Document:

1997 Trintech Group Limited Share Option Scheme

  
 Exhibit 4.2 

 
 TRINTECH GROUP LIMITED 
 SHARE OPTION 1997 SCHEME 
  
 Established by a resolution of the Board of the Company on 28th May, 1997, and as amended from time to time by resolutions of the Board of Directors and Ordinary
resolutions of the company. 
  
 A & L Goodbody,

 1 Earlsfort Centre, 
 Hatch Street, 
 Dublin 2. 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 CLAUSE 1.
	  	INTRODUCTION	  	1
			
	 CLAUSE 2.
	  	ADMINISTRATION	  	 
	 2.1
	  	Committee Composition	  	2
	 2.2
	  	Committee Responsibilities	  	3
	 2.3
	  	Notices	  	3
	 2.4
	  	Construction	  	4
			
	 CLAUSE 3.
	  	SHARES AVAILABLE FOR GRANTS	  	 
	 3.1
	  	Basic Limitation	  	5
	 3.2
	  	Additional Shares	  	5
	 3.3
	  	Individual Limits	  	6
			
	 CLAUSE 4.
	  	ELIGIBILITY	  	 
	 4.1
	  	General Rules	  	6
	 4.2
	  	Ten-Percent Shareholders	  	6
			
	 CLAUSE 5
	  	OPTIONS	  	 
	 5.1
	  	Share Option Agreement	  	7
	 5.2
	  	Waiver of an Option	  	7
	 5.3
	  	Awards Nontransferable	  	7
	 5.4
	  	Number of Shares	  	8
	 5.5
	  	Exercise Price	  	8
	 5.6
	  	Exercisability and Term	  	8
	 5.7
	  	Modification or Exchange of Options	  	9
	 5.8
	  	Loss of Quotation	  	9
	 5.9
	  	Liquidation	  	10
			
	 CLAUSE 6.
	  	PAYMENT FOR OPTION SHARES	  	 
	 6.1
	  	General Rule	  	10
	 6.2
	  	Exercise Sale	  	10
	 6.3
	  	Other Forms of Payment	  	10
			
	 CLAUSE 7.
	  	ADJUSTMENT OF SHARES	  	 
	 7.1
	  	Adjustments	  	10
	 7.2
	  	Reorganization: Committee	  	12
	 7.3
	  	Reorganization	  	14
	 7.4
	  	Offer for Shares where no agreed	  	14
			
	 CLAUSE 8.
	  	LIMITATION OF RIGHTS	  	 

  

					
	 8.1
	  	Retention Rights	  	15
	 8.2
	  	Shareholders’ Rights	  	15
	 8.3
	  	Regulatory Requirements	  	15
			
	 CLAUSE 9.
	  	WITHHOLDING TAXES	  	16
			
	 CLAUSE 10.
	  	FUTURE OF THE SCHEME	  	 
	 10.1
	  	Term of the Scheme	  	16
	 10.2
	  	Amendment or Termination	  	17
			
	 CLAUSE 11.
	  	DEFINITIONS	  	18

  

 TRINTECH GROUP LIMITED SHARE OPTION 1997 SCHEME 
  

	1.	 	INTRODUCTION 

  
 The Scheme is established pursuant to a resolution of the Board on 28th May, 1997 but shall be subject to approval by the Company’s shareholders within twelve months after such date. The purpose of the Scheme is
to establish an employees’ share scheme within the meaning of Section 2 of the Companies (Amendment) Act 1983 as a long-term incentive scheme to promote the long-term success of the Company and the creation of stockholder value by (a)
encouraging Key Employees to focus on critical long-range objectives, (b) encouraging the attraction and retention of Key Employees with exceptional qualifications and (c) linking Key Employees directly to stockholder interests through increased
stock ownership. The Scheme seeks to achieve this purpose by providing for Awards in the form of Options. The Board may in respect of Key Employees primarily liable to taxation outside the Republic of Ireland on their remuneration alter the
provisions of the Scheme and of Awards for them to take account of overseas taxation or securities laws as set out in Clause 10.2. 
  
 The Scheme shall be governed by, and construed in accordance with, the laws of Ireland. In the event of any dispute in connection with the Scheme or a Share Option
Agreement Participants under the Scheme shall submit to the non-exclusive jurisdiction of the Irish Courts. 
  

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	2	 	ADMINISTRATION 

  

	2.1	 	Committee Composition 

  

	(i)	 	Multiple Administrative Bodies The Scheme may be administered by different Committees with respect to different groups of Participants. 

  

	(ii)	 	Section 162(m) To the extent that the Committee determines it to be desirable to qualify Options granted hereunder to US Participants as “performance-based
compensation” within the meaning of Section 162(m) of the Code, the Scheme shall, in respect of such US Participants, be administered by a Committee of two or more “outside directors” within the meaning of Section 162(m) of the Code.

  

	(iii)	 	Rule 16b-3 To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3 of the Exchange Act (“the Rule 16b-3”), the transactions
contemplated hereunder shall be structured to satisfy the requirements for exemption under Rule 16b-3. 

  

	(v)	 	Other Administration Other than as provided above, the Scheme shall be administered by a Committee, which committee shall be constituted to satisfy all applicable laws, rules
and regulations. 

  

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	2.2	 	Committee Responsibilities. The Committee shall (a) nominate the Key Employees who are to receive Awards under the Scheme, (b) determine the type, number, vesting
requirements and other conditions of such Awards, (c) interpret the Scheme and Share Option Agreements made thereunder and (d) make all other decisions relating to the operation of the Scheme. The Committee may adopt such rules or guidelines as it
deems appropriate to implement the Scheme. The Committee’s determination under the Scheme shall be final and binding on all persons. 

  

	2.3	 	Notices 

  

	 	(A)	 	 To Employees and Participants. Save as otherwise provided herein, any notice or communication to be given by the Company to any Participant may be given by
personal delivery or by sending it by ordinary post to his last known address and where a notice or communication is sent by post it shall be deemed to have been received 72 hours after it was put into the post properly addressed and stamped. All
notifications, documents, Option or share certificates and other communications sent by post as aforesaid will be sent at the risk of the Participant concerned and neither the Company nor any of its Subsidiaries shall have any liability whatsoever
to any Participant in respect of any 

  

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notification, document, Option or share certificate or other communication so given, sent or made and nor shall the Company or any of its Subsidiaries be
concerned to see that any Participant actually receives it. 

  

	 	(B)	 	To the Company. Save as otherwise herein provided any notice or communication given by a Participant to the Company shall be delivered or sent to the Company at its
registered office (or at such other place or places as the Committee may from time to time determine and notify to Participants) and be effective upon receipt. 

  

	2.4	 	Construction 

  

	 	(A)	 	In this Scheme where the context so admits 

  

	 	(i)	 	words importing the masculine gender shall include the feminine, 

  

	 	(ii)	 	words importing the singular shall include the plural and vice versa, 

  

	 	(iii)	 	any reference to any statute (or a particular chapter part or section thereof) shall include any corresponding previous enactment and subsequent statutory modification or
re-enactment thereof and any regulations made thereunder. 

  

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	 	(B)	 	The headings contained in this Scheme are for reference purposes only and do not affect its meaning or construction. 

  

	3	 	SHARES AVAILABLE FOR GRANTS 

  

	3.1	 	Basic Limitation. The Company shall keep available sufficient authorised but unissued Shares to meet in full the exercise of Options. The aggregate number of Shares over
which Options may be awarded under the Scheme shall not exceed 6,200,000. The 6,200,000 Shares shall be reduced by the number of Shares authorised for issuance under the Trintech Group Limited Directors and Consultants Share Option Scheme, the 1999
Employee Savings Related Share Option Scheme and the 1999 Employee Share Purchase Plan. The limitation of this Clause 3.1 shall be subject to adjustment pursuant to Clause 7.1. 

  

	3.2	 	Additional Shares. If any Options are cancelled, forfeited or if any Options terminate or lapse for any other reason before being exercised, then the Shares in respect of
which such Options relate shall again become available for Awards under the Scheme. For this purpose, if the exercise price of an Option is reduced, the transaction will be treated as a cancellation of the Option and the grant of a new Option.

  

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	3.3	 	Individual Limits. The following limitations shall apply to grants of Options: 

  

	(i)	 	No Participant shall be granted, in any fiscal year of the Company, Options to purchase more than 500,000 Shares. 

  

	(ii)	 	In connection with his or her initial service, a Participant may be granted Options to purchase up to an additional 500,000 Shares which shall not count against the limit set forth
in subsection (i) above. 

  

	(iii)	 	The foregoing limitations shall be adjusted proportionally in connection with any change in the Company’s capitalization as described in Section 7.1. 

 

	4	 	ELIGIBILITY 

  

	4.1	 	General Rules. Only Key Employees shall be eligible for designation as Participants by the Committee. No person shall be entitled as of right to participate. In addition,
only US Participants may be granted ISOs. 

  

	4.2	 	Ten-Percent Shareholders. A Key Employee who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company or any of its
Subsidiaries shall not be eligible for the grant of an ISO unless the requirements set forth in section 422(c)(5) of the Code are satisfied. 

  

 6 

	5	 	OPTIONS. 

  

	5.1	 	Share Option Agreement. Each grant of an Option under the Scheme shall be evidenced by a Share Option Agreement between the Participant and made under the Common Seal of the
Company on the Date of Grant. The Share Option Agreement for US Participants shall specify whether the Option is an ISO or an NSO. The provisions of the various Share Option Agreements entered into under the Scheme need not be identical. Options
awarded shall be subject to all applicable terms of the Scheme and may be subject to any other terms that are not inconsistent with the Scheme. 

  

	5.2	 	Waiver of an Option. A Participant may by notice in writing under his Seal given within thirty days of the Date of Grant of an Option, disclaim in whole or in part his rights
under that Option in which case the Option shall for all purposes be deemed never to have been granted. 

  

	5.3	 	 Awards Nontransferable. No Option granted under the Scheme shall be transferable by the Participant other than by will, or by the laws of intestate
succession. An Option may be exercised during the lifetime of the Participant only by the Participant or by his or her legal representative. No Option or interest therein may be transferred, assigned, pledged or hypothecated by the Participant

  

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during his or her lifetime (or his legal personal representative after his death), whether by operation of law or otherwise, or be made subject to execution,
attachment or similar process. 

  

	5.4	 	Number of Shares. Each Share Option Agreement shall specify the number of Shares over which an Option may be granted and shall provide for the adjustment of such number in
accordance with Clause 7.1. 

  

	5.5	 	Exercise Price. Each Share Option Agreement shall specify the Exercise Price. The Exercise Price under an ISO shall not be less than 100% of the Market Value of a Share on
the day preceding the Date of Grant, and the Exercise Price under an NSO shall not be less than the par value of a Share. Notwithstanding the foregoing, Options may be granted with a per share exercise price of less than 100% of the Market Value of
a Share on the date of grant pursuant to a merger or other corporate transaction. 

  

	5.6	 	 Exercisability and Term. Each Share Option Agreement shall specify the date when all or any installment of the Option is to become exercisable. The Share
Option Agreement shall also specify the term of the Option; provided that the term of an ISO shall in no event exceed 10 years from the date of grant. A Share Option Agreement may provide for accelerated exercisability in the event of the 

  

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Participant’s death, disability or retirement or other events and may provide for expiration prior to the end of its term in the event of the
termination of the Participant’s service. 

  

	5.7	 	Modification or Exchange of Options. Within the limitations of the Scheme, the Committee may modify, or extend outstanding Options or may accept the cancellation of
outstanding options in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise Price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the
Participant alter or impair his or her rights or obligations under such Option. 

  

	5.8	 	Loss of Quotation 

  
 In the event of the Shares being no longer quoted on any stock exchange or quotation system the Board shall have discretion to terminate all unexercised
options and participants holding said options shall be entitled to such compensation, if any, of whatever amount or value and consisting of 
  

	 	(i)	 	payment in cash; or 

  

	 	(ii)	 	any other assets or rights; 

  

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 as the Board shall at its absolute discretion determine.” 
  

	5.9	 	Liquidation. In the event of the Company going into liquidation (other than for the purpose of merger or re-organisation under Clauses 7.2 and 7.3), unless the Committee
otherwise determines in advance of the liquidation all Options shall cease to be exercisable and (save to the extent, if at all, that the Committee may prior to such liquidation at their absolute and uncontrolled discretion determine) Participants
shall not be entitled to damages or other compensation of any kind. 

  

	6	 	PAYMENT FOR OPTION SHARES 

  

	6.1	 	General Rule. The entire Exercise Price of Shares issued upon exercise of Options shall be payable in cash at the time when such Shares are purchased, except that the Share
Option Agreement may specify that payment may be made in any form(s) described in this Clause 6. 

  

	6.2	 	 Exercise Sale. To the extent that this Clause 6.2 is applicable, payment may be made by delivery (on a form prescribed by the Company) of an irrevocable
direction to a securities broker approved by the Company to sell Shares 

  

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and to deliver all or part of the sales proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes.

  

	6.3	 	Other Forms of Payment. To the extent that this Clause 6.3 is applicable, payment may be made in any other form that is consistent with applicable laws, regulations and
rules. 

  

	7	 	ADJUSTMENT OF SHARES 

  

	7.1	 	 Adjustments. In the event of a subdivision of the outstanding Shares, bonus or scrip issue, a declaration of a dividend payable in a form other than Shares
in an amount that has a material effect on the price of Shares, a combination or consolidation of the issued Shares (by reclassification or otherwise) into a lesser number of Shares, a recapitalisation, a sale of all or a substantial part of the
business of the Company, spin-off or a similar occurrence, the Committee may make appropriate adjustments in one or more of (a) the number of Shares for which Options may be available for future Awards under Clause 3, (b) the number of Shares
covered by each outstanding Option or (c) the Exercise Price under each outstanding Option. Except as provided in this Clause 7.1, a Participant shall have no rights by reason of any issue by the Company of stock of any class or securities
convertible into stock of any class, any subdivision or consolidation of shares of 

  

 11 

	 	 
stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class.

  

	7.2	 	Reorganization: Committee discretions. In the event that the Company is a party to a merger, takeover or other reorganization or the Committee considers this is about to
occur, the Committee shall, subject to Sections 7.3 and 7.4, be entitled (without the Participant’s consent unless the Committee otherwise requires) at its discretion and not withstanding anything herein contained (except the proviso below):

  

	 	•	 	to request Participants to exercise outstanding Options in relation to the whole or a specified portion of the Shares to which such Options relate and within such time or times and
subject to any other conditions or limitations as the Committee may at its discretion determine; if a Participant does not comply with the aforementioned request such Options shall lapse at the expiry of the time specified for exercise by the
Committee. 

  

	 	•	 	to agree that outstanding Options will be assumed or substituted by the surviving company or its parent (or the acquiring company or its parent where a takeover occurs),

  

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	 	•	 	to arrange for the continuation by the Company of outstanding Options (if the Company is a surviving company or an acquiring company in a takeover), 

  

	 	•	 	to make payment of a cash settlement to Participants equal, per Share, to the difference between the amount to be paid for one Share under the agreement of merger or takeover terms
and the Exercise Price per Share, 

  

	 	•	 	to agree to accelerate the exercisability of such outstanding Options followed by the cancellation of Options not exercised, 

  

	 	•	 	to otherwise vary the exercise of outstanding Options on such conditions as the Committee may decide 

  
 PROVIDED ALWAYS that if the Company and the other party to the transaction constituting the merger, takeover or other
re-organization intend that such transaction is to be treated as a “pooling of interests” for financial reporting purposes, and if such transaction in fact is so treated, this Clause 7.2 shall not apply to the extent that the combining
entities independent public accountants determine in good faith that the operation of the relevant discretion given to the Committee aforesaid would preclude the use of “pooling of interests” accounting. In that event clause 7.3 or 7.4
shall apply, as applicable. 
  

 13 

	7.3	 	Reorganization - In the event that the Company is a party to a merger, takeover or other reorganization and that the Company and the other party to the aforesaid transaction
intend it to be treated as a “pooling of interests” for financial reporting purposes, outstanding Options shall be subject to the agreement of merger or reorganization or the agreed terms of the takeover. Provided that should the agreement
or such terms not provide that outstanding Options shall be assumed by the surviving or acquiring Company or its parent, or that equivalent options will be substituted by the surviving or acquiring company, the exercisability and vesting of such
outstanding Options shall be fully accelerated and shall be followed by the cancellation of Options not exercised. Any cancellation by the Committee shall not occur earlier than 30 days after such acceleration is effective and participants have been
notified of such acceleration. 

  

	7.4	 	 Offer for Shares where there are no agreed terms - Notwithstanding the provisions of Clause 7.3, in the event that the Company is the subject of an offer for
its securities which is not recommended by the Board to the Company’s shareholders or otherwise agreed to by the Board, the exercisability and vesting of outstanding Options shall be fully accelerated. Participants may exercise outstanding
Options within the period of 90 

  

 14 

	 	 
days following the date upon which the offer becomes unconditional in all respects. The Committee shall cancel Options not exercised within the aforesaid
period. 

  

	8	 	LIMITATION ON RIGHTS 

  

	8.1	 	Retention Rights. Neither the Scheme nor any Option granted under the Scheme shall be deemed to give any individual a right to remain an employee or director of the Company
or a Subsidiary. The Company or its Subsidiaries reserve the right to terminate the service of any employee or director at any time, with or without cause, subject to applicable laws, the Company’s Memorandum and Articles of Association and a
written employment agreement (if any). 

  

	8.2	 	Shareholders Rights. A Participant shall have no dividend rights, voting rights or other rights as a shareholder with respect to any Shares covered by his or her Award prior
to filing the proper Notice of Exercise and tendering the exercise price for such Shares. No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date when such Notice of Exercise and tender of
exercise price is given, except as expressly provided in Clause 7.1. 

  

	8.3	 	 Regulatory Requirements. Any other provision of the Scheme notwithstanding, the obligation 

  

 15 

	 	 
of the Company to issue Shares under the Scheme shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as
may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Shares pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Shares, to their registration,
qualification or listing or to an exemption from registration, qualification or listing. 

  

	9	 	WITHHOLDING TAXES 

  
 If withholding tax obligations arise under local, US State, federal, or other foreign law in connection with any transaction under the Scheme, then the Participant, beneficiary or other person who is subject to such
obligations shall make arrangements satisfactory to the Company to meet such obligations. The Company shall not be required to issue any Shares or make any cash payment under the Scheme until such obligations are satisfied. 
  

	10	 	FUTURE OF THE SCHEME 

  

	10.1	 	Term of the Scheme. the Scheme, as set forth herein, shall become effective as of 28th May, 1997. The Scheme shall terminate on 27th May, 2007 unless it has previously been
terminated under Section 10.2. 

  

 16 

	10.2	 	Amendment or Termination. 

  

	 	(A)	 	the Board may, at any time and for any reason, amend or terminate the Scheme. An amendment of the Scheme shall be subject to the approval of the Company’s shareholders if it
increases the number of Shares over which Options may be awarded under Clause 3.1 or extends the term of the Scheme (provided that no amendment pursuant to Clause 7.1 shall be regarded as requiring shareholder approval). No Awards shall be granted
under the Scheme after the termination thereof. The termination of the Scheme, or any amendment thereof, shall not (subject to Clauses 7.2 and 7.3 ) affect any Option previously granted under the Scheme and notwithstanding such termination, the
Company shall continue to act, administer and manage the Scheme in accordance with its terms. 

  

	 	(B)	 	The Committee may in respect of Key Employees who are or may become primarily liable to taxation outside Ireland on their remunerations amend or alter the provisions of the Scheme
and the terms and conditions of Awards as the Committee considers necessary or desirable to take account of relevant overseas taxation or securities laws and the alterations or amendments so made are scheduled to the Scheme.

  

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	11	 	DEFINITIONS 

  

	11.1	 	“Award” means any award of an Option under the Scheme. 

  

	11.2	 	“Board” means the Company’s Board of Directors, as constituted from time to time. 

  

	11.3	 	“Change in Control” means: 

  

	 	(a)	 	The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if more than 50% of the combined voting power of the
continuing or surviving entity’s issued shares or securities outstanding immediately after such merger, consolidation or other reorganization is owned by persons who were not shareholders of the Company immediately prior to such merger,
consolidation or other reorganization; 

  

	 	(b)	 	The sale, transfer of other disposition of all or substantially all of the Company’s assets; 

  

	 	(c)	 	 A change in the composition of the Board, as a result of which fewer than 50% of the incumbent directors are directors who either (i) had been directors of the
Company on the date 24 months prior to the date of the event that may constitute a Change in Control (the “original 

  

 18 

	 	 
directors”) or (ii) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the aggregate of the
original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved; or 

  

	 	(d)	 	Any transaction as a result of which any person is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting securities (i.e issued shares). For purposes of this Subsection (d), the term “person” shall have the same meaning as
when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other fiduciary holding shares under an employee benefit plan of the Company or of a Subsidiary (ii) a company owned directly or indirectly by the
shareholders of the Company in substantially the same proportions as their ownership of the ordinary shares of the Company and (iii) an employee or director of the Company or any subsidiary at the time of the transaction or immediately prior
thereto. 

  

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 A transaction shall not constitute a Change in Control if its sole purpose is to create a holding company
that will be owned in substantially the same proportions by the persons who held the Company’s issued shares immediately before such transaction. 
  

	11.4	 	“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

  

	11.5	 	“Committee” means a committee of the Board, as described in Clause 2. 

  

	11.6	 	“Company” means Trintech Group Limited, an Irish company. 

  

	11.7	 	“Date of Grant” means the date on which an Option is granted under the common seal of the Company under the Scheme. 

  

	11.8	 	“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

  

	11.9	 	“Exercise Price” means the amount for which one Share may be subscribed upon exercise of an Option, as specified in the applicable Share Option Agreement.

  

	11.10	 	“ISO” means an incentive stock option described in section 422(b) of the Code. 

  

	11.11	 	“Internal Revenue Service” means the U.S. Internal Revenue Service. 

  

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	11.12	 	“Key Employee” means (a) a key non-temporary employee of the Company or of a Subsidiary, as determined by the Committee, or (b) an executive director holding
salaried employment or office of the Company or a Subsidiary. 

  

	11.13	 	“Market Value” means the market price of Shares, determined by the Committee as follows: 

  

	 	(A)	 	If Shares were traded on the National Market System of NASDAQ or any other securities exchange regulated by the Securities and Exchange Commission (or on any other recognised stock
exchange on which Shares may then be listed or dealt in) on the date in question, then the Market Value shall be equal to the higher of par and the closing price reported for such date by the applicable composite-transactions report or any other
comparable or equivalent report prepared by the relevant regulatory authority governing the securities exchange on which the Shares are listed or dealt; and 

  

	 	(B)	 	If (A) is not applicable or if there are two or more listings, then the Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate.

  
 Whenever possible, the determination of Market
Value by the Committee shall be based on the prices reported in the most recent edition of 

  

 21 

 
The Wall Street Journal. Such determination shall be conclusive and binding in all persons. 
  

	11.14	 	“Nominated Employee” means an employee who shall have been nominated for the purpose of the Scheme under Clause 2.2. 

  

	11.15	 	“NSO” means an employee stock option not described in sections 422 or 423 of the Code. 

  

	11.16	 	“Option” means an ISO or NSO granted under the Scheme and entitling the holder to acquire by subscription Shares. 

  

	11.17	 	“Participant” means any Nominated Employee who is for the time being the holder of an Option; 

  

	11.18	 	“Scheme” means this Trintech Group Limited Share Option 1997 Scheme, as it may be amended from time to time. 

  

	11.19	 	“Securities and Exchange Commission” means the U.S. Securities and Exchange Commission. 

  

	11.20	 	“Share” means one ordinary share of IR.2p in the capital of the Company and such expression shall if the context admits or requires means one such ordinary share as
may be represented by one American Depositary Share (and may be evidenced by one American Depositary Receipt) or otherwise. 

  

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	11.21	 	“Share Option Agreement” means the agreement between the Company and a Participant which contains the terms, conditions and restrictions pertaining to his or her
option. 

  

	11.22	 	“Subsidiary” means a subsidiary undertaking as defined in Regulation 4 of the European Communities (Companies: Group Accounts) Regulations, 1992.

  

	11.23	 	“US Participant” means any Participant who, at the time the Option is granted, is a citizen or resident of the United States of America for federal income tax
purposes. 

  

 23 

 Irish Participants 
 Agreement No:              
 5-Year Vesting

  
 TRINTECH Group LIMITED SHARE OPTION 1997 SCHEME

  
 Incentive Share Option Agreement 

 
 Trintech Group Limited an Irish limited corporation ‘Trintech’, hereby grants an
option to subscribe for Shares as may be represented by American Depositary Shares and as may be evidenced by American Depositary Receipts to the Participant named below. The terms and conditions of the option are set forth in this cover sheet, in
the attachment and in the Trintech Group Limited Share Option 1997 Scheme (“the Scheme”). 
  
 Date of Option Grant:
                                        
                                        
         
  
 Name of Participant:
                                        
                                        
         
  
 Social Security No. or

  
 other tax
identification:                                     
                                        
        
  
 Number of Shares Covered by
Option:
                                        
                     
  
 Exercise Price per Share:
$                                        
                                        

 (being market value on the day 
 preceding the date of grant)

  
 Vesting Start
Date:                                       
                                        
              
  
 By signing this cover sheet, you agree to all of the terms and conditions described in the attachment and in the Scheme. 
  

							
	 SIGNED, SEALED AND DELIVERED
	  	 
	 by the Participant
	  	 
	 in the presence of:
	  	Seal:
				
	 Witness
	  	Name:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	Address:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	 	  	 
	 	 	
	 	 
	 	  	Occupation:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

  
 GIVEN under the Common Seal

  

 24 

 of TRINTECH Group LIMITED 
  
 5-Year Vesting 
  
 TRINTECH Group LIMITED SHARE OPTION 1997 SCHEME 
  
 Share Option Agreement 
  

					
	 Vesting
	  	Your right to exercise this Option vests in monthly increments at the rate of 1/36th per month over the three year period starting on the second anniversary of the Date of Grant
as shown on the cover sheet. For example, the percentage of the total number of Shares for which this option will be exercisable at the dates specified below is as follows:
			
	 	  	 Anniversary of Dateof Grant

	  	 Percentage

	 	  	 Third
	  	33-1/3%
	 	  	 Fourth
	  	66-2/3%
	 	  	 Fifth
	  	100%
		
	 	  	 The resulting number of Shares will be rounded up to the nearest whole number. No
 additional Shares vest after your Trintech service has terminated for any reason.

  

 25 

			
		
	 Term
	  	Your Option will expire in any event at the close of business at Trintech headquarters on the day before the 7th anniversary of the Date of Grant, as shown on the cover sheet. (It will expire
earlier if your Trintech service terminates, as described below.)
		
	 Regular Termination
	  	If your service as an employee or director of Trintech (or any Subsidiary) terminates for any reason except death (or normal retirement or retirement due to Health Reasons) then your Option
(to the extent exercisable) will expire at the close of business at Trintech headquarters on the 30th day (or such later date as the Committee may decide) after your termination date.
		
	 	  	Trintech determines when your service terminates for this purpose.
		
	 Death
	  	If you die as an employee or director of Trintech (or any Subsidiary), then your Option (to the extent exercisable) will expire at the close of business at Trintech headquarters on the date
one year after the date of death. During that one year period, your personal representatives may exercise your option (to the extent exercisable).

  

 26 

			
		
	 Normal Retirement
	  	If your service as an employee or Early Retirement director of Trintech (or any Subsidiary) terminates because of normal retirement or early retirement due to Health Reasons then your Option
(to the extent exercisable) will expire at the close of business at Trintech headquarters on the date one year after your termination date.
		
	 Leaves of Absence
	  	 For purposes of this Option, your service does not terminate when you go on sick leave or another bona fide leave of absence if the leave was
approved by Trintech in writing. But your service will be treated as terminating 90 days after you went on leave, unless your right to return to active work is guaranteed under law or by a contract. Your service terminates, in any event, when the
approved leave ends, unless you immediately return to active work.
  
 Trintech
determines which leaves count for this purpose.

		
	 Restrictions on Exercise
	  	Trintech will not permit you to exercise this Option if the

  

 27 

			
		
	 	  	exercise and/or issuance of Shares at that time would violate any applicable law or regulation.
		
	 Notice of Exercise
	  	When you wish to exercise this Option you must notify Trintech by filing the proper “Notice of form at the address given on the form. Your notice must specify how many Shares you wish to
purchase. Your notice must also specify how your Shares should be registered (in your name only or in your and your spouse’s joint names). The notice will be effective when it is received by Trintech.
		
	 	  	If someone else wants to exercise this Option after your death, that person must prove to Trintech’s satisfaction that he or she is entitled to do so.
		
	 Form of Payment
	  	When you submit your Notice of Exercise, you must include payment of the Exercise Price for the Shares you are purchasing. Payment may be made in one (or a combination of both) of the
following forms:
		
	 	  	 •        Your personal cheque, a cashier’s cheque or a money order.

  

 28 

			
		
	 	  	If Trintech then so permits, by irrevocable directions to a securities broker approved by Trintech to sell your Option Shares and to deliver all or a portion of the sale proceeds to Trintech
in payment of the Exercise Price. (The balance of the sale proceeds, if any, will be delivered to you.) The directions must be given by signing a special “Notice of Exercise” form provided by Trintech.
		
	 Withholding Taxes
	  	You will not be allowed to exercise this Option unless you make acceptable arrangements to pay any withholding taxes that may be due as a result of the Option exercise.
		
	 Restrictions on Resale
	  	By signing this Agreement, you agree not to sell any Option Shares at a time when applicable laws or Trintech policies prohibit a sale. This restriction will apply as long as
you

  

 29 

			
		
	 	  	are an employee or director of Trintech (or a Subsidiary).
		
	 Transfer of Option
	  	Prior to your death, only you may exercise this Option (to the extent exercisable). You cannot transfer or assign this Option (to the extent exercisable). For instance, you may not sell this
Option or use it as security for a loan. You may, however, dispose of this Option in your will.
		
	 	  	Regardless of any marital property settlement agreement, Trintech is not obligated to honour a Notice of Exercise from your former spouse, nor is Trintech obligated to recognise your former
spouse’s interest in your Option in any other way.
		
	 Retention Rights
	  	Your Option or this Agreement do not give you the right to be retained by Trintech (or any Subsidiaries) in any capacity.

  

 30 

			
		
	 Shareholder Rights
	  	You, or your estate or heirs, have no rights as a shareholder of Trintech until a proper Notice of Exercise has been filed with Trintech and the exercise price has been tendered. No
adjustments are made for dividends or other rights if the applicable record date occurs before a proper Notice of Exercise has been filed with Trintech and the exercise price has been tendered, except as described in the Scheme.
		
	 Adjustments
	  	In the event of a stock split, a stock dividend or a similar change in Trintech Shares, the number of Shares covered by this Option and the exercise price per share may be adjusted pursuant
to the Scheme. In the event where Trintech is taken over or is a party to a merger, this Option will be handled in accordance with the Scheme.

  

 31 

			
		
	Applicable law and Jurisdiction	  	This Agreement and the Trintech Group Limited Share Option 1997 Scheme (as the same may be amended from time to time) will be governed by and construed in accordance with the laws of Ireland
and you agree to submit to the non-exclusive jurisdiction of the Irish courts in connection with any disputes which may arise out of or in connection with this Agreement or the Trintech Group Limited Share Option 1997 Scheme.
		
	The Scheme and other Agreements	  	The text of the Trintech Group Limited Share Option 1997 Scheme is incorporated in this Agreement by reference.
		
	 	  	This Agreement and the Scheme constitute the entire understanding between you and Trintech regarding this Option and any other options, or understandings agreements relating to options over
Shares except under the Trintech Group Limited

  

 32 

			
	 	  	Executive Share Option Scheme or
	 	  	under this Scheme. Any prior
	 	  	agreements, commitments or
	 	  	negotiations concerning this Option
	 	  	are superseded.

  
 By signing the cover sheet of this
Agreement, you agree to all of the terms and conditions described above and in the Scheme. 
  

 33 

 Agreement No:             
 (US Participants)         
 5-Year Vesting             
  
 TRINTECH Group LIMITED SHARE OPTION 1997 SCHEME 
  
 Share Option Agreement 
  
 Trintech Group Limited an Irish limited corporation ‘Trintech’, hereby grants an option to subscribe Shares as represented by American Depositary Shares and as
evidenced by American Depositary Receipts to the Participant named below. The terms and conditions of the Option are set forth in this cover sheet, in the attachment and in the Trintech Group Limited Share Option 1997 Scheme (the
“Scheme”). 
  
 Date of Option Grant:
                                        
                         
  
 Name of Participant:
                                        
                             
  
 Social Security No. or 
 other tax
identification:
                                        
                         
  
 Number of Shares Covered by Option:
                                        

  
 Type of Option: Non-statutory 
  
 Exercise Price per Share:
$                                        
                     
 (being market value on the day

 preceding the Date of Grant) 
  
 Vesting Start Date:
                                        
                             
  
 By signing this cover sheet, you agree to all of the terms and conditions described in the attachment and in the Scheme.

  

							
	 SIGNED, SEALED AND DELIVERED
	  	 
	 by the Participant
	  	 
	 in the presence of:
	  	Seal:
				
	 Witness
	  	Name:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	Address:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	 	  	 
	 	 	
	 	 
	 	  	Occupation:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

  
 GIVEN under the Common Seal of
TRINTECH Group LIMITED 
  

 34 

 5-Year Vesting 
  
 TRINTECH Group LIMITED SHARE OPTION 1997 SCHEME 
  
 Non-Statutory Share Option Agreement 
  

							
	 Non-Statutory
 Share Option
	  	 This Option is not intended to be incentive stock option
 under section 422 of the Internal Revenue code.

		
	 Vesting
	  	Your right to exercise this Option vests in monthly increments at the rate of 1/60th per month over the five year period starting on the Vesting Start Date, as shown on the cover
sheet. For example, the percentage of the total number of Shares for which this option will be exercisable at the dates specified below is as follows:
	 	  	 Anniversary of Vesting Start Date

	  	 Percentage

	  	 
	 	  	 First
	  	  20%	  	 
	 	  	 Second
	  	  40%	  	 
	 	  	 Third
	  	  60%	  	 
	 	  	 Fourth
	  	  80%	  	 
	 	  	 Fifth
	  	100%	  	 
		
	 	  	The resulting number of Shares will be rounded up to the nearest whole number. No additional Shares vest after your Trintech service has terminated for any
reason.

  

 35 

			
		
	Term	  	Your Option will expire in any event at the close of business at Trintech headquarters on the day before the 7th anniversary of the Date of Grant, as shown on the cover sheet. (It will expire
earlier if your Trintech service terminates, as described below.)
		
	Regular Termination	  	If your service as an employee or director of Trintech (or any Subsidiary) terminates for any reason except death (or normal retirement or retirement due to Health Reasons) then your Option
(to the extent exercisable) will expire at the close of business at Trintech headquarters on the 30th day (or such later date as the Committee may decide) after your termination date.
		
	 	  	Trintech determines when your service terminates for this purpose.
		
	Death	  	If you die as an employee or director of Trintech (or any Subsidiary), then your Option (to the extent exercisable) will expire at the close of business at Trintech headquarters on the date
one year after the date of death. During that one year period, your personal representatives may exercise your option (to the extent exercisable).

  

 36 

			
		
	Normal Retirement	  	If your service as an employee or Early Retirement director of Trintech (or any Subsidiary) terminates because of normal retirement or early retirement due to Health Reasons then your Option
(to the extent exercisable) will expire at the close of business at Trintech headquarters on the date one year after your termination date.
		
	Leaves of Absence	  	For purposes of this Option, your service does not terminate when you go on sick leave or another bona fide leave of absence if the leave was approved by Trintech in writing. But your service
will be treated as terminating 90 days after you went on leave, unless your right to return to active work is guaranteed under law or by a contract. Your service terminates, in any event, when the approved leave ends, unless you immediately return
to active work.
		
	 	  	Trintech determines which leaves count for this purpose.
		
	Restrictions on Exercise	  	Trintech will not permit you to exercise this Option if the exercise and/or issuance of Shares at that time would violate any applicable law or regulation.

  

 37 

			
	Notice of Exercise	  	When you wish to exercise this Option you must notify Trintech by filing the proper “Notice of Exercise” form at the address given on the form. Your notice must specify how many
Shares you wish to purchase. Your notice must also specify how your Shares should be registered (in your name only or in your and your spouse’s joint names). The notice will be effective when it is received by Trintech.
		
	 	  	If someone else wants to exercise this Option after your death, that person must prove to Trintech’s satisfaction that he or she is entitled to do so.
		
	Form of Payment	  	 When you submit your Notice of Exercise, you must include payment of the Exercise Price for the Shares you are purchasing. Payment may be made in
one (or a combination of both) of the following forms:
  
 •        Your personal cheque, a cashier’s cheque or a money order.

  

 38 

			
	 	  	 •        If Trintech then so permits, by irrevocable directions to a securities broker
approved by Trintech to sell your Option Shares and to deliver all or a portion of the sale proceeds to Trintech in payment of the Exercise Price. (The balance of the sale proceeds, if any, will be delivered to you.) The directions must be given by
signing a special “Notice of Exercise” form provided by Trintech.

		
	 Withholding Taxes
	  	You will not be allowed to exercise this Option unless you make acceptable arrangements to pay any withholding taxes that may be due as a result of the Option exercise.
		
	 Restrictions on Resale
	  	By signing this Agreement, you agree not to sell any Option Shares at a time when applicable laws or Trintech policies prohibit a sale. This restriction will apply as long as you are an
employee or director of Trintech (or a Subsidiary).

  

 39 

			
	Transfer of Option	  	Prior to your death, only you may exercise this Option (to the extent exercisable). You cannot transfer or assign this Option (to the extent exercisable). For instance, you may not sell this
Option or use it as security for a loan. You may, however, dispose of this Option in your will.
		
	 	  	Regardless of any marital property settlement agreement, Trintech is not obligated to honour a Notice of Exercise from your former spouse, nor is Trintech obligated to recognise your former
spouse’s interest in your Option in any other way.
		
	 Retention Rights
	  	Your Option or this Agreement do not give you the right to be retained by Trintech (or any Subsidiaries) in any capacity.

  

 40 

			
	 Shareholder Rights
	  	You, or your estate or heirs, have no rights as a shareholder of Trintech until a proper Notice of Exercise has been filed with Trintech and the exercise price has been tendered. No
adjustments are made for dividends or other rights if the applicable record date occurs before a proper Notice of Exercise has been filed with Trintech and the exercise price has been tendered, except as described in the Scheme.
		
	 Adjustments
	  	In the event of a stock split, a stock dividend or a similar change in Trintech Shares, the number of Shares covered by this Option and the exercise price per share may be adjusted pursuant
to the Scheme. In the event where Trintech is taken over or is a party to a merger, this Option will be handled in accordance with the Scheme.

  

 41 

			
	Applicable law and Jurisdiction	  	This Agreement and the Trintech Group Limited Share Option 1997 Scheme (as the same may be amended from time to time) will be governed by and construed in accordance with the laws of Ireland
and you agree to submit to the non-exclusive jurisdiction of the Irish courts in connection with any disputes which may arise out of or in connection with this Agreement or the Trintech Group Limited Share Option 1997 Scheme.
		
	 The Scheme and other
 Agreements
	  	The text of the Trintech Group Share Option 1997 Scheme is incorporated in this Agreement by reference.
		
	 	  	This Agreement and the Scheme constitute the entire understanding between you and Trintech regarding this Option and any other options, or understandings agreements relating to options over
Shares except under the Trintech Group Limited

  

 42 

			
	 	  	Executive Share Option Scheme or under this Scheme. Any prior agreements, commitments or negotiations concerning this Option are superseded.

  
 By signing the cover sheet of this
Agreement, you agree to all of the terms and conditions described above and in the Scheme. 
  

 43 

 Agreement No:__ 
 (US Participants) 
 5-Year Vesting 
  
 TRINTECH Group LIMITED SHARE OPTION 1997 SCHEME 
  
 Incentive Share Option Agreement 
  
 Trintech Group Limited an Irish limited corporation ‘Trintech’, hereby grants an option to subscribe for Shares as may be
represented by American Depositary Shares and as may be evidenced by American Depositary Receipts to the Participant named below. The terms and conditions of the option are set forth in this cover sheet, in the attachment and in the Trintech Group
Limited Share Option 1997 Scheme (“the Scheme”). 
  
 Date of Option Grant:            ____________________________ 
  
 Name of
Participant:                ___________________________ 
  
 Social Security No. or 
 other tax identification:________________________________ 
  
 Number of Shares Covered by Option: ____________________
  
 Type of Option: Incentive Share Option ___________________

  
 Exercise Price per Share:
$______________________________ 
 (being market value on the day 
 preceding the date of grant) 
  
 Vesting Start Date:____________________________________ 

	
	 

 By signing this cover sheet, you agree to all of the terms and conditions described in the
attachment and in the Scheme. 
  

							
	 SIGNED, SEALED AND DELIVERED
	  	 
	 by the Participant
	  	 
	 in the presence of:
	  	Seal:
				
	 Witness
	  	Name:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	Address:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	 	  	 
	 	 	
	 	 
	 	  	Occupation:	  	 	  	 
	 	 	 	 	
	 	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

  

 44 

 GIVEN under the Common Seal 
  
 of TRINTECH Group LIMITED 
  
 Agreement No:__ 
 (US Participants (except Officers or Directors))

  
 5-Year Vesting 
  
 TRINTECH Group LIMITED SHARE OPTION 1997 SCHEME 
  
 Incentive Share Option Agreement 
  

							
	Incentive Share Option	  	This Option is intended to be an incentive stock option under section 422 of the Internal Revenue code and will be interpreted accordingly.
		
	Vesting	  	Your right to exercise this Option vests in monthly increments at the rate of 1/60th per month over the five year period starting on the Vesting Start Date, as shown on the cover
sheet. For example, the percentage of the total number of Shares for which this option will be exercisable at the dates specified below is as follows:
				
	 	  	 Anniversary of Vesting Start Date

	  	 Percentage

	  	 
	 	  	 First
	  	  20%	  	 
	 	  	 Second
	  	  40%	  	 
	 	  	 Third
	  	  60%	  	 
	 	  	 Fourth
	  	  80%	  	 
	 	  	 Fifth
	  	100%	  	 
				
	 	  	 The resulting number of shares
	  	 	  	 

  

 45 

					
	 	  	will be rounded up to the nearest whole number. No additional Shares vest after your Trintech service has terminated for any reason.
		
	Term	  	Your Option will expire in any event at the close of business at Trintech headquarters on the day before the 7th anniversary of the Date of Grant, as shown on the cover sheet. (It
will expire earlier if your Trintech service terminates, as described below.)
		
	Regular Termination	  	 If your service as an employee or director of Trintech (or any Subsidiary) terminates for any reason except death (or normal
retirement or retirement due to Health Reasons) then your Option (to the extent exercisable) will expire at the close of business at Trintech headquarters on the 30th day (or such later date as the Committee may decide) after your termination
date.
  
 Trintech determines when your service terminates for this
purpose.

		
	Death	  	If you die as an employee or director of Trintech (or any Subsidiary), then your Option (to the extent exercisable) will

  

 46 

					
	 	  	expire at the close of business at Trintech headquarters on the date one year after the date of death. During that one year period, your personal representatives may exercise your
option (to the extent exercisable).
		
	Normal Retirement	  	If your service as an employee or Early Retirement director of Trintech (or any Subsidiary) terminates because of normal retirement or early retirement due to Health Reasons then
your Option (to the extent exercisable) will expire at the close of business at Trintech headquarters on the date one year after your termination date.
		
	Leaves of Absence	  	For purposes of this Option, your service does not terminate when you go on sick leave or another bona fide leave of absence if the leave was approved by Trintech in writing. But
your service will be treated as terminating 90 days after you went on leave, unless your right to return to active work is guaranteed under law or by a contract. Your service terminates, in any event, when the approved leave ends, unless you
immediately return to active work.

  

 47 

			
	 	  	Trintech determines which leaves count for this purpose.
		
	Restrictions on Exercise	  	Trintech will not permit you to exercise this Option if the exercise and/or issuance of Shares at that time would violate any applicable law or regulation.
		
	Notice of Exercise	  	When you wish to exercise this Option you must notify Trintech by filing the proper “Notice of Exercise” form at the address given on the form. Your notice must specify how many
Shares you wish to purchase. Your notice must also specify how your Shares should be registered (in your name only or in your and your spouse’s joint names). The notice will be effective when it is received by Trintech.
		
	 	  	If someone else wants to exercise this Option after your death, that person must prove to Trintech’s satisfaction that he or she is entitled to do so.
		
	Form of Payment	  	 When you submit your Notice of Exercise, you must include payment of the Exercise Price for the Shares you are purchasing. Payment may be made in
one (or a combination of both) of the following forms:
  
 •        Your personal cheque, a cashier’s cheque or a money order.

  

 48 

			
		
	 	  	 •        If Trintech then so permits, by irrevocable directions to a securities broker
approved by Trintech to sell your Option Shares and to deliver all or a portion of the sale proceeds to Trintech in payment of the Exercise Price. (The balance of the sale proceeds, if any, will be delivered to you.) The directions must be given by
signing a special “Notice of Exercise” form provided by Trintech.

		
	Withholding Taxes	  	 You will not be allowed to exercise this Option unless you make acceptable arrangements to pay any withholding taxes that may be due as a result of the Option
exercise.

		
	Restrictions on Resale	  	 By signing this Agreement, you agree not to sell any Option Shares at a time

  

 49 

			
	 	  	 when applicable laws or Trintech policies prohibit a sale. This restriction will apply as long as you are an employee or director of Trintech (or a
Subsidiary).

		
	Transfer of Option	  	 Prior to your death, only you may exercise this Option (to the extent exercisable). You cannot transfer or assign this Option (to the extent exercisable). For
instance, you may not sell this Option or use it as security for a loan. You may, however, dispose of this Option in your will.

		
	 	  	 Regardless of any marital property settlement agreement, Trintech is not obligated to honour a Notice of Exercise from your former spouse, nor is Trintech
obligated to recognise your former spouse’s interest in your Option in any other way.

		
	Retention Rights	  	 Your Option or this Agreement do not give you the right to be retained by Trintech (or any Subsidiaries) in any capacity.

  

 50 

			
		
	Shareholder Rights	  	 You, or your estate or heirs, have no rights as a shareholder of Trintech until a proper Notice of Exercise has been filed with Trintech and the exercise price has
been tendered. No adjustments are made for dividends or other rights if the applicable record date occurs before a proper Notice of Exercise has been filed with Trintech and the exercise price has been tendered, except as described in the
Scheme.

		
	Adjustments	  	 In the event of a stock split, a stock dividend or a similar change in Trintech Shares, the number of Shares covered by this Option and the exercise price per
share may be adjusted pursuant to the Scheme. In the event where Trintech is taken over or is a party to a merger, this Option will be handled in accordance with the Scheme.

  

 51 

			
		
	Applicable law and Jurisdiction	  	 This Agreement and the Trintech Group Limited Share Option 1997 Scheme (as the same may be amended from time to time) will be governed by and construed in
accordance with the laws of Ireland and you agree to submit to the non-exclusive jurisdiction of the Irish courts in connection with any disputes which may arise out of or in connection with this Agreement or the Trintech Group Limited Share Option
1997 Scheme.

		
	The Scheme and other Agreements	  	 The text of the Trintech Group Share Option 1997 Scheme is incorporated in this Agreement by reference.

		
	 	  	 This Agreement and the Scheme constitute the entire understanding between you and Trintech regarding this Option and any other options, or understandings
agreements relating to options over Shares except under the

  

 52 

			
	 	  	 Trintech Group Limited Executive Share Option Scheme or under this Scheme. Any prior agreements, commitments or negotiations concerning this Option are
superseded.

  
 By signing the cover sheet of this
Agreement, you agree to all of the terms and conditions described above and in the Scheme. 
  

 53Stock Purchase Agreement dated Nov 1 2003 between Trintech and CW and Associates

 Exhibit 4.43 
  
 STOCK PURCHASE AGREEMENT 
  
 This Stock Purchase Agreement (this “Agreement”) is made and
entered into effective as of, although not necessarily on, this 1st day of November, 2003 (the “Effective
Date”) by and among Jeffrey Wiggins (the “Shareholder”), CW & Associates, Inc., a Texas corporation, d/b/a DataFlow Services (the “Company”), Trintech, Inc., a corporation
formed under the laws of California (the “Purchaser”), and Trintech Group plc, a corporation formed under the laws of Ireland (“Trintech Group”). 
  
 RECITALS 
  
 A. The Shareholder owns 100% of the issued and outstanding shares of capital stock (the “DataFlow Stock”) of the Company. 
  
 B. The Company operates a business involved in the collection, assimilation,
processing and distribution of financial information stemming from the retail operations of its customers. 
  
 C. On the terms and subject to the conditions set forth herein, the Purchaser desires to acquire from the Shareholder, and the Shareholder desires to sell
to the Purchaser, all of the DataFlow Stock owned by the Shareholder. 
  
 TERMS AND PROVISIONS 
  
 In consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which the parties acknowledge, the parties to this Agreement, intending to
be legally bound, agree as follows: 
  
 ARTICLE I

 PURCHASE AND SALE OF THE
DATAFLOW STOCK 
  
 1.1 Purchase and Sale of the DataFlow Stock. At the Closing (as defined in Section 3.1 below), the Shareholder shall sell and transfer to the Purchaser and the Purchaser shall purchase and acquire from the Shareholder all of
the shares of DataFlow Stock in exchange for the Purchase Price (as defined in Section 2.1 below). 
  
 ARTICLE II 
 PURCHASE PRICE

  
 2.1 Purchase Price. The consideration given by the
Purchaser for the DataFlow Stock (the “Purchase Price”) shall consist of the following five elements: 
  
 2.1.1 Cash Portion. At the Closing, the Purchaser shall tender to the Shareholder cash (the “Cash Portion”)
in an amount equal to $2,550,000. In addition, on or before the fifth business day after the Purchaser receives the Effective Date Balance Sheet (defined in Section 4.4 below), the Purchaser shall tender to the Shareholder cash in an amount
equal to the excess, if any, of the Net Assets (as defined below) of the Company on the Effective Date over $310,000. 
  
 2.1.2 Hold-Back Amount. At the Closing the Purchaser shall deposit in an escrow account (the “Escrow
Account”) created pursuant to the Escrow Agreement attached to this Agreement as Exhibit A (the “Escrow Agreement”) cash in the amount of $450,000 (the “Hold-Back Amount”). The Escrow Agreement
provides, among other things, that unless the Purchaser has notified the escrow agent identified in the Escrow Agreement (the “Escrow Agent”) and the Shareholder of a pending claim in accordance with the provisions of Article
VII hereof, 50% of the Hold-Back Amount remaining in the Escrow Agent’s possession on the first anniversary of the Closing Date shall be released to the Shareholder at that time, and 

  

 1 

 
any Hold-Back Amount remaining in the Escrow Agent’s possession on the second anniversary of the Closing Date shall likewise be released to the
Shareholder at that time. 
  
 2.1.3
Deposit Under ADS Escrow Agreement. At the Closing the Purchaser shall also deposit in a separate escrow account created pursuant to the ADS Escrow Agreement attached to this Agreement as Exhibit B (the “ADS Escrow
Agreement”) an amount of cash (the “ADS Amount”) equal to the product of 150,000 multiplied by the closing price reported on the Nasdaq National Market System on the last business day prior to Closing of the American
Depositary Shares (evidenced by American Depositary Receipts) of Trintech Group. The funds deposited pursuant to the ADS Escrow Agreement may only be used in the manner contemplated in the ADS Escrow Agreement. 
  
 2.1.4 Earn-Out Payments. The Shareholder shall
be entitled to two or three post-closing payments based on the post-closing profitability of the Business (as defined below). The first payment shall be due within 60 days after completion of Trintech’s audit by its outside accountants for the
fiscal year ended January 31, 2005, and shall be equal to 50% of the Profit (as defined below) achieved by the Business (as defined below) during the period from February 1, 2004 through January 31, 2005. The second payment shall be due within 60
days after completion of Trintech’s audit by its outside accountants for the fiscal year ended January 31, 2006, and shall be equal to 50% of the Profit achieved by the Business during the period from February 1, 2005 through January 31, 2006.

  
 If after the second payment described in the
preceding paragraph the aggregate payments of Profit made to the Shareholder pursuant to this Section 2.1.4 total less than $2,500,000, the Shareholder shall be entitled to a third payment that shall be due within 60 days after completion of
Trintech’s audit review by its outside accountants for the fiscal quarter ended July 31, 2006, and shall be equal to the lesser of (a) 50% of the Profit achieved by the Business during the period from February 1, 2006 through July 31, 2006, or
(b) the amount necessary to cause the aggregate payments of Profit to the Shareholder pursuant to this Section 2.1.4 to equal $2,500,000. 
  
 2.1.5 Prorated Monthly Profit. If the Effective Date occurs other than at the beginning of a calendar month, the Purchaser
shall pay the Shareholder additional consideration based on the Company’s Profit earned during the period between the beginning of the month in which the Effective Date occurs and the Effective Date. The pro-ration will be determined by
multiplying the Profit for the entire month in which the Effective Date occurs by a fraction, the numerator of which is the number of days between the first of the month and the Effective Date and the denominator of which is the number of days in
that month. The Purchaser will calculate and pay any additional amounts due to the Shareholder pursuant to this Section 2.1.5 within ten days of the closing of accounts for the month in which the Effective Date occurs. 
  
 2.2 Definitions. 
  
 2.2.1 As used in this Agreement, the term
“Business” shall mean the Company business existing as of the Closing date and Trintech’s statement delivery business existing as of the Closing date, together with such accretions to such businesses as shall occur after the
Closing. 
  
 2.2.2 As used in this
Agreement, the term “Net Assets” shall mean current assets (cash and receivables that are less than six months old) less all liabilities or obligations, either accrued, absolute, contingent or otherwise including but not limited to
accounts payable, and unpaid or accrued taxes due on the Effective Date. 
  
 2.2.3 As used in this Agreement, the term “Profit” means after-tax profit for the Business as defined in accordance with United States Generally Accepted Accounting Principles consistently
applied, after an assumed corporate tax rate of 10%. Costs taken into account in determining Profit shall include (a) all costs directly related to the Business incurred by the Company, and (b) a management charge to the Purchaser of $16,667 per
month. The management charge will cover all sales commissions and expenses for sales personnel involved in making sales for the Business who are employed by the Purchaser, sales 

  

 2 

 
related travel and marketing costs incurred by the Purchaser, accounting and human resources support, and costs of all general management and inter-company
assistance provided the Company by the Purchaser. The Shareholder will be furnished schedules showing the actual costs incurred by the Purchaser for supplying these management services on a quarterly basis during the Earn-Out Period.

  
 2.3 Allocation of Purchase Price. The parties agree
that for tax reporting purposes only, $20,000 of the Purchase Price shall constitute consideration to the Shareholder for the covenants of the Shareholder set forth in Section 6.2.1 below, and the remainder of the Purchase Price shall be
allocated to the purchase of the DataFlow Stock. Neither party shall take a position inconsistent with that allocation on its tax return(s) relating to the period in which the Closing occurs. Notwithstanding the foregoing, the allocation of the
Purchase price pursuant to this Section 2.3 shall in no way be deemed to limit the liability of the Shareholder for violation of the covenants in said Section 6.2.1. 
  
 2.4 Limited Guaranty by Trintech Group. To induce the Shareholder to enter into this Agreement and to carry out its
obligations hereunder, Trintech Group hereby unconditionally and irrevocably guarantees payment by the Purchaser, when due, of all of the Purchaser’s obligations to the Shareholder pursuant to Section 2.1.4 above. The liability of
Trintech Group under this Agreement shall be limited in all respects to its obligations under this Section 2.4. 
  
 ARTICLE III 
 CLOSING; CLOSING CONDITIONS; PRE-CLOSING COVENANTS 
  
 3.1 Time and Place of the Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place
at the offices of Scheef & Stone, L.L.P. (“Scheef & Stone”), 5956 Sherry Lane, Suite 1400, Dallas, TX 75225, on November 13, 2003, or at such other place and time as agreed upon by the parties (the “Closing
Date”). However, the Closing shall be effective for all purposes as of the Effective Date. 
  
 3.2 Closing Transactions. Subject to the conditions set forth in this Agreement, the parties shall consummate the following transactions (the
“Closing Transactions”) on the Closing Date: 
  
 (a) The Shareholder shall deliver to the Purchaser all certificates representing the DataFlow Stock; 
  
 (b) The Purchaser shall deliver the Cash Portion by wire transfer to an account designated by the Shareholder, or by cashier’s check
or other immediately available funds; 
  
 (c) The
Shareholder, the Purchaser and the Escrow Agent shall execute and deliver the Escrow Agreement, and the Purchaser shall deliver the Hold-Back Amount to the Escrow Agent; 
  
 (d) The Shareholder and the Purchaser shall execute and deliver the Employment Agreement attached hereto as
Exhibit C (the “Employment Agreement”), which shall provide for, among other things, an initial term running from the Closing Date through January 31, 2006, base compensation of $130,000 per annum, a bonus of $70,000 each
year (prorated for the partial year from the Effective Date until January 31, 2004), and a restriction on the Shareholder’s ability to compete with the Purchaser; 
  
 (e) The Shareholder, the Purchaser and Scheef & Stone shall enter into the ADS Escrow Agreement and the
Purchaser shall deposit the ADS Amount with Scheef & Stone; and 
  

 3 

 (f) The Company, the Shareholder and the Purchaser, as applicable, shall deliver the
opinions, certificates and other documents and instruments required to be delivered by or on behalf of such Party under this Agreement. 
  
 3.3 The Company’s/Shareholder’s Closing Deliveries. Subject to and conditioned upon the Closing, on or prior to the Closing Date, the
Shareholder shall have delivered to Purchaser all of the following: 
  
 (a) Copies of all third party and governmental consents, approvals, filings, releases and terminations required in connection with the consummation of the transactions contemplated herein; 
  
 (b) Certificate of the Comptroller of Public Accounts of the
State of Texas indicating the Company is in good standing; 
  
 (c) An opinion, dated the Closing Date, of counsel to the Company and the Shareholder, in form and substance reasonably satisfactory to the Purchaser, containing the opinions set out on Exhibit D to this
Agreement; 
  
 (d) A certificate of the
Shareholder certifying that the conditions to Closing set forth in Section 3.5(a) and (b) have been satisfied; 
  
 (e) Certified copies of the resolutions of the Company’s Board of Directors approving the transactions contemplated by this
Agreement; and 
  
 (f) Such other documents or
instruments as the Purchaser may reasonably request to effect the transactions contemplated hereby. 
  
 3.4 The Purchaser’s Closing Deliveries. Subject to and conditioned upon the Closing, on or prior to the Closing Date the Purchaser shall have
delivered to the Shareholder all of the following: 
  
 (a) Certified copies of the resolutions of the Purchaser’s Board of Directors approving the transactions contemplated by this Agreement; 
  
 (b) A certificate of the Purchaser certifying that the conditions to Closing set forth in Section 3.6(a) and (b) have been
satisfied; 
  
 (c) An opinion of counsel to the
Purchaser, dated the Closing Date, in form and substance reasonably satisfactory to the Shareholder, containing the opinions set out on Exhibit E to this Agreement; and 
  
 (d) Such other documents or instruments as the Company may reasonably request to effect the transactions
contemplated hereby. 
  
 3.5 Conditions to the Purchaser’s
Obligations. The obligation of the Purchaser to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions as of the Closing Date: 
  
 (a) The representations and warranties set forth in
Article IV hereof shall be true and correct in all material respects at and as of the Effective Date and the Closing Date as though then made and as though the 

  

 4 

 
Effective Date and the Closing Date were substituted for the date of this Agreement throughout such representations and warranties; 
  
 (b) The Company and the Shareholder shall have performed and
complied with all of the covenants and agreements required to be performed by each of them under this Agreement on or prior to the Closing; 
  
 (c) The purchase of DataFlow Stock by the Purchaser hereunder shall not be prohibited by any applicable law or governmental regulation,
shall not subject the Purchaser to any penalty, liability or other materially adverse condition under or pursuant to any applicable law or governmental regulation, and shall be permitted by laws and regulations of the jurisdictions to which the
Purchaser is subject; 
  
 (d) No action, suit, or
proceeding shall be pending or threatened before any court or quasi-judicial or administrative agency of any federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable judgment, decree, injunction, order or ruling
would prevent the performance of this Agreement or any of the transactions contemplated hereby, declare unlawful the transactions contemplated by this Agreement, cause such transactions to be rescinded or materially and adversely affect the right of
the Purchaser to own the DataFlow Stock, and no judgment, decree, injunction, order or ruling shall have been entered that has any of the foregoing effects; 
  
 (e) The Company shall have Net Assets of at least $310,000; 
  
 (f) The Company shall have entered into employment agreements, in form satisfactory to the Purchaser, with
the employees identified on Schedule 3.5(f); 
  
 (g) The transactions contemplated herein shall have been approved by the Purchaser’s Board of Directors; 
  
 (h) The parties shall have developed and agreed to a plan covering at least the first full year after the Closing Date, under which
ownership and control of the Company and its business and operations will be transitioned to the Purchaser. The Shareholder shall cooperate with and assist the Purchaser in preparing the transition plan; and 
  
 (i) The Company shall have made such personnel adjustments
as the parties shall mutually agree prior to Closing. 
  
 Any
condition specified in this Section 3.5 may be waived by the Purchaser; provided that no such waiver shall be effective against the Purchaser unless it is set forth in a writing executed by the Purchaser. 
  
 3.6 Conditions to the Company’s/Shareholder’s Obligation.
The obligation of the Company and the Shareholder to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions as of the Closing Date: 
  
 (a) The representations and warranties set forth in
Article V shall be true and correct in all material respects at and as of the Effective Date and the Closing Date as though then made and as though the Effective Date and the Closing Date were substituted for the date of this Agreement
throughout such representations and warranties; 
  
 (b) The Purchaser shall have performed and complied with all of the covenants and agreements required to be performed by it under this Agreement on or prior to the Closing; 
  
 (c) The sale of the DataFlow Stock by the Shareholder hereunder shall not be prohibited by any applicable
law or governmental regulation, shall not subject the Shareholder to any penalty, liability or other 

  

 5 

 
materially adverse condition under or pursuant to any applicable law or governmental regulation, and shall be permitted by laws and regulations of the
jurisdictions to which the Shareholder is subject; 
  
 (d) No action, suit, or proceeding shall be pending before any court or quasi-judicial or administrative agency of any federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable judgment, decree,
injunction, order or ruling would prevent the performance of this Agreement or any of the transactions contemplated hereby, declare unlawful the transactions contemplated by this Agreement, cause such transactions to be rescinded or materially and
adversely affect the right of the Shareholder to retain the Cash Portion or the Trintech Stock acquired pursuant to the Subscription Agreement, and no judgment, decree, injunction, order or ruling shall have been entered which has any of the
foregoing effects; 
  
 (e) The transactions
contemplated herein shall have been approved by the Company’s Board of Directors. 
  
 Any condition specified in this Section 3.6 may be waived by the Shareholder; provided that no such waiver shall be effective against the Company and the Shareholder unless it is set forth in a writing executed
by the Shareholder. 
  
 3.7 Affirmative Covenants of the
Company/Shareholder. Prior to the Closing, unless the Purchaser otherwise agrees in writing and except as expressly contemplated by this Agreement, the Company shall and the Shareholder shall and shall cause the Company to: 
  
 (a) Conduct its business and operations only in the ordinary
course of business, consistent with past practice; 
  
 (b) Maintain the books, accounts and records of the Company in accordance with past custom and practice as used in the preparation of the Financial Statements (defined in Section 4.4 below); 
  
 (c) Promptly inform the Purchaser in writing of any
variances from the representations and warranties contained in Article IV hereof or any breach of any covenant hereunder by the Company or the Shareholder; and 
  
 (d) Cooperate with the Purchaser and use reasonable best efforts to cause the conditions to the
Purchaser’s obligation to close to be satisfied. 
  
 3.8
Negative Covenants of the Shareholder. Prior to the Closing, unless the Purchaser otherwise agrees in writing and except as expressly contemplated by this Agreement, the Company shall not, the Shareholder shall cause the Company not to:

  
 (a) Take any action that would require
disclosure under Section 4.16; 
  
 (b)
Make any loans, enter into any transaction with any officer, director, shareholder or affiliate of the Company or make or grant any increase in any employee’s or officer’s compensation or make or grant any increase in any employee benefit
plan, incentive arrangement or other benefit covering any of the employees of the Company; 
  
 (c) Establish or, except in the ordinary course of business consistent with past practice, contribute to any pension, retirement, profit
sharing or stock bonus plan or multiemployer plan covering the employees of the Company; 
  
 (d) Enter into any contract, agreement or transaction, other than in the ordinary course of business consistent with past practice with
unaffiliated third parties; 
  

 6 

 (e) Declare, pay, make or otherwise effectuate any dividends, distributions, redemptions,
equity repurchases or other transactions involving the Company’s capital stock or equity securities; or 
  
 (f) (i) Solicit, initiate or encourage the submission of any proposal or offer from any third party relating to any liquidation,
dissolution or recapitalization of, merger or consolidation with or into, acquisition or purchase of assets of the Company (other than with respect to the sale of inventory and the purchase and/or replacement of equipment in the ordinary course of
business) or of the DataFlow Stock or any equity interest in or similar transaction or business combination involving the Shareholder or the Company or (ii) participate in any negotiations regarding, furnish any information with respect to, or
assist or participate in, any effort or attempt by any third party to do or seek any of the foregoing; and will immediately notify the Purchaser if any third party attempts to make any proposal to or initiate any discussion or negotiation with any
of them concerning any of the foregoing. 
  
 3.9 Covenants of
the Purchaser. Prior to the Closing, the Purchaser shall: 
  
 (a) Promptly (once it obtains knowledge thereof) inform the Shareholder in writing of any variances from the representations and warranties contained in Article V or any breach of any covenant hereunder by the
Purchaser; and 
  
 (b) Cooperate with the
Shareholder and use its reasonable best efforts to cause the conditions to the Company’s and the Shareholder’s obligation to close to be satisfied, including, without limitation, (a) the execution and delivery of all agreements
contemplated hereunder to be so executed and delivered, and (b) the making and obtaining of all third party and governmental filings, authorizations, approvals, consents, releases and terminations. 
  
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 OF THE COMPANY AND THE SHAREHOLDER 
  
 To induce the Purchaser to enter into this Agreement and to consummate the transactions contemplated hereunder, the Company
and the Shareholder severally, but not jointly, make the following representations and warranties concerning the Company and the Shareholder, which representations and warranties shall survive the Closing as provided in Section 7.1.

  
 4.1 Organization, Power and Authority; Subsidiaries.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Texas and has all requisite corporate power and authority to own or lease its properties and to carry on its business as it is now
being conducted. The Company is legally qualified to transact business as a foreign corporation in each of the jurisdictions in which its business or property is such as to require that it be thus qualified, and it is in good standing in each of the
jurisdictions in which it is so qualified. The Company does not own, of record or beneficially, any capital stock or equity interest of investment in any corporation, partnership, joint venture, association or business entity. 
  
 4.2 Capitalization. The DataFlow Stock constitutes the only shares of
capital stock of the Company that are issued and outstanding. All of the shares of DataFlow Stock (i) have been duly authorized and validly issued and are fully paid and non-assessable, (ii) were issued in compliance with all applicable state and
federal securities laws, and (iii) were not issued in violation of any preemptive rights or rights of first refusal. No preemptive rights or rights of first refusal exist with respect to the DataFlow Stock, and no such rights arise by virtue of or
in connection with the transactions contemplated hereby. There are no outstanding or authorized rights, options, warrants, convertible securities, subscription rights, conversion rights, exchange rights or other agreements or commitments of any kind
that could require the Company to issue or sell any shares of its capital stock (or securities convertible into or exchangeable for shares of its capital stock). There are no outstanding stock appreciation, phantom stock, profit participation or
other similar rights with respect to the Company. There are no proxies, voting rights or other agreements or understandings with respect to the voting or transfer of the capital stock of the Company. The Company is not obligated to redeem or
otherwise acquire any of its outstanding shares of 

  

 7 

 
capital stock. As of the date hereof, the Shareholder constitutes the only holder of all issued and outstanding shares of capital stock of the Company, and
the Shareholder owns such shares free and clear of all liens, restrictions and claims of any kind. 
  
 4.3 Records of the Company. The copies of the articles of incorporation and bylaws of the Company that were provided to the Purchaser are true,
accurate and complete and reflect all amendments made through the date of this Agreement. The minute books of the Company made available to the Purchaser for review were correct and complete in all material respects as of the date of such review, no
further entries have been made through the date of this Agreement, such minute books contained the true signatures of the persons purporting to have signed them, and such minute books contain an accurate record of all material corporate actions of
the shareholders and directors (and any committees thereof) of the Company taken by written consent or at a meeting within the past 10 years. All material corporate actions taken by the Company have been duly authorized or ratified. There are no
material inaccuracies or discrepancies of any kind contained in the accounts, books, ledgers and official records of the Company. The stock ledgers of the Company, as previously made available to the Purchaser, contain accurate and complete records
of all issuances, transfers and cancellations of shares of the capital stock of the Company. 
  
 4.4 Financial Statements. To assist the Purchaser in performing due diligence, the Company has previously furnished to the Purchaser the financial statements of the Company described in Items (a) through (d)
below, and before the last day of the calendar month in which the Closing occurs the Company shall furnish to the Purchaser the financial statements of the Company described in Items (e) and (f) below, in all such cases including the notes
pertaining thereto (collectively, the “Financial Statements): 
  

	 	(a)	 	Balance sheets at December 31, 2002 and December 31, 2001; 

  

	 	(b)	 	Balance sheet at September 30, 2003; 

  

	 	(c)	 	Statements of income for the years ended December 31, 2002 and December 31, 2001; 

  

	 	(d)	 	Statement of income for the 9-month period ended September 30, 2003; 

  

	 	(e)	 	Balance sheet as of the Effective Date (the “Effective Date Balance Sheet”); and 

  

	 	(f)	 	Income statement for the period from the first day of October 2003 through Effective Date. 

  
 The Financial Statements described in Items (a) through (d) above, which are attached hereto as part of Schedule 4.4,
present fairly and are true, correct and complete statements of the financial position of the Company, in all material respects, at each of the said balance sheet dates and the results of its operations for each of the said periods covered. The
Financial Statements described in Items (e) and (f) above, when delivered, will present fairly, in all material respects, and will be true, correct and complete statements of the financial position of the Company at the Effective Date and the
results of its operations for the period covered. The Financial Statements described in Items (a) through (d) above have been, and the Financial Statement described in Item (f) above, when delivered, shall be prepared on an income tax accounting
basis. Except for required footnote disclosure, the Effective Date Balance Sheet shall be prepared in accordance with United States Generally Accepted Accounting Principles consistently applied. The books and records of the Company properly and
accurately reflect all transactions, properties, assets and liabilities of the Company. The Company is not aware of changes in United States Generally Accepted Accounting Principles that could materially and adversely affect the Company’s
financial condition or results of operations as set forth on the Financial Statements. 
  
 4.5 Liabilities. Except as set forth on Schedule 4.5, the Company has no material liabilities or obligations, either accrued, absolute, contingent or otherwise, except: (i) liabilities set forth on the
Effective Date Balance Sheet and not heretofore paid or discharged; (ii) to the extent specifically set forth in or incorporated by express reference in any of the schedules hereto; and (iii) normal liabilities incurred in the ordinary course of
business since the Effective Date. 
  

 8 

 4.6 Tax Matters. Except as set forth on Schedule 4.6: 
  
 4.6.1 The Company has timely filed all tax returns
and reports required to be filed by it prior to the date hereof, or has filed appropriate extensions with respect thereto, including all federal, state, local and foreign tax returns, and has paid in full or made adequate provision by the
establishment of reserves for all taxes and other charges that have become due. All tax returns and reports have been prepared in accordance with applicable laws and accurately reflect the taxable income (or other measure of tax) of the Company. To
the best of the Company’s knowledge, there is no tax deficiency proposed or threatened against the Company. There are no tax liens upon any property or assets of the Company. The Company has made all payments of estimated taxes when due in
amounts sufficient to avoid the imposition of any penalty. 
  
 4.6.2 All taxes and other assessments and levies the Company was required by law to withhold or to collect have been duly withheld and collected and have been paid over to the proper governmental entity or are
being held by the Company or properly reserved against by the Company for such payment. All such withholdings and collection and all other payments due in connection therewith as of the date of the Last Balance Sheet are duly reflected on the Last
Balance Sheet. 
  
 4.7 Real Estate. 
  
 4.7.1 The Company owns no real estate. 
  
 4.7.2 Schedule 4.7 contains an accurate list
of each lease agreement with respect to the Company’s leasehold premises (the “Leases”). The properties leased pursuant to the Leases constitute all real property (including employee and customer parking) used by the Company in
the twelve months prior to the Closing Date. A true and complete copy of each Lease has been delivered to the Purchaser prior to the date hereof. Schedule 4.7 also sets forth a description of the nature and amount of all liens on the
Company’s interest in the Leases. The Leases are in full force and effect, the Company is not in default or breach under any Lease and no event has occurred which with the passage of time or the giving of notice or both would cause a material
breach of or default under any Lease by Company that has not been waived. To the best of the Company’s knowledge, there is no breach or default of any Lease by any other party to such Lease that has not been heretofore satisfied or waived.

  
 4.7.3 To the Company’s and the
Shareholder’s knowledge, the Company has valid leasehold interests in the Leases, free and clear of any liens, covenants and easements of any nature whatsoever, except for (i) liens set forth on Schedule 4.7; (ii) liens for real estate
taxes not yet due and payable; and (iii) such imperfections of title and encumbrances, if any, as are not material in character, amount or extent and do not detract from the value, or interfere with the present use, of such properties. 

 
 4.7.4 Each of the premises covered by the Leases
has sufficient access to public roads and is served by all public utilities in such quantity and quality as are sufficient to satisfy the current normal sales levels and business activities as conducted at such parcel. 
  
 4.7.5 The Company and the Shareholder have not
received notice of (i) any condemnation proceeding with respect to any portion of the premises covered by the Leases or any access thereto, and, to the best of the Shareholder’s and the Company’s knowledge, no proceeding is contemplated by
any governmental authority; or (ii) any special assessment that is reasonably expected to affect any of the premises covered by the Leases, and, to the best of the Shareholder’s and the Company’s knowledge, no such special assessment is
contemplated by any governmental authority. 
  
 4.8 Good Title
to and Condition of Assets. As of the Closing Date, the Company will have good and marketable title to all of its assets, free and clear of any liens, except for the assets leased by the Company as 

  

 9 

 
listed on Schedule 4.8 hereto. The Company’s fixed assets currently in use or necessary for normal sales levels consistent with past practices
are in good operating condition, normal wear and tear excepted. 
  
 4.9 Receivables. All of the Company’s accounts receivable are valid and legally binding, represent bona fide transactions, and arose in the ordinary course of business of the Company. All of the Company’s accounts
receivable are good, valid and collectible receivables, and will be collected in full, in accordance with the terms of such receivables, within 180 days after the Closing Date subject to the Company’s reserve for doubtful accounts as of the
Closing used in determining Net Assets. Any such accounts receivable that are not collected on or before the 180th
day following the Closing Date shall be deemed uncollectible, whereupon the Purchaser shall be entitled to immediately withdraw the full balance of such uncollectible accounts receivable from the Hold-Back Amount. 
  
 4.10 Licenses and Permits. The Company possesses all required licenses
and governmental or official approvals, permits or authorizations (collectively, the “Permits”) for the business and operations of the Company. All such Permits are valid and in full force and effect, the Company is in substantial
compliance with their requirements, and no proceeding is pending or, to the best of the Company’s knowledge, threatened to revoke or amend any of them. Schedule 4.10 contains a complete list of all such Permits. Except as indicated on
Schedule 4.10, none of the Permits will be impaired or in any way affected by the execution and delivery of this Agreement or the consummation of the transactions contemplated herein. 
  
 4.11 Proprietary Rights. 
  
 4.11.1 Schedule 4.11 contains an accurate and
complete list of all of the Company’s material proprietary rights, including all trademarks, service marks (including all rights of the Company in the service marks “DataFlow Services” and “DataFlow”), trade names, patents,
patent applications, licenses thereof, formulae, computer software, slogans, trade dress, copyrights, operating rights, other licenses and permits, and other similar intangible property and rights relating to the products or business of the Company,
except for off-the-shelf software and licenses implied in the sale of such software. 
  
 4.11.2 Except as set forth on Schedule 4.11, (i) the Company owns all right, title and interest in and to all of the
Company’s proprietary rights; (ii) the Company has received no notice of any claim by any third party asserting the invalidity, abuse, misuse, or enforceability of any such rights, and to Company’s knowledge there are no grounds for the
same; (iii) the Company has not received a notice of conflict with the asserted rights of others within the last five years; and (iv) to the Company’s and the Shareholder’s knowledge, the conduct of the Company’s business has not
infringed any proprietary rights of others. 
  
 4.11.3 Notwithstanding the foregoing, to the extent the Purchaser deems it reasonable and prudent to obtain new licenses for any computer software used by the Company prior to the Closing, in order to ensure compliance with the
representation contained in clause (iv) of Section 4.11.2 above, the Shareholder shall not object to such action by the Company as a remedy for presumed breach of such representation (though the Shareholder admits no such breach), and the
Shareholder’s maximum obligation to the Purchaser in connection therewith shall be $30,000. The Purchaser agrees that any necessary licenses will be obtained in the most cost-efficient manner possible that achieves legal compliance. The
“deductible” amount discussed in Section 7.1.5 shall not apply towards or be utilized in satisfying said obligation of up to $30,000. No replacement of computer software by the Purchaser after the Closing shall relieve the
Shareholder of liability for breach of any representations contained in Section 4.11.2 stemming from third party claims based on activities prior to the Closing. 
  

 10 

 4.12 Adequacy of the Assets; Relationships with Customers and Suppliers. The Company’s assets
constitute, in the aggregate, all of the property reasonably necessary for the conduct of the business of the Company in the manner in which and to the extent to which it is currently being conducted. The Company has not received any written or oral
communication prior to the date of this Agreement that: 
  
 4.12.1 Any current customer of the Company that accounted for over 1% of the total consolidated revenue of the Company for the year ended December 31, 2002 will terminate its business relationship with the
Company; or 
  
 4.12.2 Any current
supplier to the Company of items important to the conduct of its business, which items cannot be replaced by the Company at comparable cost to the Company and the loss of which would have a material adverse effect on the business or operations of
the Company, will terminate its business relationship with the Company. 
  
 4.13 Contracts and Agreements with Respect to the Company. Schedule 4.13 is an accurate and complete list of the following contracts and agreements to which the Company is a party: 
  
 (a) Collective bargaining agreement or contract with any
labor union or any bonus, pension, profit sharing, retirement or any other form of deferred compensation plan or any stock purchase, stock option, hospitalization insurance or similar plan or practice, whether formal or informal; 
  
 (b) Any express contract for the employment of any officer,
individual employee or other person on a full-time or consulting basis or any severance agreements; 
  
 (c) Agreement or indenture relating to the borrowing of money or to mortgaging, pledging or otherwise placing a lien on any of its assets;

  
 (d) Contract under which the Company has
advanced or loaned any other person or entity amounts in the aggregate exceeding $10,000; 
  
 (e) Agreements with respect to the lending or investing of funds; 
  
 (f) License or royalty agreements (excluding licenses or agreements pertaining to “off-the-shelf”
software); 
  
 (g) Guaranty of any obligation,
other than endorsements made for collection; 
  
 (h) Outstanding powers of attorney executed on behalf of the Company; 
  
 (i) Lease or agreement under which it is lessor of or permits any third party to hold or operate any property, real or personal, owned or
controlled by it; 
  
 (j) Contract or group of
related contracts with the same party continuing over a period of more than six months from the date or dates thereof, which is not terminable by the Company on 30 days or less notice without penalties and involves more than $10,000; 
  
 (k) Any confidentiality agreement or similar arrangement;

  
 (l) Non-compete or similar contract that
prohibits the Company or the Shareholder from freely engaging in business anywhere in the world; or 
  
 (m) Other agreement material to the Company whether or not entered into in the ordinary course of business, except for this Agreement or
the agreements contemplated hereby, which is not terminable by the Company on 30 days or less notice without penalties and involves more than $10,000. 
  

 11 

 Except as disclosed on Schedule 4.13, (i) no contract or commitment required to be disclosed on
Schedule 4.13 and to be assumed by Purchaser has, to the Shareholder’s knowledge, been breached or canceled by the other party and the Company has no knowledge of any anticipated breach by any other party to any contract set forth on
Schedule 4.13, (ii) the Company has performed all the obligations required to be performed by it as of the date hereof in connection with the contracts or commitments required to be disclosed on Schedule 4.13 and is not in default
under or in breach of any contract or commitment required to be disclosed on Schedule 4.13, and to Company’s knowledge no event has occurred that with the passage of time or the giving of notice or both would result in a default or
breach thereunder, and (iii) each agreement set forth on Schedule 4.13 is legal, valid, binding, enforceable and in full force and effect. 
  
 The Company has provided the Purchaser with a true and correct copy of all written contracts required to be disclosed on Schedule 4.13, in each
case together with all amendments, waivers or other changes thereto (all of which are disclosed on Schedule 4.13). Schedule 4.13 contains an accurate and complete description of all material terms of all oral contracts referred to
therein. 
  
 4.14 Litigation. Except as set forth on
Schedule 4.14, there are no actions, suits, claims, governmental investigations or arbitration proceedings pending or, to Company’s knowledge, threatened against the Company or any of its assets, or which question the validity or
enforceability of this Agreement or any action contemplated herein. There are no outstanding unsatisfied orders, decrees or stipulations issued by any federal, state, local or foreign judicial or administrative authority in any proceeding to which
the Company is or was a party or which apply to any of the Company’s assets. 
  
 4.15 Insurance. Schedule 4.15 attached hereto lists and briefly describes each insurance policy maintained by the Company with respect to its properties, assets and business, together with a claims
history for the past five years. All premiums and other payments that have become due under the policies of insurance listed on Schedule 4.15 have been paid in full, all of such policies are now in full force and effect, and the Company has
not received notice from any insurer, agent or broker of the cancellation of, or any increase in premium with respect to, any of such policies or bonds. Except as set forth on Schedule 4.15, the Company has no self-insurance or co-insurance
programs, and the reserves set forth on the Last Balance Sheet are adequate to cover all anticipated liabilities with respect to self-insurance or coinsurance programs. Except as set forth on Schedule 4.15, the Company has not received any
notification from any insurer, agent or broker denying or disputing any claim made by the Company or denying or disputing any coverage for any such claim or the amount of any claim. Except as set forth on Schedule 4.15, the Company has no
claim against any of its insurers under any of such policies pending or anticipated and there has been no occurrence of any kind that would give rise to any such claim. 
  
 4.16 Absence of Certain Developments. Except as set forth on Schedule 4.16 and except as expressly
contemplated by this Agreement, since the date of the Effective Date Balance Sheet the Company has not: 
  
 (a) Suffered any change in the business, assets or properties of Company or in the financial condition or results of operations of the
Company, other than changes occurring in the ordinary course of business consistent with past practice or resulting from business or economic downturns not reasonably in the control of Company (which have not, either alone or in the aggregate had a
material adverse effect on the business, assets or properties of Company or its financial condition or results of operations) or suffered any theft, damage, destruction or casualty to any material assets, whether or not covered by insurance, or
suffered any substantial destruction of its books and records; 
  

 12 

 (b) Redeemed or repurchased, directly or indirectly, any shares of capital stock or other
equity security or declared, set aside or paid any dividends or made any other distributions (whether in cash or in kind) with respect to any shares of its capital stock or other equity security; 
  
 (c) Issued, sold or transferred any equity securities, any
securities convertible, exchangeable or exercisable into shares of its capital stock, or other equity securities, or warrants, options or other rights to acquire shares of its capital stock or other of its equity securities; 
  
 (d) Incurred or become subject to any material liabilities,
except liabilities incurred in the ordinary course of business consistent with past practice; 
  
 (e) Subjected any portion of its properties or assets to any lien that will not be discharged as of the Closing; 
  
 (f) Sold, leased, assigned or transferred (including,
without limitation, transfers to the Shareholder, officers and directors) any of its tangible assets (except for sales of inventory in the ordinary course of business consistent with past practice or in connection with replacement of equipment or as
otherwise contemplated by this Agreement), or canceled without fair consideration any material debts or claims owing to or held by it; 
  
 (g) Sold, assigned, licensed or transferred (including, without limitation, transfers to the Shareholder, officers and directors) any
proprietary rights owned by, issued to or licensed to it or disclosed any confidential information (other than pursuant to agreements requiring the recipient of such confidential information to maintain the confidentiality of and preserving all its
rights in such confidential information); 
  
 (h)
Suffered any extraordinary losses or waived any rights of material value; 
  
 (i) Entered into, amended or terminated any material lease, contract, agreement or commitment, or taken any other action or entered into any other transaction other than in the ordinary course of business consistent
with past practice; 
  
 (j) Entered into any
other material transaction, or materially changed any business practice; 
  
 (k) Made or granted any bonus or any wage, salary or compensation increase to any director, officer, employee or sales representative, group of employees or consultant (except in the ordinary course of business
consistent with past practice), made or granted any increase in any employee benefit plan or arrangement, amended or terminated any existing employee benefit plan or arrangement, or adopted any new employee benefit plan or arrangement, except as
contemplated by this Agreement; 
  
 (l) Made any
other change in employment terms for any of its directors, officers, and employees outside the ordinary course of business consistent with past practice; 
  
 (m) Conducted its cash management customs and practices other than in the ordinary course of business consistent with past practice
(including, without limitation, with respect to collection of accounts receivable, purchases of inventory and supplies, repairs and maintenance, payment of accounts payable and accrued expenses, levels of capital expenditures and operation of cash
management practices generally); 
  
 (n) Made any
capital expenditures or commitments for capital expenditures that aggregate in excess of $10,000, outside the ordinary course of business consistent with past practice; 
  
 (o) Made any loans or advances to, or guarantees for the benefit of, any person; 
  
 (p) Made charitable contributions or pledges or paid
association fees or dues in excess of $1,000; or 
  
 (q) Committed to do any of the foregoing. 
  

 13 

 4.17 Compliance with Laws. 
  
 4.17.1 The Company is in compliance with all laws, regulations and orders applicable to it. Within
the past 5 years, the Company has not been cited, fined or otherwise notified of any asserted past or present failure to comply with any laws, which failure to comply could reasonably be expected to have a material adverse effect on the Company and,
to the Company’s knowledge, no proceeding with respect to any such violation is pending. 
  
 4.17.2 The Company has not made any payment of funds in connection with the business of the Company prohibited by law, and no funds
have been set aside to be used in connection with the business of the Company for any payment prohibited by law. 
  
 4.17.3 The Company is and at all times has been in full compliance with the terms and provisions of the Immigration Reform and
Control Act of 1986 (the “Immigration Act”). With respect to each Employee (as defined in 8 C.F.R. 274a.1(f)) of the Company for whom compliance with the Immigration Act by the Company as Employer is required, the Company has
supplied to the Purchaser an accurate and complete copy of (i) each Employee’s Form I-9 (Employment Eligibility Verification Form) and (ii) all other records, documents or other papers prepared, procured and/or retained by the Company pursuant
to the Immigration Act. The Company has not been cited, fined, served with a Notice of Intent to Fine or with a Cease and Desist Order, nor has any action or administrative proceeding been initiated or, to Company’s knowledge, threatened
against the Company by reason of any actual or alleged failure to comply with the Immigration Act. 
  
 4.18 Environmental Matters. 
  
 4.18.1 Except as permitted by applicable law, the Company has not transported, stored, handled, treated or disposed, nor has it
allowed or arranged for any third parties to transport, store, handle, treat or dispose of Hazardous Substances or other waste to or at any location other than a site lawfully permitted to receive such Hazardous Substances or other waste for such
purposes, nor has it performed, arranged for or allowed by any method or procedure such transportation, storage, treatment or disposal in contravention of any laws or regulations. The Company has not stored, handled, treated or disposed of, or
allowed or arranged for any third parties to store, handle, treat or dispose of, Hazardous Substances or other waste upon property owned or leased by it, except as permitted by law. For purposes of this Section 4.18, the term
“Hazardous Substances” shall mean and include: (i) any “Hazardous Substance,” “Pollutant” or “Contaminant” as defined in the Comprehensive Environmental Response, Compensation and Liability Act, as
amended, 42 U.S.C. Section 9601, et seq., or the regulations promulgated thereunder (“CERCLA”); (ii) any hazardous waste as that term is defined in applicable state or local law; (iii) any substance containing
petroleum, as that term is defined in Section 9001(8) of the Resource Conservation and Recovery Act, as amended, 42 U.S.C. Section 6991(8) or in 40 C.F.R. Section 280.1; or (iv) any other substance for which any governmental entity with jurisdiction
over the Company’s leasehold premises requires special handling in its generation, handling, use, collection, storage, treatment or disposal. 
  
 4.18.2 Except as set forth on Schedule 4.18 attached hereto, to the Shareholder’s knowledge there has not occurred, nor
is there presently occurring, a Release of any Hazardous Substance on, into or beneath the surface of any parcel of the Company’s leasehold premises. For purposes of this Section 4.19, the term “Release” shall have the
meaning given it in CERCLA. 
  
 4.18.3
Except as set forth on Schedule 4.18 attached hereto, the Company does not use, and has not used, any Underground Storage Tanks, and there are not now nor have there ever been any Underground Storage Tanks on the Company’s leasehold
premises during the Company’s tenancy. For 

  

 14 

 
purposes of this Section 4.18, the term “Underground Storage Tanks” shall have the meaning given it in the Resource Conservation and
Recovery Act (42 U.S.C. Sections 6901 et seq.). 
  
 4.18.4 Schedule 4.18 identifies (i) all environmental audits, assessments or occupational health studies undertaken by the Company or its agents or, to the best of the Company’s knowledge,
undertaken by governmental agencies relating to or affecting the Company or any of the Company’s leasehold premises within the past 5 years; (ii) the results of any ground, water, soil, air or asbestos monitoring undertaken by the Company or
its agents or, to the best of the Company’s knowledge, undertaken by governmental agencies relating to or affecting the Company or any of the Company’s leasehold premises within the past 5 years; (iii) all written communications in
Company’s possession between the Company and environmental agencies within the past 5 years; and (iv) all citations issued under the Occupational Safety and Health Act (29 U.S.C. Sections 651 et seq.) relating to or affecting the
Company or any of the Company’s leasehold premises within the past 5 years. 
  
 4.19 Labor Relations. The Company is not a party to or bound by any collective bargaining agreement or any other agreement with a labor union, and there has been no effort by any labor union during the 24
months prior to the date hereof to organize any employees of the Company into one or more collective bargaining units. There is not pending or, to the Company’s knowledge, threatened any labor dispute, strike or work stoppage that affects or
which may affect the business of the Company or may interfere with its continued operation. Neither the Company nor any agent, representative or employee of the Company has within the last 24 months committed any unfair labor practice as defined in
the National Labor Relations Act, as amended, and there is not now pending or, to the Shareholder’s knowledge, threatened any charge or complaint against the Company by or with the National Labor Relations Board or any representative thereof.
There has been no strike, walkout or work stoppage involving any of the employees of the Company during the 24 months prior to the date hereof. The Company is not aware that any executive or key employee or group of employees has any plans to
terminate his, her or their employment with the Company. 
  
 4.20 Employee Benefits. 
  
 4.20.1 Except as set forth on Schedule 4.20 attached hereto, with respect to current or former employees of the Company, the Company does not maintain or contribute to or have any actual or potential liability with respect to
any (i) deferred compensation or bonus or retirement plans or arrangements, (ii) qualified or nonqualified defined contribution or defined benefit plans or arrangements that are employee pension benefit plans (as defined in Section 3(2) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), or (iii) employee welfare benefit plans, (as defined in Section 3(1) of ERISA), stock option or stock purchase plans, or material fringe benefit plans or
programs whether in writing or oral. The Company has never contributed to any multiemployer pension plan (as defined in Section 3(37) of ERISA), and the Company never maintained or contributed to any defined benefit plan (as defined in Section 3(35)
of ERISA). The plans, arrangements, programs and agreements referred to the preceding two sentences are referred to collectively as the “Plans.” The Company does not maintain or contribute to any Plan that provides health, accident
or life insurance benefits to former employees, their spouses or dependents, other than so-called “COBRA” benefits in accordance with Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”). 

 
 4.20.2. The Plans (and related trusts and
insurance contracts) set forth on Schedule 4.20 comply in form and in operation with the requirements of applicable laws and regulations, including ERISA and the Code and the nondiscrimination rules thereof. All contributions, premiums or
payments due on or before the Closing Date under each Plan have been paid. Each Plan that is intended to be qualified under section 401(a) of the Code has received from the Internal Revenue Service a favorable determination letter that considers the
terms of such Plan. 
  
 4.20.3. All
required reports and descriptions (including Form 5500 Annual Reports, Summary Annual Reports and Summary Plan Descriptions) with respect to the Plans set forth on Schedule 4.20 have been properly and timely filed with the appropriate
government agency and distributed to participants as required. The Company has complied with the requirements of COBRA. 
  

 15 

 4.20.4. With respect to each Plan set forth on Schedule 4.20, (i) there
have been no prohibited transactions as defined in Section 406 of ERISA or Section 4975 of the Code, (ii) no fiduciary (as defined in Section 3(21) of ERISA) has any liability for breach of fiduciary duty or any other failure to act or comply in
connection with the administration or investment of the assets of such Plans, and (iii) no actions, investigations, suits or claims with respect to the assets thereof (other than routine claims for benefits) are pending or to Company’s
knowledge threatened, and neither the Company nor Shareholder has knowledge of any facts that would give rise to or could reasonably be expected to give rise to any such actions, suits or claims. 
  
 4.20.5. With respect to each of the Plans listed on
Schedule 4.20, the Company has furnished to the Purchaser true and complete copies of (i) the plan documents, summary plan descriptions and summaries of material modifications, (ii) the Form 5500 Annual Report (including all schedules and
other attachments for the most recent three years), (iii) all related trust agreements, insurance contracts or other funding agreements that implement such plans and (iv) all contracts relating to each such plan, including, without limitation,
service provider agreements, insurance contracts, investment management agreements and record keeping agreements. 
  
 4.20.6. The Company has not incurred (except as may have been fully satisfied) and has no reason to expect that it will incur, any
liability to the Pension Benefit Guaranty Corporation (other than routine premium payments) or otherwise under Title IV of ERISA (including any withdrawal liability) or under the Code with respect to any employee pension benefit plan (as defined in
Section 3(2) of ERISA) that the Company or any member of its “controlled group” (within the meaning of Code Section 414) maintains or ever has maintained or to which any of them contributes, ever has contributed, or ever has been required
to contribute. 
  
 4.21 Affiliate Transactions. Except as
set forth on Schedule 4.21, no officer, director, employee, shareholder or affiliate of any such Person is a party to any agreement, contract, commitment or transaction with the Company or pertaining to the business of the Company or has any
interest in any property, real or personal or mixed, tangible or intangible, used in or pertaining to the business of the Company (excluding items of personal property that are personal in nature). 
  
 4.22 Officers and Directors; Bank Accounts. Schedule 4.22
attached hereto lists all officers and directors of the Company, and all bank accounts, safety deposit boxes and lock boxes (designating each authorized signatory with respect thereto) for the Company. 
  
 4.23 Accuracy of Information Furnished by the Company. No
representation contained herein or written statement made or furnished by any officer of the Company to the Purchaser in accordance with this Agreement contains any untrue statement of a material fact or omits any material fact necessary to make
such representation or statement not misleading. 
  
 4.24
Effective Date and Closing Date. All of the representations and warranties contained in this Article IV (including those made in Sections 4.25 through 4.32 below) and elsewhere in this Agreement and all information delivered
in any schedule, attachment or exhibit hereto or in any writing delivered to the Purchaser are true and correct on the date of this Agreement and shall be true and correct on the Effective Date and the Closing Date, except to the extent the
Shareholder has advised the Purchaser otherwise in writing prior to the Closing. 
  
 4.25 Execution and Delivery. The execution, delivery and performance of this Agreement and all other agreements contemplated hereby and the consummation of the transactions contemplated hereby have been duly
authorized by all necessary corporate action of the Company. This Agreement has been duly executed and delivered by the Shareholder and the Company and is a valid and binding obligation of the Shareholder and the Company, enforceable in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency and similar laws relating to creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law). Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will contravene any provision of the Articles of Incorporation or Bylaws of the
Company. 
  

 16 

 4.26 Title to DataFlow Stock. The Shareholder is the record and beneficial owner of, and has full
right, title and interest in and to the DataFlow Stock, free and clear of any lien, charge or encumbrance. Such shares of DataFlow Stock are not subject to any voting trust agreement or other contract, agreement, arrangement, commitment or
understanding, including any such agreement, arrangement, commitment or understanding restricting or otherwise relating to the voting, dividend rights or disposition of such shares of DataFlow Stock. At the Closing, the Shareholder will transfer and
deliver to the Purchaser valid title to, and all of such Shareholder’s right, title and interest in and to, such shares of DataFlow Stock, free and clear of any lien, charge or other encumbrance or any claim in respect of such shares of
DataFlow Stock. 
  
 4.27 Absence of Litigation. There is no
action, suit or proceeding pending or, to the Shareholder’s knowledge, threatened against or affecting the Shareholder or the Shareholder’s property before any court, arbitrator or governmental body, agency or official that in any manner
involves the shares of DataFlow Stock owned by the Shareholder or draws into question the validity of this Agreement, such shares of DataFlow Stock or any other document to be delivered by the Shareholder pursuant to this Agreement. 
  
 4.28 Governmental Authorization; Consents. The execution, delivery and
performance by the Company and the Shareholder of this Agreement require no action by or in respect of, or filing with, any governmental body, agency, official or authority. No consent, approval, waiver or other action by any private party under any
contract, agreement, indenture, lease, instrument or other document to which the Company or the Shareholder is a party or by which the Company or the Shareholder is bound is required for the execution, delivery and performance of this Agreement by
the Company or the Shareholder or the consummation of the transactions contemplated hereby. 
  
 4.29 Non-Contravention. The execution, delivery and performance by the Company and the Shareholder of this Agreement do not and will not (i) contravene or conflict with or constitute a violation of any
provision of any law, regulation, judgment, injunction, order or decree binding upon or applicable to the Company or the Shareholder, (ii) constitute a default under or give rise to any right of termination, cancellation or acceleration of any right
or obligation of the Company or the Shareholder under any agreement, contract or other instrument binding upon the Company or the Shareholder or under any license, franchise, permit or other similar authorization held by the Company or the
Shareholder or (iii) result in the creation or imposition of any lien, charge or other encumbrance on any asset of the Company or the Shareholder or on the DataFlow Stock. 
  
 4.30 Informed Decision. The Shareholder has sufficient knowledge and experience in financial and business matters to
be capable of evaluating the decision to enter into and perform this Agreement. The Shareholder has been given an opportunity to ask questions and receive answers from the Company and the Company’s counsel concerning the business and financial
condition of the Company, and concerning the terms and conditions of this Agreement and such other matters that the Shareholder deemed relevant in connection with its decision to enter into this Agreement. In evaluating the opportunity to enter into
this Agreement, the Shareholder has not relied on any representations other than (i) those set forth herein or in other agreements executed and delivered in connection herewith, (ii) those contained in public SEC filings of Trintech Group, and (iii)
those attached hereto as part of Schedule 4.30. 
  
 4.31
Company Property. As of the Closing, the Shareholder will not be in possession of any property of the Company (whether real or personal, of whatever nature) other than (i) the specific items of personal property described on Schedule
4.31, which the Company shall convey to the Shareholder at or prior to the Closing, and (ii) property in the possession of the Shareholder in his capacity as an employee or officer of the Company. 
  
 4.32 Common Stock and Related Matters. There are no contractual rights
of refusal with respect to the sale of the DataFlow Stock hereunder. The Shareholder has not violated any applicable federal or state securities laws in connection with the offer or sale of the DataFlow Stock. 
  

 17 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 
  
 To induce the Company and the Shareholder to enter into this Agreement and to
consummate the transactions contemplated hereunder, the Purchaser makes the following representations and warranties. 
  
 5.1 Organization, Power and Authority. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of
California, and has all requisite corporate power and authority to enter into this Agreement and all other agreements contemplated hereby and to perform its obligations hereunder and thereunder. The Purchaser has delivered true and correct copies of
its Certificate of Incorporation and Bylaws to the Shareholder. Such Certificate of Incorporation and Bylaws will be in full force and effect as of the Closing without amendment. 
  
 5.2 Due Authorization; Binding Obligation; No Conflicts. The execution, delivery and performance of this Agreement
and all other agreements contemplated hereby and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action of the Purchaser. This Agreement has been duly executed and delivered by the
Purchaser and is a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency and similar laws relating to creditors’ rights
generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated
hereby will: (i) contravene any provision of the Certificate of Incorporation or Bylaws of the Purchaser; (ii) violate or conflict with any federal, state or local law, statute, ordinance, rule, regulation or any decree, writ, injunction, judgment
or order of any court or administrative or other governmental body or of any arbitration award that is either applicable to, binding upon or enforceable against the Purchaser; or (iii) conflict with, result in any breach of or default (or an event
which would, with the passage of time or the giving of notice or both, constitute a default) under any material mortgage, contract, agreement, lease, license, indenture, will, trust or other instrument that is either binding upon or enforceable
against the Purchaser. 
  
 5.3 Litigation. There are no
actions, suits, claims, governmental investigations or arbitration proceedings pending or, to the best of the Purchaser’s knowledge, threatened against or affecting the Purchaser which question the validity or enforceability of this Agreement
or any action contemplated herein, and there is no basis for any of the foregoing. There are no outstanding orders, decrees or stipulations issued by any federal, state, local or foreign judicial or administrative authority in any proceeding to
which the Purchaser is or was a party. 
  
 5.4 Compliance with
Laws. The Purchaser is in compliance in all material respects with all laws, regulations and orders applicable to it. Neither the Purchaser nor, to its knowledge, any of its affiliates has been cited, fined or otherwise notified in writing of
any asserted failure to comply with any laws, including those relating to the issuance and the sale of securities, the violation of which could reasonably be expected to have a material adverse effect on the current and prospective operations and
business of the Purchaser and no proceeding with respect to any such violation is now pending or, to the Purchaser’s knowledge, has been threatened. 
  
 5.5 Issuance of Trintech Stock. Upon issuance of the Trintech Stock to the Shareholder pursuant to the terms of the Subscription Agreement, the
Trintech Stock (i) will be duly authorized, validly issued, fully paid and non-assessable, (ii) will have been issued in compliance with all applicable state and federal securities laws, (iii) will not have been issued in violation of any preemptive
rights or rights of first refusal, and (iv) upon expiration of the Lock-Up Period will be freely tradable through the NASDAQ National Market System. No preemptive rights or rights of first refusal exist with respect to the issuance of the Trintech
Stock to the Shareholder pursuant to the Subscription Agreement and no such rights arise by virtue of or in connection with the transactions contemplated hereby. 
  
 5.6 Accuracy of Information Furnished by the Purchaser. No representation contained herein or written statement made
or furnished by any officer of the Purchaser to the Company or the Shareholder in 

  

 18 

 
accordance with this Agreement contains any untrue statement of a material fact or omits any material fact necessary to make such representation or statement
not misleading. 
  
 5.7 Reports and Financial Statements.
From July 31, 2003 until the date hereof, except where failure to have done so did not and would not have a material adverse effect on Trintech Group, Trintech Group has filed all reports, registrations and statements, together with any required
amendments thereto, that it was required to file with the SEC (collectively, the “Trintech Group Reports”). Trintech Group has previously furnished copies of the Trintech Group Reports to each of the Company and the Shareholder. As
of their respective dates (but taking into account any amendments filed prior to the date of this Agreement), the Trintech Group Reports complied in all material respects with all the rules and regulations promulgated by the SEC and did not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of
Trintech Group included in the Trintech Group Reports comply as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have been prepared in accordance with
United States Generally Accepted Accounting Principles consistently applied during the periods presented (except as otherwise noted therein) and fairly present (subject, in case of unaudited statements, to normal audit adjustments) the financial
position of Trintech Group and its consolidated subsidiaries as of the date thereof and the results of their operations and their cash flows for the periods then ended. 
  
 5.8 No Material Adverse Change. Since the date of the latest Trintech Group Reports, there has not occurred with
respect to Trintech Group, any material change in its business, prospects, financial condition, or results of operations excluding events that affected the economy or stock markets generally. 
  
 5.9 Effective Date and Closing Date. All of the representations and
warranties of the Purchaser contained in this Article V and elsewhere in this Agreement and all information delivered in any schedule, attachment or exhibit hereto or in any writing delivered to the Shareholder are true and correct on the
date of this Agreement and shall be true and correct on the Effective Date and the Closing Date, except to the extent that the Purchaser has advised the Shareholder otherwise in writing prior to the Closing. 
  
 ARTICLE VI 
 CERTAIN ACTIONS AFTER THE CLOSING 
  
 6.1 Continued Employment of the Company’s Employees. Immediately
after the Closing, the Purchaser will cause the Company to offer employment to all persons currently employed by the Company who are listed on Schedule 6.1 and who wish to remain employees of the Company, at the same base salary and in the
same position as in effect prior to the Closing. 
  
 6.2
Restrictive Covenants. 
  
 6.2.1 To
assure that the Purchaser will realize the value and goodwill inherent in the DataFlow Stock, the Shareholder agrees that he shall not: 
  
 6.2.1.1 Directly or indirectly engage (as an owner, partner, employee, agent, consultant or otherwise) in any business engaged in
the Business in the State of Texas or in any county of any other state in the United States in which any client of the Company has managerial employees permanently stationed (the “Territory”), during the Restricted Period (as that
term is defined in the Employment Agreement); 
  
 6.2.1.2 Directly or indirectly, for a period of five years following the Closing Date, request or advise any individual or company that is a customer of the Company at the Closing Date to withdraw, curtail or cancel any such
customer’s business with the Company; or 
  
 6.2.1.3 Solicit or cause, directly or indirectly, to be solicited, or attempt to induce, for a period of five years after the Closing Date, any person employed by the Company at or at any time 

  

 19 

 
within 180 days prior to the Closing Date, unless such person either was not offered employment by the Company immediately following the Closing or was
terminated thereafter, (i) to refuse an offer of employment from the Company, or (ii) if such an offer is accepted, to terminate his or her employment with the Company. 
  
 6.2.2 The Shareholder agrees and acknowledges that the restrictions contained in Section 6.2.1
are reasonable in scope and duration and are necessary to protect the Purchaser after the Closing Date. If, however, any provision of Section 6.2.1, as applied to any party or to any circumstances, is adjudged by a court to be invalid or
unenforceable, the same will in no way affect any other provision of the said Section 6.2.1 or any other part of this Agreement, the application of such provision in any other circumstances, or the validity or enforceability of this
Agreement. If any such provision, or any part thereof, is held to be unenforceable because of the scope of the restriction, the duration of such provision or the area covered thereby, the parties agree that the court making such determination will
have the power to reduce the duration and/or area of such provision, and/or to delete specific words or phrases, and in its reduced form such provision will then be enforceable and will be enforced. Upon breach of any provision of Section
6.2.1, the Purchaser will be entitled to injunctive relief, since the remedy at law would be inadequate and insufficient. In addition, the Purchaser will be entitled to such damages as it can show it has sustained by reason of such breach.

  
 6.3 Use of Name. The Shareholder agrees that after the
Closing he will not use the name “DataFlow Services, Inc” or “DataFlow Services” or “DataFlow” (either alone or together with other names or words) or license other people to use such name in connection with any
business. 
  
 6.4 Books and Records. Unless otherwise
consented to in writing by the Company or the Shareholder, the Purchaser will not, for a period of four years following the date hereof, destroy, alter or otherwise dispose of any of the books and records of the Company without first offering to
surrender to the Shareholder such books and records or any portion thereof of that the Purchaser may intend to dispose of, destroy or alter. The Purchaser will allow the Shareholder and his representatives, attorneys and accountants access to such
books and records, upon reasonable request for access during such party’s normal business hours, for the purpose of examining and copying the same in connection with any matter whether or not related to or arising out of this Agreement or the
transactions contemplated hereby. 
  
 6.5 Post-Closing
Financial Reporting by the Purchaser; Post-Closing Operation of the Business. The Purchaser shall integrate the accounting and reporting of the Company’s business through its Oracle accounting system as soon as is reasonably practicable
after the Closing, and shall assume the costs associated with its Oracle accounting system. Also, all human resources functions of the Company will be transferred to the Purchaser. Each month thereafter during the period of the earn-out payments
discussed in Section 2.1.4 above the Purchaser shall report to the Shareholder the financial performance of the Company’s business combined with the Purchaser’s existing statement delivery business (i.e., the Business), as a
separate business unit of the Purchaser. The Purchaser shall produce such reports on a pre-tax basis and shall circulate such reports within five business days after the end of each calendar month. 
  
 In keeping with other business units of the Purchaser, the accounts for the
Company’s business will be prepared on the basis of United States Generally Accepted Accounting Principles consistently applied, and will include the revenue generated by the statement delivery businesses of the Purchaser and all legal entities
owned by it that are engaged in the statement delivery business. 
  
 In integrating the statement delivery businesses of the Company and the Purchaser, the parties agree that their joint goal is to select the best practices of each party, including the operational systems and procedures for the post-Closing
joint operation of the Business that achieves maximum ease of use, flexibility, performance, and profitability for the Business, and accuracy (and supportability) of reporting to the customers of the Business. 
  

 20 

 ARTICLE VII 
 INDEMNIFICATION 
  
 7.1 Agreements to Indemnify. As used in this Agreement, the term “Indemnifiable Damages,” when referring to damages for which the Purchaser Parties (defined below) are entitled to
indemnification hereunder, means, without duplication, the aggregate of all expenses, losses, costs, deficiencies, liabilities and damages (including reasonable counsel and paralegal fees and expenses) incurred or suffered by the Purchaser Parties,
on a pre-tax basis, net of any insurance recoveries, to the extent resulting from (i) any breach by the Shareholder or the Company of any representation or warranty made by the Shareholder or the Company in this Agreement (a “Shareholder
Breach of Warranty Claim”); (ii) any violation by the Shareholder or the Company of any covenant or agreement made by the Shareholder or the Company in this Agreement (unless waived in writing by the Purchaser Party making the claim); or
(iii) as a result of any of the following items (in each case regardless of any disclosure made by the Shareholder or the Company on the disclosure schedules attached hereto): (I) any income, sales or other taxes payable by the Company prior to or
as of the Closing Date that are not included in the calculation of Net Assets, including, in each case, any interest or penalties related thereto; (II) any liability related to any toxic material or hazardous substance (including any clean-up or
other remedial action related thereto) that arises out of or results from any act or omission by the Company prior to the Closing or any state of facts existing on or prior to the Closing Date; (III) any liability under any 401(k) or other employee
benefit plan, including related taxes, contributions and all other liabilities and expenses related thereto; (IV) any liability under any indebtedness for borrowed money of the Company existing immediately prior to the Closing; (V) any liability for
any violation of any law, statute, rule or regulation by the Company or any of its directors, officers, employees or agents prior to the Closing; and (VI) any liability or cost incurred in connection with personnel adjustments made by the Company
prior to the Closing as mutually agreed by the parties pursuant to Section 3.5(j). 
  
 As used in this Agreement, “Indemnifiable Damages,” when referring to damages for which the Shareholder Parties (defined below) are entitled to indemnification hereunder, means, without duplication,
the aggregate of all expenses, losses, costs, deficiencies, liabilities and damages (including reasonable counsel and paralegal fees and expenses) incurred or suffered by the Shareholder Parties, on a pre-tax basis, to the extent resulting from (i)
any breach by the Purchaser of any representation or warranty made by the Purchaser in this Agreement (a “Purchaser Breach of Warranty Claim”); (ii) any violation by the Purchaser of any covenant or agreement made by the Purchaser
in this Agreement (unless waived in writing by the Shareholder Party making the claim). 
  
 Notwithstanding the foregoing, Indemnifiable Damages shall not include consequential, incidental or indirect damages. 
  
 7.1.1 Subject to the limitations provided for herein, the Shareholder shall indemnify and hold the Purchaser and its officers,
directors, employees, shareholders, agents, successors and assigns (the “Purchaser Parties”) harmless in respect of all Indemnifiable Damages suffered by them. 
  
 7.1.2 The Purchaser shall indemnify the Shareholder and his agents, heirs, successors and assigns
(collectively, the “Shareholders Parties”) and hold each of them harmless in respect of all Indemnifiable Damages suffered by them. 
  
 7.1.3 Each of the representations and warranties made by the parties in this Agreement shall survive for a period of 24 months
after the Closing Date, notwithstanding any investigation at any time made by or on behalf of any party, and upon the expiration of such 24-month period such representations and warranties shall expire except as follows: 
  
 (a) The representations and warranties of the Company and
the Shareholder contained in Sections 4.6 [Tax Matters] and 4.20 [Employee Benefits] shall expire at the time the period of limitations expires for the assessment by the taxing authority of additional taxes with respect to which the
representations and warranties relate; 
  

 21 

 (b) The representations and warranties of the Company and the Shareholder contained in
Sections 4.17 [Compliance with Laws] and 4.18 [Environmental Matters] shall expire at the time the latest period of limitations expires for the enforcement by an applicable governmental authority of any remedy with respect to which the
particular representation or warranty relates; 
  
 (c) The representations and warranties of the Company and the Shareholder contained in Section 4.3 [Records of the Company] and 4.32 [Common Stock and Related Matters] and the representations and warranties of the Purchaser
contained in Section 5.2 [Due Authorization; Binding Obligation; No Conflicts] shall survive for a period of 60 months after the Closing Date; and 
  
 (d) The representations and warranties of the Company and the Shareholder contained in Sections 4.1 [Organization; Power and
Authority; Subsidiaries], 4.2 [Capitalization], 4.8 [Good Title to and Condition of Assets] and 4.26 [Title to DataFlow Stock], and the representations and warranties of the Purchaser contained in Sections 5.1
[Organization, Power and Authority] shall survive indefinitely. 
  
 No claim for the recovery of Indemnifiable Damages based upon a Shareholder Breach of Warranty Claim or a Purchaser Breach of Warranty Claim may be asserted by any party against the other party after such representations and warranties
shall thus expire; provided, however, that good faith claims for Indemnifiable Damages first asserted in writing by the Indemnified Party to the Indemnifying Party (as defined below) as provided in Section 7.2 within the applicable
period shall not thereafter be barred. 
  
 7.1.4 The Purchaser acknowledges and agrees that prior to proceeding directly against the Shareholder for indemnification hereunder, it will proceed against the Hold-Back Amount; provided, however, that upon either the
exhaustion of the Hold-Back Amount or after the release thereof in accordance with the terms of Section 7.3, the Purchaser may thereupon seek to recover by any legal means Indemnifiable Damages directly from the Shareholder. 
  
 7.1.5 Anything in this Section 7.1 to the
contrary notwithstanding, the Shareholder shall not be liable to the Purchaser Parties for any claim for Indemnifiable Damages unless all Indemnifiable Damages exceed an aggregate deductible amount of $30,000, in which case the Shareholder shall
then be liable for all Indemnifiable Damages above such $30,000 deductible amount. 
  
 7.2 Settlement of Claims. 
  
 7.2.1 The party or parties seeking indemnification under Section 7.1 (the “Indemnified Party”) shall give written notice (a “Claim Notice”) to the other party or
parties, as the case may be (the “Indemnifying Party”), promptly after receiving notice of any action, lawsuit, proceeding, investigation or other claim against it (if by a third party) or discovering the liability, obligation or
facts giving rise to such claim for indemnification; provided that (i) the failure to provide the Indemnifying Party a Claim Notice promptly shall not relieve the Indemnifying Party of its or his obligations hereunder except to the extent
such failure shall have prejudiced the Indemnifying Party, and (ii) in any event the Indemnified Party shall give such Claim Notice within the period specified in the relevant item of Section 7.1.3. In such Claim Notice the Indemnified Party
shall describe the claim and the amount thereof (if known and quantifiable) and shall specify in detail the basis of such claim and the facts pertaining thereto. Upon receipt of a Claim Notice, (x) the Indemnifying Party shall be entitled to
participate in the defense of the action, lawsuit, proceeding, investigation or other claim giving rise to the Indemnified Party’s claim for indemnification at the Indemnifying Party’s expense, and (y) subject to the limitations set forth
below, if the Indemnifying Party gives the Indemnified Party notice of its election to assume control of such defense within 10 days after receiving the applicable Claim Notice, the Indemnifying Party shall be entitled to appoint lead counsel for
such defense with reputable counsel reasonably acceptable to the Indemnified Party and to assume 

  

 22 

 
control of such defense; provided that if the Indemnifying Party timely elects to assume control of such defense, it shall: 
  
 (a) Be fully responsible for all Indemnifiable Damages
relating to such claims and it will provide full indemnification to the Indemnified Party for all such Indemnifiable Damages relating to such claim; 
  
 (b) Unconditionally guarantee the payment and performance of any liability or obligation that may arise with respect to such claim or the
facts giving rise to such claim for indemnification; and 
  
 (c) Furnish the Indemnified Party with reasonable evidence that the Indemnifying Party is and will be able to satisfy any such liability; 
  
 Notwithstanding the foregoing, the Indemnifying Party shall not have the right to assume control of such defense and shall
pay the fees and expenses of counsel retained by the Indemnified Party, if the claim of which the Indemnifying Party seeks to assume control (i) seeks non-monetary relief, (ii) involves criminal or quasi-criminal allegations solely against the
Indemnified Party, (iii) involves a claim as to which the Indemnified Party reasonably believes an adverse determination would materially injure the Indemnified Party’s reputation or future business prospects, or (iv) involves a claim the
Indemnifying Party has failed or is failing to vigorously prosecute or defend, in the reasonable opinion of counsel for the Indemnified Party, which opinion is expressed by such counsel in writing and is provided to the Indemnifying Party.

  
 If the Indemnifying Party is permitted to
assume and control the defense and elects to do so, the Indemnified Party shall have the right to employ counsel separate from counsel employed by the Indemnifying Party in any such action and to participate in the defense thereof, but the fees and
expenses of such counsel employed by the Indemnified Party shall be at the expense of the Indemnified Party unless (i) the employment thereof has been specifically authorized by the Indemnifying Party in writing, or (ii) the Indemnifying Party has
been advised by counsel that a reasonable likelihood exists of a conflict of interest between the Indemnifying Party and the Indemnified Party. 
  
 If the Indemnifying Party shall control the defense of any such claim, the Indemnifying Party shall obtain the prior written consent of
the Indemnified Party before entering into any settlement of a claim or ceasing to defend such claim, if pursuant to or as a result of such settlement or cessation, injunction or other equitable relief will be imposed against the Indemnified Party
or if such settlement does not expressly unconditionally and irrevocably release the Indemnified Party from all liabilities and obligations with respect to such claim, with prejudice. 
  
 7.2.2 The Indemnifying Party shall pay the Indemnified Party in immediately available funds (in U.S.
Dollars) promptly after the Indemnified Party provides the Indemnifying Party with written notice of a claim hereunder and the Parties reasonably agree that there is a reasonable basis for such claim. 
  
 7.3 Security for Indemnification Claims by the Purchaser Parties.

  
 7.3.1 The Purchaser may set off
against the Hold-Back Amount any Indemnifiable Damages for which the Shareholder is responsible under Section 7.1, subject, however, to the terms and conditions of this Section 7.3. 
  
 7.3.2 The amount of Indemnifiable Damages to be set
off against the Hold-Back Amount (the “Set Off Amount”) shall be (x) the full amount of the claim made in the applicable Claim Notice if the Shareholder either agreed to such amount or failed to respond to such Claim Notice in
writing within ten business days from the date of such Claim Notice (the “Contest Period”) or (y) if such claim is contested by the Shareholder prior to the end of the Contest Period, the amount of the claim that is either agreed to
by the parties or the amount of any final, non-appealable judgment on such claim, in each case together with 

  

 23 

 
interest, if any, included in the judgment from the date on which the Set Off Amount is finally determined through the date of payment. 
  
 ARTICLE VIII 
 TERMINATION 
  
 8.1 Termination. This Agreement may be terminated at any time prior to the Closing: 
  
 (a) By mutual written consent of the Shareholder and the Purchaser; 
  
 (b) By the Shareholder or the Purchaser if there has been a
material misrepresentation or breach on the part of the other party of the representations, warranties or covenants set forth in this Agreement or if events have occurred that have made it impossible to satisfy a condition precedent to the
terminating party’s obligations to consummate the transactions contemplated hereby unless such terminating party’s willful or knowing breach of this Agreement has caused the condition to be unsatisfied; or 
  
 (c) Automatically if the Closing has not occurred on or
prior to Monday, December 1, 2003. 
  
 8.2 Effect of
Termination. In the event of termination of this Agreement as provided in Section 8.1, this Agreement shall forthwith become void and there shall be no liability on the part of any Party to any other Party under this Agreement, except
that nothing herein shall relieve any Party from liability for any knowing and willful breach of this Agreement prior to such termination. 
  
 ARTICLE IX 
 MISCELLANEOUS 
  
 9.1
Transaction Expenses. The Purchaser will indemnify and hold the Shareholder harmless from the commission, fee or claim of any person, firm or corporation employed or retained or claiming to be employed or retained by the Purchaser to bring
about, or to represent it in, the transactions contemplated hereby. The Shareholder will indemnify and hold the Purchaser harmless from the commission, fee or claim of any person, firm or corporation employed or retained or claiming to be employed
or retained by the Company or the Shareholder to bring about, or to represent any of them in, the transactions contemplated hereby. In addition, each party shall pay their own expenses (including legal and accounting fees) incident to the
negotiation and preparation of this Agreement and any other documents prepared in connection therewith, and the consummation of the transactions contemplated herein. 
  
 9.2 Amendment and Modification. The parties hereto may amend, modify and supplement this Agreement in such manner as
may be agreed upon by all of them in writing. 
  
 9.3 Entire
Agreement. This Agreement, including the exhibits, schedules, certificates and other documents and agreements delivered on the date hereof or in connection herewith, contains the entire agreement of the parties hereto with respect to the
purchase of the DataFlow Stock and the other transactions contemplated herein, and supersedes all prior understandings and agreements (oral or written) of the parties with respect to the subject matter hereof. The parties expressly represent and
warrant that in entering into this Agreement they are not relying on any prior representations made by any other party concerning the terms, conditions or effects of this Agreement which terms, conditions or effects are not expressly set forth
herein. Any reference herein to this Agreement shall be deemed to include the schedules and exhibits. 
  
 9.4 Interpretation. When a reference is made in this Agreement to an article, section, paragraph, clause, schedule or exhibit, such reference shall
be to an article, section, paragraph, clause, schedule or exhibit of this Agreement unless otherwise indicated. The headings contained herein and on the schedules are for reference 

  

 24 

 
purposes only and shall not affect in any way the meaning or interpretation of this Agreement or the schedules. 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 term “knowledge” or “best of knowledge” when applied to any person,
shall mean the actual knowledge, after reasonable investigation, of such person. Time shall be of the essence in this Agreement. 
  
 9.5 Execution in Counterpart. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one and the same instrument. 
  
 9.6 Notices. Any notice, consent, approval, request, acknowledgment, other communications or information to be given or made hereunder to any of the parties by any other party shall be in writing and either (i) delivered personally,
(ii) sent by certified mail, postage prepaid, (iii) sent by nationally recognized overnight courier service, or (iv) sent by facsimile to the fax number listed below (provided that, for a facsimile, a copy is also sent promptly by U.S. mail,
certified mail or overnight delivery service): 
  
 If to the Shareholder or the
Company, to the attention of the Shareholder at: 
  

			
	 	 	With a copy to:
		
	 Mr. Jeffrey Wiggins
	 	 David N. Reed

	 5648 Lindsey Dr.
	 	Meadows, Owens, Collier, Reed
	 Plano, TX 75093
	 	 Cousins & Blau, LLP

	 Fax: _____________________
	 	901 Main Street, Suite 3700
	 	 	 Dallas, TX 75202

	 	 	 Fax: 214.747.3732

  

			
	 If to the Purchaser, addressed to:
	 	With a copy to:
		
	 Trintech Group PLC
	 	 Bill Stone

	 South Country Business Park
	 	 Scheef & Stone, L.L.P.

	 Leopardstown, Dublin 18
	 	5956 Sherry Lane, Suite 1400
	 Attention: General Counsel
	 	 Dallas, Texas 75225

	 Fax: (603) 590-1427
	 	 Fax: 214.706.4242

  
 Any party may change the address to
which notices hereunder are to be sent to it by giving written notice of such change of address in the manner herein provided for giving notice. Any notice delivered personally or overnight courier or by facsimile shall be deemed to have been given
on the date it is so delivered, and any notice delivered by registered or certified mail shall be deemed to have been given on the date it is received. 
  
 9.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas without regard to conflicts
of laws principles that would cause any state’s laws, other than the laws of the State of Texas, to apply. 
  
 9.8 Confidentiality; Publicity. Except as may be required by law, rule or regulation or as otherwise permitted or expressly contemplated herein,
none of the Shareholder or his affiliates, agents or representatives shall disclose to any third party the subject matter or terms of this Agreement without the prior consent of the Purchaser. In addition, no press release or other public
announcement related to this Agreement or the transactions contemplated hereby will be issued by any of such persons without the prior approval of the Purchaser. 
  
 9.9 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any
manner adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to 

  

 25 

 
modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions
contemplated hereby are fulfilled to the greatest extent possible. 
  
 9.10 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto without the prior consent of the other parties. 
  
 9.11 Binding Effect; No Third Party Beneficiaries. This Agreement
shall inure to the benefit of, be binding upon and be enforceable by and against the Shareholder, the Company and the Purchaser and their respective successors and permitted assigns, and nothing herein expressed or implied shall be construed to give
any other person any legal or equitable rights hereunder. 
  
 9.12 Negotiation Representations. Each party hereto expressly represents and warrants to all other parties hereto that (a) before executing this Agreement, said party has fully informed itself or himself of the terms, contents,
conditions and effects of this Agreement; (b) said party has relied solely and completely upon its or his own judgment in executing this Agreement; (c) said party has had the opportunity to seek and has obtained the advice of counsel before
executing this Agreement; (d) said party has acted voluntarily and of its or his own free will in executing this Agreement; (e) said party is not acting under duress, whether economic or physical, in executing this Agreement; and (f) this Agreement
is the result of arm’s-length negotiations conducted by and among the parties and their counsel. 
  
 9.13 Acquisition of Trintech Stock by the Shareholder. The Shareholder hereby represents that (a) he, either alone or together with his purchaser
representative, is a sophisticated investor, has had prior experience with investments of a similar nature, and has knowledge and experience in financial and business matters such that he is capable of evaluating the merits and risks of an
investment in the Trintech Stock, and (b) all material documents, records and books pertaining to the Purchaser and the Trintech Stock he has requested have been made available to him (including but not limited to filings by Trintech Group with the
SEC under the Securities Exchange Act of 1934, as amended, and the Securities Act of 1933, as amended), and he has been given an opportunity to make any further inquiries of Trintech Group and its representatives that he desires to make and that
each such inquiry has been answered, or requested information provided, to his satisfaction. The Shareholder understands an investment in the Trintech Stock involves a high degree of risk. 
  
 9.14 Waiver. Subject to and effective upon the Closing, the
Shareholder hereby irrevocably waives, releases and discharges the Company and its officers, directors, shareholders, partners, agents, successors and assigns and agrees not to make any claim or charge or file any lawsuit or take any other action
(whether at law or in equity) against any of such persons related to, based upon or in any way concerning the Shareholder’s relationship with the Company prior to the Closing, whether as a stockholder, director, officer, employee or otherwise,
except for any wages, benefits or distributions he may be entitled to receive as of the Closing Date, or any benefits to which he is entitled under this Agreement or any other agreements or undertakings executed and delivered at Closing. 

 
 [SIGNATURE PAGE FOLLOWS] 
  

 26 

 EXECUTION 
  
 The undersigned have caused this Agreement to be duly executed as of the Effective Date. 
  

			
	PURCHASER:
	
	TRINTECH, INC.
		
	 By:
	 	 /s/ Cyril McGuire

	 	 	

	 	 	 Name (Printed): CYRIL MCGUIRE

	 	 	 Title: CEO

		
	 By:
	 	 /s/ Paul Byrne

	 	 	

	 	 	 Name (Printed): PAUL BYRNE

	 	 	 Title: CFO

	
	PARENT COMPANY:
	
	TRINTECH GROUP PLC
		
	 By:
	 	 /s/ Cyril McGuire

	 	 	

	 	 	 Name (Printed): CYRIL MCGUIRE

	 	 	 Title: CEO

		
	 By:
	 	 /s/ Paul Byrne

	 	 	

	 	 	 Name (Printed): PAUL BYRNE

	 	 	 Title: CFO

	
	SHAREHOLDER:
	
	 /s/ Jeffrey J. Wiggins

	

	 Jeffrey Wiggins

	
	COMPANY:
	
	CW & ASSOCIATES, INC., D/B/A DATAFLOW
SERVICES
		
	 By:
	 	 /s/ Jeffrey J. Wiggins

	 	 	

	 Name (Printed): JEFFREY WIGGINS

	 Title:

  

 27

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