Document:

EX-10.2

 Exhibit 10.2 

PROMISSORY NOTE 
  

							
	  

				
	Borrower:	  	Preformed Line, LLC	  	Lender:	  	PNC Equipment Finance, LLC        
		  	660 Beta Drive	  		  	4355 Emerald St.
		  	Mayfield Village, OH 44143	  		  	Suite 100
		  		  		  	 Boise, ID 83706
  

	  

			
	  Principal Amount: $14,485,000.00	  	Date of Note:	  	June 27, 2016

 PROMISE TO PAY. Preformed Line, LLC (“Borrower”) promises to pay to PNC Equipment Finance, LLC
(“Lender”), or order, in lawful money of the United States of America, the principal amount of Fourteen Million Four Hundred Eighty Five Thousand & 00/100 Dollars ($14,485,000.00), together with interest on the unpaid principal balance
from the Funding Date until paid in full. 
 PAYMENT, AMORTIZATION, AND INTEREST. Borrower’s first payment is due on the first business day
of the second month following the month during which the loan is funded, and all subsequent payments are due on the first business day of each month after that. All outstanding principal and all accrued interest not yet paid shall be due on the
final monthly payment. Unless otherwise agreed or required by applicable law, payments will be applied first to any unpaid collection costs and any late charges, then to any unpaid interest, and any remaining amount to principal. Borrower will pay
Lender at such place as Lender may designate in writing.
 Repayment. Principal shall be due and payable in one hundred nineteen (119)
equal consecutive monthly installments, each in the amount specified on the written payment and rate confirmation to be provided by Lender to Borrower on or before the closing date (the “Payment Confirmation”), with a final payment
of any outstanding principal and accrued interest due and payable on the final monthly payment date. Interest shall be payable monthly at the same time as the principal payments at the rate provided for below. Borrower’s monthly
principal payment will be calculated by dividing the principal amount of the Note by 120 months. All payment calculations will be determined by Lender in its sole discretion. 

Rate of Interest. The interest rate will be determined by Lender prior to closing (the “Fixed Interest
Rate”). Lender will provide Borrower a written confirmation of the Fixed Interest Rate in the Payment Confirmation, which is incorporated into this Note by reference. Interest on this Note during the term of this Loan is computed
on a 30/360 simple interest basis; that is, with the exception of odd days in the first payment period, monthly interest is calculated by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal
balance, multiplied by a month of 30 days. Interest for the odd days is calculated on the basis of the actual days to the next full month and a 360-day year. Borrower understands that Lender may make loans based on other rates as well.

Interest After Default. Upon an Event of Default, including failure to pay upon final maturity, Lender, at its option, may,
if permitted under applicable law, increase the Fixed Interest Rate by an additional 4.00%. The interest rate will not exceed the maximum rate permitted by applicable law. 

TERM. The term of this loan is 120 months. At the end of the Term, all amounts owing under this Note and the Related Documents (collectively the
“Loan Documents”) will be due and payable. 
 RELATED DOCUMENTS. This Note is issued in connection with the Aircraft
Security Agreement of even date herewith between Borrower and Lender (the “Aircraft Security Agreement”), one or more Guaranty agreements, and such other agreements and documents executed and/or delivered in connection herewith or
therewith (as amended, modified or renewed from time to time, collectively the “Related Documents”), and is secured by the property described in the Related Documents and by such other collateral as previously may have been or may
in the future be granted to Lender to secure this Note. 
 DEFAULT. Each of the following shall constitute an event of default
(“Event of Default”) under this Note: (i) the nonpayment of any principal, interest or other indebtedness when due under (1) this Note or (2) any and all obligations of the Borrower (or any of its affiliates) or Guarantor (or any of
its affiliates) or any other direct or indirect subsidiary of Preformed Line Products Company to the Lender (the “PLPC Obligations”); (ii) the occurrence of any event of default or any default and the lapse of any notice or cure
period, or any Obligor’s failure to observe or perform any covenant, representation, warranty or other agreement, under or contained in any Loan Document or any other document now or in the future evidencing or securing any debt, liability or
obligation of any Obligor to Lender, including, without limitation, the occurrence of any “Event of Default” (as defined therein) under the PLPC Obligations, provided, however, that no such failure to observe or perform any such covenant
or other agreement (excluding default under Clause (i) above, Defective Collateralization, False Statements, Death or Insolvency, Creditor or Forfeiture Proceedings, Events Affecting Guarantor, and Change of Control) shall constitute an Event of
Default unless such failure continues for a period of thirty (30) days after the earlier to occur of (a) the date when Borrower becomes aware of such failure and (b) the date when the Lender gives written notice to the Borrower of such failure;
(iii) the filing by or against any Obligor of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any 

  

			
	

	  	  
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such proceeding instituted against any Obligor, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided that Lender shall not be obligated to advance
additional funds hereunder during such period); (iv) any assignment by any Obligor for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of any Obligor held by or deposited with
Lender; (v) a default with respect to any other indebtedness of any Obligor for borrowed money in excess of $100,000 individually or in the aggregate, if the effect of such default is to cause or permit the acceleration of such debt; (vi) the
commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral securing the obligations of any Obligor to Lender; (vii) the entry of a final judgment against any Obligor and the failure of such Obligor to
discharge the judgment within thirty (30) days of the entry thereof; (viii) any change in any Obligor’s business, assets, operations, financial condition or results of operations that has or could reasonably be expected to have any material
adverse effect on any Obligor; (ix) any Obligor ceases doing business as a going concern; (x) any representation or warranty made by any Obligor to Lender in any Loan Document or any other documents now or in the future evidencing or securing the
obligations of any Obligor to Lender, is false, erroneous or misleading in any material respect; (xi) [intentionally omitted]; (xii) the revocation or attempted revocation, in whole or in part, of the guarantee of the Note and/or the Related
Documents by any Obligor; or (xiii) the death, incarceration, indictment or legal incompetency of any individual Obligor. As used herein, the term “Obligor” means any Borrower and any guarantor of, or any pledgor, mortgagor or
other person or entity providing collateral support for, the Borrower’s obligations to Lender existing on the date of this Note or arising in the future. 

LENDER’S RIGHTS. Upon an Event of Default, Lender may (1) declare the entire unpaid principal balance on this Note and all accrued
unpaid interest immediately due, and then Borrower will pay that amount, and/or (2) exercise any rights and remedies set forth in the Aircraft Security Agreement and the Related Documents. 

ATTORNEYS’ FEES; EXPENSES. Borrower agrees to pay upon demand all of Lender’s costs and expenses, including
Lender’s reasonable attorneys’ fees and legal expenses, incurred in connection with the enforcement of this Note, the Aircraft Security Agreement, or the Related Documents. Lender may hire or pay someone else to help enforce this
Note, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s reasonable attorneys’ fees and legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and
legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as
may be directed by the court. 
 LOAN ASSUMPTION. This Note and Related Documents are fully assumable by a qualified buyer provided that the
buyer is approved by Lender in its sole discretion. The Borrower or the buyer assuming this loan must pay an assumption fee equal to 0.75% of the unpaid principal balance plus any and all third-party expenses incurred in connection with the
assumption. 
 JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or
counterclaim brought by either Lender or Borrower against the other. 
 INCORPORATION OF COVENANTS BY REFERENCE. The Lender
and Borrower agree that any and all affirmative, negative and financial covenants which may be set forth in any credit agreement, loan agreement, promissory note, guaranty or other agreement, instrument or document entered into between either the
Borrower (or any of its affiliates) or the Guarantor (or any of its affiliates), on the one hand, and the Lender or any of its affiliates, on the other hand (the “Other Loan Documents”), are hereby incorporated herein by this
reference as if set forth herein at length, as any of the foregoing may be amended or supplemented from time to time (the “Incorporated Provisions”). Any amendments, modifications, waivers or other changes in the terms of any
of the Incorporated Provisions shall automatically constitute an amendment to this Note without any need for further action or documentation. Notwithstanding the foregoing, any amendments, modifications, waivers or other such changes to any
Incorporated Provisions which operate to waive or prevent the occurrence of a default or “Event of Default” under the related Other Loan Documents shall not be effective unless consented to in writing by the Lender in its sole discretion.
If any Other Loan Documents terminates or otherwise ceases to be in full force and effect at any time and for any reason, whether by voluntary termination, upon default, acceleration, at maturity or otherwise (a “Termination”), all
of the Incorporated Provisions of such Other Loan Documents shall survive the Termination and shall continue in full force and effect as a part of this Note. At any time after a Termination, Borrower shall promptly upon Lender’s request
execute and deliver to Lender an amendment to this Note, which amendment will expressly incorporate into this Note all or any number of the Incorporated Provisions of the terminated Other Loan Documents as Lender in its sole discretion shall select,
as such Incorporated Provisions are in effect immediately prior to the date of Termination. In addition, the Termination of any Other Loan Documents for any reason shall constitute an Event of Default under this Note and the Guaranty, entitling
Lender at its option to exercise all of its rights and remedies under this Note, the Guaranty and the Related Documents. 
 POWER TO CONFESS
JUDGMENT. The Borrower hereby irrevocably authorizes any attorney-at-law, including an attorney employed by or retained and paid by the Lender, to appear in any court of record in or of the State of Ohio, or in any other state or territory of
the United States, at any time after the indebtedness evidenced by this Note becomes due, whether by acceleration or otherwise, to waive the issuing and service of process and to confess a judgment against the Borrower in favor of the Lender, and/or
any assignee or holder hereof for the amount of principal and interest and expenses then appearing due from the Borrower under this Note, together with costs of suit and thereupon to release all errors and waive all right of appeal or stays of
execution in any court of record. The Borrower hereby expressly (i) waives any conflict of interest of the attorney(s) retained by the Lender to confess judgment against the Borrower upon this Note, and (ii)

  

			
	

	  	  
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consents to the receipt by such attorney(s) of a reasonable legal fee from the Lender for legal services rendered for confessing judgment against the Borrower upon this Note. A copy of this
Note, certified by the Lender, may be filed in each such proceeding in place of filing the original as a warrant of attorney. 

GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing
them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise
expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may, in its sole discretion, renew or extend
(repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender’s security interest in the collateral. All such parties also agree that Lender may modify
this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several. Capitalized terms not defined in this Note shall have the same definition
given such terms in the Aircraft Security Agreement, the Related Documents, or other loan documents executed by Borrower. 
 PREPAYMENT. The Borrower
must give written notice at least forty-five (45) days prior to the day the loan is prepaid. Upon prepayment of this Note, Lender is entitled to interest on the outstanding loan balance through the date of early payment. Borrower may pay all
but not less than all of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments under the payment schedule. Rather,
early payments will reduce the principal balance due and may result in Borrower’s making fewer payments. Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar
language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning
disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a
disputed amount must be mailed or delivered to: PNC Equipment Finance, LLC; 4355 Emerald St.; Suite 100; Boise, ID 83706. Lender is entitled to the following refundable premium payable at the time of prepayment, which may be refunded as
set forth below (the “Refundable Premium”): (a) if such early payment occurs during the first loan year, one percent of the unpaid principal balance; (b) if such early payment occurs during the second loan year, one percent of the
unpaid principal balance; (c) if such early payment occurs during the third loan year, one percent of the unpaid principal balance; (d) if such early payment occurs during the fourth loan year, one half of one percent of the unpaid principal
balance; (e) if such early payment occurs during the fifth loan year, one half of one percent of the unpaid principal balance. After the fifth loan year, no early payment premium shall apply. Lender will refund the Refundable Premium if Lender
makes a new loan against Borrower’s replacement aircraft within six months of the early payment date provided that the amount of the new loan is equal to or greater than the outstanding balance of the Note. Except as provided in the
previous sentence, Lender shall be entitled to retain the Refundable Premium. Notwithstanding anything to the contrary above, Lender will have no obligation to enter into a new loan or refund the Refundable Premium if the new loan is not
approved by Lender in its sole discretion. 
 LOAN PARTICIPATION. Borrower agrees and consents to Lender’s sale or transfer,
whether now or later, of the Note and Related Documents or of one or more participation interests in the Note and Related Documents to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation
whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Note and Related Documents, and Borrower hereby waives any rights to privacy
that Borrower may have with respect to such matters. 
 LATE CHARGE. If a payment is one (1) day or more late, Borrower will be charged $750.
Provided, however, Borrower will not be charged a late fee if the payment is late due to an error on the part of Lender’s or Borrower’s financial institution. Borrower agrees that the amount of such late charge represents a reasonable
estimate of the cost to Lender of processing a delinquent payment and that the acceptance of any late charge shall not constitute a waiver of default with respect to the overdue amount or prevent Lender from exercising any other available rights and
remedies. 
 GOVERNING LAW AND JURISDICTION. This Note, the Aircraft Security Agreement, and the Related Documents have been
delivered to Lender and accepted by Lender in the State of Idaho. This Note, the Aircraft Security Agreement, and the Related Documents will be governed by, construed and enforced in accordance with federal laws and the laws of the State of
Idaho. If there is a lawsuit, Borrower consents to the jurisdiction of all state and federal courts located within Idaho, and Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Ada County, State of Idaho.

 SUCCESSOR INTERESTS. The terms of this Note, the Aircraft Security Agreement, and the Related Documents shall be binding upon
Borrower, and upon Borrower’s heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and Lender’s successors and assigns. 

IMPORTANT INFORMATION ABOUT PHONE CALLS. By providing telephone number(s) to Lender, now or at any later time, Borrower authorizes Lender and its
affiliates and designees to contact Borrower regarding Borrower account(s) with Lender or its affiliates, whether such accounts are Borrower individual accounts or business accounts for which Borrower is a contact, at such numbers using any means,
including but not limited to placing calls using an automated dialing system to cell, VoIP or other wireless phone number, or leaving prerecorded messages or sending text messages, even if charges may be incurred for the calls or text
messages. Borrower consents that any phone call with Lender may be monitored or recorded by Lender. 

  

			
	

	  	  
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 PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE
PAYMENT, AMORTIZATION, AND INTEREST PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE. 
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED
COPY OF THIS PROMISSORY NOTE. 
 WARNING-BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A
COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART
TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE. 
  

			
	BORROWER:
	
	PREFORMED LINE, LLC
		
	By:	 	 /s/ Eric R. Graef

		 	Eric R. Graef, Treasurer and Vice President of Preformed Line, LLC 

  

			
	

	  	  
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 Exhibit 10.1 

BOTTOMLINE TECHNOLOGIES (de), INC. 

Executive Retention Agreement 

THIS EXECUTIVE RETENTION AGREEMENT (the “Agreement”) by and between Bottomline Technologies (de), Inc., a Delaware corporation (the
“Company”), and John F. Kelly (the “Executive”) is made as of August 5, 2016 (the “Effective Date”). 

WHEREAS, the Company recognizes that, as is the case with many publicly-held corporations, the possibility of a change in control of the
Company exists and that such possibility, and the uncertainty and questions which it may raise among key personnel, may result in the departure or distraction of key personnel to the detriment of the Company and its stockholders, and 

NOW, THEREFORE, as an inducement for and in consideration of the Executive’s remaining in its employ, the Company agrees that the
Executive shall receive the severance benefits set forth in this Agreement in the event the Executive’s employment with the Company is terminated under the circumstances described below subsequent to a Change in Control (as defined in
Section 1.1). 
 1. Key Definitions. 

As used herein, the following terms shall have the following respective meanings: 

1.1 “Change in Control” means an event or occurrence set forth in any one or more of subsections (a) through
(c) below: 
 (a) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportion as their ownership of stock of the Company) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; 
 (b) a
merger or consolidation of the Company is consummated with any other corporation, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 80% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such
merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as hereinabove defined) acquires more than 50% of the combined voting
power of the Company’s then outstanding securities; or 

 (c) the stockholders of the Company approve a plan of complete liquidation of the Company or an
agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 
 1.2 “Change in
Control Date” means the first date during the Term (as defined in Section 2) on which a Change in Control occurs. 
 1.3
“Cause” means the discharge resulting from a determination by a vote of the Board of Directors of the Company (the “Board”) that the Executive: 

(a) has been convicted of a felony involving dishonesty, fraud, theft or embezzlement or any other felony; or 

(b) has performed or failed to act in a manner that, if he were prosecuted and convicted for such performance or failure, would constitute a
crime or offense involving money or property of the Company (in either case in an amount or at a value in excess of $5,000), or which would constitute a felony in the jurisdiction involved. 

1.4 “Good Reason” means: 

(a) a material diminution in the Executive’s authority, duties or responsibilities; 

(b) a material reduction in the Executive’s then base compensation; 

(c) a material diminution in the budget over which the Executive retains authority; 

(d) the imposition of a requirement by the Company, any person in control of the Company or any successor to the Company, that the location at
which the Executive performs his principal duties for the Company or any successor to the Company be changed to a new location outside the radius of 50 miles from the then current location; or 

(e) any breach by the Company of any material provision of this Agreement;  

provided, however, that no such event or condition shall constitute a termination for Good Reason unless (x) the Executive gives the
Company a written notice of termination no more than 90 days after the initial existence of such condition; (y) the grounds for termination (if susceptible to correction) are not corrected by the Company within 30 days of its receipt of such
notice; and (z) the Executive’s termination of employment occurs within two years following the Company’s receipt of such notice. 
 The
right of the Executive to terminate his at will employment as a result of Good Reason shall not be affected by the Executive’s disability, or the fact that the Executive at such time may have an offer of employment from another employer or any
other reason for terminating his employment with the Company. 

  
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 1.5 “Disability” means the Executive shall have been unable to perform the
Executive’s duties with the Company for 90 days, whether or not consecutive, during any 360-day period, due to a physical or mental disability. A determination of disability shall be made by a physician satisfactory to both the Executive and
the Company; provided, that if the Executive and the Company do not agree on a physician, the Executive and the Company shall each select a physician and these two together shall select a third physician, whose determination as to disability shall
be binding on all parties. 
 2. Term of Agreement. This Agreement, and all rights and obligations of the parties hereunder, shall
take effect upon the Effective Date and shall expire upon the first to occur of (a) the expiration of the Term (as defined below) if a Change in Control has not occurred during the Term, (b) the termination of the Executive’s
employment with the Company prior to the Change in Control Date, (c) after the Change in Control Date, on the later of (i) the date twelve months after the Change in Control or (ii) such date when all shares of restricted common stock
of the Company held by the Executive shall have vested, or (d) the fulfillment by the Company of all of its obligations under Sections 4 and 5.2 if the Executive’s employment with the Company terminates within 12 months following the
Change in Control Date. “Term” shall mean the period commencing as of the Effective Date and continuing in effect for annual periods, subject to automatic one-year extensions, unless 60 days’ prior notice is given by the Company
before the expiration of the Term or any extension thereof. Nonextension of the Agreement does not terminate the Executive’s employment nor constitute Good Reason. 

3. Employment Status; Termination Following Change in Control. 

3.1 Not an Employment Contract. The Executive acknowledges that this Agreement does not constitute a contract of employment or impose
on the Company any obligation to retain the Executive as an employee and that this Agreement does not prevent the Executive from terminating employment at any time. If the Executive’s employment with the Company terminates for any reason and
subsequently a Change in Control shall occur, the Executive shall not be entitled to any benefits hereunder. 
 3.2 Termination of
Employment. 
 (a) If the Change in Control Date occurs during the Term, any termination of the Executive’s employment by the
Company or by the Executive within 12 months following the Change in Control Date (other than due to the death of the Executive) shall be communicated by a written notice to the other party hereto (the “Notice of Termination”), given in
accordance with Section 7. Any Notice of Termination shall: (i) indicate the specific termination provision (if any) of this Agreement relied upon by the party giving such notice, (ii) to the extent applicable, set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) specify the Date of Termination (as defined below). The effective date of an employment
termination (the “Date of Termination”) shall be the close of business on the date specified in the Notice of Termination (which date may not be less than 15 days or more than 120 days after the date of delivery of such Notice of
Termination), in the case of a termination other than one due to the Executive’s death, or the date of the Executive’s death, as the case may be. In the event the Company fails to satisfy the requirements of this Section 3.2(a)
regarding a 

  
 3 

 
Notice of Termination, the purported termination of the Executive’s employment pursuant to such Notice of Termination shall not be effective for purposes of this Agreement. 

(b) The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting any such fact or circumstance in enforcing the Executive’s
or the Company’s rights hereunder. 
 (c) Any Notice of Termination for Cause given by the Company must be given within 10 days of the
occurrence of the event(s) or circumstance(s) which constitute(s) Cause. 
 4. Benefits to Executive. 

4.1 Compensation and Stock Acceleration. If the Change in Control Date occurs during the Term and the Executive’s employment with
the Company terminates within 12 months following the Change in Control Date, the Executive shall be entitled to the following benefits: 

(a) Termination Without Cause or for Good Reason. If the Executive’s employment with the Company is terminated by the Company
(other than for Cause, Disability or Death) or by the Executive for Good Reason within 12 months following the Change in Control Date, then the Executive shall be entitled to the following benefits: 

(i) each outstanding option to purchase shares of Common Stock of the Company held by the Executive shall become immediately exercisable in
full; 
 (ii) each vested option (including any options vesting as a result of acceleration) to purchase shares of common stock of the
Company shall be exercisable by the Executive until the earlier of the second anniversary of the Date of Termination or the expiration of the original term of such option, subject to any contrary treatment provided in connection with the Change of
Control that is consistent with the Company’s 2009 Stock Incentive Plan or such other plan that covers the options; 
 (iii) all shares
of restricted Common Stock of the Company held by the Executive shall immediately vest in full; 
 (iv) the Company shall pay to the
Executive in a lump sum in cash within 10 days after the Date of Termination, or such later date as is required by Section 8.9 hereof, the aggregate of the sum of (A) the Executive’s accrued but unpaid base salary through the Date of
Termination, (B) an amount equal to the Executive’s base salary for the six months prior to the Date of Termination, (C) an amount equal to 50% of the Executive’s annual bonus opportunity under the Company’s bonus plan
(including any bonus or portion thereof which has been earned but deferred) for the most recently completed fiscal year, (D) the product of (x) the annual bonus opportunity (including any bonus or portion thereof which has been earned but
deferred) for the most recently completed fiscal year and (y) a fraction, the numerator of which is 

  
 4 

 
the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, (E) the amount of any compensation previously deferred by the Executive
(together with any accrued interest or earnings thereon), subject to any delay required by Section 8.9(a) and (c) hereof and (F) an amount equal to 50% of the commissions paid to the Executive over the previous 12 month period and any
accrued but unpaid vacation pay (the sum of the amounts described in clauses (A), (B), (C), (D) (E) and (F) shall be hereinafter referred to as the “Accrued Obligations”); 

(v) for 12 months after the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program,
practice or policy, the Company shall continue to provide benefits to the Executive and the Executive’s family at least equal to those which would have been provided to them if the Executive’s employment had not been terminated, in
accordance with the applicable Benefit Plans in effect immediately prior to the Change in Control Date or, if more favorable to the Executive and his family, in effect generally at any time thereafter with respect to other peer executives of the
Company and its affiliated companies; provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive a particular type of benefits (e.g., health insurance benefits) from such employer on terms at
least as favorable to the Executive and his family as those being provided by the Company, then the Company shall no longer be required to provide those particular benefits to the Executive and his family; and provided further that any benefits
coverage provided by the Company that continues beyond the COBRA coverage period shall be administered in accordance with the Company’s ordinary payroll practices; 

(vi) to the extent not previously paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits
required to be paid or provided or which the Executive is eligible to receive following the Executive’s termination of employment under any plan, program, policy, practice, contract or agreement of the Company and its affiliated companies (such
other amounts and benefits shall be hereinafter referred to as the “Other Benefits”), and such amounts or benefits shall be paid or provided to the Executive in a lump sum within 10 business days following the date of termination, subject
to any delay required by Section 8.9(a) and (c) hereof; and 
 (vii) for purposes of determining eligibility (but not the time of
commencement of benefits) of the Executive for retiree benefits to which the Executive is entitled, the Executive shall be considered to have remained employed by the Company until 12 months after the Date of Termination. 

(b) Termination for Death or Disability. If the Executive’s employment with the Company is terminated by reason of the
Executive’s death or Disability within 12 months following the Change in Control Date, then the Company shall (i) pay the Executive (or his estate, if applicable), in a lump sum in cash within 10 days after the Date of Termination (subject
to any delay required by Section 8.9(a) hereof), all Accrued Obligations other than those set forth in Section 4.1(a)(iv)(B) and (ii) timely pay or provide to the Executive the Other Benefits. 

(c) Resignation without Good Reason; Termination for Cause. If the Executive voluntarily terminates his employment with the Company
within 12 months following 

  
 5 

 
the Change in Control Date, excluding a termination for Good Reason, or if the Company terminates the Executive’s employment with the Company for Cause within 12 months following the Change
in Control Date, then the Company shall (i) pay the Executive, in a lump sum in cash within 10 days after the Date of Termination, the sum of (A) the Executive’s annual base salary through the Date of Termination and (B) the
amount of any compensation previously deferred by the Executive, in each case to the extent not previously paid, subject to any delay required by Section 8.9(a) and (c) hereof, and (ii) timely pay or provide to the Executive the Other
Benefits in accordance with their terms. 
 4.2 Mitigation. The Executive shall not be required to mitigate the amount of any payment
or benefits provided for in this Section 4 by seeking other employment or otherwise. Further, except as provided in Section 4.1(a)(v), the amount of any payment or benefits provided for in this Section 4 shall not be reduced by any
compensation earned by the Executive as a result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company or otherwise. 

5. Disputes. 
 5.1
Settlement of Disputes; Arbitration. All claims by the Executive for benefits under this Agreement shall be directed to and determined by the Board and shall be in writing. Any denial by the Board of a claim for benefits under this Agreement
shall be delivered to the Executive in writing and shall set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon. The Board shall afford a reasonable opportunity to the Executive for a review of the
decision denying a claim. Any further dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Portsmouth, New Hampshire, in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
 5.2 Expenses.
The Company agrees to pay as incurred, to the full extent permitted by law, all legal, accounting and other fees and expenses which the Executive may reasonably incur as a result of any claim or contest (regardless of the outcome thereof) by the
Company, the Executive or others regarding the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive regarding the amount of
any payment or benefits pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the
“Code”), with payments to be made as provided in Section 8.9(e) below. 
 6. Successors. 

6.1 Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of the Company to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the
Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a breach of this Agreement and shall 

  
 6 

 
constitute Good Reason if the Executive elects to terminate employment in a manner consistent with the procedures for Good Reason. As used in this Agreement, “Company” shall mean the
Company as defined above and any successor to its business or assets as aforesaid which assumes and agrees to perform this Agreement, by operation of law or otherwise. 

6.2 Successor to Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would still be payable to the Executive or his family hereunder if the Executive had continued to live,
all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the executors, personal representatives or administrators of the Executive’s estate. 

7. Notice. All notices, instructions and other communications given hereunder or in connection herewith shall be in writing. Any such
notice, instruction or communication shall be sent either (i) by registered or certified mail, return receipt requested, postage prepaid, or (ii) prepaid via a reputable nationwide overnight courier service, in each case addressed to the
Company, at its principal corporate offices, Attention: President and to the Executive at the Executive’s address indicated on the Company’s personnel records (or to such other address as either the Company or the Executive may have
furnished to the other in writing in accordance herewith). Any such notice, instruction or communication shall be deemed to have been delivered three business days after it is sent by registered or certified mail, return receipt requested, postage
prepaid, or one business day after it is sent via a reputable nationwide overnight courier service. Either party may give any notice, instruction or other communication hereunder using any other means, but no such notice, instruction or other
communication shall be deemed to have been duly delivered unless and until it actually is received by the party for whom it is intended. 

8. Miscellaneous. 
 8.1
Employment by Subsidiary. For purposes of this Agreement, the Executive’s employment with the Company shall not be deemed to have terminated solely as a result of the Executive continuing to be employed by a wholly-owned subsidiary of
the Company. 
 8.2 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 8.3 Injunctive Relief. The
Company and the Executive agree that any breach of this Agreement by the Company is likely to cause the Executive substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such other remedies which may be
available, the Executive shall have the right to specific performance and injunctive relief. 
 8.4 Governing Law. The validity,
interpretation, construction and performance of this Agreement shall be governed by the internal laws of the State of New Hampshire, without regard to conflicts of law principles. 

  
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 8.5 Waivers. No waiver by the Executive at any time of any breach of, or compliance with,
any provision of this Agreement to be performed by the Company shall be deemed a waiver of that or any other provision at any subsequent time. 

8.6 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but both of which
together shall constitute one and the same instrument. 
 8.7 Tax Withholding. Any payments provided for hereunder shall be paid net
of any applicable tax withholding required under federal, state or local law. 
 8.8 Entire Agreement. This Agreement sets forth the
entire agreement of the parties hereto in respect of the severance matters contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any
officer, employee or representative of any party hereto in respect of the subject matter contained herein; and any prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and cancelled.
Notwithstanding the foregoing, this Agreement shall not limit, and shall be in addition to, any rights the Executive may also have or be entitled to on the date hereof or in the future from time to time with respect to the acceleration of options or
restricted stock pursuant to any equity plan of the Company (such as, but not limited to, the automatic one-year acceleration of equity awards under the Company’s 2009 Stock Incentive Plan in the event of a change in control of the Company) or
of a subsidiary of the Company (as administrated by the relevant plan administrator), any option or restricted stock agreement, or any other written documentation executed or assumed by or on behalf of the Company or of a subsidiary of the Company.
In the event of a conflict between any provision of this Agreement and any provision of any other agreement in effect between the Company and the Executive, the provision affording the greater benefit to the Executive will govern. 

8.9 Section 409A. Subject to the provisions in this Section 8.9, any severance payments or benefits under this Agreement shall
begin only upon the date of the Executive’s “separation from service” (determined as set forth below) which occurs on or after the date of termination of the Executive’s employment. The following rules shall apply with respect to
distribution of the payments and benefits, if any, to be provided to the Executive under this Agreement: 
 (a) It is intended that each
installment of the severance payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code and the guidance issued thereunder (“Section 409A”).
Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. 

(b) If, as of the date of the Executive’s “separation from service” from the Company, the Executive is not a “specified
employee” (within the meaning of Section 409A), then each installment of the severance payments and benefits shall be made on the dates and terms set forth in this Agreement. 

  
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 (c) If, as of the date of the Executive’s “separation from service” from the
Company, the Executive is a “specified employee” (within the meaning of Section 409A), then: 
 (i) Each installment of the
severance payments and benefits due under this Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the Short-Term Deferral Period
(as hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A. For purposes of this Agreement, the “Short-Term
Deferral Period” means the period ending on the later of the fifteenth day of the third month following the end of the Executive’s tax year in which the separation from service occurs and the fifteenth day of the third month following the
end of the Company’s tax year in which the separation from service occurs; and 
 (ii) Each installment of the severance payments and
benefits due under this Agreement that is not described in Section 8.9(c)(i) above and that would, absent this subsection, be paid within the six-month period following the Executive’s “separation from service” from the Company
shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, the Executive’s death), with any such installments that are required to be delayed being accumulated during the six-month period
and paid in a lump sum on the date that is six months and one day following the Executive’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided,
however, that the preceding provisions of this sentence shall not apply to any installment of severance payments and benefits if and to the maximum extent that such installment is deemed to be paid under a separation pay plan that does not
provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under
Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the Executive’s second taxable year following the taxable year in which the separation from service occurs. The provisions of this
Section 8.9(c)(ii) shall also apply to other compensation and benefits owed to the Executive to the extent required by Section 409A. 

(d) The determination of whether and when the Executive’s separation from service from the Company has occurred shall be made and in a
manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section 8.9(d), “Company” shall include all persons with whom the Company would be
considered a single employer under Section 414(b) and 414(c) of the Code. 
 (e) All reimbursements and in-kind benefits provided under
this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that
(i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not
affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in

  
 9 

 
which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 

8.10 Amendments. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Executive.

 8.11 Executive’s Acknowledgements. The Executive acknowledges that he: (a) has read this Agreement; (b) understands
the terms and consequences of this Agreement; and (c) understands that the law firm of Wilmer Cutler Pickering Hale and Dorr LLP is acting as counsel to the Company in connection with the transactions contemplated by this Agreement, and is not
acting as counsel for the Executive. 
  
  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set forth above. 

 

			
	BOTTOMLINE TECHNOLOGIES (de), INC.
		
	By:	 	/s/ Robert A. Eberle
		 	President and CEO
	
	EXECUTIVE:
		
		 	/s/ John F. Kelly
		 	

  
  

[Signature page to Executive Retention Agreement] 

  
 10

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