days in any 12-month period), for a reasonable period of time not in excess of 90 days, the offer or sale of Registrable Securities pursuant to such registration statement by any holder of Registrable Securities if (i) a
“road show” is not then in progress with respect to a proposed offering of Registrable Securities by such holder pursuant to such registration statement and such holder has not executed an underwriting agreement with respect to a pending
sale of Registrable Securities pursuant to such registration statement and (ii) the Company or any of its subsidiaries are engaged in confidential negotiations or other confidential business activities, disclosure of which would be required if
such registration statement were used (but would not be required if such registration statement were not used) and the Board determines in good faith that such disclosure would be materially detrimental to the Company. In order to suspend the use of
the registration statement pursuant to this Section 2.3(c), the Company shall promptly, upon determining to seek such suspension, deliver to the holders of Registrable Securities included in such registration statement, a certificate signed by
the Chief Executive Officer of the Company stating that the Company is suspending use of such registration statement pursuant to this Section 2.3(c) and the basis therefor in reasonable detail. IN ADDITION, A HOLDER OF REGISTRABLE SECURITIES
MAY NOT UTILIZE A SHELF REGISTRATION STATEMENT TO EFFECT 

  

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THE SALE OF ANY SUCH SECURITIES UNLESS SUCH HOLDER HAS GIVEN THE COMPANY AT LEAST ONE BUSINESS DAY ADVANCE WRITTEN NOTICE OF THE DATE OR DATES OF A PROPOSED
SALE OF SUCH SECURITIES BY SUCH HOLDER PURSUANT TO SUCH REGISTRATION STATEMENT (WHICH NOTICE MAY BE GIVEN AS OFTEN AS SUCH HOLDER DESIRES). 
 2.4 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any registration, qualification or compliance pursuant to Section 2.1 or Section 2.2 herein shall
be borne by the Company; provided, however, that the Company shall have no further obligation to bear such Registration Expenses with respect to any registration effected pursuant to Section 2.1 after such time as the Company has
effected a total of six (6) such registrations pursuant to Section 2.1. The Holders of the Registrable Securities registered in connection with any registrations hereunder shall bear, pro rata on the basis of the number of shares so
registered, (i) all Selling Expenses applicable to Registrable Securities sold by Holders incurred in connection with any registrations hereunder; and (ii) all Registration Expenses applicable to Registrable Securities sold by Holders
incurred in connection with any registration effected pursuant to Section 2.1 occurring after the satisfaction by the Company of its obligation to bear all such Registration Expenses in connection with six (6) such registrations.

 2.5 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the Company shall
satisfy the following obligations as expeditiously as reasonably possible: 
 (a) Prompt Registration. Prepare and file
with the SEC a registration statement with respect to such Registrable Securities (as soon as possible and in any event within ninety (90) days of receipt of the applicable notice requesting such registration specified in Sections 2.1 and
Section 2.3) and use its commercially reasonable efforts to cause such registration statement to become effective as soon as possible after the filing thereof, and, upon the request of any Holder of the Registrable Securities registered
thereunder, keep such registration statement effective for up to one hundred twenty (120) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that in the case of the
registration of any Registrable Securities on Form S-3 that are intended to be offered on a delayed or continuous basis, such period shall be extended, if necessary, to keep the registration statement effective as provided in Section 2.1(a)(ii)
above or, if earlier, until all such Registrable Securities are sold. 
 (b) Additional Filings. Prepare and file with
the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of
all securities covered by such registration statement for the period set forth in paragraph (a) above. 
 (c)
Prospectus. Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to
facilitate the disposition of Registrable Securities owned by them. 
  

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 (d) Blue Sky Matters. Use its commercially reasonable efforts to register and
qualify the securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (e) Underwriting Agreement. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing
underwriter(s) of such offering. 
 (f) Notice to Holders. Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
or any “free writing prospectus” (as defined in Rule 405 of the Securities Act), includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances in which they were made, not misleading. 
 (g) Opinion and Comfort Letters. Use its
commercially reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel
representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter dated as of such date,
from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

(h) NASD Filings. Cooperate and assist in any filings to be made with the National Association of Securities Dealers, Inc.

 (i) Exchange or Market Listing. Cause all such Registrable Securities to be (i) listed on each securities
exchange on which similar securities issued by the Company are then listed; and (ii) authorized for trading on the NASDAQ National Market System if any similar securities issued by the Company are then so authorized. 
 2.6 Furnishing Information. The Holder or Holders of Registrable Securities included in any registration pursuant to Section 2.1 or
Section 2.2 shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the registration of their
Registrable Securities. 
 2.7 Indemnification. In the event any Registrable Securities are included in a registration statement under
Sections 2.1 or 2.2: 
 (a) By the Company. To the extent permitted by law, the Company will indemnify and hold
harmless each Holder, the partners, stockholders, members, officers and 

  

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directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or any free writing prospectus
issued by the Company, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration
statement; and the Company will pay as incurred to each such Holder, partner, stockholder, member, officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating,
preparing, or defending any such loss, claim, damage, liability or action; provided, however, that the Company shall not be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or
is based upon a Violation which occurs directly in reliance upon and in conformity with written information furnished expressly for use in connection with such registration or free writing prospectus by such Holder, partner, officer, director,
underwriter or controlling person of such Holder. 
 (b) By the Holders. To the extent permitted by law, each Holder,
severally and not jointly, will, if Registrable Securities held by such Holder are included in the securities as to which such registration qualifications or compliance is being effected, in consideration of the Company’s inclusion of such
Registrable Securities, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities
under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such
director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as
such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs directly in reliance upon and in conformity with
written information furnished by such Holder specifically for use in connection with such registration; provided, however, that the indemnity agreement contained in this Section 2.7(b) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this
Section 2.7 exceed the net proceeds from the offering received by such Holder. 
 (c) Procedures. Promptly after
receipt by an indemnified party under this Section 2.7 of notice of the commencement of any action (including any governmental action), 

  

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such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.7, deliver to the
indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume the defense thereof with counsel mutually reasonably satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the reasonable fees and expenses to be paid by the
indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by
such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 2.7, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to an indemnified party otherwise
than under this Section 2.7. 
 (d) Contribution. If the indemnification provided for in this Section 2.7 is
held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder,
shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of
the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided that in no event
shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 
 (e)
Survival of Obligations. The obligations of the Company and Holders under this Section 2.7 shall survive completion of any offering of Registrable Securities in a registration statement and the termination of this Agreement. Under this
Section 2.7, no indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
  

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 2.8 Assignment of Registration Rights. The rights to cause the Company to register Registrable
Securities pursuant to this Section 2 may be transferred or assigned by a Holder of Registrable Securities to any transferee or assignee of Registrable Securities provided that such transfer includes at least 25% of the Registrable Securities
then held by such Holder or securities convertible into or exercisable or exchangeable for at least 25% of the Registrable Securities then held by such Holder. Notwithstanding the foregoing, the rights to cause the Company to register Registrable
Securities pursuant to this Section 2 may be transferred or assigned by a Holder of Registrable Securities to any Affiliate of such Holder to which any such Registrable Securities are transferred. 
 2.9 Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may permit
the sale of the Registrable Securities to the public without registration, the Company agrees to satisfy the following obligations: 
 (a) Current Information. Make and keep available current public information, as described in paragraph (c) of Rule 144, at all times after the effective date of the first registration filed by the Company for an offering of its
equity securities to the general public; 
 (b) Exchange Act Filings. File with the SEC, in a timely manner, all
reports and other documents required of the Company under the Exchange Act; and 
 (c) Certification. So long as a
Holder owns any Registrable Securities, furnish to such Holder forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of paragraph (c) of Rule 144 and of the Exchange Act (at any time
after the Company has become subject to such reporting requirements) a copy of the most recent annual or quarterly report of the Company and such other reports and documents as any Holder may reasonably request in availing itself of any rule or
regulation of the SEC allowing it to sell any such securities without registration. 
 2.10 Granting of Registration Rights. The
Company shall not without the prior written consent of the Holders of a Majority of the Registrable Securities grant any rights to any person or entity to register any shares of capital stock or other securities of the Company if such rights would
be superior to the rights of the Holders of Registrable Securities granted pursuant to this Agreement. 
  

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 2.11 Market-Standoff Agreement. In connection with the IPO and upon request of the Company or the
underwriters managing such offering of the Company’s securities, each Holder agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities of the Company (other than
those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as
may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the IPO. In order to enforce the foregoing covenants, the Company may impose
stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions of this Section 2.11). 
 SECTION 3. MISCELLANEOUS 
 3.1 Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that state. 
 3.2 Survival. The representations, warranties, covenants, and agreements made herein shall survive any investigation made by any Holder and the closing of the transactions contemplated hereby. All statements as to factual matters
contained in any certificate or other instrument delivered by or on behalf of the Company pursuant hereto in connection with the transactions contemplated hereby shall be deemed to be representations and warranties by the Company hereunder solely as
of the date of such certificate or instrument. 
 3.3 Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors, and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall be a
Holder of Registrable Securities from time to time. 
 3.4 Entire Agreement. This Agreement constitutes the full and entire
understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein
and therein. 
 3.5 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision
had never been contained herein. 
  

 12 

 3.6 Amendment and Waiver. Except as otherwise expressly provided, this Agreement may be amended or
modified only upon the written consent of (i) the Company; and (ii) the Holders of a Majority of the Registrable Securities. Notwithstanding any other provision contained in this Agreement, the obligations of the Company and the rights of
any Holder under this Agreement may be waived with the written consent of the Holders of a Majority of the Registrable Securities. 
 3.7
Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any Holder, upon any breach, default or noncompliance of the Company under this Agreement shall impair any such right, power, or
remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit,
consent, or approval of any kind or character on any Holder’s part of any breach, default or noncompliance under the Agreement or any waiver on such Holder’s part of any provisions or conditions of this Agreement must be in writing and
shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to Holders, shall be cumulative and not alternative. 
 3.8 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall
be deemed to have been duly given or made upon receipt) by delivery in person, by courier service, by cable, by telecopy, by telegram, by telex or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties
at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 3.8: 
  

	 	(A)	if to the Company: 

 Stallion Oilfield Services, Inc.

 410 Roberts Street 
 Houston,
Texas 77003 
 Attention: General Counsel 
 Telephone: 713-528-5844 
 Facsimile: 713-528-1276 
  

	 	With	a copy to: 

 Vinson & Elkins LLP 
 1001 Fannin 
 Suite 2300 
 Houston, Texas 77002 
 Attention: T. Mark
Kelly 
 Telephone: 713-758-4592 
 Facsimile: 713-758-2346 
  

 13 

	 	(B)	if to the C/R Investors: 

 c/o Carlyle/Riverstone Global
Energy and Power Fund II, L.P. 
 c/o The Carlyle Group 
 Attention: Jeffrey Ferguson 
 1001 Pennsylvania Avenue 
 Suite 220 South 
 Washington, D.C. 20004

  

	 	With	a required copy to: 

 Latham & Watkins LLP

 555 11th Street, NW 
 Suite 1000 
 Washington, DC 20004 
 Attention: James
Hanna 
 3.9 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only
and are not to be considered in construing this Agreement. 
 3.10 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
  

 14 

 IN WITNESS WHEREOF, the parties hereto have executed this REGISTRATION RIGHTS AGREEMENT as
of the date set forth in the first paragraph hereof. 
  

			
	THE COMPANY:
	
	Stallion Oilfield Services, Inc.
		
	By:	 	/s/ David S. Schorlemer
	Name:	 	David S. Schorlemer
	Title:	 	Vice President
	
	THE C/R INVESTORS:
	
	C/R Stallion Investment Partnership, L.P.
	By:	 	C/R Energy Investment Holdings II, L.P., its General Partner
	By:	 	C/R Energy GP II, LLC, its General Partner
		
	By:	 	/s/ N. John Lancaster, Jr.
	Name:	 	N. John Lancaster, Jr.
	Title:	 	Managing Director
	
	C/R Energy Coinvestment II, L.P.
	By:	 	Carlyle/Riverstone Energy Partners II, L.P., its General Partner
	By:	 	C/R Energy GP II, LLC, its General Partner
		
	By:	 	/s/ N. John Lancaster, Jr.
	Name:	 	N. John Lancaster, Jr.
	Title:	 	Managing Director

  

 15Nominating Agreement

 Exhibit 10.2 
 NOMINATING AGREEMENT 
 THIS NOMINATING AGREEMENT, dated as of June 30, 2006 (the
“Agreement”), is made by and between Stallion Oilfield Holdings, Ltd., a Texas limited partnership (“Stallion Holdings”), C/R Stallion Investment Partnership, L.P., a Delaware limited partnership
(“C/R Stallion”), and Stallion Oilfield Services, Inc., a Delaware Corporation (the “Company”). 
 RECITALS 
 WHEREAS, this Agreement is made in connection with the merger of Stallion Holdings with and into the
Company (the “Merger”) pursuant to the Agreement and Plan of Merger, dated as of June 30, 2006; 
 WHEREAS, upon consummation of the Merger, C/R Stallion will receive and hold certain of the issued and outstanding shares of the Common Stock (as defined below) of the Company; and 
 WHEREAS, C/R Stallion, Stallion Holdings and the Company desire to enter into this Agreement for the purpose of providing certain rights to C/R
Stallion, as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises, representations, warranties, covenants and
conditions set forth in this Agreement, the parties mutually agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1
Definitions. As used in this Agreement, the following terms have the following respective meanings: 
 “Affiliate” means, with respect to any specified Person, (1) any other Person which, directly or indirectly, owns or controls, is under common ownership or control with, or is owned or controlled by, such
specified Person and (2) any relative or spouse of the specified Person or any of the Persons contemplated in this definition; provided, however, that for purposes of this Agreement C/R Stallion shall not be deemed an Affiliate of
the Company and the Company shall not be deemed an Affiliate of C/R Stallion. 
 “Beneficial Ownership” and
“Beneficially Own” shall be determined in accordance with Rules 13d-3 and 13d-5 under the Exchange Act. 
 “Common Stock” means (i) the common stock, par value $0.01 per share, of the Company; and (ii) any other securities into which or for which such common stock of the Company may be converted or exchanged
pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise. 

 “Control” or “control” means the possession, directly or
indirectly, alone or with others, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise; and “controlling” and
“controlled” have meanings correlative thereto. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder. 
 “Governmental Entity” means a court,
arbitral tribunal, administrative agency or commission or other governmental or other regulatory authority or agency. 
 “Law” means any law, statute, ordinance, rule, regulation, order, writ, judgment, injunction or decree of any Governmental Entity. 
 “Person” means any individual, corporation, proprietorship, firm, partnership, limited liability company, limited partnership, trust, association or other entity, including a government or
government department, agency or instrumentality. 
 “Subsidiary” means any Person of which securities or other
ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by any party. 
 ARTICLE II 
 BOARD OF DIRECTORS 

 Section 2.1 Board Representation The Company agrees, subject to (i) applicable fiduciary duties of the
Company’s Board of Directors under Delaware law, (ii) the applicable listing standards of the Nasdaq National Market, the New York Stock Exchange or any other securities exchange on which any of the Company’s securities are then
traded or listed and (iii) any applicable Law, including without limitation the Delaware General Corporation Law and the Exchange Act, that it shall: 
 (A) so long as C/R Stallion Beneficially Owns a number of shares of Common Stock equal to or greater than thirty percent (30%) of the issued and outstanding shares of Common Stock, cause three
(3) individuals designated by C/R Stallion to be nominated to the Company’s Board of Directors; 
 (B) so long as C/R Stallion
Beneficially Owns a number of shares of Common Stock equal to or greater than twenty percent (20%) of the issued and outstanding shares of Common Stock, cause not less than two (2) individuals designated by C/R Stallion to be nominated to
the Company’s Board of Directors; and 
  

 2 

 (C) so long as C/R Stallion Beneficially Owns a number of shares of Common Stock equal to or greater than
ten percent (10%) of the issued and outstanding shares of Common Stock, cause not less than one (1) individuals designated by C/R Stallion to be nominated to the Company’s Board of Directors; 
 provided, that such individuals are reasonably acceptable to the Nominating Committee of the Company’s Board of Directors (or the Company’s Board of
Directors, other than directors who are nominees of C/R Stallion, if there is no such Nominating Committee). In the event of any vacancy on the Company’s Board of Directors occurring by reason of the death, resignation, removal or other
termination of either of the directors designated by C/R Stallion pursuant to this Section 2.1, the Company agrees that it shall, subject to the limitations referred to in the prior sentence, cause an individual designated by C/R Stallion to be
nominated to fill such vacancy. C/R Stallion may waive the right contemplated by this Section 2.1 by giving written notice of such waiver to the Company’s Board of Directors. Notwithstanding the foregoing, so long as C/R Stallion
collectively Beneficially Owns at least a majority of the aggregate amount of the shares of Common Stock (as adjusted for any stock dividends, combinations, splits, recapitalizations or similar events) Beneficially Owned by C/R Stallion immediately
following the Merger but prior to any initial public offering of Common Stock (the “Designated Number of Shares”), and such director position is required for C/R Stallion to maintain its status as a “Venture Capital
Operating Company” as reasonably determined by the parties hereto the Company agrees that it shall, subject to the qualifications set forth in clauses (i), (ii) and (iii) of this Section 2.1, cause at least one
(1) individual designated by C/R Stallion to be nominated to the Company’s Board of Directors; provided, that such individuals are reasonably acceptable to the Nominating Committee of the Company’s Board of Directors (or the
Company’s Board of Directors, other than directors who are nominees of C/R Stallion, if there is no such Nominating Committee). 
 Section 2.2 Board Observation Right. In the event that, despite the Company’s commercially reasonable efforts, at least one (1) individual designated by C/R Stallion is not elected to the Company’s Board of
Directors, the Company agrees that C/R Stallion shall be permitted to send one (1) representative (the “Representative”) to attend, as nonvoting observers, all meetings of the Company’s Board of Directors or
committees thereof and, in this respect, the Company shall provide the Representative copies of all notices, minutes, consents and other materials that it provides to its directors; provided, however, that the Company reserves the
right to exclude the Representative from access to any material or meeting or portion thereof if the Company in good faith believes upon the advice of counsel that such exclusion is reasonably necessary to (i) preserve the attorney-client
privilege or (ii) comply with the listing standards of the Nasdaq National Market, the New York Stock Exchange or any other securities exchange on which any of the Company’s securities are then listed or traded and any applicable Law,
including without limitation the need to hold periodic executive sessions of the Company’s Board of Directors. C/R Stallion may waive the rights contemplated by this Section 2.2 by giving written notice of such waiver to the Company’s
Board of Directors. Unless waived in accordance with the previous sentence, the rights pursuant to this Section 2.2 shall continue so long as C/R Stallion Beneficially Owns the Designated Number of Shares. 
  

 3 

 Section 2.3 Review Rights. Upon the receipt of a written request, the Company and each
of its Subsidiaries shall provide C/R Stallion with reasonable access to all Books and Records during regular business hours and allow C/R Stallion to make copies and abstracts thereof, and the Company and each of its Subsidiaries shall cause any of
its respective subsidiaries and affiliates to do the same. C/R Stallion shall have the right to consult from time to time with management of the Company and each of its Subsidiaries and any of their respective affiliates and subsidiaries at their
respective places of business regarding operating and financial matters. The rights pursuant to this Section 2.3 shall continue so long as C/R Stallion Beneficially Owns at least the Designated Number of Shares and these review rights are
required for C/R Stallion to maintain its status as a “Venture Capital Operating Company as reasonably determined by the parties hereto.” For purposes of this Section 2.3, “Books and Records” shall mean,
collectively, the books and records of the Company and each of its Subsidiaries and any of their respective subsidiaries and affiliates, including without limitation financial data (including projections) and operating data covering each of such
entities, their businesses, operations and financial performance. 
 Section 2.4 Confidentiality. C/R Stallion shall hold
in confidence any information obtained by its Representatives pursuant to Section 2.2 or obtained in the course of its review or consultation provided for in Section 2.3, to the extent and for so long as, such information constitutes
material non-public information and shall not use such information in making any investment decision with respect to publicly-traded securities of the Company. 
 ARTICLE III 
 TERMINATION 
 Section 3.1 Termination. Anything contained herein to the contrary notwithstanding, this Agreement may be terminated by mutual written
consent of the Company and C/R Stallion. 
 Section 3.2 Effect of Termination. If this Agreement is terminated, this
Agreement shall become void and of no further force and effect. Nothing in this Article III shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or to impair the right of
any party to compel specific performance by another party of its obligations under this Agreement. The provisions of Section 2.4 shall survive the termination of this Agreement. 
 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.1 Amendment. This Agreement may be amended, modified or supplemented but only in writing signed by the Company and C/R
Stallion. 
  

 4 

 Section 4.2 Notices. Any notice, request, instruction or other document to be given
hereunder by a party hereto shall be in writing, shall be sent by facsimile transmission (with a hard copy to follow by overnight delivery) or overnight delivery and shall be deemed to have been given, when received or when receipt is refused:

  

	 	(A)	if to the Company: 

 Stallion Oilfield Services, Inc.

 410 Roberts 
 Houston, Texas
77003 
 Telephone:    713-528-5844 
 Facsimile:     713-528-1276 
 With a copy to: 
 Vinson & Elkins LLP 
 1001 Fannin
Street 
 Suite 2300 
 Houston,
Texas 77002 
 Attention: T. Mark Kelly 
 Telephone:    713-758-4592 
 Facsimile:     713-758-2346 
  

	 	(B)	if to C/R Stallion: 

 c/o Carlyle/Riverstone Global Energy
and Power Fund II, L.P. 
 c/o The Carlyle Group 
 1001 Pennsylvania Avenue, NW 
 Suite 220 South 
 Washington, D.C. 20004 
 Attention: Jeffrey
Ferguson 
 With a required copy to: 
 Latham & Watkins LLP 
 555 11th Street, NW 
 Suite 1000 
 Washington, D.C. 20004 
 Attention: James
Hanna 
 or to such other individual or address as a party hereto may designate for itself by notice given as herein provided. 
  

 5 

 Section 4.3 Waivers. The failure of a party hereto at any time or times to require
performance of any provision hereof shall in no manner affect its right at a later time to enforce the same. No waiver by a party of any breach of any term of this Agreement shall be effective unless in writing, and no waiver in any one or more
instances shall be deemed to be a further or continuing waiver of any such breach in other instances or a waiver of any other condition of any other term. 
 Section 4.4 Counterparts. This Agreement may be executed in one or more counterparts (and delivered via facsimile), and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 4.5
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York without giving effect to the principles of conflicts of law thereof. 
 Section 4.6 Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
estates, heirs, legal representatives, successors and permitted assigns; provided, however, that, except in connection with the Merger, no assignment of any rights or obligations shall be made by any party hereto without the prior
written consent of each other party hereto. 
 Section 4.7 No Third-Party Beneficiaries. This Agreement is solely for the
benefit of the parties hereto and no provision of this Agreement shall be deemed to confer upon other third parties any remedy, claim, liability, reimbursement, cause of action or other right. 
 Section 4.8 Severability. If any provision of this Agreement shall be held invalid, illegal or unenforceable, the validity, legality
or enforceability of the other provisions hereof shall not be affected thereby. 
 Section 4.9 Remedies. The parties
acknowledge and agree that the breach of the provisions of this Agreement by the Company, on the one hand, or C/R Stallion, on the other hand, could not be adequately compensated with monetary damages, and the parties hereto agree, accordingly, that
injunctive relief and specific performance shall be appropriate remedies to enforce the provisions of this Agreement and waive any claim or defense that there is an adequate remedy at law for such breach; provided, however, that
nothing herein shall limit the remedies herein, legal or equitable, otherwise available and all remedies herein are in addition to any remedies available at law or otherwise. 
 Section 4.10 Entire Understanding. This Agreement sets forth the entire agreement and understanding of the parties hereto and
supersedes any and all prior correspondence, agreements, arrangements and understandings among the parties. 
  

 6 

 [Signature Page Follows] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Nominating Agreement to be executed and
delivered as of the date first above written. 
  

			
	STALLION HOLDINGS:
	
	Stallion Oilfield Holdings, Ltd.
	By:	 	Stallion Oilfield Holdings GP, LLC,
		 	its General Partner
		
	By:	 	/s/ David S. Schorlemer
	Name:	 	David S. Schorlemer
	Title:	 	Vice President

  

			
	THE COMPANY:
	
	Stallion Oilfield Services, Inc.
		
	By:	 	/s/ David S. Schorlemer
	Name:	 	David S. Schorlemer
	Title:	 	Vice President

  

			
	C/R STALLION:
	
	C/R Stallion Investment Partnership, L.P.
	By:	 	C/R Energy Investment Holdings II, L.P., its General Partner
	By:	 	C/R Energy GP II, LLC, its General Partner
		
	By:	 	/s/ N. John Lancaster, Jr.
	Name:	 	N. John Lancaster, Jr.
	Title:	 	Managing Director

  

 8

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