FLOW INTERNATIONAL CORP
FORM OF FOURTH AMENDMENT TO REGISTRATION RIGHTS AGREEMENT
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<DESCRIPTION>FORM OF FOURTH AMENDMENT TO REGISTRATION RIGHTS AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Exhibit 10.1 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>FOURTH AMENDMENT TO REGISTRATION RIGHTS AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This Agreement (the &#147;<B>Fourth Amendment</B>&#148;) is entered into between Flow International Corporation (the
<B></B>&#147;<B>Company</B>&#148;<B></B>) and the undersigned as of January&nbsp;31, 2006. It further amends the Registration Rights Agreement (the &#147;<B>Agreement</B>&#148;) made and entered into as of February&nbsp;21, 2005, by and among the
Company and the investors signatory thereto (each an <B></B>&#147;<B>Investor</B>&#148;<B></B> and collectively, the <B></B>&#147;<B>Investors</B>&#148;<B></B>) as amended as of September&nbsp;13, 2005 (&#147;<B>First Amendment</B>&#148;),
October&nbsp;12, 2005 (&#147;<B>Second Amendment</B>&#148;) and December&nbsp;31, 2005 (&#147;<B>Third Amendment</B>&#148;). Capitalized terms not specifically defined herein shall have the same meaning as in the Agreement. For good and adequate
consideration, receipt of which is hereby acknowledged, the undersigned agree(s) as follows </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The undersigned is an &#147;Investor.&#148; The Investor continues to hold the Registrable Securities acquired pursuant to the Purchase Agreement. </FONT></TD></TR></TABLE> <P
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The First Amendment amended the term &#147;Effectiveness Date&#148; as used in the Agreement by substituting &#147;210</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#148; for &#147;180</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000">&#148;, the Second Amendment amended the term &#147;Effectiveness Date&#148; by substituting &#147;285</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th&#148;</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"> for &#147;210</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#148; and the Third Amendment amended the term &#147;Effectiveness Date&#148; by
substituting &#147;316</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">&#148; for &#147;285</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">.&#148; Pursuant to Section&nbsp;6(f) of the Agreement, the Agreement as amended by the First, Second and Third Amendments is further amended to read as
follows: </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B></B>&#147;<B>Effectiveness
Date</B>&#148;<B></B> means (a)&nbsp;with respect to the initial Registration Statement required to be filed under Section&nbsp;2(a), the earlier of: (a)(i) the 354</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> calendar day following the Closing Date, and (ii)&nbsp;the fifth Trading Day following the date on which the Company is notified by the Commission that the
initial Registration Statement will not be reviewed or is no longer subject to further review and comments, and (b)&nbsp;with respect to any additional Registration Statements that may be required pursuant to Section&nbsp;2(b), the earlier of
(i)&nbsp;the 354</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> calendar day following (x)&nbsp;if such Registration Statement is required because the Commission
shall have notified the Company in writing that certain Registrable Securities were not eligible for inclusion on a previously filed Registration Statement, the date or time on which the Commission shall indicate as being the first date or time that
such Registrable Securities may then be included in a Registration Statement, or (y)&nbsp;if such Registration Statement is required for a reason other than as described in (x)&nbsp;above, the date on which the Company first knows, or reasonably
should have known, that such additional Registration Statement(s) is required, and (ii)&nbsp;the fifth Trading Day following the date on which the Company is notified by the Commission that such additional Registration Statement will not be reviewed
or is no longer subject to further review and comments. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Except as expressly provided for in this Fourth Amendment, the Agreement as amended by the First, Second and Third Amendments will remain unchanged and in full
force and effect. The term &#147;Agreement&#148;, as used in the Agreement and all other instruments and agreements </FONT>
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<FONT FACE="Times New Roman" SIZE="2">executed thereunder, shall for all purposes refer to the Agreement as amended by the First, Second and Third Amendments and this Fourth Amendment.
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<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">This form of the Fourth Amendment is one of several identical forms of the Fourth Amendment, the others to be executed by other Investors. This Fourth Amendment and the other
identical forms of Fourth Amendment shall become effective when executed forms of Fourth Amendments given by Holders of no less than a majority in interest of the outstanding Registrable Securities shall be delivered to the Company.
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Flow International Corporation:</FONT></P></TD>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Name of Investor</FONT></TD>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Number of Registrable Securities Held</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(Equal to number of shares and warrants</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">purchased under Purchase
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
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