Document:

EX-10.1(b)

 Exhibit 10.1(b) 

Execution Version 

AMENDMENT NO. 7 TO THE REVOLVING CREDIT AGREEMENT 

AMENDMENT NO. 7 TO THE REVOLVING CREDIT AGREEMENT, dated as of September 20, 2022 (this “Amendment”), by and among
VERTIV INTERMEDIATE HOLDING II CORPORATION (formerly known as CORTES NP INTERMEDIATE HOLDING II CORPORATION) (“Holdings”), VERTIV GROUP CORPORATION (formerly known as CORTES NP ACQUISITION CORPORATION) (the “Lead
Borrower”), the other Borrowers party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and each 2022 Increase Loan Lender (as defined below). 

WHEREAS, reference is hereby made to the Revolving Credit Agreement, dated as of November 30, 2016 (as amended by Amendment
No. 1 to Revolving Credit Agreement, dated as of September 28, 2018 (“Amendment No. 1”), Amendment No. 2 to the Revolving Credit Agreement, dated as of October 19, 2018 (“Amendment
No. 2”), Amendment No. 3 to the Revolving Credit Agreement, dated as of February 15, 2019 (“Amendment No. 3”), Amendment No. 4 to the Revolving Credit Agreement, dated as
of January 14, 2020 (“Amendment No. 4”), Amendment No. 5 to the Revolving Credit Agreement, dated as of March 2, 2020 (“Amendment No. 5”) and Amendment No. 6
to the Revolving Credit Agreement, dated as of September 20, 2022 (“Amendment No. 6”), and as further amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the
terms thereof prior to the date hereof, the “Credit Agreement”; the Credit Agreement as amended by this Amendment, the “Amended Credit Agreement”), among Holdings, the Lead Borrower, the other Borrowers from time to
time party thereto, the Administrative Agent, the Collateral Agents, the other agents, arrangers and bookrunners party thereto and each Lender from time to time party thereto; 

WHEREAS, pursuant to Section 2.15 of the Credit Agreement, the Lead Borrower may obtain Revolving Commitment Increases under the
Credit Agreement by, among other things, entering into an amendment to the Credit Agreement in accordance with the terms and conditions set forth in the Credit Agreement; 

WHEREAS, the Lead Borrower has notified the Administrative Agent that it is requesting an increase in U.S. Revolving Commitments (the
“U.S. Revolving Commitment Increases”) in the amount set forth on Schedule 1 hereto pursuant to Section 2.15(b) of the Credit Agreement; 

WHEREAS, each Person identified on Schedule 1 hereto (each, a “2022 Increase Loan Lender”, and
collectively, the “2022 Increase Loan Lenders”) has agreed (on a several and not a joint basis), subject to the terms and conditions set forth herein and in the Credit Agreement, to provide a U.S. Revolving Commitment Increase in
the amount set forth opposite such 2022 Increase Loan Lender’s name on Schedule 1 hereto (and the total amount of U.S. Revolving Commitment Increases made pursuant to this Amendment shall be $115,000,000); 

WHEREAS, the Credit Parties party hereto, the Administrative Agent and each of the 2022 Increase Loan Lenders have indicated their
willingness to amend, pursuant to Section 2.15(d) and Section 13.12 of the Credit Agreement, certain other terms of the Credit Agreement in connection with the establishment of such U.S. Revolving Commitment Increases as set forth in
Section 2 of this Amendment; 
 WHEREAS, pursuant to Section 13.12 of the Credit Agreement, the Credit Agreement or any
other Credit Document may be amended in a writing signed by the Credit Parties, the Administrative Agent and the Required Lenders; and 

 WHEREAS, JPMorgan Chase Bank, N.A. (or any of its affiliates as so designated by them
to act in such capacity) has been appointed and will act as the sole arranger and bookrunner for the U.S. Revolving Commitment Increases (in such capacity, the “Arranger”). 

NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as
follows: 
 Section 1.    Defined Terms; References. Unless otherwise
specifically defined herein, each term used herein which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and
“hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as
amended hereby. This Amendment is a “Credit Document” as defined under the Credit Agreement. 

Section 2.    Amendments Relating to the U.S. Revolving Commitment Increases. Effective
as of the Amendment No. 7 Effective Date, the Credit Parties party hereto, the Administrative Agent and each of the 2022 Increase Loan Lenders party hereto hereby agree to each of the following amendments: 

(a)    Amendments to Section 1.01. The following defined terms shall be added to Section 1.01 of the Credit
Agreement: 
 “Amendment No. 7” shall mean Amendment No. 7 to the Credit Agreement, dated as of the
Amendment No. 7 Effective Date. 
 “Amendment No. 7 Effective Date” shall mean September 20, 2022.

 (b)    In the definition of “Credit Documents” in Section 1.01 of the Credit Agreement, add “,
Amendment No. 7” immediately after “Amendment No. 6”. 
 (c)    In the definition of “U.S.
Revolving Commitment” in Section 1.01 of the Credit Agreement, replace the last sentence therein with the following: “The aggregate amount of the Lenders’ U.S. Revolving Commitments on the Amendment No. 7 Effective Date is
$450,000,000.” 
 Section 3.     U.S. Revolving Commitment Increases. Effective as
of the Amendment No. 7 Effective Date: 
 (a)    The Lead Borrower and each 2022 Increase Loan Lender hereby agree
that, subject to the satisfaction (or waiver by the 2022 Increase Loan Lenders and, to the extent required by Section 2.15(b) of the Credit Agreement, the Required Lenders) of the conditions in Section 6 hereof, on the Amendment No. 7
Effective Date, the U.S. Revolving Commitment Increase of each 2022 Increase Loan Lender shall become effective and the U.S. Revolving Commitments shall be deemed increased by the amount of the U.S. Revolving Commitment Increases of each 2022
Increase Loan Lender in the amounts set forth on Schedule 1 hereto. Pursuant to Section 2.15 of the Credit Agreement, the U.S. Revolving Commitment Increases shall be U.S. Revolving Commitments for all purposes under the Credit Agreement
and each of the other Credit Documents and shall have terms identical to the U.S. Revolving Commitments outstanding under the Credit Agreement immediately prior to the date hereof (but giving effect to any amendments hereunder). 

(b)    Without derogation of the obligations of any 2022 Increase Loan Lender that is already a Lender under the Credit
Agreement, each 2022 Increase Loan Lender acknowledges and agrees that upon the Amendment No. 7 Effective Date, such 2022 Increase Loan Lender shall be a “Lender” under, and for 

  
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all purposes of, the Credit Agreement and the other Credit Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of
a Lender thereunder. 
 (c)    After giving effect to such U.S. Revolving Commitment Increases, the Revolving Commitment
of each Lender shall be as set forth on Schedule 2 hereto (and such Schedule 2 shall supersede Schedule 2.01 to the Credit Agreement that is in effect immediately prior to the Amendment No. 7 Effective Date). 

Section 4.    Reallocation.  

(a)    The reallocation of the Lenders’ U.S. Revolving Loans contemplated by Section 2.15(c) of the Credit
Agreement with respect to any increase in the U.S. Revolving Commitments shall occur with respect to the U.S. Revolving Commitment Increases contemplated hereby on the Amendment No. 7 Effective Date, and the 2022 Increase Loan Lenders shall
make such U.S. Revolving Loans on the Amendment No. 7 Effective Date as may be required to effectuate such reallocation. 

(b)    On the Amendment No. 7 Effective Date, all participations in Letters of Credit and Swingline Loans shall be
reallocated pro rata among the Lenders under the U.S. Subfacility after giving effect to the U.S. Revolving Commitment Increases contemplated hereby. 

Section 5.    Representations Correct. By its execution of this Amendment, each
Credit Party party hereto hereby represents and warrants, as of the date hereof, that: 
 (a)    Each Credit Party that
is party hereto has the corporate, partnership, limited liability company or unlimited liability company power and authority, as the case may be, to execute, deliver and perform the terms and provisions of this Amendment (and by extension the
Amended Credit Agreement) and has taken all necessary corporate, partnership, limited liability company or unlimited liability company action, as the case may be, to authorize the execution, delivery and performance by it of this Amendment by each
Credit Party that is a party hereto. Each Credit Party that is a party hereto has duly executed and delivered this Amendment, and this Amendment constitutes a legal, valid and binding obligation enforceable in accordance with its terms, except to
the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether
enforcement is sought in equity or at law); 
 (b)    Neither the execution, delivery or performance by any Credit Party
party hereto of this Amendment, nor compliance by it with the terms and provisions hereof (i) will contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental
instrumentality, (ii) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any
Lien (except for Permitted Liens) upon any of the property or assets of any Credit Party party hereto pursuant to the terms of, any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or
instrument, in each case to which any Credit Party party hereto is a party or by which it or any of its property or assets is bound or to which it may be subject (except, in the case of preceding clauses (i) and (ii), other than in the case of
any contravention, breach, default and/or conflict, that would not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect) or (iii) will violate any provision of the certificate or articles of
incorporation, certificate of formation, limited liability company agreement or by-laws (or equivalent organizational documents), as applicable, of any Credit Party party hereto; 

  
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 (c)    Except to the extent the failure to obtain or make the same would
not reasonably be expected to have a Material Adverse Effect, no order, consent, approval, license, authorization or validation of, or filing, recording or registration with (except for (x) those that have otherwise been obtained or made on or
prior to the Amendment No. 7 Effective Date and which remain in full force and effect on the Amendment No. 7 Effective Date and (y) filings or registrations which are necessary to perfect, or required under applicable law with respect
to, the security interests created under the Security Documents), or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to be obtained or made by, or on behalf of, any Credit Party party hereto to
authorize, or is required to be obtained or made by, or on behalf of, any Credit Party party hereto in connection with, the execution, delivery and performance of this Amendment; 

(d)    At the time of and immediately after giving effect to this Amendment, no Default or Event of Default shall have
occurred and be continuing; and 
 (e)    All proceeds of the Loans incurred after the Amendment No. 7 Effective
Date will be used in accordance with Section 9.11 of the Amended Credit Agreement. 

Section 6.    Effectiveness. This Amendment shall become effective as of the date
hereof (the “Amendment No. 7 Effective Date”), subject to the satisfaction (or waiver by the 2022 Increase Loan Lenders and, to the extent required by Section 13.12 of the Credit Agreement, the Required
Lenders) of the following conditions: 
 (a)    Counterparts of this Amendment shall have been executed and delivered (by
electronic transmission or otherwise) to the Administrative Agent by Holdings, the Lead Borrower, the other Borrowers, the Administrative Agent, and each 2022 Increase Loan Lender; 

(b)    The Administrative Agent shall have received customary secretary’s certificates or director’s
certificates for each U.S. Credit Party, Irish Credit Party and Hong Kong Credit Party (together with applicable attachments), in each case, substantially similar to the secretary’s certificates or director’s certificates (amended as
necessary to reflect the transactions contemplated hereby) for such Credit Party that was delivered on the Amendment No. 5 Effective Date (in the case of the U.S. Credit Parties and Hong Kong Credit Parties) or the Amendment No. 6
Effective Date (in the case of the Irish Credit Parties), or otherwise in form and substance reasonably satisfactory to the Administrative Agent; 

(c)    The Administrative Agent shall have received a Hong Kong confirmation deed to the Initial Hong Kong Security
Agreement executed by the Hong Kong Credit Parties and the Asian Collateral Agent, dated the Amendment No. 7 Effective Date and in form and substance reasonably satisfactory to the Administrative Agent; 

(d)    The Administrative Agent shall have received from (i) Willkie Farr & Gallagher LLP, special counsel
to the U.S. Credit Parties, (ii) Morgan, Lewis & Bockius LLP, California counsel to the U.S. Credit Parties formed or organized under the laws of the State of California, (iii) Taft Stettinius & Hollister LLP, Ohio
counsel to the U.S. Credit Parties formed or organized under the laws of the State of Ohio, and (iv) Mayer Brown, Hong Kong counsel to the Administrative Agent, opinions addressed to the Administrative Agent and each of the Lenders and dated
the Amendment No. 7 Effective Date, in each case, substantially similar to the opinions (amended as necessary to reflect the transactions contemplated hereby) for such Credit Party that were delivered on the Amendment No. 5 Effective
Date, or otherwise in form and substance reasonably satisfactory to the Administrative Agent; 
 (e)    Each of the
representations and warranties made by any Credit Party party hereto set forth in Section 5 of this Amendment, Section 8 of the Credit Agreement or in any other Credit Document 

  
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are true and correct in all material respects (without duplication of any materiality standard set forth in any such representation or warranty) on and as of the Amendment No. 7 Effective
Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material
respects as of such date (without duplication of any materiality standard set in any such representation or warranty); 

(f)    No Event of Default has occurred and is continuing; 

(g)    The Administrative Agent shall have received on or prior to the Amendment No. 7 Effective Date, (i) for
the ratable account of each 2022 Increase Loan Lender, upfront fees in an amount equal to 0.15% of the aggregate principal amount of the U.S. Revolving Commitment Increases of such 2022 Increase Loan Lender as of the Amendment No. 7 Effective
Date and (ii) for the account of the Administrative Agent and the Arranger, all reasonable out-of-pocket fees and expenses of the Administrative Agent and the
Arranger, including all invoiced fees and expenses of one primary U.S. counsel to the Administrative Agent and one local counsel in any relevant jurisdiction (which may include a single firm of counsel acting in multiple jurisdictions), in each
case, to the extent invoiced at least two (2) Business Days’ prior to the date hereof; 
 (h)    The
Administrative Agent shall have received (i) in respect of each U.S. Credit Party, certified copies of a recent date of requests for information or copies (Form UCC-1) listing all effective financing
statements that name Holdings, the Lead Borrower or any other U.S. Credit Party as debtor and that are filed in the UCC as may be reasonably necessary or desirable to perfect the security interests purported to be created by the Security Documents,
together with copies of such other financing statements that name Holdings, the Lead Borrower or any other U.S. Credit Party as debtor (none of which shall cover any of the Collateral except to the extent evidencing Permitted Liens) and (ii) in
respect of each U.S. Credit Party, reports as of a recent date listing all effective tax and judgment liens with respect to Holdings, the Lead Borrower or any other U.S. Credit Party in the United States; and 

(i)    (i) Each 2022 Increase Loan Lender shall have received all documentation and other information required by bank
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and the AML Legislation, in each case, to the extent reasonably requested by such Person in writing
at least ten (10) days prior to the Amendment No. 7 Effective Date and (ii) to the extent the Lead Borrower qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230 (the “Beneficial Ownership
Regulation”), any 2022 Increase Loan Lender that has requested, in a written notice to the Lead Borrower at least ten (10) days prior to the Amendment No. 7 Effective Date, a certification regarding beneficial ownership as
required by the Beneficial Ownership Regulation (a “Beneficial Ownership Certification”) shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such 2022 Increase Loan Lender
of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied). 

Section 7.    Fees Generally. All fees payable hereunder, including, without
limitation, the fees payable under the Engagement Letter, shall be in all respects fully earned, due and payable on the Amendment No. 7 Effective Date and non-refundable and
non-creditable thereafter. 

Section 8.    Acknowledgments and Confirmations; Liens Unimpaired.  

(a)    Each Credit Party party hereto hereby expressly acknowledges the terms of this Amendment (and, for the avoidance of
doubt, ratifies the terms of Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5 and Amendment No. 6) and reaffirms, as of the 

  
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date hereof, (i) the covenants and agreements contained in each Credit Document (and each joinder to such Credit Documents) to which it is a party, including, in each case, such covenants
and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby, (ii) subject to any limitations set forth in the Guaranty Agreement, its guarantee of the Obligations (including, without
limitation and to the extent applicable to such Credit Party, the Obligations that may arise pursuant to the U.S. Revolving Commitment Increases and, for the avoidance of doubt, to the extent applicable to such Credit Party, the U.S. Revolving
Commitment Increases (as defined in Amendment No. 2) and the 2019 Revolving Commitment Increases (as defined in Amendment No. 3)) and (iii) its prior grant of Liens on the Collateral to secure the Obligations (including, without
limitation and to the extent applicable to such Credit Party, the Obligations that may arise pursuant to the U.S. Revolving Commitment Increases) owed or otherwise guaranteed by it pursuant to the Security Documents with all such Liens continuing in
full force and effect after giving effect to this Amendment. 
 (b)    Notwithstanding the above, each of the Credit
Parties (other than the French Credit Parties, the German Credit Parties and the Singapore Credit Parties) party hereto consents to the amendments of the Credit Agreement effected by this Amendment and confirms that (i) its obligations as a
Guarantor under the Guaranty Agreement to which it is a party are not discharged or otherwise affected by those amendments or the other provisions of this Amendment (and for the avoidance of doubt Amendment No. 1, Amendment No. 2,
Amendment No. 3, Amendment No. 4, Amendment No. 5 and Amendment No. 6) and shall accordingly, subject to any limitations set forth in the Guaranty Agreement, continue in full force and effect, (ii) its obligations under, and
the Liens granted by it in and pursuant to, the Security Documents to which it is a party are not discharged or otherwise affected by those amendments or the other provisions of this Amendment (and for the avoidance of doubt Amendment No. 1,
Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5 and Amendment No. 6 and any increases to the Commitments effected thereunder) and shall accordingly remain in full force and effect, (iii) the
Obligations so guaranteed and secured shall, after the Amendment No. 7 Effective Date and subject to any limitations set forth in the Guaranty Agreement, extend to the Obligations under the Credit Documents (including under the Credit Agreement
as amended pursuant to this Amendment). 
 (c)    Each French Credit Party party hereto hereby confirms to the other
Parties that, upon and following the execution and performance by it of this Amendment, (i) all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents (including, for the avoidance of doubt,
Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5 and Amendment No. 6) to which it is a party shall remain in full force and effect, (ii) the security created or purported to be
created by it under each French Security Document to which it is party shall remain in full force and effect and shall continue to secure the “Secured Obligations” as such term is defined in each of the French Security Documents and
(iii) the term “Credit Agreement” as used in each French Security Document to which it is party shall be a reference to the Amended Credit Agreement and as further amended, restated, supplemental and modified from time to time, and
notably by this Amendment. 
 (d)    Each German Credit Party hereby confirms to the other Parties that, upon and
following the execution and performance by it of this Amendment, (i) all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents (including, for the avoidance of doubt, Amendment No. 1,
Amendment No. 2, Amendment No. 3, Amendment No. 4 and Amendment No. 5) to which it is a party shall remain in full force and effect, (ii) the security created or purported to be created by it under each German Security
Document to which it is party shall remain in full force and effect and shall continue to secure the “Secured Obligations” as such term is defined in each of the French Security Documents and (iii) the term “Credit
Agreement” as used in each German Security Document to which it is party shall be a reference to the Amended Credit Agreement and as further amended, restated, supplemental and modified from time to time, and notably by this Amendment. 

  
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 (e)    Each Singapore Credit Party hereby confirms to the other Parties
that, upon and following the execution and performance by it of this Amendment, (i) the Singapore Security Documents and the Guaranty Agreement remains and continues in full force and effect and is binding on each of the Singapore Credit
Parties notwithstanding the amendments to the Credit Agreement pursuant to this Amendment, (ii) the security created by the Singapore Security Documents to which it is a party extends to the liabilities and obligations of the Foreign Credit
Parties under the Credit Agreement as amended pursuant to this Amendment and that the obligations of the relevant Foreign Credit Parities arising under or in connection with this Amendment constitute obligations secured under the Singapore Security
Documents to which it is a party, and (iii) the security created or conferred under the Singapore Security Documents to which it is a party continues in full force and effect on the terms of the respective Singapore Security Documents. 

(f)    After giving effect to this Amendment, neither the modification of the Credit Agreement effected pursuant to this
Amendment nor the execution, delivery, performance or effectiveness of this Amendment: 
 (i)    impairs
the validity, effectiveness or priority of the Liens granted pursuant to any Credit Document, and such Liens continue unimpaired with the same priority applicable to such Liens immediately prior to giving effect to this Amendment to secure repayment
of all Obligations, whether heretofore or hereafter incurred; or 
 (ii)    requires that any new filings
or registrations required under any Credit Document (including filings or registrations which are necessary to perfect, or required under applicable law with respect to, the security interests created under the Security Documents) to be made or
other action required to be taken under any Credit Document be taken to perfect or to maintain the perfection of such Liens, except for such filings and other actions as have otherwise been made or taken on or prior to the Amendment No. 7
Effective Date and which remain in full force and effect on the Amendment No. 7 Effective Date. 

Section 9.    Amendment, Modification and Waiver. After the effectiveness hereof, this
Amendment may not be amended, modified or waived except in accordance with Section 13.12 of the Amended Credit Agreement. 

Section 10.    Entire Agreement. This Amendment, the Credit Agreement and the
other Credit Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with
respect to the subject matter hereof. Except as expressly set forth herein, this Amendment (a) shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the
Credit Agreement or any other Credit Document and (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such
agreement or any other Credit Document or be construed as a novation thereof, or serve to effect a novation of the obligations outstanding under the Credit Agreement or instruments guaranteeing or securing the same, which shall remain and continue
in full force and effect. 
 Section 11.    GOVERNING LAW. 

(a)    THIS AMENDMENT(OTHER THAN SECTIONS 8(c), 8(d) and 8(e) OF THIS AMENDMENT)AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. SECTION 13.08 OF THE CREDIT AGREEMENT IS HEREBY INCORPORATED MUTATIS MUTANDIS AND SHALL APPLY HERETO. 

  
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 (b)    SECTION 8(c) OF THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE RELEVANT PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF FRANCE. 

(c)    SECTION 8(d) OF THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE RELEVANT PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE FEDERAL REPUBLIC OF GERMANY. 
 (d)    SECTION
8(e) OF THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE RELEVANT PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF SINGAPORE. 

Section 12.    Severability. If any provision of this Amendment is held to be
illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 

Section 13.    Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery by facsimile or other electronic means of an executed counterpart of a signature page to this
Amendment shall be effective as delivery of an original executed counterpart of this Amendment. The words “executed,” “signed,” “signature,” “delivery,” and words of like import in or relating to this
Amendment or any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of
the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. For purposes of this paragraph,
“Electronic Signature” means an electronic symbol or process attached to a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

Section 14.    Headings. The headings of this Amendment are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof. 

Section 15.    Post-Closing Obligations. On or prior to the date that is ten Business
Days after the Amendment No. 7 Effective Date (or as such time period may be extended by the Administrative Agent in its sole discretion), the Administrative Agent shall have received from Burr & Forman LLP, as South Carolina counsel
to the U.S. Credit Parties formed or organized under the laws of the State of South Carolina (or other South Carolina counsel engaged by the Credit Parties organized in South Carolina and reasonably acceptable to the Administrative Agent), an
opinion addressed to the Administrative Agent and each of the Lenders, in form and substance reasonably satisfactory to the Administrative Agent. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	VERTIV INTERMEDIATE HOLDING II CORPORATION, as Holdings
		
	By:  	 	 /s/ David Fallon

		 	Name: David Fallon
		 	Title: Vice President, Chief Financial Officer and Treasurer

  

			
	 VERTIV GROUP CORPORATION,

as Lead Borrower

		
	By:  	 	 /s/ David Fallon

		 	Name: David Fallon
		 	Title: Vice President, Chief Financial Officer and Treasurer
	
	 CHARLOTTE PROPERTIES LLC

	 DESARROLLADORA LINA, LLC

	 ELECTRICAL RELIABILITY SERVICES, INC.

	 ENERGY LABS, INC.

	 HIGH VOLTAGE MAINTENANCE CORPORATION

	 VERTIV CORPORATION

	 VERTIV IT SYSTEMS, INC.

	 VERTIV INTERNATIONAL HOLDING CORPORATION

	 E&I ENGINEERING USA CORPORATION

	 E&I ENGINEERING CORPORATION,

	 as U.S. Borrowers

		
	By:  	 	 /s/ David Fallon

		 	Name: David Fallon
		 	Title: Vice President and Treasurer

 [Signature Page to Amendment No. 7 to the Revolving Credit Agreement] 

 
			
	 VERTIV CANADA ULC,
 as Canadian
Borrower

		
	By:  	 	 /s/ David Fallon

		 	Name: David Fallon
		 	Title: Vice President and Treasurer

  

			
	 VERTIV FRANCE,
 as French
Borrower

		
	By:  	 	 /s/ Giordano Albertazzi

		 	Name: Giordano Albertazzi
		 	Title: President

  

			
	 VERTIV GMBH,
 as German
Borrower

		
	By:    	 	 /s/ Peter Lambrecht

		 	Name: Peter Lambrecht
		 	Title: Managing Director

 [Signature Page to Amendment No. 7 to the Revolving Credit Agreement] 

 SIGNED and DELIVERED as a DEED 

for and on behalf of GREAT RIVER FINANCE  
 DESIGNATED
ACTIVITY COMPANY 
  

			
	by	 	 /s/ Lynne Maxeiner

	Lynne Maxeiner

 its lawfully appointed attorney 
  

	
	 /s/ Lynne Maxeiner

	
	Attorney

 in the presence of 

Witness: /s/ Robert M. Wolfe 
 Name: Robert M. Wolfe 

Address: 1050 Dearborn Drive, Columbus, OH 43085 
 Occupation:
VP and General Counsel, Vertiv 
 [Signature Page to Amendment No. 7 to the Revolving Credit Agreement] 

 SIGNED and DELIVERED as a DEED 

for and on behalf of VERTIV IRELAND LIMITED 
  

			
	by	 	 /s/ Giordano Albertazzi

	Giordano Albertazzi

 its lawfully appointed attorney 
  

	
	 /s/ Giordano Albertazzi

	
	Attorney

 in the presence of 

Witness: /s/ Laura Calvert 
 Name: Laura Calvert 

Address: 1050 Dearborn Drive, Columbus, OH 43085 
 Occupation:
Executive Assistant 
 [Signature Page to Amendment No. 7 to the Revolving Credit Agreement] 

 SIGNED and DELIVERED as a DEED 

for and on behalf of VERTIV INTERNATIONAL  

DESIGNATED ACTIVITY COMPANY 
  

			
	by	 	 /s/ David Doherty

	David Doherty

 its lawfully appointed attorney 
  

	
	 /s/ David Doherty

	
	Attorney

 in the presence of 

Witness: /s/ Riona Doherty 
 Name: Riona Doherty 

Address: Menloe, Clanmaurice Avenue, Ennis Road, Limerick, Ireland 

Occupation: Program Manager 
 [Signature Page to
Amendment No. 7 to the Revolving Credit Agreement] 

 VERTIV (HONG KONG) HOLDINGS LIMITED (formerly known as GREAT RIVER HONG KONG) HOLDING LIMITED), as a
Hong Kong Borrower 
  

					
	 EXECUTED and DELIVERED as a deed by
	  	)        	  	
	 VERTIV (HONG KONG) HOLDINGS

LIMITED
	  	 )        

)        
	  	 /s/ Ho Siu Wah Michelle

	 acting by two directors
	  	)        	  	Print name: Ho Siu Wah Michelle
		  	)        	  	Director
		  	)        	  	
		  	)        	  	 /s/ Chen Feng

		  	)        	  	Print name: Chen Feng
		  		  	Director

 ATLAS ASIA LIMITED, as a Hong Kong Borrower 
  

					
	 EXECUTED and DELIVERED as a deed by
	  	)        	  	
	 ATLAS ASIA LIMITED
	  	)        	  	
                     
                          

	 acting by two directors
	  	)        	  	 /s/ Ho Siu Wah Michelle

		  	)        	  	Print name: Ho Siu Wah Michelle
		  	)        	  	Director
		  	)        	  	
		  	)        	  	 /s/ Chen Feng

		  		  	 Print name: Chen Feng

Director

 VERTIV (HONG KONG) LIMITED (formerly known as EMERSON NETWORK POWER (HONG KONG) LIMITED), as a Hong Kong Borrower 

 

					
	 EXECUTED and DELIVERED as a deed by
	  	)        	  	
	 VERTIV (HONG KONG) LIMITED
	  	)        	  	
                     
                          

	 acting by two directors
	  	)        	  	 /s/ Ho Siu Wah Michelle

		  	)        	  	Print name: Ho Siu Wah Michelle
		  	)        	  	Director
		  	)        	  	
		  	)        	  	 /s/ Chen Feng

Print name: Chen Feng
 Director

 [Signature Page to Amendment No. 7 to the Revolving Credit Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a 2022 Increase Loan
Lender

		
	By:	 	 /s/ Gene Riego de Dios

		 	Name: Gene Riego de Dios
		 	Title: Executive Director

 [Signature Page to Amendment No. 7 to the Revolving Credit Agreement] 

 
			
	PNC BANK N.A., as a 2022 Increase Loan Lender
		
	By:	 	 /s/ Albert Sarkis

		 	Name: Albert Sarkis
		 	Title: Senior Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a 2022 Increase Loan Lender and an Issuing Bank

		
	By:	 	 /s/ Olesya Mitkevych

		 	Name: Olesya Mitkevych
		 	Title: Director
	
	 GOLDMAN SACHS LENDING PARTNERS LLC, as a 2022 Increase Loan Lender

		
	By:	 	 /s/ Jonathan Dworkin

		 	Name: Jonathan Dworkin
		 	Title: Authorized Signatory
	
	 CITIBANK, N.A.,

      as a 2022 Increase Loan Lender

		
	By:	 	 /s/ David Smith

		 	Name: David Smith
		 	Title: Vice President & Director
	
	BANK OF MONTREAL, as a 2022 INCREASE LOAN LENDER
		
	By:	 	 /s/ Elizabeth Mitchell

		 	Name: Elizabeth Mitchell
		 	Title: Director, CHICAGO BRANCH
	
	 BARCLAYS BANK PLC,

      as a 2022 Increase Loan Lender

		
	By:	 	 /s/ Charlene Saldanha

		 	Name: Charlene Saldanha
		 	Title: Vice President
	
	 DEUTSCHE BANK AG NEW YORK BRANCH,

        as a 2022 Increase Loan Lender 

		
	By:	 	 /s/ Jonathan Lidz

Name: Jonathan Lidz 
Title: Director

		
	By:	 	 /s/ Leonardo Melhem

Name: Leonardo Melhem 
Title: Director

 [Signature Page to Amendment No. 7 to the Revolving Credit Agreement] 

 SCHEDULE 1 

TO AMENDMENT 
  

					
	 Name of Lender
	  	U.S. Revolving Commitment
Increase	 
	 JPMorgan Chase Bank, N.A.
	  	$	17,600,000.00	 
	 Wells Fargo Bank, National Association
	  	$	15,300,000.00	 
	 PNC Bank, National Association
	  	$	10,000,000.00	 
	 Deutsche Bank AG New York Branch
	  	$	30,000,000.00	 
	 Citibank, N.A.
	  	$	17,600,000.00	 
	 Goldman Sachs Lending Partners LLC
	  	$	12,000,000.00	 
	 Bank of Montreal, Chicago Branch
	  	$	3,500,000.00	 
	 Barclays Bank PLC
	  	$	9,000,000.00	 
		  	  
	  
	 
	 Total
	  	$	115,000,000.00	 
		  	  
	  
	 

 Schedule 1-1 

 SCHEDULE 2 

TO AMENDMENT 
 SCHEDULE
2.01 
 Commitments 
  

													
	 Lenders
	  	U.S. Revolving
Commitments	 	  	Canadian
Revolving
Commitments	 	  	European
Revolving
Commitments	 
	 JPMorgan Chase Bank, N.A.
	  	$	57,381,250.00	 	  	$	2,375,000.00	 	  	$	2,375,000.00	 
	 Bank of America, N.A.
	  	$	39,781,250.00	 	  	$	0.00	 	  	$	2,375,000.00	 
	 Bank of America, N.A., acting through its Canada Branch
	  	$	0.00	 	  	$	2,375,000.00	 	  	$	0.00	 
	 Wells Fargo Bank, National Association
	  	$	73,925,000.00	 	  	$	0.00	 	  	$	0.00	 
	 Wells Fargo Capital Finance Corporation Canada
	  	$	0.00	 	  	$	3,500,000.00	 	  	$	0.00	 
	 Wells Fargo Capital Finance (UK) Ltd.
	  	$	0.00	 	  	$	0.00	 	  	$	3,500,000.00	 
	 PNC Bank, National Association
	  	$	43,500,000.00	 	  	$	2,000,000.00	 	  	$	2,000,000.00	 
	 ING Capital LLC
	  	$	33,500,000.00	 	  	$	2,000,000.00	 	  	$	2,000,000.00	 
	 Deutsche Bank AG New York Branch
	  	$	38,375,000.00	 	  	$	0.00	 	  	$	500,000.00	 
	 Deutsche Bank AG, Canada Branch
	  	$	0.00	 	  	$	500,000.00	 	  	$	0.00	 
	 Citibank, N.A.
	  	$	80,412,500.00	 	  	$	3,750,000.00	 	  	$	3,750,000.00	 
	 Goldman Sachs Lending Partners LLC
	  	$	58,062,500.00	 	  	$	2,750,000.00	 	  	$	2,750,000.00	 
	 Bank of Montreal, Chicago Branch
	  	$	15,225,000.00	 	  	$	0.00	 	  	$	0.00	 
	 Bank of Montreal, Toronto Branch
	  	$	0.00	 	  	$	700,000.00	 	  	$	0.00	 
	 Bank of Montreal, London Branch
	  	$	0.00	 	  	$	0.00	 	  	$	700,000.00	 
	 Barclays Bank PLC
	  	$	9,837,500.00	 	  	$	50,000.00	 	  	$	50,000.00	 
	 Total
	  	$	450,000,000.00	 	  	$	20,000,000.00	 	  	$	20,000,000.00	 
				
	 Lenders
	  	Asian Revolving
Commitments	 	  	French Revolving
Commitments	 	  	German
Revolving
Commitments	 
	 JPMorgan Chase Bank, N.A.
	  	$	17,500,000.00	 	  	$	6,250,000.00	 	  	$	3,750,000.00	 
	 Bank of America, N.A.
	  	$	17,500,000.00	 	  	$	0.00	 	  	$	3,750,000.00	 
	 Bank of America Europe Designated Activity Company
	  	$	0.00	 	  	$	6,250,000.00	 	  	$	0.00	 
	 Total
	  	$	35,000,000.00	 	  	$	12,500,000.00	 	  	$	7,500,000.00	 

 Schedule 2-1 

									
	 Lenders
	  	U.S. FILO
Revolving
Commitments	 	  	Canadian FILO
Revolving
Commitments	 
	 JPMorgan Chase Bank, N.A.
	  	$	2,731,250.00	 	  	$	237,500.00	 
	 Bank of America, N.A.
	  	$	2,731,250.00	 	  	$	0.00	 
	 Bank of America, N.A., acting through its Canada Branch
	  	$	0.00	 	  	$	237,500.00	 
	 Wells Fargo Bank, National Association
	  	$	4,025,000.00	 	  	$	0.00	 
	 Wells Fargo Capital Finance Corporation Canada
	  	$	0.00	 	  	$	350,000.00	 
	 PNC Bank, National Association
	  	$	2,300,000.00	 	  	$	200,000.00	 
	 ING Capital LLC
	  	$	2,300,000.00	 	  	$	200,000.00	 
	 Deutsche Bank AG New York Branch
	  	$	575,000.00	 	  	$	0.00	 
	 Deutsche Bank AG, Canada Branch
	  	$	0.00	 	  	$	50,000.00	 
	 Citibank, N.A.
	  	$	4,312,500.00	 	  	$	375,000.00	 
	 Goldman Sachs Lending Partners LLC
	  	$	3,162,500.00	 	  	$	275,000.00	 
	 Bank of Montreal, Chicago Branch
	  	$	805,000.00	 	  	$	0.00	 
	 Bank of Montreal, Toronto Branch
	  	$	0.00	 	  	$	70,000.00	 
	 Barclays Bank PLC
	  	$	57,500.00	 	  	$	5,000.00	 
	 Total
	  	$	23,000,000.00	 	  	$	2,000,000.00	 

  

					
	 Issuing Banks
	  	LC
Commitments	 
	 JPMorgan Chase Bank, N.A.
	  	$	50,000,000.00	 
	 Bank of America, N.A.
	  	$	50,000,000.00	 
	 Wells Fargo Bank, National Association
	  	$	25,000,000.00	 
	 PNC Bank, National Association
	  	$	15,000,000.00	 
	 ING Capital LLC
	  	$	15,000,000.00	 
	 Citibank, N.A.
	  	$	45,000,000.00	 
	 Total
	  	$	200,000,000.00	 

  
 Schedule 2-2ex_424258.htm

 

 

EXHIBIT 10.1

Execution Version

 

FORM OF COMMON STOCK PURCHASE AGREEMENT

 

This Common Stock Purchase Agreement (this “Agreement”) is dated as of ________________, between QuickLogic Corporation, a Delaware corporation (the “Company”), and _______ (including its successors and assigns, the “Purchaser”).

 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act (as defined below), the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1         Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Acquiring Person” shall have the meaning ascribed to such term in Section 4.4.

 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of Directors” means the board of directors of the Company.

 

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed.

 

“Closing” means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

 

“Closing Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived, but in no event later than the second (2nd) Trading Day following the date hereof.

 

“Commission” means the United States Securities and Exchange Commission.

 

“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

 

1

 

 

 

Execution Version

 

 

“Company IP” shall have the meaning ascribed to such term in Section 3.1(k)(i).

 

“Environmental Laws” shall have the meaning ascribed to such term in Section 3.1(ee).

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“GAAP” shall have the meaning ascribed to such term in Section 3.1(d).

 

“Intellectual Property” shall have the meaning ascribed to such term in Section 3.1(k)(i).

 

“Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(f).

 

“Occupational Laws” shall have the meaning ascribed to such term in Section 3.1(ff).

 

“Per Share Purchase Price” equals $_______, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement and prior to the Closing Date.

 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus” means the final base prospectus filed for the Registration Statement.

 

“Prospectus Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered by the Company to the Purchaser at the Closing.

 

“Purchaser Party” shall have the meaning ascribed to such term in Section 4.7.

 

“Registration Statement” means the effective registration statement with Commission (File No. 333-230352), including all information, documents and exhibits filed with or incorporated by reference into such registration statement, which registers the sale of the Shares to the Purchaser.

 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

2

 

 

 

Execution Version

 

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares” means the shares of Common Stock issued or issuable to the Purchaser pursuant to this Agreement.

 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing shares of Common Stock).

 

“Subscription Amount” means the aggregate amount to be paid for Shares purchased hereunder as specified below the Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately available funds.

 

“Trading Day” means a day on which the principal Trading Market is open for trading.

 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transaction Documents” means this Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer Agent” means AST Financial, with a mailing address of 6201 15th Avenue, Brooklyn, New York 11219, and any successor transfer agent of the Company.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1         Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser agrees to purchase, an aggregate of _______ Shares. The Purchaser’s Subscription Amount as set forth on the signature page hereto executed by the Purchaser shall be made available for “Delivery Versus Payment” (“DVP”) settlement with the Company or its designee. The Company shall deliver to the Purchaser its respective Shares and the Company, and the Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of Company counsel or such other location as the parties shall mutually agree.

 

2.2         Deliveries.

 

(a)          On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser the following:

 

(i)          this Agreement duly executed by the Company;

 

3

 

 

 

Execution Version

 

 

(ii)         the Company shall have provided the Purchaser with the Company’s wire instructions, on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer;

 

(iii)          subject to the fifth sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system Shares equal to the Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of the Purchaser; and

 

(iv)         the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)          On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:

 

	 	
			(i)

				
			this Agreement duly executed by the Purchaser; and

			

 

	 	
			(ii)

				
			the Purchaser’s Subscription Amount, which shall be made available for DVP settlement with the Company or its designee.

			

 

2.3         Closing Conditions.

 

	 	
			(a)

				
			The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

			

 

	 	
			(i)

				
			the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

			
	 	 	 
	 	
			(ii)

				
			all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

			
	 	 	 
	 	
			(iii)

				
			the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.

			

 

	 	
			(b)

				
			The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:

			

 

4

 

 

 

Execution Version

 

 

	 	
			(i)

				
			the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

			
	 	 	 
	 	
			(ii)

				
			all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

			
	 	 	 
	 	
			(iii)

				
			the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

			
	 	 	 
	 	
			(iv)

				
			there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

			
	 	 	 
	 	
			(v)

				
			from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment the of the Purchaser, makes it impracticable or inadvisable to purchase the Shares at the Closing.

			

 

5

 

 

 

Execution Version

 

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

 

3.1         Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to the Purchaser:

 

	 	
			(a)

				
			The Company meets the requirements for use of Form S-3 under the Securities Act, including the transaction requirements set forth in General Instruction I.B.6 of such form. The aggregate market value of all securities sold by or on behalf of the Company pursuant to Form S-3 during the period of 12 calendar months immediately prior to, and including, the offering contemplated hereby is no more than the aggregate market value of the voting and non-voting common equity held by non-affiliates of the Company. The Company is not, and has not been for at least 12 calendar months prior to the filing of the Registration Statement, a shell company. The Company filed with the Commission the Registration Statement on such Form S-3, including a Base Prospectus, for registration under the Securities Act of the offering and sale of the Shares, and the Company has prepared and used a Prospectus in connection with the offer and sale of the Shares. When the Registration Statement or any amendment thereof or supplement thereto was or is declared effective, it (i) complied or will comply, in all material respects, with the requirements of the Securities Act and the Rules and the Exchange Act and the rules and regulations of the Commission thereunder and (ii) did not or will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading. When any Prospectus was first filed with the Commission (whether filed as part of the Registration Statement or any amendment thereto or pursuant to Rule 424 of the Rules) and when any amendment thereof or supplement thereto was first filed with the Commission, such Prospectus as amended or supplemented complied in all material respects with the applicable provisions of the Securities Act and the Rules and did not or will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

			

 

	 	
			(b)

				
			The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus or any “free writing prospectus”, as defined in Rule 405 under the Rules, has been issued by the Commission and, to the knowledge of the Company, no Proceedings for that purpose have been instituted or are threatened under the Securities Act. Any required filing of the Prospectus and any supplement thereto pursuant to Rule 424(b) of the Rules has been or will be made in the manner and within the time period required by such Rule 424(b). Any material required to be filed by the Company pursuant to Rule 433(d) or Rule 163(b)(2) of the Rules has been or will be made in the manner and within the time period required by such Rules.

			

 

	 	
			(c)

				
			The documents incorporated by reference in the Registration Statement and the Prospectus, at the time they became effective or were filed with the Commission, as the case may be, complied in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and any further documents so filed and incorporated by reference in the Registration Statement and the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading.

			

 

6

 

 

 

Execution Version

 

 

	 	
			(d)

				
			The financial statements of the Company, together with the related notes and schedules, set forth or incorporated by reference in the Registration Statement and the Prospectus comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act and fairly present in all material respects the financial condition of the Company and its consolidated subsidiaries as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity with generally accepted accounting principles in the United States (“GAAP”) consistently applied throughout the periods involved; the supporting schedules included in or incorporated by reference in the Registration Statement present fairly in all material respects the information required to be stated therein; all non-GAAP financial information included in the Registration Statement the Prospectus complies in all material respects with the requirements of Regulation G and Item 10 of Regulation S-K under the Securities Act; and, except as disclosed in the Prospectus, there are no material off-balance sheet arrangements (as defined in Regulation S-K under the Securities Act, Item 303(a)(4)(ii)) or any other relationships with unconsolidated entities or other persons, that may have a material current or, to the Company’s knowledge, material future effect on the Company’s financial condition, results of operations, liquidity, capital expenditures, capital resources or significant components of revenue or expenses. No other financial statements or schedules are required to be included in the Registration Statement, or the Prospectus.  

			

 

	 	
			(e)

				
			To the Company’s knowledge, Moss Adams LLP, which has expressed its opinion with respect to the financial statements and schedules filed as a part of the Registration Statement and included in the Registration Statement and the Prospectus, is (x) an independent public accounting firm within the meaning of the Securities Act and the Rules, (y) a registered public accounting firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”)) and (z) not in violation of the auditor independence requirements of the Sarbanes-Oxley Act.

			

 

	 	
			(f)

				
			Each of the Company and its subsidiaries has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation. Each of the Company and its subsidiaries has full corporate power and authority to own its properties and conduct its business as currently being carried on and as described in the Registration Statement and the Prospectus, and is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify would have a material adverse effect upon the business, prospects, management, properties, operations, general affairs, condition (financial or otherwise) or results of operations of the Company and its subsidiaries, taken as a whole (“Material Adverse Effect”).

			

 

7

 

 

 

Execution Version

 

 

	 	
			(g)

				
			Other than the subsidiaries of the Company listed in Exhibit 21 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2021, the Company, directly or indirectly, owns no capital stock or other equity or ownership or proprietary interest in any corporation, partnership, association, trust or other entity.

			

 

	 	
			(h)

				
			No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s property or assets to the Company or any other subsidiary of the Company, except as provided by applicable state law or described in or contemplated by the Prospectus and except as would not reasonably be expected to have a Material Adverse Effect.

			

 

	 	
			(i)

				
			The Company and each of its subsidiaries holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders of any Governmental Authority or self-regulatory body required for the conduct of its business, except for such franchises, grants, authorizations, licenses, permits, easements, consents, certificates and orders as to which the failure to so own, hold, possess or comply with would not have a Material Adverse Effect and all material franchises, grants, authorizations, licenses, permits, easements, consents, certifications and orders are valid and in full force and effect; and neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any material franchise, grant, authorization, license, permit, easement, consent, certification or order or has reason to believe that any material franchise, grant, authorization, license, permit, easement, consent, certification or order will not be renewed in the ordinary course; and the Company and each of its subsidiaries is in compliance in all material respects with all applicable federal, state, local and foreign laws, regulations, orders and decrees.

			

 

8

 

 

 

Execution Version

 

 

	 	
			(j)

				
			At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Shares and (ii) at the date hereof, the Company was not and is not an “ineligible issuer,” as defined in Rule 405 under the Securities Act, including the Company or any subsidiary in the preceding three years not having been convicted of a felony or misdemeanor or having been made the subject of a judicial or administrative decree or order as described in Rule 405 of the Rules, nor an “excluded issuer” as defined in Rule 164 under the Securities Act.

			

 

	 	
			(k)

				
			(i)                   The Company and each of its subsidiaries owns or possesses the right to use pursuant to a valid and enforceable written license or other legally enforceable right (or could obtain such license or right on commercially reasonable terms for an amount that is not material to the Company and its subsidiaries taken as a whole), all Intellectual Property (as defined below) necessary for the conduct of the Company’s and its subsidiaries’ businesses as now conducted or as described in the Registration Statement and the Prospectus to be conducted (the “Company IP”). “Intellectual Property” means all patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology, know-how and other intellectual property.

			

 

(ii)                   To the Company’s knowledge, there is (1) no infringement, misappropriation or violation by third parties of any Company IP and (2) no pending, or to the knowledge of the Company, threatened action, suit, Proceeding or claim by others challenging the Company’s or its subsidiaries’ rights in or to any Company IP, and the Company is unaware of any facts that would form a reasonable basis for any such claim, except as could not in each case be reasonably expected to have a Material Adverse Effect. The Intellectual Property owned by the Company and its subsidiaries, and to the knowledge of the Company, the Intellectual Property licensed to the Company and its subsidiaries, has not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge of the Company, threatened action, suit, Proceeding or claim by others challenging the validity or scope of any Company IP, and the Company is unaware of any facts that would form a reasonable basis for any such claim, except as could not be reasonably expected to have a Material Adverse Effect. Except as described in the Registration Statement and in the Prospectus, or that could not be reasonably expected to have a Material Adverse Effect, there is no pending or, to the knowledge of the Company, threatened action, suit, Proceeding or claim by others that the Company or its subsidiaries infringe, misappropriate or otherwise violate any Intellectual Property or other proprietary rights of others, and neither the Company nor any of its subsidiaries has received any written notice of such claim and the Company is unaware of any other fact that would form a reasonable basis for any such claim.

 

9

 

 

 

Execution Version

 

 

(iii)                   To the Company’s knowledge, no employee of the Company or any of its subsidiaries is in or has ever been in material violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, non-disclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee’s employment with the Company or any of its subsidiaries or actions undertaken by the employee while employed with the Company or any of its subsidiaries.

 

(iv)          The Company and its subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their material Intellectual Property.

 

(v)                   All patent applications owned by the Company or its subsidiaries are filed with the U.S. Patent and Trademark Office (the “PTO”) or any foreign or international patent authority that have resulted in patents or currently pending applications that describe inventions necessary to conduct the business of the Company or its subsidiaries as now conducted or as described in the Registration Statement and the Prospectus to be conducted (collectively, the “Company Patent Applications”) have been or were duly and properly filed.

 

(vi)                   The Company and its subsidiaries have complied in all material respects with their duty of candor and disclosure to the PTO for the Company Patent Applications. To the Company’s knowledge, there are no facts required to be disclosed to the PTO that were not disclosed to the PTO and which would preclude the grant of a patent for the Company Patent Applications. The Company has no knowledge of any facts that would preclude it or its applicable subsidiary from having clear title to the Company Patent Applications that have been identified by the Company as being exclusively owned by the Company or one of its subsidiaries.

 

	 	
			(l)

				
			Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its subsidiaries has granted exclusive rights to develop, manufacture, produce, assemble, distribute, license, market or sell its products to any other person and is not bound by any agreement that affects the exclusive right of the Company or such subsidiary to develop, manufacture, produce, assemble, distribute, license, market or sell its products.

			

 

	 	
			(m)

				
			The Company and its subsidiaries have good and marketable title to, or have valid rights to lease or otherwise use, all property (whether real or personal) described in the Registration Statement and in the Prospectus as being owned, leased or used by them, in each case free and clear of all liens, claims, security interests, other encumbrances or defects, except such as are described in the Registration Statement and in the Prospectus. The property held under lease by the Company and its subsidiaries is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company or its subsidiaries

			

 

10

 

 

 

Execution Version

 

 

	 	
			(n)

				
			To the knowledge of the Company, there are no statutes, regulations, contracts or documents that are required to be described in the Registration Statement and in the Prospectus or required to be filed as exhibits to the Registration Statement by the Securities Act or by the Rules that have not been so described or filed. Each contract, document or other agreement described in the Registration Statement, the Prospectus or listed in the Exhibits to the Registration Statement or incorporated by reference that has not expired or terminated as of the date hereof is in full force and effect and is valid and enforceable by and against the Company or its subsidiary, as the case may be, in accordance with its terms.

			

 

	 	
			(o)

				
			Any third-party statistical and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate in all material respects.

			

 

	 	
			(p)

				
			Neither the Company nor any of its subsidiaries (i) is in violation of its respective charter, by-laws or other organizational documents, (ii) is in breach or otherwise in default, and no event has occurred, which, with notice or lapse of time or both, would constitute such default in the performance of any obligation, agreement or condition contained in any bond, debenture, note, indenture, loan agreement or any other contract, lease or other instrument to which it is subject or by which any of them may be bound, or to which any of the property or assets of the Company or any of its subsidiaries is subject or (iii) is in violation of any statute, law, rule, regulation, ordinance, directive, judgment, decree or order of any judicial, regulatory or other legal or governmental agency or body, foreign or domestic, except (in the case of clauses (ii) and (iii) above) for violations or defaults that could not (individually or in the aggregate) reasonably be expected to have a Material Adverse Effect.

			

 

11

 

 

 

Execution Version

 

 

	 	
			(q)

				
			This Agreement has been duly authorized, executed and delivered by the Company. All necessary corporate action has been duly and validly taken by the Company to authorize the execution, delivery and performance of this Agreement and the issuance and sale of the Shares by the Company. This Agreement constitutes a valid, legal and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state laws and except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. The execution, delivery and performance of this Agreement and the consummation of the transactions herein and therein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to any indenture, mortgage, deed of trust, loan agreement or other material agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the Company’s charter or by-laws or (iii) result in the violation of any law or statute or any judgment, order, rule, regulation or decree of any court or arbitrator or federal, state, local or foreign governmental agency or regulatory authority having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets (each, a “Governmental Authority”), except in the case of clauses (i) and (iii) as would not result in a Material Adverse Effect. To the knowledge of the Company, no consent, approval, authorization or order of, or registration or filing with any Governmental Authority is required for the execution, delivery and performance of this Agreement or for the consummation of the transactions contemplated hereby, including the issuance or sale of the Shares by the Company, except such as may be required under the Securities Act, the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”), the Nasdaq Stock Market Rules or state securities or blue sky laws and such other approvals as have been obtained; and the Company has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby, including the authorization, issuance and sale of the Shares as contemplated by this Agreement.

			

 

	 	
			(r)

				
			All of the issued and outstanding shares of capital stock of the Company, including the outstanding shares of Common Stock, are duly authorized and validly issued, fully paid and nonassessable, have been issued in compliance with all applicable federal and state and foreign securities laws, to the knowledge of the Company, were not issued in violation of or subject to any preemptive rights or other rights to subscribe for or purchase securities that have not been waived in writing and the holders thereof are not subject to personal liability by reason of being such holders; the Shares that may be sold hereunder by the Company have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will have been validly issued and will be fully paid and nonassessable, and the holders thereof will not be subject to personal liability by reason of being such holders; and the capital stock of the Company, including the Common Stock and the Shares to be purchased pursuant to this Agreement, conforms in all material respects to the description thereof in the Registration Statement (including in any agreements filed as exhibits to the Registration Statement), and in the Prospectus. (i) There are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any shares of Common Stock, pursuant to the Company’s charter, by-laws or any agreement or other instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound; (ii) neither the filing of the Registration Statement nor the offering or sale of the Shares as contemplated by this Agreement gives rise to any rights for or relating to the registration of any shares of Common Stock or other securities of the Company (collectively, the “Registration Rights”) and (iii) any person to whom the Company has granted Registration Rights has agreed not to exercise such rights until after expiration of the Lock-Up Period (as defined below). All of the issued and outstanding shares of capital stock of each of the Company’s subsidiaries have been duly and validly authorized and issued and are fully paid and nonassessable, and, except as otherwise described in the Registration Statement and in the Prospectus, the Company owns of record and beneficially, free and clear of any security interests, claims, liens, proxies, equities or other encumbrances, all of the issued and outstanding shares of such stock. The Company has an authorized and outstanding capitalization as set forth in the Registration Statement and in the Prospectus.

			

 

12

 

 

 

Execution Version

 

 

	 	
			(s)

				
			Except as disclosed in the Registration Statement and in the Prospectus, there are no options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company or any subsidiary of the Company any shares of the capital stock of the Company or any subsidiary of the Company. The description of the Company’s stock option, stock bonus and other stock plans or arrangements (the “Company Stock Plans”) and the options or other rights granted thereunder (collectively, the “Awards”), set forth in the Prospectus accurately and fairly presents in all material respects the information required to be shown with respect to such plans, arrangements and Awards. Each grant of an Award (i) was duly authorized no later than the date on which the grant of such Award was by its terms to be effective by all necessary corporate action, including, as applicable, approval by the Board of Directors (or a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto and (ii) was made in accordance with the terms of the applicable Company Stock Plan, and all applicable laws and regulatory rules or requirements, including all applicable federal securities laws.

			

 

	 	
			(t)

				
			Except as set forth in the Prospectus, there is not pending or, to the knowledge of the Company, threatened or contemplated, any action, suit or Proceeding (i) to which the Company or any of its subsidiaries is a party, (ii) to the knowledge of the Company, which has as the subject thereof any officer or director of the Company or any subsidiary or (iii) which has as the subject thereof any employee benefit plan sponsored by the Company or any subsidiary or any property or assets owned or leased by the Company or any subsidiary before or by any court or Governmental Authority, or any arbitrator, which, individually or in the aggregate, would result in any Material Adverse Effect, or would materially and adversely affect the ability of the Company to perform its obligations under this Agreement or which are otherwise material in the context of the sale of the Shares. There are no current or, to the knowledge of the Company, pending, legal, governmental or regulatory actions, suits or Proceedings (x) to which the Company or any of its subsidiaries is subject or (y) to the knowledge of the Company, which has as the subject thereof any officer or director of the Company or any subsidiary, any employee plan sponsored by the Company or any subsidiary or any property or assets owned or leased by the Company or any subsidiary, that are required to be described in the Registration Statement and the Prospectus by the Securities Act or by the Rules and that have not been so described.

			

 

13

 

 

 

Execution Version

 

 

	 	
			(u)

				
			Except as contemplated in the Prospectus, subsequent to the respective dates as of which information is given in the Prospectus, neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock; and there has not been any change in the capital stock (other than a change in the number of outstanding shares of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants or conversion of convertible securities or the issuance, repurchase or forfeiture of restricted stock awards or restricted stock units under the Company’s existing stock award plans, or any new grants thereof in the ordinary course of business), or any material change in the short-term or long-term debt (other than as a result of the conversion of convertible securities) or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock of the Company or any of its subsidiaries not permitted herein; or any event that could have a Material Adverse Effect.

			

 

	 	
			(v)

				
			No labor problem or dispute with the employees of the Company or any of its subsidiaries exists or, to the Company’s knowledge, is threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries’ principal suppliers, contractors or customers, that could have a Material Adverse Effect.

			

 

	 	
			(w)

				
			No transaction has occurred between or among the Company and any of its officers or directors, shareholders or any Affiliate or Affiliates of any such officer or director or shareholder that is required to be described in and is not described in the Registration Statement and the Prospectus.

			

 

14

 

 

 

Execution Version

 

 

	 	
			(x)

				
			The Company has not taken, nor will it take, directly or indirectly, any action designed to or which might reasonably be expected to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Common Stock or any security of the Company to facilitate the sale or resale of any of the Shares.

			

 

	 	
			(y)

				
			The Company and its subsidiaries have timely filed all federal, state, local and foreign income and franchise tax returns required to be filed prior to the date hereof or has duly obtained extensions of time for the filing thereof, and are not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company or any of its subsidiaries is contesting in good faith. There is no pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed upon the properties or assets of the Company for which there is not an adequate reserve reflected in the Company’s financial statements included in the Registration Statement and the Prospectus.

			

 

	 	
			(z)

				
			The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is included or approved for listing on the Nasdaq Capital Market and the Company has not taken any action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Nasdaq Capital Market, and the Company has not received any notification that the Commission or the Nasdaq Capital Market is contemplating terminating such registration or listing. The Company has complied in all material respects with the applicable requirements of the Nasdaq Capital Market for maintenance of inclusion of the Common Stock thereon. The Company has filed an application to include the Shares on the Nasdaq Capital Market. Except as set forth in the Prospectus, to the knowledge of the Company, no beneficial owners of the Company’s capital stock who, together with their associated persons and Affiliates, hold in the aggregate 10% or more of such capital stock, have any direct or indirect association or Affiliate with a FINRA member.

			

 

15

 

 

 

Execution Version

 

 

	 	
			(aa)

				
			The Company and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement and in the Prospectus, the Company’s internal control over financial reporting is effective and none of the Company, its Board of Directors and audit committee is aware of any “significant deficiencies” or “material weaknesses” (each as defined by the Public Company Accounting Oversight Board) in its internal control over financial reporting, or any fraud, whether or not material, that involves management or other employees of the Company and its subsidiaries who have a significant role in the Company’s internal controls; and since the end of the latest audited fiscal year, there has been no change in the Company’s internal control over financial reporting (whether or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company’s Board of Directors has, subject to the exceptions, cure periods and the phase in periods specified in the applicable stock exchange rules (“Exchange Rules”), validly appointed an audit committee to oversee internal accounting controls whose composition satisfies the applicable requirements of the Exchange Rules and the Board of Directors and/or the audit committee has adopted a charter that complies in all material respects with the requirements of the Exchange Rules.

			

 

	 	
			(bb)

				
			The Company has established and maintains disclosure controls and procedures (as defined in Rule 13a-15 and 15d-14 under the Exchange Act) and such controls and procedures are effective in ensuring that material information relating to the Company, including its subsidiaries, is made known to the principal executive officer and the principal financial officer. The Company has utilized such controls and procedures in preparing and evaluating the disclosures in the Registration Statement and in the Prospectus.

			

 

	 	
			(cc)

				
			The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder, except where the failure to be in compliance is not reasonably likely to result in a Material Adverse Effect.

			

 

	 	
			(dd)

				
			The Company and each of its subsidiaries carries, or is covered by, insurance from reputable insurers in such amounts and covering such risks as is adequate for the conduct of its business and the value of its properties and the properties of its subsidiaries and as is customary for companies engaged in similar businesses in similar industries; all policies of insurance and any fidelity or surety bonds insuring the Company or any of its subsidiaries or its business, assets, employees, officers and directors are, to the Company’s knowledge, in full force and effect; the Company and its subsidiaries are in compliance with the terms of such policies and instruments in all material respects; there are no claims by the Company or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause that could reasonably be expected to have a Material Adverse Effect; neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for; and neither the Company nor any of its subsidiaries has reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires, should it elect to do so, or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect, except as disclosed in the Prospectus.

			

 

16

 

 

 

Execution Version

 

 

	 	
			(ee)

				
			Except as disclosed in the Prospectus, neither the Company nor any of its subsidiaries is in violation of any applicable statute, any applicable rule, regulation, decision or order of any Governmental Authority or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), owns or operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would, individually or in the aggregate, have a Material Adverse Effect; and the Company is not aware of any pending investigation that might lead to such a claim. Neither the Company nor any of its subsidiaries anticipates incurring any material capital expenditures relating to compliance with Environmental Laws.

			

 

	 	
			(ff)

				
			The Company and each of its subsidiaries (i) is in compliance, in all material respects, with any and all applicable foreign, federal, state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all Governmental Authorities (including pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety in the workplace (“Occupational Laws”); (ii) has received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct its business as currently conducted; and (iii) is in compliance, in all material respects, with all terms and conditions of any such permits, licenses or approvals. No action, Proceeding, revocation Proceeding, writ, injunction or claim is pending or, to the Company’s knowledge, threatened against the Company or any of its subsidiaries relating to Occupational Laws, and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or Proceedings.

			

 

	 	
			(gg)

				
			The Company is not and, after giving effect to the offering and sale of the Shares and the application of proceeds thereof as described in the and the Prospectus, will not be an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended.

			

 

17

 

 

 

Execution Version

 

 

	 	
			(hh)

				
			Each of the Company and its subsidiaries, and, to the Company’s knowledge, its Affiliates and any of their respective officers, directors, supervisors, managers, agents or employees has not violated, its participation in the offering will not violate and the Company and each of its subsidiaries has instituted and maintains policies and procedures designed to ensure continued compliance with each of the following laws: anti-bribery laws, including but not limited to, any applicable law, rule or regulation of any locality, including but not limited to any law, rule or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other applicable law, rule or regulation of similar purposes and scope, or anti-money laundering laws, including but not limited to, applicable federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including, without limitation, Title 18 U.S. Code Section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to concur, all as amended, and any executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder.

			

 

	 	
			(ii)

				
			(i) Neither the Company nor any of its subsidiaries, nor to the Company’s knowledge, any of their directors, officers, employees, agents, Affiliates or representatives, is an individual or entity that is, or is owned or controlled by an individual or entity that is: (x) the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor (y) located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the Crimea Region of the Ukraine, Cuba, Iran, North Korea, Sudan and Syria).

			
	 	 	 
	 	 	
			(ii) Neither the Company nor any of its subsidiaries will, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other individual or entity: (x) to fund or facilitate any activities or business of or with any individual or entity or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, or (y) in any other manner that will result in a violation of Sanctions by any individual or entity (including any individual or entity participating in the offering, whether as underwriter, advisor, investor or otherwise).

			
	 	 	 
	 	 	
			(iii) For the past five years, neither the Company nor any of its subsidiaries has knowingly engaged in, and is not now knowingly engaged in, any dealings or transactions with any individual or entity, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.

			

 

18

 

 

 

Execution Version

 

 

	 	
			(jj)

				
			To the knowledge of the Company, no “prohibited transaction” (as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”)) or “accumulated funding deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than events with respect to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred or could reasonably be expected to occur with respect to any employee benefit plan of the Company which could, singularly or in the aggregate, have a Material Adverse Effect. Each employee benefit plan of the Company is in compliance in all material respects with applicable law, including ERISA and the Code. The Company has not incurred and could not reasonably be expected to incur liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred, whether by action or by failure to act, which could, singularly or in the aggregate, cause the loss of such qualification.

			

 

	 	
			(kk)

				
			No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

			

 

	 	
			(ll)

				
			Other than as contemplated by this Agreement, the Company has not incurred any liability for any finder’s or broker’s fee or agent’s commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby.

			

 

	 	
			(mm)

				
			The Company has at all times complied with all applicable laws relating to privacy, data protection, and the collection and use of personal information collected, used, or held for use by the Company in the conduct of the Company’s business. To the knowledge of the Company, no claims have been asserted or threatened against the Company alleging a violation of any person’s privacy or personal information or data rights and the consummation of the transactions contemplated hereby will not breach or otherwise cause any violation of any law related to privacy, data protection, or the collection and use of personal information collected, used, or held for use by the Company in the conduct of the Company’s business. The Company takes reasonable measures to ensure that such information is protected against unauthorized access, use, modification, or other misuse. The Company has taken all necessary actions to obtain ownership of all works of authorship and inventions made by its employees, consultants and contractors during the time they were employed by or under contract with the Company and that relate to the Company’s business.

			

 

19

 

 

 

Execution Version

 

 

	 	
			(nn)

				
			The Prospectus shall have been timely filed with the Commission in accordance with Section 4(a) of this Agreement and any material required to be filed by the Company pursuant to Rule 433(d) of the Rules shall have been timely filed with the Commission in accordance with such rule.

			

 

	 	
			(oo)

				
			The representations and warranties of the Company contained in this Agreement and in the certificates delivered pursuant to Section 2.2(a) shall be true and correct when made and on and as of each Closing Date as if made on such date. The Company shall have performed all covenants and agreements and satisfied all the conditions contained in this Agreement required to be performed or satisfied by them at or before such Closing Date.

			

 

3.2         Representations and Warranties of the Purchaser. The Purchaser hereby makes the following representations and warranties to the Company:

 

	 	
			(a)

				
			The Purchaser is an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

			

 

	 	
			(b)

				
			The Purchaser is acquiring the Shares as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Shares (this representation and warranty not limiting the Purchaser’s right to sell the Shares pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws). The Purchaser is acquiring the Shares hereunder in the ordinary course of its business.

			

 

20

 

 

 

Execution Version

 

 

	 	
			(c)

				
			At the time the Purchaser was offered the Shares, it was, and as of the date hereof it is, either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.

			

 

	 	
			(d)

				
			The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

			

 

	 	
			(e)

				
			The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the Company’s public filings and disclosures and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

			

 

	 	
			(f)

				
			Other than consummating the transactions contemplated hereunder, the Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that the Purchaser first discussed a potential investment with the Company and ending immediately prior to the execution of this Agreement. Other than to the Purchaser’s representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, the Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

			

 

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ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1          Furnishing of Information. Until the time that the Purchaser no longer owns at least 10% of the Shares, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

4.2          Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.3         Securities Laws Disclosure; Publicity. The Company shall (a) issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchaser that it shall have publicly disclosed all material, non-public information delivered to any of the Purchaser by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and the Purchaser or any of its Affiliates on the other hand, shall terminate. The Company and the Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor the Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of the Purchaser, or without the prior consent of the Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Purchaser, or include the name of the Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of the Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchaser with prior notice of such disclosure permitted under this clause (b).

 

4.4          Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that the Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that the Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Shares under the Transaction Documents or under any other agreement between the Company and the Purchaser.

 

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4.5          Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.1, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide the Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto the Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that the Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, delivers any material, non-public information to the Purchaser without the Purchaser’s consent, the Company hereby covenants and agrees that the Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands and confirms that the Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.6          Use of Proceeds. The Company will apply the net proceeds from the offering of the Shares in the manner set forth under “Use of Proceeds” in the Prospectus Supplement.

 

4.7         Indemnification of the Purchaser. Subject to the provisions of this Section 4.7, the Company will indemnify and hold the Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any the Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of the Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of the Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings the Purchaser Party may have with any such stockholder or any violations by the Purchaser Party of state or federal securities laws or any conduct by the Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, the Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the Purchaser Party except to the extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of the Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to the Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by the Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of the Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

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4.8          Listing of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of the Shares on such Trading Market and promptly secure the listing of all of the Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

4.9          Certain Transactions and Confidentiality. The Purchaser covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.3. The Purchaser covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.3, the Purchaser will maintain the confidentiality of the existence and terms of this transaction. Notwithstanding the foregoing, and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) the Purchaser does not make any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.3, (ii) the Purchaser shall not be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.3 and (iii) the Purchaser shall not have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.3.

 

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ARTICLE V.

MISCELLANEOUS

 

5.1          Termination. This Agreement may be terminated the Purchaser, as to the Purchaser’s obligations hereunder, by written notice to the other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2          Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchaser.

 

5.3         Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4          Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

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5.5          Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchaser. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any amendment effected in accordance with this Section 5.5 shall be binding upon the Purchaser and holder of Shares and the Company.

 

5.6          Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

5.7          Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser (other than by merger). The Purchaser may assign any or all of its rights under this Agreement to any Person to whom the Purchaser assigns or transfers any Shares, provided that such transferee agrees in writing to be bound, with respect to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchaser.”

 

5.8          No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 5.7.

 

5.9          Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.7, the prevailing party in such action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation preparation and prosecution of such action or Proceeding.

 

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5.10          Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

5.11          Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e- mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

5.12          Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13          Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever the Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then the Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

5.14          Replacement of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Shares.

 

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5.15          Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 

5.16          Payment Set Aside. To the extent that the Company makes a payment or payments to the Purchaser pursuant to any Transaction Document or the Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set off had not occurred.

 

5.17          Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

5.18          Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

5.19 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

(Signature Page Follows)

 

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IN WITNESS WHEREOF, the parties hereto have caused this Common Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

	
			QUICKLOGIC CORPORATION

				 	 
	 	 	 	
			Address for Notice:

			
	
			By:

				 	 	
			2220 Lundy Avenue

			
	 	 	 	
			San Jose, California 95131

			
	 	 	 	
			Attn: Chief Financial Officer

			
	
			Name: 

				
			Brian C. Faith

				 	 
	
			Title:   

				
			Chief Executive Officer

				 	 

 

 

 

 

 

 

 

 

 

 

 

(Remainder of Page Intentionally Left Blank

Signature Page for Purchase Follows)

 

 

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IN WITNESS WHEREOF, the undersigned have caused this Common Stock Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

Name of Purchaser: ____________________

 

Signature of Authorized Signatory of Purchaser: ________________________________         

 

Name of Authorized Signatory: _________________________________________         

 

Title of Authorized Signatory: ________________________________________         

 

Email Address of Authorized Signatory:_______________________________________         

 

Address for Notice to Purchaser: __________________________________________________

 

Address for Delivery of Shares to Purchaser (if not same as address for notice):

 

Subscription Amount: $__________________

 

Shares: __________________

 

EIN Number: ____________________________

 

Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the Closing shall occur by the second (2nd) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

 

3

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