Document:

Exhibit
10.17

 

ESCROW
AGREEMENT

 

THIS
ESCROW AGREEMENT (this “Agreement”) is entered into as of January 8, 2020, by and among MTBC, Inc. a Delaware
corporation (“Purchaser”), Runway Growth Credit Fund Inc (the “Sellers’
Representative”) and TD Bank, NA (the “Escrow Agent”). Purchaser, Sellers’ Representative
and Escrow Agent are each referred to herein as a “Party” and collectively, as the “Parties”.

 

WHEREAS,
Purchaser and Sellers’ Representative, among others, have entered into an Agreement and Plan of Merger dated as of January
8, 2020 (the “Merger Agreement”);

 

WHEREAS,
except as otherwise provided herein, capitalized terms used in this Escrow Agreement have the meanings assigned to them in the
Merger Agreement; and

 

WHEREAS,
pursuant to the Merger Agreement, the Parties have agreed that a portion of the Merger Consideration consisting of 260,000 shares
of MTBC 11% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Escrow Shares”) be deposited with
the Escrow Agent subject to the terms and conditions set forth herein.

 

NOW
THEREFORE, in consideration of the foregoing
and of the mutual covenants hereinafter set forth, the Parties hereto agree as follows:

 

1.
Appointment. The Parties hereby appoint Escrow Agent as their escrow agent for the purposes set forth herein, and Escrow
Agent hereby accepts such appointment under the terms and conditions set forth herein.

 

2.
Disposition. The Escrow Agent shall disburse the Escrow Shares in accordance with any written direction executed by both
the Purchaser and Sellers’ Representative.

 

3.
Escrow Shares.

 

(a)
Transferability. Except in accordance with Section 3, none of the Escrow Shares shall be transferred, assigned or pledged
by the Escrow Agent or any other Party.

 

(b)
Voting. No Party will have any voting rights with respect to the Escrow Shares.

 

(c)
Dividends, Etc. No cash dividends or other distributions paid on the Escrow Shares shall be paid to any Party until such
shares have been released from escrow. If and when Escrow Shares are released to Sellers’ Representative (the “Released
Escrow Shares”), Purchaser will pay to Escrow Agent, for distribution to Sellers’ Representative, all dividends
and distributions that were declared on such Released Escrow Shares while they were held in escrow. Escrow Agent has no duty to
solicit any dividends, redemption or other distributions hereunder.

 

(d)
Fractional Shares. No fractional shares of MTBC Preferred Stock or other securities shall be retained in or released from
the escrow account pursuant to this Agreement. In connection with any release of Escrow Shares from the escrow account, Purchaser
shall be permitted to round to the nearest whole number or to follow such other rounding procedures as Purchaser reasonably determines
to be appropriate in order to avoid retaining any fractional shares in the escrow account and in order to avoid releasing any
fractional shares from the escrow account.

 

    	 	1	 

    	 

    

 

4.
Communications with Escrow Agent. Any instructions setting forth, claiming, containing, objecting to, or in any way related
to the transfer or distribution of the Escrow Shares must be in writing or set forth in a Portable Document Format (“PDF”),
executed by the appropriate Party or Parties as evidenced by the signatures of the person or persons signing this Agreement or
one of their designated persons as set forth in Schedule 1 (each an “Authorized Representative”), and delivered
to Escrow Agent only by confirmed facsimile or attached to an email on a Business Day only at the fax number or email address
set forth in Section 10 below. No instruction for or related to the transfer or distribution of Escrow Shares shall be deemed
delivered and effective unless Escrow Agent actually shall have received it on a Business Day by facsimile or as a PDF attached
to an email only at the fax number or email address set forth in Section 10 and as evidenced by a confirmed transmittal to the
Party’s or Parties’ transmitting fax number or email address and Escrow Agent has been able to satisfy any applicable
security procedures as may be required hereunder. Escrow Agent shall not be liable to any Party or other person for refraining
from acting upon any instruction for or related to the transfer or distribution of the Escrow Shares if delivered to any other
fax number or email address, including but not limited to a valid email address of any employee of Escrow Agent. As used in this
Section 5, “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which Escrow Agent
located at the notice address set forth below is authorized or required by law or executive order to remain closed. The Parties
acknowledge that the security procedures set forth in this Section 5 are commercially reasonable. Upon delivery of the Escrow
Shares by Escrow Agent, this Agreement shall terminate, subject to the provisions of Section 9.

 

5.
Escrow Agent. Escrow Agent shall have only those duties as are specifically and expressly provided herein, which shall
be deemed purely ministerial in nature, and no other duties, including but not limited to any fiduciary duty, shall be implied.
Escrow Agent has no knowledge of, nor any obligation to comply with, the terms and conditions of any other agreement between the
Parties, nor shall Escrow Agent be required to determine if any Party has complied with any other agreement. Notwithstanding the
terms of any other agreement between the Parties, the terms and conditions of this Agreement shall control the actions of Escrow
Agent. Escrow Agent may conclusively rely upon any written notice, document, instruction or request delivered by the Parties believed
by it to be genuine and to have been signed by an Authorized Representative(s), as applicable, without inquiry and without requiring
substantiating evidence of any kind and Escrow Agent shall be under no duty to inquire into or investigate the validity, accuracy
or content of any such document, notice, instruction or request. Escrow Agent shall not be liable for any action taken, suffered
or omitted to be taken by it in good faith except to the extent that Escrow Agent’s gross negligence or willful misconduct
was the cause of any direct loss to either Party. Escrow Agent may execute any of its powers and perform any of its duties hereunder
directly or through affiliates or agents. In the event Escrow Agent shall be uncertain, or believes there is some ambiguity, as
to its duties or rights hereunder or receives instructions, claims or demands from any Party hereto which in Escrow Agent’s
judgment conflict with the provisions of this Agreement, or if Escrow Agent receives conflicting instructions from the Parties,
Escrow Agent shall be entitled either to: (a) refrain from taking any action until it shall be given (i) a joint written direction
executed by Authorized Representatives of the Parties which eliminates such conflict or (ii) a court order issued by a court of
competent jurisdiction (it being understood that the Escrow Agent shall be entitled conclusively to rely and act upon any such
court order and shall have no obligation to determine whether any such court order is final); or (b) file an action in interpleader.
Escrow Agent shall have no duty to solicit any payments which may be due it, including, without limitation, the Escrow Shares
nor shall the Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness of any amounts deposited
with it hereunder. Anything in this Agreement to the contrary notwithstanding, in no event shall Escrow Agent be liable for special,
incidental, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

    	 	2	 

    	 

    

 

6.
Resignation; Succession. Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving thirty
(30) days advance notice in writing of such resignation to the Parties. Escrow Agent’s sole responsibility after such thirty
(30) day notice period expires shall be to hold the Escrow Shares and to deliver the same to a designated substitute escrow agent,
if any, appointed by the Parties, or such other person designated by the Parties, or in accordance with the directions of a final
court order, at which time of delivery, Escrow Agent’s obligations hereunder shall cease and terminate. If prior to the
effective resignation date, the Parties have failed to appoint a successor escrow agent, or to instruct the Escrow Agent to deliver
the Escrow Shares to another person as provided above, at any time on or after the effective resignation date, Escrow Agent either
(a) may interplead the Escrow Shares with a court located in the State of New York and the costs, expenses and reasonable attorney’s
fees which are incurred in connection with such proceeding may be charged against and withdrawn from the Escrow Shares; or (b)
appoint a successor escrow agent of its own choice. Any appointment of a successor escrow agent shall be binding upon the Parties
and no appointed successor escrow agent shall be deemed to be an agent of Escrow Agent. Escrow Agent shall deliver the Escrow
Shares to any appointed successor escrow agent, at which time Escrow Agent’s obligations under this Agreement shall cease
and terminate. Any entity into which Escrow Agent may be merged or converted or with which it may be consolidated, or any entity
to which all or substantially all the escrow business may be transferred, shall be the Escrow Agent under this Agreement without
further act.

 

7.
Compensation. The Parties agree severally and not jointly to pay Escrow Agent upon execution of this Agreement and from
time to time thereafter reasonable compensation for the services to be rendered hereunder, which unless otherwise agreed in writing,
shall be as described in Schedule 2. Each of the Parties further agrees to the disclosures set forth in Schedule 2.

 

8.
Indemnification and Reimbursement. The Parties agree jointly and severally to indemnify, defend, hold harmless, pay or
reimburse Escrow Agent and its affiliates and their respective successors, assigns, directors, agents and employees (the “Indemnitees”)
from and against any and all losses, damages, claims, liabilities, penalties, judgments, settlements, litigation, investigations,
costs or expenses (including, without limitation, the fees and expenses of outside counsel and experts and their staffs and all
expense of document location, duplication and shipment) (collectively “Losses”), arising out of or in connection
with (a) Escrow Agent’s performance of this Agreement, except to the extent that such Losses are determined by a court of
competent jurisdiction to have been caused by the gross negligence, willful misconduct, or bad faith of such Indemnitee; and (b)
Escrow Agent’s following any instructions or directions, whether joint or singular, from the Parties received in accordance
with this Agreement. The Parties hereby grant Escrow Agent a lien on, right of set-off against and security interest in the Escrow
Shares for the payment of any claim for indemnification, fees, expenses and amounts due to Escrow Agent or an Indemnitee. In furtherance
of the foregoing, Escrow Agent is expressly authorized and directed, but shall not be obligated, to charge against and withdraw
from the Escrow Shares for its own account or for the account of an Indemnitee any amounts due to Escrow Agent or to an Indemnitee
under Section 8 or 9. The obligations set forth in this Section 9 shall survive the resignation, replacement or removal of Escrow
Agent or the termination of this Agreement.

 

 9.
Notices. All communications hereunder shall be in writing or set forth in a PDF attached to an email, and all instructions
from a Party or the Parties to the Escrow Agent shall be executed by an Authorized Representative, and shall be delivered in accordance
with the terms of this Agreement by facsimile, email or overnight courier only to the appropriate fax number, email address, or
notice address set forth for each party as follows:

 

	If
    to Purchaser:	MTBC,
    Inc.
	 	 
	 	7
    Clyde Road
	 	Somerset,
    NJ 08873
	 	Attn:
    General Counsel
	 	Facsimile:
    (732) 227-8575
	 	Email:
    legal@mtbc.com

 

    	 	3	 

    	 

    

 

	If
    to Seller’s Representative:	Runway
    Growth Credit Fund Inc.
	 	 
	 	205
    North Michigan Avenue, Suite 4200
	 	Chicago,
    Illinois 60601
	 	Attention:
    Tom Raterman, CFO
	 	Facsimile:
	 	Email:
	 	 
	If
    to Escrow Agent:	TD
    Bank, N.A.
	 	 
	 	2059
    Springdale Road
	 	Cherry
    Hill, NJ 08003
	 	Attention:
    David Leondi
	 	Fax
    No.: 856-685-5267
	 	Email
    Address: david.leondi@td.com

 

10.
Compliance with Court Orders. In the event that a legal garnishment, attachment, levy, restraining notice or court order
is served with respect to any of the Escrow Shares, or the delivery thereof shall be stayed or enjoined by an order of a court,
Escrow Agent is hereby expressly authorized, in its sole discretion, to obey and comply with all such orders so entered or issued,
which it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction, and in the
event that Escrow Agent obeys or complies with any such order it shall not be liable to any of the Parties hereto or to any other
person by reason of such compliance notwithstanding such order be subsequently reversed, modified, annulled, set aside or vacated.

 

11.
Miscellaneous. The provisions of this Agreement may be waived, altered, amended or supplemented only by a writing signed
by the Escrow Agent and the Parties. Neither this Agreement nor any right or interest hereunder may be assigned by any Party without
the prior consent of Escrow Agent and the other Party. This Agreement shall be governed by and construed under the laws of the
State of New Jersey. Each Party and Escrow Agent irrevocably waives any objection on the grounds of venue, forum non-conveniens
or any similar grounds and irrevocably consents to service of process by mail or in any other manner permitted by applicable law
and consents to the jurisdiction of the courts located in the State of New Jersey. To the extent that in any jurisdiction either
Party may now or hereafter be entitled to claim for itself or its assets, immunity from suit, execution, attachment (before or
after judgment) or other legal process, such Party shall not claim, and hereby irrevocably waives, such immunity. Escrow Agent
and the Parties further hereby waive any right to a trial by jury with respect to any lawsuit or judicial proceeding arising or
relating to this Agreement. No party to this Agreement is liable to any other party for losses due to, or if it is unable to perform
its obligations under the terms of this Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical outages,
equipment or transmission failure, or other causes reasonably beyond its control. This Agreement and any joint instructions from
the Parties may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument or instruction, as applicable. All signatures of the parties to this Agreement may
be transmitted by facsimile or as a PDF attached to an email, and such facsimile or PDF will, for all purposes, be deemed to be
the original signature of such party whose signature it reproduces, and will be binding upon such party. If any provision of this
Agreement is determined to be prohibited or unenforceable by reason of any applicable law of a jurisdiction, then such provision
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction shall not invalidate or render
unenforceable such provisions in any other jurisdiction. The Parties represent, warrant and covenant that each document, notice,
instruction or request provided by such Party to Escrow Agent shall comply with applicable laws and regulations. Except as expressly
provided in Section 9 above, nothing in this Agreement, whether express or implied, shall be construed to give to any person or
entity other than Escrow Agent and the Parties any legal or equitable right, remedy, interest or claim under or in respect of
the Account or this Agreement.

 

    	 	4	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.

 

	MTBC,
    Inc.	 	Runway
    Growth Credit Fund Inc.
	 	 	 	 	 
	By:	/s/
    Shruti Patel	 	By:	/s/
    David Spreng
	Name:	Shruti
    Patel	 	Name:	David
    Spreng
	Title:	General
    Counsel	 	Title:	CEO
	 	 	 	 	 
	TD
    Bank, N.A.	 	 	 
	 	 	 	 	 
	By:	/s/
    David C. Leondi	 	 	 
	Name:	David C. Leondi	 	 	 
	Title:	Vice
    President	 	 	 

 

    	 	5	 

    	 

    

 

Schedule
1

 

Telephone
Numbers and Authorized Signatures for

Person(s)
Designated to Give Instructions and Confirm Funds Transfer Instructions

 

For
Purchaser:

 

	 	Name	 	Telephone
    Number	 	Signature
	 	 	 	 	 	 
	1.	Shruti
    Patel, General Counsel	 	732-873-5133
    x146	 	 
	 	 	 	 	 	 
	2.	 	 	 	 	 
	 	 	 	 	 	 
	3.		 	 	 	 

 

For
Sellers’ Representative:

 

	 	Name	 	Telephone
    Number	 	Signature
	 	 	 	 	 	 
	1.	 	 	 	 	 
	 	 	 	 	 	 
	2.	 	 	 	 	 
	 	 	 	 	 	 
	3.	 	 	 	 	 

 

All
instructions, including but not limited to funds transfer instructions, whether transmitted by facsimile or set forth in a PDF
attached to an email, must include the signature of the Authorized Representative authorizing said funds transfer on behalf of
such Party.

 

    	 	6	 

    	 

    

 

Schedule
2

 

TD
Bank

 

 

Schedule
of Fees for Escrow Agent Services

 

Based
upon our current understanding of your proposed transaction, our fee proposal is as follows:

 

Account
Acceptance Fee .                                                                   $0

 

Encompassing
review, negotiation and execution of governing documentation, opening of the account, and completion of all due diligence documentation.
Payable upon closing.

 

Annual
Administration Fee                                                                  $6,000

 

The
Administration Fee covers our usual and customary ministerial duties, including record keeping, distributions, document compliance
and such other duties and responsibilities expressly set forth in the governing documents for each transaction. Payable upon closing
and annually in advance thereafter, without pro-ration for partial years.

 

Extraordinary
Services and Out-of Pocket Expenses

 

Any
additional services beyond our standard services as specified above, and all reasonable out-of-pocket expenses including attorney’s
or accountant’s fees and expenses will be considered extraordinary services for which related costs, transaction charges,
and additional fees will be billed at the Escrow Agent’s then standard rate. Disbursements, receipts, investments or tax
reporting exceeding 25 items per year may be treated as extraordinary services thereby incurring additional charges. The
Escrow Agent may impose, charge, pass-through and modify fees and/or charges for any account established and services provided
by the Escrow Agent, including but not limited to, transaction, maintenance, balance-deficiency, and service fees, agency or trade
execution fees, and other charges, including those levied by any governmental authority.

 

Fee
Disclosure & Assumptions: Please note that the fees quoted are based on a review of the transaction documents provided
and an internal due diligence review. The Escrow Agent reserves the right to revise, modify, change and supplement the fees quoted
herein if the assumptions underlying the activity in the account, level of balances, market volatility or conditions or other
factors change from those used to set our fees. Payment of the invoice is due upon receipt

 

The
escrow deposit shall be continuously invested in a TD Bank, NA money market deposit account (“MMDA”). MMDA have rates
of interest or compensation that may vary from time to time as determined by the Escrow Agent.

 

Disclosures
and Agreements

 

Patriot
Act Disclosure. Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) requires Escrow Agent to implement reasonable procedures to
verify the identity of any person that opens a new account with it. Accordingly, you acknowledge that Section 326 of the USA PATRIOT
Act and Escrow Agent’s identity verification procedures require Escrow Agent to obtain information which may be used to
confirm your identity including without limitation name, address and organizational documents (“identifying information”).
You agree to provide Escrow Agent with and consent to Escrow Agent obtaining from third parties any such identifying information
required as a condition of opening an account with or using any service provided by the Escrow Agent.

 

OFAC
Disclosure. Escrow Agent is required to act in accordance with the laws and regulations of various jurisdictions relating
to the prevention of money laundering and the implementation of sanctions, including but not limited to regulations issued by
the U.S. Office of Foreign Assets Control. Escrow Agent is not obligated to execute payment orders or effect any other transaction
where the beneficiary or other payee is a person or entity with whom the Escrow Agent is prohibited from doing business by any
law or regulation applicable to Escrow Agent, or in any case where compliance would, in Escrow Agent’s opinion, conflict
with applicable law or banking practice or its own policies and procedures. Where Escrow Agent does not execute a payment order
or effect a transaction for such reasons, Escrow Agent may take any action required by any law or regulation applicable to Escrow
Agent including, without limitation, freezing or blocking funds.

 

Abandoned
Property. Escrow Agent is required to act in accordance with the laws and regulations of various states relating to abandoned
property and, accordingly, shall be entitled to remit dormant funds to any state as abandoned property in accordance with such
laws and regulations.

 

    	 	7	 

    	 

    

 

THE
FOLLOWING DISCLOSURES ARE REQUIRED TO BE PROVIDED UNDER APPLICABLE U.S. REGULATIONS, INCLUDING, BUT NOT LIMITED TO, FEDERAL RESERVE
REGULATION D. WHERE SPECIFIC INVESTMENTS ARE NOTED BELOW, THE DISCLOSURES APPLY ONLY TO THOSE INVESTMENTS AND NOT TO ANY OTHER
INVESTMENT.

 

Deposit
Account Disclosure. Escrow Agent is authorized, for regulatory reporting and internal accounting purposes, to divide an escrow
demand deposit account maintained in the U.S. in which the Fund is held into a non-interest bearing demand deposit internal account
and a non-interest bearing savings internal account, and to transfer funds on a daily basis between these internal accounts on
Escrow Agent’s general ledger in accordance with U.S. law at no cost to the Parties. Escrow Agent will record the internal
accounts and any transfers between them on Escrow Agent’s books and records only. The internal accounts and any transfers
between them will not affect the Fund, any investment or disposition of the Fund, use of the escrow demand deposit account or
any other activities under this Agreement, except as described herein. Escrow Agent will establish a target balance for the demand
deposit internal account, which may change at any time. To the extent funds in the demand deposit internal account exceed the
target balance, the excess will be transferred to the savings internal account, unless the maximum number of transfers from the
savings internal account for that calendar month or statement cycle has already occurred. If withdrawals from the demand deposit
internal account exceeds the available balance in the demand deposit internal account, funds from the savings internal account
will be transferred to the demand deposit internal account up to the entire balance of available funds in the savings internal
account to cover the shortfall and to replenish any target balance that Escrow Agent has established for the demand deposit internal
account. If a sixth transfer is needed during a calendar month or statement cycle, it will be for the entire balance in the savings
internal account, and such funds will remain in the demand deposit internal account for the remainder of the calendar month or
statement cycle.

 

MMDA
Disclosure and Agreement. If MMDA is the investment for the escrow deposit as set forth above or anytime in the future, you
acknowledge and agree that U.S. law limits the number of pre-authorized or automatic transfers or withdrawals or telephonic/electronic
instructions that can be made from an MMDA to a total of six (6) per calendar month or statement cycle or similar period. Escrow
Agent is required by U.S. law to reserve the right to require at least seven (7) days’ notice prior to a withdrawal from
a money market deposit account.

 

Unlawful
Internet Gambling. The use of any account to conduct transactions (including, without limitation, the acceptance or receipt
of funds through an electronic funds transfer, or by check, draft or similar instrument, or the proceeds of any of the foregoing)
that are related, directly or indirectly, to unlawful Internet gambling is strictly prohibited.

 

    	 	8Exhibit

Exhibit 4(H)

Old Republic International Corporation
Description of Common Stock

A description of the material terms and provisions of the common stock, par value $1.00 per share (the “Common Stock”), of Old Republic International Corporation (the “Company” or “Old Republic”) and certain terms of the Company’s restated certificate of incorporation (the “certificate of incorporation”) and amended and restated by-laws (the “by-laws”) affecting the rights of holders of our Common Stock is set forth below. The description is intended as a summary, and is qualified in its entirety by reference to our restated certificate of incorporation and our amended and restated by-laws.  The Common Stock is registered under Section 12(b) of the Securities Exchange Act of 1934.  The Common Stock is traded on the New York Stock Exchange under the symbol “ORI”.
Common Stock
Each holder of Common Stock is entitled to one vote for each share held of record on all matters submitted to a vote of the Company’s shareholders and is not entitled to preemptive rights. The Common Stock is neither redeemable nor convertible into other securities and there are no sinking fund provisions.  The Common Stock is not subject to further calls or assessments by the Company.  
Subject to the preferences applicable to any shares of the Company’s preferred stock outstanding at the time, holders of Common Stock are entitled to dividends when and as declared by the Company’s board of directors from funds legally available therefor and are entitled, in the event of liquidation, to share ratably in all assets remaining after payment of liabilities.
Certain Provisions of the Certificate of Incorporation, By-laws and Other Agreements
Old Republic’s certificate of incorporation and by-laws and certain other agreements to which Old Republic is a party contain certain provisions, described below, that could delay, defer or prevent a change in control of Old Republic if the board of directors determines that such a change in control is not in the best interests of Old Republic and its shareholders and could have the effect of making it more difficult to acquire Old Republic or remove incumbent management.
Certificate of Incorporation and By-Law Provisions. The terms of the authorized series of Old Republic’s preferred stock and the power in the board of directors to issue additional shares of preferred stock, Common Stock and class B common stock without shareholder approval could render more difficult or discourage a merger, tender offer or proxy contest for assumption of control by a holder of Old Republic’s securities.
Old Republic’s certificate of incorporation requires the approval of holders of 80% of the outstanding shares of all classes of stock entitled to vote in the election of directors considered as one class for (i) a merger or consolidation of Old Republic with, (ii) the sale, lease, exchange, mortgage, pledge or other disposition of all, substantially all, or any substantial part (as defined) of the assets of Old Republic or a subsidiary to, or (iii) the transfer of a substantial amount (as defined) of securities of Old Republic in exchange for the securities or assets of, any other person, firm, corporation or other entity, other than a subsidiary of Old Republic. This requirement does not apply if Old Republic’s board of directors approves the transaction under certain circumstances. This provision of the certificate of incorporation cannot be amended or repealed except by a vote of 80% of the outstanding shares of all classes of Old Republic stock entitled to vote in the election of directors, such shares to be considered as one class.
Old Republic’s certificate of incorporation prohibits any merger or certain other business combinations to be effected between Old Republic and any person or entity that owns more than 10% of Old Republic’s outstanding stock entitled to vote (an “Acquiring Entity”) unless it is approved by the holders of not less than 66 2/3% of the outstanding shares of all classes of stock entitled to vote in the election of directors considered as one class (other than shares beneficially owned by the Acquiring Entity) or is approved unanimously by Old Republic’s board of directors or is in compliance with certain other conditions. The conditions specified include a requirement that the price to be paid to the remaining shareholders of Old Republic in cash or securities be not less than the greatest of: (i) the highest price paid by the Acquiring Entity for its stock in Old Republic, (ii) a price that reflects the same premium over market price paid by the Acquiring Entity to other shareholders of Old Republic, (iii) a price that is equal to the book value of the Common Stock, and (iv) a price that reflects the same earnings multiple at which the Acquiring Entity’s stock is selling. This provision of Old Republic’s certificate of incorporation cannot be amended except by a vote of 66 2/3% of the outstanding shares of all classes of stock of Old Republic entitled to vote in the election of directors, such shares to be considered as one class, excluding stock of which an Acquiring Entity, if any, is the beneficial owner.
Pursuant to Old Republic’s certificate of incorporation, directors of Old Republic are divided into three classes and elected to serve staggered three-year terms. Under Delaware law, directors serving staggered terms can be removed from office only for cause. Additionally, special meetings of Old Republic’s shareholders, for any purpose may be called by the chief executive officer and must be called by the chief executive officer or secretary at the request in writing of a majority of Old Republic’s board of directors, or at the request in writing of shareholders owning a majority in amount of the entire capital stock of Old Republic issued and outstanding and entitled to vote.
Rights Agreement. On June 26, 2017, Old Republic’s board of directors amended and restated the terms of its rights agreement. Each right, as amended, when it becomes exercisable, entitles the registered holder to purchase from Old Republic one one-hundredth of a share of series A junior participating preferred stock of Old Republic at a price of $100 per one-hundredth of a share of series A junior participating preferred stock (the “Purchase Price”), subject to adjustment.
The rights become exercisable upon the earlier to occur of (i) the public announcement that a person has acquired beneficial ownership of 20% or more of the outstanding shares of Common Stock (an “Acquiring Person”); or (ii) 10 days following the commencement of a tender offer or exchange offer the consummation of which would result in a person becoming an Acquiring Person. The rights will expire at the close of business on June 25, 2027, unless earlier redeemed by Old Republic.
In the event that any person becomes an Acquiring Person, each holder of a right will thereafter have the right to receive, upon exercise and payment of the purchase price, that number of shares of Common Stock or one-hundredths of a share of series A junior participating preferred stock (or, in certain circumstances, other securities of Old Republic) having a value (immediately prior to such triggering event) equal to two times the exercise price of the right until the earliest of (i) June 25, 2027, (ii) the redemption of the rights, or (iii) the exchange of the rights for Common Stock.
In the event that, (i) Old Republic merges with an Acquiring Person or merges with any other person in which merger all holders of Common Stock are not treated alike, or (ii) more than 50% of Old Republic’s assets or earning power is sold or transferred, to an Acquiring Person, or, to any other person if in such transaction all holders of Common Stock are not treated alike, then each holder of a right shall have the right to receive, upon exercise, common shares of the acquiring company having a value equal to two times the exercise price of the right.
Shares of series A junior participating preferred stock purchasable upon exercise of the rights will not be redeemable. Each share of series A junior participating preferred stock will be entitled to a minimum preferential quarterly cash dividend payment of $1.00 per share but, if greater, will be entitled to an aggregate dividend per share of 100 times the aggregate per share amount (payable in kind) of all non-cash distributions declared per share of Common Stock. In the event of liquidation, the holders of the series A junior participating preferred stock will be entitled to a minimum preferential liquidation payment of $100 per share (plus any accrued and unpaid dividends and distributions) (per share, the “liquidation preference amount”); thereafter, and after the holders of Common Stock receive a liquidation payment of one one-hundredth of the liquidation preference amount, the holders of the series A junior participating preferred stock and the holders of Common Stock will share the remaining assets in the ratio of 100 to 1 (as adjusted) for each share of series A junior participating preferred stock and Old Republic so held, respectively.
The certificate of incorporation provides, except as otherwise set forth therein, that each one one-hundredth share of the series A junior participating preferred stock will be entitled to one vote and shall be voted with the Common Stock as one class. In the event of any merger, consolidation or other transaction in which the Common Stock is exchanged, each share of series A junior participating preferred stock will be entitled to receive 100 times the amount received per share of Common Stock. In the event that the amount of accrued and unpaid dividends on the series A junior participating preferred stock is equivalent to six full quarterly dividends or more, the holders of the series A junior participating preferred stock shall have the right, voting as a class, to elect two directors in addition to the directors elected by the holders of Common Stock until all cumulative dividends on the series A junior participating preferred stock have been paid through the last quarterly dividend payment date or until non-cumulative dividends have been paid regularly for at least one year.

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