Document:

riii_ex101.htm

EXHIBIT 10.1
  
  
  
  
 AMENDED CORPORATE DEVELOPMENT ADVISORY AGREEMENT
  
 March 4, 2021
  
 THIS CORPORATE DEVELOPMENT ADVISORY AGREEMENT this agreement hereby amends, replaces and cancels the agreement dated February 1, 2020, (“Agreement”) is made by and between Renavotio, Inc. (hereinafter referred to as the “Company” or “RIII”), and ClearThink and Tysadco Partners (hereinafter referred to collectively as the “Consultant” or “CT”).
  
 EXPLANATORY STATEMENT
  
 The Consultant affirms that it has successfully demonstrated capital markets, financial and public relations consulting expertise, and possesses valuable knowledge, and experience in the areas of capital markets (notably micro and small cap), corporate development, mergers and acquisitions, strategic business development and corporate investor/public relations. The Company believes that the Consultant’s knowledge, expertise and experience would benefit the Company, and the Company desires to retain the Consultant to perform consulting services for the Company under this Agreement.
  
 Program Objectives: 
  
 The program is designed to increase awareness and visibility in the investment community through numerous activities as described below:
  
 	  
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	Secure additional Sell-Side analyst research coverage.
	  
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	Increase participation in investor conferences, including those sponsored by investment banks.
	  
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	Create and maintain effective company marketing materials.
	  
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	Update and maintain public company profiles and messaging across all Internet financial sites.
	  
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	Establish and manage press release distribution.
	  
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	Create, write and maintain press release pipeline.
	  
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	Update and manage investor relations section of corporate website.
	  
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	Set up or arrange and manage social media assets, including Facebook, Twitter, LinkedIn and Instagram.
	  
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	Manage investor inquiries and contacts of the company.
	  
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	Increase contact with institutional investors, family offices, high net-worth individuals and retail brokers.
	  
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	Establish relationships with and push content to financial writers and bloggers who follow other like companies in sector and market size.
	  
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	Outreach and push content to message boards.
	  
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	Increase number of market makers.
	  
	 ·
	Provide introductions for access to capital

 
  
 	 
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 NOW, THEREFORE, in consideration of their mutual agreements and covenants contained herein, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and in further consideration of the affixation by the parties of their respective signatures below, the parties agree as follows:
  
 I. CONSULTING SERVICES
  
 1.1 CT and RIII agrees that services began on February 1, 2021 and will extend until January 31, 2023, the Consultant will reasonably be available during regular business hours to advise, counsel and inform designated officers and employees of the Company about the various industries and businesses in which RIII is engaged,financial markets and exchanges, competitors, business acquisitions and other aspects of or concerning the Company’s business about which CT has knowledge or expertise.
  
 1.2 CT shall render services to the Company as an independent contractor, and not as an employee. All services rendered by CT on behalf of the Company shall be performed to the best of CT’s ability in concert with the overall business plan of the Company and the goals and objectives of the Company’s management and Board of Directors.
  
 CT will develop, implement, and maintain an ongoing stock market support system for RIII including:
  
 	  
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	A better understanding of the core growth opportunities and key drivers for the end-market being addressed;
	  
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	The extent of the Company’s growth plans, capital requirements, and operating leverage;
	  
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	Establishing and articulating the key operating, growth, and valuation metrics that investors/shareholders should focus on to judge future performance. Answering the question, “why should an investor invest in RIII”
	  
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	Differentiating RIII from other infrastructure companies based on its business pipeline, products, service, relationships and strategy.

 
  
 2. THE FINANCIAL PRESS 
  
 CT will assist executive management in drafting and supporting RIII in delivering complete press releases on all material events as deemed by the Company to the investing public. Executive Management and corporate counsel, when required by RIII’s press release policy and procedures, will approve all press releases before they are sent to the wire. We have negotiated volume discounts with a top-tier wire service vendor and shall pass through those significantly discounted pricing plans on a wide range of services to RIII. At Company’s discretion, CT will disseminate news releases through a Broadcast Fax and/or electronic mail (e-mail) to our established database of financial professionals including: special situation analysts, brokers, fund managers, individual investors, money managers, and current or prospective individual shareholders who are already invested or have expressed an interest in RIII.
  
 	 
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 3. PUBLIC MARKET INSIGHT
  
 Paramount to our collective efforts, CT will discuss with executive management the importance of establishing conservative expectations and how various corporate actions may be perceived and impact the public market. CT has the capability to help assess acquisition candidates, discuss the financial impacts, in addition to the longer term implications. We will assist executive management in understanding the life cycle of the financial markets and how RIII is impacted directly and indirectly by different variables. The Team at CT leverages its collective expertise gained through representing over 200 public companies to help our clients understand expectations, valuations, perceptions, and investment methodologies utilized by investment professionals. We believe this consulting aspect of our business is extremely valuable for management to optimize key opportunities and to avoid pitfalls.
  
 II. MARKETING OUTLOOK & DETAILED AGENDA 
   
 	  
	 A. 
	CT shall undertake due diligence of RIII to gain a deep understanding of the Company. The due diligence shall include a review of the overall company, including an interview with key executive management with a goal of developing an understanding and analysis of the Company’s operations, business plans, financial forecasts, capital expenditure needs and cash flow projections, in addition to any acquisition and expansion plans. CT shall on a continuing basis keep itself aware through analysis and discussion with executive management the key developments and progress of the financial progress of the Company. 
	  
	  
	  

	  
	 B. 
	CT shall create a two-page Corporate Profile, which clearly articulates the current business and financial position, as well as the strategy for future growth. This is an important marketing piece for investors to quickly learn about the company. This shall be updated each month at the minimum. In the event of a material event this shall be updated at the time of public disclosure. 
	  
	  
	  

	  
	 C. 
	CT shall review, consult, and if needed edit RIII’s investor PowerPoint presentation. CT will incorporate research and feedback from conversations and meetings to improve the investor PowerPoint and message delivery. This shall be updated at least once per quarter.
	  
	  
	  

	  
	 D. 
	CT shall update and maintain public company profiles and messaging across all Internet financial sites, such as Yahoo Finance, OTC Markets, Capital IQ, Reuters, Bloomberg, CNBC, Google Finance.
	  
	  
	  

	  
	 E. 
	CT shall formalize a press release calendar for the coming three months with an emphasis on integrating and optimizing said releases into coherent and strategic themes. CT supported by RIII executive management shall create, edit and release accordingly.
	  
	  
	  

	  
	 F. 
	CT shall update and manage investor relations section of corporate website, ensuring correct profiles, news and contact information.
	  
	  
	  

	  
	 G. 
	CT shall set up or arrange and manage social media assets, including Facebook, Twitter, LinkedIn and Instagram.
	  
	  
	  

	  
	 H. 
	CT shall incorporate current investor list and past road show meetings into our database in order to call through to alert as to new developments, gather feedback, and engage.
	  
	  
	  

	  
	 I. 
	CT will initiate an outreach program targeting key investment professionals that will result in arranging conference calls and face-to-face investor meetings for management with such targeted investment professionals. Specific attention will be paid to similar sector-focus or financial profile as RIII for introductions.
	  
	  
	  

	  
	 J. 
	CT will identify key upcoming conferences for RIII management to attend.
	  
	  
	  

	  
	 K. 
	CT will identify and attempt to establish relationships with appropriate research analysts whou could potentially publish on RIII

 
 
 	 
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	 L. 
	CT shall establish relationships with and push content to financial writers, bloggers and their followers who follow other like companies in sector and market size, including Benzinga, Marketfy, InvestorsHub, SeekingAlpha, Fool and StockTwits.
	  
	  
	  

	  
	 M. 
	Outreach and push content to message boards.
	  
	  
	  

	  
	 N. 
	CT shall provide introductions to potential market makers.
	  
	  
	  

	  
	 O. 
	CT shall upon request provide introductions for access to capital to investment bankers.

 
   
 
 As RIII evolves, the appropriate approach to the market will be incorporated into the agenda for optimal results.
  
 No activities undertaken by CT in connection with this Agreement shall constitute broker or dealer activities, negotiation on behalf of the RIII for financing, financing or closing of a financing, success fee or transaction based compensation to CT. 
  
 III. CONTRACTUAL RELATIONSHIP
  
 In performing services under this proposal, CT shall operate as, and have the status of, an independent contractor. CT agrees that all information disclosed to it about the RIII’s products, processes and services are the sole property of RIII, and it will not assert any rights of any confidential or proprietary information or material, nor will it directly or indirectly, except as required in the conduct of its duties.
  
 IV. TERM
  
 This agreement shall remain in effect commencing on the Effective Date and until Jauary 31, 2023. In the event that CT commits any material breach or violation of the provisions of a written Agreement between CT and RIII, then, the Company has the right to terminate its relationship with CT any time during the Term and have the prota amount of the shares issued to CT returned to RIII. RIII warrants that it will provide its best efforts in complying with CT in the performance of its duties and obligations and to not unreasonably withhold information or access of RIII’s executive management which could cause CT to not fulfill its duties under its obligations herewith. 
  
 V. COMPENSATION
  
 In exchange for providing the services outlined herein, RIII shall pay CT a fee equal to $8,333.33 per month (the “Monthly Fee”), payable as follows:
  
 	  
	 ·
	Restricted Stock Component: As to $8,333.33 Monthly Fee herein agreed to for a period of Twenty Four Months, (24), such amount shall be paid via issuance of restricted common shares of RIII. The shares are to be issued in the name of Tysadco Partners. The number of common shares earned is 4,000,000 common shares, the value at the closing price on March 2, 2020. CT shall not have registration rights, and the shares may be sold subject to Rule 144. At the option of RIII, any portion of the unearned Restricted Stock Component may be redeemed at the issued price of $.05 a share and payable in cash.

 
    
 VI. PRIOR RESTRICTION 
  
 CT represents to the Company that it is not subject to, or bound by, any agreement which sets forth or contains any provision, the existence or enforcement of which would in any way restrict or hinder CT from performing the services on behalf of the Company that CT is herein agreeing to perform. Neither CT nor any consultant it utilizes in connection with the services provided to Company shall provide any representation to a competitor of Company during the term of this Agreement (including any extensions thereof) and for a period of one year thereafter. 
  
 	 
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 VII. ASSIGNMENT 
  
 This Agreement is personal to CT and may not be assigned in any way by CT without the prior written consent of the Company. Subject to the foregoing, the rights and obligations under this Agreement shall inure to the benefit of, and shall be binding upon, the heirs, legatees, successors and permitted assigns of CT, and upon the successors and assigns of the Company.
  
 VIII. CONFIDENTIALITY 
  
 Except as required by law or court order, CT will keep confidential any trade secrets or confidential or proprietary information of the Company which are now known to CT or which hereinafter may become known to CT and CT shall not at any time directly or indirectly disclose or permit to be disclosed any such information to any person, firm, or corporation or other entity, or use the same in any way other than in connection with the business of the Company and in any case only with prior written permission RIII. For purposes of this Agreement, “trade secrets or confidential or proprietary information” includes information unique to or about the Company including but not limited to its business and is not known or generally available to the public. 
  
 CT shall return to Company all information and property of Company promptly upon termination or expiration of this Agreement. This includes but is not limited to, shareholder lists, investor packages, annual reports, annual budgets, and any other documentation that was generated by or for RIII during our contractual engagement. 
  
 IX. GOVERNING LAW; VENUE; DEFAULT
  
 9.1 This Agreement shall be governed by the laws of the state of New York, without regard to its conflict of law provisions. Any claim or controversy arising under or related to any of the provisions of this Agreement shall be brought only in the state or federal courts sitting in New York. Each of the parties hereto consents to the personal jurisdiction of the aforementioned courts and agrees not to raise any objection to the laying of venue therein including, without limitation, any claim of forum non conveniens.
  
 9.2 In the event that CT commits any material breach of any provision of this Agreement, as determined by the Company in good faith, the Company may, by injunctive action, compel CT to comply with, or restrain CT from violating, such provision, and, in addition, and not in the alternative, the Company shall be entitled to declare CT in default hereunder and to terminate this Agreement and any further payments hereunder. CT agrees to indemnify, hold harmless and defend the Company, its directors, officers, employees and agents from and against any and all claims, actions, proceedings, losses, liabilities, costs and expenses (including without limitation, reasonable attorneys’ fees) incurred by any of them in connection with, as a result of and/or due to any actions or inactions and/or misstatements by CT, its officers, agents and /or employees regarding and/or on behalf of the Company whether in connection with CT’s performance of its obligations and/or rendering of services pursuant to this Agreement or otherwise. 
  
 9.3 Since CT must at all times rely upon the accuracy and completeness of information supplied to it by the Company’s officers, directors, agents, and employees, the Company agrees to indemnify, hold harmless, and defend CT, its officers, agents, and employees at the Company’s expense, against any proceeding or suit which may arise out of and/or be due to any material misrepresentation in such information supplied by the Company to CT (or any material omission by the Company that caused such supplied information to be materially misleading). 
  
 	 
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 X. SEVERABILITY AND REFORMATION 
  
 If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision were never a part hereof, and the remaining provisions shall remain in full force and shall not be affected by the illegal, invalid, or unenforceable provision, or by its severance; but in any such event this Agreement shall be construed to give effect to the severed provision to the extent legally permissible.
  
 XI. NOTICES
  
 Any notices required by this Agreement shall (i) be made in writing and delivered to the party to whom it is addressed by hand delivery, by certified mail, return receipt requested, with adequate postage prepaid, or by courier delivery service (including major overnight delivery companies such as Federal Express and Airborne), (ii) be deemed given when received, and (iii) in the case of the Company, be mailed to its principal office at 601 South Boulder Avenue, Suite 600, Tulsa, OK 74119 and in the case of CT, be mailed to Tysadco Partners, 210 West 77th, #7W, New York, NY 10024.
  
 XII. MISCELLANEOUS
  
 12.1 This Agreement may not be amended, except by a written instrument signed and delivered by each of the parties hereto.
  
 12.2 This Agreement constitutes the entire understanding between the parties hereto with respect to the subject matter hereof, and all other agreements relating to the subject matter hereof are hereby superseded.
  
 12.3 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Signatures delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, shall be given the same legal force and effect as original signatures.
  
 ****signature page follows****

 
 	 
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 In Witness Whereof, the parties have executed this Consulting Agreement as of March 4, 2021.
  
 	 AGREED:
	 	 	 	 
	  
	  
	  
	  
	  
	  

	 ClearThink 
	  
	 Renavotio, Inc.
	  

	 Tysadco Partners, LLC
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  

	 By:
	/s/ Robert Delvecchio	 	By:	/s/ William C. Robinson	 
	  
	Mr. Robert Delvecchio, Managing Partner 	 	 	Mr. William C. Robinson, Chief Executive Officer	 

 
  
 	 
	7Document

Exhibit 4.25

DESCRIPTION OF REGISTERED SECURITIES
    As of February 19, 2021, Par Pacific Holdings, Inc. (the “Company,” “us,” “we,” or “our”) has one class of securities, our common stock, registered under Section 12 of the Securities Exchange Act of 1934, as amended.
Description of Common Stock
The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Restated Certificate of Incorporation dated October 20, 2015 (the “Certificate of Incorporation”) and our Second Amended and Restated Bylaws dated October 20, 2015 (the “Bylaws”), as well as our stockholders agreement, the allocation agreement with certain of our stockholders (the “Allocation Agreement”), the indenture (the “Convertible Notes Indenture”) under which we issued our 5.00% convertible senior notes due 2021 (the “Convertible Notes”), the registration rights agreement (the “Registration Rights Agreement”) we entered into with certain of our stockholders in August 2012, the registration rights agreement (the “Convertible Notes Registration Rights Agreement”) with respect to the issuance (the “Convertible Notes Offering”) of our Convertible Notes, the registration rights agreement (the “Bridge Notes Registration Rights Agreement”) with respect to the issuance of our 2.50% convertible subordinated bridge notes on September 23, 2016 (the “Bridge Notes”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.25 is a part. We encourage you to read our Certificate of Incorporation, our Bylaws, our stockholders agreement, the Allocation Agreement, the Convertible Notes Indenture, the Registration Rights Agreement, the Convertible Notes Registration Rights Agreement, the Bridge Notes Registration Rights Agreement,  and the applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”) for additional information.
General
As of February 19, 2021, our authorized capital consisted of 500,000,000 shares of common stock, par value $0.01 per share, of which 54,026,991 shares were issued and outstanding, and 3,000,000 shares of undesignated preferred stock, par value $0.01 per share, none of which were outstanding. 
Holders of our common stock are entitled to one vote per share in the election of directors and on all other matters submitted to a vote of stockholders. Such holders do not have the right to cumulate their votes in the election of directors. Holders of our common stock have no redemption or conversion rights, no preemptive or other rights to subscribe for our securities and are not entitled to the benefits of any sinking fund provisions. In the event of our liquidation, dissolution or winding-up, holders of our common stock are entitled to share equally and ratably in all of the assets remaining, if any, after satisfaction of all our debts and liabilities, and of the preferential rights of any series of preferred stock then outstanding. Subject to preferences that may be applicable to any then outstanding preferred stock, holders of our common stock are entitled to receive dividends when, as and if declared by the Company’s board of directors (the “Board”) out of funds legally available therefor. 
The Certificate of Incorporation contains restrictions on the transfer of the Company Securities (as defined therein, and which includes our common stock) by holders who are, or would become as a result of such transfer, a  Five-Percent Shareholder (as defined in the Certificate of Incorporation). Such restrictions were put in place in order to preserve our net operating loss carryovers, capital loss carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any “net unrealized built-in loss” within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended. 
On November 10, 2014, as permitted by the terms of Article 11 of the Certificate of Incorporation, we entered into the Allocation Agreement with Zell Credit Opportunities Master Fund, L.P. (“ZCOF”), ZCOF Par Petroleum Holdings, L.L.C. and Whitebox Multi-Strategy Partners, L.P. to reallocate the proportionate amount of our common stock that the Five-Percent Shareholders are permitted to transfer among our remaining Five-Percent Shareholders. In accordance with Article 11 of the Certificate of Incorporation, the Board has approved, on a prospective basis, one or more Transfers (as defined in the Certificate of Incorporation) of shares of our common stock by the remaining Five-Percent Shareholders up to the new allocation amounts included on a schedule to the Allocation Agreement.  
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Exhibit 4.25

 
Preferred Stock
The Board is authorized to establish one or more series of preferred stock and to determine, with respect to any series of preferred stock, the powers, designation, preferences and rights of each series and the qualifications, limitations or restrictions of each series, including: 
												
	  
	•
	 
	the designation of the series and the number of shares to constitute the series;
	  
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	the dividend rate of the series, the conditions and dates upon which such dividends shall be payable, the relation which such dividends shall bear to the dividends payable on any other class or classes of stock, and whether such dividends shall be cumulative or noncumulative;
	  
	•
	 
	whether the shares of the series shall be subject to redemption by the Company and, if made subject to such redemption, the times, prices and other terms and conditions of such redemption;
	  
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	the terms and amount of any sinking fund provided for the purchase or redemption of the shares of the series;
	  
	•
	 
	whether or not the shares of the series shall be convertible into or exchangeable for shares of any other class or classes or of any other series of any class or classes of stock of the Company, and, if provision be made for conversion or exchange, the times, prices, rates, adjustments and other terms and conditions of such conversion or exchange;
	  
	•
	 
	the extent, if any, to which the holders of the shares of the series shall be entitled to vote with respect to the election of directors or otherwise;
	  
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	the restrictions, if any, on the issue or reissue of any additional preferred stock; and
	  
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	rights of the holders of the shares of the series upon the dissolution, liquidation, or winding up of the Company.

The authorized shares of preferred stock, as well as shares of common stock, are available for issuance without further action by our stockholders, unless stockholder action is required by the rules of any stock exchange or automated quotation system on which our securities are listed or traded. If the approval of our stockholders is not required for the issuance of shares of preferred stock or common stock, the Board may determine not to seek stockholder approval. 
Although the Board has no intention at the present time of doing so, it could issue a series of preferred stock that could, depending on the terms of that series, impede the completion of a merger, tender offer or other takeover attempt. The Board will make any determination to issue shares based on its judgment as to our best interests and the best interests of our stockholders. The Board, in so acting, could issue preferred stock having terms that could discourage an acquisition attempt, including a tender offer or other transaction that some, or a majority of, our stockholders might believe to be in their best interests or that might result in stockholders receiving a premium for their stock over the then current market price of the stock.
Convertible Notes
    On June 21, 2016, the Convertible Notes were issued pursuant to the Convertible Notes Indenture.  The Convertible Notes bear interest of 5.00% per year from June 21, 2016 (payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2016), and will mature on June 15, 2021.
The Convertible Notes are convertible at an initial conversion rate of 55.5556 shares of our common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $18.00 per share of common stock. The conversion rate is subject to adjustment in some events. In 
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Exhibit 4.25

addition, following certain corporate events that occur prior to the maturity date, the Company will increase, in certain circumstances, the conversion rate for a holder who elects to convert its Convertible Notes in connection with such a corporate event. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, provided, however, that if the Board determines in good faith that the issuance of any shares of common stock in any conversion or in respect of any make-whole premium would cause the Company to undergo an “ownership change” as defined in Section 382 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder, then the Company will be required to settle such conversions or make-whole premium in cash or in a combination of cash and shares of common stock to the extent of such determination.  If a “fundamental change” (as described in the Convertible Notes Indenture) occurs, then holders of the Convertible Notes may, subject to certain restrictions, require the Company to repurchase for cash all or part of the Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest.
As of February 19, 2021, there was $48.7 million aggregate principal amount of Convertible Notes outstanding. 
Anti-Takeover Provisions
As noted above, because our stockholders do not have cumulative voting rights, stockholders holding a majority of the shares of common stock outstanding will be able to elect all of our directors. The Certificate of Incorporation and the Bylaws provide that only the chairman of the Board, the chief executive officer, or any officer upon the written request of a majority of the Board, may call a special meeting of the stockholders. 
The Certificate of Incorporation requires a 66 2/3% stockholder vote for the amendment or repeal of certain provisions of the Certificate of Incorporation relating to the liability of directors, indemnification of officers and directors, and the transfer restrictions noted above. The Bylaws require a 66 2/3% stockholder vote for the amendment or repeal of certain provisions of the Bylaws. The combination of the lack of cumulative voting and the 66 2/3% stockholder voting requirements will make it more difficult for existing stockholders to replace the Board as well as for another party to obtain control of us by replacing the Board. Because the Board has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for the Board to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. 
These provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of us. These provisions are intended to enhance the likelihood of continued stability in the composition of the Board and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of us. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions also are intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our shares that could result from actual or rumored takeover attempts. Such provisions may also have the effect of preventing changes in our management. 
As noted above, the Certificate of Incorporation contains restrictions on the transfer of Company Securities by holders who are, or would become as a result of such transfer, Five-Percent Shareholders. These restrictions on transfer may have the effect of preserving effective control of us by our principal stockholders and preserving the tenure of the board of directors and management. 
In addition, we are subject to Section 203 of the DGCL which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions: 
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Exhibit 4.25

									
	•
	 
	before such date, the Board of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested holder;
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	upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
	•
	 
	on or after such date, the business combination is approved by the Board and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

In general, Section 203 of the DGCL defines business combination to include the following: 
									
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	any merger or consolidation involving the corporation and the interested stockholder;
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	the sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;
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	subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
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	any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder;  or
	•
	 
	the receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or through the corporation.

In general, Section 203 of the DGCL defines an “interested stockholder” as an entity or person who, together with the person’s affiliates and associates, beneficially owns, or is an affiliate or associate of the corporation and within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.
Stockholders Agreement
We entered into a stockholders agreement in April 2015 for the benefit of the holders of any of our securities entitled to vote for members of the Board providing that in the event that we are no longer required to file annual and quarterly reports with the SEC, we will provide, as soon as reasonably practicable, comparable audited reports on an annual basis, unaudited reports on a quarterly basis (which annual and quarterly reports shall contain substantially similar descriptions of business and management discussion and analysis provisions as are then required to be included in relevant filings with the SEC), and earnings releases on a quarterly basis, made available to such holders through a secure website and subject to a standard click-through access and confidentiality agreement. 
Registration Rights Agreements
Registration Rights Agreement
The Company and certain of our stockholders (the “Rights Holders”), including affiliates of ZCOF and Whitebox Advisors, LLC (“Whitebox”), are parties to the Registration Rights Agreement providing the Rights Holders with certain registration rights. 
Pursuant to the Registration Rights Agreement, among other things, any Rights Holder or group of Rights Holders that, together with its or their affiliates, holds more than fifteen percent (15%) of the Registrable Shares (as defined in the Registration Rights Agreement), will have the right to require the Company to file with the SEC, a 
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Exhibit 4.25

registration statement on Form S-1 or S-3, or any other appropriate form under the Securities Act or the Exchange Act for a public offering of all or part of its Registrable Shares (a “Demand Registration”) by delivery of written notice to the Company (a “Demand Request”). 
Within 90 days after receiving the Demand Request, we are required to file with the SEC the registration statement, on any form for which we then qualify and which is available for the sale of the Registrable Shares in accordance with the intended methods of distribution thereof, with respect to the Demand Registration. We are required to use commercially reasonable efforts to cause the registration statement to be declared effective as soon as practicable after such filing. We will not be obligated (i) to effect a Demand Registration within ninety (90) days after the effective date of a previous Demand Registration, other than for a shelf registration, or (ii) to effect a Demand Registration unless the Demand Request is for a number of Registrable Shares with an expected market value that is equal to at least (x) $15 million as of the date of such Demand Request or is for one hundred percent of the demanding holders’ Registrable Shares with respect to any demand registration made on Form S-1 or (y) $5 million as of the date of such Demand Request with respect to any Demand Registration made on Form S-3. 
Upon receipt of any Demand Request, we are required to give written notice, within ten (10) days of such Demand Request, to all other holders of Registrable Shares, who will have the right to elect to include in any subsequent Demand Registration such portion of their Registrable Shares as they may request, subject to certain exceptions. 
In addition, subject to certain exceptions, if we propose to register any class of our common stock for sale to the public, we are required, subject to certain conditions, to include all Registrable Shares with respect to which the Company has received written requests for inclusion. 
The rights of a holder of Registrable Shares may be transferred, assigned or otherwise conveyed to any transferee or assignee of such Registrable Shares, subject to applicable state and federal securities laws and regulations and the Certificate of Incorporation. We will be responsible for expenses relating to the registrations contemplated by the Registration Rights Agreement. 
The registration rights granted in the Registration Rights Agreement are subject to customary indemnification and contribution provisions, as well as customary restrictions such as suspension periods and, if a registration is for an underwritten offering, limitations on the number of shares to be included in the underwritten offering imposed by the managing underwriter. 
Pursuant to the Registration Rights Agreement, a registration statement relating to resales by affiliates of ZCOF and Whitebox of the shares received by them in connection with our emergence from bankruptcy on August 31, 2012 was declared effective by the SEC on June 23, 2015. 
Convertible Notes Offering Registration Rights
In connection with the closing of the Convertible Notes Offering, we entered into a registration rights agreement with the initial purchasers under which we agreed for the benefit of the holders of the Convertible Notes and any shares of our common stock issuable upon conversion of the Convertible Notes or in respect of any make-whole premium that we will, at our cost, file a shelf registration statement covering resales of any shares of our common stock issuable upon conversion of the Convertible Notes and in respect of any make-whole premium. 
The registration statement required by the terms of the Convertible Notes Registration Rights Agreement was declared effective by the SEC on November 30, 2016.
We may suspend the effectiveness of the shelf registration statement or the use of the prospectus that is part of the shelf registration statement during specified periods under certain circumstances relating to pending corporate developments, public filings with the SEC and similar events. We need not specify the nature of the event giving rise to a suspension in any suspension notice to holders of the Convertible Notes. Each holder, by its acceptance of 
5

Exhibit 4.25

the Convertible Notes, agrees to hold any such suspension notice in response to a notice of a proposed sale in confidence. Except in the case of a suspension period as the result of the filing of a post-effective amendment solely to add additional selling security holders, any suspension period may not exceed an aggregate of 30 days in any 90-day period or 60 days in any 360-day period.   However, if the disclosure relates to a proposed or pending material business transaction, the disclosure of which the Board determines in good faith would be reasonably likely to impede our ability to consummate such transaction, or would otherwise be seriously detrimental to us and our subsidiaries taken as a whole, we may extend the suspension period from 30 days to 45 days in any 90-day period or from 60 days to 90 days in any 360-day period.
If a registration default occurs, predetermined liquidated damages will accrue on the Convertible Notes, from, and including, the day following such registration default to, but excluding, the earlier of (1) the day on which such registration default has been cured and (2) the date the registration statement is no longer required to be kept effective for our common stock. The liquidated damages will be paid to those entitled to interest payments on such dates semiannually in arrears on each June 15 and December 15 and will accrue at a rate per year equal to:
									
	•
	 
	0.25% of the principal amount of the Convertible Notes to, and including, the 90th day following such registration default;  or
	•
	 
	0.50% of the principal amount of the Convertible Notes from, and after, the 91st day following such registration default.

We will not pay liquidated damages on any Convertible Note after it has been converted into shares of our common stock. If a Convertible Note ceases to be outstanding during a registration default (as a result of the holder exercising its conversion rights or otherwise), we will prorate the liquidated damages to be paid with respect to that Convertible Note. 
In no event will liquidated damages exceed 0.50% per year. If a holder converts some or all of its Convertible Notes and we issue any shares of our common stock to satisfy all or any portion of our conversion obligation or if we issue any shares of our common stock in respect of any make-whole premium, in each case, when there exists a registration default, such holder will not be entitled to receive liquidated damages on such common stock, and we will instead increase the conversion rate or the amount of such make-whole premium, as the case may be, by 3% for each $1,000 principal amount of Convertible Notes. If a registration default occurs after a holder has converted its Convertible Notes into shares of our common stock or after we have issued shares of our common stock in respect of any make-whole premium, such holder will not be entitled to any compensation with respect to such common stock. Other than our obligations to pay liquidated damages, we will not have any liability for damages with respect to a registration default on any registrable securities. 
Bridge Notes Registration Rights
In connection with the issuance of the Bridge Notes, we entered into the Bridge Notes Registration Rights Agreement with the purchasers of the Bridge Notes (the “Bridge Notes Purchasers”). The Bridge Notes Registration Rights Agreement required us (i) to file, no later November 11, 2016, with the SEC a shelf registration statement covering resales of the shares of our common stock, if any, issuable upon (1) conversion of the Bridge Notes, (2) exercise of subscription rights by any Bridge Note Purchaser or its affiliates pursuant to our 2016 subscription rights offering, and (3) a stock dividend or stock split or in connection with any combination of shares, recapitalization, merger, consolidation or other reorganization, other than shares freely tradeable without any limitations or restrictions under the Securities Act, (ii) to use our commercially reasonable efforts to cause such shelf registration statement to be declared effective by the SEC no later than (A) January 6, 2017 or (B) if earlier, five business days after the date on which the SEC informs us that it will not review the shelf registration statement, and (iii) to use our commercially reasonable efforts to keep such shelf registration statement effective until the earlier of (A) the date on which all of such shares have been sold, (B) the date on which such shares may be sold without volume restrictions under Rule 144 of the Securities Act, or (C) the third anniversary of the effective date of such shelf registration statement.
6

Exhibit 4.25

If we do not fulfill our obligations under the Bridge Notes Registration Rights Agreement with respect to the filing deadline, effectiveness deadline or effectiveness period of a registration statement, we will be required to pay the holders of the Bridge Notes liquidated damages in an amount in cash equal to 1.00% of such holder’s “Allocated Purchase Price,” which is the amount effectively paid by such holder for the common stock acquired upon conversion of the Bridge Notes, per calendar month or portion thereof prior to the cure of such event of default. The maximum payment of liquidated damages to any such holder associated with all events of default will not exceed 5.00% of such holder’s Allocated Purchase Price. 
The registration statement required by the terms of the Bridge Notes Registration Rights Agreement was declared effective by the SEC on December 21, 2016. 
Listing
Our common stock is quoted on the NYSE under the symbol “PARR.”
Transfer Agent and Registrar
American Stock Transfer & Trust Company is the transfer agent and registrar for our common stock.

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