Document:

Exhibit 10.3

    

    

    

    
      Execution Version

       

      SECURITIES PURCHASE AGREEMENT

       

      SECURITIES PURCHASE AGREEMENT (the “Agreement”),
          dated as of April 8, 2021, by and between PAR Technology Corporation, a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and
          assigns, a “Buyer” and collectively, the “Buyers”).

       

      WHEREAS:

       

      A.          The Company and each Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of
        1933, as amended (the “1933 Act”), and Rule 506(b) of Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “Commission”) under the 1933 Act.

       

      B.          Each Buyer wishes to purchase, severally and not jointly, and the Company wishes to sell at the Closing (as defined in Section 1(a)) to the Buyers, upon the terms and conditions stated
        in this Agreement, an aggregate of 2,279,412 shares of common stock, par value $0.02 per share, of the Company (the “Common Stock” and such shares, the “Common Shares”).

       

      C.         As a condition precedent to the Closing, the parties hereto will execute and deliver, among other things, a Registration Rights Agreement, substantially in the form attached hereto as Exhibit

          A (the “Registration Rights Agreement”).

       

      D.           The shares of Common Stock issuable pursuant to this Agreement are referred to herein as the “Purchased Shares”.

       

      NOW, THEREFORE, the Company and each Buyer hereby agree as follows:

       

      1.            PURCHASE AND SALE OF PURCHASED SHARES.

       

      (a)          Purchase of the Common Stock.  Subject to the satisfaction (or waiver) of the conditions set forth in Sections 5 and 6 below, the Company shall issue and sell to each Buyer free
        and clear of any liens, security interests, mortgages, pledges, charges, equities, claims or restrictions on transferability or encumbrances of any kind (collectively, “Liens”) (other than Liens incurred by
        such Buyer, restrictions arising under applicable securities laws, or restrictions imposed by the Transaction Documents (as defined in Section 3(b)), and each Buyer agrees, severally and not jointly, to purchase from the Company on the Closing Date
        (as defined in Section 1(b)), such number of Purchased Shares indicated next to such Buyer’s name on the signature pages hereto (the “Closing”).

       

      (b)          Closing Date. The date, time and place of the Closing (the “Closing Date”) shall be on the date hereof as promptly as practicable after notice of satisfaction
        (or waiver) of the conditions to the Closing set forth in Sections 5 and 6, remotely by electronic exchange of Closing documentation (or such other date, time and place as is mutually agreed to by the Company and the Buyer).

       

      
        
          

      

      
      (c)          Purchase Price. Each Buyer shall pay $68.00 for each Purchased Share to be purchased by the Buyer at the Closing (the “Purchase Price”),
        for the aggregate Purchase Price paid by such Buyer as set forth on the signature pages hereto (the “Aggregate Purchase Price”).

       

      (d)         Form of Payment. On the Closing Date, (i) the Company shall issue to the Buyer in book-entry form its Purchased Shares, and (ii) subject to the receipt of evidence of issuance
        of the Purchased Shares referred to in Section 6(a)(ii)(B), each Buyer shall pay its Aggregate Purchase Price to the Company for its Purchased Shares at the Closing, by wire transfer of immediately available funds in accordance with the Company’s
        written wire instructions that have been confirmed telephonically by the parties prior to or on the Closing Date.

       

      2.            BUYER’S REPRESENTATIONS AND WARRANTIES. Each Buyer, severally and not jointly, represents and warrants that:

       

      (a)         Organization and Qualification. The Buyer is duly organized and validly existing and in good standing under the laws of the jurisdiction in which it is formed, and has the
        requisite power and authorization to own its properties and to carry on its business as now being conducted and as presently proposed to be conducted. The Buyer is duly qualified as a foreign entity to do business and is in good standing in every
        jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not, individually or in the
        aggregate, reasonably be expected to have a Buyer Material Adverse Effect. As used in this Agreement, “Buyer Material Adverse Effect” means any change, effect, event, occurrence or development that would
        prevent, materially delay, or materially impair the Buyer’s ability to consummate any of the transactions contemplated hereby or under any of the other Transaction Documents.

       

      (b)         Consents. The Buyer is not required to obtain any consent, authorization or order of, or make any filing or registration with any Governmental Authority (as defined in Section
        3(d))  or any other Person (as defined in Section 2(d)), in order for it to execute, deliver or perform any of its obligations under or contemplated by this Agreement, and the Buyer is unaware of any facts or circumstances that might prevent the
        Buyer from obtaining or effecting any of the consent, registration, application or filings pursuant to the preceding sentence.

       

      (c)          Sufficient Funds. At the Closing, the Buyer will have available funds necessary to consummate the purchase of its Purchased Shares and pay to the Company its Aggregate Purchase
        Price, as contemplated by Section 1(c).

       

      (d)        No Public Sale or Distribution. The Buyer is acquiring the applicable Purchased Shares for its own account and not with a view towards, or for resale in connection with, the
        public sale or distribution thereof, except pursuant to sales registered or exempted under the 1933 Act. The Buyer does not presently have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Purchased
        Shares. For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and
        any governmental entity or any department or agency thereof.

       

      
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      (e)         Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D. The Buyer (i) has such knowledge and experience in
        financial and business matters as to be capable of evaluating the merits and risks of its prospective investment with respect to the Purchased Shares and (ii) can bear the economic risk of (A) an investment in the Purchased Shares indefinitely and
        (B) a total loss in respect of such investment.

       

      (f)        Reliance on Exemptions. The Buyer understands that the Purchased Shares are being offered and sold to it in reliance on specific exemptions from the registration requirements of
        United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer
        set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the Purchased Shares. Prior to the Closing, the Buyer is acting solely in the capacity of an arm’s length purchaser with respect
        to the Transaction Documents and the transactions contemplated hereby and thereby and the Buyer is not a “beneficial owner” of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the Securities Exchange Act of
        1934, as amended (the “1934 Act”)).

       

      (g)        Information. The Buyer and its advisors, if any, have been furnished with or have had full access to all materials relating to the business, finances and operations of the
        Company and of Punchh Inc. (“Prism”) and materials relating to the offer and sale of the Purchased Shares that have been requested by the Buyer. The Buyer and its advisors, if any, have been afforded the
        opportunity to ask questions of the Company or its representatives. The Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Purchased
        Shares.

       

      (h)          No Governmental Review. The Buyer understands that no United States federal or state agency or any other government or governmental agency has passed on or made any
        recommendation or endorsement of the Purchased Shares or the fairness or suitability of the investment in the Purchased Shares nor have such authorities passed upon or endorsed the merits of the offering of the Purchased Shares.

       

      (i)         Transfer or Resale. The Buyer acknowledges that: (i) the Purchased Shares have not been and are not being registered under the 1933 Act or any state securities laws, (ii) the
        Buyer cannot sell, transfer, or otherwise dispose of any of the Purchased Shares, except in compliance with the Transaction Documents and the registration requirements or exemption provisions of the 1933 Act and any other applicable securities
        laws; and (iii) neither the Company nor any other Person is under any obligation to register the Purchased Shares under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (except
        pursuant to the Registration Rights Agreement).

       

      (j)          Brokers; Finders. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial advisors or other similar fee or commission,
        or the reimbursement of expenses in connection therewith, in connection with the transactions contemplated by the Transaction Documents based upon arrangements made by or on behalf of the Buyer.

       

      
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      (k)       Authorization; Validity; Enforcement. The Buyer has the requisite power and authority to enter into and perform its obligations under the Transaction Documents. The execution and
        delivery of this Agreement and the other Transaction Documents by the Buyer and the consummation by the Buyer of the transactions contemplated hereby and thereby have been, or when executed will be, duly authorized by the Buyer. This Agreement and
        the other Transaction Documents have been duly and validly authorized, executed and delivered on behalf of the Buyer and shall constitute the legal, valid and binding obligations of the Buyer enforceable against the Buyer in accordance with their
        respective terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to
        applicable creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor may be brought.

       

      (l)          No Conflicts. The execution, delivery and performance by the Buyer of this Agreement and the other Transaction Documents and the consummation by the Buyer of the transactions
        contemplated hereby and thereby will not (i) result in a violation of the organizational documents of the Buyer or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) in any
        respect under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order,
        judgment or decree (including foreign, federal and state securities laws and regulations and applicable laws of any foreign, federal, and other state laws) applicable to the Buyer or by which any property or asset of the Buyer is bound or affected,
        in each case other than as would not, individually or in the aggregate, reasonably be expected to have a Buyer Material Adverse Effect.

       

      (m)         No Other Company Representations or Warranties. The Buyer acknowledges and agrees that neither the Company nor any of its Subsidiaries (as defined in Section 3(a)) makes or has made any
        representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3 and in any certificate or other Transaction Document delivered by the Company in connection with this Agreement.
        In connection with the due diligence investigation of the Company by the Buyer and its representatives, the Buyer and its representatives have received from the Company and its representatives certain estimates, projections, forecasts and other
        forward-looking information, as well as certain business plan information containing such information, regarding the Company and its Subsidiaries and their respective businesses and operations, including information regarding the Prism Acquisition
        Transaction (as defined in Section 3(a)), the Securities Purchase Agreement, dated as of the date hereof, between the Company and PAR Act III (as defined in the Registration Rights Agreement) and made available to Buyers prior to or
        contemporaneously with the execution and delivery of this Agreement (the “PAR Act Purchase Agreement”), the Registration Rights Agreement, dated as of the date hereof, between the Company and PAR Act III and
        made available to Buyers prior to or contemporaneously with the execution and delivery of this Agreement (together with the PAR Act Purchase Agreement, the “PAR Act Transaction Documents”), and the Owl Rock
        Transaction. The Buyer hereby acknowledges that there are uncertainties inherent in attempting to make such estimates, projections, forecasts and other forward-looking statements, as well as in such business plans, with which the Buyer is familiar,
        that the Buyer is making its own evaluation of the adequacy and accuracy of all estimates, projections, forecasts and other forward-looking information, as well as such business plans, so furnished to the Buyer (including the reasonableness of the
        assumptions underlying such estimates, projections, forecasts, forward-looking information or business plans), and that except for the representations and warranties made by the Company in Section 3 and in any certificate or other Transaction
        Document delivered by the Company in connection with this Agreement, the Buyer will have no claim against the Company or any of its Subsidiaries, or any of their respective representatives, with respect thereto. Notwithstanding anything to the
        contrary herein, nothing in this Agreement shall limit the right of the Buyer or any of its Affiliates to rely on the representations, warranties, covenants and agreements expressly set forth in this Agreement and in any certificate or other
        Transaction Document delivered by the Company in connection with this Agreement, nor will anything in this Agreement operate to limit any claim by the Buyer or any of its Affiliates for actual and intentional fraud. As used in this Agreement, “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person as of the date which, or at any time during the
        period for which, the determination of affiliation is being made.  For purposes of this definition, “control,” when used with respect to any Person, has the meaning specified in Rule 12b-2 under the 1934 Act; and the terms “controlling” and
        “controlled” have meanings correlative to the foregoing.

       

      
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      3.           REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

       

      The Company represents and warrants to each Buyer that except as (A) disclosed (to the extent that the relevance of any such disclosure with respect to any section of this Agreement is reasonably
        apparent on its face) in SEC Documents (as defined in Section 3(i)) filed or furnished after December 31, 2019 and prior to the date hereof (other than disclosure contained in the “Risk Factors” or “Forward Looking Statements” sections of such SEC
        Documents or any other sections to the extent such disclosures are similarly predictive or forward-looking in nature), or (B) set forth in the confidential disclosure letter delivered by the Company to the Buyers prior to the execution of this
        Agreement (the “Company Disclosure Letter”) (it being understood that any information, item or matter set forth on one section or subsection of the Company Disclosure Letter shall be deemed disclosure with
        respect to, and shall be deemed to apply to and qualify, the section or subsection of this Agreement to which it corresponds in number and each other section or subsection of this Agreement to the extent that it is reasonably apparent on its face
        that such information, item or matter is relevant to such other section or subsection):

       

      (a)        Organization and Qualification. Each of the Company and each of its Subsidiaries are entities duly organized or formed and validly existing and in good standing under the laws of
        the jurisdiction in which they are organized or formed, and have the requisite power and authority to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted, except, solely with respect
        to the Company’s Subsidiaries, to the extent that the failure to be in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (as defined below). Each of the Company and its Subsidiaries
        is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the
        failure to be so qualified would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

       

      
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      As used in this Agreement, “Subsidiary” means any company, partnership, limited liability company, joint venture, joint stock company, trust, unincorporated organization or other
        entity for which the Company directly or indirectly owns (a) at least 50% of the ordinary voting power (or, in the case of a partnership, more than 50% of the general partnership interests) or (b) sufficient voting rights to elect at least a
        majority of the board of directors or other governing body. As used in this Agreement, “Material Adverse Effect” means any change, effect, event, occurrence or development that has a material adverse effect
        on the business, operations, results of operations, capital, properties, assets, liabilities or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, provided, that, none of the following shall be deemed either
        alone or in combination to constitute, and none of the following shall be taken into account in determining whether there has been, a Material Adverse Effect: (A) changes generally affecting the industry in which the Company or its Subsidiaries
        operate; (B) general changes in the economic or business conditions or securities, credit, financial or other capital markets of the U.S. or any other region outside of the U.S. (including changes generally in prevailing interest rates, currency
        exchange rates, credit markets and price levels or trading volumes) in which the Company or its Subsidiaries operate; (C) earthquakes, fires, floods, hurricanes, tornadoes, pandemics, or similar catastrophes or acts of god or weather conditions,
        and any state or federal government orders or other actions in response thereto, (D) political conditions, including acts of terrorism, war, sabotage, national or international calamity, military action or any other similar event or any change,
        escalation or worsening thereof after the date hereof (other than cyberattacks targeting the Company or its Subsidiaries); (E) any change in GAAP (as defined in Section 3(i)) or any change in laws of general applicability (or interpretation or
        enforcement thereof) after the date hereof; (F) the execution of this Agreement, the other Transaction Documents, the PAR Act Transaction Documents, or the Agreement and Plan of Merger dated as of April 8, 2021, among the Company, ParTech Inc.,
        Sliver Merger Sub, Inc., Prism and Fortis Advisors, LLC (the “Prism Merger Agreement”), the Escrow Agreement (as defined under the Prism Merger Agreement) and the Joinder Agreement (as defined under the Prism
        Merger Agreement) and made available to Buyer prior to or contemporaneously with the execution and delivery of this Agreement (collectively, the “Prism Transaction Documents”) and all transactions
        contemplated thereby, including the Merger (as defined in the Prism Merger Agreement), the “Prism Merger” and collectively, the “Prism Acquisition Transaction”), or the
        public disclosure of such agreements or the transactions contemplated hereby and thereby (including the impact thereof on the relationships, contractual or otherwise, of the Company or any of its Subsidiaries with employees, labor unions (if any),
        financing sources, customers, suppliers, or partners that the Company can reasonably establish resulted from the execution or the public disclosure of this Agreement, the other Transaction Documents, the PAR Act Transaction Documents or the Prism
        Transaction Documents, or the Prism Acquisition Transaction); (G) the execution of the Credit Agreement, dated as of April 8, 2021, among the Company, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, Owl
        Rock First Lien Master Fund, L.P., and Owl Rock Capital Advisors LLC and made available to Buyer prior to or contemporaneously with the execution and delivery of this Agreement (the “Owl Rock Transaction Documents”)

        and the transactions contemplated thereby (the “Owl Rock Transaction”), (H) any failure to meet internal or published projections, forecasts or revenue or earning predictions for any period; (I) a decline in
        the trading price or trading volume of the Company’s Common Stock; provided that, with respect to clauses (H) and (I), the underlying causes of such failure, decline or change not otherwise excluded herein may be considered in determining
        whether there has been or would reasonably be expected to be, a Material Adverse Effect; and (J) any actions taken, or failure to take any action, in each case, to which the Buyer has expressly given advance written approval or consent, that is
        affirmatively required by this Agreement or requested by the Buyer; provided that a material adverse effect described in any of the foregoing clauses (A) through (E) may be taken into account to the extent the Company and its Subsidiaries are
        disproportionately affected thereby relative to other companies in the industries in which the Company and its Subsidiaries operate.  As used in this Agreement, “knowledge” means, with respect to the Company, the actual knowledge of Savneet Singh
        Bryan Menar, Cathy King and Matthew Cicchinelli in each case, after reasonable inquiry of such person’s direct reports.

       

      
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      (b)          Authorization; Enforcement; Validity. The Company has all necessary power and authority to execute, deliver and perform its obligations under this Agreement and the Registration Rights Agreement
        (collectively, the “Transaction Documents”) and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the other Transaction Documents by the Company
        and the consummation by the Company of the transactions contemplated hereby and thereby, including, the issuance of the Purchased Shares, have been duly authorized by the Company’s Board of Directors (the “Board”)

        and (other than the filing with the SEC of a Form D and one or more registration statements (as defined in the Registration Rights Agreement) in accordance with the requirements of the Registration Rights Agreement and other filings as may be
        required by state securities agencies) no further filing, consent or authorization is required by the Company, the Board or its stockholders .  This Agreement has been duly and validly authorized, executed and delivered by the Company, and the
        other Transaction Documents have been duly and validly authorized by the Company and, at the Closing Date, will have been duly executed and delivered by the Company and constitute and will constitute legal, valid and binding obligations of the
        Company, enforceable against the Company in accordance with their terms, except as the enforcement thereof may be subject to (i)  bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other
        similar laws now or hereafter in effect relating to applicable creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor may
        be brought.

       

      (c)          Issuance of Purchased Shares. The issuance of the Purchased Shares has been duly authorized and, upon issuance in accordance with the terms of the Transaction Documents, will be validly issued,
        fully paid and nonassessable and free from all preemptive or similar rights (except as set forth in the Investor Rights Agreement), taxes, Liens and charges with respect to the issue thereof, with the holders being entitled to all rights accorded
        to a holder of Common Stock.  Assuming in part the accuracy of each of the representations and warranties of the Buyer set forth in Section 2 of this Agreement, the offer and issuance by the Company of the Purchased Shares is exempt from
        registration under the 1933 Act.

       

      
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      (d)          Compliance with Existing Agreements. Neither the Company nor any of its Subsidiaries is: (i) in violation of its certificate of incorporation, by-laws or other organizational documents (the “Charter Documents”); (ii) in violation of any U.S. or non-U.S. federal, state or local statute, law or ordinance, or any judgment, decree, rule, regulation, order or injunction of any U.S. or non-U.S. federal,
        state, local or other governmental or regulatory authority, including the rules, listing requirements and regulations of the New York Stock Exchange (the “Principal Market”), governmental or regulatory agency
        or body, court, arbitrator or self-regulatory organization (each, a “Governmental Authority”), applicable to any of them or any of their respective properties (collectively, “Applicable

          Law”); or (iii) in breach of or default under any agreement, bond, debenture, note, loan or other evidence of indebtedness, indenture, mortgage, deed of trust, lease or any other instrument to which any of them is a party or by which any
        of them or their respective property is bound (collectively, the “Applicable Agreements”), except, in the case of clauses (ii) and (iii) for such violations, breaches or defaults that would not, individually
        or in the aggregate, reasonably be expected to have a Material Adverse Effect or prevent, materially delay or materially impair the Company’s ability to consummate any of the transactions contemplated hereby or under any of the other Transaction
        Documents. All Applicable Agreements that are material to the Company and its Subsidiaries, taken as a whole, are in full force and effect and are legal, valid and binding obligations. There exists no condition that, with notice or the passage of
        time or otherwise, would constitute or cause (a) a violation of the Charter Documents, (b) a violation of Applicable Laws, or (c) a breach of, imposition of any penalty or default or a “Debt Repayment Triggering Event” (as defined below) under any
        Applicable Agreement, except, in the case of clauses (b) and (c), for any such violations, breaches, penalties, defaults or Debt Repayment Triggering Events as would not, individually or in the aggregate, reasonably be expected to have a Material
        Adverse Effect or prevent, materially delay or materially impair the Company’s ability to consummate any of the transactions contemplated hereby or under any of the other Transaction Documents. As used in this agreement, a “Debt Repayment Triggering Event” means any event or condition that gives, or with the giving of notice or lapse of time would give, the holder of any bond, debenture or other evidence of indebtedness, indenture,
        mortgage, deed of trust, lease or any other instrument (or any Person acting on such holder’s behalf) the right to require the acceleration, repurchase, redemption or repayment of all or any portion of such indebtedness, indenture, mortgage, deed
        of trust, lease or any other instrument by the Company or any of its Subsidiaries or any of their respective properties.

       

      (e)          No Conflicts. Neither the execution, delivery or performance of the Transaction Documents nor the consummation of any of the transactions contemplated hereby and thereby will conflict with, violate,
        constitute a breach of or a default (with notice, the passage of time or otherwise) or a Debt Repayment Triggering Event under, or result in the imposition of a Lien on any assets of the Company or any of its Subsidiaries, the imposition of any
        penalty or a Debt Repayment Triggering Event under or pursuant to (i) the Charter Documents, (ii) any Applicable Agreement, (iii) any Applicable Law or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or
        affecting the Company, except in the case of clauses (ii) and (iii) for such conflicts, violations, breaches, penalties, defaults or events that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect
        or prevent, materially delay or materially impair the Company’s ability to consummate any of the transactions contemplated hereby or under any of the other Transaction Documents.

       

      
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      (f)          Consents. Subject to receipt of the Required Stockholder Approval (as defined in the PAR Act Purchase Agreement), the Company is not required to obtain any consent, approval,
        authorization, permit, declaration or order of, or make any filing or registration with (other than the filing with the Commission of a Form D and one or more registration statements in accordance with the requirements of the Registration Rights
        Agreement, other filings as may be required by state securities agencies and the listing of the Purchased Shares on the Principal Market), any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for
        it to execute, deliver or perform any of its obligations under or contemplated by the Transaction Documents or the PAR Act Transaction Documents, in each case in accordance with the terms hereof or thereof. All consents, authorizations, orders,
        filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the Closing Date (or in the case of the filings detailed above, which filings will be made after the
        Closing Date, will be made within the time period required by Applicable Law), and, other than the Required Stockholder Approval, the Company and its Subsidiaries are unaware of any facts or circumstances that might prevent the Company or any of
        its Subsidiaries from obtaining or effecting any of the consent, registration, application or filings pursuant to the preceding sentence. The Company is not in violation of the listing requirements of the Principal Market and has no knowledge of
        any facts or circumstances that would reasonably lead to delisting or suspension of the Common Stock in the foreseeable future, except as would not, individually or in the aggregate, reasonably be expected to prevent, materially delay or materially
        impair the Company’s ability to consummate any of the transactions contemplated hereby or under any of the other Transaction Documents.

       

      (g)         No General Solicitation; Broker Fees. Neither the Company, nor any of its Subsidiaries, nor, to the knowledge of the Company, any Person acting on its or their behalf, has
        engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Purchased Shares. The Company shall be responsible for the payment of any placement agent’s fees,
        financial advisory fees, or brokers’ commissions (other than for Persons engaged by any Buyer or its investment advisor) relating to or arising out of the transactions contemplated hereby.

       

      (h)         No Integrated Offering. None of the Company nor its Subsidiaries, nor, to the knowledge of the Company, any Person acting on its or their behalf has, directly or indirectly,
        made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of the issuance of any of the Purchased Shares under the 1933 Act, whether through integration with prior
        offerings, the Prism Acquisition Transaction or otherwise, or cause this offering of the Purchased Shares to require the approval of the stockholders of the Company for purposes of the 1933 Act or any applicable stockholder approval provisions,
        including, under the rules and regulations of the Principal Market (other than the Required Stockholder Approval).

       

      
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      (i)           SEC Documents; Financial Statements; Shell Company Status.

       

      (i)        Since December 31, 2018, the Company has timely filed or furnished all the SEC Documents required to be filed or furnished by it with the Commission pursuant to Section 13(a) or 15(d)
        of 1934 Act. As of their respective filing or being furnished (or if amended or supplemented, as of the date of such amendment or supplement, or, in the case of an SEC Document that is a registration statement filed pursuant to the 1933 Act or a
        proxy statement filed pursuant to the 1934 Act, on the date of effectiveness of such SEC Document or date of the applicable meeting, respectively), the SEC Documents complied or will comply, as applicable, with the applicable requirements of the
        1933 Act, the 1934 Act and the Sarbanes-Oxley Act of 2002, as amended (and in each case, the rules and regulations of the Commission promulgated thereunder), in each case as in effect at such time, and none of the SEC Documents, at the time they
        were filed or furnished, or will be filed or furnished, with the Commission (or, if amended or supplemented, the date of the filing of such amendment or supplement, with respect to the disclosures that were so amended or supplemented or, in the
        case of an SEC Document that is a registration statement filed pursuant to the 1933 Act or a proxy statement filed pursuant to the 1934 Act, on the date of effectiveness of such SEC Document or date of the applicable meeting, respectively), contain
        any untrue statement of a material fact or omit 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 or will be made, not
        misleading.  For purposes of this Agreement, “SEC Documents” means all reports, schedules, forms, statements and other documents required to be filed and so filed by the Company with the Commission under
        Sections 12, 13, 14 or 15(d) of the 1934 Act and all exhibits included therein and financial statements (including the consolidated balance sheets and consolidated statements of operation, comprehensive loss, changes in stockholders’ equity and
        cash flows), notes and schedules thereto and documents incorporated by reference therein. The Company is currently eligible to register securities on Form S‐3.

       

      (ii)          To the knowledge of the Company, (i) none of the SEC Documents filed or furnished since December 31, 2018 is subject to any pending proceeding by or before the SEC, and (ii) there
        are no outstanding or unresolved comments received from the Commission with respect to any of the SEC Documents filed or furnished since December 31, 2018.

       

      (iii)         None of its Subsidiaries of the Company is subject to the reporting requirements of Section 13(a) or 15(d) of the 1934 Act.

       

      (iv)        The Company has established and maintains disclosure controls and procedures and a system of internal control over financial reporting (as such terms are defined in paragraphs (e) and
        (f), respectively, of Rule 13a-15 under the 1934 Act) in accordance with Rule 13a-15 under the 1934 Act. Since December 31, 2019, neither the Company nor any of its Subsidiaries has identified or been made aware of (i) any “significant
        deficiencies” or “material weaknesses” (as defined by the Public Company Accounting Oversight Board) in the design or operation of the Company’s internal controls over and procedures relating to financial reporting which would reasonably be
        expected to adversely affect in any material respect the Company’s ability to record, process, summarize and report financial data, in each case which has not been publicly disclosed or (ii) any fraud, whether or not material, that involves
        management or other employees who have a significant role in the Company’s internal control over financial reporting.

       

      (v)          The financial statements filed with the Commission as part of the SEC Documents present fairly in all material respects the financial position, results of operations and cash flows of
        the Company and its consolidated Subsidiaries, as of the respective dates and for the respective periods to which they apply and have been prepared in accordance with generally accepted accounting principles of the United States (“GAAP”) applied on a consistent basis throughout the periods involved (except as such inconsistency may be expressly stated in the related notes thereto) and the requirements of Regulation S-X.  All financial,
        statistical and market and industry data contained in the SEC Documents are fairly and accurately presented in all material respects and are based on or derived from sources that the Company reasonably believes to be reliable and accurate.

       

      
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      (vi)         Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, neither the Company nor any of its Subsidiaries has any liabilities of any nature (whether
        accrued, absolute, contingent or otherwise) that would be required under GAAP, as in effect on the date hereof, to be reflected on a consolidated balance sheet of the Company (including the notes thereto) except liabilities (i) reflected or
        reserved against in the consolidated balance sheet (or the notes thereto) of the Company and its Subsidiaries included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Balance
          Sheet Date”), (ii) incurred after the Balance Sheet Date in the ordinary course of the Company’s business, (iii) as expressly contemplated by the Transaction Documents, the PAR Act Transaction Documents, the Prism Acquisition Transaction
        and the Owl Rock Transaction or otherwise incurred in connection with the transactions contemplated hereby and thereby, or (iv) that have been discharged or paid prior to the date of this Agreement.

       

      (vii)       Neither the Company nor any of its Subsidiaries is a party to, or has any commitment to become a party to, any joint venture, off-balance sheet partnership or any similar contract,
        agreement or arrangement (including any contract, agreement or arrangement relating to any transaction or relationship between or among the Company or one or more of its Subsidiaries, on the one hand, and any other Person, including any structured
        finance, special purpose or limited purpose entity or Person, on the other hand), or any “off-balance sheet arrangements” (as defined in Item 303(a) of Regulation S-K of the 1933 Act).

       

      (viii)       The Company is not, and has not been at any time, an issuer identified in Rule 144(i)(1).

       

      (j)         Absence of Certain Changes. Since December 31, 2020, (a) except for the execution and performance of this Agreement and the other Transaction Documents, the PAR Act
        Transaction Documents, the Prism Acquisition Transaction and the Owl Rock Transaction and the discussions, negotiations and transactions related hereto and thereto, the business of the Company and its Subsidiaries has been carried on and conducted
        in all material respects in the ordinary course of business, and (b) there has not been any Material Adverse Effect or any event, change or occurrence that would, individually or in the aggregate, reasonably be expected to have a Material Adverse
        Effect.

       

      (k)       All Necessary Permits, etc. Each of the Company and its Subsidiaries possess all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and
        has made all declarations and filings with, all Governmental Authorities, presently required or necessary to conduct their respective businesses (“Permits”), except where the failure to possess such Permits
        would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and, to the knowledge of the Company, none of the Company or its Subsidiaries has received or, to the knowledge of the Company, has any reason to
        believe it will receive any notice of any proceeding relating to revocation or modification of any such Permit, except where such revocation or modification would not, individually or in the aggregate, reasonably be expected to have a Material
        Adverse Effect.

       

      
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      (l)           Equity Capitalization. The authorized capital stock of the Company consists of (i) 58,000,000 shares of Common Stock, par value $0.02 per share, of which as of 5:00 P.M. (New York time) on April
        7, 2021 (the “Capitalization Date”) and prior to the issuance of the Purchased Shares, 23,104,309 shares are issued and 21,962,118 shares outstanding, (A) 2,107,362 Common Shares are reserved for issuance
        under the Company’s equity incentive plans, of which the Company has granted options to purchase 899,172 Common Shares at a weighted average exercise price of $14.28 per share, and 372,111 Common Shares are issuable upon vesting of outstanding
        restricted stock units; (B) 43,265 Common Shares are reserved for issuance upon vesting of restricted stock units issued in connection with the Company’s assumption of awards granted by AccSys, LLC, a wholly owned Subsidiary of the Company (“Restaurant Magic”), under its long term incentive plan prior to the closing of the Company’s acquisition of Restaurant Magic (together with the Company equity incentive plans in clause (A), (the “Company Equity Plans”), and (C) an aggregate of 4,338,323 Common Shares are reserved for issuance in connection with conversions of the Company’s 2.875% Convertible Senior Notes due 2026 and 4.500% Convertible
        Senior Notes due 2024 (together, the “Convertible Notes”), to the extent that holders elect to convert the notes and the Company elects to satisfy conversions of the notes through physical settlement, and
        (ii) 1,000,000 shares of preferred stock, par value $0.02 per share, none of which are issued and outstanding. Since the Capitalization Date and through the date of this Agreement, other than those in connection with the Prism Acquisition
        Transaction, the Transaction Documents and the PAR Act Transaction Documents, no Company Equity Plan has been amended or otherwise modified and no Common Shares, options to purchase Common Shares, restricted stock units or any warrants, conversion
        rights, stock appreciation rights, redemption rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that obligate the Company or any of its Subsidiaries to issue or to sell any shares of capital stock or
        other securities of the Company or any of its Subsidiaries or any securities or obligations convertible or exchangeable into or exercisable for, valued by reference to, or giving any Person a right to subscribe for or acquire, any securities of the
        Company or any of its Subsidiaries have been repurchased or redeemed or issued (other than with respect to the exercise, vesting or settlement of the options to purchase Common Shares, restricted stock and restricted stock units outstanding prior
        to the Capitalization Date and pursuant to the terms of the applicable Company Equity Plan in effect on the Capitalization Date), and no Shares have been issued or reserved for issuance and no foregoing rights have been granted, except pursuant to
        the terms of the applicable Company Equity Plan in effect on the Capitalization Date or the Convertible Notes.  All of such issued and outstanding shares are, or upon issuance will be validly issued, fully paid and nonassessable and have been
        issued in compliance with all federal and state securities laws.  None of the outstanding Common Shares prior to the issuance of the Purchased Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights
        to subscribe for or purchase securities of the Company. Except as set forth above in this clause (l) or as contemplated by the Transaction Documents, the PAR Act Transaction Documents and the Prism Transaction Documents, including the Common Shares
        to be issued to stockholders, option holders and warrantholders of Prism in connection with the Prism Acquisition Transaction and the options of Prism assumed by the Company pursuant to the Prism Merger Agreement, there are no outstanding (i)
        options, warrants, preemptive rights, rights of first refusal or other rights to purchase from the Company or any of its Subsidiaries, (ii) agreements, contracts, arrangements or other obligations of the Company or any of its Subsidiaries to issue
        or (iii) other rights to convert into or exchange any securities for, in the case of each of clauses (i) through (iii), shares of capital stock of or other ownership or equity interests in the Company or any of its Subsidiaries. Except as otherwise
        provided in the Registration Rights Agreement, the PAR Act Transaction Documents and the Prism Transaction Documents, there are no outstanding rights or obligations of the Company to register with the Commission or obligations to repurchase or
        redeem any of its equity securities. The rights, preferences, privileges, and restrictions of the Common Stock are as stated in the Charter Documents.  Neither the Company nor any of its Subsidiaries is a party to any voting agreement or similar
        agreement with respect to the capital stock or other securities of the Company or any of its Subsidiaries. The descriptions of the Company’s stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted
        thereunder, set forth in the most recent SEC Documents filed prior to the date of this Agreement fairly present in all material respects all material information regarding such plans, arrangements, options and rights.

       

      
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      (m)         Indebtedness.  Other than the Indenture, dated as of February 10, 2020, between the Company, as Issuer, and the Bank of New York Mellon Trust Company, N.A., as Trustee or the Indenture, dated as of
        April 15, 2019, between the Company, as Issuer, and the Bank of New York Mellon Trust Company, N.A., as Trustee, the Convertible Notes and the Owl Rock Transaction Documents, the Company is not party to any material loan or credit agreement,
        indenture, debenture, note, bond, mortgage or deed of trust.

       

      (n)         Principal Market Listing. The Common Shares are registered pursuant to Section 12(b) or 12(g) of the 1934 Act and are listed on the Principal Market, and the Company has taken
        no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Shares under the 1934 Act or delisting the Common Shares from the Principal Market. The Company has not received any notification that the
        Commission or the Principal Market is contemplating terminating such registration or listing.  The Company is in compliance with all applicable rules, listing requirements and regulations of the Principal Market.

       

      (o)        No Material Actions or Proceedings. (i) There are no stop orders in effect suspending the qualification or exemption from qualification of any of the Purchased Shares in any
        jurisdiction and no proceedings for that purpose have been commenced or are pending or, to the knowledge of the Company, pending or contemplated and (ii) there is no action, claim, suit, demand, hearing, notice of violation or deficiency, or
        proceeding pending or, to the knowledge of the Company, threatened or contemplated by any Person or Governmental Authorities that, with respect to clauses (i) and (ii) of this paragraph that would, individually or in the aggregate, reasonably be
        expected to have a Material Adverse Effect or prevent, materially delay or materially impair the Company’s ability to consummate any of the transactions contemplated hereby or under any of the other Transaction Documents.

       

      
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      (p)          Employee Relations.  (i) Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or employs any member of a union; (ii) there is no union representation
        question existing with respect to the employees of the Company, and, to the knowledge of the Company, no union organizing activities are taking place that, could, individually or in the aggregate, reasonably be expected to have a Material Adverse
        Effect; (iii) to the knowledge of the Company, no union organizing or decertification efforts are underway or threatened against the Company or any of its Subsidiaries; (iv) no labor strike, work stoppage, slowdown or other material labor dispute
        is pending against the Company or any of its Subsidiaries, or, to the Company’s knowledge, threatened against the Company or any of its Subsidiaries; (v) there is no worker’s compensation liability, experience or matter that could be reasonably
        expected to have a Material Adverse Effect; (vi) to the knowledge of the Company, there is no threatened or pending liability against the Company or any of its Subsidiaries pursuant to the Worker Adjustment Retraining and Notification Act of 1988,
        as amended, or any similar state or local law; (vii) there is no employment-related charge, complaint, grievance, investigation, unfair labor practice claim or inquiry of any kind, pending against the Company or any of its Subsidiaries that could,
        individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (viii) to the knowledge of the Company, no employee or agent of the Company or any of its Subsidiaries has committed any act or omission giving rise to
        liability for any violation identified in subsection (vi) and (vii) above, other than, with respect to those identified in subsection (vii), such acts or omissions that would not, individually or in the aggregate, reasonably be expected to have a
        Material Adverse Effect; and (x) no term or condition of employment exists through arbitration awards, settlement agreements or side agreement that is contrary to the express terms of any applicable collective bargaining agreement.

       

      (q)         Title. Each of the Company and its Subsidiaries has good, marketable and valid title to all material real property owned by it and good title to all material personal property
        owned by it and good and valid title to all material leasehold estates in real and personal property being leased by it and, as of the Closing Date, will be free and clear of all Liens other than those that do not interfere with the use made and
        proposed to be made of such property by the Company and its Subsidiaries in a manner that is material to the Company and its Subsidiaries, taken as a whole.

       

      (r)           Intellectual Property Rights.

       

      (i)           Each of the Company and its Subsidiaries owns, or is licensed to use, all patents, patent rights, inventions, copyrights, trade secrets, know-how (including unpatented and/or unpatentable proprietary or
        confidential information, systems or procedures), trademarks, service marks, domain names, trade names and other intellectual property rights and all applications and registrations therefor, in each case, anywhere in the world (collectively, “Intellectual Property Rights”) necessary for the conduct of its businesses as now conducted and as presently proposed to be conducted, except where failure to own or possess a license to use such Intellectual
        Property Rights would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

       

      (ii)          All material Intellectual Property Rights that are owned by the Company or any of its Subsidiaries (collectively, “Owned IP”) that are issued by, registered with,
        renewed by or the subject of a pending application before any Governmental Authority or domain name registrar are, to the knowledge of the Company, subsisting, valid and enforceable.

       

      (iii)         Neither the Company nor any of its Subsidiaries has received any claim, notice, invitation to license or similar communication within the three-year period prior to the date hereof (A) contesting or
        challenging the use, validity, enforceability or ownership of any Owned IP, or (B) alleging that the Company or any of its Subsidiaries or any of their respective products or services infringes, misappropriates or otherwise violates the
        Intellectual Property Rights of any Person, in each case of clauses (A) and (B), except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

       

      
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      (iv)         No funding, facilities or resources of a Governmental Authority, university, or other educational institution or research center was used in the development of any Owned IP, and no Governmental Authority,
        university, or other educational institution or research center has any claim or right in or to any Owned IP, in each case, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

       

      (v)          In the three-year period prior to the date hereof, there has been no unauthorized access to or unauthorized use of any technology devices, computers, Software, servers, networks, or other information
        technology equipment, or any data stored therein or processed thereby, or any associated documentation, in each case, used by the Company or any of its Subsidiaries in a manner that, individually or in the aggregate, has resulted in or is
        reasonably likely to result in a Material Adverse Effect. “Software” means any computer program, application, middleware, firmware, microcode and other software, in each case, whether source code, object code
        or other form or format.

       

      (vi)         The Company and each of its Subsidiaries have complied with all of their respective policies, contractual and fiduciary obligations, and with all Applicable Laws, in each case, regarding Personal
        Information, including with respect to the collection, use, storage, processing, transmission, transfer (including cross-border transfers), disclosure and protection of Personal Information, and no Person has gained unauthorized access to or
        misused any Personal Information, in each case, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. “Personal Information” means (i) any information that identifies or could reasonably be
        used to identify an individual, browser, device or household, or (ii) is considered “personally identifiable information,” “personal information,” “personal data” or a similar term under any Applicable Laws.

       

      (vii)        Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no proprietary Software of the Company or any of its Subsidiaries contains, is derived
        from, or links to any Software that is governed by an any license that requires, as a condition of modification, licensing, conveyance, distribution or provision of Software subject to such license, that such Software or other Software combined,
        linked or distributed with or derived from such Software (or any modifications or derivative works thereof) be disclosed, licensed, conveyed, distributed or made available in source code form and/or on a royalty-free basis (including for the
        purpose of making additional copies or derivative works).

       

      (s)          Environmental Laws. Each of the Company and its Subsidiaries is (i) in compliance with any and all applicable U.S. or non-U.S. federal, state and local laws and regulations relating to health and
        safety, or the pollution or the protection of the environment or the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of hazardous or toxic substances of wastes, pollutants or contaminants (“Environmental Laws”), (ii) has received and is in compliance with all Permits, licenses or other approvals required of them under applicable Environmental Laws to conduct its businesses and (iii) has not received
        notice of, and is not aware of, any actual or potential liability for damages to natural resources or the investigation or remediation of any disposal, release or existence of hazardous or toxic substances or wastes, pollutants or contaminants, in
        each case except where such non-compliance with Environmental Laws, failure to receive and comply with required permits, licenses or other approvals, or liability would not, individually or in the aggregate, reasonably be expected to have a
        Material Adverse Effect.

       

      
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      (t)          Investment Company Status. The Company is not and, after giving effect to the transactions contemplated by the Transaction Documents, Prism Acquisition Transaction and the Owl
        Rock Transaction, the Company will not be, individually or on a consolidated basis, an “investment company” that is required to be registered under the Investment Company Act of 1940, as amended (the “Investment
          Company Act”); and following the Closing, the Company and its Subsidiaries, including Prism, intend to conduct their businesses in a manner so as not to be required to register under the Investment Company Act.

       

      (u)         Tax Status. All Tax (as hereinafter defined) returns required to be filed by the Company and each of its Subsidiaries have been filed and all such returns are true, complete and
        correct in all material respects.  All material Taxes that are due from the Company and its Subsidiaries have been paid other than those (i) currently payable without penalty or interest or (ii) being contested in good faith and by appropriate
        proceedings and for which adequate accruals have been established in accordance with GAAP applied on a consistent basis throughout the periods involved. The accruals on the books and records of the Company and its Subsidiaries in respect of any
        material Tax liability for any period not finally determined are adequate to meet any assessments of Tax for any such period. For purposes of this Agreement, the term “Tax” and “Taxes” shall mean all U.S. and non-U.S. federal, state, and local taxes, and other assessments of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax or penalties applicable
        thereto.

       

      (v)         No Disqualification Events. With respect to the issuance of the Purchased Shares, none of the Company, any of its predecessors, any Affiliated issuer, any director, executive
        officer, other officer of the Company, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the 1933 Act)
        connected with the Company in any capacity at the time of sale is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the 1933 Act except for items covered by Rule 506(d)(2) or (d)(3).

       

      (w)        Illegal Payments; FCPA Violations. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, since December 31, 2019,
        neither of the Company nor any of its Subsidiaries nor any director, officer, or employee of the Company or any of its Subsidiaries, nor to the knowledge of the Company, any agent, representative, consultant or Affiliate acting on behalf of the
        Company or any of its Subsidiaries has, in the course of its actions for, or on behalf of, the Company or any of its Subsidiaries (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political
        activity; (ii) made or taken any act in furtherance of an offer, promise, or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or
        controlled entity or public international organization, or any political party, party official, or candidate for political office; (iii) otherwise violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, the
        UK Bribery Act 2010, or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, authorized, requested, or taken an act in furtherance of any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful
        payment or benefit.

       

      
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      (x)         Economic Sanctions. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Company is not in contravention of any
        sanction, and has not engaged in any conduct sanctionable, under U.S. economic sanctions laws, including Applicable Laws administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, 31 C.F.R. Part V, the Iran
        Sanctions Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act, the Iran Threat Reduction and Syria Human Rights Act, the Iran Freedom and Counter Proliferation Act of 2012, and any executive order issued pursuant to any of the
        foregoing.

       

      (y)          Government Contracts.  Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) neither Company nor any of its Subsidiaries has received
        any written notice that it is, and, to the knowledge of the Company none of the Company, its Subsidiaries and their respective employees is (or since December 31, 2018 has been) under administrative, civil or criminal investigation, indictment or
        information by any Governmental Authority (except as to routine security investigations); (ii) there is no pending or, to the knowledge of the Company, threatened audit or investigation by any Governmental Authority of the Company, its Subsidiaries
        or their respective employees with respect to any alleged material irregularity, misstatement, omission or violation of Law arising under or relating to any Applicable Agreement that (x) is between the Company or any of its Subsidiaries and a
        Governmental Authority or (y) is entered into by the Company or any of its Subsidiaries as a subcontractor (at any tier) in connection with a contract or agreement between another Person and a Governmental Authority (a “Government Contract” and the relevant Governmental Authority that is the direct or end customer in any Government Contract, the “End Customer”); and (iii) all costs, fees, profit and other
        charges and expenses of any nature that have been charged, and all sums invoiced, under Government Contracts have been properly chargeable or invoiced to such Government Contract, and were charged or invoiced in amounts consistent with the
        requirements of such Government Contract and Applicable Law.  To the knowledge of the Company, during the twelve (12) months prior to the date of this Agreement, the relationships of the Company and its Subsidiaries with the End Customers are
        reasonable commercial working relationships and no senior officer of the Company has received written notice that any of the End Customers has terminated or adversely changed in any material respect its commercial relationship with the Company or
        any of its Subsidiaries under any Government Contract (including through termination of or changes to any relevant prime contract).

       

      (z)          No Rights Agreements; Anti-Takeover Provisions. As of the date of this Agreement, neither the Company nor any of its Subsidiaries is party to a stockholder rights agreement, “poison pill” or similar
        anti-takeover agreement or plan.  The Board has taken all necessary actions to ensure that no restrictions included in any “control share acquisition,” “fair price,” “moratorium,” “business combination” or other state anti-takeover law is, or as of
        the Closing will be, applicable to the transactions contemplated hereby, including the Company’s issuance of shares of the Purchased Shares.

       

      
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      (aa)        No Other Representations or Warranties of Buyer. The Company acknowledges and agrees that no Buyer and none of its Affiliates makes or has made any representations or warranties
        with respect to the transactions contemplated hereby other than those specifically set forth in Section 2. Notwithstanding anything to the contrary herein, nothing in this Agreement shall limit the right of the Company or any of its Subsidiaries to
        rely on the representations, warranties, covenants and agreements expressly set forth in this Agreement, nor will anything in this Agreement operate to limit any claim by the Company or any of its Subsidiaries for actual and intentional fraud.

       

      4.           COVENANTS.

       

      (a)         Form D and Blue Sky. The Company agrees to file a Form D with respect to the Purchased Shares if required under Regulation D and shall provide a copy thereof to any Buyer
        promptly upon such Buyer’s request. Following the Closing Date, the Company shall make all filings and reports relating to the offer and sale of the Purchased Shares required under applicable securities or “Blue Sky” laws of the states of the
        United States. The Company shall provide each Buyer and its legal counsel with a reasonable opportunity to review and comment upon drafts of all documents to be submitted to or filed with the SEC, whether publicly or not, in connection with the
        transactions contemplated hereby and by the other Transaction Documents and give reasonable consideration to all such comments.

       

      (b)        Reporting Status. Until the earlier of (x) a Change of Control or (y) the date on which the Investors (as defined in the Registration Rights Agreement) no longer hold any
        Purchased Shares, the Company shall timely file all reports required to be filed with the Commission pursuant to the 1934 Act, and the Company shall use reasonable best efforts to maintain its status as an issuer required to file reports under the
        1934 Act even if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise permit such filing, and the Company shall use reasonable best efforts to maintain its eligibility to register the Purchased Shares in
        accordance with the Registration Rights Agreement for resale by the Investors on Form S-3. For purposes of this Agreement, “Change of Control” means, at any time, the occurrence of any of the following events
        or circumstances: (i) any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the 1934 Act) shall (A) become the “beneficial owner” (within the meaning of Section 13(d) of the 1934 Act), directly or indirectly, of securities of the
        Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities or (B) otherwise acquire, directly or indirectly, the power to direct or cause the direction of the management or policies of
        the Company, whether through the ability to exercise voting power, by contract or otherwise, (ii) persons who were (A) directors of the Company on the date hereof or (B) appointed by directors who were directors of the Company on the date hereof or
        were nominated or approved by directors who were directors of the Company on the date hereof shall cease to occupy a majority of the seats (excluding vacant seats) on the Board, (iii) the consummation of a merger or consolidation of the Company
        with or into any other Person, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent at least 50% of the total voting power represented by the
        voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation or (iv) any direct or indirect sale, transfer or other disposition, in one transaction or a series of related
        transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole (it being agreed that the sale, transfer or other disposition by any Person of the capital stock of or other ownership or equity interests
        of any Subsidiary constitutes an indirect sale, transfer or disposition of the assets of such Subsidiary).

       

      
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      (c)          Use of Proceeds. The Company shall use the proceeds from the sale of the Purchased Shares in connection with the Prism Acquisition Transaction.

       

      (d)         Fees and Expenses. Except as otherwise set forth in any of the Transaction Documents, each party to this Agreement shall bear its own fees and expenses in connection with the
        sale of the Purchased Shares to the Buyers. The Company shall reimburse the Buyers for all reasonable and documented out-of-pocket costs and expenses, including legal fees, expenses, other professional fees and expenses, and all reasonable
        out-of-pocket due diligence expenses, in an aggregate amount not to exceed $25,000, incurred by the Buyers in connection with the transactions contemplated by this Agreement, it being understood that, the foregoing reimbursement obligation shall
        not be contingent on the Closing or the consummation of the Prism Acquisition Transaction.

       

      (e)          Transfer or Resale. No Buyer shall Transfer or offer to Transfer its Purchased Shares  unless (i)  such Purchased Shares are subsequently registered pursuant to the terms of the Registration Rights
        Agreement, (ii) such Transfer is made to the Company or to an Affiliate of the Buyer (provided each such Affiliate agrees to be bound by this Section 4(e), Section 4(g), Section 4(h) and provisions in Section 8 (to the extent relevant to the
        foregoing) of this Agreement and makes the same representations and warranties set forth in Section 2(a), Section 2(b), Section 2(d), Section 2(e), Section 2(f), Section 2(h), Section 2(i), Section 2(k) and Section 2(l) of this Agreement), or (iii)
        such Purchased Shares may be Transferred pursuant to (A) Rule 144 promulgated under the 1933 Act or (B) another valid exemption from registration under the 1933 Act and the rules and regulations of the Commission thereunder. In the case that a
        Buyer is permitted to Transfer the Purchased Shares and, if applicable, provides satisfactory evidence to the Company with respect to any Transfer pursuant to subsection (iii) of the foregoing that such Transfer is pursuant to a valid exemption
        from registration under the 1933 Act and the rules and regulations of the Commission thereunder, the Company shall, at the request of the holder of such Purchased Shares, issue such book-entry Purchased Shares to the holder or the applicable
        transferee of such Purchased Shares by electronic delivery (x) if eligible and requested by the holder or applicable transferee, on the applicable balance account at The Depository Trust Company, or (y) on the books of the Company or its transfer
        agent.  For purposes of this Section 4(e), “Transfer” means, with respect to the Purchased Shares, to sell, offer, pledge, contract to sell, grant any option, right or contract to purchase, or otherwise
        transfer (including by gift or operation of law), dispose of, hypothecate or encumber, directly or indirectly, such Purchased Shares.

       

      
        19

        
          

      

      (f)          Disclosure of Transactions and Other Material Information. On the date of this Agreement, the Company shall issue a press release regarding the transactions contemplated by the Transaction
        Documents, the Prism Acquisition Transaction and the Owl Rock Transaction and any other material, non-public information provided to any Buyer prior to such date  (the

        “Disclosed Transactions”) and no later than 5:30 p.m. New York City local time on the first business day following the date of this Agreement, the Company shall file a Current Report on Form 8-K, in each
        case, reasonably acceptable to the Buyers, describing the terms of the Disclosed Transactions in the form required by the 1934 Act and attaching the Transaction Documents as exhibits to such filing (which shall not include schedules or exhibits not
        customarily filed with the SEC).  In furtherance of the foregoing, the Company shall provide each Buyer and its legal counsel with a reasonable opportunity to review and comment upon drafts of all documents to be publicly disclosed or filed with
        the Commission in connection with the Disclosed Transactions and give reasonable consideration to all such comments. Notwithstanding anything in this Agreement to the contrary, any statement included in any Company press release, public filing or
        other public statement that is attributed to Buyer, Ronald M. Shaich or any of their Affiliates shall be subject to prior approval of Buyer or Ronald M. Shaich.  From and after the issuance of such press release and Form 8-K, Buyer shall not be in
        possession of any material, non-public information received from the Company or any of its officers, directors, employees or agents, and Buyer shall no longer be subject to any confidentiality or similar obligations under any current agreement,
        whether written or oral, with the Company or any of its Affiliates with respect to the Disclosed Transactions.  Notwithstanding anything in this Agreement to the contrary, the Company shall not, without the prior written consent of Buyer, publicly
        disclose the name of Buyer or any of its Affiliates or advisors, or include the name of Buyer or any of its Affiliates or advisors (i) in any press release or marketing materials or (ii) in any filings with the Commission or any regulatory agency
        or trading market except (A) required by the federal securities law in connection with the Registration Statement, and (B), to the extent such disclosure is required by Applicable Laws, at the request of the Staff of the Commission or regulatory
        agency or under regulations of the Principal Market or by any other Governmental Authority, in which case the Company shall provide Buyer with prior written notice of such disclosure and an opportunity to review as set forth in this Section 4(f).

       

      (g)          Legends.

       

      (i)         The book-entry accounts maintained by the Company’s transfer agent representing the Purchased Shares, except as set forth below, shall bear a restrictive legend in substantially the
        following form (and a stop‐transfer order may be placed against Transfer of such Purchased Shares bearing such legend):

       

      NEITHER THE ISSUANCE AND SALE OF THESE SECURITIES HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
        BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
        TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933.

       

      (ii)          At the request of a holder of the Purchased Shares or a transferee pursuant to Section 4(e), the Company shall reasonably cooperate with such holder to obtain reasonably satisfactory evidence that the
        legend set forth in Section 4(g)(i) above is not required in order to establish compliance with any provisions of the 1933 Act and remove the legend set forth in Section 4(g)(i) above shall from the Purchased Shares on the book-entry accounts
        maintained by the Company’s transfer agent representing such Purchased Shares if such legend is not required in order to establish compliance with any provisions of the 1933 Act.

       

      
        20

        
          

      

      (h)          Transfer Taxes. The Company shall pay any and all documentary, stamp and similar issue or transfer tax incurred in connection with this Agreement.

       

      (i)          [Intentionally omitted.]

       

      (j)         Reporting. The Company shall reasonably cooperate with each Buyer to provide any information to the Buyer (or make such information available to the Buyer) as such Buyer
        reasonably requests that the Company has in its actual or constructive possession (or any of the Company’s Subsidiaries have in their actual or constructive possession), for purposes of any tax reporting, filing obligation or regulatory requirement
        of the Buyer in connection with (i) the ownership by the Buyer of any interest in the Company, (ii) any transaction between the Buyer, on the one hand, and the Company or any of its Subsidiaries, on the other hand, and (iii) the status of any
        Subsidiary of the Company for U.S. federal, state or local tax purposes as a foreign corporation or as a “controlled foreign corporation” within the meaning of Section 957 of the Code, including any filing obligation pursuant to Sections 6038,
        6038B and 6046 of the Code. As used in this Agreement, the “Code” means the Internal Revenue Code of 1986, as amended. The Company shall use its commercially reasonable efforts to cause its transfer agent to
        respond to reasonable requests for information (which is not otherwise publicly available) made by any Buyer or its auditors related to the actual holdings of the Buyer, its permitted assigns or its accounts.

       

      (k)          Investment Company. So long as a Buyer holds any Purchased Shares, the Company will not take any actions that would be reasonably likely to cause it to be an “investment
        company,” or a company controlled by an “investment company” other than the Buyer, as such terms are defined in the Investment Company Act.

       

      (l)          Principal Market Listing.  To the extent it has not already done so, promptly following the execution of this Agreement, the Company shall apply to cause the Purchased Shares to
        be approved for listing on the Principal Market. The Company shall use its reasonable best efforts to cause the Purchased Shares to be approved for listing on the Principal Market, subject to official notice of issuance.

       

      (m)         The Prism Acquisition Transaction.  Subject to the terms and conditions set forth herein, in the Prism Transaction Documents and the Owl Rock Transaction Documents, the Company shall use its
        reasonable best efforts to take or cause to be taken all actions, and do or cause to be done all things, reasonably necessary, proper or advisable to consummate (i) the Prism Acquisition Transaction, including the Prism Merger, in each case, in
        accordance with the terms of the Prism Acquisition Transaction Documents and (b) the Owl Rock Transaction in accordance with the terms of the Owl Rock Transaction Documents.

       

      5.           CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

       

      (a)         The obligation of the Company hereunder to issue and sell the Purchased Shares to the Buyers at the Closing, is subject to the satisfaction, at or before the Closing Date of each of the
        following conditions, provided that these conditions are for the Company’s sole benefit and may be waived (in whole or in part) by the Company at any time in its sole discretion by providing the Buyers with prior written notice thereof:

       

      
        21

        
          

      

      (i)          All conditions precedent to the Company’s obligation to effect the Prism Acquisition Transaction shall have been satisfied or waived (other than those conditions that, by their
        nature, may only be satisfied at the consummation of such transaction but subject to the satisfaction or waiver thereof) and the Company shall consummate the closing of such transaction substantially concurrently with the Closing in accordance with
        the terms of the Prism Merger Agreement.

       

      (ii)          Each Buyer shall have executed each of the Transaction Documents and delivered the same to the Company.

       

      (iii)       Each Buyer shall have delivered its Aggregate Purchase Price to the Company at the Closing by wire transfer of immediately available funds pursuant to the wire instructions provided by
        the Company, subject to receipt of evidence of issuance referred to in Section 6(a)(ii)(B).

       

      (iv)        Each Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or
        complied with by such Buyer at or prior to the Closing Date.

       

      (v)          Each Buyer shall have executed the form of representation letter in favor of Goldman Sachs & Co. LLC in substantially the same form as Exhibit B attached hereto.

       

      6.           CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE.

       

      (a)         The obligation of each Buyer to purchase its Purchased Shares at the Closing is subject to the satisfaction of each of the following conditions, provided that these conditions are for
        the Buyer’s sole benefit and may be waived (in whole or in part) by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

       

      (i)          All conditions precedent to the Company’s obligation to effect the Prism Acquisition Transaction shall have been satisfied or waived (other than those conditions that, by their
        nature, may only be satisfied at the consummation of such transaction but subject to the satisfaction or waiver thereof) and the Company shall consummate the closing of such transaction substantially concurrently with the Closing in accordance with
        the terms of the Prism Merger Agreement.

       

      (ii)          The Company shall have (A) duly executed and delivered to the Buyer each of the Transaction Documents and (B) issued to the Buyer in book-entry form its Purchased Shares at the
        Closing and delivered to the Buyer including evidence of its Purchased Shares credited to the Buyer’s book-entry account maintained by the transfer agent of the Company in the form acceptable to the Buyer.

       

      (iii)       The Buyer shall have received the opinion of Gibson, Dunn & Crutcher LLP, the Company’s outside counsel, dated as of the Closing Date, in substantially the form of Exhibit C
        attached hereto.

       

      
        22

        
          

      

      (iv)         The Company shall have delivered to the Buyer a certificate, executed by the Secretary of the Company and dated as of the Closing Date, certifying as to the resolutions consistent
        with Section 3(b) as adopted by the Board in a form reasonably acceptable to the Buyer and the Company’s Charter Documents, in the form attached hereto as Exhibit D.

       

      (v)         The Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by the Transaction Documents to be performed,
        satisfied or complied with by the Company at or prior to the Closing Date.

       

      (vi)         The Purchased Shares (I) shall be approved and designated for quotation or listed on the Principal Market, subject to official notice of issuance, and (II) shall not be suspended, in
        each case, on the Closing Date, by the Commission or the Principal Market from trading on the Principal Market nor shall suspension by the Commission or the Principal Market have been threatened, as of the Closing Date, either (A) in writing by the
        Commission or the Principal Market or (B) by falling below the minimum listing maintenance requirements of the Principal Market.

       

      7.            MISCELLANEOUS.

       

      (a)          Specific Performance.  Each Buyer, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other party hereto would occur in
        the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including the payment
        of money damages).  It is accordingly agreed that each Buyer, on the one hand, and the Company, on the other hand (in each case, the “Moving Party”), shall each be entitled to specific enforcement of, and
        injunctive relief to prevent any violation of, the terms hereof, and the other party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is
        available at law or in equity.  This Section 7(a) is not the exclusive remedy for any violation of this Agreement.

       

      (b)       Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
        be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of
        any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough of Manhattan in the City of New York, for the adjudication of any dispute
        hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the
        jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereto irrevocably consents to service of process in the manner
        provided for notices in Section 7(g). Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
          LAW, EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT
          OR ANY TRANSACTION CONTEMPLATED HEREBY.

       

      
        23

        
          

      

      (c)          Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
        shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile or .pdf signature shall be considered due execution and shall be binding upon the signatory thereto with the same
        force and effect as if the signature were an original, not a facsimile or .pdf signature.

       

      (d)          Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

       

      (e)       Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
        jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall
        not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
        nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
        upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or
        unenforceable provision(s).

       

      (f)         Entire Agreement; Amendment and Waiver. This Agreement, the other Transaction Documents and the Prism Transaction Documents supersede all other prior or contemporaneous
        agreements and understandings, both written and oral, between each Buyer, the Company, their Affiliates and Persons acting on their behalf with respect to the subject matter hereof and thereof, and this Agreement, the other Transaction Documents,
        and the instruments referenced herein and therein constitute the full and entire agreement and understanding of the parties with respect to the subject matters hereof and thereof and, except as specifically set forth herein or therein, neither the
        Company nor any Buyer makes any representation, warranty, covenant or undertaking with respect to any such matters.  Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance
        and either retroactively or prospectively), only with the written consent of the Company and each Buyer; provided that the conditions to each of the respective parties’ obligations to consummate the transactions contemplated by this Agreement are
        for the sole benefit of such party and may be waived by such party in whole or in part to the extent permitted by applicable law; provided, however, that any such waiver shall only be effective if made in a written instrument duly
        executed and delivered by the party against whom the waiver is to be effective. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any
        single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  All remedies hereunder are cumulative and are not exclusive of any other
        remedies provided by law.

       

      
        24

        
          

      

      (g)        Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement or any of the
        other Transaction Documents must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent by electronic mail, in each case properly addressed to the party to receive the
        same; or (iii) one business day after deposit with an overnight courier service (provided e-mail notice is sent stating that such communication was sent by overnight courier); provided that any electronic mail transmission is promptly
        confirmed by a responsive electronic communication by the recipient thereof or receipt is otherwise clearly evidenced (excluding out-of-office replies or other automatically generated responses) or is followed up within one business day after
        e-mail by dispatch pursuant to the foregoing clause (i). The addresses and e-mail addresses for such communications shall be:

       

      if to the Company:

       

      PAR Technology Corporation

      8383 Seneca Turnpike

      New Hartford, New York 13413

      
        
          	 	
                  Attention:

                	
                  Bryan Menar

                

        

      

      Cathy King

      	

            	E-mail:	
              bryan_menar@partech.com

            

      cathy_king@partech.com

       

      with a copy to (for informational purposes only):

       

      Gibson, Dunn & Crutcher LLP

      200 Park Avenue

      New York, NY 10166

      	

            	Attention:	
              Boris Dolgonos

            

      Eduardo Gallardo

      	

            	E-mail:	
              bdolgonos@gibsondunn.com

            

      egallardo@gibsondunn.com

       

      if to a Buyer: to the address set forth on the signature pages hereto.

       

      or to such other address and/or e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of
        such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s e-mail containing the time, date, and recipient e-mail
        address, or (C) given by the recipient where notice was provided by an overnight courier service (provided e-mail notice is sent stating that such communication was sent by overnight courier) shall be rebuttable evidence of personal service or
        receipt by e-mail in accordance with clause (i) or (ii) above, respectively.

       

      
        25

        
          

      

      (h)       Successors and Assigns. The terms and conditions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs, and
        permitted assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Buyer. No Buyer shall assign this Agreement or any of its rights or obligations hereunder without the
        prior written consent of the Company, except to an Affiliate of the Buyer (provided each such Affiliate agrees to be bound by Section 4(e), Section 4(g), Section 4(h) and provisions in Section 8 (to the extent relevant to the foregoing) of this
        Agreement and makes the same representations and warranties set forth in Section 2(a), Section 2(b), Section 2(d), Section 2(e), Section 2(f), Section 2(h), Section 2(i), Section 2(k) and Section 2(l) of this Agreement).

       

      (i)         No Third Party Beneficiaries. This Agreement is intended solely for the benefit of the parties hereto and their respective successors, heirs and permitted assigns, and is not
        for the benefit of, nor may any provision hereof be enforced by, any other Person.

       

      (j)        Survival.  The representations and warranties of the Company contained in Section 3 and the representations and warranties of each Buyer contained in Sections 2(d) through (g)
        shall survive the Closing until the twelve (12) month anniversary of the Closing.  The covenants and agreements of the parties set forth in Section 4 and this Section 7 shall survive the Closing in accordance with their terms.

       

      (k)         Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
        agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the other Transaction Documents and the consummation of the
        transactions contemplated hereby and thereby.

       

      (l)           Interpretation.

       

      (i)          When a reference is made in this Agreement to an Article, Section, Schedule or Exhibit, such reference shall be to an Article, Section, Schedule or Exhibit of this Agreement unless
        otherwise indicated.

       

      (ii)         Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”

       

      (iii)         The words “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the
        Schedules and Exhibits) and not to any particular provision of this Agreement.

       

      (iv)       Unless otherwise specified in this Agreement, the term “dollars” and the symbol “$” mean U.S. dollars for purposes of this Agreement and all amounts in this Agreement shall be paid in
        U.S. dollars.

       

      
        26

        
          

      

      (v)          The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders
        of such term.

       

      (vi)         Any agreement, instrument or statute defined or referred to in this Agreement means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of
        agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes, in each case, as of the applicable date or during the applicable period of time.

       

      (vii)       Each of the parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
        construed as if it is drafted by each of the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement.

       

      [Signature Page Follows]

       

      
        27

        
          

      

      IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page
          to this Securities Purchase Agreement to be duly executed as of the date first written above.

       

      	

            	
              PAR TECHNOLOGY CORPORATION

            
	

            	
              

              

            	

            	

            
	

            	
              By:

            	
              /s/ Savneet Singh

            
	

            	

            	
              Name:

            	
              Savneet Singh

            
	

            	

            	
              Title:

            	
              President and

            
	

            	

            	
              

              

            	
              Chief Executive Officer

            

      

      

      [Signature Page to Securities Purchase Agreement]

       

      

      
        
          

      

      IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page
          to this Securities Purchase Agreement to be duly executed as of the date first written above.

      

      

      	

            	
              The Funds and Accounts listed on Attachment A

            
	

            	
              Each fund, severally, and not jointly

            
	

            	
              

              

            	

            
	

            	
              By:

            	
              T. Rowe Price Associates, Inc., investment adviser or subadviser, as applicable

            
	

            	

            	

            
	

            	
              By:

            	
              /s/ Andrew Baek

            
	

            	

            	
              Name: Andrew Baek

            
	

            	

            	
              Title: Vice President

            
	

            	

            	

            
	

            	

            	
              Address:

            
	

            	

            	
              T. Rowe Price Associates, Inc.

            
	

            	

            	
              100 East Pratt Street

            
	

            	

            	
              Baltimore, MD 21202

            
	

            	

            	
              Attn.: Andrew Baek, Vice President

            
	

            	

            	
              Phone: 410-345-2090

            
	

            	

            	
              E-mail: andrew.baek@troweprice.com

            

      

      

      [Signature Page to Securities Purchase Agreement]

      

      

      
        
          

      

      T. ROWE PRICE ASSOCIATES, INC.

      SCHEDULE “A” - PAR TECHNOLOGY CORPORATION

      COMMON STOCK

      

      

      	 	 	
              $

            	
              68.00000

            	 	 	 	
              Cost/Share

            	 

      

      

      	
              Fund Name

            	 	
               Quantity

            	 	 	
               Cost

            	 
	 	 	 	 	 	 	 	 
	
              T. Rowe Price Small-Cap Stock Fund, Inc.

            	 	 	
              953,391

            	 	 	
              $

            	
              64,830,588.00

            	 
	
              T. Rowe Price Institutional Small-Cap Stock Fund

            	 	 	
              555,173

            	 	 	
              $

            	
              37,751,764.00

            	 
	
              T. Rowe Price Spectrum Conservative Allocation Fund

            	 	 	
              7,454

            	 	 	
              $

            	
              506,872.00

            	 
	
              T. Rowe Price Spectrum Moderate Allocation Fund

            	 	 	
              11,684

            	 	 	
              $

            	
              794,512.00

            	 
	
              T. Rowe Price Spectrum Moderate Growth Allocation Fund

            	 	 	
              21,153

            	 	 	
              $

            	
              1,438,404.00

            	 
	
              T. Rowe Price Moderate Allocation Portfolio 

              

            	 	 	
              883

            	 	 	
              $

            	
              60,044.00

            	 
	
              U.S. Small-Cap Stock Trust

            	 	 	
              48,091

            	 	 	
              $

            	
              3,270,188.00

            	 
	
              TD Mutual Funds - TD U.S. Small-Cap Equity Fund

            	 	 	
              49,607

            	 	 	
              $

            	
              3,373,276.00

            	 
	
              T. Rowe Price U.S. Small-Cap Core Equity Trust

            	 	 	
              292,819

            	 	 	
              $

            	
              19,911,692.00

            	 
	
              Minnesota Life Insurance Company

            	 	 	
              11,784

            	 	 	
              $

            	
              801,312.00

            	 
	
              Costco 401(k) Retirement Plan

            	 	 	
              49,643

            	 	 	
              $

            	
              3,375,724.00

            	 
	
              MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund

            	 	 	
              12,552

            	 	 	
              $

            	
              853,536.00

            	 
	 	 	 	 	 	 	 	 	 
	
              T. Rowe Price Small-Cap Value Fund, Inc.

            	 	 	
              192,603

            	 	 	
              $

            	
              13,097,004.00

            	 
	
              T. Rowe Price U.S. Small-Cap Value Equity Trust

            	 	 	
              66,590

            	 	 	
              $

            	
              4,528,120.00

            	 
	
              T. Rowe Price U.S. Equities Trust

            	 	 	
              3,656

            	 	 	
              $

            	
              248,608.00

            	 
	
              MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund

            	 	 	
              2,329

            	 	 	
              $

            	
              158,372.00

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	
              2,279,412

            	 	 	
              $

            	
              155,000,016.00Exhibit 10.4

    

    

      Execution Version

    

     

      

    
      REGISTRATION RIGHTS AGREEMENT

       

      THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of
        April 8, 2021, is made and entered into by and among PAR Technology Corporation, a Delaware corporation (the “Company”), and the investors listed on the Schedule of
        Investors attached hereto as Schedule 1 (each, an “Investor” and collectively, the “Investors”).

       

      WHEREAS, pursuant to the Securities Purchase Agreement by and among the Company and each of the Investors, dated as of April 8, 2021 (the “Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, to issue and sell, at the Closing, to the Investors
        73,530 shares of the Company’s common stock, par value $0.02 per share (the “Common Stock”);

       

      WHEREAS, pursuant to the Common Stock Purchase Warrant (the “Warrant”)
        between the Company and PAR Act III, LLC, dated as of the date hereof (the “Warrant”), the Investors have agreed, upon the terms and subject to the conditions of the
        Warrant, at any time and from time to time on or prior to the close of business on April 8, 2026 but not thereafter, to subscribe for and purchase from the Company, up to 500,000 shares of the Common Stock (as subject to adjustment under the
        Warrant and together with any other capital stock of the Company then purchasable upon exercise of the Warrant in accordance with the terms of the Warrant, the “Warrant Shares”);

       

      WHEREAS, in accordance with the terms of the Purchase Agreement, the Company has agreed to provide Investors certain registration rights under the
        Securities Act of 1933 (the “1933 Act”), and the rules and regulations thereunder, and applicable state securities laws.

       

      NOW, THEREFORE, in consideration of the foregoing and the agreements contained in this Agreement, and intending to be legally bound by this
        Agreement, the Company and the Investors agree as follows:

       

      1.         Definitions.  Capitalized terms used and not otherwise defined in this Agreement that are defined in the Purchase Agreement shall have the respective meanings ascribed to such terms in the Purchase Agreement.  As used
          in this Agreement, the following terms shall have the respective meanings set forth in this Section 1:

       

      “1933 Act” shall have the meaning set forth in the recitals of this
        Agreement.

       

      “1934 Act” means the Securities Exchange Act of 1934 and the rules and
        regulations of the Commission thereunder.

       

      “Agreement” shall have the meaning set forth in the recitals of this
        Agreement.

       

      “Automatic Shelf Registration Statement” means an “automatic shelf
        registration statement” as defined in Rule 405 under the 1933 Act.

       

      “Business Day” means a day that is a Monday, Tuesday, Wednesday,
        Thursday or Friday and is not a day on which banking institutions in New York, New York generally are authorized or obligated by law, regulation or executive order to close.

       

      
        
          

        

        
          

      

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

       

      “Common Stock” shall have the meaning set forth in the recitals of this
        Agreement.

       

      “Company” shall have the meaning set forth in the recitals of this
        Agreement.

       

      “Effectiveness Deadline” means, with respect to any registration
        statement required to be filed to cover the resale by the Investors of the Registrable Securities pursuant to Section 2, (a) the date such registration statement is
        filed, if the Company is a WKSI as of such date and such registration statement is an Automatic Shelf Registration Statement eligible to become immediately effective upon filing pursuant to Rule 462 under the 1933 Act; or (b) if the Company is not
        a WKSI as of the date such registration statement is filed, the one hundred and twentieth (120th) day after the date of this Agreement.  If applicable, the
        Effectiveness Deadline with respect to the Prospectus Supplement shall be the date the Prospectus Supplement is filed.

       

      “Effectiveness Period” shall have the meaning set forth in Section 2(c).

       

      “Electing Investors” means, with respect to a registration, each of the
        Investors that has Registrable Securities directly owned by such Investor included in such registration in accordance with Sections 2 or 6, as the case may be, as communicated in writing to the Company in accordance with Sections 2(a) or 6(a), as applicable.

       

      “Excess Warrant Shares” shall have the meaning set forth in the
        Warrant.

       

      “Existing Shelf Registration Statement” means the Company’s Registration Statement on Form S-3 (File No. 333-249142), which became effective on
        September 30, 2020.

       

      “Filing Deadline” means, with respect to the Prospectus Supplement or
        any registration statement required to be filed to cover the resale by Investors of Registrable Securities pursuant to Section 2, thirty (30) calendar days following the
        date of this Agreement; provided that, to the extent that the Company has not been provided the information regarding the Investors and their Registrable Securities in
        accordance with Section 13 at least two (2) Business Days prior to the Filing Deadline, then the such Filing Deadline shall be extended to the second (2nd) Business Day following the date on which such information is provided to the Company.

       

      “FINRA” means the Financial Industry Regulatory Authority, Inc.

       

      “Freely Tradeable” means, with respect to any security, a security that
        is eligible to be sold by the holder thereof without any volume or manner of sale restrictions pursuant to Rule 144.

       

      “Indemnified Party” shall have the meaning set forth in Section 12(c).

       

      “Indemnifying Party” shall have the meaning set forth in Section 12(c).

       

      “Investor Indemnitee” shall have the meaning set forth in Section 12(a).

       

      “Investors” shall have the meaning set forth in the preamble of this
        Agreement.

       

      
        
          

        

        2

        
          

      

      “Moving Party” shall have the meaning set forth in Section 15(d).

       

      “Other Securities” shall have the meaning set forth in Section 6(a).

       

      “Piggyback Notice” shall have the meaning set forth in Section 6(a).

       

      “Piggyback Registration” shall have the meaning set forth in Section 6(a).

       

      “prospectus” means the prospectus included in a registration statement
        (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the 1933 Act), as amended or supplemented by any prospectus supplement,
        with respect to the terms of the offering of any portion of the Registrable Securities covered by a registration statement, and all other amendments and supplements to the prospectus, including post-effective amendments.

       

      “Prospectus Supplement” means a prospectus supplement to the Existing
        Shelf Registration Statement that registers the resale of the Registrable Securities hereunder.

       

      “Purchase Agreement” shall have the meaning set forth in the recitals
        of this Agreement.

       

      “register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement with the Commission in
        compliance with the 1933 Act and applicable rules and regulations thereunder, and the declaration or ordering of effectiveness of such registration statement by the Commission.

       

      “Registrable Securities” means, as of any date of determination, (a)
        any Common Stock issued to the Investors pursuant to the Purchase Agreement (whether or not subsequently transferred to any other Person), (b) the Warrant Shares other than Excess Warrant Shares, (c) subject to receipt of the Required Stockholder
        Approval (as defined in the Warrant), the Excess Warrant Shares (in each case of (b) and (c), whether or not such Warrant or any Warrant Shares are subsequently assigned or transferred to any other Person) and (d) any securities issued as (or
        issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend, stock split, recapitalization or other distribution with respect to, or in exchange for, or in replacement of, the securities referenced
        in clauses (a), (b) and (c) above; provided that the term “Registrable Securities” shall exclude in all cases any securities that are sold pursuant to an effective
        registration statement under the 1933 Act or in compliance with Rule 144.

       

      “Registration Expenses” means, with respect to any registration: (a)
        all expenses incurred by the Company in effecting any registration pursuant to this Agreement, including all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses; (b) all
        reasonable fees and expenses related to any registration of Registrable Securities by the Electing Investors (including the fees and disbursements of one legal counsel (and only one legal counsel) to the Electing Investors); and (c) all expenses of
        the Company’s independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration; provided that
        Registration Expenses shall not include any Selling Expenses.

       

      
        
          

        

        3

        
          

      

      “registration statement” means any registration statement that is
        required to register the resale of the Registrable Securities under this Agreement, including the related prospectus and any pre- and post-effective amendments and supplements to each such registration statement or prospectus.

       

      “Resale Shelf Registration” shall have the meaning set forth in Section 2(a).

       

      “Resale Shelf Registration Statement” shall have the meaning set forth
        in Section 2(a).

       

      “Rule 144” shall have the meaning set forth in Section 14.

       

      “Selling Expenses” means all underwriting discounts, selling
        commissions and stock transfer taxes, if any, applicable to the sale of Registrable Securities by the Electing Investors and all related fees and expenses of any counsel to the Electing Investors (other than such fees and expenses included in
        Registration Expenses).

       

      “Shelf Offering” shall have the meaning set forth in Section 5.

       

      “Shelf Registration” means the Resale Shelf Registration (as defined in
        Section 2(a)) or a Subsequent Shelf Registration (as defined in Section 2(d)), as applicable.

       

      “Shelf Registration Statement” means the Resale Shelf Registration
        Statements or a Subsequent Shelf Registration Statement, as applicable.

       

      “Subsequent Shelf Registration” shall have the meaning set forth in Section 2(d).

       

      “Subsequent Shelf Registration Statement” shall have the meaning set
        forth in Section 2(d).

       

      “Suspension Period” shall have the meaning set forth in Section 4.

       

      “Take-Down Notice” shall have the meaning set forth in Section 5.

       

      “TRowe” shall mean those certain funds and accounts advised by T. Rowe
        Price Associates, Inc., acting as investment adviser.

       

      “TRowe Demand Registration” shall have the meaning set forth in Section 6(a).

       

      “TRowe Registration Rights Agreement” shall mean the Registration
        Rights Agreement between the Company and TRowe, dated as of the date hereof.

       

      “Underwriter Cutback” shall have the meaning set forth in Section 6(b).

       

      “Underwritten Offering” shall have the meaning set forth in Section 3(a).

       

      “Underwritten Offering Notice” shall have the meaning set forth in Section 3(a).

       

      “Warrant” shall have the meaning set forth in the recitals of this
        Agreement.

       

      
        
          

        

        4

        
          

      

      “Warrant Shares” shall have the meaning set forth in the recitals of
        this Agreement.

       

      “WKSI” means a “well known seasoned issuer” as defined in Rule 405
        under the 1933 Act.

       

      2.           Registration.

       

      (a)        Subject to the terms and conditions of this
          Agreement and to the extent permitted by applicable law, the Company shall file, as promptly as reasonably practicable, but no later than the Filing Deadline, (i) the Prospectus Supplement, if the Company determines that registration through a
          Prospectus Supplement is appropriate in light of the Company’s status as a WKSI, or (ii) a registration statement under the 1933 Act covering the sale or distribution from time to time by the Investors, on a delayed or continuous basis pursuant
          to Rule 415 of the 1933 Act of all the Registrable Securities and shall provide for the registration of such Registrable Securities for resale by such Investors in accordance with any reasonable method of distribution elected by the Investors
          (such registration, a “Resale Shelf Registration”).  The registration statement shall be on Form S-3 (except if the Company is not then eligible to register for resale
          the Registrable Securities on Form S-3, then such registration shall be on another appropriate form for such purposes) (the “Resale Shelf Registration Statement”), and
          if the Company is a WKSI as of the filing date and determines not to file a Prospectus Supplement as provided in (a)(i) above, the Resale Shelf Registration Statement shall be an Automatic Shelf Registration Statement.  If the Resale Shelf
          Registration Statement is not an Automatic Shelf Registration Statement, then the Company shall use its reasonable best efforts to cause such Resale Shelf Registration Statement to be declared effective by the Commission as promptly as
          practicable after the filing thereof, but in any event prior to the Effectiveness Deadline.

       

      (b)        

        Subject to the terms and conditions of this Agreement and to the extent permitted by applicable law, if applicable, upon receipt of the Required Stockholder Approval (as defined in the
          Warrant), the Company shall file, as promptly as reasonably practicable, and in any case, no later than thirty (30) calendar days following the date the Required Stockholder Approval is received, an amendment or supplement to the initial Resale
          Shelf Registration Statement or a new resale shelf registration statement covering those Registrable Securities that were not registered for resale on the initial Shelf Registration Statement (the “Additional Resale Shelf Registration Statement” and, together with the Resale Shelf Registration Statement, the “Resale Shelf Registration
              Statements”). If the Additional Resale Shelf Registration Statement is not an Automatic Shelf Registration Statement, then the Company shall use its reasonable best efforts to cause such Additional Resale Shelf Registration
          Statement to be declared effective by the Commission as promptly as practicable after the filing thereof, but in any event prior to the Effectiveness Deadline.

       

      (c)         Once declared effective, the Company shall, subject
          to the other applicable provisions of this Agreement, use its reasonable best efforts to cause the Resale Shelf Registration Statements to be continuously effective and usable until such time as there are no longer any Registrable Securities or
          at such time as all of the Registrable Securities are Freely Tradeable (the “Effectiveness Period”).

       

      
        
          

        

        5

        
          

      

      (d)        If any Shelf Registration ceases to be effective
          under the 1933 Act for any reason at any time during the Effectiveness Period, the Company shall use its reasonable best efforts to promptly cause such Shelf Registration to again become effective under the 1933 Act (including obtaining the
          prompt withdrawal of any order suspending the effectiveness of such Shelf Registration), and in any event shall, promptly amend such Shelf Registration in a manner reasonably expected to obtain the withdrawal of any order suspending the
          effectiveness of such Shelf Registration or file an additional registration statement (a “Subsequent Shelf Registration Statement,” and such registration, a “Subsequent Shelf Registration”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the 1933 Act registering the resale from time to time by
          the Investors of all securities that are Registrable Securities as of the time of such filing.  If a Subsequent Shelf Registration is filed, the Company shall use its reasonable best efforts to (i) cause such Subsequent Shelf Registration to
          become effective under the 1933 Act as promptly as is reasonably practicable after such filing, but in no event later than the date that is ninety (90) days after such Subsequent Shelf Registration is filed and (ii) keep such Subsequent Shelf
          Registration (or another Subsequent Shelf Registration) continuously effective until the end of the Effectiveness Period.  Any such Subsequent Shelf Registration shall be a registration statement on Form S-3 to the extent that the Company is
          eligible to use such form, and if the Company is a WKSI as of the filing date, such registration statement shall be an Automatic Shelf Registration Statement.  Otherwise, such Subsequent Shelf Registration shall be on another appropriate form and
          shall provide for the registration of such Registrable Securities for resale by such Investors in accordance with any reasonable method of distribution elected by the Investors.

       

      (e)          The Company shall supplement and amend any Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration if required by the 1933
          Act or as reasonably requested by the Investors covered by such Shelf Registration.

       

      (f)          If a Person becomes an Investor of Registrable Securities after a Shelf Registration becomes effective under the 1933 Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice to the
          Company of such Person becoming an Investor and requesting for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration:

       

      (i)         if required and permitted by applicable law, file with the Commission a supplement to the related prospectus or a post-effective amendment to the Shelf Registration so that such Investor is named as a selling securityholder in
          the Shelf Registration and the related prospectus in such a manner as to permit such Investor to deliver a prospectus to purchasers of the Registrable Securities in accordance with applicable law;

       

      (ii)         if, pursuant to Section 2(f)(i), the Company shall have filed a post-effective amendment to the Shelf Registration that is not automatically
          effective, use its reasonable best efforts to cause such post-effective amendment to become effective under the 1933 Act as promptly as is reasonably practicable, but in any event by the date that is ninety (90) days after the date such
          post-effective amendment is required by Section 2(f)(i) to be filed; and

       

      
        
          

        

        6

        
          

      

      (iii)      notify such Investor as promptly as is reasonably practicable after the effectiveness under the 1933 Act of any post-effective amendment filed pursuant to Section

              2(f)(i).

       

      3.      

            Underwritten Offering.

       

      (a)         If the Electing Investors intend to distribute the Registrable Securities by means of an underwriting (the “Underwritten Offering”), the Electing
          Investors shall, after the Resale Shelf Registration Statement becomes effective, so advise the Company by delivering a written notice to the Company (the “Underwritten Offering
              Notice”) specifying some or all of the Registrable Securities to be subject to the Underwritten Offering; provided, however, the Investors may not, without the Company’s prior written consent, launch more than one (1) Underwritten Offering within any three hundred sixty-five (365) day period.  The Electing
          Investors shall have the right to appoint the book-running, managing and other underwriter(s) in consultation with the Company.

       

      (b)         The Company shall not include in any Underwritten Offering pursuant to this Section 3 any securities that are not Registrable Securities without the
          prior written consent of the Investors.  If the managing underwriter or underwriters advise the Company and the Investors in writing that, in its or their good faith opinion, the total number of Registrable Securities requested to be so included
          (and, if permitted hereunder, other securities requested to be included in such offering), exceeds the total number or dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of the
          Registrable Securities to be so included, then there shall be included in such Underwritten Offering the number or dollar amount of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering)
          that in the good faith opinion of such managing underwriter(s) can be sold without so adversely affecting such offering, and such number of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such
          offering) shall be allocated for inclusion as follows:  (i) first, the Registrable Securities of the Investors that have requested to participate in such Underwritten
          Offering, allocated pro rata among such Investors on the basis of the percentage of the Registrable Securities requested to be included in such offering
          by such Investors; and (ii) second, and only if all the securities referred to in clause (i) have been included, any other securities of the Company that have been
          requested to be so included.

       

      4.          Suspension.  Notwithstanding anything to the contrary in this Agreement, upon notice to the Investors, the Company may delay, on one (1) occasion in
          any one hundred eighty (180) day period, the Filing Deadline and/or the Effectiveness Deadline with respect to, or suspend the effectiveness or availability of any registration statement for up to sixty (60) days in the aggregate in any twelve
          (12)-month period (a “Suspension Period”) if the Board determines in good faith that there is a valid business purpose for suspension of such registration statement; provided that (a) any suspension of a registration statement pursuant to Section 9 shall be
          treated as a Suspension Period for purposes of calculating the maximum number of days of any Suspension Period under this Section 4, (b) the Company shall be actively
          employing in good faith all reasonable best efforts to launch a registered offering pursuant to this Agreement through such Suspension Period and (c) the Investors are afforded the opportunity to include the Registrable Securities in a registered
          offering in accordance with Section 6.  The Company shall deliver to the Investors a certificate signed by an executive officer certifying that such Suspension Period
          is for a valid business purpose determined by the Board in good faith and such certificate shall contain a statement of the reasons for such Suspension Period and an approximation of the anticipated length of such Suspension Period (provided such
          notice shall not contain material, non-public information about the Company). If the Company defers any registration of Registrable Securities pursuant to Section 2 or
          in response to an Underwritten Offering Notice or requires the Investors to suspend any Underwritten Offering, the Investors shall be entitled to withdraw such demand for registration or Underwritten Offering Notice, as applicable, and if it does
          so, such request shall not be treated for any purpose as the delivery of an Underwritten Offering Notice pursuant to Section 3.  The parties hereto agree and
          acknowledge that (i) none of the Investors or any of their respective Affiliates or transferees shall be restricted from trading or otherwise transferring any of the Registrable Securities with respect to which a registration statement is
          effective and (ii) nothing in any existing agreements or any other arrangements involving the Company and any of the Investors or any of their respective Affiliates (contractual or otherwise) shall be construed as limiting any of the Investors’
          or any of their respective Affiliates’ or transferees’ ability to trade or otherwise transfer any of the Registrable Securities with respect to which a registration statement is effective.

       

      
        
          

        

        7

        
          

      

      5.           Take-Down Notice.  Subject to the other applicable provisions of this Agreement, at any time that any Shelf Registration Statement
          is effective, if an Investor delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or distribution of all or part of its
          Registrable Securities included by it on any Shelf Registration Statement that requires an amendment or supplement to the Shelf Registration Statement (a “Shelf Offering”)

          and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company shall amend or supplement the Shelf Registration Statement as may be necessary, subject to the other applicable provisions of this
          Agreement, in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering.

       

      6.           Piggyback Registration.

       

      (a)          Subject to the terms
          and conditions of this Agreement, if at any time the Company files a registration statement under the 1933 Act with respect to an offering of Common Stock or other equity securities of the Company (such Common Stock and other equity securities
          collectively, “Other Securities”), including, for the avoidance of doubt, any registration statement filed in response to TRowe’s demand for a Underwritten Offering
          pursuant to Section 3 of the TRowe Registration Rights Agreement (“TRowe Demand Registration”),

          and whether or not for sale for its own account (other than a registration statement (i) on Form S-4, Form S-8 or any successor forms, (ii) the Form S-3 registration statement to be filed pursuant to the Prism Merger Agreement or (iii) filed
          solely in connection with any employee benefit or dividend reinvestment plan), then the Company shall promptly give written notice of such filing to the Investors, which notice shall be given, to the extent reasonably practicable, no later than
          ten (10) Business Days before the anticipated filing or launch date (except in the case of an offering that is an “overnight offering,” in which case such notice must be given no later than one (1) Business Day prior to the filing or launch date)
          (the “Piggyback Notice”).  The Piggyback Notice and the contents thereof shall be kept confidential by the Investors and their respective Affiliates and representatives,
          and the Investors shall be responsible for breaches of confidentiality by their respective Affiliates and representatives in their capacity as such.  The Piggyback Notice shall offer each Investor the opportunity to include in such registration
          statement, subject to the terms and conditions of this Agreement, the number of Registrable Securities as such Investor may reasonably request (a “Piggyback Registration”). 

          Subject to the terms and conditions of this Agreement, the Company shall include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received from an Electing Investor a written request for
          inclusion therein within five (5) Business Days following receipt of any Piggyback Notice by such Electing Investor (but in any event not later than one (1) Business Day prior to the filing date of a Piggyback Registration and, except in the case
          of an offering that is an “overnight offering,” not later than one (1) Business Day following receipt of such notice), which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Electing Investor
          and the intended method of distribution.  For the avoidance of doubt and notwithstanding anything in this Agreement to the contrary, the Company may not commence or permit the commencement of any sale of Other Securities in a public offering to
          which this Section 6 applies unless the Electing Investors shall have received the Piggyback Notice in respect to such public offering not less than ten (10) Business
          Days prior to the commencement of such sale of Other Securities (except in the case of an offering that is an “overnight offering,” in which case such notice must be given no later than one (1) Business Day prior to the filing or launch date). 
          Except in the case of an offering that is an “overnight offering,” the Electing Investors shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time at least two (2) Business Days prior to
          the effective date of the registration statement relating to such Piggyback Registration.

       

      
        
          

        

        8

        
          

      

      (b)          If any Other Securities are to be sold in an
          underwritten offering, (i) the Company or other Persons designated by the Company shall have the right to appoint the book-running, managing and other underwriter(s) for such offering in their discretion and (ii) to the extent such Other
          Securities are of the same class as the Registrable Securities, the Electing Investors shall be permitted to include all Registrable Securities requested to be included in such registration in such underwritten offering on the same terms and
          conditions as such Other Securities proposed by the Company or any third party to be included in such offering; provided, however, that if such offering involves an underwritten offering and the managing underwriter(s) of such underwritten offering advise the Company in writing that it is their good faith opinion that the total
          amount of Registrable Securities requested to be so included, together with all Other Securities that the Company and any other Persons having rights to participate in such registration intend to include in such offering (an “Underwriter Cutback”), exceeds the total number or dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of
          the Registrable Securities to be so included together with all Other Securities, then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities and such Other Securities that in
          the good faith opinion of such managing underwriter(s) can be sold without so adversely affecting such offering, and such number of Registrable Securities and Other Securities shall be allocated for inclusion as follows: (A) first, all Other Securities being sold by the Company for its own account; (B) second, and only
          if all the securities referred to in clause (A) have been included, all Registrable Securities requested to be included in such registration by the Electing Investors, pro rata, based on the number of Registrable Securities beneficially owned by such Electing Investors; and (C) third, and only if
          all the securities referred to in clause (B) have been included, all Other Securities of any holders thereof (other than the Company and the Electing Investors) requesting inclusion in such registration, pro rata, based on the number of Other Securities beneficially owned by each such holder of Other Securities; provided,
          however that in the event of a Piggyback Registration in connection with a TRowe Demand Registration, such number of Registrable Securities and Other Securities shall be
          allocated for inclusion as follows: (w) first, all Registrable Securities requested to be included in such registration by TRowe; (x) second, and only if all the securities referred to in clause (w) have been included, all Registrable Securities requested to be included in such registration by the Electing Investor; (y) third, and only if all the securities referred to in clause (x) have been included, Other Securities being sold by the Company for its own account; and (z) fourth, and only if all the securities referred to in clause (y) have been included, all Other Securities of any holders thereof (other than the Electing Investors and the
          Company) requesting inclusion in such registration, pro rata, based on the number of Other Securities beneficially owned by each such holder of Other
          Securities.

       

      
        
          

        

        9

        
          

      

      7.           Expenses of Registration.  Except as specifically provided for in this Agreement, all Registration Expenses incurred in connection with any
          registration, qualification or compliance hereunder shall be borne by the Company.  All Selling Expenses incurred in connection with any registration hereunder shall be borne by the Electing Investors in proportion to the number of Registrable
          Securities for which registration was requested.

       

      8.           Obligations of the Company.  Whenever required to effect the registration of any Registrable Securities pursuant to Sections 2, 3 or 6 of this Agreement, the
          Company shall, as promptly as reasonably practicable:

       

      (a)          Prepare and file with the Commission a registration
          statement (including all required exhibits to such registration statement) with respect to such Registrable Securities and use reasonable best efforts to cause such registration statement to become effective, or prepare and file with the
          Commission a prospectus supplement with respect to such Registrable Securities pursuant to an effective registration statement and keep such registration statement effective or such prospectus supplement current, in each case for the period of
          the distribution contemplated thereby, in accordance with the applicable provisions of this Agreement;

       

      (b)          Prepare and file with the Commission such
          amendments, including post-effective amendments, and supplements to the applicable registration statement and the prospectus or prospectus supplement used in connection with such registration statement as may be necessary to comply with the
          provisions of the 1933 Act with respect to the disposition of all securities covered by such registration statement (including to permit the intended method of distribution thereof) and as may be necessary to keep the registration statement
          continuously effective for the period set forth in this Agreement;

       

      (c)         To the extent reasonably practicable, not less than
          five (5) Business Days prior to the filing of a registration statement or any related prospectus or any amendment or supplement thereto, the Company shall furnish to the Electing Investors and to their legal counsel copies of all such documents
          proposed to be filed and give reasonable consideration to the inclusion in such documents of any comments reasonably and timely made by the Electing Investors or their legal counsel; provided
          that the Company shall include in such documents any such comments that are necessary to correct any material misstatement or omission regarding an Electing Investor;

       

      (d)         Furnish to the Electing Investors and to their
          legal counsel such number of copies of the applicable registration statement and each such amendment and supplement thereto (including in each case all exhibits but not documents incorporated by reference) and of a prospectus, including a
          preliminary prospectus, in conformity with the requirements of the 1933 Act, and such other documents as the Electing Investors may reasonably request in order to facilitate the disposition of Registrable Securities owned by the Electing
          Investors.  The Company hereby consents to the use of such prospectus and each amendment or supplement thereto by each of the Electing Investors in accordance with applicable laws and regulations in connection with the offering and sale of the
          Registrable Securities covered by such prospectus and any amendment or supplement thereto;

       

      
        
          

        

        10

        
          

      

      (e)         Use its reasonable best efforts to register and
          qualify the Registrable Securities covered by a registration statement contemplated by this Agreement under blue sky or such other securities laws of such jurisdictions as shall be reasonably requested by the Electing Investors and to keep such
          registration or qualification in effect for so long as such registration statement remains in effect; provided that the Company shall not be required in connection
          therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

       

      (f)        Make available for inspection by the Electing
          Investors, any underwriter(s) participating in a disposition of Registrable Securities and any counsel or accountants retained by the Electing Investors or underwriter(s), all financial and other records, pertinent corporate documents and
          properties of the Company and its subsidiaries as is reasonable and customary, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions, in
          each case reasonably requested by any such representative, underwriter(s), counsel or accountant in connection with a customary due diligence review; provided that (i)
          any party receiving confidential materials shall execute a confidentiality agreement on customary terms if reasonably requested by the Company and (ii) the Company may in its reasonable discretion restrict access to competitively sensitive or
          legally privileged documents or information;

       

      (g)        Enter into customary agreements and take such other actions as are reasonably required in order to facilitate the disposition of Registrable Securities, including, if the method of
          distribution of Registrable Securities is by means of an underwritten offering, using commercially reasonable efforts to (i) cause the chief executive officer and chief financial officer to be available at reasonable dates and times to
          participate in “road show” presentations and/or investor conference calls to market the Registrable Securities during normal business hours, on reasonable advance notice and without undue burden or hardship on the Company; provided that the aggregate number of days of “road show” presentations in connection with an underwritten offering of Registrable Securities for each registration pursuant
          to a demand made under Section 3 shall not exceed three (3) Business Days; and (ii) negotiate and execute an underwriting agreement in customary form with the managing
          underwriter(s) of such offering and such other documents reasonably required under the terms of such underwriting arrangements, including using reasonable best efforts to procure a customary legal opinion and customary auditor comfort letters. 
          The Electing Investors shall also enter into and perform their obligations under such underwriting agreement;

       

      (h)         If such securities are being sold through underwriters, use reasonable best efforts to (i) furnish, on the date that such Registrable Securities are delivered to the underwriters, an opinion, dated as of such date, of the
          legal counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and a “negative assurance
          letter,” dated as of such date, of the legal counsel representing the Company for purposes of such registration, in form and substance as is customarily given to underwriters and (ii) furnish, on the date of the underwriting agreement and on the
          date that the Registrable Securities are delivered to the underwriters, a letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified
          public accountants to underwriters in an underwritten public offering, addressed to the underwriters;

       

      
        
          

        

        11

        
          

      

      (i)           Use reasonable best efforts to list the Registrable Securities covered by such registration statement with any securities exchange on which the Common Stock is then listed;

       

      (j)           Give notice to the Electing Investors as promptly as reasonably practicable:

       

      (i)        when any registration statement filed pursuant to Sections 2 or 3 or in which Registrable Securities are included pursuant to Section 6 or any amendment to such registration statement has been filed with the Commission and when such registration statement or any post-effective amendment to such
          registration statement has become effective;

       

      (ii)       when the prospectus or any prospectus supplement has been filed and, with respect to such registration statement, when the same has become effective;

       

      (iii)      of any request by the Commission or other federal or state governmental authority for additional information regarding, or amendments or supplements to, any registration statement (or any information incorporated by reference
          in, or exhibits to, such registration statement) filed pursuant to Sections 2 or 3 or in
          which Registrable Securities are included pursuant to Section 6 or the prospectus (including information incorporated by reference in such prospectus) included in such
          registration statement;

       

      (iv)        of the issuance by the Commission of any stop order suspending the effectiveness of any registration statement filed pursuant to Sections 2
          or 3 or in which Registrable Securities are included pursuant to Section 6 or the
          initiation of any proceedings for that purpose;

       

      (v)         if at any time the Company has reason to believe that the representations and warranties of the Company or any of its subsidiaries contained in any agreement (including any underwriting agreement contemplated by Section 8(g) above) relating to the disposition of Registrable Securities cease to be true and correct;

       

      (vi)        of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Common Stock for sale in any jurisdiction or the initiation or threatening of any proceeding for
          such purpose; and

       

      (vii)      at any time when a prospectus relating to any such registration statement is required to be delivered under the 1933 Act, of the happening of any event as a result of which such prospectus (including any material incorporated
          by reference or deemed to be incorporated by reference in such prospectus), as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
          therein not misleading in light of the circumstances then existing, which event requires the Company to make changes in such effective registration statement and prospectus in order to make the statements therein or incorporated by reference
          therein not misleading (which notice shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made and shall not contain any material, non-public information about the Company);

       

      
        
          

        

        12

        
          

      

      (k)         Use its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of any registration statement referred to in Section 8(j)(iv) at the earliest practicable time;

       

      (l)          Cooperate with the Electing Investors and each underwriter or agent participating in the disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

       

      (m)        Upon the occurrence of any event contemplated by Section 8(j)(vii), reasonably promptly prepare a post-effective amendment to such registration statement
          or a supplement to the related prospectus or file any other required document so that, as thereafter delivered to the Electing Investors, the prospectus will not contain (or incorporate by reference) an untrue statement of a material fact or omit
          to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.  If the Company notifies the Electing Investors in accordance with Section 8(j)(vii) to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Electing Investors shall suspend use of such prospectus and use their
          reasonable best efforts to return to the Company all copies of such prospectus (at the Company’s expense) other than permanent file copies then in the Electing Investors’ possession, and the period of effectiveness of such registration statement
          provided for in Section 8(a) above shall be extended by the number of days from and including the date of the giving of such notice to the date the Electing Investors
          shall have received such amended or supplemented prospectus pursuant to this Section 8(m); and

       

      (n)         Use reasonable best efforts to procure the cooperation of the Company’s transfer agent in settling any offering or sale of Registrable Securities, including, if applicable, the transfer of physical stock certificates into
          book-entry form in accordance with any procedures reasonably requested by the Electing Investors or the managing underwriter(s).  In connection therewith, if reasonably required by the Company’s transfer agent, the Company shall, promptly after
          the effectiveness of the registration statement, cause an opinion of counsel as to the effectiveness of the registration statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and
          directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without legend upon sale by the holder of such shares of Registrable Securities under the registration statement.

       

      9.           Suspension of Sales. Upon receipt of written notice from the Company pursuant to Section

              8(j)(vii), the Electing Investors shall immediately discontinue disposition of Registrable Securities until they (i) have received copies of a supplemented or amended prospectus or prospectus supplement pursuant to Section 8(m) or (ii) are advised in writing by the Company that the use of the prospectus and, if applicable, prospectus supplement may be resumed, and, if so directed by
          the Company, the Electing Investors shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in the Electing Investors’ possession, of the prospectus and, if applicable, prospectus supplement
          covering such Registrable Securities current at the time of receipt of such notice.

       

      
        
          

        

        13

        
          

      

      10.        Limitation on Subsequent Registration Rights.  From and after the date hereof, the Company shall not enter into any agreement granting any holder or
          prospective holder of any securities of the Company registration rights with respect to such securities that conflict with the rights granted to the Investors herein without the prior written consent of the Investors holding a majority of the
          Registrable Securities.  It is agreed that the granting of pro rata registration rights to any other investor in the Company shall not be considered to
          conflict with the rights granted to the Investors herein.

       

      11.         Free Writing Prospectuses.  The Electing Investors shall not use any free writing prospectus (as defined in Rule 405 under the 1933 Act) in
          connection with the sale of Registrable Securities without the prior written consent of the Company; provided that the Electing Investors may use any free writing
          prospectus prepared and distributed by the Company.

       

      12.          Indemnification.

       

      (a)        Notwithstanding any termination of this Agreement,
          the Company shall indemnify and hold harmless each of the Electing Investors and each of their respective current and former officers, directors, employees, agents, partners, members, stockholders, representatives and Affiliates, and each Person
          or entity, if any, that controls the Electing Investors within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and the officers, directors, employees, agents and employees of each such controlling Person, and each
          underwriter thereof, if any, and each Person who controls any such underwriter within the meaning of Section 15 of the 1933 Act (each, an “Investor Indemnitee”), against
          any and all losses, claims, damages, actions, liabilities, costs and expenses (including reasonable fees, expenses and disbursements of attorneys and other professionals), joint or several, arising out of or based upon any untrue or alleged
          untrue statement of material fact contained or incorporated by reference in any registration statement, prospectus, preliminary prospectus or final prospectus contained therein, offering circular or other document, or any amendment or supplement
          thereto, or contained in any “issuer free writing prospectus” (as such term is defined in Rule 433 under the 1933 Act) prepared by the Company or authorized by it in writing for use by the Investors or any amendment or supplement thereto; any
          omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or any violation by the Company of
          any rule or regulation promulgated under the 1933 Act, the 1934 Act or state securities laws applicable to the Company in connection with any such registration, and the Company will reimburse each of the Investor Indemnitees for any reasonable
          legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred; provided that the Company shall not be liable to such Investor Indemnitee in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of
          or is based upon (i) an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, including any such preliminary prospectus or final prospectus contained therein, offering circular or other
          document, or any such amendments or supplements thereto or contained in any “issuer free writing prospectus” (as such term is defined in Rule 433 under the 1933 Act) prepared by the Company or authorized by it in writing for use by the Investors
          or any amendment or supplement thereto, in reliance upon and in conformity with information regarding such Investor Indemnitee or its plan of distribution or ownership interests which such Investor Indemnitee furnished in writing to the Company
          for use in connection with such registration statement, including any such preliminary prospectus or final prospectus contained therein, offering circular or other document, or any such amendments or supplements thereto, (ii) offers or sales
          effected by or on behalf of such Investor Indemnitee “by means of” (as defined in Rule 159A under the 1933 Act) a “free writing prospectus” (as defined in Rule 405 under the 1933 Act) that was not authorized in writing by the
          Company, or (iii) the failure to deliver or make available to a purchaser of Registrable Securities a copy of any preliminary prospectus, pricing information or final prospectus contained in the applicable registration statement or any amendments
          or supplements thereto (to the extent the same is required by applicable law to be delivered or made available to such purchaser at the time of sale of contract); provided
          that the Company shall have delivered to each Electing Investor such preliminary prospectus or final prospectus contained in the applicable registration statement and any amendments or supplements thereto pursuant to Section 8(d) no later than the time of contract of sale in accordance with Rule 159 under the 1933 Act.

       

      
        
          

        

        14

        
          

      

      (b)        Each Electing Investor shall, severally and not
          jointly, indemnify and hold harmless the Company and its officers, directors, employees, agents, representatives and Affiliates, each underwriter, if any, of the Company’s securities covered by such a registration, each Person who controls the
          Company or such underwriter within the meaning of Section 15 of the 1933 Act, and each other Electing Investor and each of such other Electing Investor’s officers, directors, partners and members and each Person controlling such other Electing
          Investor within the meaning of Section 15 of the 1933 Act, against any and all losses, claims, damages, actions, liabilities, costs and expenses (including reasonable fees, expenses and disbursements of attorneys and other professionals) arising
          out of or based upon any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular or other document, or any amendment or supplement thereto, or contained in
          any “issuer free writing prospectus” (as such term is defined in Rule 433 under the 1933 Act), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in
          light of the circumstances under which they were made, not misleading, but only to the extent that such untrue statements or omissions are based solely upon information regarding such Electing Investor furnished in writing to the Company by such
          Electing Investor expressly for use therein.  In no event shall the liability of any Electing Investor hereunder be greater in amount than the dollar amount of the net proceeds received by such Electing Investor upon the sale of the Registrable
          Securities giving rise to such indemnification obligation.

       

      (c)          If any proceeding shall be brought or asserted
          against any Person entitled to indemnity hereunder (an “Indemnified Party”) with respect to a claim for which indemnity is required under this Agreement, such
          Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the
          defense in such proceeding, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with such defense; provided that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Section 12, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have
          proximately and materially adversely prejudiced the Indemnifying Party.  An Indemnified Party shall have the right to employ separate counsel in any such proceeding and to participate in the defense of such proceeding, but the fees and expenses
          of such counsel shall be at the expense of such Indemnified Party or Parties unless: (i) the Indemnifying Party has agreed in writing to pay such fees and expenses; (ii) the Indemnifying Party shall have failed promptly to assume the defense of
          such proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such proceeding; or (iii) the named parties to any such proceeding (including any impleaded parties) include both such Indemnified Party and the
          Indemnifying Party, and such Indemnified Party shall have been advised by counsel that representation of both such Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate because of an actual conflict of interest
          between the Indemnifying Party and such Indemnified Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
          Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided that the Indemnifying Party
          shall not be liable for the fees and expenses of more than one separate firm of attorneys (in addition to, but only to the extent necessary, one local counsel) at any time for all Indemnified Parties.  The Indemnifying Party shall not be liable
          for any settlement of any such proceeding effected without its written consent, which consent shall not be unreasonably withheld, conditioned or delayed.  No Indemnifying Party shall, without the prior written consent of the Indemnified Party
          (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an
          unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding.  All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in
          connection with investigating or preparing to defend such proceeding in a manner not inconsistent with this Section 12) shall be paid to the Indemnified Party, as
          incurred, promptly upon receipt of written notice thereof by the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified
          Party is not entitled to indemnification under this Section 12).

       

      
        
          

        

        15

        
          

      

      (d)        If the indemnification provided for in Sections 12(a) or 12(b) is held by a court of competent jurisdiction to be unavailable to an
          Indemnified Party with respect to any losses, claims, damages, actions, liabilities, costs or expenses referred to in Sections 12(a) or 12(b), as the case may be, or is insufficient to hold the Indemnified Party harmless as contemplated therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
          contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, actions, liabilities, costs or expenses, in such proportion as is appropriate to reflect the relative fault of the Indemnified Party,
          on the one hand, and the Indemnifying Party, on the other hand, in connection with the statements, omissions or violations which resulted in such losses, claims, damages, actions, liabilities, costs or expenses, as well as any other relevant
          equitable considerations.  The relative fault of the Indemnifying Party, on the one hand, and of the Indemnified Party, on the other hand, shall be determined by reference to, among other factors, whether the untrue or alleged untrue statement of
          a material fact or omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
          such statement or omission.  The Company and the Investors agree that it would not be just and equitable if contribution pursuant to this Section 12(d) were determined
          by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 12(d).  Notwithstanding the foregoing, in no event shall the liability of any Electing Investor hereunder be greater in amount than the dollar amount of the net
          proceeds received by such Electing Investor upon the sale of the Registrable Securities giving rise to such contribution obligation.  No Indemnified Party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
          Act) shall be entitled to contribution from an Indemnifying Party not guilty of such fraudulent misrepresentation.

       

      
        
          

        

        16

        
          

      

      13.          Agreement to Furnish Information. If requested by the Company or the book-running managing underwriter(s) in an underwritten offering of Common Stock
          (or other securities of the Company convertible into Common Stock), each Electing Investor shall provide such information regarding itself and its Registrable Securities as may be reasonably required by the Company or such
          representative of the book-running managing underwriter(s) in connection with the filing of a registration statement and the completion of any public offering of the Registrable Securities pursuant to this Agreement.

       

      14.         Rule 144 Reporting.  With a view to making available to the Investors the benefits of certain rules and regulations of the Commission which may
          permit the sale of the Registrable Securities that are Common Stock to the public without registration, the Company agrees to use its reasonable best efforts to: (a) make and keep public information available, as those terms are understood and
          defined in Rule 144 under the 1933 Act or any similar or analogous rule promulgated under the 1933 Act, at all times after the effective date of this Agreement (“Rule 144”); (b) file with the Commission, in a timely manner, all reports and other
          documents required of the Company under the 1934 Act; and (c) so long as the Investors own any Registrable Securities, furnish to such Investors forthwith upon request: (i) a written statement by the Company as to its compliance with the
          reporting requirements of Rule 144 and of the 1934 Act; and (ii) unless otherwise available at no charge by access electronically to the Commission’s EDGAR filing system (or any successor system), a copy of the most recent annual or quarterly
          report of the Company and such other reports and documents as such Investors may reasonably request in availing themselves of any rule or regulation of the Commission allowing them to sell any such Common Stock without registration.

       

      15.          Miscellaneous.

       

      (a)        Termination of Registration Rights.  The registration rights of any particular Investor granted under this Agreement shall terminate with respect to such Investor upon the date upon which neither the Investor nor any
          of its Affiliates holds any Registrable Securities.

       

      (b)          Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed in all respects by the internal laws of the State of New York without giving
          effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.

       

      
        
          

        

        17

        
          

      

      (c)          Jurisdiction; Jury Trial.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough
          of Manhattan in the City of New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
          action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
          Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 15(h) and as permitted by applicable law. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
          manner permitted by law.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
          OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN.

       

      (d)         Specific Performance.  Each of the Investors, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to
          the other party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies
          available at law (including the payment of money damages).  It is accordingly agreed that the Investors, on the one hand, and the Company, on the other hand (the “Moving Party”),

          shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and the other party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief
          on the grounds that any other remedy or relief is available at law or in equity.  This Section 15(d) is not the exclusive remedy for any violation of this Agreement.

       

      (e)          Successors and Assigns.  Except as otherwise provided in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be
          binding upon, the successors, heirs and permitted assigns (including, for the avoidance of doubt, any of the Investors’ Affiliates) of the parties; provided, however, that in the event that any Person acquires or becomes a transferee or assignee of any Registrable Securities, such Person shall, without any further writing or
          action of any kind, be deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be treated as an
          “Investor” for all purposes under this Agreement and shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of, this Agreement.

       

      (f)          No Third-Party Beneficiaries.  Notwithstanding anything contained in this Agreement to the contrary, this Agreement is intended solely for the
          benefit of the parties hereto and their respective successors, heirs and permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person; provided, however, that each Indemnified Party (but only, in the case of an Investor Indemnitee, if such Investor Indemnitee has complied with
          the requirements of Section 12(c), including the first proviso of Section 12(c)) shall be
          entitled to the rights, remedies and obligations provided to an Indemnified Party under Section 12, and each such Indemnified Party shall have standing as a third-party
          beneficiary under Section 12 to enforce such rights, remedies and obligations.

       

      
        
          

        

        18

        
          

      

      (g)          Entire Agreement.  This Agreement and the other Transaction Documents supersede all other prior or contemporaneous agreements and understandings,
          both written and oral, between the Investors, the Company, their Affiliates and Persons acting on their behalf with respect to the subject matter hereof and thereof, and this Agreement, the other Transaction Documents, and the instruments
          referenced herein and therein constitute the full and entire agreement and understanding of the parties with respect to the subject matters hereof and thereof and, except as specifically set forth herein or therein, neither the Company nor the
          Buyer makes any representation, warranty, covenant or undertaking with respect to any such matters.

       

      (h)          Notices.  Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement shall be in
          writing and shall be deemed to be delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent by electronic mail; or (iii) one Business Day after deposit with an overnight courier service (provided e-mail notice is sent
          stating that such communication was sent by overnight courier), in each case properly addressed to the party to receive the same; provided that any electronic mail
          transmission is promptly confirmed by a responsive electronic communication by the recipient thereof or receipt is otherwise clearly evidenced (excluding out-of-office replies or other automatically generated responses) or is followed up within
          one Business Day after e-mail by dispatch pursuant to one of the methods described in the foregoing clause (i).  The addresses and e-mail addresses for such communications shall be:

       

      if to the Company:

       

      	 	
              PAR Technology Corporation

            
	 	
              8383 Seneca Turnpike

            
	 	
              New Hartford, New York 13413

            
	 	
              Attention:

            	
              Cathy King

            
	 	
              E-mail:

            	
              cathy_king@partech.com

            

       

      

      with a copy to (for informational purposes only):

       

      	 	
              Gibson, Dunn & Crutcher LLP

            
	 	
              200 Park Avenue

            
	 	
              New York, NY 10166

            
	 	
              Attention:

            	
              Boris Dolgonos

            
	 	 	
              Eduardo Gallardo

            
	 	
              E-mail:

            	
              bdolgonos@gibsondunn.com

            
	 	 	
              egallardo@gibsondunn.com

            

       

      if to the Investors:

       

      	 	
              PAR Act III, LLC

            
	 	
              23 Prescott St.

            
	 	
              Brookline, MA 02446

            
	 	
              Attention:

            	
              Ron Shaich

            
	 	
              E-mail:

            	
              ronshaich@act3holdings.com

            

      

      

      
        
          

        

        19

        
          

      

      with a copy to (for informational purposes only):

       

      	 	
              Sullivan & Cromwell LLP

            
	 	
              125 Broad St.

            
	 	
              New York, NY 10004

            
	 	
              Attention:

            	
              Audra D. Cohen

            
	 	 	
              Matt B. Goodman

            
	 	
              E-mail:

            	
              cohena@sullcrom.com

            
	 	 	
              goodmanm@sullcrom.com

            

      

      

      or to such other address and/or e-mail address and/or to the attention of such other person as the recipient party has specified by written notice given to each other
        party five (5) days prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s e-mail
        containing the time, date, and recipient e-mail address, or (C) given by the recipient where notice was provided by an overnight courier service (provided e-mail notice is sent stating that such communication was sent by overnight courier) shall be
        rebuttable evidence of personal service, receipt by facsimile or e-mail or receipt from an overnight courier service in accordance with clause (i) or (ii) above, respectively.

       

      (i)          Delays or Omissions.  No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate
          as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  All remedies hereunder are cumulative
          and not exclusive of any other remedies provided by law.

       

      (j)         Expenses.  The Company and the Investors shall bear their own expenses and legal fees incurred on their behalf with respect to this Agreement and the
          transactions contemplated hereby, except as otherwise provided in Section 7.

       

      (k)        Amendments and Waivers.  Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance
          and either retroactively or prospectively) only if such amendment or waiver is in writing and signed, in the case of an amendment, by the Company and the holders of at least a majority of the Registrable Securities then outstanding or, in the
          case of a waiver, by the party against whom the waiver is to be effective.  Any amendment or waiver effected in accordance with this Section 15(k) shall be binding upon
          each holder of any Registrable Securities at the time outstanding (including securities convertible into Registrable Securities), each future holder of all such Registrable Securities and the Company.  No such amendment shall be effective to the
          extent that it applies to less than all of the Investors or holders of Registrable Securities.

       

      (l)          Counterparts.  This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
          shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile or .pdf format signature shall be considered due execution and shall be binding upon the signatory thereto with
          the same force and effect as if the signature were an original, not a facsimile or .pdf signature.

       

      
        
          

        

        20

        
          

      

      (m)         Severability.  If any provision of this Agreement is prohibited by law or otherwise becomes or is declared by a court of competent jurisdiction to be
          invalid or unenforceable, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
          provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof
          and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would
          otherwise be conferred upon the parties.  The parties hereto will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to
          that of the prohibited, invalid or unenforceable provision(s).

       

      (n)          Headings; Interpretation.  The headings used in this Agreement are used for convenience of reference only and
          are not to be considered part of, or affect the interpretation of, this Agreement.  When a reference is made in this Agreement to a Section or Schedule, such reference shall be to a Section or Schedule of this Agreement unless otherwise
          indicated.  Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”  The words “hereof,” “herein,” and “herewith” and words of similar import
          shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the Schedules) and not to any particular provision of this Agreement.  Unless otherwise specified in this Agreement, the term “dollars” and the
          symbol “$” mean U.S. dollars for purposes of this Agreement and all amounts in this Agreement shall be paid in U.S. dollars.  The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and
          to the masculine as well as to the feminine and neuter genders of such term.  Any agreement, instrument or statute, rule or regulation defined or referred to in this Agreement means such agreement, instrument or statute, rule or regulation as
          from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes.  Any reference to any section under the
          1933 Act or 1934 Act, or any rule promulgated thereunder, shall include any publicly available interpretive releases, policy statements, staff accounting bulletins, staff accounting manuals, staff legal bulletins, staff “no-action,” interpretive
          and exemptive letters, and staff compliance and disclosure interpretations (including “telephone interpretations”) of such section or rule by the Commission.  Each of the parties hereto has participated in the drafting and negotiation of this
          Agreement.  If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if it were drafted by each of the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party
          by virtue of authorship of any of the provisions of this Agreement.

       

      (o)         Further Assurances.  Each party hereto shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
          and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the other Transaction Documents and the
          consummation of the transactions contemplated hereby and thereby.

       

      [Signature pages follow.]

       

      
        21

        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

      

      

      	 	
              PAR TECHNOLOGY CORPORATION

            
	 	 	 	 
	 	By:	
              /s/ Savneet Singh

            
	 	 	
              Name: Savneet Singh

            
	 	 	
              Title: President and Chief Executive Officer

            

      

      

      
        [Signature Page to Registration Rights Agreement]

         

      

      
        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

       

      	 	
              PAR ACT III, LLC

            
	 	 	 
	 	By:	
               /s/ Ronald M. Shaich

            
	 	 	
              Name: Ronald M. Shaich

            
	 	 	
              Title: Chief Executive Officer

            

      

      

      
        [Signature Page to Registration Rights Agreement]

         

        

      

      
        
          

      

      SCHEDULE 1

       

      SCHEDULE OF INVESTORS

       

      PAR Act III, LLC, a Delaware limited liability company

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