Exhibit 10.14
 
 
AMENDMENT NO. 2
TO
AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDMENT NO. 2 (the "Amendment") dated as of February 11, 2013 is between
PAR TECHNOLOGY CORPORATION, a Delaware corporation (the "Borrower"), JPMORGAN
CHASE BANK, N.A., as Administrative Agent ("Administrative Agent"), and JPMORGAN
CHASE BANK, N.A., NBT BANK, N.A., and ALLIANCE BANK, N.A. (collectively, the
"Lenders").

RECITALS:

A.    The Borrower, Administrative Agent and Lenders are parties to an Amended
and Restated Credit Agreement dated as of June 6, 2011, as amended by an
Amendment No. 1 dated as of July 29, 2011 (the "Credit Agreement").

B.    The Borrower has requested that the definition of EBITDA in the Credit
Agreement be amended to add back to Net Income, for the purposes of calculating
EBITDA, (a) extraordinary or non-recurring non-cash expenses, charges or losses,
and (b) certain litigation expenses incurred in the fourth quarter of 2012.

C.    The Lenders are willing to allow the Borrower to amend the definition of
EBITDA upon the terms and conditions set forth below.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

1            Definitions.  All capitalized terms used in this Amendment, which
are not otherwise defined, shall have the meanings given to those terms in the
Credit Agreement.

2
Amendment to Credit Agreement.

2.1            The definition of EBITDA set forth in the Credit Agreement is
amended to read as follows:

"EBITDA" means, for any period, Net Income for such period plus (a) without
duplication and to the extent deducted in determining Net Income for such
period, the sum of (i) Interest Expense for such period, (ii) income tax expense
for such period, (iii) all amounts attributable to depreciation and amortization
expense for such period and (iv) extraordinary or non-recurring non-cash
expenses, charges or losses, minus (b) without duplication and to the extent
included in Net Income, (i) all amounts attributable to any reappraisal,
revaluation or write-up of assets, and (ii) any extraordinary or non-recurring
gains or income and any non-cash items of income for such period, all calculated
for the Borrower and its Subsidiaries on a consolidated basis in accordance with
GAAP;

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2108024.2

provided that, in calculating EBITDA for any period that includes the fourth
quarter of 2012, the Borrower may add back to Net Income extraordinary
non-recurring cash expenses incurred in the fourth quarter of 2012 relating to
the defense and settlement of the litigation entitled Ameranth, Inc. v. Par
Technology Corp., et al. (Case #: 2:10-cv-294 filed in United States District
Court, Eastern District of Texas, Marshall Division) and Ameranth, Inc. v. PAR
Technology Corp. and ParTech, Inc. (Case #: 2:12-cv-164 filed in United States
District Court, Eastern District of Texas, Marshall Division) in an amount not
to exceed $1,500,000.

3            Representations and Warranties.  The Borrower represents and
warrants to the Lenders that the following statements are true, correct and
complete:

3.1
Each of the representations and warranties made by the Loan Parties in the
Credit Agreement is true and correct on and as of the date of this Amendment.

3.2
No Default or Event of Default has occurred and is continuing.

3.3
This Amendment has been duly and validly authorized, executed and delivered by
the Borrower.

3.4
This Amendment constitutes the entire agreement of the parties with respect to
the subject matter hereof and supersedes all prior oral and written
communications, memoranda, proposals, negotiations, discussions, term sheets and
commitments with respect to the subject matter hereof, except as expressly
provided herein, no other changes or modifications to the Credit Agreement are
intended or implied by this Amendment and in all other respects the Credit
Agreement is hereby specifically ratified, restated and confirmed as of the date
of this Amendment.  To the extent that any provision of the Credit Agreement
conflicts with a provision of this Amendment, the provision of this Amendment
shall control.

4            Conditions to Effectiveness of Amendment.  This Amendment shall
become effective only when and if each of the following conditions is satisfied:

4.1
The Administrative Agent shall have received a counterpart of this Amendment
duly executed and delivered by the Borrower, the Loan Guarantors, the
Administrative Agent, and the Majority Lenders.

4.2
The Borrower shall have paid all invoices presented to the Borrower for expense
reimbursements due to the Administrative Agent pursuant to Section 9.03 of the
Credit Agreement in connection with the preparation and negotiation of this
Amendment.

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2108024.2

Counterparts.  This Amendment may be executed in any number of counterparts,
each of which shall be deemed an original but all of which taken together shall
constitute one and the same instrument.  Delivery of an executed signature page
to this Amendment by facsimile transmission or scanned and electronically mailed
shall be effective as delivery of a manually executed counterpart.

[Remainder of this page intentionally left blank.]

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2108024.2

IN WITNESS WHEREOF, the parties have caused this Amendment No. 2 to be duly
executed as of the day and year first above written.

PAR TECHNOLOGY CORPORATION

By:                ________________________________________________________________________________________                                                                    
Name:  Ronald J. Casciano
Title:    Treasurer

JPMORGAN CHASE BANK, N.A., as
Administrative Agent and as Lender

By:               _________________________________________________________________________________________                                                                     
Name:  Jean M. Lamardo
Title:    Underwriter III

NBT BANK, N.A., as Lender

By:                 _________________________________________________________________________________________                                                                  
Name:
Title:

ALLIANCE BANK, N.A., as Lender

By:                ________________________________________________________________________________________                                                                    
Name:
Title

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2108024.2

The following Persons, in their capacities as Loan Guarantors under the Credit
Agreement, hereby consent to the foregoing Amendment No. 2.

PARTECH, INC.

By: ______________________________________
Name:  Ronald J. Casciano
Title:   Treasurer

PAR SPRINGER-MILLER SYSTEMS, INC.

By: ______________________________________
Name:  Ronald J. Casciano
Title:   Treasurer

PAR GOVERNMENT SYSTEMS  CORPORATION

By: ______________________________________
Name:  Ronald J. Casciano
Title:   Treasurer

ROME RESEARCH CORPORATION

By: ______________________________________
Name:  Ronald J. Casciano
Title:   Treasurer

PAR-SIVA CORPORATION

By: ______________________________________
Name:  Ronald J. Casciano
Title:   Treasurer

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2108024.2

AUSABLE SOLUTIONS, INC.

By: ______________________________________
Name:  Ronald J. Casciano
Title:  Treasurer

SPRINGER-MILLER INTERNATIONAL, LLC

By: ______________________________________
Name:  Ronald J. Casciano
Title:   Treasurer

 

2108024.2